According to the Rayco Defense announcement, Liu Feng, the company's largest shareholder holding more than 5% of the shares, and his co-actors terminated the concerted action relationship on January 5, 2026. Before the change, it held a total of 68,911,938 shares, accounting for 5.23% of the total share capital; after the change, the number and proportion of shares held by each shareholder remained the same, but it was no longer calculated in a consolidated manner; it was no longer a shareholder of 5% or more and the largest shareholder. This change does not involve a change in the number of shares held, does not touch on the proposed takeover, the company has no controlling shareholders or actual controllers, and the governance structure and operation are not affected. The “Simplified Equity Change Report” was published on the same day on Juchao Information Network.

According to the Rayco Defense announcement, Liu Feng, the company's largest shareholder holding more than 5% of the shares, and his co-actors terminated the concerted action relationship on January 5, 2026. Before the change, it held a total of 68,911,938 shares, accounting for 5.23% of the total share capital; after the change, the number and proportion of shares held by each shareholder remained the same, but it was no longer calculated in a consolidated manner; it was no longer a shareholder of 5% or more and the largest shareholder. This change does not involve a change in the number of shares held, does not touch on the proposed takeover, the company has no controlling shareholders or actual controllers, and the governance structure and operation are not affected. The “Simplified Equity Change Report” was published on the same day on Juchao Information Network.