On 5 November 2025, a public disclosure form was released regarding a possible mandatory general offer involving China Shengmu Organic Milk Limited. According to the announcement, the Executive received details of dealings on 4 November 2025 under Rule 22 of the Hong Kong Code on Takeovers and Mergers.

CITIC Securities International Capital Management Limited, classified as a Class (5) associate connected with the Offeror, conducted a purchase and a sale of shares on its own account. Both transactions involved 1,000,000 shares at a total amount of US$340,000 per purchase and sale. The stated price was US$0.3400 for both the highest and lowest levels in each transaction. The dealings arose from closing or unwinding positions linked to unsolicited client-driven orders and took place no later than the end of the morning trading session on the trading day following the originating orders.

CITIC Securities International Capital Management Limited is ultimately owned by CITIC Securities Company Limited.