Huachu Securities: The civil dispute between the two largest shareholders of Guizhou Bailin has entered the judicial review process.

On December 2nd, Huachuang Securities issued a statement, stating that on December 2nd, 2025, the media reported on the civil dispute between the two major shareholders of Guizhou Bailin. Given that this civil dispute has entered the judicial process, in order to ensure the normal operation of the company, the company, based on facts, expects and believes that the judicial authorities will give an objective and fair judgment. According to a previous report by Economic Reference News, in 2019, the major shareholder of Guizhou Bailin, Jiang Wei, and his concerted action person received relief assistance from Huachuang Securities under a high pledging ratio. However, when the relief assistance was due, Huachuang Securities did not exit as agreed, leading to conflicting claims between the two parties. Huachuang Securities accused Jiang Wei of failing to repurchase as agreed, while Jiang Wei claimed that he has the priority repurchase right but he is not obligated to exercise it, and accused Huachuang Securities of gradually seeking control through key positions and controlling the company's seal and finances. After several unsuccessful negotiations, the dispute ultimately led to litigation.