On the evening of July 6, the Storm Group issued an announcement stating that part of the shares of the Storm Group held by CEO Feng Xin was frozen by the Beijing Chaoyang District People's Court. According to the announcement, a total of 3,271,296 shares were frozen. The freeze start date is June 26, 2018. On the day of the freeze, the end date of the freeze was June 25, 2021. The current freeze accounted for 4.65% of the shares held.
According to the announcement, the shares were frozen by the judiciary. CITIC Capital (Shenzhen) Asset Management Limited Storm Group (hereinafter referred to as 'CITIC Capital') applied for property preservation to Beijing Chaoyang District People's Court on the grounds of equity transfer contract disputes. 3. 3,271,296 shares of the Storm Group were subject to judicial freeze.
The announcement also stated that there is currently no risk of forced transfer of frozen shares in this judicial freeze, which will not result in a change in the actual control of Stormwind Group, nor will it have a direct impact on the normal production and operation of Storm Group.