Mango Excellent Media to invest in Zhangjiajie Tourism Group restructuring

Mango Excellent Media, along with its wholly-owned subsidiary, Happy Sunshine Interactive Entertainment Media, plans to invest approximately 475.2m yuan to subscribe to 120 million newly issued shares of Zhangjiajie Tourism Group. Mango Excellent Media will directly subscribe to 30 million shares, while Happy Sunshine will acquire 90 million shares through a fund. The subscription price is set at 3.96 yuan per share, representing 50% of the market reference price. All subscribed shares will be subject to an 18-month lock-up period.

This investment is a related-party transaction. Mango Excellent Media’s controlling shareholder, Mango Media, holds a 16.66% stake in Hunan Broadcast & Television Media Co., Ltd., which has direct and indirect holdings in the fund managers involved. The board of directors approved this transaction on November 13, 2025, with related-party directors abstaining. It is subject to approval by relevant state-owned asset authorities.

The investment aims to leverage Mango Excellent Media’s industry advantages and resources to promote diversified business expansion and asset appreciation. The company stated the transaction will impact its financial condition and operating results, to be disclosed in subsequent periodic reports.