Mountain Beyond Mountain: 86.76 million restricted shares will be listed for trading on December 26th.

Shanwai Shan announced that a portion of restricted shares issued by the company for the first time will be listed for circulation on December 26, 2025. The shares involve 4 shareholders, totaling 86.7621 million shares, accounting for 27.15% of the company's current total share capital. The lock-up period is 36 months. The company has previously implemented equity distributions, resulting in changes in the total share capital, and also conducted share repurchases and cancellations in 2025. The controlling shareholder, actual controller Gao Guangyong and his controlled enterprises have made commitments on restrictions on share circulation, holding, and reduction. The sponsor believes that the relevant matters comply with regulatory requirements, and has no objections to the listing of the restricted shares for circulation.