Pinno: abnormal stock trading fluctuations, changes in control rights, and uncertainties in private placements.

Piano announced that the company's stock had an abnormal fluctuation for three consecutive trading days on December 18th, 19th, and 22nd, with a cumulative deviation of more than 20%. There have been no corrections or supplements to the information disclosed earlier, and the business and environment remain unchanged. In 2025, the company's controlling shareholder Ma Libin and Chuxinwei signed an agreement to change the controlling shareholder and actual controller to Chuxinwei and Yin Jiayin, subject to compliance review and transfer. In addition, the company plans to issue shares to specific targets, with Qingdao Chuxinwei intending to subscribe for no more than RMB 394.5061 million, subject to multiple approvals, and uncertainties exist in all matters.