Panjiao New Third Board reports that during the reporting period, the Secretary of the Board and Chief Financial Officer resigned and withdrew their shares at face value, resulting in a targeted capital reduction of 900,000 yuan.

Rui Cai Finance Yanminghui recently completed IPO guidance filing with the Hunan Securities Regulatory Bureau for Panjiiao Technology Co., Ltd. (hereinafter referred to as Panjiiao), which plans to list on the Beijing Stock Exchange, with CITIC Securities as the guidance institution.

Founded in 1998, Panjiiao has a registered capital of 174 million yuan and specializes in the research, production, and sales of automotive parts and precision molds. It is recognized as a “Specialized, Refined, Unique, and Innovative” small giant enterprise by the state. The company applied for listing on the New Third Board in December 2025.

HAIRU PAN and STEVE PAN, father and son, jointly control 100% of the company’s shares and are the actual controllers of Panjiiao.

Among them, Panjiiao Holdings owns 89.13% of the company through Panjiiao Holdings International. HAIRU PAN and STEVE PAN indirectly control 89.13% of the company via Panjiiao Holdings and Panjiiao Holdings International. HAIRU PAN is the executive partner of Changsha Aojia, holding a 24.86% stake, and indirectly controls 6.90% of the company through Aojia. He is also the executive partner of Changsha Aorui, holding a 6.98% stake, and indirectly controls 3.97% of the company through Aorui.

HAIRU PAN’s brother, PAN Haiyun, holds a 1.67% stake in Changsha Aojia. Additionally, HAIRU PAN is the executive partner of Changsha Aorui, holding 6.98%, and the other three partners of Aorui—Pan Haoxia, Pan Haiyun, and Pan Haibo—are siblings of HAIRU PAN.

HAIRU PAN was born in Wuwei, Gansu Province, in 1959, and is 66 years old. He holds Canadian nationality. He graduated from the University of Western Ontario in Canada with a Ph.D. in Geophysics. Early in his career, he served as an assistant and lecturer at Central South Mining and Metallurgy College, and as a geological visiting scholar at the University of Windsor in Canada. He then studied at the University of Western Ontario. From September 1993 to August 1998, he was a director and manager at PANGEO INDUSTRIES LTD in Canada. Since September 1998, he has served as chairman and general manager of Panjiiao.

Rui Cai Finance notes that in October 2024, the company reduced its registered capital to cancel the shares held by Peng Mengwu, who was previously a director, board secretary, and financial officer of the company but resigned during the reporting period.

Regulators previously required the company to explain the reasons for Peng Mengwu’s departure, whether there were any objections regarding the company’s financial data or information disclosure during his tenure, and to clarify the background and reasonableness of the capital reduction, including the basis and fairness of the reduction price.

The response indicated that Peng Mengwu resigned due to uncertainties in the company’s IPO process and his personal retirement planning. After interviews and verification of his written explanation, Peng Mengwu had no objections to the company’s financial data or disclosure matters during his tenure.

Since Peng Mengwu was an employee equity incentive recipient, both parties agreed to set the reduction price at 3.60 yuan per share, based on the buyback price stipulated in the “Implementation Plan for Employee Equity Incentive Scheme of Panjiiao Technology Co., Ltd. 2022,” which is consistent with his original share purchase price.