Verification Opinions of Guolian Minsheng Securities on the Reply to the Inquiry Letter from the Shenzhen Stock Exchange Regarding Chuangye Heima Technology Group Co., Ltd.
Independent Financial Advisor
April 2026
2-1 Shenzhen Stock Exchange: We have received your inquiry letter dated July 14, 2025, regarding Chuangye Heima Technology Group Co., Ltd. (hereinafter referred to as "Chuangye Heima," "the listed company," or "the company") concerning the issuance of shares and cash payment for asset acquisition and fundraising application (Inquiry Letter [2025] No. 030010) (hereinafter referred to as "the inquiry letter"). Chuangye Heima and the relevant intermediary institutions have conducted a thorough verification and implementation of the issues listed in the inquiry letter and have made corresponding revisions and supplementary disclosures in the "Draft Report on Issuance of Shares and Cash Payment for Asset Acquisition by Chuangye Heima Technology Group Co., Ltd." (hereinafter referred to as "the restructuring report") as required. Guolian Minsheng Securities (hereinafter referred to as "the independent financial advisor") acts as the independent financial advisor for this restructuring and hereby presents the following verification opinions:
Note: 1. Unless otherwise specified, the abbreviations or terms in this verification opinion have the same meanings as those in the "Draft Report on Issuance of Shares and Cash Payment for Asset Acquisition by Chuangye Heima Technology Group Co., Ltd." (hereinafter referred to as "the restructuring report"). 2. If there are discrepancies between the total figures and the sum of individual items in this verification opinion, they are due to rounding.
Table of Contents
- Regarding the Going Concern Ability of the Target Assets .................................................................... 3
- Regarding the Operating Performance of the Target Assets .................................................................. 62
- Regarding Asset Evaluation ................................................................................................................ 87
- Regarding Fundraising ....................................................................................................................... 107
- Regarding Personal Information Collection ....................................................................................... 116
- Regarding Transaction Synergy and Integration Control ................................................................... 123
- Regarding the Counterparty .............................................................................................................. 149
- Regarding the Transaction Plan ......................................................................................................... 162
- Regarding Performance Commitments .............................................................................................. 170
- Regarding Information Disclosure Documents ................................................................................ 182
- Other Matters .................................................................................................................................... 186