On January 23, 2026, the Company received a conversion notice from Asian Glory Holdings Limited concerning the conversion of its 250 million convertible preference shares in the Company. Asian Glory is the Company's existing controlling shareholder and is wholly-owned by Mr. Li Chengyao, the Company's Board Chairman, Chief Executive Officer, and Executive Director. As a result of the conversion, the Company will allot and issue a total of 250 million new ordinary shares to Asian Glory. The conversion shares, upon allotment, will rank equally in all respects with all existing ordinary shares of the Company and will represent approximately 18.44% of the issued share capital as enlarged by the allotment and issuance of the conversion shares.