According to Zhitong Finance App, Jiangshan Holdings (00295) announced that as part of the internal restructuring of Jiangshan Yongtai Investment Holdings Co., Ltd. (Jiangshan Yongtai), a wholly-owned subsidiary of the Company, Jiangshan Yongtai will transfer all of the shares of Datong Wantong New Energy Co., Ltd. (Datong Wantong) and Huangshi Huangyuan Photovoltaic Power Development Co., Ltd. (Huangyuan Huangyuan) to Jinan Tianguan Energy Technology Co., Ltd. (Jinan Tianguan). Jinan Tianguan is currently a direct wholly-owned subsidiary of Jiangshan Yongtai. Following the completion of these related transfers, Datong Anhui Copper and Huangshi Huangyuan remained indirect wholly-owned subsidiaries of the Company.
In view of the above internal restructuring, the sole shareholder of Datong Wantong and Huangshi Huangyuan was changed from Jiangshan Yongtai to Jinan Tianguan. Jinan Tianguan entered into an equity pledge agreement on December 11, 2025 for all of the respective equity interests of Datong Wantong and Huangshi Huangyuan, and jointly provided a joint guarantee (collectively referred to as a guarantee arrangement) with Jiangshan Yongtai, using Hebei Financial Leasing Co., Ltd. (Hebei Financial Leasing) as the beneficiary to guarantee the relevant obligations under the existing loans provided by Hebei Financial Leasing Co., Ltd. (Hebei Golden Rental) to guarantee the relevant obligations under existing loans provided by Hebei Financial Leasing Co., Ltd. (Hebei Golden Rental) to guarantee the relevant obligations under the existing loans provided by Hebei Financial Leasing Co., Ltd. (Hebei Golden Rental) to guarantee the relevant obligations under existing loans provided by Hebei Financial Leasing Co., Ltd. (Hebei Golden Rental), respectively. The equity pledge previously provided by Jiangshan Yongtai for Hebei Golden Rental has been lifted accordingly.