Qipai Technology: Disclosure of Reply to Inquiry Letter on Issuance of Shares to Specific Parties

Qipai Technology announced that on October 30, 2025, the company received an inquiry letter from the Shanghai Stock Exchange regarding the application for issuing shares to specific entities. The company, together with relevant intermediaries, has researched and implemented responses to the questions. The company is now publicly disclosing the response to the inquiry letter. The issuance of shares to specific entities still needs to be approved by the Shanghai Stock Exchange and registered by the China Securities Regulatory Commission before implementation. The final outcome and timeline are uncertain, and the company will promptly disclose any progress.