ST Qihuan: The restructuring investment agreement has become effective, but there are still risks in pre-restructuring and listing.

*ST Qihuan announced that on August 12, 2026, it received a notification from Three Gorges Zhi Xi Company stating that it has obtained approval from the State-owned Assets Supervision and Administration Commission of Yichang City to participate in the company's restructuring investment affairs, and the "Restructuring Investment Agreement" has come into effect. However, there are risks of the agreement being terminated or canceled, and the compliance of the restructuring investors is also uncertain. Furthermore, the company's pre-restructuring does not imply that the restructuring application has been accepted, and it is unclear whether it can enter the restructuring process subsequently. The company's stock has already been subject to delisting risk and other risk warnings, and if certain prescribed conditions arise in 2026, it may be delisted. If the restructuring fails, the company's stock will also face the risk of being delisted.