Shanwaishan announced that part of the company's initial public offering of restricted shares will be listed and circulated on December 26, 2025, involving 4 shareholders, amounting to 86.721 million shares, accounting for 27.15% of the company's current share capital. The sales restriction period is 36 months. The company has implemented equity distribution, changes in total share capital, and stock repurchases and cancellations were also carried out in 2025. The controlling shareholder and actual controller Gao Guangyong and his controlling company made promises such as restricting the circulation of shares, holding of shares, and intention to reduce holdings. The sponsor believes that the relevant matters meet the requirements of the regulations, and there is no objection to this restricted stock listing and circulation.

Shanwaishan announced that part of the company's initial public offering of restricted shares will be listed and circulated on December 26, 2025, involving 4 shareholders, amounting to 86.721 million shares, accounting for 27.15% of the company's current share capital. The sales restriction period is 36 months. The company has implemented equity distribution, changes in total share capital, and stock repurchases and cancellations were also carried out in 2025. The controlling shareholder and actual controller Gao Guangyong and his controlling company made promises such as restricting the circulation of shares, holding of shares, and intention to reduce holdings. The sponsor believes that the relevant matters meet the requirements of the regulations, and there is no objection to this restricted stock listing and circulation.