On 21 April 2026, Shuangdeng Group Co., Ltd. announced that Hong Kong Exchanges and Clearing Limited has approved the conversion and listing of 191.77 million previously unlisted domestic shares into H shares, completing the company’s full-circulation programme.

The converted shares represent 45.06% of Shuangdeng Group’s 425.61 million total issued shares. Upon completion, the proportion of H shares in issue will rise from 35.44% to 80.50%, while unlisted shares will fall from 64.56% to 19.50%. The total share capital will remain unchanged.

Five shareholders are participating in the conversion: • Mr. Yang Shanji: 138.31 million shares (32.50% of total issued capital) • Taizhou Heying Enterprise Management Center (L.P.): 19.00 million shares (4.46%) • Shuangdeng Investment Management (Shanghai) Co., Ltd.: 15.63 million shares (3.67%) • Taizhou Hexin Enterprise Management Center (L.P.): 13.60 million shares (3.20%) • Xiamen Hengsheng Zizhu Equity Investment Partnership (L.P.): 5.23 million shares (1.23%)

Shuangdeng Group will proceed with the necessary conversion and trading formalities and will issue further updates in accordance with Hong Kong Listing Rules. The company has advised shareholders and prospective investors to exercise caution when dealing in its H shares.