Shanshan Brand Management offer lapses due to low acceptance

Mandatory conditional cash offers made by Mr. Luo Yefei for both H shares and domestic shares in Shanshan Brand Management Co., Ltd. have lapsed as of October 3, 2025. The offers were contingent on the Concert Group holding more than 50% of the company's voting rights but did not meet their conditions.

As of the first closing date, October 3, 2025, at 4:00 p.m. Hong Kong time, only 487,000 H shares were validly accepted, representing approximately 1.46% of total issued H shares and 0.37% of total issued shares. There were no valid acceptances for the domestic share offer.

Following the close of the offers, the Concert Group, including Mr. Luo Yefei, owned an aggregate of 52,021,000 domestic shares, representing approximately 39.00% of the total issued shares. Consequently, the offers will not be extended or revised, and the offeror is restricted from making a new offer or acquiring voting rights for 12 months, as per Rule 31.1 of the Takeovers Code.