Shanghai Nonferrous Metals Network Information Technology Co., Ltd. recently paid attention to the untrue information circulating in the market about the fairness of SMM quotes, and made the following strict clarifications and explanations: Recently, Guangji has continuously issued multiple notices from November to December 2025 in accordance with its risk management rules, and adopted a series of risk control measures such as adjusting transaction fee standards and transaction limits for related contracts. These measures are a reflection of exchanges carrying out self-regulatory duties in accordance with the law during a specific period of the market, and are aimed at promoting the steady development of the market. It is worth noting that during the sensitive period of centralized introduction of risk control measures mentioned above, many false information disseminated in the form of online posts and “essays” appeared on the market. Although the content of this information is diverse, the core point is highly consistent, falsely claiming that SMM quotes “continue to deviate significantly from fair value and futures prices” and “transfer of benefits with some institutions.” There is no factual basis for such statements. The timing and method of dissemination indicate that the purpose is not based on professional discussions, but rather an attempt to put undue pressure on the company and interfere with the neutrality of spot price assessments by confusing the price logic of spot and futures, which in turn may mislead market expectations and disrupt normal futures spot prices. SMM hereby solemnly states that the company has always been committed to price discovery in the spot market, does not participate in any futures market trading operations, and resolutely maintains market order.

Shanghai Nonferrous Metals Network Information Technology Co., Ltd. recently paid attention to the untrue information circulating in the market about the fairness of SMM quotes, and made the following strict clarifications and explanations: Recently, Guangji has continuously issued multiple notices from November to December 2025 in accordance with its risk management rules, and adopted a series of risk control measures such as adjusting transaction fee standards and transaction limits for related contracts. These measures are a reflection of exchanges carrying out self-regulatory duties in accordance with the law during a specific period of the market, and are aimed at promoting the steady development of the market. It is worth noting that during the sensitive period of centralized introduction of risk control measures mentioned above, many false information disseminated in the form of online posts and “essays” appeared on the market. Although the content of this information is diverse, the core point is highly consistent, falsely claiming that SMM quotes “continue to deviate significantly from fair value and futures prices” and “transfer of benefits with some institutions.” There is no factual basis for such statements. The timing and method of dissemination indicate that the purpose is not based on professional discussions, but rather an attempt to put undue pressure on the company and interfere with the neutrality of spot price assessments by confusing the price logic of spot and futures, which in turn may mislead market expectations and disrupt normal futures spot prices. SMM hereby solemnly states that the company has always been committed to price discovery in the spot market, does not participate in any futures market trading operations, and resolutely maintains market order.