CStone Pharmaceuticals — M&A Activity 2026

Feb 1, 2026

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Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

兗礦能源集團股份有限公司 YANKUANG ENERGY GROUP COMPANY LIMITED*

(A joint stock limited company incorporated in the People's Republic of China with limited liability)

(Stock Code: 01171)

INSIDE INFORMATION

ANNOUNCEMENT ON TRANSFER OF 100% EQUITY INTERESTS IN A WHOLLY-OWNED SUBSIDIARY THROUGH PUBLIC TENDER

This announcement is published by Yankuang Energy Group Company Limited* (the "Company", together with its subsidiaries, the "Group") pursuant to Rule 13.09(2) of the Rules Governing the Listing of Securities (the "Hong Kong Listing Rules") on The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange") and the Inside Information Provisions (as defined in the provisions under the Hong Kong Listing Rules) of Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws ofHong Kong).

OVERVIEW OF THE TRANSACTION

Yankuang Energy (Ordos) Company Limited, a wholly-owned subsidiary of the Company, transferred 100% equity interests in Inner Mongolia Xintai Coal Company Limited* (內蒙古鑫泰煤炭有限公司) ("Xintai Coal") through public listing on the Shandong Property Right Exchange Center (the "Listing of Equity Interests"). Details of the listing are available on the official website of the Shandong Property Right Exchange Center at the following links:

(http://www.sdcqjy.com/proj/tc/9c4f1bfb4d5e4bcfad15eb43f5e7c493#sellerInfo; and http://www.sdcqjy.com/bidding/monitor/7c706f2e85ab4234b2b27204ce649760).

APPROVAL PROCESS

Pursuant to the listing regulatory requirements and the internal decision-making authority of the Company, the Listing of Equity Interests was approved by the generalmanager's office meeting and no submission to the board of directors ofthe Company for consideration is required. The relevant approval procedures

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comply with the listing regulatory requirements and the internal management systems such as the Articles of Association.

AUDIT AND VALUATION

Audit: The audit benchmark date is 30 June 2025.Upon the audit conducted by Xin Lian Yi Certified Public Accountants LLP (新聯誼會計師事務所(特殊普通合夥)), as of the audit benchmark date, the total assets, total liabilities and net assets of Xintai Coal amounted to RMB209.7805 million, RMB121.6680 million and RMB88.1125 million, respectively.

Valuation: The valuation benchmark date is 30 June 2025. Upon the valuation conducted by Beijing China Enterprise Appraisals Co. Ltd.* (北京中企華資產評估有限責任公司), based on the audited financial data, the appraised value of net assets based on the income approach amounted to RMB623.5409 million, with an appreciation rate of 607.66%, i.e. the value of the entire shareholders' equity of Xintai Coal amounted to RMB623.5409 million. Relevant filing procedures have been completed for such valuation result.

ONLINE LISTING

The Listing of Equity Interests is strictly in compliance with the relevant state-owned asset transaction regulations and is publicly listed through the Shandong Property Right Exchange Center. The listing period commenced on 30 December 2025 and concluded on 27 January 2026.

The initial bidding price for the Listing of Equity Interests is RMB670.01 million. As at the end of the above-mentioned listing period, there were more than two prospective transferees having expressed interest. The Shandong Property Right Exchange Center, in accordance with property right trading rules, organised an online bidding session on 30 January 2026. As shown by the online bidding trading system, the highest bid is RMB3,050.01 million.

In accordance with property right trading rules, the Shandong Property Right Exchange Center shall soon issue a Notice of Results (《結果通知單》) based on the bidding outcome. The transferor and transferee shall sign the Property Rights Transaction Contract (《產權交易合同》) after conclusion of the online bidding.

As at the date of this announcement, the Shandong Property Right Exchange Center has not yet issued the Notice of Results for the Listing of Equity Interests, and the transferor and transferee have not yet signed the Property Rights Transaction Contract.

CONSEQUENCES ON THE COMPANY

If this transaction is ultimately concluded, it is anticipated to have a significant impact on the Company's net profit attributable to shareholders of the parent company for 2026. The specific impactremains subject to the final transaction outcomes, relevant transaction costs, and audited financial data.

No employee relocation is involved in this transaction, and all creditor's rights and liabilities of Xintai Coal shall be assumed by the transferee.

RELEVANT RISK WARNING

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The Listing of Equity Interests will subsequently involve multiple subsequent procedures including, among other things, the confirmation of the final transaction price, the signing of agreements, and the handling of relevant procedures. Furthermore, the transferee is required to meet the relevant qualifications for coal mining operations. Consequently, there are uncertainties as to whether the transaction shall be successfully completed.

Prior to the Listing of Equity Interests, the production and operations of Xintai Coal was under the custodianship of a third party. If the successful bidder in this transaction is not the same entity as the current custodian, there exists a risk that the handover of custodianship may encounter difficulties, thereby impeding the progress ofthis transaction.

Given the uncertainties surrounding the successful completion of this transaction, there are also uncertainties surrounding the impact on the Company's net profit attributable to shareholders ofthe parent company for 2026.

The stock price of the Company may be affected by various factors including macroeconomic conditions, industry policies and market price changes. Investors are advised to exercise caution in their decision-making and be aware of the investment risks.

Shareholders and potential investors should notethatthe ultimate completion of thistransaction remains subject to certain uncertainties. The Company shall fulfil its information disclosure obligations in a timely manner as developments unfold. Shareholders and potential investors are advised toexercise caution when dealing in the securities ofthe Company.

By order of the Board Yankuang Energy Group Company Limited* Li Wei Chairman of the Board

Zoucheng, Shandong Province, the PRC 1 February 2026

As at the date ofthis announcement, the Directors of the Company are Mr. Li Wei, Mr. Wang Jiuhong, Mr. Liu Jian, Mr. Liu Qiang, Mr. Zhang Haijun, Mr. Su Li and Mr. Huang Xiaolong, and the independent non-executive Directors of the Company are Mr. Zhu Limin, Mr. Gao Jingxiang, Mr. Woo Kar Tung, Raymond and Ms. Zhu Rui.

*For identification purpose only