Gracewine Holdings (08146) and the offeror, Hill Valley Investment Co Ltd, jointly announced that as of 4:00 p.m. on Tuesday, February 24, 2026, which was the final deadline for accepting the offers as stated in the composite document, the offeror had received four valid acceptances under the share offer. These acceptances relate to a total of approximately 1.09 million offer shares, representing about 0.134% of the company's total issued share capital as of the date of this joint announcement. No valid acceptances were received under the warrant offer.

Following the publication of this joint announcement, Mr. Zhou Hao has resigned from his positions as a non-executive director of the company and as a member of the audit committee and the investment committee. Mr. James Douglas Richard Field has resigned as an independent non-executive director, chairman of the remuneration committee, and member of the audit and nomination committees. Mr. Chen Zijing has resigned as an independent non-executive director, chairman of the audit committee, and member of the remuneration and nomination committees. Mr. Jiang Zhiheng has resigned as an independent non-executive director.

Additionally, since the publication of this joint announcement, Ms. Chen Fang has resigned as chairperson of the board and chief executive officer and will no longer serve as the company's authorized representative. Mr. Liu Yunqiang has been appointed as the chairperson of the board, chief executive officer, and the company's authorized representative.

The board of directors has resolved to dissolve the investment committee, effective from the date of this joint announcement. Following the dissolution, the functions of the investment committee will be assumed by the board of directors.

After the publication of this joint announcement and following the resignations of all departing directors, Ms. Chen Fang has stepped down as chairperson of the nomination committee and the investment committee and has been appointed as a member of the remuneration committee. Ms. Xiong Xia has been appointed as a member of the nomination committee. Dr. Zhang Jihang is no longer a member of the remuneration committee and the investment committee. Mr. Zhao Guodong has been appointed as a member of the audit committee. Mr. Liang Mingshu has been appointed as chairman of the audit committee and a member of the nomination committee. Dr. Wang Renrong has been appointed as chairman of the remuneration committee and a member of the audit committee. Dr. Xu Yan has been appointed as chairman of the nomination committee and a member of the remuneration committee.