Grandway Law Firm (Hangzhou)
Statement on Zhejiang DALI Technology Co., Ltd.'s Application to Lift Delisting Risk Warning
On May 7, 2026, Grandway Law Firm (Hangzhou) (hereinafter referred to as "the Firm") received from Zhejiang DALI Technology Co., Ltd. (hereinafter referred to as "DALI Technology" or "the Company") a forwarded inquiry from the Shenzhen Stock Exchange (SZSE) regarding the Company's 2025 Annual Report (Department of Company Annual Report Inquiry Letter [2026] No. 83, hereinafter referred to as "the Inquiry Letter"). The 20th item of the Inquiry Letter is as follows: "Please explain item by item whether the Company's 2025 Annual Report falls under any of the circumstances stipulated in Article 9.3.12 of the SZSE Stock Listing Rules (2026 Revision), and whether the Company meets the conditions for lifting the delisting risk warning. Please provide explicit opinions from the annual auditor and legal counsel."
In accordance with DALI Technology's announcement documents, confirmation documents, and the Shenzhen Stock Exchange Stock Listing Rules (hereinafter referred to as "the Listing Rules"), the Firm's lawyers provide the following response to the legal matters involved in the 20th item of the Inquiry Letter:
I. Relevant Circumstances Regarding DALI Technology Being Subject to a Delisting Risk Warning
On April 26, 2025, DALI Technology disclosed the "Announcement on Zhejiang DALI Technology Co., Ltd. Being Subject to a Delisting Risk Warning and Suspension of Trading" (Announcement Number: 2025-026). DALI Technology's audited financial data for 2024 triggered the circumstances stipulated in Article 9.3.1, Paragraph 1, Subparagraph (a) of the Listing Rules (2024 Revision). Consequently, the Company's stock trading was subject to a "delisting risk warning" by the Shenzhen Stock Exchange (hereinafter referred to as "SZSE") from April 29, 2025. The stock abbreviation changed from "DALI Technology" to "*ST DALI", and the stock code remained "002214".
II. DALI Technology Does Not Fall Under Any Circumstance in Article 9.3.12 of the Listing Rules (2026 Revision)
Based on its non-financial professional capacity, the Firm's lawyers have reviewed DALI Technology's announcement documents, the Audit Report issued by Tianjian Certified Public Accountants (Special General Partnership) (Tianjian Shen [2026] No. 1593, hereinafter referred to as "the Audit Report"), and the Internal Control Audit Report (Tianjian Shen [2026] No. 1594, hereinafter referred to as "the Internal Control Audit Report"), and obtained relevant confirmation documents from DALI Technology. The results of the item-by-item review against the circumstances in Article 9.3.12 of the Listing Rules (2026 Revision) are as follows: