Legal Opinion from Shanghai Junyue Law Firm
Table of Contents
- Declaration of Matters .................................................................................................................................................. 1
- Definitions .................................................................................................................................................................. 3
- Main Text .................................................................................................................................................................... 5
1. Approval and Authorization for This Issuance
(1) Board Approval
On April 23, 2024, the issuer convened the fourth meeting of the third board of directors, which approved the proposal to authorize the board to handle matters related to small-scale rapid financing. On January 22, 2025, the issuer held the tenth meeting of the third board of directors, which approved the proposal for the simplified procedure for issuing stocks to specific targets for 2025 and other related proposals. On April 25, 2025, the issuer convened the fourteenth meeting of the third board of directors, which approved the proposal to extend the authorization for the board to issue stocks under a simplified procedure. On August 8, 2025, the issuer held the eighteenth meeting of the third board of directors, which approved the proposal to adjust the simplified procedure for issuing stocks for 2025 and other related proposals. On September 9, 2025, the issuer convened the nineteenth meeting of the third board of directors, which approved the proposal regarding the bidding results for the stock issuance for 2025 and other related proposals.
(2) Shareholders' Meeting Authorization
On May 15, 2024, the issuer held the 2023 annual shareholders' meeting, which approved the proposal to authorize the board to handle matters related to small-scale rapid financing. On May 19, 2025, the issuer held the 2024 annual shareholders' meeting, which approved the proposal to extend the authorization for the board to issue stocks under a simplified procedure. The lawyers from our firm verified that the convening, manner of holding, qualifications of attending shareholders, voting methods, and resolutions of the 2023 and 2024 annual shareholders' meetings comply with the provisions of the Securities Law, Company Law, Registration Management Measures, and other relevant laws, regulations, and normative documents; the authorization for the board to handle matters related to this issuance is legal and valid.
In summary, our lawyers believe that the issuer's issuance of stocks to specific targets has obtained the necessary approvals and authorizations from the shareholders' meeting, and the authorization for the board to handle matters related to this issuance is legal and valid. According to the provisions of the Securities Law, Company Law, Registration Management Measures, and other relevant laws, regulations, and normative documents, this issuance still requires approval from the Shenzhen Stock Exchange and registration with the China Securities Regulatory Commission.