Core Viewpoint - The announcement details the upcoming public listing of 35,999,015 shares from a non-public issuance by Ningbo Yunsheng Co., Ltd, scheduled for November 24, 2025 [2][4][11] Group 1: Stock Issuance Details - The type of stock being listed is from a non-public issuance, with a total of 35,999,015 shares set to be listed [2][3] - The shares were part of a non-public issuance approved by the China Securities Regulatory Commission, which involved a total of 102,854,330 shares issued to 15 specific investors [5][10] - The shares held by Ningbo Yunsheng Technology Investment Co., Ltd are the only ones remaining under lock-up, as the other 14 shareholders had their shares released from lock-up on May 23, 2023 [5][10] Group 2: Changes in Share Capital - Following the non-public issuance on November 23, 2022, the company's total share capital increased from 1,009,513,721 shares to 1,112,368,051 shares [6] - Subsequent share buybacks and cancellations reduced the total share capital to 1,099,041,051 shares as of November 18, 2025 [7][8] Group 3: Lock-up Commitments - The shares from the non-public issuance are subject to a lock-up period, with Ningbo Yunsheng Technology Investment Co., Ltd restricted from transferring its shares for 36 months, while other investors are restricted for 6 months [10] - All parties involved have adhered to their commitments regarding the lock-up period, ensuring compliance with relevant laws and regulations [10] Group 4: Verification by Intermediaries - The sponsoring institution, Guotai Junan Securities Co., Ltd, has verified that the number of shares being released from lock-up and the timing of the listing comply with legal regulations [10]

Core Viewpoint - The report outlines the verification of the listing and circulation of restricted shares for Southwest Securities Co., Ltd. following its non-public issuance in 2019, confirming compliance with relevant regulations and the fulfillment of lock-up commitments by shareholders [1][2]. Group 1: Restricted Shares Details - The restricted shares listed for circulation include 330 million shares held by Chongqing Yufu Capital Operating Group Co., Ltd., which represents 4.97% of the total share capital [3][4]. - The listing date for these restricted shares is set for July 22, 2025 [3]. Group 2: Company Capital Structure - Following the non-public issuance, the total share capital of the company increased to 6,645,109,124 shares, all of which are ordinary shares [2]. - There have been no changes in the number of shares due to rights issues or capital increases since the formation of the restricted shares [2]. Group 3: Compliance and Commitments - The shareholders have adhered to the lock-up commitments, with no violations affecting the listing of the restricted shares [2]. - The underwriting institution, Huafu Securities, confirmed that the company’s information disclosure regarding the restricted shares is accurate and complete [2].