BAO PHARMA-B (02659) announced that on December 30, 2025, the company submitted filing materials to the China Securities Regulatory Commission for its proposed H-share full circulation plan. The initiative aims to convert a total of 63.1163 million unlisted shares into H-shares, representing approximately 19.36% of the company's total issued share capital as of the announcement date. Following receipt of all required approvals—including the filing notice from the CSRC and the approval from the Stock Exchange—and compliance with all applicable laws, regulations, and rules, these unlisted shares will be converted into H-shares. The company will then apply for approval to list and trade these H-shares on the Main Board of the Stock Exchange. In accordance with the company's articles of association, no separate shareholders' meeting is required to approve the conversion and listing.