SF Holdings announced that Liangyue Limited, an overseas wholly-owned subsidiary of the company, plans to exercise priority subscription rights to subscribe for 468.291,000 Class A common shares of Fengchao Holdings at RMB 2.8489 per share, at a subscription price of approximately RMB 133 million. At the same time, the board of directors agreed that Liangyue Limited would exercise the right to over-priority subscription on the premise that the total subscription price did not exceed 305 million yuan. Assuming that the maximum authorized limit is used, a total of about 107 million shares were subscribed this time, and the shareholding ratio after the transaction was about 10.03%. Fengchao Holdings is the entity controlled by Wang Wei, the actual controller of the company. This transaction constitutes a related transaction.

SF Holdings announced that Liangyue Limited, an overseas wholly-owned subsidiary of the company, plans to exercise priority subscription rights to subscribe for 468.291,000 Class A common shares of Fengchao Holdings at RMB 2.8489 per share, at a subscription price of approximately RMB 133 million. At the same time, the board of directors agreed that Liangyue Limited would exercise the right to over-priority subscription on the premise that the total subscription price did not exceed 305 million yuan. Assuming that the maximum authorized limit is used, a total of about 107 million shares were subscribed this time, and the shareholding ratio after the transaction was about 10.03%. Fengchao Holdings is the entity controlled by Wang Wei, the actual controller of the company. This transaction constitutes a related transaction.