On 13 November 2025, Shanghai Industrial Holdings Limited (363) announced that SIUD Shanghai Healthcare Management, its indirect subsidiary, and Shanghai Huashi entered into an Equity Transfer Agreement with Shanghai Lingfeng Medical. Under this agreement, the two sellers will transfer a combined 49% equity interest in a medical associate (the “Target Company”) for a total consideration of RMB73,598,000.

Before the transaction, the Target Company was owned 51% by Shanghai Lingfeng Medical, 30% by Shanghai Huashi, and 19% by SIUD Shanghai Healthcare Management. Upon completion, the Target Company will be wholly owned by Shanghai Lingfeng Medical, and Shanghai Industrial Holdings Limited will cease to hold any stake in the associate.

According to the company’s information, the 19% stake disposed of by SIUD Shanghai Healthcare Management is expected to generate an unaudited gain of approximately RMB3,640,000, although the final amount will be subject to audit upon completion. The proceeds from the sale are designated as general working capital.

The Target Company operates a medical beauty institution in Shanghai and maintains a management agreement with Shanghai No. 9 People’s Hospital. An independent professional valuer appraised the Target Company’s total equity at RMB150,200,000 as of 31 March 2025, using the income approach based on projected free cash flows and a discount rate of 11.0%.

Because all applicable percentage ratios for this connected transaction exceed 0.1% but remain below 5%, the disposal is subject to reporting and announcement requirements under Chapter 14A of the Listing Rules, while exempt from circular and independent shareholder approval.