Asset Appraisal Report
This asset appraisal report is prepared in accordance with Chinese asset appraisal standards.
[Chart: Appraisal Report Cover]
Table of Contents
Statement 2
Summary 3
Main Body 5
I. Client, Appraised Entity, and Users of the Asset Appraisal Report 5
II. Purpose of Appraisal 105
III. Appraisal Object and Scope 105
IV. Value Type and Definition 148
V. Appraisal Base Date 149
VI. Basis for Appraisal 149
VII. Appraisal Methods 153
VIII. Implementation Process and Status of Appraisal Procedures 173
IX. Appraisal Assumptions 175
X. Appraisal Conclusion 177
XI. Explanation of Special Matters 179
XII. Limitations on Use of the Appraisal Report 185
XIII. Date of the Appraisal Report 185
Attachments 187
Statement
-
This asset appraisal report is prepared in accordance with the Basic Standards for Asset Appraisal issued by the Ministry of Finance and the Asset Appraisal Practice Standards and Code of Ethics issued by the China Appraisal Society.
-
The client or other users of the asset appraisal report shall use the report in accordance with laws, administrative regulations, and the scope of use specified herein. The appraisal institution and the asset appraisers shall not be held liable if the client or other users violate these provisions. This report is intended solely for the client and users defined by law for the purpose of this economic activity. The appraisal institution and appraisers remind users to correctly understand the appraisal conclusion, which is not equivalent to the realizable price of the appraised object and should not be considered a guarantee of such price.
-
The appraisal institution and appraisers adhere to laws, administrative regulations, and appraisal standards, maintaining principles of independence, objectivity, and fairness, and assume legal responsibility for the report issued.
-
The list of assets and liabilities involved in the appraisal object is declared by the client and the appraised entity and confirmed via signature, seal, or other legally permitted methods. The client and other relevant parties are responsible for the authenticity, completeness, and legality of the provided materials.
-
The appraisal institution and appraisers have no existing or expected interest in the appraisal object or relevant parties, and hold no bias.
-
Appraisers have conducted on-site investigations of the appraisal object and its assets, paid necessary attention to legal ownership, verified relevant documents, disclosed discovered issues, and requested the client to perfect property rights to meet the requirements for issuing this report.
-
The analysis, judgment, and results in this report are subject to the assumptions and limitations stated herein. Users should fully consider the impact of these assumptions, limitations, and special matters on the appraisal conclusion.
Summary
I. Client: Fibocom Wireless Inc.
II. Appraised Entity: Shenzhen Hangsheng Electronics Co., Ltd.
III. Users of the Appraisal Report: The client involved in this economic activity and users as defined by laws and administrative regulations.
IV. Purpose of Appraisal: Equity acquisition.
V. Appraisal Base Date: December 31, 2025.
VI. Appraisal Object and Scope: The total equity value of shareholders of Shenzhen Hangsheng Electronics Co., Ltd. as of the base date. The scope includes all assets and related liabilities declared by the entity. The parent company's total assets book value is RMB 3,596.7929 million, total liabilities are RMB 1,862.4793 million, and total owner's equity is RMB 1,734.3136 million. The consolidated total assets book value is RMB 4,261.4589 million, total liabilities are RMB 2,380.0907 million, total owner's equity is RMB 1,881.3682 million, and owner's equity attributable to the parent company is RMB 1,882.9068 million. Book values were derived from the unqualified audit report issued by Zhixin Certified Public Accountants (Special General Partnership) (Zhixin Audit [2026] No. 441A032462).