BY HAND
手工

25 June 2025 Our Ref:RN/TAP/H28046
2025 年 6 月 25 日 我方参考号：RN/TAP/H28046

Global Bacchus Limited
全球巴克修斯有限公司

c/o Vistra(BVI)Limited
Vistra(BVI)有限公司代理

Vistra Corporate Services Centre
维斯特拉企业服务中心

Wickhams Cay ll Road Town
威克汉姆凯 2 号路镇

Tortola VG1110
托尔托拉 VG1110

British Virgin Islands
英属维尔京群岛

Dear Sirs
尊敬的先生们

RE:HCCW 202/2025 IN THE MATTER OF SECTION 724(1)OF THE COMPANIES ORDINANCE(CAP.622)AND SECTION 327(3)(C)OF THE COMPANIES (WINDING UP AND MISCELLANEOUS PROVISIONS)ORDINANCE(CAP.32)AND IN THE MATTER OF HUAFANG GROUP INC.(花房集团公司)BETWEEN WONG KWONG MIU
关于 HCCW 202/2025 事项，涉及《公司法》第 724(1)条（第 622 章）及《公司法（清盘及杂项条款）条例》第 327(3)(C)条（第 32 章），以及涉及花房集团公司（花房集团公司）与王广苗之间的争议

V.PEPPER BLOSSOM LIMITED,GLOBAL BACCHUS LIMITED AND HUAFANG GROUPINC .(花房集团公司)
V.PEPPER BLOSSOM LIMITED,GLOBAL BACCHUS LIMITED 及花房集团公司（花房集团公司）

We enclose,by way of service on you,the following documents:
我们通过服务方式向您附上以下文件：

1.A sealed copy of the Petition filed on 8 April 2025;
1.2025 年 4 月 8 日提交的请愿书的密封副本；

2.A sealed copy of Order dated 28 April 2025;and
2.2025 年 4 月 28 日签发的命令的密封副本；以及

3.A sealed copy of Order dated 11 June 2025.
3.2025 年 6 月 11 日签发的命令的密封副本。

Please note that the adjourned hearing of the said Petition is schedule to take place on 13 August 2025 at 10:30 a.m.before Master in Court sitting at the High Court Building,38 Queensway,Hong Kong.
请注意，所述请愿案的延期审理定于 2025 年 8 月 13 日上午 10:30 在香港高等法院大楼 38 号皇后大道的法院法官前进行。

Please acknowledge service of the documents referred to above by signing the enclosed
请签署随附文件，以确认上述文件的服务

copy of this letter.
这封信的副本。

Yours faithfully
此致

Nalkuw

WALKERS
行者

Walkers
行者

171 Main Street,POBox 92,Road Town Tortola,British Virgin Islands,VG1110

T+12844942204F+12844945535 www.walkersglobal.com

Bermuda |British Vingin slands |Cayman slands |Dubai |Guernsey |Hong Kong lreland Jesey [London |Singapore
百慕大 |英属维尔京群岛 |开曼群岛 |迪拜 |根西岛 |香港 |爱尔兰 |泽西岛 [伦敦 |新加坡

BY HAND
手写

25 June 2025 Our Ref:RN/TAP/H28046
2025 年 6 月 25 日 我方参考号：RN/TAP/H28046

Global Bacchus Limited
全球巴克勒斯有限公司

c/o Vistra(BVI)Limited

Vistra Corporate Services Centre

Wickhams Cay Ⅱ Road Town

Tortola VG1110

British Virgin Islands
英属维尔京群岛

Dear Sirs
敬启者

RE:HCCW 202/2025 IN THE MATTER OF SECTION 724(1)OF THE COMPANIES ORDINANCE(CAP.622)AND SECTION 327(3)(C)OF THE COMPANIES (WINDING UP AND MISCELLANEOUS PROVISIONS)ORDINANCE(CAP.32)AND IN THE MATTER OF HUAFANG GROUP INC.(花房集团公司)BETWEEN WONG KWONG MIU V.PEPPER BLOSSOM LIMITED,GLOBAL BACCHUS LIMITED AND HUAFANG GROUP INC.(花房集团公司)
关于 HCCW 202/2025 案，涉及《公司法》第 724(1)条（第 622 章）及《公司法（清算及其他规定）条例》第 327(3)(C)条（第 32 章），以及涉及花房集团公司（花房集团公司）一案，涉及王广茂先生、胡椒花有限公司、全球巴克斯有限公司与花房集团公司（花房集团公司）

We enclose,by way of service on you,the following documents:
随函附上以下文件供您查阅：

1.A sealed copy of the Petition filed on 8 April 2025;
1.2025 年 4 月 8 日提交的请愿书的密封副本；

2.A sealed copy of Order dated 28 April 2025;and
2.2025 年 4 月 28 日签发的命令的密封副本；以及

3.A sealed copy of Order dated 11 June 2025.
3.2025 年 6 月 11 日签发的命令的密封副本。

Please note that the adjourned hearing of the said Petition is schedule to take place on 13 August 2025 at 10:30 a.m.before Master in Court sitting at the High Court Building,38 Queensway,Hong Kong.
请注意，所述请愿案的延期审理定于 2025 年 8 月 13 日上午 10:30 在香港高等法院大楼 38 号皇后大道的法院法官前举行。

Please acknowledge service of the documents referred to above by signing the enclosed copy of this letter.
请签署随信附上的本函副本，以确认上述文件的服务。

Yours faithfully
此致

Nalkeu

WALKERS

Walkers
步行者

171 Main Street,PO Box 92,Road Town Tortola,Bitish Virgin Islands,VG1110
171 主街,PO 箱 92,罗德镇托尔托拉,英属维尔京群岛,VG1110

T+12844942204 F+12844945535 www.walkersglobal.com

Bermuda British Virgin slands |Cayman Islands|Dubai|Guersey |Hong Kong lreland|Jersey London|Singapore
百慕大英属维尔京群岛|开曼群岛|迪拜|根西岛爱尔兰|泽西伦敦|新加坡

Walkers
步行者

BY HAND
手工

25 June 2025
2025 年 6 月 25 日

Served on: Globol Bacchus winus wmulk
送达至：Globol Bacchus winus wmulk

Served at: cloVistra(BYI)limiteded Road Town,Tortola
服务地址：cloVistra(BYI)有限公司 道恩镇，托尔托拉岛

Time of Service: !35Pv Recipient's Signature: 决
服务时间：!35Pv 收件人签名：决

一

Our Ref:RN/TAP/H28046
我方参考号：RN/TAP/H28046

Name &Position
姓名及职位

Global Bacchus Limited
全球巴克思有限公司

c/o Vistra(BVI)Limited
Vistra(BVI)有限公司代理

Vistra Corporate Services Centre
Vistra 企业服务中心

Wickhams Cay ll Road Town
威克汉姆岛 ll 路镇

Tortola VG1110
托尔托拉 VG1110

British Virgin Islands
英属维尔京群岛

Dear Sirs
敬启者

RE:HCCW 202/2025 IN THE MATTER OF SECTION 724(1)OF THE COMPANIES ORDINANCE(CAP.622)AND SECTION 327(3)(C)OF THE COMPANIES (WINDING UP AND MISCELLANEOUS PROVISIONS)ORDINANCE(CAP.32)AND IN THE MATTER OF HUAFANG GROUP INC.(花房集团公司)BETWEEN WONG KWONG MIU V.PEPPER BLOSSOM LIMITED,GLOBAL BACCHUS LIMITED AND HUAFANG GROUP INC.(花房集团公司)
关于 HCCW 202/2025 事项，涉及《公司法》第 724(1)条（第 622 章）及《公司法（清算及其他规定）条例》第 327(3)(C)条（第 32 章），以及花房集团公司（Huafang Group Inc.）之间，王广苗（Wong Kwong Miu）先生、胡椒花蕾有限公司（Pepper Blossom Limited）、全球巴克斯有限公司（Global Bacchus Limited）与花房集团公司（Huafang Group Inc.）

We enclose,by way of service on you,the following documents:
随函附上，供贵方查阅以下文件：

1.A sealed copy of the Petition filed on 8 April 2025;
1.2025 年 4 月 8 日提交的封存诉状副本；

2.A sealed copy of Order dated 28 April 2025;and
2.2025 年 4 月 28 日签发的封存命令副本；及

3.A sealed copy of Order dated 11 June 2025.
3.2025 年 6 月 11 日签发的封存订单副本。

Please note that the adjourned hearing of the said Petition is schedule to take place on 13 August 2025 at 10:30 a.m.before Master in Court sitting at the High Court Building,38 Queensway,Hong Kong.
请注意，所述请愿案的延期审讯定于 2025 年 8 月 13 日上午 10:30 在香港高等法院大楼 38 号皇后大道的法官面前举行。

Please acknowledge service of the documents referred to above by signing the enclosed
请签署随附文件，以确认上述文件的服务

copy of this letter.
这封信的副本。

Yours faithfully
此致

Nalkeur
纳尔库尔

WALKERS
沃克思

Walkers
沃克思

171 Main Street,PO Box 92.Road Town Tortola,British Virgin Islands,VG1110

T+12844942204 F+12844945535 www.walkersglobal.com

Bermuda |British Virgin Islands |Cayman islands |Dubai |Guernsey|Hong Kong|Ireland |Jersey [London|Singapore
百慕大 |英属维尔京群岛 |开曼群岛 |迪拜 |根西岛|香港|爱尔兰 |泽西岛 [伦敦|新加坡

HCCW 202 /2025

IN THE HIGH COURT OF THE
在高等法院

HONG KONG SPECIAL ADMINISTRATIVE REGION
香港特别行政区

COURT OF FIRST INSTANCE
高等法院

COMPANIES(WINDING-UP)PROCEEDINGS NO. 202 OF 2025
公司（清算）程序第 202 号，2025 年

IN THE MATTER OF section 724(1)of the Companies Ordinance(Cap.622)and section 327(3)(c) of the Companies (Winding Up and Miscellaneous Provisions) Ordinance(Cap.32)
关于《公司法》（第 622 章）第 724(1)条及《公司（清盘及杂项规定）条例》（第 32 章）第 327(3)(c)条事宜

AND
和

IN THE MATTER OF Huafang Group Inc. (花房集团公司)
关于花房集团公司事件

BETWEEN

WONG KWONG MIU and
王广茂和

PEPPER BLOSSOM LIMITED

GLOBAL BACCHUS LIMITED
全球巴克斯有限公司

HUAFANG GROUP INC.(花房集团公司)

Petitioner
申诉人

1t Respondent 2nd Respondent 3rdRespondent
1. 原告 2. 被告 3. 被告

PETITION
申诉

To the High Court of the Hong Kong Special Administrative Region.
香港特别行政区高等法院。

The humble petition of Wong Kwong Miu of 27/F.,Sunshine Plaza,353 Lockhart Road, Wanchai,Hong Kong showeth as follows:-
呈递自香港湾仔 Lockhart Road 353 号阳光广场 27/F 的王国苗的谦卑申诉如下：-

A. THE COMPANY
A. 公司

1. The 3d Respondent,Huafang Group Inc. (花房集团公司)(the“ Company”),was
1. 第三被告，花房集团公司（以下简称“公司”），

incorporated on 1 June 2021 as an exempted company with limited liability under the Companies Laws of the Cayman Islands.
于 2021 年 6 月 1 日根据开曼群岛公司法注册成立，为豁免有限责任公司。

2. The registered office of the Company in its place of incorporation is at P.O.Box31119, Grand Pavilion,Hibiscus Way,802 West Bay Road,Grand Cayman,KY1-1205, Cayman Islands.
2. 公司在其注册地的主要办公地址为：P.O.Box31119, Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, KY1-1205, 开曼群岛。

3. The Company has established a place of business in Hong Kong and is registered under Part 16 of the Companies Ordinance (Cap.622).The Company's principal place of business in Hong Kong is at Room 1915,19/F,Lee Garden One,33 Hysan Avenue, Causeway Bay,Hong Kong.The Company's Hong Kong branch share registrar and transfer office is Tricor Investor Services Limited at 17/F,Far East Finance Centre,16 Harcourt Road,Hong Kong.
3. 公司在香港设立营业场所，并根据《公司条例》（第 622 章）第 16 部分进行注册。公司的主要香港营业场所位于：香港铜锣湾希慎道 33 号希慎广场 19 楼 1915 室。公司的香港分行股东名册注册处和过户处为位于香港中环夏愫道 16 号远东金融中心 17 楼的 Tricor Investor Services Limited。

4. The objects for which the Company was established are as follows:
4. 公司成立的目的如下：

"The objects for which the Company is established are unrestricted and the Company shall have full power and authority to carry out any object not prohibited by the laws of the Cayman Islands.”
公司设立宗旨不受限制，公司应有权并有权执行任何不违反开曼群岛法律的事项。

5. The authorised share capital of the Company is US$200,000 divided into 2,000,000,000 shares ofa nominal or par value of USS0.0001 each.The amount ofissued share capital paid up or credited as paid up is 1,050,702,900 ordinary shares as at 30 October 2024.
5. 公司的授权股本为 200 万美元，分为 2 亿股，每股面值 0.0001 美元。截至 2024 年 10 月 30 日，已发行并缴足的股本为 10,507,029,000 股普通股。

6. The Company,through its subsidiaries and affiliated companies(collectively,the “Group”),is primarily engaged in the business of offering video-and audio-based entertainment and social networking services to users in the People's Republicof China (the“ PRC ”).Currently,the Group’s diversified product matrix,consisting of over 10 domestic and overseas products including Huajiao Live,6.cn,HOLLA,Monkey and others,has collectively served hundreds of millions of users worldwide.
6. 公司通过其子公司和关联公司（统称为“集团”）主要从事向中华人民共和国（“中国”）用户提供基于视频和音频的娱乐和社交网络服务。目前，集团的多元化产品矩阵，包括花教直播、6.cn、HOLLA、猴子等 10 多个国内外产品，已为全球数亿用户提供服务。

7. The Company was incorporated to act as the holding company and listing vehicle of the Group.The Company holds its equity interest in its PRC subsidiaries through
7. 公司成立是为了作为集团的控股公司和上市平台。公司通过

Liuhua HK Limited(六花香港有限公司)(“Liuhua HK”),a wholly owned subsidiary of the Company.Liuhua HK was incorporated in Hong Kong on 10 June 2021 and its principal activity is investment holding.As for affiliated companies in the PRC which the Company does not hold an equity interest in,the Company entered into certain contractual arrangements to exercise control over the business operations of those companies and to enjoy all the economic interests derived by them.
六花香港有限公司（"六花香港"），是公司的全资子公司。六花香港于 2021 年 6 月 10 日在香港成立，其主要活动是投资控股。对于公司在中华人民共和国的附属公司，公司不持有股权的，公司通过签订某些合同安排来控制这些公司的业务运营，并享有由这些公司产生的所有经济利益。

8. The Company's shares were listed on the Main Board of the Stock Exchange of Hong Kong Ltd Limited(the “Stock Exchange”)from 12 December 2022 to 16 December 2024.
8. 公司的股票于 2022 年 12 月 12 日至 2024 年 12 月 16 日在香港交易所主板上市（"交易所"）。

B. THE OTHER PARTIES AND RELEVANT PERSONS
B. 其他方和相关人士

9. The Petitioner is a registered shareholder of the Company,holding 41,778,636 ordinary shares(approximately 3.98%of the Company's issued shareholding).
9. 申请人是一家注册股东，持有 4177 万 8363 股普通股（约占公司已发行股份的 3.98%）。

10. The 1St Respondent is a company incorporated in the British Virgin Islands.Prior to the listing of the Company's shares on the Stock Exchange,the 1⁵t Respondent held approximately 38.21%of the Company's total issued share capital. After the Company's listing,and at the present time,the 18Respondent is believed to be holding approximately 36.46%of the Company's total issued share capital.
10. 第 1 被告是英属维尔京群岛注册的公司。在该公司股票上市之前，第 1 被告持有该公司约 38.21%的总发行股本。在该公司上市后，截至目前，第 1 被告据信持有该公司约 36.46%的总发行股本。

11. The 1St Respondent is under the control and indirect ownership of Mr.Zhou Hongyi ("Mr.Zhou" ).At all material times,Mr.Zhou was(and still is)the Chairman of the board of the directors,and a non-executive director,of the Company.Mr.Zhou was defined in the Company's listing prospectus as,"our chairman of the Board,non- executive Director and our controlling shareholder".
11. 第 1 被告受周红毅先生（“周先生”）的控制和间接拥有。在所有重要时间点，周先生（并且仍然是）是公司董事会的主席，也是公司的非执行董事。周先生在公司上市招股书中被定义为，“我们的董事会主席、非执行董事和我们的控股股东”。

12. The 2nd Respondent is a company incorporated in the British Virgin Islands.Prior to the listing of the Company's shares on the Stock Exchange,the 2nd Respondent held approximately 37.06%of the Company's total issued share capital.After the Company's listing,and at the present time,the 2n Respondent is believed to be holding approximately 35.35%of the Company's total issued shares.
12. 第 2 被告是英属维尔京群岛注册的公司。在该公司股票上市之前，第 2 被告持有该公司约 37.06%的总发行股本。在该公司上市后，截至目前，第 2 被告据信持有该公司约 35.35%的总发行股份。

13.The 2nd Respondent is wholly owned and under the control of Songcheng Performance Development Co.,Ltd.(宋城演兿發展股份有限公司)(“Songcheng Performance”), a company incorporated in the PRC and listed as an A-share company on the Shenzhen Stock Exchange(with the stock code 300144).Songcheng Performance is defined in the Company's listing prospectus as,inter alia,"a controlling shareholder”of the Company.
13. 第二被告全资控股宋城演兿發展股份有限公司（宋城演兿發展股份有限公司）（“宋城演兿”），该公司在中国注册成立并在深圳证券交易所上市（股票代码 300144）。宋城演兿在公司上市招股书中被定义为，除其他外，“公司的控股股东”。

14. As to Mr.Zhou and Songcheng Performance being the Company's controlling shareholders,both before and after the Company's listing,the Company's listing prospectus states (at page 320):
14. 关于周先生和宋城演兿作为公司控股股东，在公司上市前后，公司的招股书在第 320 页陈述：

“OUR CONTROLLING SHAREHOLDERS
“我们的控股股东

As of the Latest Practicable Date,Mr.Zhou Hongyi(周鴻違)(“Mr.Zhou”) , through control of Pepper Blossom Limited [i.e.the 1t Respondent]by his majority-owned entities including Blossom Eternity Limited,Blossom Growth Limited,Blossom Glory Limited (together with Mr.Zhou, "Mr.Zhou
截至最近实际可行日期，周鸿違（“周先生”）通过其控股的胡椒花有限公司[即第一被告]的多数股权实体，包括永恒花有限公司、成长花有限公司、荣耀花有限公司（与周先生一起，“周先生”）

Group”),and the voting proxy in respect of the voting rights in Pepper Blossom Limited granted by Blossom Deluxe Holdings Limited to Blossom Glory Limited,was entitled to exercise approximately 38.21%of voting rights at general meetings of our Company,and Songcheng Performance,through control of its wholly-owned subsidiary Global Bacchus Limited [i.e.the 2nd Respondent],was entitled to exercise approximately 37.06%of voting rights at general meetings of our Company.
集团（“周集团”），以及由 Blossom Deluxe Holdings Limited 授予 Blossom Glory Limited 的胡椒花有限公司的投票权委托书，有权在公司股东大会和宋城演艺的股东大会上行使约 38.21%的投票权，通过控制其全资子公司 Global Bacchus Limited（即第二被告），有权在公司股东大会上行使约 37.06%的投票权。

Immediately after the completion of the Capitalization Issue and the Global Offering(assuming no exercise of the Over-allotment Option and without taking into account any option granted under the Pre-IPO Share Option Scheme),Mr.Zhou Group will be entitled to exercise approximately 36.46%of voting rights at general meetings of our Company,and Songcheng Performance, through control of Global Bacchus Limited,will be entitled to exercise approximately 35.35%of voting rights at general meetings of our Company.
在资本化发行和全球发售完成后（假设不行使超额配售权，且不考虑任何根据 IPO 前股权激励计划授予的期权），周集团有权在公司股东大会上行使约 36.46%的投票权，而宋城演艺通过控制 Global Bacchus Limited，有权在公司股东大会上行使约 35.35%的投票权。

Since Mr.Zhou Group and Songcheng Performance will be entitled to exercise more than 30%of voting rights at general meetings of our Company following
由于周集团和宋城演艺将有权在公司股东大会上行使超过 30%的投票权，因此

the completion of the Capitalization Issue and the Global Offering,respectively, Mr.Zhou Group and Songcheng Performance will continue to be regarded as our controlling shareholders as defined under the Listing Rules upon the Listing."
完成资本化问题和全球发行后，分别，周氏集团和宋城演艺将继续被视为根据上市规则定义的我们的控股股东，并在上市时。

15. At the material times,the board of directors of the Company consisted of only one executive director,being Ms.Yu Dan,who was(and still is)also the Company's Chief Executive Officer,and a number of non-executive directors,including:
15. 在重要时间点，公司的董事会仅由一名执行董事组成，即余丹女士，她当时（现在仍然是）也是公司的首席执行官，以及多名非执行董事，包括：

(1) Mr.Zhou himself,who was (and still is)Chairman of the board of directors
(1) 周先生本人，当时（现在仍然是）董事会主席

(2) Mr.Chen Shengmin who,according to the Company's listing prospectus,was also the chief financial officer of Songcheng Performance.
(2) 陈胜民先生，根据公司的招股说明书，他当时也是宋城演艺的首席财务官。

(3) Mr.Zhao Dan.
(3) 赵丹先生。

16. According to the Company's listing prospectus:
16. 根据公司招股说明书：

(1) Mr.Zhou was also a director and chairman of the board of directors of 360 Digitech,Inc.(now known as Qifu Technology,Inc.)(“360 Digitech”)since July 2016 and September 2018 respectively.
(1) 周先生自 2016 年 7 月至 2018 年 9 月期间，同时担任 360 数字科技（现更名为奇夫科技有限公司）（“360 数字科技”）的董事和董事长。

(2) Mr.Zhou held approximately 14.3%of 360 Digitech’s shareholding as of 30 September 2022.
(2) 截至 2022 年 9 月 30 日，周先生持有 360 数字科技约 14.3%的股份。

(3) Mr.Zhou held approximately 30.76%of the shareholding of 360 Ludashi Holdings Limited(“360 Ludashi”)as of 30 June 2022.
(3) 截至 2022 年 6 月 30 日，周先生持有 360 路达控股有限公司（“360 路达”）约 30.76%的股份。

(4) Mr.Chen Shengmin was nominated by Songcheng Performance as a non- executive director of members of the Group.
(4) 陈胜民先生由宋城演艺提名为集团非执行董事。

(5) Mr.Zhao Dan was also a director of 360 Digitech since May 2020,and a non- executive director of 360 Ludashi since June 2020.
(5) 赵丹先生自 2020 年 5 月起也是 360 数科董事，自 2020 年 6 月起为 360 路达非执行董事。

17. Mr.Zhou,Mr.Chen Shengmin and Mr.Zhao Dan are not,therefore,independent directors of the Company,but are the nominees of or otherwise are affiliated with the 1st and/or 2nd Respondents.
17. 因此，周先生、陈胜民先生和赵丹先生并非公司的独立董事，而是第一和/或第二被告的提名人或具有其他关联关系。

C. BACKGROUND
C. 背景

18. On 12 December 2022,the Company's shares were listed on the Main Board of the Stock Exchange with the stock code 3611.
18. 2022 年 12 月 12 日，公司股票在证券交易所主板上市，股票代码为 3611。

19. On or around 1 February 2023,the Petitioner acquired 41,778,636 shares in the Company.
19. 2023 年 2 月 1 日左右，申请人收购了该公司 4,177,863,6 股股份。

20. On or around 31 March 2023,the Company published an announcement stating,inter alia,the following:
20. 2023 年 3 月 31 日左右，该公司发布公告，其中提到，除其他事项外：

(1) "the auditing process for the annual consolidated financial statement of the Group for the year ended December 31,2022 has not been completed by the Company's auditor,KPMG,as of the announcement date as the Company needs additional time to provide relevant documents required by the Company's auditor for certain bank accounts which have been frozen”;
(1) “截至公告日，该公司审计师 KPMG 尚未完成截至 2022 年 12 月 31 日止年度合并财务报表的审计过程，因为该公司需要额外时间提供其审计师要求的相关文件，用于某些已被冻结的银行账户”；

(2) “As a result,the Company is unable to publish the audited consolidated final results for the year ended December 31,2022 which shall have been agreed with the Company's auditor (the "2022 Audited Annual Results")by March 31, 2023 in accordance with Rules 13.49(1)and 13.49(2)of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Stock Exchange")(the "Listing Rule")”;
(2) “因此，该公司无法根据香港联合交易所上市规则第 13.49(1)条和第 13.49(2)条的规定，于 2023 年 3 月 31 日之前发布经审计的截至 2022 年 12 月 31 日止年度合并最终结果（该公司审计师已同意的“2022 年经审计年度报告”）（“上市规则”）。”

(3) "Pursuant to Rule 13.50 of the Listing Rules,the Stock Exchange will normally require suspension of trading in an issuer's securities if an issuer fails to publish periodic financial information in accordance with the Listing Rules,and the suspension will normally remain in force until the issuer publishes an announcement containing the requisite financial information.At the request of the Company,trading in the shares ofthe Company on the Stock Exchange wil be suspended with effect from 9:00 a.m.on April 3,2023 until the publication of the announcement in relation to the 2022 Audited Annual Results by the Company”
(3) 根据《上市规则》第 13.50 条，若发行人未按照《上市规则》发布定期财务信息，交易所通常会要求暂停发行人的证券交易，且暂停状态通常持续至发行人发布包含必要财务信息的公告为止。应公司要求，公司于 2023 年 4 月 3 日上午 9:00 起暂停在交易所的股票交易，直至公司发布关于 2022 年经审计年度结果的公告。

21. Consequently,trading in the Company's shares on the Stock Exchange was suspended at 9:00 a.m.on 3 April 2023-less than 4 months after the Company's shares had been listed.On that date,the Company's share price closed at HK$2.30 per share.
21. 因此，公司股票在交易所的交易于 2023 年 4 月 3 日上午 9:00 暂停，距离公司股票上市不足 4 个月。在该日期，公司股价收于每股 2.30 港元。

22. No information concerning the “certain bank accounts which have been frozen”was provided in the above announcement.Subsequently,on 25 April 2023,the Company published an announcement stating,inter alia:
22. 上述公告中未提供有关“被冻结的某些银行账户”的信息。随后，在 2023 年 4 月 25 日，公司发布了一项公告，其中提到，除其他外：

“As of the date of this announcement,the aggregate cash amount of the frozen accounts of the Group(the "Frozen Accounts")was approximately RMB136.1 million.Certain authorities in the PRC also initiated an investigation on an investee company in which the Group holds 25%equity interest(the "Investigation"),which involves the Frozen Accounts.As of the date of this announcement,the above Frozen Accounts have not been unfrozen.The Board hereby emphasizes that the operation of the Group remains normal."
截至本公告日期，集团被冻结账户的合计现金金额约为人民币 1.361 亿元。中国某些当局也对集团持有 25%股权权益的某投资公司（“调查”）启动了调查，该调查涉及被冻结账户。截至本公告日期，上述被冻结账户尚未解冻。董事会特此强调，集团运营保持正常。

23. The identity of the aforesaid investee company was not disclosed in the announcement of 25 April 2023 and,to date,has still not been disclosed.
23. 该投资公司的身份未在 2023 年 4 月 25 日的公告中披露，至今仍未披露。

24. On 23 June 2023,the Company published an announcement noting,inter alia,the following:
24. 2023 年 6 月 23 日，公司发布公告，其中特别指出如下内容：

(1) On 19 June 2023,the Company had received a letter from the Stock Exchange setting out certain resumption guidance conditions before trading of the Company's shares would be allowed to resume,being:
(1) 2023 年 6 月 19 日，公司收到证券交易所发出的通知，列明允许公司股票复牌交易前需满足的若干恢复条件，具体为：

(a) publish all outstanding financial results required under the Listing Rules and address any audit modifications;
(a) 发布根据上市规则要求的所有未决财务业绩，并处理任何审计修改；

(b) conduct an appropriate independent investigation,assess the impact on the Company's business operation and financial position,announce the findings and take appropriate remedial actions;
(b) 开展适当的独立调查，评估对公司业务运营和财务状况的影响，公布调查结果并采取适当的补救措施；

(c) conduct an independent internal control review and demonstrate that the Company has in place adequate internal control and procedures to comply with the Listing Rules;
(c) 开展独立内部控制审核，并证明公司已建立充分的内部控制和程序以遵守上市规则；

(d) demonstrate the Company's compliance with Rule 13.24 of the Listing Rules;and
(d) 展示公司遵守上市规则第 13.24 条的情况；和

(e) announce allmaterial information for the Company's shareholders and investors to appraise its position.
(e) 向公司股东和投资者公布所有重大信息，以便他们评估公司的情况。

(2) Under Rule 6.01A of the Listing Rules,the Stock Exchange may cancel the listing of any securities suspended from trading for a continuous period of 18 months.In the case of the Company,this 18-month period would expire on 2 October 2024.
(2) 根据上市规则第 6.01A 条，证券交易所可以取消连续停牌 18 个月的有价证券的上市。对于公司而言，这个 18 个月期限将于 2024 年 10 月 2 日到期。

(3) If the Company failed to remedy the issues causing its trading suspension,fulfil the resumption guidance conditions,fully comply with the Listing Rules to the Stock Exchange's satisfaction and resume trading in its shares by 2 October 2024,the Listing Division of the Stock Exchange would recommend that the Listing Committee of the Stock Exchange proceed with the Company's delisting.
(3) 如果公司未能解决导致其停牌的问题，满足复牌指引条件，完全遵守证券交易所的满意程度，并在 2024 年 10 月 2 日前恢复其股票交易，证券交易所的上市部将建议证券交易所上市委员会推进公司的退市程序。

25. On 25 July 2023,the Company published an announcement that it had tendered approximately RMB155 million to the PRC government authority investigating the aforesaid investee company,and that the Frozen Accounts (of approximately RMB136.1 million)had consequently been released.
25. 2023 年 7 月 25 日，公司发布公告称，已向调查上述被投资公司的中国政府主管部门投标约 1.55 亿元人民币，并因此解冻了（约 1.361 亿元人民币的）冻结账户。

26. On 3 August 2023,the Company published an announcement noting KPMG(the Company's then auditor)has tendered its resignation as the auditor with effect from 3 August 2023;and that on 30 March 2023,KPMG notified the Board and the audit committee that it was unable to assess the impact of the Investigation on the financial results and business operation of the Group and it requested for an independent investigation on such matter.In its letter dated 24 July 2023,KPMG requested the Company to provide the following information and/or supporting documents by 30 July 2023:(i)the independent investigation report issued by an independent investigation consultant in relation to the Frozen Accounts including (inter alia)the reason for the Frozen Accounts,effectiveness of the internal control system,the progress of the Frozen Accounts,the analysis of the impact of the Frozen Accounts on the Group's business and financial performance,and the assessment on the independent
26. 2023 年 8 月 3 日，公司发布公告，指出 KPMG（公司当时的审计师）自 2023 年 8 月 3 日起辞去审计师职务；并且，2023 年 3 月 30 日，KPMG 通知董事会和审计委员会，其无法评估调查对集团财务成果和业务运营的影响，并请求就此事进行独立调查。在其 2023 年 7 月 24 日的信函中，KPMG 要求公司于 2023 年 7 月 30 日前提供以下信息和/或支持文件：(i)由独立调查顾问就冻结账户发布的独立调查报告，包括（但不限于）冻结账户的原因、内部控制系统的有效性、冻结账户的进展、冻结账户对集团业务和财务绩效的影响分析，以及对独立调查的评估。

investigation consultant's qualification and competence and the investigation procedure undertaken by the independent investigation consultant;(ii)the results of the investigation;and (iii)the external lawyer's analysis on the legal consequences of the Frozen Accounts,and its legal opinion on the compliance of the Group's relevant operation.The announcement stated that KPMG had by letter dated 3 August 2023 stated that the management of the Company had not provided the requested information,explanations and/or supporting documents to KPMG,and that KPMG was accordingly unable to proceed further with its audit and had decided to resign as auditor with effect from 3 August 2023.
调查顾问的资格和能力以及独立调查顾问进行的调查程序；(ii)调查结果；以及(iii)外部律师对冻结账户法律后果的分析及其对集团相关运营合规性的法律意见。公告称，毕马威通过 2023 年 8 月 3 日的信函表示，公司管理层未向毕马威提供要求的资料、解释和/或支持文件，因此毕马威无法继续进行审计，并决定自 2023 年 8 月 3 日起辞去审计师职务。

27. On 17 August 2023,the Company published an announcement stating that the Board has resolved to appoint Mazars CPA Limited as the new auditor of the Company,with effect from 17 August 2023.
27. 2023 年 8 月 17 日，公司发布公告称，董事会已决议任命玛滋斯会计师事务所有限公司为公司新的审计师，自 2023 年 8 月 17 日起生效。

28. On 31 August 2023,the Company published another announcement indicating that it had appointed an external and independent accounting firm(the "Independent Investigator")to,inter alia,conduct an independent investigation and to conduct an internal control review into the Frozen Accounts.
28. 2023 年 8 月 31 日，公司发布另一则公告，表明已任命一家外部独立会计师事务所（“独立调查员”）进行独立调查，并对冻结账户进行内部控制审查。

29. On 23 February 2024,the Company published an announcement noting,inter alia,the following:
29. 2024 年 2 月 23 日，公司发布公告，其中指出，除其他事项外，包括以下内容：

(1) On 18&19 March 2023,4 employees of the aforesaid investee company as well as the Legal Representative of an unidentified subsidiary were subject to “certain criminal compulsory measure taken by the relevant [PRC]government authority on suspicion of certain crime”.
(1) 2023 年 3 月 18 日和 19 日，上述被投资公司的 4 名员工以及一家未指明子公司的法定代表人被采取“相关[中国]政府当局因涉嫌某犯罪而采取的刑事强制措施”。

(2) As of 25 July 2023,all Frozen Accounts had been released and available for daily business operations.
(2) 截至 2023 年 7 月 25 日，所有冻结账户已解冻，可用于日常业务运营。

(3) At the end of September 2023,the criminal investigation phase was completed and the case had entered into the examination and prosecution stage.
(3) 2023 年 9 月底，刑事侦查阶段完成，案件进入审查起诉阶段。

(4) Except for the provision of RMB155 million to the PRC government authority (for the release of the RMB136.1 million in the Frozen Accounts)and the decrease in fair value on the investment in the aforesaid investee company of
(4) 除向中国政府机构提供 1.55 亿元人民币（用于解冻冻结账户中的 1.361 亿元人民币）以及上述被投资公司投资公允价值的减少外，

RMB19 million,the Frozen Accounts have not had any other significant impact on the Company's financial position and business operation.(The impact of the provision ofRMB155 million and decrease in fair value of RMB19million was not,however,stated).
1900 万元，冻结账户对公司的财务状况和业务运营没有产生其他重大影响。（然而，1550 万元准备金的影响和 1900 万元公允价值的减少并未被提及）。

(5) The Independent Investigator was AOGB Professional Consultancy Services Company Limited(“AOGB”).
(5) 独立调查员为 AOGB 专业咨询有限公司（“AOGB”）。

30. On 9 May 2024,the Company published an announcement stating that the Stock Exchange had,in addition to the resumption guidance conditions set out in the announcement dated 23 June 2023(as to which see paragraph 24 above),imposed an additional resumption guidance condition,being:
30. 2024 年 5 月 9 日，公司发布公告称，除公告日期为 2023 年 6 月 23 日所列的恢复指导条件外（见上文第 24 段），证券交易所还施加了另一项恢复指导条件，即：

"demonstrate that there is no reasonable regulatory concern about the integrity, competence or character of the Group's management and/or any persons with substantial influence over the Company's management and operations,which may pose a risk to investors and damage market confidence”.
证明集团管理层以及任何对本公司管理和运营具有重大影响的人的诚信、能力或品格不存在合理的监管关注，这可能对投资者构成风险并损害市场信心。

31. On 31 May 2024,the Company held its 2023 adjourned annual general meeting and
31. 2024 年 5 月 31 日，公司举行了其 2023 年延期年度股东大会并

2024 annual general meeting where it was resolved,inter alia:
2024 年年度股东大会上作出决议，其中包括：

"To give a general mandate to the directors to buy back shares ofthe Company not exceeding 10%of the total number of issued shares of the Company (excluding treasury shares)as at the date of passing of this resolution.”
赋予董事们一项一般授权，以回购公司不超过其已发行股份总数 10%（不包括库存股）的股份，该股份总数以通过本决议的日期为准。

32. On 19 September 2024,the Company published an announcement indicating that:
32. 2024 年 9 月 19 日，公司发布了一项公告，表明：

(1) On 31 August 2023,it had appointed AOGB as the Independent Investigator to assess the impact of the incidents ofthe Frozen Accounts and the Criminal Case on the Company's business operation and financial position.
(1) 2023 年 8 月 31 日，公司已任命 AOGB 为独立调查员，以评估冻结账户事件和刑事案件对公司业务运营和财务状况的影响。

(2) On 19 February 2024,AOGB issued the Investigation Report.Keyfindings of the Independent Investigation are set out in the Company's announcement dated
(2) 2024 年 2 月 19 日，AOGB 发布了调查报告。独立调查的主要发现载于公司日期为

23 February 2024.
2024 年 2 月 23 日。

(3) On 6 May 2024,the Stock Exchange imposed the Additional Resumption Guidance.The Company appointed AOGB as the forensic investigator to conduct the Forensic Investigation.
(3) 2024 年 5 月 6 日，证券交易所实施了补充恢复指引。公司任命 AOGB 为司法调查员，进行司法调查。

(4) On 17 September 2024,AOGB issued its“Forensic Investigation Report” which observed that:
(4) 2024 年 9 月 17 日，AOGB 发布了其《司法调查报告》，其中指出：

(a) On 22 August 2022,the Company became aware that one of its Alipay accounts was frozen on 18 August 2022.
(a) 2022 年 8 月 22 日，公司得知其一个支付宝账户于 2022 年 8 月 18 日被冻结。

(b) On 14 October 2022,the Company became aware that,apart from the Alipay account mentioned in sub-paragraph(a)above,there were additionally 4 Alipay accounts frozen since 18 August 2022.
(b) 2022 年 10 月 14 日，公司得知，除上述(a)项中提到的支付宝账户外，自 2022 年 8 月 18 日起，还有另外 4 个支付宝账户被冻结。

(c) In the evening of 30 November 2022,the Company became aware that
(c) 2022 年 11 月 30 日晚，公司意识到

20 Alipay accounts were frozen on 30 November 2022.
20 个支付宝账户于 2022 年 11 月 30 日被冻结。

(The frozen accounts referred to in sub-paragraphs(a),(b)and(c)above are collectively referred to as the“Pre-IPO Frozen Accounts”).
(上述(a)、(b)和(c)项中提到的冻结账户统称为“上市前冻结账户”）。

(d) On 17 March 2023 and 22 March 2023,the Company became aware that a further 25 Alipay accounts and a bank account,respectively,were frozen on 17March 2023 and 22 March 2023.
(d) 2023 年 3 月 17 日和 2023 年 3 月 22 日，公司意识到另外 25 个支付宝账户和银行账户分别于 2023 年 3 月 17 日和 2023 年 3 月 22 日被冻结。

(e) The above frozen accounts were released and available for daily business operations on 25 July 2023.
(e) 上述冻结账户于 2023 年 7 月 25 日解冻，并可用于日常业务运营。

(f) The “then management team of the Company”(who were unidentified other than the fact that this included Ms.Yu Dan who was the Chief Executive Officer and an executive director),"considered that the freezing of the Pre-IPO Frozen Accounts was not material information which warranted disclosure to the other members of the Board (the “Other Members”)and professional parties involved in the Listing (apart from the ex-auditors of the Company).”As one of the key limitations on the forensicinvestigation,AOGB was unable to interview
(f) 公司的“当时管理层”（除了包括首席执行官兼执行董事余丹女士这一事实外，其余成员身份不明）"认为，IPO 前冻结账户的冻结情况并非重大信息，无需向董事会其他成员（“其他成员”）以及参与上市的专业人士披露（不包括公司的前任审计师）。”作为法医调查的一个关键限制，AOGB 无法采访

the engagement partner responsible for the Group's audit during the listing process.
负责在上市过程中对集团进行审计的参与方。

(g) The Other Members(i.e.Ms.Yu Dan's co-directors)first became aware
(g) 其他成员（即余丹的共同导演们）首先意识到

of the above frozen accounts in around mid to late March 2023.
上述冻结账户大约在 2023 年 3 月中旬至月底。

(h) The Company's listing prospectus issued on 30 November 2022 did not contain reference to the Pre-IPO Frozen Accounts or any on-going investigation.
(h) 公司于 2022 年 11 月 30 日发布的上市招股说明书未提及 IPO 前冻结账户或任何正在进行的调查。

33. On 2 October 2024,the Company published an announcement indicating,inter alia, that it had submitted an updated resumption proposal to the Stock Exchange.No further details were disclosed.There was no report or disclosure of the details ofthe resumption proposal.
33. 2024 年 10 月 2 日，公司发布公告，其中指出，除其他外，公司已向证券交易所提交了更新的复牌方案。未披露更多细节。未有关复牌方案的细节报告或披露。

34. Faced with the lack of transparency and no details of the resumption proposal and the plans by the Company to resume trading of the shares,on 7 November 2024,a group of 9 minority shareholders(including the Petitioner)holding a collective total of 174,607,960 shares(or approximately 16.62%of the Company’s total issued shareholding)(the“9 Minority Shareholders”)sent a letter to the board of directors of the Company requesting that a detailed progress report on the Company's fulfilment of the Stock Exchange's resumption guidance conditions,as well as the Company’s latest trading resumption plan,be provided by 18 November 2024,failing which the 9 Minority Shareholders reserved their right to requisition for the convening of an extraordinary general meeting under Article 12.3 of the Company's articles of association.
34. 面对恢复提案和公司恢复股票交易计划的缺乏透明度和细节，2024 年 11 月 7 日，9 名少数股东（包括原告）持有总计 1,746,079,600 股（约占公司总发行股本的 16.62%）（“9 名少数股东”）向公司董事会发函，要求公司在 2024 年 11 月 18 日前提供公司履行证券交易所恢复指导条件的详细进展报告，以及公司最新的交易恢复计划，否则 9 名少数股东保留根据公司章程第 12.3 条要求召集特别股东大会的权利。

35.No response to the 9 Minority Shareholders'aforesaid letter of7 November 2024 was received.
35. 未收到 9 名少数股东 2024 年 11 月 7 日的上述函件答复。

36. On 29 November 2024,the Company published an announcement noting that:
36. 2024 年 11 月 29 日，公司发布公告，指出：

(1) The Stock Exchange had,by letter dated 29 November 2024,informed the Company that the Listing Committee considered the Company's resumption and listing status on 28 November 2024 and decided to cancel the Company's listing under Rule 6.01A of the Listing Rules because the Company had failed
(1) 证券交易所于 2024 年 11 月 29 日致函公司，称上市委员会认为公司于 2024 年 11 月 28 日的恢复上市状态，并决定根据上市规则第 6.01A 条取消公司的上市资格，因为公司未能

to fulfil all of the resumption guidance conditions set out by the Stock Exchange and to resume trading in its shares by 2 October 2024(the “Decision”).
为满足证券交易所规定的所有恢复交易条件，并使其股票于 2024 年 10 月 2 日恢复交易（“该决定”）。

(2) The Stock Exchange indicated in its letter that,unless the Company applied for a review of the Decision pursuant to Chapter 2B of the Listing Rules,the last day of listing of the Company's shares would be on 13 December 2024,and the listing of its shares would be cancelled with effect from 9:00 a.m.on 16 December 2024.
(2) 证券交易所在其信函中表示，除非公司根据上市规则第 2B 章申请对该决定进行复核，否则公司的股票最后交易日为 2024 年 12 月 13 日，其股票上市将于 2024 年 12 月 16 日上午 9:00 起取消。

(3) The Company was considering whether to submit an application requesting that the Decision be referred to the Listing Review Committee of the Stock Exchange.
(3) 公司正在考虑是否提交申请，要求将决定提交给证券交易所上市复核委员会。

37. On 4 December 2024,the 9 Minority Shareholders sent a letter to the Company requesting,pursuant to Article 12.3 of the Company's articles of association,that the board of directors convene an extraordinary general meeting for all ofthe shareholders to discuss:
37. 2024 年 12 月 4 日，9 位少数股东向公司发函，根据公司章程第 12.3 条，要求董事会召集全体股东特别股东大会，讨论：

(1) The detailed explanation by the board of directors on the reasons for the suspension and the process for resumption.
(1) 董事会就停牌原因及复牌流程的详细说明。

(2) The board of directors filing,on behalf of the Company,an application within the time limit for the review of the Decision and to submit this to the Listing Review Committee.
(2) 董事会代表公司，在规定期限内提交对决定的复审申请，并提交给上市复审委员会。

(3) To add an additional director to the board of directors,appointed by the 9 Minority Shareholders.
(3) 向董事会增补一名由 9 名少数股东任命的董事。

38. No response to the 9Minority Shareholders'letter of 4 December 2024 was received, and no extraordinary general meeting as requested was convened.
38. 未收到 2024 年 12 月 4 日《少数股东信函》的回复，且未按要求召开特别股东大会。

39. On 10 December 2024,the Company published an announcement stating that it had decided not to apply for a review ofthe Decision.No reason or explanation was given for this decision in the said announcement(or at all).
39. 2024 年 12 月 10 日，公司发布公告称已决定不申请复核该决定。在该公告中（或根本）未给出任何决定理由或解释。

40. On 11 December 2024,the Petitioner's solicitors,Iu,Lai&Li,sent a letter to the Stock Exchange(with a copy to the Company)to seek an extension of time for the Company
40. 2024 年 12 月 11 日，原告律师 Iu, Lai & Li 向交易所（并抄送公司）发送信函，要求延长公司的时间

to comply with the resumption guidance conditions and for the Listing Review Committee to review the Decision.This was rejected by the Stock Exchange on 12 December 2024 on the basis,inter alia,that shareholders have no right to commence a review on behalf of the Company
为符合恢复指导条件并供上市审核委员会审查该决定，此举于2024年12月12日被证券交易所拒绝，理由之一是股东无权代表公司发起审查。.

41. On 12 December 2024,the Stock Exchange published an announcement stating that, "The Company failed to fulfill the resumption guidance set by the Exchange and resume trading in its shares by 2 October 2024”,and that,accordingly,the Listing Committee of the Stock Exchange had decided to cancel the listing of the Company's shares.
41. 2024 年 12 月 12 日，证券交易所发布公告称：“公司未能完成证券交易所设定的恢复交易指导，并在 2024 年 10 月 2 日前恢复其股票交易”，据此，证券交易所上市委员会决定取消公司股票的上市。

42. As a result,the listing of the Company's shares was cancelled with effect from 9:00 a.m.on 16 December 2024.
42. 因此，公司股票自 2024 年 12 月 16 日上午 9:00 起被取消上市。

D. UNFAIR PREJUDICE
D. 不公平的歧视

43. The Petitioner avers that:
43. 申诉人声称：

(1) He acquired his shares in the Company after it was listed on the premise and understanding and implied agreement between the Company and the shareholders that the Company's shares will remain listed,and that the Company will take all necessary and appropriate actions to maintain the listing (including lifting any suspension);and would not do any act which would jeopardise the listing status.
(1) 他在公司上市后获得了其股份，基于公司股东之间关于公司股份将保持上市状态，以及公司将采取所有必要和适当的行动来维持上市（包括解除任何停牌）；并且不会采取任何会危及上市状态的行为的先例、理解和隐含协议。

(2) It was the common understanding of all shareholders who acquired their shares in the Company post-listing that the Company would do everything in its power to maintain its listing (including lifting any suspension)or otherwise not jeopardise this in any way
(2) 所有在上市后获得公司股份的股东普遍认为，公司会竭尽全力维持其上市（包括解除任何停牌）或不以任何方式危害这一点.

(3) By obtaining a listing of its shares on the Stock Exchange,the Company implicitly promised all of its shareholders,and there was a common understanding by all of the Company's shareholders,that the Company would do everything in its power to maintain ts isting status and lifting any
(3) 通过在证券交易所获得其股票的上市，公司隐含地承诺了其所有股东，并且公司所有股东都普遍理解，公司将竭尽全力维持其上市地位并消除任何