*ST Changyao announced that the company received the “Notice of Case Filing” issued by the China Securities Regulatory Commission on November 7, 2025. The China Securities Regulatory Commission decided to file a case against the company due to suspected false records of financial data such as regular reports. If the facts later determined by the administrative penalty of the China Securities Regulatory Commission touch upon a major illegal forced delisting situation as stipulated in the “Shenzhen Stock Exchange GEM Stock Listing Rules”, the company's shares will be subject to major illegal forced delisting.

*ST Changyao announced that the company received the “Notice of Case Filing” issued by the China Securities Regulatory Commission on November 7, 2025. The China Securities Regulatory Commission decided to file a case against the company due to suspected false records of financial data such as regular reports. If the facts later determined by the administrative penalty of the China Securities Regulatory Commission touch upon a major illegal forced delisting situation as stipulated in the “Shenzhen Stock Exchange GEM Stock Listing Rules”, the company's shares will be subject to major illegal forced delisting.