Flagshore Group: Termination of Issuance of Shares to Purchase Assets

Qibin Group announced the termination of the issuance of shares to purchase 28.78% equity of its subsidiary Qibin Guangneng. Considering the lengthy duration of this transaction since its planning, as well as changes in the current market environment, transaction period, secondary market, and the actual situation of the target company compared to the initial planning of this transaction, in order to effectively safeguard the long-term interests of the listed company and the vast investors, after full communication and friendly negotiation with the company and relevant parties, serious research and full demonstration, based on cautious consideration, the company plans to terminate this transaction and sign relevant termination agreements with the parties involved in the transaction.