Core Viewpoint - The company, Yunji (02670), has submitted an application to the China Securities Regulatory Commission (CSRC) on November 18, 2025, to convert all of its unlisted domestic shares into H-shares, aiming for a listing on the main board of the Hong Kong Stock Exchange [1] Group 1: Application Details - The application for conversion and listing does not require a separate shareholders' meeting for approval according to the company's articles of association [1] - The conversion will occur after obtaining all necessary approvals from the CSRC and the Hong Kong Stock Exchange, as well as complying with applicable laws and regulations [1] Group 2: Company Benefits - The company believes that participating in H-share full circulation will have positive implications for both the company and its shareholders [1] - Post-conversion and listing, the proportion and market value of tradable H-shares will increase, leading to a more diversified shareholder structure [1] - The company's corporate image and reputation are expected to benefit from the conversion and listing process [1] Group 3: Future Opportunities - After the conversion and listing, the company may be included in the Stock Connect programs (Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect), which will expand its investor base [1] - Strengthening connectivity with mainland Chinese exchanges is anticipated to attract more domestic and international investors [1]