Panyao Asset: Plans to subscribe to the company's fund products with no less than RMB 10 million.

Panyao Asset has issued an announcement stating that, given the recent increase in capital market volatility and based on confidence in the long-term healthy and stable development of China's capital market, as well as trust in the company's investment research and risk control systems, the company has decided after research that, within a reasonable period from the date of this announcement, it will use no less than RMB 10 million of its own funds to subscribe for fund products managed by the company.