On March 13, 2025, Jointown disclosed the Announcement on Pledge Release and Pledge of Shares by Controlling Shareholders and their Persons Acting in Concert. The controlling shareholder, Chuchang Investment Group Co., Ltd. (hereinafter referred to as Chuchang Investment), completed the release formalities for 11.5197 million pledged shares, and proposed the pledge formalities for 28.50 million shares. Meanwhile Shanghai Hongkang Industrial Investment Co., Ltd. (hereinafter referred to as Shanghai Hongkang), the person acting in concert of Chuchang Investment, completed the release formalities of 4.00 million pledged shares. After that, the total pledged shares of the controlling shareholders and their persons acting in concert was 1,330,596,926, accounted for 57.12% of all shares in Jointown held by them, and 26.39% of total shares of Jointown.

For more details, please refer to No. L 2025-011 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/2025-03-13/600998_20250313_CSG1.pdf