GUAO TECHNOLOGY: 8 million shares held by controlling shareholder Chen Chongjun will be auctioned off judicially

GUAO TECHNOLOGY announced that 8 million shares held by the company's controlling shareholder and actual controller, Chen Chongjun, will be subject to judicial auction, accounting for 2.35% of the company's capital after excluding the company's repurchase special account. If the judicial auction is successful and the transfer registration is completed, Mr. Chen's shareholding will decrease from 78.5506 million shares to 70.5506 million shares, and the proportion of his holdings after excluding the company's repurchase special account will drop from 23.10% to 20.75%. This judicial auction is not expected to result in a change of actual control of the company, and the auction is still in the public announcement stage, with uncertainty regarding its completion