Valiant progresses share buyback to reduce capital

As of October 31, 2025, Valiant repurchased 3,488,500 shares through its dedicated securities account via centralized bidding. This accounts for 0.3780% of the company's total share capital of 922,959,225 shares. The highest transaction price was RMB14.02 per share, and the lowest was RMB11.31 per share. The total capital expended on this buyback, excluding transaction fees, amounts to RMB44,409,872.

The share repurchase, funded by the company's own capital and a specific stock buyback loan, was conducted within the approved price limit, not exceeding RMB16.45 per share. This initiative adheres to the company’s established share repurchase plan and relevant legal and regulatory requirements. The company’s board approved the share buyback on April 23, 2025, with shareholder approval following on May 21, 2025. The buyback period spans 12 months from the date of the 2024 Annual General Meeting, with the price limit adjusted to RMB16.45 per share from June 6, 2025, due to a 2024 equity distribution.

Valiant confirms that the buyback process complies with the "Self-Regulatory Guidelines for Listed Companies on the Shenzhen Stock Exchange No. 9—Share Repurchase," ensuring that repurchases avoid periods of significant corporate events or price manipulation. The company plans to continue with the buyback program within the stipulated timeframe and will provide timely disclosures on its progress.