Allspring files 13G/A showing nearly 7% ownership of GHG ADS

Rhea-AI Filing Summary

Allspring Global Investments Holdings, LLC filed Amendment No. 3 to Schedule 13G reporting its beneficial ownership in GreenTree Hospitality Group Ltd. (GHG) American Depositary Shares (ADS).

• Ownership level: 4,616,852 ADS, representing 6.9 % of the outstanding class as of 30 June 2025.
• Voting power: Sole voting authority for 4,328,929 ADS; no shared voting authority.
• Dispositive power: Sole dispositive authority over the full 4,616,852 ADS; no shared dispositive power.
• Filer status: Classified as a parent holding company/control person (HC) under Rule 13d-1(b)(1)(ii)(G); filing made in the ordinary course and not for control purposes.
• Subsidiaries involved: Allspring Global Investments, LLC and Allspring Funds Management, LLC act as investment advisers managing client accounts that hold the securities.
• Key dates: Event triggering filing—30 Jun 2025; signature—9 Jul 2025.

No information is provided on purchase price, cost basis, or changes versus prior amendments, so the filing primarily updates the market on Allspring’s current passive position above the 5 % threshold.

Positive

• Institutional ownership of 6.9 % of GHG ADS by Allspring signals continued interest from a large asset manager and may enhance liquidity and market visibility.

Negative

• None.

Insights

Securities Analyst

TL;DR Neutral disclosure: Allspring reports 6.9 % passive stake; confirms institutional interest but no control intent or transaction details.

The amendment shows Allspring’s clients collectively own just under 7 % of GHG ADS, granting the firm meaningful but non-controlling influence. Because the filing is on Schedule 13G, the investment is deemed passive; there is no stated plan to seek board seats or influence strategy. The magnitude is large enough to monitor—particularly if Allspring were to shift to a Schedule 13D—but by itself the stake neither injects capital into GHG nor signals a change in fundamentals. From a liquidity standpoint, the presence of a sizeable institutional holder may support trading volumes, yet it also introduces potential overhang if the adviser opts to exit. Overall market impact is modest.

Corporate Governance Expert

TL;DR Passive institutional stake enhances governance scrutiny but does not alter control dynamics.

Allspring’s 6.9 % holding subjects it to beneficial-owner reporting but falls well below thresholds that would trigger governance shifts or poison-pill concerns. The filer expressly disclaims any intent to change control, aligning with Schedule 13G requirements. Investors should still watch for any future reclassification to 13D, which would signal activism. At this level, Allspring can vote meaningfully on shareholder resolutions, potentially improving oversight, yet its sole voting power (4.3 million ADS) remains insufficient to dominate outcomes without support from other holders. Consequently, governance impact is limited but marginally positive for board accountability.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

GreenTree Hospitality Group Lt

(Name of Issuer)

Depositary Receipt S ADR

(Title of Class of Securities)

39579V100

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 39579V100

1

Names of Reporting Persons

Allspring Global Investments Holdings, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 4,328,929.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 4,616,852.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,616,852.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.9 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: GreenTree Hospitality Group Lt
(b)	Address of issuer's principal executive offices: 2451 HONGQIAO ROAD CHANGNING DISTRICTSHANGHAI F4 200335
Item 2.
(a)	Name of person filing: Allspring Global Investments Holdings, LLC
(b)	Address or principal business office or, if none, residence: 1415 Vantage Park Drive, Charlotte, 28203, North Carolina, United States
(c)	Citizenship: DELAWARE
(d)	Title of class of securities: Depositary Receipt S ADR
(e)	CUSIP No.: 39579V100
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 4,616,852
(b)	Percent of class: 6.9 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 4,328,929
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 4,616,852
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The securities as to which this Schedule is filed are owned of record by clients of one or more Investment Advisers identified in Exhibit A directly or indirectly owned by Allspring Global Investments Holdings, LLC. Those Clients have the right to receive, or the power to direct the receipt of, dividends from, or the proceeds for the sale of, such securities. No such client is known to have such right or power with respect to more than five percent of this class of securities, except as follows: None
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Exhibit A
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Allspring Global Investments Holdings, LLC

Signature:	Jennifer Grunberg
Name/Title:	Senior Compliance Manager
Date:	07/09/2025

Exhibit Information

Exhibit A Subsidiary Allspring Global Investments, LLC* - IA Allspring Funds Management, LLC - IA *Entity beneficially owns 5% or greater of the outstanding shares of the security class being reported on this schedule 13G.

FAQ

How many GreenTree Hospitality (GHG) ADS does Allspring own?

Allspring reports beneficial ownership of 4,616,852 ADS.

What percentage of GHG’s outstanding shares does this represent?

The stake equals 6.9 % of the class.

Does Allspring have sole or shared voting power over the shares?

It has sole voting power over 4,328,929 ADS and no shared voting power.

Is Allspring’s investment passive or activist?

Filed on Schedule 13G, the investment is passive; Allspring states no intent to influence control.

Which subsidiaries manage the GHG position?

The shares are managed by Allspring Global Investments, LLC and Allspring Funds Management, LLC.

When was the ownership information current?

The reported holdings are as of 30 June 2025.