On 2 November 2023, Shandong Fengxiang Co. Ltd. entered into a working capital syndicate loan agreement in relation to the provision of a working capital loan facility by the Lender to the Company in an aggregate maximum principal amount of RMB 9960 million, for a loan granting period commencing from the date of signing of the Loan Agreement to 31 May 2024. The loan will be used to repay loans and for the Company's daily working capital.

Pursuant to the Loan Agreement, the Company undertakes that, (i) no change of control of the controlling shareholder of the Company shall occur during the term of the loan (change of control refers to the existing controller's loss of control in the Company and their direct and indirect consolidated shareholdings being less than 50% through share transfers, bond market transactions, capital increases and share enlargements, mergers and acquisitions and concerted party agreements); or (ii) no external pledge of the equity of the Company held by the controlling shareholder of the company shall be made, except where it has been considered and approved by the syndicate loan agent. If violation of the relevant undertakings under the Loan Agreement occurs and leads to an event of default, the syndicate loan agent may cease the drawing of all or part of the loan funds that has been requested in a drawdown notice but not yet been drawn; cancel all or part of the commitments; declare that all or part of the loan balance, together with all accrued interest, expenses and other amounts under the Loan Agreement be immediately due and payable in advance.