Core Viewpoint - Z&P Enterprises LLC has reduced its shareholding in Zhejiang Hailiang Co., Ltd., triggering a disclosure obligation due to the change in equity ratio reaching a multiple of 5% [1][2]. Group 1: Shareholding Changes - Z&P Enterprises LLC's shareholding decreased from 14.7877% to 9.98% due to share reductions, stock buybacks, and convertible bond conversions [1][3]. - The total share capital of the company decreased from 1,952,458,432 shares to 2,136,025,127 shares, impacting Z&P's ownership percentage [1][3]. - The reduction in shares included a total of 57,850,010 shares sold, leading to a decline in Z&P's holding from 14.79% to 11.83% [1][2]. Group 2: Reporting and Compliance - The company has ensured that the information provided by Z&P Enterprises LLC is accurate and complete, with no misleading statements or omissions [1]. - The changes in shareholding have been reported in accordance with the relevant securities laws and regulations [3].

Core Points - The report details a reduction in shareholding by Z&P ENTERPRISES LLC in Zhejiang Hailiang Co., Ltd. (海亮股份) as of August 27, 2025 [1][2] - The report complies with the Securities Law of the People's Republic of China and relevant regulations [1] - The shareholding of Z&P ENTERPRISES LLC decreased from 288,723,974 shares (14.79%) to 213,213,964 shares (9.98%) due to stock reduction and other corporate actions [4][6] Section Summaries Section 1: Introduction - The report is prepared by Z&P ENTERPRISES LLC in accordance with the Securities Law and related regulations [1] - The report confirms that necessary authorizations have been obtained for its preparation [1] Section 2: Information Disclosure Obligations - Z&P ENTERPRISES LLC has not engaged in any other transactions affecting its shareholding in Hailiang Co. aside from those disclosed [2] Section 3: Purpose of Shareholding Change - The shareholding change occurred due to stock reduction, repurchase of restricted shares, and conversion of convertible bonds from November 13, 2018, to August 26, 2025 [4] - Z&P ENTERPRISES LLC does not rule out the possibility of further reducing its shareholding in the next 12 months [4] Section 4: Shareholding Status - As of the report date, Z&P ENTERPRISES LLC holds 213,213,964 shares, representing 9.98% of the total shares of Hailiang Co. [4] - The total shares of Hailiang Co. increased from 1,952,107,432 to 2,136,025,127, affecting the shareholding percentage of Z&P [5] Section 5: Trading Activity - There have been no transactions involving the buying or selling of Hailiang Co. shares by Z&P ENTERPRISES LLC in the past six months [5] Section 6: Other Significant Matters - No additional information is required to avoid misunderstandings regarding the report's content [5] - Z&P ENTERPRISES LLC affirms the accuracy and completeness of the report [5]