JiaChen Holding Group Limited — Interim / Quarterly Report 2024

Aug 30, 2024

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.

中國稀土控股有限公司 China Rare Earth Holdings Limited

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 769)

INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2024

INTERIM RESULTS

The Board of Directors (the “Board”) of China Rare Earth Holdings Limited (the “Company”) hereby announces the unaudited condensed consolidated interim results of the Company and its subsidiaries (the “Group”) for the six months ended 30 June 2024 together with the comparative figures for the corresponding period in 2023 as follows:

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS

Note Revenue (2) Cost of sales Gross loss Other income Selling and distribution expenses Administrative expenses Other net loss Loss from operations Finance costs (3) Loss before taxation (4) Income tax charge (5) Loss for the period Loss for the period attributable to: Owners of the Company Non-controlling interests Loss per share Basic and diluted (7)	For the six months ended 30 June 2024 2023 HK$’000 HK$’000 (Unaudited) (Unaudited) 293,821 375,822 (336,996) (467,584) (43,175) (91,762) 1,193 1,588 (2,634) (5,742) (13,925) (23,468) (3,148) (15,882) (61,689) (135,266) (23) (151) (61,712) (135,417) (878) (116) (62,590) (135,533) (60,328) (129,390) (2,262) (6,143) (62,590) (135,533) HK (2.58) cents HK(5.53) cents

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CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

Loss for the period Other comprehensive loss for the period Items that may be reclassified subsequently to profit or loss: Exchange differences on translation of financial statements of foreign operations Total comprehensive loss or the period Total comprehensive loss for the period attributable to: Owners of the Company Non-controlling interests	For the six months ended 30 June 2024 2023 HK$’000 HK$’000 (Unaudited) (Unaudited) (62,590) (135,533) (13,890) (65,648) (76,480) (201,181) (74,370) (195,488) (2,110) (5,693) (76,480) (201,181)

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CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

Note Non-current assets Goodwill Property, plant and equipment (8) Right-of-use assets Deferred tax assets Current assets Inventories Trade and other receivables (9) Prepayments and deposits Tax recoverable Cash and cash equivalents Current liabilities Trade payables (10) Accruals and other payables Amounts due to directors Lease liabilities Tax payable Net current assets Total assets less current liabilities Non-current liabilities Lease liabilities NET ASSETS CAPITAL AND RESERVES Share capital Reserves Equity attributable to owners of the Company Non-controlling interests TOTAL EQUITY	As at 30 June 2024 HK$’000 (Unaudited) – 117,337 80,287 6,346 203,970 261,472 476,621 90,973 724 1,048,853 1,878,643 75,261 24,655 11,780 401 2,414 114,511 1,764,132 1,968,102 426 1,967,676 234,170 1,755,834 1,990,004 (22,328) 1,967,676	As at 31 December 2023 HK$’000 (Audited) – 131,610 82,519 7,273 221,402 203,068 423,774 5,281 729 1,299,449 1,932,301 74,792 21,224 10,097 391 2,414 108,918 1,823,383 2,044,785 629 2,044,156 234,170 1,830,204 2,064,374 (20,218) 2,044,156

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NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION

1. BASIS OF PREPARATION AND MATERIAL ACCOUNTING POLICY INFORMATION

The condensed consolidated interim financial information has been prepared in accordance with the applicable disclosure requirements set out in Appendix D2 to the Rules Governing the Listing of Securities (the “Listing Rules”) on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) and with the Hong Kong Accounting Standard (“HKAS”) 34 “Interim Financial Reporting” issued by the Hong Kong Institute of Certified Public Accountants (the “HKICPA”).

The condensed consolidated interim financial information does not include all the information and disclosure required in the annual financial statements, and should be read in conjunction with the Group’s annual financial statements for the year ended 31 December 2023, which have been prepared in accordance with Hong Kong Financial Reporting Standards (“HKFRSs”).

The accounting policies used in the condensed consolidated interim financial information are consistent with those followed in the preparation of the Group’s annual financial statements for the year ended 31 December 2023, except for certain new and revised HKFRSs that are first effective for the current accounting period of the Group. The application of these new and revised HKFRSs has no material impact on the Group’s financial performance and positions for the current and prior accounting periods. The Group has not early applied any new standards, amendments and interpretations that have been issued but are not yet effective for the six months ended 30 June 2024.

2. REVENUE AND SEGMENT INFORMATION

The Group manages its businesses by divisions, which are organised by business lines. In a manner consistent with the way in which information is reported internally to the Chief Executive Officer, who has been identified as the Group’s chief operating decision maker (“CODM”), for the purposes of resource allocation and performance assessment, the Group has presented two reportable segments as follows:

Rare Earth: The manufacture and sale of rare earth products Refractory: The manufacture and sale of refractory products

For the purposes of assessing segment performance and allocating resources between segments, the Group’s CODM monitors the results attributable to each reportable segment on the following bases:

Revenue and expenses are allocated to the reportable segments with reference to sales generated by those segments and the expenses incurred by those segments or which otherwise arise from the depreciation or amortisation of assets attributable to those segments.

The measure used for reporting segment profit/(loss) is “adjusted profit before interest, taxes, depreciation and amortisation” (“Adjusted EBITDA”). To arrive at the Adjusted EBITDA, the Group’s profit/(loss) further adjusted for items not specifically attributed to an individual reportable segment, such as directors’ emoluments, auditor’s remuneration and other unallocated corporate expenses.

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Information regarding the Group’s reportable segments as provided to the Group’s CODM for the purposes of resource allocation and assessment of segment performance for the period is as follows:

(a) Segment revenue and results

Revenue Revenue from external customers Inter-segment revenue Reportable segment revenue Results Reportable segment loss (Adjusted EBITDA) Other income Depreciation of property, plant and equipment Depreciation of right-of-use assets Finance costs Equity-settled share-based payment expenses Unallocated corporate expenses Consolidated loss before taxation Income tax charge Consolidated loss after taxation

Rare Earth Refractory Total For the six months ended 30 June 2024 2023 2024 2023 2024 2023 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 237,721 271,214 56,100 104,608 293,821 375,822 – – – – – – 237,721 271,214 56,100 104,608 293,821 375,822 (37,155) (108,877) (5,664) (186) (42,819) (109,063) 1,192 1,586 (13,107) (15,673) (1,472) (1,500) – (118) – (5,039) (5,506) (5,610) (61,712) (135,417) (878) (116) (62,590) (135,533)

2024 HK$’000 237,721 – 237,721 (37,155)

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• (b) Revenue from external customers by sales of major products and geographical markets are as follows:

Sales of major products Rare earth oxides Refractory materials Magnesium grains Total Geographical markets The People’s Republic of China (the “PRC”) Japan Europe Others Total	Rare Earth Refractory Total For the six months ended 30 June 2024 2023 2024 2023 2024 2023 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 237,721 271,214 – – 237,721 271,214 – – 56,100 84,870 56,100 84,870 – – – 19,738 – 19,738 237,721 271,214 56,100 104,608 293,821 375,822 235,144 265,888 54,345 73,333 289,489 339,221 2,577 5,326 1,063 18,356 3,640 23,682 – – – 810 – 810 – – 692 12,109 692 12,109 237,721 271,214 56,100 104,608 293,821 375,822	Total	Total
	2024 HK$’000 237,721 – – 237,721 235,144 2,577 – – 237,721		2023 HK$’000 271,214 84,870 19,738
			375,822
			339,221 23,682 810 12,109
			375,822

3. FINANCE COSTS

During the six months ended 30 June 2024, finance costs included interest on lease liabilities at approximately HK$23,000 (2023: HK$33,000) and no interest on discounted bills was recognised (2023: HK$118,000).

4. LOSS BEFORE TAXATION

Loss before taxation has been arrived at after charging/(crediting):

	For the six months	For the six months
	ended 30 June
	2024	2023
	HK$’000	HK$’000
Depreciation of property, plant and equipment	13,143	15,709
Depreciation of right-of-use assets	1,656	1,684
Write-down of inventories	7,963	45,940
Net impairment loss recognised/(reversed) on
– trade receivables	2,804	13,388
– other receivables	30	(51)
Equity-settled share-based payment expenses	–	5,039

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5. INCOME TAX CHARGE

Current tax Provision for the period Deferred taxation Origination and reversal of temporary difference Income tax charge	For the six months ended 30 June 2024 2023 HK$’000 HK$’000 – – 878 116 878 116	For the six months ended 30 June 2024 2023 HK$’000 HK$’000 – – 878 116 878 116
		116

The Company and its subsidiaries incorporated in the Cayman Islands and the British Virgin Islands, respectively, are not subject to any income tax pursuant to the rules and regulations of their respective countries of incorporation.

No provision for Hong Kong Profits Tax was made for the six months ended 30 June 2024 and 2023 as the estimated assessable profits arising in Hong Kong for the periods were offset with the accumulated tax losses brought forward.

PRC Enterprise Income Tax is calculated at the statutory income tax rate of 25% on the estimated assessable profits of the Company’s subsidiaries established in the PRC during the six months ended 30 June 2024 and 2023. Except for one PRC subsidiary which is classified as “New and High Technology Enterprise” and is entitled to a preferential income tax rate of 15% for a period of three years from January 2024.

PRC Enterprise Income Tax Law also requires withholding tax of 5% or 10% upon distribution of profits by the PRC subsidiaries since 1 January 2008 to its overseas (including Hong Kong) shareholders.

6. DIVIDEND

No final dividend for the previous year was declared and paid during the six months ended 30 June 2024 (2023: Nil).

No interim dividend was declared for the six months ended 30 June 2023 (2022: Nil).

7. LOSS PER SHARE

The calculation of basic loss per share is based on the loss attributable to owners of the Company of approximately HK$60,328,000 (2023: HK$129,390,000) and the weighted average number of approximately 2,341,700,000 (2023: 2,341,700,000) ordinary shares in issue during the period.

Diluted loss per share for the six months ended 30 June 2024 and 2023 equal to the basic loss per share as the exercise of the Company’s outstanding share options would have anti-dilutive effect.

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8. PROPERTY, PLANT AND EQUIPMENT

During the six months ended 30 June 2024, the Group did not have additions to property, plant and equipment (2023: HK$8,000).

9. TRADE AND OTHER RECEIVABLES

Trade and other receivables of the Group comprised:

Trade and bills receivables Other receivables Other tax refundable	30 June 2024 HK$’000 459,999 1,517 15,105 476,621	31 December 2023 HK$’000 418,613 1,347 3,814 423,774

An ageing analysis of trade receivables based on the invoice date and bills receivables based on the issuance date is as follows:

Less than 6 months 6 months to less than 1 year 1 year to less than 2 years Over 2 years Less: Impairment loss on trade and bills receivables	30 June 2024 HK$’000 274,096 198,173 27,293 21,083 520,645 (60,646) 459,999	31 December 2023 HK$’000 230,558 163,275 18,676 64,370 476,879 (58,266) 418,613

The Group generally allows a credit period ranging from 0 to 180 days to its customers and allows up to 365 days to reputable customers.

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10. TRADE PAYABLES

An ageing analysis of trade payables based on the invoice date is as follows:

Less than 6 months 6 months to less than 1 year 1 year to less than 2 years Over 2 years	30 June 2024 HK$’000 28,054 17,222 19,296 10,689 75,261	31 December 2023 HK$’000 37,334 21,706 5,425 10,327 74,792

11. PLEDGE OF ASSETS

As at 30 June 2024, certain leasehold lands with carrying amount of approximately HK$35,435,000 (31 December 2023: HK$36,561,000) and certain buildings with aggregate zero carrying amount (31 December 2023: zero carrying amount) were pledged to a bank as collateral for banking facilities.

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MANAGEMENT DISCUSSION AND ANALYSIS

Financial Results

In the first half of 2024, consumer confidence and demand had not yet recovered due to the turbulent international situation and persistent inflation in major developed economies, which also brought operational challenges to the rare earth industry. However, the government has actively introduced rare earth-related national policies to address the supply-demand imbalance and expand market competitiveness. The ‘trade-in’ policy is expected to drive both stock and incremental demands, and the supply and demand of rare earths is expected to shift from a surplus to a tight balance. Faced with challenges in the industry, the Group insists on improving and optimising its business strategies, improving production efficiency and technology, and continuously enhancing the quality of its products to align with the new economic development situation, and has proactively prepared itself to seize market opportunities when the industry recovers.

For the six months ended 30 June 2024, the Group recorded a total revenue of approximately HK$293,821,000, down by around 22% from approximately HK$375,822,000 earned in the same period of 2023. Revenue from the rare earth segment decreased by approximately 12% from around HK$271,214,000 for the same period last year to HK$237,721,000, contributing to approximately 81% of the Group’s total revenue. Revenue from the refractory products segment slipped by approximately 46% from around HK$104,608,000 for the same period last year to HK$56,100,000, accounting for approximately 19% of the Group’s total revenue. During the period under review, the Group’s gross loss margin was approximately 15%/gross loss was approximately HK$43,175,000. Net loss for the period narrowed to approximately HK$62,590,000. Loss per share was approximately HK2.58 cents (first half of 2023: loss per share of HK5.53 cents).

Business Review

Rare Earth Business

Rare earths are strategic resources that China focuses on control and development. This year, the government issued a set of regulations on rare earth administration, attaching great importance to the protection of rare earth resources and industrial development. The gradual implementation of supporting measures for “equipment renewal” and “trade-in” on the demand side, as well as the renewal of industrial equipment and automotive motors, are expected to drive demand for rare earth magnetic materials. In the medium to long term, it is conducive to the further reshaping of the supply side of rare earths, while ensuring the safety and stability of the industrial chain and supply chain of rare earth strategic resources, which continuously consolidate China’s core competitiveness in the rare earth industry. Driven by new energy vehicles, energy-saving motors, and smart robots, downstream demand for rare earths is extensive and the overall supply is relatively rigid. Supply and demand will return to equilibrium, and prosperity of the industry is expected to improve.

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During the period, the sales generated from the rare earth segment was approximately HK$271,214,000, a decrease of 12% compared with the same period last year. The segment suffered a loss of approximately HK$37,155,000, a decrease of 66% compared with the same period last year. The sales volume of rare earth products decreased by approximately 40% to approximately 200 tonnes compared to the first half of 2023. The average selling price decreased compared to the same period last year. The main rare earth sales products, such as dysprosium oxide, terbium oxide, and the new product neodymium praseodymium oxide, accounted for 77% of the sales in the rare earth segment. The selling prices of dysprosium oxide and terbium oxide decreased by 9% and 45%, respectively, due to market fluctuations.

During the period, the overall rare earth prices in the Chinese market was in a downward trend. Due to the supply-demand imbalance in the market and the sluggish real estate industry had affected demand, and prices remained low in the short term. During the period, the Group’s rare earth business operation model continued to be mainly based on trading and processing. Due to various factors, the rare earth industry remained challenging in the first half of 2024, and the gross loss margin of the rare earth segment was approximately 15% during the period.

In terms of geographical market distribution, China’s domestic sales market accounts for approximately 98% of the total revenue of rare earth products, and Japan’s and other overseas markets account for the remaining approximately 2%.

Refractory Materials Business

In the first half of 2024, the Group sold around 6,200 tonnes of refractory materials, representing a decrease of approximately 40% from the same period last year. The average selling prices of major products experienced varying degrees of decline. Compared to the same period last year, the price of casting materials decreased by approximately 23%; the price of fused magnesia-chrome bricks decreased by approximately 19%; and the price of aluminium carbon bricks decreased by approximately 6%. During the period, the sales generated from the refractory materials segment was approximately HK$56,100,000, a year-on-year decrease of approximately 46%. Segment loss was approximately HK$5,664,000, a year-on-year increase of approximately 29 times.

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As economic recovery takes time, the refractory materials industry will inevitably be affected by the policies of controlling real estate investment and regulating overcapacity in the steel industry. The Group’s major customers are steel producers. However, the demand for steel did not meet market expectations, prices had yet to rebound, and sales performance was weak, which continued to narrow the margins of steel producing enterprises, and the industry as a whole suffered losses as a result of the impact of the continuous narrowing of the market on both the supply and sales sides. Due to the decrease in demand for refractory materials in the end market, the prices of refractory raw material products dropped. In addition, the prolonged “price wars” caused by the fierce competition in the industry affected the sales prices. Plant and equipment maintenance and rising electricity prices further drove up the costs of sales, resulting in a gross loss margin of approximately 13% during the period.

In terms of magnesium grains business, as Haicheng City Suhai Magnesium Ore Co., Ltd. was disposed on 15 December 2023, the Group did not record any revenue from the magnesium grains business during the period.

In terms of geographical market distribution, the domestic market in China increased to approximately 97% of the Group’s revenue from refractory products. The Japanese market accounted for approximately 2% while other overseas markets, including the Korean market, accounted for the remaining approximately 1%.

Prospects

Looking ahead to the second half of 2024, the global landscape continues to fluctuate, affecting the recovery and development of various industries. Excess inventories and overcapacity also affect the rare earth industry. However, the government is also actively introducing relevant management regulations to focus on addressing the supply-demand imbalance in the rare earth industry. It is expected that the industry will grow stably in the long run, and operating results are expected to reach a turning point. The regulations on rare earth administration states that it is necessary to quickly address the inherent imbalance between the insufficient supply of high-end and the excess supply of low-end rare earth functional materials, improve product quality and nurture brand building by proactively increasing the efforts of supply-side structural reform. On the other hand, it is necessary to strengthen demand-led, oriented to the independent control of new generation strategic emerging industries with advanced technologies and significant driving effects such as information technology, artificial intelligence, new energy and new materials, expand product varieties and niche markets, and continuously enhance the resilience and safety level of the industrial and supply chains.

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Rare earth is an important component of non-ferrous metals, an important strategic resource of China, and a key raw material for promoting the transformation and upgrading of traditional industries, supporting the development of high-tech industries as well as national defense science and technology industries, and is crucial for safeguarding China’s economic security, national defense security, and accelerating the development of new quality productive forces. It plays a pivotal role in high-end manufacturing and emerging industries such as new energy vehicles, aerospace, green home appliances, smart robots, and low-altitude economy. Rare earth plays an extremely important supporting role in modern high-tech industries. Under the background of “Carbon Peak and Carbon Neutrality”, the demand for rare earth will increase, and the strategic position of rare earth will be further enhanced.

In line with the restructuring situation and market changes in China’s rare earth industry in recent years, the Group has actively sought partners and reached a strategic cooperation framework agreement with China Northern Rare Earth (Group) High-Tech Co., Ltd., and continued to communicate with each other to implement substantive cooperation as soon as possible. Meanwhile, the Group will continue to pay attention to the mineral resources situation, using this upstream extension strategy to stabilize mineral source supply, better control raw material resources, and strengthen its competitive strengths.

The Group attaches great importance to environmental protection and safety construction, and maintains rigorous control at all time. The production equipment is regularly inspected to ensure that necessary renovations or repairs can be carried out promptly, thereby promoting green and sustainable development. The Group’s production facilities are located on the banks of Taihu Lake in Yixing City. The Group is grateful for the Yixing Government’s support over the years, which has enabled the Group to develop and grow in a favourable environment.

Looking ahead, the Group will continue to deepen its business development, solidly enhance product quality and technology upgrading, fully implement corresponding national strategies and policies, establish long-term and stable cooperative relationships with its customers, and actively seek emerging high-quality customers to continuously promote innovative business development and constantly enhance market competitiveness.

Liquidity and Financial Resources

The Group continues to be prudent in its financial arrangements to ensure that it has adequate liquidity for future investments and expansions. As at 30 June 2024, the Group had cash and bank deposits of approximately HK$1,048,853,000, which had dropped by HK$250,596,000 as compared to HK$1,299,499,000 at the end of 2023. However, there is still adequate liquidity for future development.

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As at 30 June 2024, the net current assets of the Group was approximately HK$1,764,132,000, representing a decrease as compared to HK$1,823,383,000 at the end of last year. The total liabilities to total assets ratio remained at approximately 6%.

During the period under review, the Group did not borrow any funds from banks or financial institutions. As at 30 June 2024, the Group has maintained a financing facility of RMB150,000,000 (equivalent to approximately HK$164,348,000) with a domestic bank by pledging certain leasehold lands and buildings with a total carrying value of approximately HK$35,435,000. The facility has not been utilized yet. Apart from that, the Group had no charge on other assets nor holding of any financial derivative products. The Group was also not exposed to any material interest rate risk. As for foreign exchange exposure, most of the Group’s assets, liabilities, and transactions are denominated in Renminbi, while the rest are denominated in US dollars or Hong Kong dollars. During the period under review, Renminbi depreciated slightly due to a strong US dollar, but this did not cause any significant fluctuations to or impact on the Group’s financial results.

Staff and Remuneration

The Group continued to streamline its manpower structure in line with business needs. As at 30 June 2024, the Group had around 248 employees at different levels. During the period under review, the Group’s staff costs including directors’ emoluments amounted to HK$10,007,000, which is lower than the same period in 2023 mainly due to recognition of equity-settled share-based payment expenses of approximately HK$5,039,000 during the same period in 2023, while there were no such expenses during the period under review, as well as the decrease in the number of employees as a result of the disposal of Haicheng City Suhai Magnesium Ore Co., Ltd. on 15 December 2023. The Group continued to provide regular on-the-job training and study opportunities to the employees to assist them in maintaining professional competence.

INTERIM DIVIDEND

The Board did not recommend the payment of an interim dividend for the six months ended 30 June 2024 (2023: Nil).

SIGNIFICANT EVENTS AFTER THE REPORTING PERIOD

There was no significant subsequent event affecting the Company after 30 June 2024 and up to the date of this announcement.

PURCHASE, SALE OR REDEMPTION OF THE COMPANY’S LISTED SECURITIES

There has been no purchase, sale or redemption of any of the Company’s listed securities (including any sale of treasury shares (as defined under the Listing Rules)) by the Group during the six months ended 30 June 2024. As at 30 June 2024, the Company did not hold any treasury shares.

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CORPORATE GOVERNANCE PRACTICES

The Company is committed to attaining good corporate governance practices and procedures. The Company has adopted its own code of corporate governance based on the principles and code provisions of the Corporate Governance Code (the “CG Code”) contained in Appendix C1 of the Listing Rules. In the opinion of the Board, the Company has complied with the CG Code throughout the six months ended 30 June 2024.

AUDIT COMMITTEE AND REVIEW OF FINANCIAL INFORMATION

The Company established an audit committee (the “Audit Committee”) with written terms of reference in compliance with the CG Code. As at the date of this announcement, the Audit Committee consists of three independent non-executive directors, namely Mr. Huang Chunhua (chairman), Mr. Jin Zhong and Mr. Huang Shuwei. The main duties of the Audit Committee are to assist the Board in providing an independent review of the completeness, accuracy and fairness of the financial information of the Group, as well as the efficiency and effectiveness of the Group’s operations and internal controls. The Audit Committee has reviewed the accounting principles and policies adopted by the Group and the Group’s unaudited interim results for the six months ended 30 June 2024, and was of the opinion that the preparation of such condensed consolidated interim financial information complied with the applicable accounting standards and requirements and that adequate disclosures have been made.

MODEL CODE FOR SECURITIES TRANSACTIONS BY DIRECTORS

The Company has adopted its own Securities Dealing Code (the “Company’s Code”) regarding securities transactions by directors on terms no less exacting than the required standards set out in the Model Code for Securities Transactions by Directors of Listed Issuers (the “Model Code”) as set out in Appendix C3 of the Listing Rules. Having made specific enquiry, the Company confirms that all directors have complied with the required standards as stated in the Model Code and the Company’s Code throughout the six months ended 30 June 2024.

PUBLICATION OF INTERIM RESULTS ANNOUNCEMENT AND INTERIM REPORT

This interim results announcement is published on the website of the Stock Exchange (www.hkexnews.hk) and the website of the Company (www.creh.com.hk). The interim report of the Company for the six months ended 30 June 2024 containing all the information required by the Listing Rules will be dispatched to the shareholders of the Company (if appropriate) and made available on the aforesaid websites in due course.

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MEMBERS OF THE BOARD

As at the date of this announcement, the Board consists of Mr. Jiang Quanlong, Mr. Jiang Dawei and Mr. Jiang Cainan as executive directors and Mr. Huang Chunhua, Mr. Jin Zhong and Mr. Huang Shuwei as independent non-executive directors.

By order of the Board China Rare Earth Holdings Limited Jiang Quanlong Acting Chairman

Hong Kong, 30 August 2024

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