This report is prepared in accordance with the Asset Appraisal Standards of China.
Asset Appraisal Report
ChungRui Appraisal Report No. 601501 [2026]
(One volume, Volume 1)
June 26, 2026
Table of Contents
Statement 1
Asset Appraisal Report Summary 2
Asset Appraisal Report Body 4
I. Client, Appraised Entity, and Other Users of the Asset Appraisal Report 4
II. Purpose of Appraisal 13
III. Appraisal Object and Scope 13
IV. Value Type and Definition 22
V. Appraisal Base Date 23
VI. Basis for Appraisal 23
VII. Appraisal Methods 26
VIII. Implementation Process and Conditions 34
IX. Appraisal Assumptions 36
X. Appraisal Conclusion 38
XI. Explanation of Special Matters 39
XII. Explanation of Restrictions on Use of Asset Appraisal Report 41
XIII. Date of Asset Appraisal Report 42
Asset Appraisal Report Attachments 44
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 in this report. The appraisal institution and its appraisers shall not be held liable if the client or other users violate these provisions.
-
This asset appraisal report is intended solely for the client, other users agreed upon in the appraisal engagement contract, and users specified by laws and administrative regulations. No other organization or individual may become a user of this report.
-
This appraisal institution and its appraisers advise users to correctly understand and use the appraisal conclusion. The conclusion is not equivalent to the realizable price of the appraised object and should not be considered a guarantee of such price.
-
Users should pay full attention to the assumptions, special matters, and restrictions stated in this report and their impact on the conclusion.
-
The appraisal institution and its professionals adhere to the principles of independence, objectivity, and fairness, and assume legal responsibility for the report issued.
-
The list of assets and liabilities and related materials provided for the appraisal object are declared by the client and the appraised entity, and confirmed by their signatures, seals, or other legally permitted methods. The client and other relevant parties are responsible for the authenticity, completeness, and legality of the materials provided.
-
We have no existing or expected interest in the appraisal object or the relevant parties, and we hold no bias toward them.
-
Appraisers have conducted on-site inspections of the object and its assets. We have given necessary attention to the legal ownership status and verified relevant documents, finding no legal ownership issues. However, we only express an opinion on the value and have no authority to provide any form of guarantee regarding legal ownership. This report shall not be used as a property ownership certificate.
-
The analysis, judgments, and results in this report are subject to the assumptions and restrictions stated herein. Users should fully consider these factors and their impact on the conclusion.
Asset Appraisal Report Summary
To: Founder Technology Group Co., Ltd.:
ChungRui World Union Appraisal Group Co., Ltd. (hereinafter "ChungRui World Union" or "our company") accepted your commission to evaluate the market value of the total equity of Beijing Banxintong Technology Co., Ltd. as of the appraisal base date, in accordance with relevant laws, regulations, and appraisal standards.
Purpose of Appraisal: Regarding the proposed acquisition of equity in Beijing Banxintong Technology Co., Ltd. by Founder Technology Group Co., Ltd., ChungRui World Union issued a report on December 25, 2025 (ChungRui Appraisal Report [2025] No. 502892) with a base date of June 30, 2025. As of this report date, the economic activity has not yet received approval from the Shenzhen Stock Exchange or registration with the China Securities Regulatory Commission. Considering the validity period, this appraisal provides a price reference for the transaction as of December 31, 2025, specifically for the Shenzhen Stock Exchange review.