This asset appraisal report is prepared in accordance with China's asset appraisal standards.
Shenzhen Yibai Network Technology Co., Ltd. intends to acquire assets through external investment, involving the market value of the cross-border e-commerce business asset group actually controlled by Hong Kong Hongji Holdings Limited.
Asset Appraisal Report
Jingkun Appraisal Report No. [2026]0541
1 Volume, 1st Issue
Beijing Kunyuan Zhicheng Asset Appraisal Co., Ltd.
Beijing KYSIN Assets Appraisal Co., Ltd.
June 10, 2026
Table of Contents
Statement 1
Asset Appraisal Report Summary 2
Asset Appraisal Report 5
I. Client, Entrusted Asset Group, and Other Users of the Appraisal Report 5
II. Purpose of Appraisal 6
III. Appraised Object and Scope of Appraisal 7
IV. Type of Value 10
V. Appraisal Date 10
VI. Basis for Appraisal 11
VII. Appraisal Methods 13
VIII. Implementation Process and Situation of Appraisal Procedures 18
IX. Appraisal Assumptions 20
X. Appraisal Conclusion 22
XI. Special Matters Statement 22
XII. Restrictions on the Use of the Asset Appraisal Report 22
XIII. Date of the Asset Appraisal Report 23
Asset Appraisal Report Attachments 26
Statement
I. This asset appraisal report is prepared in accordance with the basic standards for asset appraisal issued by the Ministry of Finance of the People's Republic of China and the professional ethics and professional ethics standards issued by the China Appraisal Society.
II. The client or other users of the asset appraisal report shall use the asset appraisal report in accordance with the law, administrative regulations, and the scope of use specified in this asset appraisal report; the appraisal firm and the signing appraisers shall not be liable for the client or other users of the asset appraisal report violating the aforementioned provisions.
III. This asset appraisal report is only for the use of the client, other users of the asset appraisal report as stipulated in the asset appraisal entrustment contract, and users of the asset appraisal report as stipulated by national laws and administrative regulations; no other organization or individual may use this asset appraisal report.
IV. Users of the asset appraisal report shall correctly understand and use the appraisal conclusion. The appraisal conclusion is not equivalent to the realizable price of the appraised object, and the appraisal conclusion shall not be considered a guarantee of the realizable price of the appraised object.
V. Users of the asset appraisal report shall pay attention to the assumptions, special matters statement, and use restrictions of the appraisal conclusion stated in this asset appraisal report.
VI. This appraisal firm and its appraisers abide by laws, administrative regulations, and asset appraisal standards, adhere to the principles of independence, objectivity, and fairness, and shall be legally responsible for the asset appraisal report issued.
VII. The list of assets and liabilities involved in this appraisal is declared by the client and related parties and confirmed by them through signing, stamping, or other legally permissible methods; the client and related parties are responsible for the authenticity, legality, and completeness of the information provided; the legal consequences arising from the client and related parties providing false or inaccurate legal ownership information, financial accounting information, or other relevant information, which the appraisers failed to discover through normal verification procedures, shall be borne by the client and related parties according to law.
VIII. This appraisal firm and the appraisers executing this project have no existing or expected interest relationship with the appraised object or its related assets in this asset appraisal report; there is no existing or expected interest relationship with the related parties, and there is no bias against the related parties.
IX. The appraisers have conducted necessary routine checks on the appraised object and its related assets in this asset appraisal report, and have performed general verification procedures on the legal ownership status and information of the appraised object and its related assets. Any discovered flaws in property rights information have been truthfully disclosed, but this asset appraisal report does not guarantee the legal ownership of the appraised object.