Baiwang Co. Ltd. has announced a connected transaction involving a capital increase in its major subsidiary, Zhongwang Data Technology Co., Ltd. Under the terms of the agreement, Baiwang Co. Ltd. will subscribe for new shares in the subsidiary, resulting in a post-transaction shareholding structure where Huanqiu Zhilian will hold a 65% stake and Baiwang Co. Ltd. will hold a 35% stake in Zhongwang Data Technology. The capital contributions will amount to RMB 500,000 from Huanqiu Zhilian and RMB 269,230 from Baiwang Co. Ltd. The transaction is classified as a connected transaction under Chapter 14A of the Hong Kong Listing Rules, requiring reporting and announcement but exempt from circular and independent shareholders’ approval, as the highest applicable percentage ratio exceeds 1% but is less than 5%.

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