SF Holdings' 2022 A-share stock option incentive plan has obtained regulatory approval for price adjustments.

Shanghai Chengming & Zheng Law Firm, commissioned by SF Holding, issued a legal opinion on the adjustment of the exercise price of its 2022 A-share stock options incentive plan. Due to the completion of the distribution of A-share equity in mid-2025, in accordance with the provisions of the "Incentive Plan", the exercise price was adjusted from 39.761 yuan/share to approximately 39.301 yuan/share. The company has completed the necessary procedures for this adjustment, including deliberation on relevant proposals at multiple meetings of the board of directors and supervisory board, and publicizing the list of incentive recipients. The lawyers believe that as of September 16th, SF Holding has obtained the necessary approvals and authorizations at the current stage, in compliance with relevant regulations, and will need to fulfill information disclosure obligations in accordance with regulations.