Group 1 - The core point of the article is the termination of the concerted action agreement among major shareholders of Jiaxing Gas, which involves Zhejiang Taiding Investment Co., Ltd., Zhuji Yujia New Energy Technology Co., Ltd., and two individuals, leading to an adjustment in the equity structure that will not significantly impact daily operations or financial status [1] Group 2 - For the mid-2025 performance, the company reported a revenue decrease of 3.63% to RMB 1.4615 billion and a net profit decline of 15.49% to RMB 75.3 million, primarily due to reduced demand from large users and a drop in natural gas sales prices [2] - The total gas sales volume fell to 392 million cubic meters, although the development of new industrial and commercial users remained steady [2]

FF301 本月底法定/註冊股本總額： RMB 137,844,500 | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 內資股 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 100,000,000 RMB | | | 1 RMB | | 100,000,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 100,000,000 RMB | | | 1 RMB | | 100,000,000 | | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

FF301 本月底法定/註冊股本總額： RMB 137,844,500 | 2. 股份分類 | 普通股 | 股份類別 | | 其他類別 (請註明) | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 內資股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 100,000,000 | RMB | | 1 RMB | | 100,000,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 100,000,000 | RMB | | 1 RMB | | 100,000,000 | | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | -- ...

Market Overview - The Hong Kong stock market opened slightly higher on December 24, with the Hang Seng Index rising 0.02% to 25,780.09 points, the Hang Seng Tech Index up 0.07% to 5,492.83 points, the National Enterprises Index increasing by 0.09% to 8,922.07 points, and the Red Chip Index gaining 0.19% to 4,075.35 points [1] Company News - Pacific Basin Shipping (02343.HK) plans to acquire four newly built small handy bulk carriers for USD 119 million [2] - Xinyi Energy (03868.HK) intends to acquire 100% equity of Jinzhai Xinyi Wind Power for HKD 62 million [3] - Tianjin Port Development (03382.HK) proposes to sell 60% equity of China Railway Storage and Transportation for HKD 22.52 million, primarily engaged in coal sales [4] - Shandong Xinhua Pharmaceutical (00719.HK) has received a drug registration certificate for its Oseltamivir phosphate dry suspension [5] - Yiyuan Yuan (08223.HK) has entered into a strategic cooperation framework agreement with Pengfeng Technology to explore digital transformation opportunities in the traditional Chinese medicine industry [5] - Yihua Tong (02402.HK) completed a placement of 8.88 million shares, raising HKD 198 million, primarily for repaying bank loans [7] - Runge Interactive (02422.HK) plans to place up to 160 million shares at a discount of approximately 19.44%, raising about HKD 68.6 million [8] - Tencent Holdings (00700.HK) repurchased 1.051 million shares for HKD 636 million at prices between HKD 602.5 and HKD 613.5 [9] - Kuaishou-W (01024.HK) repurchased 2.7176 million shares for HKD 174 million at prices between HKD 63.7 and HKD 64.65 [10] - Xiaomi Group-W (01810.HK) repurchased 3.75 million shares for HKD 147 million at prices between HKD 39.1 and HKD 39.28 [11] - COSCO Shipping Holdings (01919.HK) repurchased approximately HKD 65.48 million worth of shares, totaling 4.7215 million shares at prices between HKD 13.75 and HKD 13.93 [12] - Huaxin Cement (06655.HK) shareholder Huaxin Group plans to increase its holdings in the company's A-shares by HKD 200 million to HKD 400 million [13] Institutional Insights - Dongwu Securities suggests that while there may be short-term opportunities in the Hong Kong market, it is advisable to maintain a cautious stance. The current position is seen as attractive for medium to long-term allocation, with potential for a "Christmas rally" in US tech stocks that could resonate with Hong Kong tech stocks, although there are concerns about stock unlocks affecting the market [14] - Founder Securities highlights strong demand for energy storage, benefiting both power batteries and energy storage batteries, with expected growth rates of over 15% and 40% respectively by 2026. The lithium market is also expected to see a gradual recovery in supply-demand dynamics, with prices likely to rise [14] - CICC forecasts that global tungsten production will increase from 82,800 tons in 2025 to 89,900 tons by 2028, while demand will rise from 102,100 tons to 110,000 tons, indicating a persistent supply-demand gap. The demand for tungsten-based new materials is expected to grow due to advancements in manufacturing and new applications [15]

Company News - Pacific Shipping (02343.HK) plans to acquire four newly built small handy bulk carriers for USD 119 million [2] - Xinyi Energy (03868.HK) intends to acquire 100% equity of Jinzhai Xinyi Wind Power for HKD 62 million [2] - Tianjin Port Development (03382.HK) proposes to sell 60% equity of China Railway Storage and Transportation for HKD 22.5243 million, primarily engaged in coal sales [2] - Valiant Bio-B (09887.HK) announced the successful administration of LBL-024, a PD-L1/4-1BB bispecific antibody, to the first patient in the Phase Ib/II clinical trial for platinum-resistant ovarian cancer [2] - Shandong Xinhua Pharmaceutical (00719.HK) has received a drug registration certificate for its Oseltamivir phosphate dry suspension [2] - Ziyuan Yuan (08223.HK) signed a strategic cooperation framework agreement with Pengfeng Technology to explore digital transformation and asset value enhancement in the traditional Chinese medicine industry [2] - Jiaxing Gas (09908) terminated its agreement with concerted action persons [2] Financing and Buyback Activities - Yihua Tong (02402.HK) completed a placement of 8.88 million shares, raising HKD 198 million, primarily for repaying bank loans [2] - Rungao Interactive (02422.HK) plans to place up to 160 million shares at a discount of approximately 19.44%, aiming to raise about HKD 68.6 million [2] - Tencent Holdings (00700.HK) repurchased 1.051 million shares for HKD 636 million, with prices ranging from HKD 602.5 to 613.5 [3] - Kuaishou-W (01024.HK) repurchased 2.7176 million shares for HKD 174 million, with prices between HKD 63.7 and 64.65 [3] - Xiaomi Group-W (01810.HK) repurchased 3.75 million shares for HKD 147 million, with prices from HKD 39.1 to 39.28 [4] - COSCO Shipping Holdings (01919) announced a repurchase of 4.7215 million shares for approximately HKD 65.4829 million [4] - Huaxin Cement (06655.HK) major shareholder Huaxin Group plans to increase its holdings in the company's A-shares by HKD 200 million to 400 million [4]

Core Viewpoint - Jiaxing Gas (09908) announced the termination of the concert party agreement among its concert parties, effective from December 23, 2025, which will result in the cessation of all rights and obligations under the agreement [1] Group 1 - The board of Jiaxing Gas was informed about the agreement to terminate the concert party agreement among the concert parties [1] - The termination of the agreement means that the concert parties will no longer have the right to exercise voting rights on resolutions proposed at the company's general meetings [1] - Following the termination, the parties involved, including Taiding, Zhuji Yujia, Mr. Xu, and Ms. Xu, will no longer be considered concert parties under the Takeovers Code [1]

Group 1 - The company Jiaxing Gas (09908) announced the termination of the concert party agreement effective December 23, 2025, which will no longer hold any validity [1] - Following the termination, the concert party, including Taiding, Zhuji Yujia, Mr. Xu, and Ms. Xu, will no longer have the right to exercise voting rights on resolutions proposed at the company's shareholder meetings [1] - The parties involved will no longer be considered concert parties under the Takeovers Code, and according to the Securities and Futures Ordinance, they will not be viewed as having beneficial ownership of shares held by others [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的內容概不 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 對 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的任何損失承擔任何責 任。 JiaXing Gas Group Co., Ltd.* 嘉興市燃氣集團股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：9908） 自願公告 終止一致行動人士協議 – 1 – 泰鼎為根據中華人民共和國（「中 國」）法 律 成 立 的 有 限 公 司，由 本 公 司 執 行 董 事 （「董 事」）、董 事 會（「董事會」）主席兼首席執行官孫連清先生（「孫先生」）直接持有 65%權 益，並 由 其 配 偶 徐 麗 麗 女 士（「徐麗麗女士」）直接持有35%權 益。 諸 暨 宇 嘉 為 一 家 根 據 中 國 法 律 成 立 的 有 限 公 司，並 為 乾 宇 集 團 有 限 公 司（「乾 宇」）的 全 資 附 屬 公 司；乾 宇 為 根 據 中 國 法 律 成 立 的 有 限 公 司，由 ...

Group 1 - The core point of the article is the announcement by Jiaxing Gas (09908.HK) regarding the appointment of non-executive director Ruan Zeyun and independent non-executive director Zheng Xueqi as members of the company's nomination committee, effective from December 22, 2025 [1]

Core Viewpoint - Jiaxing Gas (09908) announced the appointment of Ms. Ruan Zeyun as a non-executive director and Mr. Zheng Xueqi as an independent non-executive director to the company's nomination committee, effective from December 22, 2025 [1] Group 1 - The company is enhancing its governance structure by adding new members to the nomination committee [1]