Qingfang City: Termination of ICBC Investment's Debt-to-Equity Swap Business

The announcement from the Textile City states that in June 2025, the company will sign an agreement with ICBC Financial Asset Investment Co., Ltd. and Shaoxing China Textile City International Logistics Center Co., Ltd. The agreement stipulates that ICBC Investment will invest 500 million yuan into the International Logistics Center through capital increase and share expansion, acquiring a 21.05% equity stake in the International Logistics Center. In accordance with the overall development strategy of the group and the business needs of the International Logistics Center, and after reaching an agreement with ICBC Investment, the company intends to terminate the aforementioned debt-to-equity swap and will acquire the shares of the International Logistics Center held by ICBC Investment in cash as stipulated in the agreement. After the completion of this equity acquisition, ICBC Investment will no longer hold any equity in the International Logistics Center, and the company will hold 100% equity in the International Logistics Center.