Tianfeng Securities: Application for A-share issuance to specific entities approved by the Shanghai Stock Exchange.

Tianfeng Securities Announcement: On May 9, 2025, the company received the "Exchange Review Opinion on Tianfeng Securities Co., Ltd. Issuing Shares to Specific Entities" issued by the Shanghai Stock Exchange, believing that the company's application to issue shares to specific entities meets the issuance conditions, listing conditions, and disclosure requirements. The issuance of A shares to specific entities still needs to be approved and registered by the China Securities Regulatory Commission before it can be implemented. The final decision and timing of obtaining approval from the China Securities Regulatory Commission still remain uncertain.