香港交易及結算所有限公司及香港聯合交易所有限公司對本聯合公告之內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本聯合公告 全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 本聯合公告僅供參考，並不構成收購、購買或認購本公司或任何其他實體證券的 邀請或要約。本聯合公告並非用於在或向將構成違反任何其他司法管轄區相關法 律的司法管轄區發佈、刊發或分發。 （ 於香港註冊成立之有限公司 ） 虹圖投資有限公司 Changhong Jiahua Holdings Limited 長 虹 佳 華 控 股 有 限 公 司 （於百慕達註冊成立之有限公司） （股份代號：3991） 聯合公告 有關 (1)根據公司法第99條以計劃安排方式私有化長虹佳華控股有限公司 之附帶先決條件之建議 及 (2)建議撤銷長虹佳華控股有限公司的上市地位 的每月更新 要約人之財務顧問 申萬宏源融資（香港）有限公司 茲提述虹圖投資有限公司（「要約人」）與長虹佳華控股有限公司（「本公司」）聯合刊 發日期為(i) 2025年9月22日的公告（「規則3.5公告」），內容有關（ 其中包括 ）由要約 人 根 據 百 慕 達 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 長虹佳華控股有限公司 呈交日期: 2025年11月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03991 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | 0.025 | HKD | | 125,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | 0 | | 本月底結存 | | | 5,000,000,000 | HKD | | 0.025 | HKD | | 125,000,000 | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本聯合公告之內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本聯合公告 全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 本聯合公告僅供參考，並不構成收購、購買或認購本公司或任何其他實體證券的 邀請或要約。本聯合公告並非用於在或向將構成違反任何其他司法管轄區相關法 律的司法管轄區發佈、刊發或分發。 （ 於香港註冊成立之有限公司 ） 虹圖投資有限公司 Changhong Jiahua Holdings Limited 申萬宏源融資（香港）有限公司 長 虹 佳 華 控 股 有 限 公 司 （於百慕達註冊成立之有限公司） （股份代號：3991） 聯合公告 延遲寄發計劃文件及 有關 (1)根據公司法第99條以計劃安排方式私有化長虹佳華控股有限公司之 附帶先決條件之建議 及 (2)建議撤銷長虹佳華控股有限公司的上市地位 的最新進展 要約人之財務顧問 茲提述虹圖投資有限公司（「要約人」）與長虹佳華控股有限公司（「本公司」）聯合刊 發日期為2025年9月22日的公告（「規則3.5公告」），內容有關（ 其中包括 ）由要約人 根據百慕 ...

Core Viewpoint - Sichuan Changhong's subsidiary, Changhong Jiahua, is being privatized by its controlling shareholder for 709 million HKD, reflecting the liquidity challenges faced by companies in the Hong Kong stock market [1] Financial Situation - The acquisition price is set at 1.223 HKD per share for 580 million shares, representing 39.87% of Changhong Jiahua's total equity. Post-transaction, Sichuan Changhong will maintain a 77.43% control over the subsidiary [2] - In the first half of 2025, Changhong Jiahua reported revenues of 21.169 billion HKD, a year-on-year increase of 9.76%, and a net profit of 181 million HKD, up 10.16%. However, its gross margin of 3.07% decreased by 0.39 percentage points compared to the same period in 2024 [2] - As of June 30, 2025, the company's total market value was only 1.2 billion HKD, while its net assets exceeded 3 billion HKD, indicating a long-term undervaluation of its stock [2] Liquidity Challenges - Changhong Jiahua's situation is part of a broader trend, with 20 Hong Kong companies privatizing and delisting in 2025, a 33% increase from 15 companies in 2024. The company noted that since its restructuring and listing in 2013, its stock liquidity and price have remained low despite moving to the main board of the Hong Kong stock exchange [3] Strategic Implications - The privatization aims to reduce listing-related costs and leverage the controlling shareholder's resources for new development opportunities. This indicates two strategic intentions: 1. Business Integration: Changhong Jiahua's ICT services, developed over years, have a nationwide channel system and nearly 10,000 core agents, which can synergize with Sichuan Changhong's smart home and semiconductor businesses post-privatization [4] 2. A-share Return Expectations: If Changhong Jiahua returns to the A-share market, its valuation could significantly increase compared to its current market value of 1.6 billion HKD in Hong Kong [4]

| 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03991 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | 0.025 | HKD | | 125,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | 0 | | 本月底結存 | | | 5,000,000,000 | HKD | | 0.025 | HKD | | 125,000,000 | | 2. 股份分類 | 優先股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | ...

Core Viewpoint - Changhong Jiahua (03991) has announced its ability to conduct Type 1 (securities trading) and Type 6 (advising on corporate finance) regulated activities under the Securities and Futures Ordinance [1] Group 1 - New Baili Financing Limited has been appointed as an independent financial advisor to provide advice to the independent board committee regarding proposals and plans [1] - The appointment has been approved by the independent board committee in accordance with Rule 2.1 of the Takeovers Code [1]

Core Viewpoint - Changhong Jiahua (03991) has appointed New Baili Financing Limited as an independent financial advisor to provide advice to the independent board committee regarding proposed plans, which has been approved under the takeover code rule 2.1 [1] Group 1 - The appointment of New Baili Financing Limited is in accordance with the Securities and Futures Ordinance for regulated activities in Class 1 (securities trading) and Class 6 (advising on corporate finance) [1] - The independent board committee has approved the appointment as per the relevant regulations [1]

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 之 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或 任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 本公告僅供參考，並不構成收購、購買或認購本公司或任何其他實體證券的邀請 或要約。本公告並非用於在或向將構成違反任何其他司法管轄區相關法律的司法 管轄區發佈、刊發或分發。 Changhong Jiahua Holdings Limited 長 虹 佳 華 控 股 有 限 公 司 （於百慕達註冊成立之有限公司） （股份代號：3991） 委任獨立財務顧問 茲提述長虹佳華控股有限公司（「本公司」）與虹圖投資有限公司（「要約人」）聯合刊 發日期為2025 年9月22 日的公告（「聯合公告」），內容有關（ 其中包括 ）要約人根據 公司法第99條以計劃安排方式私有化本公司之建議。除另有界定者外，本公告所 用詞彙與聯合公告所界定者具相同涵義。 新百利就建議及計劃致獨立董事委員會的意見函件，將載入遵照收購守則及其他 適用法律及法規的規定適時寄發予股東的計劃文 ...

Core Viewpoint - The privatization and delisting of Hong Kong-listed company Changhong Jiahua (03991.HK) has led to a significant stock price increase of 23.91%, reflecting a broader trend of privatization among low liquidity and low valuation companies in the Hong Kong market [1][2]. Group 1: Company Actions - Changhong Jiahua's parent company, Sichuan Changhong (600839.SZ), announced that its subsidiary is planning to be privatized by its controlling shareholder through a full subsidiary, Hongtu Investment [1]. - The privatization is seen as a strategic move to enhance governance, focus on core business, and allow for flexible capital arrangements for strategic transformation [1][2]. Group 2: Market Context - There have been 20 cases of privatization among Hong Kong-listed companies this year, indicating a trend towards optimizing market structure by concentrating resources on high-quality enterprises [1]. - A cross-border lawyer noted that privatization helps improve market confidence by allowing low liquidity companies to exit, thus enhancing the overall quality of the Hong Kong market [1]. Group 3: Reasons for Privatization - The reasons for Changhong Jiahua's privatization include low stock price and limited liquidity affecting its financing capabilities, reducing the costs associated with maintaining a public listing, and increasing flexibility in implementing long-term growth strategies [2].

Core Viewpoint - The Hong Kong-listed company Changhong Jiahua has resumed trading and experienced a significant stock price increase of 23.91% following the announcement of its privatization plan by its parent company Sichuan Changhong [1][2] Group 1: Company Overview - Changhong Jiahua is a key subsidiary of Sichuan Changhong, primarily engaged in ICT products, solutions, and digital intelligent comprehensive services [1] - Despite the recent stock price surge, Changhong Jiahua's total market value is only 1.7 billion HKD, while its net assets exceed 2.8 billion RMB [1] Group 2: Market Context - There has been a notable trend of privatization among Hong Kong-listed companies, with 20 companies opting for this route in 2023 due to low trading volumes and diminished financing capabilities [2] - The latest company to complete its privatization is Jin'an Industrial, which achieved this on September 19, 2023 [2] Group 3: Challenges Faced - Changhong Jiahua's stock has consistently traded below its net asset value, making it difficult for major shareholders like Anjian Holdings to utilize the Hong Kong platform for capital operations [2] - The low trading activity has led many Hong Kong companies to consider privatization as a viable option to avoid the costs associated with maintaining a public listing [2][3]