Baili Tianheng: Delay of H-share global offering and listing.

On November 12th, Belle International Holdings Limited announced on the Hong Kong Stock Exchange that the trading of its shares, originally scheduled to commence at 9:00 a.m. on November 17th, 2025 on the Stock Exchange, will be delayed globally due to current market conditions. After consultation with the joint coordinators, the company has decided that there will be no global offering and no offer will be made under the prospectus. Therefore, the international underwriting agreement for the international offering will not be entered into, and the Hong Kong underwriting agreement for the Hong Kong public offering will not be unconditional.