China Modern Dairy Holdings Ltd. (CMD) and China Shengmu Organic Milk Limited (CSM) have jointly announced a second postponement of the deadline for issuing the offer document related to CMD’s mandatory conditional cash offer for all CSM shares not already owned or agreed to be acquired by CMD and its concert party, Start Great Holdings Limited.

Key points

1. New despatch deadline • The Hong Kong Takeovers Executive has indicated it is prepared to grant consent for the latest despatch date to be extended to 19 June 2026. • The prior deadline was 29 May 2026, which itself was an extension from the timetable set out on 20 November 2025.

2. Reason for the extension • Additional time is required to complete and finalise information for the offer document, including a valuation report on certain CSM assets.

3. Background of the transaction • 30 October 2025: CMD issued its Rule 3.5 announcement signalling a possible mandatory conditional cash offer for all issued CSM shares not already held by CMD and Start Great. • 20 November 2025: The two companies secured initial approval to delay the offer document despatch, tying the deadline to seven days after either completion of the share purchase agreements (SPAs) or the long-stop date of 30 October 2026. • 22 May 2026: SPA completion occurred, triggering the 29 May 2026 deadline that has now been deferred.

4. Next steps • CMD and/or CSM will publish a detailed timetable for the offer when the document is despatched. • Further announcements will be made in accordance with Hong Kong’s Listing Rules and the Takeovers Code.

5. Advisory notes • Shareholders and potential investors of both companies are urged to exercise caution when dealing in the shares of CMD or CSM and to consult professional advisers if in doubt. • CMD and CSM associates are reminded of their obligations under the Takeovers Code regarding dealing restrictions and disclosure of any permitted transactions in CSM securities.

The directors of both companies accept responsibility for the accuracy of information pertaining to their respective entities as set out in the joint announcement dated 29 May 2026.