On 4 November 2025, an announcement was made regarding a possible mandatory general offer for China Shengmu Organic Milk Limited, with the Executive receiving disclosures of share dealings by CITIC Securities International Capital Management Limited (a Class (5) associate of the Offeror).

CITIC Securities International Capital Management Limited disclosed that on 3 November 2025, it purchased 1,000,000 shares at a price of US$0.3500 for a total of US$350,000, then sold an equal number of shares at the same price. On the same day, it purchased another 868,000 shares at US$0.3450 for a total of US$299,460, subsequently selling the same volume at the same price. According to the announcement, these dealings were executed to close or flatten proprietary positions arising from unsolicited client-driven transactions no later than the close of morning trading on the day following each originating dealing.

The disclosed information also states that CITIC Securities International Capital Management Limited is ultimately owned by CITIC Securities Company Limited. All dealings were made for its own account.