Baige Online Digital Technology Co., Ltd. (“Baige Digital”) announced that its board of directors resolved on 28 September 2026 to launch an H-share full-circulation programme. The initiative will convert 169.66 million unlisted domestic shares held by five onshore shareholders into H shares, equivalent to approximately 52.91% of Baige Digital’s total issued share capital.

Implementation requires multiple regulatory and shareholder approvals. The company has not yet filed its application with the China Securities Regulatory Commission (CSRC). Subsequent steps include:

1. Filing with the CSRC in accordance with the “Guidelines on Application for Full Circulation of Domestic Unlisted Shares of H-share Companies,” amended on 10 August 2023, and the “Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies.” 2. Securing approval from The Stock Exchange of Hong Kong Limited for the listing and trading of the converted shares on its Main Board. 3. Obtaining shareholder consent via ordinary resolutions at the first extraordinary general meeting scheduled for 16 October 2026.

Upon completion of these procedures, the converted shares will become fully negotiable H shares, expanding the company’s free-float and enabling domestic shareholders to trade their holdings in Hong Kong. Baige Digital plans to release further updates as regulatory reviews progress.

The company cautioned investors that the conversion remains contingent on approvals from the CSRC, the Hong Kong Stock Exchange, and other relevant authorities.