According to Liqun's commercial announcement, the company issued a total of 1.8 billion yuan of “Liqun Convertible Bonds” on April 1, 2020, and the share conversion period will end on March 31, 2026. As of December 31, 2025, a total of 779 million yuan had been transferred, forming 160 million shares, accounting for 18.64% of the total number of shares issued before the conversion; the unconverted amount of shares was 1,021 billion yuan, accounting for 56.73% of the total number issued. In the fourth quarter of 2025, 569.319 million shares were transferred, of which 37.804 million shares came from repurchased shares and 19.127,800 were additional shares. The total share capital of the company increased to 933 million shares, and the shareholding ratio of actual controllers and their co-actors fell to 40.99%.

According to Liqun's commercial announcement, the company issued a total of 1.8 billion yuan of “Liqun Convertible Bonds” on April 1, 2020, and the share conversion period will end on March 31, 2026. As of December 31, 2025, a total of 779 million yuan had been transferred, forming 160 million shares, accounting for 18.64% of the total number of shares issued before the conversion; the unconverted amount of shares was 1,021 billion yuan, accounting for 56.73% of the total number issued. In the fourth quarter of 2025, 569.319 million shares were transferred, of which 37.804 million shares came from repurchased shares and 19.127,800 were additional shares. The total share capital of the company increased to 933 million shares, and the shareholding ratio of actual controllers and their co-actors fell to 40.99%.