I. Overview of Proposed Change of Control and Disclosure
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On March 20, 2026, Zhejiang Busen Fashion Co., Ltd. (hereinafter referred to as "the Company" or "the Listed Company")’s controlling shareholder, Baoji Fangwei Tongchuang Enterprise Management Partnership (Limited Partnership) (hereinafter referred to as "Fangwei Tongchuang"), signed a "Share Transfer Agreement" with Guangzhou Yanfeng Digital Technology Co., Ltd. (hereinafter referred to as "Yanfeng Digital"). Fangwei Tongchuang will transfer 21,333,760 shares of the Company to Yanfeng Digital through this agreement, accounting for 14.81% of the total shares. Yanfeng Digital and its actual controller, Wang Bo, have committed that there will be no plans or arrangements for restructuring or injecting related party assets into the listed company within 36 months after the completion of this equity change. Please refer to the Company's announcement on March 21, 2026, titled "Notice on the Signing of the Share Transfer Agreement by the Controlling Shareholder and Proposed Change of Control" (Announcement No.: 2026-016).
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On March 27, 2026, the Company disclosed the "Notice on the Disclosure of Equity Change Report" (Announcement No.: 2026-019), along with the "Detailed Equity Change Report of Zhejiang Busen Fashion Co., Ltd." and "Brief Equity Change Report of Zhejiang Busen Fashion Co., Ltd." and "Zhongde Securities Co., Ltd.'s Financial Advisor Verification Opinion on the Detailed Equity Change Report of Zhejiang Busen Fashion Co., Ltd." After this equity change, the control of the Company will shift, with Yanfeng Digital becoming the controlling shareholder and Wang Bo becoming the actual controller of the Company. Stock Code: 002569 Stock Abbreviation: *ST Busen Announcement No.: 2026-045
II. Progress
(1) Receipt of Approval from Baoji Municipal Finance Bureau
On May 27, 2026, the Company received a notification from Fangwei Tongchuang that the Baoji Municipal Finance Bureau issued a "Confirmation of Approval for the Transfer of Shares of Zhejiang Busen Fashion Co., Ltd.", agreeing to the transfer of 21,333,760 shares (14.81% of total shares) from Baoji Fangwei Tongchuang Enterprise Management Partnership (Limited Partnership) to Guangzhou Yanfeng Digital Technology Co., Ltd. at a price of 14.136 yuan per share.