Xiangshan Co., Ltd.: The matter of acquiring assets through the issuance of shares and cash payment is proceeding in an orderly manner.

Xiangshan Co., Ltd. announced that the company plans to acquire 100% equity of Zhejiang Wuluo Smart City Technology Co., Ltd. through the issuance of shares and cash payment, and to raise supporting funds by issuing shares to no more than 35 specific investors. This transaction is expected not to constitute a major asset restructuring, not constitute a related-party transaction, will not result in a change of the company's controlling shareholder or actual controller, and does not constitute a restructuring listing. As of the disclosure date of the announcement, the audit, evaluation, and other work involved in this transaction have not yet been completed, all work is being carried out in an orderly manner, and no matters have been found that could lead to the cancellation or suspension of this transaction or substantive changes to the plan. This transaction still needs to go through multiple approval procedures, and whether it can be approved remains uncertain.