Meeting Overview - The shareholder meeting of Hubei Yihua Chemical Co., Ltd. was held on May 30, 2025, with a total of 1,568 shareholders participating, representing 414,688,953 shares, which is 38.3081% of the total shares [1][2] - The meeting included both on-site and online voting, with specific time slots designated for each [1] Voting Participation - A total of 1,557 shareholders participated via online voting, representing 188,578,256 shares, or 17.4205% of the total shares [2] - Among the participants, 1,552 were small investors, representing 98,874,818 shares, or 9.1339% of the total shares [2] Proposal Voting Results - The proposal regarding the major asset purchase and related transactions was approved with 186,330,911 votes in favor, accounting for 98.9483% of the valid votes cast [2][4] - Small shareholders voted in favor with 96,894,420 shares, representing 97.9971% of the small shareholders' valid votes [3] Detailed Proposal Outcomes - The proposal for the major asset purchase and related transaction plan was approved with 185,810,011 votes in favor, representing 98.6717% of the valid votes [4] - The proposal regarding the major asset restructuring was approved with 185,834,611 votes in favor, accounting for 98.6848% of the valid votes [10] - The proposal concerning the signing of related agreements was approved with 185,796,711 votes in favor, representing 98.6647% of the valid votes [12] Legal Compliance - The meeting was witnessed by lawyers from Hubei Minji Law Firm, who confirmed that the meeting's procedures and voting results complied with relevant laws and regulations [28]

Core Viewpoint - The independent financial advisor, China International Capital Corporation (CICC), conducted a review of insider trading activities related to the major asset acquisition and related party transactions of Xin'ao Natural Gas Co., Ltd. The review found no direct evidence of insider trading among the identified insiders during the self-examination period, indicating that their trading activities do not pose substantial legal obstacles to the transaction [1][13]. Group 1: Insider Trading Review - The self-examination period for insider trading activities spans from September 19, 2024, to April 25, 2025, which is six months prior to the suspension of trading and one day before the disclosure of the restructuring report [1]. - The review included senior management and other relevant personnel involved in the transaction [2]. - The review identified specific trading activities of individuals within the insider group, detailing their cumulative buy and sell transactions during the self-examination period [2][3]. Group 2: Individual Commitments - Each insider provided a commitment stating that their trading activities were based on personal judgment of market conditions and did not involve insider information [4][5][6]. - Insiders confirmed they were unaware of the restructuring details prior to specific dates, ensuring their trading actions were not influenced by undisclosed information [4][5][6]. - The commitments included assurances against leaking insider information or engaging in prohibited trading behaviors [4][5][6]. Group 3: Institutional Trading Activities - CICC reported its trading activities in Xin'ao shares, asserting compliance with legal regulations and internal information barriers to prevent insider trading [9][10]. - The firm emphasized that its trading decisions were based on independent investment research and were not related to the restructuring [10][12]. - CICC committed to adhering to relevant laws and regulations until the completion or termination of the restructuring [10][12]. Group 4: Conclusion of the Review - The independent financial advisor concluded that there was no direct evidence of insider trading among the identified insiders during the self-examination period, and the trading activities did not constitute a legal barrier to the transaction [13].