On 5 November 2025, a disclosure was released regarding a possible mandatory general offer for China Shengmu Organic Milk Limited. According to the announcement, CITIC Securities Company Limited, classified as a Class (5) associate connected with the Offeror, reported dealings in the company’s shares.
CITIC Securities Company Limited executed two variations of derivatives on 4 November 2025, each involving 1,000,000 relevant securities at a reference price of US$0.3400, with a total amount of US$340,000.00 in each transaction. Both derivatives reached maturity on 4 November 2025, and the resultant balance following these dealings was reported as zero. The dealings were conducted for CITIC Securities Company Limited’s own account.