Development of Pingtan: Intend to apply for bankruptcy liquidation of the holding subsidiary Zhongfu Real Estate

The Pingtan Development Announcement stated that the company held a board meeting on March 3, 2026, and approved the proposal to liquidate its subsidiary Zhongfu Real Estate, which is still pending approval from the shareholders' meeting. Zhongfu Real Estate was established in August 2015, with the company holding a 51% stake. As of September 30, 2025, its total assets were 205 million yuan, total liabilities were 950 million yuan, net assets were -746 million yuan, and revenues for January to September 2025 were 51.3946 million yuan, with a net loss of 44.4603 million yuan. The application aims to prevent the deterioration of debt risks, and this matter will not have a significant adverse impact on the company's daily operations. There is uncertainty regarding whether the court will accept the case and the final decision.