Zhangjiajie: Capital reserves are converted into share capital, the ex-rights reference price is adjusted to 6.87 yuan per share.

Zhangjiajie announced that on December 16, 2025, the company's restructuring plan was approved by the court. With the existing total share capital of 404,817,686 shares as the base, every 10 shares will be converted into 10 shares, totaling 404,817,686 additional shares, increasing the total share capital to 809,635,372 shares. Of the newly allocated shares, 366,000,000 shares were introduced to restructuring investors, receiving a total of 1.586 billion yuan; 38,817,686 shares were used to pay off debts. Due to the trading suspension of the company's stock on December 26, the closing price on December 25 of 7.90 yuan per share was higher than the average price of 5.84 yuan per share post-allocation, requiring an adjustment in the opening reference price. The adjusted ex-right reference price is 6.87 yuan per share.