On February 26, 2025, Jointown disclosed the Announcement on Pledge Release and Pledge of Shares by Controlling Shareholders and their Persons Acting in Concert. The shareholder, Shanghai Hongkang Industrial Investment Co., Ltd., completed the release formalities for 68,070,018 pledged shares, and completed the pledge formalities for 78,000,000 shares. The controlling shareholder, Chuchang Investment Group Co., Ltd. completed the release formalities for 8,072,820 pledged shares. After that, the total pledged shares of the controlling shareholders and their persons acting in concert was 1,317,616,626, accounted for 56.56% of all shares in Jointown held by them, and 26.13% of total shares of Jointown.

For more details, please refer to No. L 2025-009 Announcement in Chinese disclosed at the official website of Shanghai Stock Exchange (www.sse.com.cn).

(The Chinese version shall prevail if there is any discrepancy between the English version and the Chinese version.)

For more information, please download:

https://static.sse.com.cn/disclosure/listedinfo/announcement/c/new/2025-02-26/600998_20250226_ESXM.pdf