ST Xuefa: The ultimate controller, Zhang Jin, was sentenced to life imprisonment for fraud. If his indirect shareholding is disposed of during this period, the controller of the company may change.

ST Snow announced that the actual controller of the company, Zhang Jin, was convicted of fundraising fraud, illegal absorption of public deposits, and breach of trust in the use of entrusted property. The Guangdong Higher People's Court made a final ruling, upholding the original judgment. Zhang Jin was sentenced to life imprisonment, deprived of political rights for life, and had all personal property confiscated. Zhang Jin did not directly hold company shares, but through Xue Song Wen Tou and Guangzhou Junkai, held a total of 3.78 billion shares of the company, accounting for 69.40% of the total share capital. If objective reasons lead to the disposal of the above-mentioned shares, there is a possibility of a change in the actual controller of the company.