Jinmao clarifies ultimate ownership in HR services agreement

China Jinmao Holdings Group Limited has provided additional details regarding the ultimate beneficial owner of Sinochem Fangsheng, a professional human resource management services company. This information supplements an earlier announcement from December 18, 2025, concerning continuing connected transactions under a human resources services framework agreement.

Sinochem Fangsheng is 49% owned by Sinochem Petroleum, an indirect non-wholly owned subsidiary of Sinochem Holdings, which is China Jinmao's ultimate controlling shareholder. The remaining 51% is held by Beijing Foreign Enterprise Human Resources Services Co., Ltd., which in turn is wholly owned by Fesco Group Co., Ltd. Fesco Group is a company listed on the Shanghai Stock Exchange, and its largest shareholder is Beijing State-owned Capital Operation and Management Company Limited.

Fesco Group, a collectively owned enterprise, is primarily engaged in providing human resources services, including personnel management, compensation, and welfare. The board of directors of China Jinmao Holdings Group includes Mr. Tao Tianhai (chairman), Mr. Zhang Hui, and Ms. Qiao Xiaojie as executive directors.