Mountain High Holdings: The company's equity is highly concentrated at 92.46%.

Announcement from ShanGao Holdings: The company's equity is highly concentrated. As of September 1, 2025, twenty shareholders collectively hold 1.445 billion shares, accounting for 24% of the issued share capital. In addition, two major shareholders hold 4.121 billion shares, accounting for 68.46% of the issued share capital, totaling 92.46% of the issued share capital. Only 7.54% of the shares are held by other shareholders. From April 16 to September 1, 2025, the company's stock price rose from 5.82 Hong Kong dollars to 17.09 Hong Kong dollars, an increase of 193.6%. As of September 17, the stock price closed at 14.8 Hong Kong dollars, an increase of 154.3% from April 16. The company reminds shareholders and investors to pay attention to the risks of stock price fluctuations.