JINCHUAN INTL (02362) announced that on March 4, 2026 (after trading hours), the offeror, Alternative Liquidity Index, LP, informed the offeree company of its firm intention to make a partial takeover offer. This offer, in compliance with the Takeovers Code, proposes to acquire a maximum of 700 million offer shares at a price of HKD 0.01 per share, representing approximately 5.3% of the offeree company's issued share capital as of the date of this announcement. The cash offer of HKD 0.01 per share represents a discount of approximately 98.44% compared to the closing price of HKD 0.640 per share on the Stock Exchange on the last trading day. The offeror is a fund established as a limited partnership and registered in Delaware. It is managed by Alternative Liquidity GP LLC, which operates under the business name Alternative Liquidity Capital and acts as its general partner and investment manager. Alternative Liquidity seeks to make diversified long-term investments and provide liquidity solutions for investors in delisted and non-trading securities. In line with this investment strategy, Alternative Liquidity aims to build shareholding interests for investment purposes. Its typical investment horizon is five to ten years. To achieve its objectives, Alternative Liquidity intends to hold a passive equity stake in the offeree company through the partial offer and has no plans to become a major shareholder or obtain majority control. On behalf of the offeror, Alternative Liquidity believes that, based on the above premises, the partial offer represents a reasonable path for a passive investment in the offeree company. In determining the terms of the partial offer, Alternative Liquidity considered several relevant factors, including but not limited to: (i) the financial condition of the offeree company; (ii) the suspension of trading in the shares for over 11 months; and (iii) significant matters, as well as the failure to meet the resumption conditions set by the Stock Exchange to date. Alternative Liquidity has particularly considered the possibility that the offeree company may ultimately be delisted if it fails to meet the requirements of the resumption guidance in a timely manner. Alternative Liquidity believes the partial offer provides a reasonable opportunity for existing shareholders, who may wish to sell their shares due to the significant matters and other risks faced by the offeree company (as described in this announcement) but have been unable to do so because of the trading suspension, to sell part or all of their holdings in a fair and transparent manner. In this process, Alternative Liquidity will assume the associated risks of holding the shares long-term, consistent with its long-term investment strategy, which is reflected in the offer price commensurate with the risk-reward balance.