China Shengmu Organic Milk Limited issued a public disclosure form on 3 November 2025 under the Hong Kong Code on Takeovers and Mergers, noting a possible mandatory general offer. CITIC Securities Company Limited, identified as a Class (5) associate connected with the Offeror, disclosed transactions involving the shares of China Shengmu Organic Milk Limited dated 31 October 2025.

CITIC Securities reported the sale of 663,000 shares at a consideration of US$222,105, with a price of US$0.3350 per share. On the same day, it also purchased 663,000 shares at the same total amount and unit price. According to the filing, these dealings closed proprietary positions arising from unsolicited client-driven transactions and were completed by the close of the morning trading session following the originating client-driven transaction.