After investigation, Yutai Holdings and Huiyi Trading were the controlling shareholders of the company from December 2020 to February 2024. In April 2023, Li Xiaolin and Yang Kai became the new actual controllers of Hongbo Co., Ltd. by transferring 94.23% and 100% of the shares of Yutai Holdings and Huiyi Trading, respectively. Li Xiaolin and Yang Kai promised that within the next 18 months, Yutai Holdings and Huiyi Trading will not reduce their holdings of Hongbo shares. From June 2023 to February 2024, Hongbo shares held by Yutai Holdings and Huiyi Trading were forcibly liquidated and judicially withheld by a total of 100.33,800 shares, accounting for 21.68% of the company's total share capital. Among them, from January 2024 to February 2024, the total holdings of 105.351 million shares were reduced due to judicial withholding, accounting for 21.18% of the company's total share capital. Yutai Holdings and Huiyi Trading learned that their company shares were at risk of being forcibly transferred no later than August 14, 2023, but did not promptly cooperate with the company to fulfill its information disclosure obligations.

After investigation, Yutai Holdings and Huiyi Trading were the controlling shareholders of the company from December 2020 to February 2024. In April 2023, Li Xiaolin and Yang Kai became the new actual controllers of Hongbo Co., Ltd. by transferring 94.23% and 100% of the shares of Yutai Holdings and Huiyi Trading, respectively. Li Xiaolin and Yang Kai promised that within the next 18 months, Yutai Holdings and Huiyi Trading will not reduce their holdings of Hongbo shares. From June 2023 to February 2024, Hongbo shares held by Yutai Holdings and Huiyi Trading were forcibly liquidated and judicially withheld by a total of 100.33,800 shares, accounting for 21.68% of the company's total share capital. Among them, from January 2024 to February 2024, the total holdings of 105.351 million shares were reduced due to judicial withholding, accounting for 21.18% of the company's total share capital. Yutai Holdings and Huiyi Trading learned that their company shares were at risk of being forcibly transferred no later than August 14, 2023, but did not promptly cooperate with the company to fulfill its information disclosure obligations.