China Wuyi's subsidiary to engage in affiliated transaction

China Wuyi's subsidiary, Nan'an Zhongwu Real Estate, has awarded a design, procurement, and construction general contract for the Wuyi Yunshang Tianyi project to Fujian Construction Engineering Group Quanzhou Engineering Co., Ltd. The contract value is ¥538,782,345.00. Fujian Construction Engineering Group is the largest shareholder of China Wuyi, and the Quanzhou subsidiary is wholly-owned by the parent company, therefore, the transaction constitutes an affiliated transaction under Shenzhen Stock Exchange rules. The company asserts that the open bidding process ensures fair pricing. China Wuyi states that this transaction is part of normal operations and will not adversely affect the company's financial standing. In early 2025, prior to this transaction, China Wuyi has entered into affiliate contracts with Fujian Construction to a total value of ¥2,400,042.38.