On 11 November 2025, the Executive received a disclosure of dealings in the shares of China Shengmu Organic Milk Limited relating to a possible mandatory general offer. According to the announcement, CITIC Securities International Capital Management Limited, a Class (5) associate connected with the Offeror, conducted transactions in Delta 1 products and ordinary shares on 10 November 2025.

CITIC Securities International Capital Management Limited purchased and sold a total of 868,000 shares at an aggregate consideration of US$290,780. The highest and lowest prices for both the purchase and sale were recorded at US$0.3350. These dealings resulted from closing, flattening, or unwinding proprietary positions arising from unsolicited client-driven dealings, completed by the close of the morning trading session following the originating client-driven transaction.

CITIC Securities International Capital Management Limited is ultimately owned by CITIC Securities Company Limited, and the dealings were made for its own account.