GNI Group Increases Stake in Gyre Therapeutics to 69.1% Following Cullgen Merger

GNI Group Ltd. and its subsidiary, GNI USA, Inc., filed an Amendment No. 5 to Schedule 13D reporting a significant increase in their holdings of Gyre Therapeutics, Inc. (GYRE) following the consummation of a merger with Cullgen Inc. on May 4, 2026. In the all-stock transaction, GNI USA and GNI Japan received a combined 2,601,826 shares of Series B Preferred Stock in exchange for their Cullgen capital stock. Each share of Series B Preferred Stock is convertible into five shares of Company Common Stock, subject to stockholder approval of a Conversion Proposal scheduled for June 10, 2026. Following the merger, the reporting persons beneficially own 86,323,015 shares, representing 69.1% of the class. This total includes 72,773,219 shares of common stock, 540,666 shares via Series X Preferred Stock warrants, and 13,009,130 shares issuable upon conversion of the new Series B Preferred Stock. The reporting persons are subject to tiered lock-up agreements extending up to 18 months post-merger.