Bao'an, China: Not selected to participate in the recruitment of investors for the restructuring of Shanshan Group.

China Baoan announced that on December 13, 2025, the company disclosed its participation in the substantial merger and reorganization investor recruitment of Shanshan Group and its wholly-owned subsidiaries. As the leader of the consortium, the company participated with its subsidiary Beterui and other potential investors. According to the announcement of Shanshan Group on February 9, Ningbo Shanshan and the consortium led by the company were not selected as the reorganization investors. According to the regulations, Shanshan Group and the administrator of the Ningbo Pengze merger and reorganization case will return the due diligence deposit paid by the company in advance.