Problems in the Equity Pledge of Xinning Logistics

The pledge ratio of major shareholders is too high, and senior shareholders reduce their shares more. The problems existing in the equity pledge of Xinning Logistics are that the pledge ratio of major shareholders is too high, and major shareholders reduce their shares more. Jiangsu Xinning Modern Logistics Co., Ltd., formerly known as Kunshan Xinning Gongx Bonded Warehouse Co., Ltd., was founded in 1997 and was approved by the General Administration of Customs as a Gongx Bonded Warehouse in April 2000, specializing in the storage of imported bonded goods and foreign temporary goods and related supporting services.