E-Commodities Holdings Limited signed two counter-guarantee contracts with Xiamen Xiangyu Joint Stock Company Limited on 16 April 2026, committing a total maximum liability of RMB113.19 million.

Counter-Guarantee I • Amount: up to RMB80.85 million. • Purpose: backs Xiangyu Joint Stock’s RMB150 million corporate guarantee to Designated Bank A for banking facilities granted to Xianghui Energy (Ejin Banner). • Tenor: three years from Xiangyu Joint Stock’s performance under the underlying bank guarantee. • Effect: terminates and supersedes the May 2025 counter-guarantee contract.

Counter-Guarantee II • Amount: up to RMB32.34 million. • Purpose: backs Xiangyu Joint Stock’s RMB60 million corporate guarantee to Designated Bank B for banking facilities granted to Xianghui Energy (Darhan Muming’an). • Tenor: three years from Xiangyu Joint Stock’s performance under the underlying bank guarantee. • Effect: terminates and supersedes the September 2025 counter-guarantee contract III.

Regulatory classification • When aggregated with previous counter-guarantee arrangements, the highest applicable percentage ratio exceeds 5 % but remains below 25 %. • The transactions are therefore classified as discloseable transactions under Chapter 14 of the Hong Kong Listing Rules. • Xiangyu Joint Stock is a substantial shareholder of two indirect non-wholly owned subsidiaries of E-Commodities; the agreements are consequently connected transactions at the subsidiary level. • Having been approved by the Board and confirmed as fair and reasonable by independent non-executive directors, the contracts require reporting, announcement and annual review only, and are exempt from circular, independent financial adviser and independent shareholders’ approval.

Strategic rationale The guarantees underpin working-capital facilities for Xianghui Energy’s subsidiaries, supporting the expansion of Mongolian coal trading activities. No director was regarded as having a material interest in the agreements.

Corporate profile E-Commodities, incorporated in the British Virgin Islands, focuses on coal trading and integrated supply-chain services. Xiangyu Joint Stock, ultimately controlled by the Xiamen municipal SASAC, engages in commodity trading, logistics services and park operations, and is listed on the Shanghai Stock Exchange.