Black Peony: Internal transfer of equity among wholly-owned subsidiaries.

Heilongjiang Black Peony announced that the 13th meeting of the 10th Board of Directors has approved the proposal for the transfer of equity among wholly-owned subsidiaries. Heilongjiang Black Peony Development Co., Ltd. will transfer its 12.2093% equity in Mudan Huidu and Changzhou Dahui Construction Co., Ltd. will transfer its 1.1860% equity, at prices of 96.8046 million yuan and 9.4035 million yuan respectively, to Heilongjiang Black Peony Real Estate. After the transfer is completed, Heilongjiang Black Peony Real Estate will hold 100% equity in Mudan Huidu. This transfer is an internal adjustment, does not affect the scope of the consolidated financial statements, does not constitute a related party transaction or a major asset restructuring, and has no significant impact on financial and operational results.