MOKINGRAN (02585) announced that on March 25, 2026, its wholly-owned subsidiary, Shandong E-commerce, entered into a share transfer agreement with Shenzhen Jinqianhui. Under the agreement, Shandong E-commerce will sell its 51% equity stake in Shenzhen E-commerce to Shenzhen Jinqianhui for a consideration of RMB 19.73 million. Following the completion of this transaction, Shandong E-commerce will no longer hold any equity in Shenzhen E-commerce, and Shenzhen E-commerce will cease to be a subsidiary of the company.

Shenzhen E-commerce is a limited liability company jointly established by Shandong E-commerce and Shenzhen Jinqianhui on August 22, 2018, with a registered capital of RMB 3 million. Shandong E-commerce contributed RMB 1.53 million for a 51% stake, while Shenzhen Jinqianhui contributed RMB 1.47 million for a 49% stake. Shenzhen E-commerce is primarily engaged in the wholesale and retail of jewelry.

Shenzhen E-commerce currently holds 100% of Lhasa Jinqianhui and MOKINGRAN Media. Lhasa Jinqianhui has a registered capital of RMB 1 million, and MOKINGRAN Media has a registered capital of RMB 100,000. Both subsidiaries are mainly involved in the wholesale and retail of jewelry products.

With the full implementation of the company's brand upgrade strategy, e-commerce platform sales are increasingly focusing on high-craftsmanship, high-value-added products. To align with the company's brand strategy, the decision was made to divest the existing equity in Shenzhen E-commerce. After the transaction, Shenzhen E-commerce will transition to an authorized online distributor responsible for the sales of regular product lines.

Concurrently, the company will continue to operate its direct e-commerce business, aligning with its brand upgrade strategy. This will create a dual-drive development model online, combining direct sales and authorized distribution, which is expected to facilitate the expansion and enhancement of the company's e-commerce platform operations.