Independent Financial Advisor Opinion from Shenwan Hongyuan Securities on Wuxi Little Swan's Voluntary Termination of B Share Listing

Important Notice

Midea Group's share exchange merger with Little Swan and related transactions have been approved by the China Securities Regulatory Commission (CSRC) under approval number [2019]352. According to the merger plan, Little Swan meets the conditions for voluntary termination of listing as stipulated in the Listing Rules. Shenwan Hongyuan Securities has been entrusted by Little Swan to act as the independent financial advisor for its application to voluntarily terminate its listing due to being absorbed and no longer having independent entity status. This opinion is issued based on prudent investigation, adhering to relevant laws and regulations, recognized industry standards, and ethical norms, with principles of honesty and diligence. Little Swan has declared that the information provided is true, accurate, and complete, with no false records, misleading statements, or significant omissions, and it is willing to assume full responsibility for the legality, authenticity, and completeness of the provided materials. This independent financial advisor urges investors to carefully read the relevant announcement documents regarding Little Swan's voluntary termination of listing.

1. Financial Advisor Declaration

1. This independent financial advisor has no relationship with any parties involved in this transaction. The opinion is issued based on objective and impartial principles.
2. The documents and materials on which this opinion is based have been provided by the relevant parties. The parties are responsible for the authenticity, accuracy, and completeness of the provided materials, ensuring there are no false records, misleading statements, or significant omissions, and they bear corresponding legal responsibilities.
3. This opinion is based on the assumption that all parties involved in the transaction will fully perform their obligations according to the terms and commitments of the relevant agreements. If this assumption is not met, the independent financial advisor will not bear any risk responsibility arising therefrom.
4. As of the date of signing this opinion, the independent financial advisor has conducted prudent verification regarding this transaction, and the opinion only provides advice on verified matters to all shareholders of Little Swan.
5. The independent financial advisor agrees to submit this opinion as a statutory document for this transaction to the relevant regulatory authorities.
6. The independent financial advisor has not commissioned or authorized any other institutions or individuals to provide information not included in this opinion or to interpret or explain this opinion.
7. This opinion does not constitute any investment advice for Little Swan, and the independent financial advisor will not bear any responsibility for risks arising from any investment decisions made by investors based on this opinion.
8. The opinion is based on the above declarations and existing economic, market, industry, and other circumstances, as well as publicly available information as of the date of this opinion. The independent financial advisor will not bear any responsibility for unforeseen changes in these circumstances in the future.
9. This opinion is for the use of this transaction only and may not be used for any other purpose.