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July 2026
Important Statement
In accordance with the Company Law of the People's Republic of China, the Securities Law of the People's Republic of China, the Administrative Measures for the Takeover of Listed Companies, the Standards for the Contents and Formats of Information Disclosure by Companies Offering Securities to the Public No. 15—Report on Change of Equity, the Standards for the Contents and Formats of Information Disclosure by Companies Offering Securities to the Public No. 16—Report on Takeover of Listed Companies, and other relevant laws and regulations, CSC Financial Co., Ltd. (hereinafter referred to as "this Financial Advisor" or "CSC Financial"), in accordance with industry-recognized business standards, ethical norms, and the spirit of diligence and responsibility, has verified the Report on the Change of Equity of Xinjiang Alloy Investment Co., Ltd. disclosed by the information disclosure obligor and has issued this verification opinion.
To ensure that all relevant parties properly understand and use this verification opinion, this Financial Advisor specifically declares the following:
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This Financial Advisor has fulfilled its due diligence obligations in accordance with regulations, verified the Report on the Change of Equity of Xinjiang Alloy Investment Co., Ltd. disclosed by the information disclosure obligor, and is confident that the content and format comply with the regulations. It guarantees that the professional opinions expressed do not differ substantially from the content disclosed by the information disclosure obligor.
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The relevant materials relied upon by this Financial Advisor were provided by the information disclosure obligor. The information disclosure obligor has made a statement guaranteeing that all documents, materials, and oral testimonies provided are true, accurate, complete, and timely, containing no major omissions, false records, or misleading statements, and is responsible for their authenticity, accuracy, completeness, and legality.
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This Financial Advisor has not entrusted or authorized any other institution or individual to provide information not contained in this verification opinion or to provide any interpretation or explanation of this verification opinion.
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Investors are specifically reminded that this verification opinion does not constitute any investment advice to the parties involved in this equity change or their affiliates. This Financial Advisor assumes no responsibility for any risks arising from investment decisions made by investors based on this verification opinion.
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The subsidiary of this Financial Advisor, CSC Financial Investment Co., Ltd., holds 2.53% of the shares of the information disclosure obligor, Jiuzhou Hengchang. During the period of serving as the financial advisor, this Financial Advisor has implemented strict confidentiality measures and internal firewall systems, and there are no issues of insider trading, market manipulation, or securities fraud.
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The listed company's private placement of shares has been reviewed and approved at the fifth meeting of the 13th Board of Directors and is still subject to approval by the listed company's shareholders' meeting, review by the Shenzhen Stock Exchange, and the approval of the China Securities Regulatory Commission. There is a certain degree of uncertainty as to whether this equity change can be approved by the relevant departments.
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The project sponsors of this Financial Advisor and the institutions they represent have fulfilled their duties of diligence and responsibility. They have verified the content of the Report on the Change of Equity of Xinjiang Alloy Investment Co., Ltd. disclosed by the information disclosure obligor, have not found any false records, misleading statements, or major omissions, and assume corresponding responsibilities for this.
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