Ann: Ceasing to be a substantial holder, page-6

An interesting announcement but doesn't actually mean much other than they have receded below the 5% holding threshold of ordinary shares.

They merely become the second largest shareholder down from being the largest. Worth noting the delta between the largest and second largest shareholders is about 5 million shares.

As the second largest holder they retain a position in ordinary shares of a fraction under 30 million and then there is Luke Huang's own holding of (last reported in 2022 AR) just under 9 million.

What is interesting is their renounceable options holding and that is (at last report) 8.75 million which if converted returns them to being the Top shareholders again for small change UNLESS the top options holders converts (which is highly unlikely unless a substantial upshift in the price) and then Au Xingao would become the second holder, again, UNLESS Luke Huang sells his shares in to his company and then Au Xingao would be back onto, again.

Confused? Just wait until the new top holder discloses their relationship with Au Xingao...that would be a laugh and a half...and they have a member of their community on the Board as well.

Also from a shareholder vote perspective it also changes that dynamic, substantially. Think that one through...

If you think this is all too hard to work out, try second guessing why Elon Musk is setting himself up to resign from the CEO role at Twitter.