On 4 November 2025, a public disclosure was filed regarding a possible mandatory general offer for shares of China Shengmu Organic Milk Limited. According to the announcement, The Executive received a disclosure of securities dealings under Rule 22 of the Hong Kong Code on Takeovers and Mergers.

CITIC Securities International Capital Management Limited, identified as a Class (5) associate connected with the offeror, disclosed that on 3 November 2025, it executed variations of derivative transactions related to China Shengmu Organic Milk Limited. One transaction involved 1,000,000 reference securities at a reference price of $0.3500, with a total consideration of $350,000. Another involved 868,000 reference securities at a reference price of $0.3450, with a total consideration of $299,460. The resultant balance for both transactions was reported as zero.

CITIC Securities International Capital Management Limited is ultimately owned by CITIC Securities Company Limited, and the announcement notes that these dealings were made for its own account.