Songyang Renewable Resources to re-list subsidiary at reduced price; new general manager appointed

Guangdong Songyang Recycle Resources Co., Ltd. is proceeding with the public listing and transfer of its wholly-owned subsidiary, Shantou Songyang New Material Special Paper Co., Ltd. The initial listing for 100% equity at 100 million yuan, which commenced on December 3, 2025, concluded on December 17, 2025, without attracting qualified bidders. Consequently, the company plans to re-list the equity on December 19, 2025, at an 80% reduced price of 80 million yuan. Further adjustments to the listing price and extended announcement periods may occur based on the Guangdong Equity Exchange rules.

In parallel, the company's board of directors held its 27th meeting on December 18, 2025, accepting the resignation of Mr. Wang Weilong as general manager due to personal reasons. Mr. Wang will continue to serve in other roles within the company and its subsidiaries.

Following Mr. Wang's departure, the board approved the appointment of Mr. Cai Jiantao as the new general manager, effective immediately. Mr. Cai has served as assistant general manager since July 2023 and holds 265,000 shares in the company.