Yunnan Chihong Zinc&Germanium: China Copper to become controlling shareholder

China Copper Co., Ltd. (China Copper) and Yunnan Metallurgical Group Co., Ltd. (Yunnan Metallurgical) signed an agreement on November 26, 2025, to transfer 1,944,142,784 shares, representing 38.57% of Yunnan Chihong Zinc&Germanium's total share capital, from Yunnan Metallurgical to China Copper. This transaction aims to optimize the allocation of state-owned capital and improve operational efficiency.

Following the transfer, China Copper will become the direct controlling shareholder of Yunnan Chihong Zinc&Germanium, replacing Yunnan Metallurgical. The ultimate controlling entity, the State-owned Assets Supervision and Administration Commission of the State Council, will remain unchanged. As Yunnan Metallurgical is a wholly-owned subsidiary of China Copper, the transfer occurs between entities under the same actual controller, ensuring no change in the company's actual control.

The agreement specifies a base date for the transfer as December 31, 2024. This change will not affect employee arrangements or alter existing creditor and debtor relationships of Yunnan Chihong Zinc&Germanium. The transfer is subject to further approvals, including a unified number from the state-owned equity management information system and compliance confirmation from the Shanghai Stock Exchange.