Announcement on Progress in Change of Controlling Shareholder's Ownership and Trading Resumption

As material progress has been made in the change of control matters being planned by Zhejiang Hengshun Investment Co., Ltd. (the controlling shareholder of Hubei Huarong Holding Co., Ltd.) and its concerted party Shanghai Tianji Investment Co., Ltd., and in accordance with relevant regulations, the company's shares will resume trading at market open on August 12, 2025 upon approval by the Shanghai Stock Exchange.

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