Chutian Dragon: Controlling shareholder Wenzhou Xianghongwan plans to reduce its stake by no more than 3%.

Chutian Dragon announced that its controlling shareholder, Wenzhou Xianghongwan, plans to reduce its holdings of the company's shares by no more than 13,834,079 shares in aggregate, or no more than 3% of the company's total share capital, within 3 months after 15 trading days from the date of the announcement, through centralized bidding or block trades. Wenzhou Xianghongwan currently holds 210 million shares of the company, accounting for 45.54% of the total share capital. The reason for the reduction is its own funding needs. The implementation of this reduction plan will not result in a change in control of the company.