Review Opinion on the Listing and Circulation of Restricted Shares
Everbright Securities Co., Ltd. (hereinafter referred to as "Everbright Securities") is the sponsor for Nantong Taihe Chemical Co., Ltd. (hereinafter referred to as "Taihe Shares," "the Company," or "the Issuer") for its initial public offering (IPO) and listing on the Growth Enterprise Market. According to the "Regulations on the Management of Securities Issuance and Listing Sponsorship," "Shenzhen Stock Exchange Growth Enterprise Market Listing Rules," and "Shenzhen Stock Exchange Self-Regulatory Guidelines No. 2 - Standard Operation of Growth Enterprise Market Listed Companies," the following review opinion is provided regarding the lifting of restrictions on part of the shares from the IPO:
I. Overview of the Initial Public Offering and Restricted Shares
According to the China Securities Regulatory Commission's approval (Zheng Jian Xu Ke [2025] No. 32) for the IPO of Nantong Taihe Chemical Co., Ltd., the Company issued 45,000,000 ordinary shares (A shares) and was listed on the Shenzhen Stock Exchange Growth Enterprise Market on April 11, 2025. After the completion of the IPO, the total share capital of the Company increased from 405,000,000 shares to 450,000,000 shares, of which the number of shares with circulation restrictions or lock-up arrangements was 414,093,711 shares, accounting for 92.02% of the total share capital after issuance; the number of shares without circulation restrictions or lock-up arrangements was 35,906,289 shares, accounting for 7.98%. The number of restricted shares from the offline placement in the IPO was 2,343,711 shares, accounting for 0.52% of the total share capital. These restricted shares were listed for circulation on October 17, 2025. As of the date of this review opinion, the total share capital of the Company is 450,000,000 shares, of which the number of shares with circulation restrictions or lock-up arrangements is 411,750,000 shares, accounting for 91.50%; the number of shares without circulation restrictions or lock-up arrangements is 38,250,000 shares, accounting for 8.50%. The restricted shares listed for circulation belong to shares issued before the IPO and shares allocated strategically during the IPO, totaling 65,920,000 shares, accounting for 14.65% of the total share capital after issuance, with a lock-up period of 12 months from the date of listing. Among them, there are 4 shareholders with restricted shares issued before the IPO, with a total of 59,170,000 shares released from restrictions, accounting for 13.15% of the total share capital; there are also 4 strategic placement shareholders from the IPO, with a total of 6,750,000 shares released from restrictions, accounting for 1.50%. These restricted shares will be listed for circulation on April 13, 2026. Since the formation of the restricted shares from the IPO, there have been no changes in the number of shares due to issuance, repurchase, or distribution of stock dividends or capital reserve transfers.