According to a public disclosure dated 5 November 2025, transactions in the shares of China Shengmu Organic Milk Limited were reported under the Hong Kong Code on Takeovers and Mergers. The notification highlights possible mandatory general offer activity and discloses that CITIC Securities Company Limited, as a Class (5) associate connected with the Offeror, carried out both a sale and purchase of shares on 4 November 2025.

CITIC Securities sold 1,000,000 shares at a total amount of US$340,000 and purchased 1,000,000 shares at the same total amount on the same day, reflecting a per-share price of US$0.3400. These dealings were executed for the firm’s own account and involved the unwinding of proprietary positions generated from unsolicited client-driven transactions, completed within the timeline specified by the relevant rules. The disclosure further confirms that CITIC Securities is associated with the Offeror under the Code.