Shanghai Refire Group Ltd. has announced a new shareholder agreement involving the proposed issuance of domestic shares under a specific mandate. The initiative, approved by the Board on June 7, 2025, aims to enhance the company's overall competitiveness by raising additional funds for operating activities and ensuring stable business development. The issuance of subscription shares will proceed on a non-pre-emptive basis, with amendments proposed to the Articles of Association. CNSH Zerun Energy Partnership is identified as one of the subscribers. Shareholders and potential investors are advised to exercise caution when dealing with the company's securities, as the issuance may not proceed.