INGDAN (00400): The spin-off of KTC Technology and the proposal for an A-share listing have been approved by the Hong Kong Stock Exchange.

INGDAN (00400) issues an announcement regarding the proposed spin-off and proposed A-share listing of KeTong Technology on a stock exchange in China. On November 21, 2025, the Stock Exchange confirmed that the company can proceed with the proposed spin-off and proposed A-share listing in accordance with Listing Rule 15. KeTong Technology plans to issue new shares and list on a stock exchange in China. The proposed spin-off and proposed A-share listing will result in a reduction of the company's equity in KeTong Technology, and if implemented, the proposed spin-off and proposed A-share listing will be considered as a sale of the company's equity in KeTong Technology (as defined in Listing Rule 14.29). The company believes that the proposed spin-off and proposed A-share listing will allow investors to better assess the value of the remaining group focused on developing AIoT business. Additionally, as the business of the spun-off group has grown to a size sufficient to achieve independent listing status, and considering that KeTong Technology will continue to be a subsidiary of the company, with all income statement and balance sheet items of KeTong Technology to be consolidated into the company's financial statements after the proposed spin-off and proposed A-share listing, the Board of Directors believe that this position will benefit the company.