GDH Guangnan (Holdings) Limited (01203) issued an announcement concerning a new partnership agreement dated 28 November 2025. The agreement modifies certain terms set forth in the original partnership agreement of 25 April 2023. GDH Guangnan Investment, a wholly-owned subsidiary of GDH Guangnan (Holdings) Limited, continues as a limited partner, while GDH Investment Fund remains the general partner under the new arrangement, and GDH Capital Group is also included as a limited partner. Several original partners will transfer their interests to GDH Capital Group.

Under the new arrangement, the partnership is renamed GDH Wotu (Foshan) Industry Investment Management Corporation (Limited Partnership), with total capital contributions of RMB100 million. GDH Guangnan Investment’s committed capital contribution and the investment scope remain focused on fresh and live foodstuffs, modern agriculture, and related targets in the Guangdong-Hong Kong-Macao Greater Bay Area. GDH Investment Fund serves as the manager, overseeing potential or actual conflict-of-interest matters by either applying a conflicts mitigation process or, if necessary, seeking unanimous or two-thirds approval at a partners’ meeting.

Because GDH Investment Fund and GDH Capital Group are wholly owned by Guangdong Holdings, they qualify as connected persons of GDH Guangnan (Holdings) Limited. Consequently, the new agreement is classified as a connected transaction under Chapter 14A of the Listing Rules. As the capital commitment of GDH Guangnan Investment remains the same and the applicable percentage ratio is above 0.1% but below 5%, the transaction requires announcement and reporting but is exempt from further shareholders’ approval. The company believes this variation will help expand investment in relevant business projects and maintain the partnership’s operational stability.