靈活如水，融於萬象 SilkyWater The multi-family office focused on Asia Type 1 Dealing in Securities Securities 、bond brokerage Private Equity Placing agent Fund brokerage Type 4 Advising on Securities Investment advisor Publish investment research or analysis Type 9 Asset Management EAM Discretionary account Issue and manage funds Singapore CMS License Fund Management EAM Discretionary account Issue and manage funds Manage client assets and engagement Investment project scale More than a billion dollars Primary market project Accumulated more than 12 cases Participate in IPO project Accumulated more than 100 cases Establishment and issuance of more than 15 registered Cayman, Hong Kong, Singapore, British Virgin Islands Fund Issuance of 15 funds ABOUT US SilkyWater Asset Management Limited (CE: BPV723) is headquartered in Hong Kong licensed under the Securities and Futures Ordinance, Chapter 571 of the Laws of Hong Kong, to conduct Type 1 (dealing in securities), Type 4 (advising on securities), and Type 9 (asset management) regulated activities. In a rapidly changing market environment, we strive to meet the needs of our clients and create value. Our Singapore base (SilkyWater Asset Management PTE. LTD) holds a Capital Markets Services License for Fund Management issued by the Monetary Authority of Singapore. Our office in Mainland China (潤淼（深圳）諮詢管理有限公司) also providing comprehensive services for clients. The Groups possesses extensive experience in investment and fund management. The various U.S. dollar-denominated funds under our management have delivered outstanding performance. As of 2024, the total assets under management and the scale of investment projects have reached USD 800 million. 香港 Hong Kong 深圳 ShenZhen 新加坡 Singapore Learn More SWAM – [Investment + Business] Multi Family Office Multi Family Office (MFO) is an asset management firm that specializes in meeting the financial needs of multiple wealthy families, providing comprehensive services from investment management to family succession planning, ensuring personalized attention and expertise for each relevant family. Different from general asset management firms, SilkyWater focuses on IPO and Pre-IPO investments, and has gone through three stages since its establishment in 2019. First Stage: Financial investors: started with our own capital, invested in a number of IPO and Pre-IPO projects and successfully exited. Meanwhile, project shareholders established the first capital pool through dividends or sold part of their shareholdings, began to set up their own family offices, and became LP of the fund through EAM (External Asset Manager), work together on the next project. Second Stage: In the [investment + business] model, in addition to being an investor, SilkyWater's LP is an IPO or Pre-IPO enterprise or its senior management. In addition to capital, SilkyWater's LP also has rich experience, knowledge, contacts and opportunities to promote new projects by combining resources between families. In addition to pure investment returns, It can also have a chemical effect on the business level, thus achieving the win-win goal of [Investment +Business]. Third Stage: Multi Family offices, Up to now, Funds managed by SilkyWater has participated in more than 100 IPO projects, investing in Internet, consumer goods, medical and other industries. In addition to focusing on investment returns, SilkyWater is also committed to promoting business cooperation between multiple high net worth families and listed companies, so as to create greater value. Advantages Of Multi Family Office Single-family office Multi Family Office, MFO Object of Service • Single family of high net worth • Multiple high net worth families Method of establishment • Hire your own investment managers, accountants, lawyers and other business people to form a team similar to the company • It evolved from a single family office that absorbed clients from other families Resources • Source with their own family funds, contacts • With multiple families from different industries, sharing experience, knowledge and opportunities with other wealthy families has the potential to lead to new investment opportunities or partnerships, increasing efficiency and reducing risk Cost • Time: License, channel from zero • Fixed costs: personnel, office, etc • Complete license and channel • Sharing mode, cost is determined according to single or continuous demand In September 2023, the primary market project Tuhu was listed The market value of F-3 Series holdings exceeds HK $71 million In October 2024, the primary market project Horizon was listed The market value of Series B1 + Series C holdings exceeds HK$370 million Cornerstone investments In December 2023, we invested $10 million as the cornerstone shareholder of Zhixing Automobile Technology Cornerstone investments In October 2024, invested US$8 million as the cornerstone shareholder of Beijing Biostar Pharmaceuticals Co., Ltd. On 21 August 2024, Huashia Wines was acquired from New Silk Road Cultural Travel (HKEX :0472), which included a series of assets such as the Shangri-La wine brand and winery. 130 million RMB acquisition Core Competence Create Value for Clients - Strive to find low risk, high return investment; Customer-oriented, create value for customers. - Create wealth for clients through new shares and equity investments: Mainly for customers to invest in IPO international placement, open innovation, followed by Pre-IPO round and ABC round, to strive for low wind and high returns. - Secondary market investment For customers to invest in the new economy, new energy, new consumption and biopharmaceutical industry leading enterprises.

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C heckList (Individual Investors) 1. KNOW YOUR CUSTOMER （KYC） 2. Self-Certification Form /FATCA 3. Investor Risk Profile Questionnaire 4. Risk Disclosure Statement 5. ID card/Passport 6. Proof of address (Bills or bank statement from past three months) 7. Proof of assets (Bank statement from past three months) CheckList (Corporate) 1. INVESTMENT MANAGEMENT AGREEMENT 2. KNOW YOUR CUSTOMER （KYC）（Controlling Person） 3. KNOW YOUR CUSTOMER （KYC）（Corporate） 4. FATCA 5. ANTI-MONEY LAUNDERING（AML） & COUNTERING THE FINANCING OF TERRORISM CONTROLS 6. Risk Disclosure Statement 7. Investor Risk Profile Questionnaire 8. Self-Certification_Form 9. ID Card/Passport of all directors 10. Proof of address of all directors (Bills or bank statement from past three months) 11. Proof of assets (Bank statement from past three months) Please ensure that the requested documents are certified (CTC) 1. Business Registration 2. Certificate of Incorporation 3. Certificate of Incumbency 4. Board Resolution 5. Memorandum & Articles Of Association 6. Register of Directors (ROD) 7. Register of Members (ROM) 8. Organizational Chart Individual Account Opening Form（Chinese Version） Corporate Account Opening Form（Chinese Version） Individual Account Opening Form（English Version） Corporate Account Opening Form（English Version）

Our Fund Currently, there are twelve funds under management of SWAM. Fund Strategy covers HK IPO Investment Strategy, Secondary Market Quantitative Trading Strategies, Secondary Market Hong Kong Stock Connect strategies, Secondary Market Value Strategies, Secondary Market Value Strategy. Clients include Central Enterprise/ State Owned Enterprise, Listed Company, Financial Institution, Family Office, High Net Worth Client etc. Strategy Type of Clients Long-term Business Partner With SWAM team's years of experience in overseas capital markets, it has established close cooperative relations with a number of banks and securities firms, deeply supported and trusted by various organizations.

Background introduction SilkyWater Asset Management Ltd (CE: BPV723 )was found on 2019 with a headquarter in Hong Kong with asset under management (AUM) exceed HK 3 billions. Under the Securities and Futures Ordinance, CAP. 571 SWAM is allowed to carry on the following regulated activities: Type 1 :Dealing in Securities Type 4 : Advising on Securities Type 9: Asset Management 香港 Hong Kong 深圳 ShenZhen 新加坡 Singapore

RISK DISCLOSURE STATEMENT Warning: The contents of this document have not been reviewed by any regulatory authority of Hong Kong or any other jurisdiction. You (“Counterparty”,or “Client”) are advised to exercise caution in relation to any offer. If you are in any doubt about any of the contents of this document, you should obtain independent professional advice. This Risk Disclosure Statement forms an integral part of the MCA entered into between SilkyWater Asset Management Limited(“SilkyWater”) and the Client. The terms defined in the MCA shall have the same meanings when used herein. The risk factors in this Risk Disclosure Statement are not exhaustive and may be amended or supplemented by additional risk disclosures from time to time. TheClient should refrain from making any investment or Transaction unless the Client fully understands the risks involved and has obtained independent advice from the Client’s own advisors as the Client considers appropriate. Swap Transactions transacted under these terms are complex products that involve substantial risks and are suitable only for sophisticated investors who have sufficient knowledge and experience and access to such professional advisers as they shall consider necessary in order to make their own evaluation of the risks and the merits of such an investment (including, without limitation, the tax, accounting, credit, legal, regulatory and financial implications for them of such an investment) and who have considered the suitability of such products in light of their own circumstances and financial condition. In the worst case scenario, you may lose more than the amount you have invested and your potential gain is not capped. Do not invest unless you fully understand and are willing to assume the associated risks. Swap Transactions transacted under these terms are available to professional investors (as defined in the Securities And FuturesOrdinance (CAP. 571) and the rules made thereunder) only. Nature of product and Key terms and features: Transactions documented under this MCA are Share Swaps and ShareBasket Swaps offered by SilkyWater. The Underlying assets are shares or baskets of shares listed in stock exchanges (including stock exchanges in Hong Kong and China, the “Securities”). The performance of theTransactions are linked to the performance of the underlying Securities.The prices of the Securities can and do fluctuate, sometimes dramatically.The price of a share may move up or down, and may become valueless.It is possible that losses will be incurred rather than profit made as a result of buying and selling Securities. If the underlier for a Transaction is a share basket, the negative performance of one or more components of the basket may negate any positive performance of other components. For example, while the prices, values, or levels of some components may increase over the term of the Transaction, the prices, values, or levels of other components may not increase during the term of the Transaction as much or may decline.Therefore, in respect of the value of the Transaction or the amount of any payments or deliveries to be made under the Transaction, changes in the prices, value, or levels of one or more of the components may be moderated, or offset, by lesser changes or inverse changes in the prices, values, or levels of one or more of the other components. This effect may be further amplified by differing weights of each component. More heavily weighted components will have a larger impact on the value of the Transaction or the amount of any payments or deliveries to be made under the Transaction than components with lesser weightings. Settlement mechanism: default settlement is cash settlement unless otherwise agreed by the parties. Underlying assets: the Securities may include one or more shares listed in stock exchanges such as Hong Kong Stock Exchange, Shanghai StockExchange or Shenzhen Stock Exchange as agreed and specified by the Counterparty and SilkyWater prior to entering into the relevant transactions. Optional Termination: SilkyWater may elect to terminate theTransaction in whole or in part on any Scheduled Trading Day prior to the Valuation Date by giving you notice orally or in writing specifying the number of Shares (or number of Baskets) in respect of which it wishes to terminate the Transaction and the proposed early termination date. The description given in this section is for your information only, and is not an exhaustive description of all features of the Transaction.In the event of any conflict between the description given in this section and the other terms of the Transaction, such other terms shall prevail. Risk Factors: Market risk: The Securities can and do fluctuate, sometimes dramatically, and therefore you are subject to the market risks in connection with each such underlying Securities. If you have been provided with any past performance information, you should be aware that past performance is not indicative of future performance. No representation or warranty is made that any indicative performance or return indicated will be achieved in the future. Credit risk: Any Transaction which requires SilkyWater to make payments to you will expose you to the credit risk of SilkyWater (as opposed to the credit risk of a central clearing corporation as would generally be the case with exchange-traded products). Early termination feature: upon occurrence of certain AdditionalDisruption Event (for instance, if there is a Change in Law event orInsolvency Filing or Hedging Disruption event or Increased Cost ofHedging Event), the relevant transactions may be early terminated. Upon early termination, the Close-out Amount with respect to such terminatedTransaction that would be payable by one party to the other shall be determined by the Calculation Agent in accordance with the determination method provided in the Agreement. Early exit penalty: the penalty for early exit is the Break Funding Cost, which means in relation to a Transaction, the difference between (a)assuming the Transaction was not early terminated, Fixed Amount payable by the Counterparty calculated on the basis of the scheduledTermination Date, and (b) in the event of an early termination, FixedAmount payable by the Counterparty calculated on the basis of the Early Termination Date. No secondary market: There is no secondary market available for SwapTransactions transacted under these terms. Non-Reliance: Neither SilkyWater nor any of its Affiliates has given any sponsorship, consent, sale, recommendation or other advice as to the suitability or appropriateness of entering into the Transaction with respect to the Securities included therein for any particular purpose of the Counterparty (including for accounting, tax, legal investment, regulatory and other purposes), and the Counterparty has not relied, and will not rely, on any statement or other information furnished bySilkyWater nor any of its Affiliates for any such purpose. Leveraged exposure to performance of the Securities: TheTransactions may provide a leveraged exposure to the performance of the Securities. Leverage increases volatility and amplifies losses and gains. Leveraged securities magnify losses in adverse market conditions compared to an unleveraged or direct investment in the Securities. Counterparty should be aware that upon termination of the Transactions(whether at early termination, optional termination or final termination),any amount payable to the you will be subject to the deduction of an amount equal to certain percentage of the Excess Interest, leveraged financing amount and/or interest amounts. In each case, the Counterparty may therefore receive less than they would otherwise, and may receive zero and may be required to pay more to SilkyWater upon termination. Not the same as investing in the Securities: Entering into the SwapTransactions are different from holding the underlying Securities directly.You have no ownership of, or rights to, the underlying Securities referenced by a Transaction. The market value of a Transaction may not reflect movements in the price of such underlying Securities. Payments made under a Transaction may differ from payments made under the underlying Securities. Additional margin: The investments carry a high degree of risk. The amount of initial margin is small relative to the value of the Transactions so that Transactions are leveraged or geared. A relatively small market movement will have a proportionately larger impact on the funds theClient has deposited or will have to deposit: this may work against theClient as well as for the Client. Client may be called upon by theCalculation Agent to pay substantial additional funds on short notice. If the Client fails to comply with a request for additional funds within the time prescribed, the relevant Transactions may be early terminated at a loss and the Client will be liable for any resulting deficit. Transfer of Title: Margins transferred by Counterparty to SilkyWater will be on a title transfer basis. Counter party will only have a contractual claim for returning such margin and will not receive any interest from the margin it posts. Possible conflicts of interest: SilkyWater, and certain named agents (e.g.the Calculation Agent) may be the same or affiliated corporate entities.In their respective roles, SilkyWater or the various named agents may retain various powers of discretion which may have a material impact on the Transactions. These discretions may be exercised (or not be exercised)in a way that could adversely affect the Counterparty. SilkyWater and its affiliates may also from time to time engage in transactions involving the underlying Securities for themselves or their clients. Such trading may adversely affect the value of the Securities. Risks related to the Securities listed on PRC stock exchanges orChina Connect China Connect Risk: Foreign investors may invest in A Shares, being securities denominated in CNY that are traded on the securities market of the People’s Republic of China (excluding Hong Kong, Macau andTaiwan) (the “PRC”), through China Connect, if the A Shares are eligible securities listed and traded on the Shanghai Stock Exchange(“SSE”) or the Shenzhen Stock Exchange (“SZSE”) (“China ConnectSecurities”). “China Connect” is a securities trading and clearing programme developed by The Stock Exchange of Hong Kong Limited(“SEHK”), the SSE, SZSE, Hong Kong Securities Clearing CompanyLimited (“HKSCC”) and China Securities Depository and ClearingCorporation Limited (“CSDCC”) for the establishment of mutual market access between (a) SEHK and (b) SSE and SZSE. If the Securities are China Connect Securities, SilkyWater or its affiliates may (but are not obliged to) choose to hedge its obligations using ChinaConnect. Trading through China Connect is subject to a number of restrictions which may restrict or affect an investment in China ConnectSecurities, including (but not restricted to) the application of PRC laws and regulations to investors in China Connect Securities, pre-trade checking to prevent naked short-selling, the application of daily quotas that apply to Northbound trading through the China Connect Service and restrictions on the ability of an investor to take up certain types of rights issuances through China Connect. In addition, the application and interpretation of the laws and regulations of Hong Kong and the PRC and the rules, policies or guidelines published or applied by any regulator which regulates China Connect and activities relating to China Connect, or any exchange, clearing system or other entity which provides services relating to China Connect (including without limitation, the SEHK and any relevant subsidiary, HKSCC, SSE,SZSE or CSDCC) in respect of China Connect or any activities arising from China Connect may change or develop from time to time and there is no assurance as to whether or how such changes or developments may restrict or affect an investment in China Connect Securities. Risks of Investing in the PRC Securities Market and DerivativeInstruments relating to It: The PRC capital market is still at a premature stage. Regulation of the PRC capital market is heavily influenced by government policies and is less transparent and less efficient than the regulation of developed capital markets. There still remain allegations of and convictions for malpractices such as market manipulation and insider trading. The stock price of a PRC listed company may not therefore reasonably reflect its intrinsic value. In addition, the disclosure of information by a PRC company with respect to its financial status may not always be complete and reliable. If the stock price of a PRC listed company does not reasonably reflect its intrinsic value, such pricing inaccuracy will be passed through to derivative instruments. In addition, the revised PRC Securities Law (promulgated on 28 December 2019 and effective as of 1 March 2020) governing the PRC securities market provides that, offshore offering and trading activities of domestic securities, if determined to be disrupting the domestic market order or being detrimental to any legal rights and interests of domestic investors, may also be subject to the provisions and liabilities under the PRC Securities Law. This gives relevant PRC authorities extra-territorial jurisdiction which was not in the previous versions of PRC Securities Law. China Government and Regulatory Intervention; Suspension ofChina Connect Securities traded through China Connect: ChinaConnect Securities may be affected (which may be positive or negative)by the intervention of the Chinese Government and/or regulatory bodies in the China market. Such intervention mechanisms include, but are not limited to, the introduction and/or suspension of circuit breakers to theChina stock market, the injection of capital into the China market to provide liquidity and increases or decreases to banks’ reserver equirement ratio. China Connect Securities traded through ChinaConnect may also be more volatile and unstable if such China ConnectSecurities are suspended from trading. Such suspension may be prolonged for a considerable period of time and volatility and settlement difficulties relating to such China Connect Securities may also result insignificant fluctuations in the prices, and may adversely affect the value, of the Notes. PRC Taxation Risk: There is a high degree of uncertainty around the laws and regulations on the taxes to be imposed in relation to investments in China Connect Securities. The PRC tax authorities issued a tax circular (the “China Connect Tax Circular”) on 31 October 2014 to clarify that income tax will be temporarily exempted in respect of the realized gains derived by Hong Kong investors from the transfer of ChinaConnect Securities through China Connect but that dividends paid in respect of China Connect Securities purchased through China Connect will be subject to a 10 per cent. withholding tax. However, the ChinaConnect Tax Circular does not specify an expiry date for such income tax exemption and there can be no assurance that tax will not be payable in the future as a result of any change in applicable laws, treaties, rules or regulations or the interpretation thereof. CNY Exchange Risk: CNY is currently not a freely convertible currency. It is subject to foreign exchange control policies and repatriation restrictions imposed by the PRC central government. Any holding or investment in CNY or CNY-related products may be subject to exchange rate risks (including, but not limited to, lower liquidity and higher volatility) which are less common with respect to freely convertible currencies. The rate of exchange of CNY may fluctuate suddenly, unpredictably and significantly, according to the currency policy adopted from time to time by the PRC government.These fluctuations may adversely affect the amount and the value of the investor’s holdings or any payments due to the investor or any payments required to be made by the investor in relation to any investment. In addition, if the investor’s reference currency is not CNY, changes in the relative value of CNY to the investor’s reference currency will impact the value of CNY holdings and investments to the investor. Foreign exchange rates tend to change suddenly and unpredictably, sometimes by significant amounts.

Fund Management Platform The team from Hong Kong, Shenzhen and Singapore has experience in investment banks, hedge funds, public funds and state-owned investment platforms, and understands that fund managers need to maintain 100% focus on projects. Our middle and back office systems can provide fund managers with fast, efficient and cost-effective solutions in the establishment, compliance and operation, helping you focus on clients and investment decisions, and earn returns through your own efforts. **SilkyWater will not hold any equity interest in your business. Fund Platform vs Self-Application Time Fund platform Self-application 1-2 months to establish the main body of the fund 6-18 months (depending on the regulator) By asset size <0.5% Office, responsible personnel, compliance, audit, fund costs Cost Break Even Point USD $10 million USD $50 million (subject to cost specifications) The advantages of SW Hong Kong, Shenzhen and Singapore are connected More than $800 million Professional I.T, compliance in the background system Covering the network of Chinese and foreign investment banks and securities firms SW team was established structure Decimal place Cayman Islands BVI Hong Kong Singapore Structure Stand Alone Fund Cayman SPC BVI SPC Hong Kong Limited Partnership Fund ⁠Hong Kong OFC Singapore VCC/13X scheme Strategy Fixed Income Long Short Equity Managed Account CTA Private Equity Multi-Strategy Fund of Fund Real Estate Crypto

Family Inheritance Family succession planning is an important responsibility of the Family Office, designed to ensure that wealth is passed on smoothly to future generations and to meet the long-term family vision. 01 Establishment of a family trust 02 Tax planning Trust structure: A trust is a common family succession tool used to ensure that wealth is distributed according to the family's wishes. Trusts can be designed to pass down generations and effectively protect assets from liabilities or legal risks. Trustees and trustees: It is essential to select trusted and competent trustees to manage and distribute trust assets, which may include professional trust companies or family members. Estate tax and gift tax: Estate tax and gift tax policies vary in different countries and regions, and family succession planning should include adequate tax planning to minimize tax burdens. Setting up a family trust or making a gift of assets when appropriate can effectively reduce tax risk. Cross-border tax considerations: When family members are spread across different countries, cross-border tax planning is crucial. Family offices need to be familiar with tax laws in multiple countries to avoid double taxation or excessive tax burdens. 03 Asset allocation and governance framework Asset distribution Plan: Establish a clear asset distribution plan to ensure that each family member clearly understands his or her share of the family wealth and inheritance rights. This helps to reduce disputes and preserve family harmony. Governance structure: Establish a family governance structure to ensure the effective management of wealth. Family members can set up a family committee or board of directors to participate in important financial decisions and ensure that family members are involved together. 04 Family Charter and heritage of values Family Charter: A family charter sets out the family's core values, heritage vision, and asset management principles. It is a non-legal document designed to maintain family values and unity for generations to come. Education and inheritance: Ensure that future generations understand the history and management responsibilities of family wealth, and provide them with the necessary financial knowledge and skills to help them responsibly take on future management responsibilities. 05 Asset diversification and preservation 06 Charity and social responsibility Long-term investment strategy: Through reasonable asset allocation and diversified investment strategies, to ensure the long-term stable appreciation of family wealth. This includes equity investments, real estate, fixed income products and other alternative assets (such as private equity and hedge funds). Insurance instruments: Life insurance, estate insurance and other instruments can be used as part of succession planning to provide additional sources of funds for family members and help mitigate financial risks. If the family has a charitable vision, it can set up a charitable fund or charitable trust in the family succession plan, which not only helps to reduce the tax burden, but also reflects the family's social responsibility and values. 07 The family business Business succession Plan: If the family owns the business, it is necessary to develop a business succession plan that specifies the selection of successors, the management structure of the business and the allocation of equity. Professional manager involvement: Where necessary, professional managers can be brought in to assist in the management of the family business and ensure that the business can maintain stability and growth during the succession process. The core of family succession planning is to ensure that wealth can continue to increase in value and be passed on effectively in the future, while also focusing on the harmony and common interests of family members. You can make individual adjustments according to the specific situation, so that the family succession plan can meet the legal norms and meet the long-term goals of the family.

Disclaimers **Important Information** SilkyWater Asset Management Limited is regulated by the Securities and Futures Commission (hereinafter referred to as the "SFC") in Hong Kong. SilkyWater Asset Management PTE Limited holds a Capital Markets Services (CMS) License under the Singapore Securities and Futures Act (SFA) to conduct regulated activities in Fund Management for accredited and institutional investors. (Both companies are hereinafter referred to as "SilkyWater Asset Management.") This document provides information about SilkyWater Asset Management and its services and products. By continuing to browse any information contained in this document, you acknowledge that you have read, understood, and are bound by the terms and conditions outlined below. This document is provided by SilkyWater Asset Management and has not been reviewed by the SFC or the Monetary Authority of Singapore. **Legal and Sales Restrictions** The information contained in this document is intended for professional investors only. "Professional investors" are defined under the Securities and Futures Ordinance (Chapter 571) and its subsidiary legislation, as well as the Securities and Futures (Classes of Investors) Regulations 2018 and the Monetary Authority of Singapore's (MAS) requirements for Accredited Investors. If you are not a "professional investor," please do not agree to this disclaimer. The information contained in this document is not intended to be distributed to any person in any jurisdiction where SilkyWater Asset Management or any of its members would require a license or registration to publish such information, or where the publication of such information is restricted. 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