Modern Dairy's Shengmu acquisition remains conditional as conditions unmet

China Modern Dairy Holdings Ltd. (CMD) and China Shengmu Organic Milk Limited (CSM) provided a monthly update on the possible mandatory conditional cash offer by CLSA Limited for shares of CSM. The offer, initially announced on 30 October 2025, remains subject to the satisfaction or waiver of all conditions precedent under the Share Purchase Agreements. As of 19 December 2025, none of these conditions have been satisfied or waived.

CMD is actively working towards fulfilling the conditions, including preparing the CMD Circular, which is expected to be dispatched by 31 December 2025, and submitting necessary regulatory filings.

Shareholders and potential investors of both CMD and CSM are advised that the offer is conditional and may not proceed. They are cautioned to exercise prudence and consult professional advisers regarding their positions.