Li Xuan signed the Share Transfer Agreement to acquire a 4% stake in Zhongman Petroleum and Natural Gas Group Corp., Ltd. (SHSE:603619) from Shanghai Zhongman Investment Holding Co., Ltd. for approximately CNY 190 million on April 28, 2023. Under the terms of transactions, Zhongman Petroleum will transfer the 16 million shares at CNY 12.02 per share and share transfer price repays its pledge financing loan in Shenwan Hongyuan to resolve the pledge risk. Acquirer agrees to accept the transfer of the target shares by paying cash. After the completion of this agreement transfer, Zhongman Holdings' shareholding ratio will be reduced from 25.59% To 21.59%, the shareholding ratio of Zhongman Holdings and its concerted parties will decrease from 42.41% to 38.41%. This share transfer still needs the Shanghai Stock Exchange to conduct a compliance review and go through the transfer procedures of the share agreement at the Shanghai Branch of China Securities Depository and Clearing Corporation Limited

Li Xuan completed the acquisition of 4% stake in Zhongman Petroleum and Natural Gas Group Corp., Ltd. (SHSE:603619) from Shanghai Zhongman Investment Holding Co., Ltd. on May 24, 2023.