management use their shares as collateral to take out a personal loan, when they could not pay back the loan. The loan provider sold the shares at 3 cents to recoup the loan.
now holding only 20% of the company. Zhang & Co need to purchase 120 millions shares quickly, so they can hold 50% and control the company.
They can have my shares at 15 cents each
Ann: Change in substantial holding, page-3
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