Shanshan Brand Management Co. Ltd. has announced a new development in its acquisition proceedings. The company disclosed that on 30 June 2025, after trading hours, the Offeror entered into Equity Transfer Agreements to acquire a substantial 46.50% of the company's shares. This move is part of a broader strategy, as Mr. Luo Yefei, through SDICS International Securities (Hong Kong) Limited, has initiated offers for all remaining H shares and domestic shares in the company, excluding those already owned or agreed to be acquired by Mr. Luo Yefei and associated parties. The announcement was made jointly by the Offeror and Shanshan Brand Management Co., Ltd., reflecting their ongoing collaborative efforts in this significant corporate transaction.