EFGO is going to do whatever Hebei Haorizi Company Ltd wants. I don't think they want a company with 90% of the AS already sold. After all the reason for going public is:
1. to raise money 2. to get rich from owning shares in the resulting publicly trading company
In either case it makes since to me that they will want to reduce the AS and increase the shares held by the company that they can give to themselves. The current share structure is not acceptable for a legit company.
I believe they will do this by RSing into a OTC shell before the RS into Hebel Haorizi.
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