Guangzhou Baiyunshan Pharmaceutical Holdings Company Limited (H Share Stock Code: 00874) and its non-wholly-owned subsidiary, GP Corp., have confirmed a further disposal of accounts receivable to Industrial Securities Asset Management. According to the announcement dated 28 November 2025, GP Corp. disposed of accounts receivable with a face value of RMB441,632,185.38 and received RMB440,280,622.20 in consideration.

This latest transaction marks the fifth disposal carried out under the Underlying Assets Sale and Purchase Agreement (Phase Ⅳ), bringing the total face value of the accounts receivable sold over a 12-month period to approximately RMB2.48 billion. In aggregate, GP Corp. has received around RMB2.45 billion for these disposals, with an approximate RMB28 million difference between the total face value and the final proceeds, which is designated for settling financing costs and relevant tax expenses under the asset-backed special scheme. The primary aim of these transactions is to enhance liquidity through asset-backed securitization, thereby converting accounts receivable into more readily available funds.

Under the Hong Kong Listing Rules, the most recent disposal alone did not reach the threshold of a notifiable transaction. However, when combined with previous disposals, the total equation exceeds 5% but remains below 25%. Consequently, the overall disposal is classified as a disclosable transaction, subject only to reporting and announcement obligations without requiring shareholders’ approval.