Jiangsu Lopal Tech. Group Co., Ltd. — AGM Information 2026

Jan 4, 2026

THIS CIRCULAR IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION

If you are in doubt as to any aspect of this circular or as to the action to be taken, you should consult your stockbroker or other registered dealer in securities, bank manager, solicitor, professional accountant or other professional adviser.

If you have sold or transferred all your shares in Jiangsu Lopal Tech. Group Co., Ltd. (the "Company"), you should at once hand this circular to the purchaser or transferee or to the bank, stockbroker or other agent through whom the sale or transfer was effected for transmission to the purchaser or transferee.

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this circular, 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 circular.

Lopal

龙蠅科技

Jiangsu Lopal Tech. Group Co., Ltd.

江蘇龍蠅科技集團股份有限公司

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

(Stock Code: 2465)

(1) CHANGE IN PART OF CONSTRUCTION CONTENTS FOR THE FUNDRAISING INVESTMENT PROJECTS;
(2) SIGNING OF A COOPERATION AGREEMENT AND INVESTMENT IN THE CONSTRUCTION OF A HIGH-PERFORMANCE LITHIUM BATTERY CATHODE MATERIAL PROJECT

AND

(3) NOTICE OF THE 2026 FIRST EXTRAORDINARY GENERAL MEETING

A letter from the Board is set out on pages 4 to 25 of this circular.

A notice convening the EGM to be held at 2nd Floor, Large Conference Room, No. 6 Hengtong Avenue, Nanjing Economic and Technological Development Zone, Nanjing, Jiangsu Province, PRC on January 22, 2026 at 2:00 p.m. is set out on pages EGM-1 to EGM-2 of this circular.

Whether or not you intend to attend the EGM, you are advised to complete and return the enclosed proxy form in respect of the EGM in accordance with the instructions printed thereon as soon as possible and in any event, not less than 24 hours prior to the commencement of such meeting or any adjournments thereof, i.e., not later than January 21, 2026 at 2:00 p.m. (Hong Kong time). Completion and return of the form of proxy will not preclude you from attending and voting in person at the EGM or any adjournment thereof (as the case may be) should you so wish.

January 4, 2026

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CONTENTS

Page

Definitions 1

Letter from the Board 4

I. Introduction 5

II. Business to be Considered at the EGM 5

1. Proposal Regarding the Change of Part of Construction Contents for the Fundraising Investment Projects 5

2. Proposal Regarding the Signing of a Cooperation Agreement and Investment in the Construction of a High-Performance Lithium Battery Cathode Material Project 18

III. The EGM 24

IV. Closure of Register of Members 24

V. Recommendation 25

VI. Responsibility Statement 25

Notice of the 2026 First Extraordinary General Meeting EGM-1

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DEFINITIONS

In this circular, unless the context otherwise requires, the following expressions shall have the following meanings:

“A Share(s)” ordinary share(s) issued by the Company, with a nominal value of RMB1.00 each, which is/are subscribed for or credited as paid in Renminbi and is/are listed for trading on the Shanghai Stock Exchange

“A Shareholder(s)” holder(s) of the A Share(s)

“Articles of Association” the Articles of Association of the Company (as amended from time to time)

“associate(s)” shall has the meaning ascribed to it under the Listing Rules

“Board” the board of Directors of the Company

“Company” Jiangsu Lopal Tech. Group Co., Ltd. (江蘇龍蟠科技集團股份有限公司), (formerly known as Jiangsu Lopal Tech. Co., Ltd. (江蘇龍蟠科技股份有限公司)), a joint stock company established in the PRC on March 11, 2003 converted from the predecessor Jiangsu Lopal Petrochemical Co., Ltd.* (江蘇龍蟠石化有限公司) into a joint stock company with limited liability under the PRC Company Law on January 23, 2014, the A Shares of which are listed on the Shanghai Stock Exchange with the stock code of 603906 and the H Shares of which are listed on the Hong Kong Stock Exchange with the stock code of 2465

“Company Law” the Company Law of the People's Republic of China

“CSRC” China Securities Regulatory Commission

“Director(s)” the director(s) of the Company

“EGM” the first extraordinary general meeting of the Company to be convened for the Shareholders to consider and, if thought fit, to approve, among other things, (i) the proposal regarding the change of part of construction contents for the fundraising investment Projects; (ii) the proposal regarding the signing of a cooperation agreement and investment in the construction of a high-performance lithium battery cathode material project and to be held at 2nd Floor, Large Conference Room, No. 6 Hengtong Avenue, Nanjing Economic and Technological Development Zone, Nanjing, Jiangsu Province, PRC at 2:00 p.m. on January 22, 2026

“Group” the Company and its subsidiaries

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DEFINITIONS

“H Share(s)”	overseas listed foreign Share(s) in the share capital of the Company with a nominal value of RMB1.00 each, which is/are to be traded in Hong Kong dollars and is/are listed for trading on the Hong Kong Stock Exchange
“Hong Kong”	Hong Kong Special Administrative Region of the PRC
“Hong Kong Listing Rules”	the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, as amended or supplemented from time to time
“Hong Kong Stock Exchange”	The Stock Exchange of Hong Kong Limited
“Latest Practicable Date”	January 3, 2026, being the latest practicable date prior to the despatch of this circular for ascertaining certain information referred to in this circular
“Measures for Administration of Registration”	the Measures for Administration of Registration of Securities Offering by Listed Companies
“NFRA”	National Financial Regulatory Administration
“Ordinary Shares”	A Shares and H Shares
“PRC”	the People’s Republic of China, for the purpose of this circular, excluding Hong Kong, Macao Special Administrative Region of the PRC and Taiwan Region
“Project”	the construction of a research and development center and a production base for high compaction LFP with annual capacity of 240,000 tonnes in Jiangsu Jintan Hualuogeng High-Tech Industrial Development Zone
“RMB”	Renminbi, the lawful currency of the PRC
“Securities Law”	the Securities Law of the PRC
“SFO”	the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong), as amended, supplemented or otherwise modified from time to time
“Share(s)”	ordinary share(s) in the capital of the Company with nominal value of RMB1.00 each
“Shareholder(s)”	the holder(s) of the Share(s)

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DEFINITIONS

“subsidiary” or “subsidiaries”

“%”

shall have the meaning ascribed to it under the Listing Rules

per cent

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LETTER FROM THE BOARD

Jiangsu Lopal Tech. Group Co., Ltd.

江蘇龍蟠科技集團股份有限公司
(a joint stock company incorporated in the People's Republic of China with limited liability)
(Stock Code: 2465)

Executive Directors:
SHI Junfeng (Chairman)
LU Zhenya
QIN Jian
SHEN Zhiyong
ZHANG Yi

Non-Executive Director:
ZHU Xianglan

Independent Non-Executive Directors:
LI Qingwen
YE Xin
GENG Chengxuan
HONG Kam Le

Registered Office:
No. 6 Hengtong Avenue
Nanjing Economic and Technological
Development Zone
PRC

Principal Place of Business
in Hong Kong:
46/F, Hopewell Centre
183 Queen's Road East
Wan Chai
Hong Kong

January 4, 2026

To the Shareholders

Dear Sir/Madam,

(1) CHANGE IN PART OF CONSTRUCTION CONTENTS
FOR THE FUNDRAISING INVESTMENT PROJECTS;
(2) SIGNING OF A COOPERATION AGREEMENT AND
INVESTMENT IN THE CONSTRUCTION OF
A HIGH-PERFORMANCE LITHIUM BATTERY CATHODE
MATERIAL PROJECT
AND
(3) NOTICE OF THE 2026 FIRST EXTRAORDINARY
GENERAL MEETING

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LETTER FROM THE BOARD

I. INTRODUCTION

The purpose of this circular is to give you the notice of the EGM and to provide you with reasonable and necessary information.

II. BUSINESS TO BE CONSIDERED AT THE EGM

At the EGM, ordinary resolutions will be proposed to Shareholders to consider and approve the following: (1) Change of Part of Construction Contents for the Fundraising Investment Projects; (2) Signing of a Cooperation Agreement and Investment in the Construction of a High-Performance Lithium Battery Cathode Material Project.

1. Proposal Regarding the Change of Part of Construction Contents for the Fundraising Investment Projects

(A) Introduction

Reference is made to the section headed “History and Development — Share Capital Changes in 2022” in the prospectus of the Company dated October 22, 2024, which discloses, among other things, that the net proceeds raised from the Company’s non-public issuance of A Shares in 2022 amounted to RMB2,175,531,120.83.

(B) Overview of the Change to the Construction Content of the Fundraising Investment Project

(a) Basic Information of the Proceeds

Pursuant to the approval granted by the China Securities Regulatory Commission in its Reply on Approving the Non-public Issuance of A Shares by Jiangsu Lopal Tech. Group Co., Ltd. (Zheng Jian Xu Ke [2022] No. 621), the Company completed the non-public issuance of 82,987,551 RMB ordinary shares (A shares), each with a par value of RMB1.00, at an issue price of RMB26.51 per share. Gross proceeds amounted to RMB2,199,999,977.01. After deduction of the underwriting and sponsor fees not yet settled, the remaining balance of RMB2,177,803,577.01 was remitted by the sponsor, Guotai Junan Securities Co., Ltd. (currently known as “Guotai Haitong Securities Co., Ltd.”), to the Company’s designated escrow account on May 18, 2022. The proceeds were verified by Jonten Certified Public Accountants (Limited Liability Partnership) and confirmed in its Capital Verification Report (Zhong Tian Yun [2022] Yan Zi No. 90024). All proceeds have been placed in dedicated escrow accounts for the exclusive use of the raised funds. After further deduction of issuance expenses of RMB24,468,856.18, the net proceeds from the non-public issuance totalled RMB2,175,531,120.83.

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LETTER FROM THE BOARD

The Company has adopted a special account storage system for the proceeds. Upon the arrival of the proceeds, all such funds have been deposited in the special accounts for proceeds, and the Company has signed a proceeds supervision agreement with the sponsor institution and the commercial banks where the proceeds are deposited.

As of November 30, 2025, the Company has cumulatively utilized the proceeds in the amount of RMB1,636,091,300. Details are set out as follows:

Unit: (RMB10,000)

Committed Investment Projects	Committed Total Investment of Proceeds	Cumulative Investment Amount as of November 30, 2025	Cumulative Investment Progress as of November 30, 2025
Large-scale Production Project of NEV Power and Energy Storage Cathode Material	129,000.00	73,334.07	56.85%
Annual 600,000-tonne Vehicle Urea Project	25,557.79	25,619.79	100.24%
Projects for the replenishment of working capital	50,000.00	50,451.13	100.90%
Annual Production of 40,000 Tons of Battery-grade Energy Storage Materials Project	12,995.32	14,204.14	109.30%
Total	217,553.11	163,609.13	75.20%

(b) Change to the Construction Content of the Fundraising Investment Project

The original plan of the "Large-scale Production Project of NEV Power and Energy Storage Cathode Material" was to construct production lines with an annual capacity of 150,000 tonnes of LFP cathode materials, which would be implemented in three phases. Currently, Phase I Project (with an annual capacity of 25,000 tonnes) and Phase II Project (with an annual capacity of 62,500 tonnes) have been completed. After careful deliberation, the Company intends to adjust the capacity scale of Phase III Project from the originally planned 62,500 tonnes per year to 100,000 tonnes per year (the "Change"). The Change does not involve any alteration to the investment direction of the proceeds, nor does it constitute a connected transaction.

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LETTER FROM THE BOARD

(c) Consideration

On December 24, 2025, the Company convened the 46th meeting of the fourth session of the Board, at which the Resolution on Change to Certain Construction Content of the Fundraising Investment Project was considered and approved. The Board agreed to change certain construction content of the fundraising investment project and to submit the matter to the general meeting for authorisation to grant the operation management full authority to handle matters in connection with such change, including, without limitation, the filing and registration procedures for the change of the proceeds-funded investment projects, the execution of other relevant documents and the completion of relevant procedures. The Board is of the view that such change was made after taking into full consideration change in the market environment and the future development strategies, is in line with the Company's long-term development needs, is conducive to improving the efficiency of the use of the proceeds and enhancing the Company's overall operating efficiency, and does not prejudice the interests of the Company and its minority shareholders. The above matter is still subject to consideration and approval by the general meeting of the Company.

(d) Basic Information Table of the Fundraising Investment Projects

Unit: 0'000 Currency: RMB

Name of issuance	Non-public issuance of shares in 2021
Gross proceeds	220,000.00
Net proceeds	217,553.11
Date of proceeds received	May 18, 2022
Total amount involved in change of investment direction	Not applicable
Percentage of total amount involved in change of investment direction	Not applicable
Type of change in the use of proceeds	☐ Change in investment direction of proceeds
☐ Change in the amount of proceeds
☐ Cancellation or termination of fundraising investment projects
☐ Change in the implementing entity of fundraising investment projects
☐ Change in the implementation method of fundraising investment projects
☐ Implementation of new projects
☐ Permanent supplementation of working capital
☑ Other: Enhancement of project production capacity

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LETTER FROM THE BOARD

(C) Specific Reasons for Change to the Construction Content of the Fundraising Investment Projects

(a) Original Project's Planned Investment and Actual Investment Status

The Company's controlled subsidiary, Sichuan Liyuan, originally planned to construct a LFP cathode material production facility with an annual capacity of 150,000 tons in Suining, Sichuan Province, of which RMB1,290.0000 million was proposed to be funded by the proceeds. As of November 30, 2025, the project had utilized the proceeds of RMB733.3407 million.

On March 28, 2025, the Company convened the 34th meeting of the fourth session of the Board and the 26th meeting of the fourth session of the Board of Supervisors, at which the Proposal on the Extension of Certain Investment Projects Funded by the Proceeds was reviewed and approved. It was agreed to extend the time for the project to reach its originally scheduled usable state from May 2025 to May 2026.

Unit: RMB0'000

No.	Investment Projects	Total Investment of the Proceeds			Project Investment Progress as of the Cut-off Date (%) = (2)/(1)
		Committed Investment Amount Before Fundraising	Committed Investment Amount After Fundraising (1)	Actual Investment Amount (2)
1	Large-scale Production Project of NEV Power and Energy Storage Cathode Material	129,000.00	129,000.00	73,334.07	56.85%

(b) Specific Reasons for the Change

The Company's fundraising investment project originally planned to construct a LFP cathode material production facility with an annual capacity of 150,000 tons in Suining, Sichuan Province. This plan was prudently formulated by the Company based on the development trends of the lithium iron phosphate industry at the time, in alignment with the market-oriented transformation of the new energy vehicle industry, with the aim of maintaining the Company's competitive market position and strengthening its strategic layout in the southwestern region of China.

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LETTER FROM THE BOARD

Benefiting from the rapid development of the new energy vehicle (NEV) and energy storage sectors in recent years, there has been a widespread demand for new energy batteries. Among these, lithium iron phosphate (LFP), owing to its high safety performance, has emerged as the most widely used cathode material for new energy batteries. In the NEV segment, according to data from EV VOLUMES, global NEV sales reached 16.9 million units in 2024, representing a year-on-year increase of 19.18%, which drove the global NEV penetration rate up to 19.7%. In the domestic market, China's NEV production and sales volumes reached 12.888 million units and 12.866 million units respectively in 2024, representing a year-on-year increase of 34.43% and 35.50% respectively. The NEV sales penetration rate surged from 0.80% in 2015 to 43.50% in 2024. The robust production and sales of NEVs have fueled the rapid growth of the power battery market. In 2024, the global and Chinese power battery shipments reached 974GWh and 557GWh respectively, representing a year-on-year increase of 45.4% and 24.7% respectively. In terms of battery types, global phosphate-based power battery shipments accounted for 44% of the total power battery shipments, while this figure reached as high as 72% in the domestic Chinese market. In the energy storage market, the installed capacity of new energy storage systems has experienced rapid expansion both domestically and internationally in recent years. According to CNESA, by the end of 2024, the cumulative installed capacity of global operational power energy storage projects stood at 372GW, with a year-on-year growth rate of 28.63%. Among these, the cumulative installed capacity of new energy storage systems reached 165.4GW, with a year-on-year growth rate of 80% and emerging as the primary driver of growth in the energy storage market. China's energy storage market has demonstrated even more outstanding performance. In 2024, the cumulative installed capacity of China's power energy storage projects reached 137.9GW, with a year-on-year increase of 59.9%, accounting for 37.1% of the global cumulative installed capacity. Specifically, the newly/cumulative installed capacity of new energy storage systems in China reached 43.7GW/78.3GW. For the first time, the cumulative installed capacity of new energy storage surpassed that of pumped storage, with the newly/cumulative installed capacity accounting for 59.1%/47.3% of the global newly/cumulative installed capacity. According to the forecast from CNESA, under an ideal scenario, the cumulative installed capacity of China's new energy storage market will reach 326.20GW by 2030, with a compound annual growth rate (CAGR) of 28.7% from 2025 to 2030, fully reflecting the promising development prospects of the energy storage market. From a segmented perspective, data from EV Tank shows that LFP batteries accounted for as high as 92.5% of the global energy storage battery market in 2024, establishing themselves as the mainstream application solution. As they are poised to fully benefit from the development of the energy storage industry, market demand for LFP batteries is set to maintain a steady growth trend, thereby providing broad market demand for phosphate-based cathode materials.

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LETTER FROM THE BOARD

Accordingly, the Company's LFP cathode material business has also achieved rapid development. To alleviate the current delivery pressure of LFP cathode materials and enhance the efficiency of raised fund utilization, the Company intends to adjust the Phase III annual production capacity of the original "Large-scale Production Project of NEV Power and Energy Storage Cathode Material" from 62,500 tons to 100,000 tons, so as to better meet the growing demand from the Company's order book.

(D) Change to the Construction Content of the Fundraising Investment Project

(a) Basic Information of the Project

1. The implementing entity of the project: Sichuan Liyuan
2. Construction site: Suining City, Sichuan Province
3. Change to the construction content: Adjusting the production capacity of Phase III of the "Large-scale Production Project of NEV Power and Energy Storage Cathode Material" from 62,500 tonnes/year to 100,000 tonnes/year
4. Expected progress of investment: It is expected to be completed and reach the expected conditions for use in May 2026

(b) Change to the Construction Content

1. Project investment estimate

The investment in Phase III of the "Large-scale Production Project of NEV Power and Energy Storage Cathode Material" amounted to approximately RMB910,000,000, details are as follows:

Unit: RMB0'000

No.	Project name	Amount
1	Equipment investment	78,851.00
2	Software investment	1,460.00
3	Preparation fees	4,015.00
4	Initial working capital	6,674.00
Total		91,000.00

2. Revenue of the project

The financial internal rate of return of project investment (after tax) is 12.59%, and the investment payback period (after tax) is 7.64 years.

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LETTER FROM THE BOARD

(c) Feasibility Analysis of the Project

1. A broad prospect of the application market provides the market foundation for project implementation

In recent years, the rapid development of new energy vehicles (NEV) has driven the rapid growth of lithium iron phosphate batteries. From the perspective of global shipment of lithium batteries, the “White Paper on the Development of the Lithium-ion Battery Industry in China (2025)” (《中國鋰離子電池行業發展白皮書(2025年)》) jointly released by EV Tank, a research institute, and China YiWei Institute of Economics reveals that in 2024, the global shipment of lithium-ion batteries amounted to 1,545.1GWh, representing a year-on-year increase of 28.5%. Going forward, EV Tank expected the global shipment of lithium batteries to reach 1,899.3GWh in 2025 and 5,127.3GWh in 2030.

The lithium iron phosphate produced by the Company is an important raw material for lithium iron phosphate batteries, and its performance directly affects the energy density, safety and lifespan of the battery. With the increasingly diverse application scenarios and the continuous expansion of the market size of lithium iron phosphate batteries, the market demand for lithium iron phosphate will be further driven.

In conclusion, the downstream application market scale of the lithium iron phosphate products that the Company plans to produce has an extremely broad prospect, and the demand for lithium iron phosphate is relatively strong, providing a solid foundation for absorbing the production capacity of lithium iron phosphate products of this project. In the future, with the rapid growth of the downstream market, the market demand for lithium iron phosphate products will increase.

1. Accumulation of high-quality customer resources provides a solid foundation for the implementation of the project

Over the long term, the Company has actively expanded its market presence and cultivated a portfolio of high-quality customers by leveraging its superior product quality, comprehensive technical service system, well-established manufacturing processes and stringent quality control standards. In the course of its cooperation with customers, the Company has maintained close alignment with customers in terms of technical communication and product services through continuous technological improvement, and has consistently provided high-quality LFP products. As a result, the Company's products and services have received broad recognition from its customers. After years of development, the Company has established cooperative relationships with well-known lithium battery

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LETTER FROM THE BOARD

manufacturers, both domestic and overseas, including CATL, LG Energy Solution, SUNWODA and EVE Energy. Such high-quality customers are industry leaders and adopt highly stringent supplier evaluation standards. Once a supplier is admitted into their procurement systems, customers generally do not replace suppliers easily, thereby forming stable and long-term cooperative relationships.

At present, with the rapid growth of downstream application markets in the lithium battery industry, leading enterprises in the industry are undergoing phases of capacity expansion. Demand for LFP cathode materials continues to rise. Building on its existing cooperative relationships, the Company is further deepening its cooperation with customers by providing LFP cathode materials with outstanding performance, which will help customers meet their increasing demand for LFP cathode materials and ensure the stability of raw material supply.

In summary, the Company's high-quality and stable customer base, together with its strong market development capabilities, will ensure that its orders achieve sustained and stable growth in tandem with customer expansion, thereby laying a solid foundation for the absorption of the additional production capacity under the Project.

1. Strong technological research and development capabilities provide solid support for the implementation of the project

Changzhou Liyuan New Energy Technology Co., Ltd. (常州锂源新能源科技有限公司) (“Changzhou Liyuan”), a subsidiary of the Company, is a well-recognised domestic supplier of lithium battery raw materials specialising in the research and development, production and sale of LFP cathode materials. Changzhou Liyuan has consistently regarded technology as the core driving force for its business development. Changzhou Liyuan focuses on the research and innovation of LFP products, continuously enhancing product performance and quality. By actively applying cutting-edge technologies to technological and product development, it continues to develop new products capable of meeting customer requirements, while maintaining strong independent innovation capabilities and rapid product and technology iteration capabilities. As a result, the Company's technology and product quality have consistently remained at a high level. In addition, Changzhou Liyuan has established a research and development team led by industry experts. The team possesses extensive industry experience, strong innovation capabilities and advanced technical expertise, providing important assurance for technological innovation and improvements in product performance. At the same time, Changzhou Liyuan has established a comprehensive

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LETTER FROM THE BOARD

technological research and development system and innovation mechanism, which provides institutional support for the continuous enhancement of its independent research and development capabilities.

In summary, the Company's strong technological capabilities, professional talent pool and well-established technological research and development mechanisms provide a solid foundation for the implementation of the Project.

(E) Market Prospect and Risk Warning of the Project

(a) Market Prospect

Driven by factors such as automotive electrification, cordless electrical tools, large-scale 5G applications and global shift in energy supply methods, global lithium battery industry has achieved steady development. According to statistics from Ev Tank and China YiWei Institute of Economics, global shipment of lithium battery reached 1,545.1GWh in 2024, representing a year-on-year increase of 28.5%. Looking forward, as the penetration of global new energy vehicle continues to grow and the dual carbon goal has gradually advanced, demand for automotive power batteries and energy storage batteries will maintain robust growth. Before 2030, other battery systems will struggle to match the industry development of lithium battery technology in terms of economies of scale and comprehensive performance advantages. Lithium-ion battery will remain the mainstream technology direction. It is estimated that global shipment of lithium battery will reach 5,127.3GWh in 2030, providing an extensive market demand for phosphate iron-based cathode material.

(b) Risks Warning and Countermeasures

1. Industry policy risks and countermeasures

Constrained by macroeconomic development cycles and driven by continuous industry structure adjustments, adjustments to macroeconomic policies, industrial policies and fiscal subsidy in new energy vehicle, electrochemical energy storage, low-carbon environmental protection and other industries by the state will cause fluctuations in the Company's market demand and changes in industrial competition, thereby affecting the Company's development. In addition, the national macroeconomic policies will be subject to adjustments from time to time as the national economic development. In recent years, the government has intensified its use of fiscal policies and monetary policies for macroeconomic regulations. Adjustments to economic policies such as investment, taxation and interest rates will have a broad impact on the Company.

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LETTER FROM THE BOARD

For the abovementioned risks, the Company will make full use of current favorable political environment to accelerate its development and make its all effort to grow. Meanwhile, the Company will continue to enhance technological levels and improve development capability of the Company's products for core business lines, further consolidating the position of the Company in LFP cathode material market.

1. Market risks and countermeasures

(1) Market competition risks

Lithium battery cathode material industry is a sector supported by the national policies, boasting extensive development prospect and immense market potential. With the growth of new energy vehicle, numerous cathode material manufacturers have expanded their production capacity in line with industry development. Meanwhile, new entrants continue to join the competitive landscape, placing the industry in a state of intense competition. This exposes the Company to the risks of decline in market share and profitability arising from market competition.

In response to the aforementioned risks, first, the Company will increase investment in technological research and development, continue to enhance its core competitiveness in the market, and improve product quality; second, the Company will continuously develop new products that meet the needs of market development, actively explore new fields, and form a pattern of multi-variety operations; third, the Company will establish long-term and friendly cooperative relations with key customers by maintaining close communication with customers and marketing channels, laying a solid foundation for its steady development in the future.

(2) Risk of Changes in Market Demand

The LFP products manufactured by the Company are primarily used in areas such as power batteries for new energy vehicles, grid energy storage batteries, and power supply batteries for 5G base stations. With the continuous technological advancement in downstream application fields, the performance requirements for lithium batteries are subject to change. Furthermore, demand for LFP varies among different lithium battery manufacturers due to differences in their own product specifications. Should the Company's LFP products fail to meet the specific needs of downstream customers, it could adversely affect the sales of LFP products of the Company.

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LETTER FROM THE BOARD

In response to the aforementioned risks, first, the Company will closely follow the trends of market demand, strengthen the feedback of downstream market information, and produce products that meet current market demand; second, the Company will actively carry out cooperation with customers, continuously improve its own technical capabilities, and satisfy different customers' requirements for product performance.

(3) Risk of Raw Material Price Fluctuations

The main raw materials for LFP of this project include lithium carbonate and iron phosphate, among which the number of lithium carbonate suppliers is relatively limited. In recent years, the market price of lithium carbonate has fluctuated significantly. Going forward, with the further expansion of LFP production scale, if the supply of overseas lithium ore and the capacity release of domestic lithium resource suppliers fail to keep pace with the market demand for LFP, it will lead to fluctuations in the market price of lithium carbonate, thereby exerting a certain impact on the Company's production and operations.

In response to the aforementioned risks, the Company's procurement department will regularly analyze domestic and international economic trends and market price fluctuations of raw materials, and formulate procurement strategies for major raw materials based on market conditions, the Company's raw material inventory levels and capital position. The Company will procure raw materials such as lithium carbonate and iron phosphate as and when appropriate, which will help to mitigate the risk of raw material price fluctuations to a certain extent.

1. Management risks and mitigation measures

Following the implementation of the Project, the Group's asset base and business scale will further expand. In the course of its development, the Company has recruited and cultivated a stable team of core technical and management personnel, and has established management and decision-making systems tailored to its business operations and technological characteristics. However, with the continued expansion of its business scale, the Company may be exposed to the risk of shortages in core technical and management personnel. In addition, if existing personnel and various systems are unable to adapt promptly to the rapid growth in business operations and assets, the Company's operating efficiency and profitability may be adversely affected.

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LETTER FROM THE BOARD

In response to the foregoing risks, the Company has established comprehensive modern enterprise management systems, including personnel management systems, employee training management systems, a position-based competency assessment and evaluation system, supplier management systems, and customer information and asset management systems. The core management team and key technical management personnel remain highly stable. The Company endeavors to mitigate its management risks to the lowest practicable level.

1. Research and development risks of new products and mitigation measures

The lithium battery cathode material industry is a technology-intensive industry with high requirements for technological innovation and product research and development. R&D investment is substantial, and the development of new products is subject to various risks, including lengthy R&D cycles, inherent uncertainties in R&D, difficulties in commercialisation of scientific research achievements, failure to obtain successful registration or filing for new products, inability of new products to meet market demand, and rapid changes in market demand. At present, downstream customers continue to raise their performance requirements for cathode materials. This has driven industry participants, including the Company, to continuously increase their efforts in the improvement and R&D of cathode materials, with a view to developing cathode materials featuring higher energy density while maintaining a high level of safety. If the risks associated with the Company's new product R&D are not effectively addressed, the progress of new product development and the market commercialisation of such products may be adversely affected. In severe cases, the Company may lose its existing technological advantages.

In response to this risk, the Company will continuously enhance its technological R&D capabilities, expand its R&D team, and further improve its R&D processes, while strengthening market information feedback and monitoring industry R&D trends, so as to conduct in-depth feasibility studies on new product R&D projects and thereby mitigate R&D risks.

1. Risk of loss of core technical personnel and countermeasures

The lithium battery cathode material industry is a technology-intensive sector. The R&D and production of new products, the improvement of production processes, and the enhancement of existing product performance all require the participation of technical personnel. Therefore, core technical

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LETTER FROM THE BOARD

personnel are an important resource for the sustainable development of enterprises in the industry. With the rapid development of the industry, the continuous entry of new enterprises will inevitably lead to competition for professionals, and some enterprises have experienced the loss of core technical personnel.

To address the aforementioned risks, firstly, the Company will attach importance to the accumulation of R&D experience in practice and gradually formulate systematic technical documents to ensure the preservation and inheritance of its technologies; Secondly, we will establish and continuously improve the talent training mechanism, career path planning mechanism, promotion and incentive mechanism, performance appraisal mechanism, and equity incentive mechanism, so as to provide appropriate channels for the development and promotion of high-end and sophisticated talents; Lastly, the Company will continue to protect its technological development achievements by means of applying for intellectual property protection and joining intellectual property alliances, further improve the construction of the technical confidentiality system, and strengthen technical confidentiality efforts, so as to prevent the leakage of core technologies.

(F) Project Filing and Approval Status

The Phase III project of the "Large-scale Production Project of NEV Power and Energy Storage Cathode Material", which involves the revised construction content, has completed project filing in Pengxi County Administrative Approval Bureau (Filing No.: Chuan Investment Filings [2511-510921-99-01-560054]) No. FGQB-1358, and is still necessary to complete procedures such as environmental impact assessment (EIA) and energy assessment (EA).

(G) Opinion of the Sponsor on Change to Certain Construction Content of the Fundraising Investment Project

Upon verification, the Sponsor is of the view that the change to certain construction content of the fundraising investment project have been considered and approved by the Board of the Company and is still subject to consideration and approval by the general meeting of the Company. Such change compiles with the requirements of the relevant laws, regulations and normative documents, represents a prudent decision made by the Company based on its project arrangements, and does not prejudice the interests of the shareholders of the Company, in particular the minority shareholders. In view of the above, the Sponsor has no objection to the Company's change to certain construction content of the fundraising investment project.

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LETTER FROM THE BOARD

(H) Matters in relation to Submitting Change to Construction Content of Fundraising Investment Project

The change in relation to the fundraising investment project is still subject to consideration and approval by the general meeting of the Company.

2. Proposal Regarding the Signing of a Cooperation Agreement and Investment in the Construction of a High-Performance Lithium Battery Cathode Material Project

(A) Overview of External Investment

(a) Basic overview of external investment

Based on the market demand and the Company's actual conditions, and in order to further increase the capacity of high-performance LFP, Changzhou Liyuan New Energy Technology Co., Ltd. (常州锂源新能源科技有限公司) ("Changzhou Liyuan"), a controlled subsidiary of the Company is intended to enter into the High-performance Lithium Battery Cathode Material Project Cooperation Agreement and the Supplementary High-performance Lithium Battery Cathode Material Project Cooperation Agreement (the "Agreement") with Jiangsu Jintan Hualuogeng High-Tech Industrial Development Zone Administrative Committee (江蘇省金壇華羅庚高新技術產業開發區管理委員會) (the "Hualuogeng High-Tech Zone Administrative Committee"), pursuant to which, it is intended to be invested by Liyuan (Jiangsu) Technology Co., Ltd., a wholly-owned subsidiary of Changzhou Liyuan in the construction of a research and development center and a production base for high compaction LFP with annual capacity of 240,000 tonnes in Jiangsu Jintan Hualuogeng High-Tech Industrial Development Zone (the "Hualuogeng High-Tech Zone") (the "Production Base"). The total planned investment for the Project will not exceed RMB2.0 billion, the specific amount of which is subject to actual investment. The Project will be funded by the Company's own funds or self-raised funds. The Production Base will be implemented in two phases: phase I plans to build a capacity of 120,000 tonnes, while phase II will be launched by Changzhou Liyuan in due course based on market conditions.

(b) Consideration by the board of directors

On January 4, 2026, the Proposal on the Signing of a Cooperation Agreement and Investment in the Construction of a High-Performance Lithium Battery Cathode Material Project was considered and approved at the 47th meeting of the fourth session of the board of directors of the Company, which is subject to consideration and approval by the shareholders' meeting of the Company.

(c) In accordance with relevant provisions of the Listing Rules of the Shanghai Stock Exchange, this investment does not constitute a connected transaction or a material asset restructuring.

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LETTER FROM THE BOARD

(B) Basic Information of the Counterparty to the Cooperation Agreement

(1) Name of the counterparty: Jiangsu Jintan Hualuogeng High-Tech Industrial Development Zone Management Committee (江蘇省金壇華羅庚高新技術產業開發區管理委員會)
(2) Nature: Government administrative authority
(3) Address: No. 126 Kejiao Road, Jintan District, Changzhou City, Jiangsu Province
(4) Relationship with the Company: no connected relationship
(5) Whether it is a dishonest person subject to enforcement: No

(C) Main Content of the Investment Project

(1) Project name: High-Performance Lithium Battery Cathode Material Project
(2) Investing entity: Changzhou Liyuan New Energy Technology Co., Ltd. (常州鋰源新能源科技有限公司)
(3) Project implementation entity and basic information:

1. Company name: Liyuan (Jiangsu) Technology Co., Ltd. (鋰源(江蘇)科技有限公司)
2. Date of establishment: January 28, 2021
3. Registered address: No. 519 Jiangdong Avenue, Jintan District, Changzhou City
4. Legal representative: Shen Zhiyong
5. Registered capital: RMB300,000,000

6. Business scope: Import and export of goods (for items subject to approval by law, business activities can only be carried out upon approval by relevant authorities; specific business items shall be subject to the approval results) general items: research and development of electronic specialty materials; manufacturing of electronic specialty materials; sales of electronic specialty materials; research and development of new material technology; research and development of resource recycling technology; technical services, technical development, technical consulting, technical exchange, technology transfer, and technology promotion (except for those

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LETTER FROM THE BOARD

items subject to approval in accordance with the law, business activities shall be conducted independently according to the law with the business license)

(4) Project implementation location: Jiangsu Jintan Hualuogeng High-Tech Industrial Development Zone

(5) Project construction planning and investment scale: It is proposed to construct a new research and development center and the Production Base for high compaction LFP with annual capacity of 240,000 tonnes in Hualuogeng High-Tech Industrial Development Zone. The total planned investment will not exceed RMB2.0 billion. The Production Base will be implemented in two phases: phase I plans to build a capacity of 120,000 tonnes, while phase II will be launched in due course based on market conditions.

(6) Project construction period: Approximately 9 months (phase I of the Project)

(7) Funding source for the project investment: The Company's own funds and self-raised funds

(D) Main Contents of the Agreement

(a) Parties to the agreement

Party A: Jiangsu Jintan Hualuogeng High-Tech Industrial Development Zone Management Committee (江蘇省金壇華羅庚高新技術產業開發區管理委員會)

Party B: Changzhou Liyuan New Energy Technology Co., Ltd. (常州鋰源新能源科技有限公司)

(b) Project overview

The total planned investment amount for the High-performance Lithium Battery Cathode Material Project will not exceed RMB2.0 billion. It is proposed to construct a new research and development center and a production base for high compaction LFP with annual capacity of 240,000 tonnes in Hualuogeng High-Tech Industrial Development Zone. The Production Base will be implemented in two phases: phase I plans to build a capacity of 120,000 tonnes, while phase II will be launched by Party B in due course based on market conditions.

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LETTER FROM THE BOARD

(c) Project Company

Liyuan (Jiangsu) Technology Co., Ltd. (鋰源(江蘇)科技有限公司), a wholly-owned subsidiary of Party B, is responsible for the implementation of the Project.

(d) Project land

1. The planned industrial land for the Project is 160 mu (subject to the actual transferred land area), ranging from Pinghu Road (planned) in the east, Jiangdong Avenue in the south, EnerGo and Jugang in the west and Huaye Road in the north. The land is industrial land in nature with a service life of 50 years.

2. The land parcel to be listed and transferred by Party A shall meet the "Seven Utilities and One Leveling" standard (roads outside the plant area, water supply, electricity, natural gas, fiber optics, sewage network, rainwater network, and site leveling). Among these, the site leveling must comply with national design specifications and shall be completed by Party A at its sole expense. Municipal roads, water supply and drainage, power, gas, communication pipelines, and related infrastructure outside the project site's red line shall be connected to the site boundary, all of which shall be constructed by Party A at its sole expense.

3. Party A shall ensure that the land meeting the construction conditions is delivered according to the time node agreed upon by both parties. If the delivery is delayed due to Party A's reasons, the construction, commissioning and operation time limits agreed upon by Party B in this agreement shall be postponed accordingly.

(e) Support provided by Party A to the project party

1. Party A shall establish a green channel for the implementation of the Project, providing high-quality and efficient services throughout the entire process to ensure all construction procedures for the Project are complete and compliant. This includes, but is not limited to, the "Four Permits and Two Approvals" (Land Use Right Certificate, Land Planning Permit, Construction Engineering Planning Permit, Construction Engineering Work Permit, along with the approval of the Environmental Impact Assessment Report and the Energy Conservation Review).

2. Party A shall conduct the land listing and transfer in accordance with the provincial minimum price standard for the transfer of industrial land designated for strategic emerging industries.

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LETTER FROM THE BOARD

1. Party A shall be responsible for coordinating to ensure that the prices of electricity and gas for production consumed by the Project Company are not higher than the most preferential market prices implemented for enterprises under the same conditions in Jintan Hualuogeng High-Tech Zone. If Party B requires direct procurement of electricity and natural gas, Party A shall be responsible for coordinating the relevant procedures and making its best effort to secure the most preferential market terms for the Project Company.

2. Party A shall actively recommend the Project for inclusion in the Changzhou Key Project Plan and the Jiangsu Provincial Key Project Investment Plan, and make every effort to coordinate for its successful shortlisting, so as to secure various forms of support at both municipal (Changzhou) and provincial (Jiangsu) levels.

3. Party A shall actively assist Party B and the Project Company in securing various enterprise-benefiting policies at higher levels, including those supporting scientific and technological R&D, talent introduction, and equipment investment.

(f) The commitments made by Party B and the Project Company to Party A

Subject to full performance of its core obligations hereunder by Party A, Party B undertakes that the Project shall commence construction in the first quarter of 2026 and complete construction and commence production in the third quarter of 2026. After the completion of phase I of the Project, the production capacity shall be no less than 120,000 tons per annum. Party B shall launch the construction of phase II of the Project in due course based on market conditions.

(g) Miscellaneous provisions

1. All matters related to tax payment into the state treasury arising from various rewards and subsidies obtained by Party B and the Project Company shall be fulfilled by Party B and the Project Company in accordance with the law.

2. Any matters not covered herein shall be determined by Party A and Party B through friendly negotiation and in the form of a supplementary agreement, which shall have the same legal effect as the Agreement. In the event of any dispute arising from the performance or interpretation of the Agreement, the parties shall first resolve such dispute through friendly negotiation; if no resolution can be reached through negotiation, either party shall have the right to file a lawsuit with the people's court having jurisdiction over the place where the Project is located (i.e., Jintan District, Changzhou City).

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(E) Impact of the Investment on the Company

1. The products of the investment project covered by the Agreement are primarily a strategic layout based on the needs for the Company's future development. Leveraging on the current customer base and market structure of the Company, the Project aims to achieve a reasonable and appropriate extension of the Company's business, actively exert synergies, and drive the Company's steady and healthy development, thereby continuously enhancing its comprehensive competitiveness.

2. The Company's intended investment in the Hualuogeng High-Tech Zone is of positive strategic significance to the Company and does not involve any act that would harm the interests of the Company or all shareholders, particularly minority shareholders.

(F) Risk Alert

1. The implementation of the Project covered by the Agreement still requires the completion of preliminary approval procedures with relevant government authorities, including, but is not limited to, Project Filing, Environmental Impact Assessment Approval, Construction Engineering Planning Permit, and Construction Engineering Work permit. If there are changes in implementation conditions such as adjustments to national or local policies or project approvals, the implementation of the Project may be subject to the risks of modification, delay, suspension or termination. Upon completion and full commissioning of the Project, the actual achievement and timing are subject to uncertainties influenced by national policies, laws and regulations, the macroeconomic environment of the industry, market development, operational management, production capacity and utilization, etc.

2. The Project involves significant investment. There is a risk that the project construction progress or the realization of returns may not meet expectations due to delayed investment in project construction or the large scale of the project investment. Investors are advised to remain alert to investment risks.

3. The Project involves a substantial investment amount, which may exert pressure on the Company's cash flow. The Company will make overall capital arrangements by reasonably determining the sources of funds, payment methods, payment schedules, etc., so as to ensure the smooth implementation of the Project while ensuring the normal and orderly conduct of other production and business activities of the Company.

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LETTER FROM THE BOARD

1. The figures such as the project investment amount, construction period, and estimated output value in the Agreement are all planned or estimated figures. Such data do not represent the Company's prediction of future performance nor constitute a performance commitment to shareholders. Investors are advised to remain alert to investment risks.

(G) Implications under the Hong Kong Listing Rules

The Agreement and the transactions contemplated thereunder do not involve the formation of joint venture(s) between the Group and Party A. It is expected that the Group may enter specific agreement(s) with relevant parties such as to lease the project land, which if materialise may constitute a notifiable transaction under Chapter 14 of the Hong Kong Listing Rules. The Company will comply with the relevant requirements under the Hong Kong Listing Rules as and when appropriate.

III. THE EGM

The EGM will be convened on January 22, 2026 for the Shareholders to consider and, if thought fit, to approve, among other things, (i) the proposal regarding the change of part of construction contents for the fundraising investment projects; (ii) the proposal regarding the signing of a cooperation agreement and investment in the construction of a high-performance lithium battery cathode material project.

The resolutions put to vote at the EGM will be decided by way of poll as required by the Hong Kong Listing Rules.

To the best of the Directors' knowledge, information and belief, having made all reasonable enquiries, as of the Latest Practicable Date, no Shareholders are required to abstain from voting on the resolutions to be proposed by the Company at the EGM.

IV. CLOSURE OF REGISTER OF MEMBERS

For the purpose of determining the eligibility to attend and vote at the EGM, the register of members of the Company will be closed from January 19, 2026 to January 22, 2026, both days inclusive. During such period, no transfer of the Company's H Shares will be registered. Holders of the H Shares of the Company whose names appear on register of members of H Shares of the Company on January 19, 2026 will be entitled to attend the EGM. In order to be eligible to attend and vote at the EGM, holders of H Shares of the Company whose transfers of Shares have not been registered shall deposit the transfer documents together with the relevant share certificates with the H share registrar of the Company, Computershare Hong Kong Investor Services Limited, at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen's Road East, Wanchai, Hong Kong no later than 4:30 p.m. on January 16, 2026.

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V. RECOMMENDATION

The Directors are of the view that the proposal set out in the notice of the EGM are in the interests of the Company and the Shareholders as a whole. Accordingly, the Directors recommend the Shareholders to vote in favour of the resolutions to be proposed at the EGM as set out in the notice of the EGM.

VI. RESPONSIBILITY STATEMENT

This circular, for which the Directors of the Company collectively and individually accept full responsibility, includes particulars given in compliance with the Hong Kong Listing Rules for the purpose of giving information with regard to the Company. The Directors, having made all reasonable enquiries, confirm that to the best of their knowledge and belief the information contained in this circular is accurate and complete in all material respects and not misleading or deceptive, and there are no other matters the omission of which would make any statement herein or this circular misleading.

By order of the Board

Jiangsu Lopal Tech. Group Co., Ltd.

SHI Junfeng

Chairman

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NOTICE OF THE 2026 FIRST EXTRAORDINARY GENERAL MEETING

Lopal

龙蟠科技

Jiangsu Lopal Tech. Group Co., Ltd.

江蘇龍蟠科技集團股份有限公司

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

(Stock Code: 2465)

NOTICE OF THE 2026 FIRST EXTRAORDINARY GENERAL MEETING

NOTICE IS HEREBY GIVEN that an extraordinary general meeting (the “EGM”) of Jiangsu Lopal Tech. Group Co., Ltd. (“Company”, together with its subsidiaries, the “Group”) will be held at 2nd Floor, Large Conference Room, No. 6 Hengtong Avenue, Nanjing Economic and Technological Development Zone, Nanjing, Jiangsu Province, PRC on January 22, 2026 at 2:00 p.m. for the purpose of considering, and it thought fit, approving the following ordinary resolutions. Unless otherwise stated, the capitalized terms used herein shall have the same meanings as defined in the circular of the Company dated January 4, 2026 (the “Circular”), of which the notice convening the EGM shall form part.

ORDINARY RESOLUTION

To consider and, if thought fit, pass, with or without modifications, the following resolutions as ordinary resolution:

(1) To consider and approve the Change in Part of Construction Contents for the Fundraising Investment Projects.

(2) To consider and approve the Signing of A Cooperation Agreement and Investment in The Construction of A High-Performance Lithium Battery Cathode Material Project.

By order of the Board

Jiangsu Lopal Tech. Group Co., Ltd.

SHI Junfeng

Chairman

Nanjing, PRC

January 4, 2026

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NOTICE OF THE 2026 FIRST EXTRAORDINARY GENERAL MEETING

Notes:

(1) In order to determine the list of Shareholders who will be entitled to attend and vote at the EGM, the registers of members of the Company will be closed from January 19, 2026 to January 22, 2026 (both days inclusive), during which no transfer of H shares in the share capital of the Company with a nominal value of RMB1.00 each, which are traded in Hong Kong dollar and listed on the Hong Kong Stock Exchange (the "H Shares"), will be effected. Holders of H Shares whose names appear on the registers of members of the Company on January 19, 2026 shall be entitled to attend and vote at the EGM. In order for the holders of H Shares to qualify to attend and vote at the EGM, all transfer documents accompanied by the relevant share certificates must be lodged with the Company's H Share Registrar, Computershare Hong Kong Investor Services Limited at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen's Road East, Wanchai, Hong Kong, no later than 4:30 p.m. on January 16, 2026 for registration.

(2) Each holder of H Shares may, by completing the form of proxy of the Company, appoint one or more proxies to attend and vote at the EGM (or any adjournment thereof) on his behalf. A proxy need not be a Shareholder.

(3) Holders of H Shares must use the form of proxy of the Company for appointing a proxy and the appointment must be in writing. The form of proxy must be signed by the relevant shareholder of the Company or by a person duly authorized by the relevant shareholder of the Company in writing (a "power of attorney"). If the form of proxy is signed by the person authorized by the relevant shareholder of the Company as aforesaid, the relevant power of attorney and other relevant documents of authorization (if any) must be notarized. If a corporate shareholder of the Company appoints a person other than its legal representative to attend the EGM (or any adjournment thereof) on its behalf, the relevant form of proxy must be affixed with the company seal of the corporate shareholder of the Company or duly signed by the chairman of the board of directors or any other person duly authorized by that corporate shareholder of the Company as required by the articles of association of the Company.

(4) To be valid, the form of proxy and the relevant notarized power of attorney (if any) and other relevant documents of authorization (if any) as mentioned in note (3) above must be delivered to the Company's H Share Registrar, Computershare Hong Kong Investor Services Limited (address: 17M Floor, Hopewell Centre, 183 Queen's Road East, Wanchai, Hong Kong), not less than 24 hours before the time appointed for the EGM or any adjournment thereof. Completion and return of a form of proxy will not preclude a Shareholder from attending and voting in person at the EGM if he/she so wishes.

(5) Shareholders may contact the Company's H Share Registrar, Computershare Hong Kong Investor Services Limited by telephone at (852) 2862 8555 in connection with the EGM.

(6) A Shareholder or his proxy should produce proof of identity when attending the EGM (or any adjournment thereof). If a corporate shareholder's legal representative or any other person duly authorized by such corporate shareholder attends the EGM (or any adjournment thereof), such legal representative or other person shall produce his proof of identity, proof of designation as legal representative and/or the valid authorization document (as the case may be).

(7) The EGM (or any adjournment thereof) is expected to last for one day. Shareholders who attend the EGM (or any adjournment thereof) shall bear their own travelling and accommodation expenses.

As at the date of this notice, the Board comprises Mr. SHI Junfeng, Mr. LU Zhenya, Mr. QIN Jian, Mr. SHEN Zhiyong and Mr. ZHANG Yi as executive Directors; Ms. ZHU Xianglan as non-executive Director; and Mr. LI Qingwen, Mr. YE Xin, Ms. GENG Chengxuan and Mr. HONG Kam Le as independent non-executive Directors.

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