Jingzhu Development Divests Real Estate Development Business to Controlling Shareholder; Stock Hits Daily Limit in Advance

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China Economic Net Beijing, March 16 — Jing投 Development (600683.SH) announced yesterday a tentative notice regarding a major asset sale and related-party transaction, stating that the company plans to transfer assets and liabilities related to its real estate development business to its controlling shareholder, Beijing Infrastructure Investment Co., Ltd. (hereinafter referred to as “Jing投 Company”). As of today’s close, Jing投 Development hit the daily limit, closing at 9.64 yuan, up 10.05%.

This major asset sale and related-party transaction (hereinafter referred to as “this matter”) is planned to be paid in cash, does not involve issuing shares, does not affect the company’s equity structure, and will not result in a change of the company’s controlling shareholder. Jing投 Development expects to disclose relevant plans or reports (drafts) within six months from the date of this notice.

Based on preliminary research and calculations, this matter is expected to constitute a major asset reorganization as defined by the “Administrative Measures for Major Asset Restructuring of Listed Companies.”

The counterparty to this transaction is the company’s controlling shareholder. According to the “Shanghai Stock Exchange Stock Listing Rules” and other relevant regulations, this constitutes a related-party transaction.

Jing投 Development notes that this matter is still in the planning stage, and the transaction plan requires further verification and negotiation. Necessary internal and external decision-making and approval procedures are still to be completed. The company has not yet signed any letter of intent with the counterparty regarding this matter.

Jing投 Development states that there are significant uncertainties surrounding this matter. According to the “Guidelines for Self-Regulation of Listed Companies on the Shanghai Stock Exchange No. 4 — Suspension and Resumption of Trading,” the company’s stock will not be suspended. The company will disclose information in a timely manner based on the progress of this matter.

Jing投 Development also mentions that the specific scope of this matter still needs further negotiation and confirmation between the parties. The planned payment method is cash, not involving share issuance, and will not affect the company’s equity structure or cause a change in the controlling shareholder.

The company states that the transaction price for this matter has not yet been determined. The final price will be based on the valuation conducted by state-owned asset supervision and administration departments or other authorized entities. The company will organize intermediaries to conduct audits, evaluations, and other necessary work in accordance with relevant regulations from the China Securities Regulatory Commission and the Shanghai Stock Exchange. This matter still requires approval from the company’s board of directors and shareholders’ meeting.

As of September 30, 2025, Jing投 Company holds 40% of the company’s shares, making it the controlling shareholder.

Additionally, on the same day, Jing投 Development disclosed an announcement regarding abnormal fluctuations in its stock trading. The company’s stock prices on March 11, 12, and 13, 2026, experienced cumulative deviations exceeding 20% over three consecutive trading days, which qualifies as abnormal trading fluctuations according to the “Shanghai Stock Exchange Trading Rules.”

Jing投 Development states that after self-inspection and written verification from Jing投 Company, its controlling shareholder, as of the disclosure date, aside from the announced major asset sale and related-party transaction, there are no other major matters or risks that need to be disclosed but have not yet been disclosed.

Before the disclosure of this major asset sale and related-party transaction, on the last three trading days—March 11, 12, and 13, 2026—Jing投 Development’s stock increased by 2.19%, 6.70%, and 10.05%, respectively.

(Responsible Editor: Ma Xin)