The board (the "Board") of directors (the "Directors") of the Company announced that the Company and its partner, Risen (Suzhou) Pharma Tech Co., Ltd. ("Risen Pharma"), have received a notice from the Food and Drug Administration of the United States (the "FDA") that the investigational new drug application for the PI3K- inhibitor (project code: "JS105") with fulvestrant for the treatment of postmenopausal women and men, with hormone receptor (HR)-positive, human epidermal growth factor receptor 2 (HER-2)-negative, PIK3CA-mutated, advanced or metastatic breast cancer has been approved by the FDA. Relevant information is as follows: ABOUT JS105 JS105 is an oral small molecule inhibitor targeting PI3K- and is primarily used in the treatment of female (post-menopausal) and male patients with HR-positive, HER-2 negative, PIK3CA-mutated, advanced breast cancer who are experiencing disease progression during or after treatment with endocrine-based regimens. Pre-clinical studies have shown that JS105 is effective in animal models of breast cancer, and also in other solid tumours such as cervical cancer, kidney cancer, colorectal cancer and oesophageal cancer.

JS105 has also demonstrated good safety. In February 2019, the Company and Risen Pharma entered into the Technology Transfer and Collaboration Agreement, pursuant to which the Company acquired a 50% interest globally in two inhibitor projects, including JS105, from Risen Pharma. In April 2021, the Company entered into a joint investment contract with Risen Pharma to jointly invest in the establishment of Junshi Risen (Shanghai) Pharmaceutical Technology Co., Ltd. ("Junshi Risen "), which shall be responsible for the research and development, clinical application, production and commercialization of JS105 in the joint establishment region.

Each of the Company and Risen Pharma owns 50% equity interest in Junshi Risen. The investigational new drug application for JS105 was accepted by the National Medical Products Administration (the "NMPA") in March 2022 and approved by the NMPA in May 2022. As at the date of this announcement, there is only one PI3K- inhibitor, Piqray® (Alpelisib, a product of Novartis), approved for the treatment of HR-positive, HER-2 negative, PIK3CA-mutated advanced breast cancer in the world, and no PI3K- inhibitor has been approved for marketing in the People's Republic of China.

Due to the high-tech, high-risk and high-value-added characteristics of pharmaceutical products, there are substantial risks and uncertainties in the process of drug research, development and commercialization. These many stages make it susceptible to uncertainties and therefore, investors are advised to make cautious decisions and pay careful attention to investment risks. The Company will actively pursue the above research and development project and fulfill its information disclosure obligations in a timely manner for subsequent progress in strict compliance with relevant regulations.