Share Reduction Announcement dated Wednesday, September 3, 2025

XXVI. Sino-Medical: Share Reduction Plan by a Shareholder Holding More Than 5% of Shares Guo Yanhao, a shareholder holding more than 5% of the company’s shares, holds 20,840,854 shares (5.01% of the total share capital) and intends to reduce his holdings by no more than 168,000 shares—i.e., no more than 0.04% of the company’s total share capital—via block trades. Reduction Period: September 22, 2025 – December 21, 2025 XXVII. Anhui Expressway: Share Reduction Plan by a Shareholder Holding More Than 5% of Shares China Merchants Expressway plans to reduce its A-share holdings in the company via centralized bidding and block trades, by no more than 3% of the company’s total share capital. Reduction Period: September 22, 2025 – December 21, 2025 XXVIII. Panda Dairy Products: Pre-Disclosure of Share Reduction by an Acting-in-Concert Party of the Actual Controller Chen Xiuqin, an acting-in-concert party of the company’s actual controller, holds 3,700,030 shares (2.9839% of total share capital) and plans to reduce her holdings by a total of 700,000 shares (0.5645% of total share capital) via centralized bidding and block trades. Reduction Period: September 17, 2025 – December 16, 2025 XXIX. Focuslight Technologies: Share Reduction Plan by a Shareholder Xi’an Zhongke Optics & Mechanics Investment Holding Co., Ltd. holds 3,437,637 shares (3.8256% of total share capital) and intends to reduce its holdings by no more than 300,000 shares—i.e., no more than 0.3339% of total share capital—via centralized bidding. Xi’an High-Tech Industrial Venture Investment Co., Ltd. holds 864,224 shares (0.9618% of total share capital) and intends to reduce its holdings by no more than 127,641 shares—i.e., no more than 0.1420% of total share capital—via centralized bidding. Wang Donghui holds 5,969,128 shares (6.6427% of total share capital) and intends to reduce his holdings by no more than 898,595 shares—i.e., no more than 1% of total share capital—via centralized bidding; and by no more than 1,797,190 shares—i.e., no more than 2% of total share capital—via block trades. Reduction Period: September 16, 2025 – December 15, 2025 XXX. Sunnuo Biotech: Share Reduction Plan by Shareholders Holding More Than 5% of Shares and Certain Directors and Senior Executives Sichuan Development Securities Investment Fund Management Co., Ltd.—Sichuan Capital Market Relief & Development Securities Investment Fund (Limited Partnership) holds 11,407,021 shares (7.2478% of total share capital) and intends to reduce its holdings by no more than 4,721,578 shares—i.e., no more than 3% of total share capital—via centralized bidding and block trades. Lu Changliang, Deputy General Manager, holds 386,316 shares (0.2455% of total share capital) and intends to reduce his holdings by no more than 96,579 shares—i.e., no more than 0.0614% of total share capital. Wang Xiaoli, Deputy General Manager, holds 2,298,786 shares (1.4606% of total share capital) and intends to reduce her holdings by no more than 574,696 shares—i.e., no more than 0.3652% of total share capital.

Interpretation of the CSRC’s New Regulations on Share Reduction

Interim Measures for the Administration of Share Reduction by Shareholders of Listed Companies Regulations on Several Issues Concerning Share Reduction by Shareholders, Directors, Supervisors, and Senior Executives of Listed Companies Article 1: These Measures are formulated pursuant to the Company Law of the People’s Republic of China (hereinafter referred to as the “Company Law”) and the Securities Law of the People’s Republic of China (hereinafter referred to as the “Securities Law”), and other relevant laws and administrative regulations, in order to standardize share reduction activities by shareholders of listed companies, protect the lawful rights and interests of investors, safeguard securities market order, and promote the long-term, stable, and healthy development of the securities market. Article 1: These Regulations are formulated pursuant to the relevant provisions of the Company Law and the Securities Law, in order to standardize share reduction activities by shareholders and directors, supervisors, and senior executives (hereinafter collectively referred to as “Directors, Supervisors and Senior Executives” or “DSSs”) of listed companies, and to promote the long-term, stable, and healthy development of the securities market. Article 2: These Measures apply to share reductions by major shareholders—including shareholders holding 5% or more of shares and actual controllers—and by DSSs of listed companies, as well as to share reductions by other shareholders of their pre-initial-public-offering (IPO) shares. Where a major shareholder reduces shares acquired through centralized bidding on a stock exchange, only Articles 4–8, 18, and 28–30 of these Measures shall apply. Where a major shareholder reduces shares obtained through participation in an IPO or through public offerings (to unspecified or specified objects) conducted by the listed company, only Articles 4–8, 10, 11, 18, and 28–30 of these Measures shall apply. Article 2: These Regulations apply to share reductions by controlling shareholders and shareholders holding 5% or more of shares (hereinafter collectively referred to as “major shareholders”), by DSSs, and by shareholders of their pre-IPO shares or non-publicly offered shares of the listed company. Where a major shareholder reduces shares acquired through centralized bidding on a stock exchange, these Regulations shall not apply. Article 3: Shareholders of listed companies may reduce their shares through securities trading on stock exchanges, agreement-based transfers, or other methods permitted under laws and administrative regulations. Article 4: Shareholders of listed companies shall comply with restrictive provisions concerning share transfers stipulated in the Company Law, the Securities Law, and other relevant laws and administrative regulations, as well as in rules promulgated by the China Securities Regulatory Commission (hereinafter referred to as the “CSRC”) and stock exchanges. Where a listed company’s shareholder has made commitments regarding restrictions on share transfers, such commitments shall be strictly honored. Article 3: Shareholders of listed companies and DSSs shall comply with restrictive provisions concerning share transfers stipulated in the Company Law, the Securities Law, and other relevant laws and regulations, as well as in rules promulgated by the CSRC and stock exchanges. Where a listed company’s shareholder or DSS has made commitments regarding restrictions on share transfers, such commitments shall be strictly honored. Article 4: Shareholders of listed companies and DSSs may reduce their shares through securities trading on stock exchanges, agreement-based transfers, or other methods permitted under laws and regulations. Where shares are reduced due to judicial enforcement, execution of equity pledge agreements, gifts, exchangeable bond conversions, or stock equity swaps, such reductions shall be handled in accordance with these Regulations.

Enel denies report that it seeks to reduce stake in Spain's Endesa

Oct 20, 2026

Enel categorically denies reports of reducing its stake in Endesa, stating all plans envisage growth in Europe and the Americas.

reuters

Enel denies report that it seeks to reduce stake in Spain's Endesa

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