Shenzhen Jingji Zhino Times Co., Ltd. Progress Announcement on Share Repurchase

MaticHoleFiller · 2026-04-08T03:59:55+00:00

Jingji Zhino Times Co., Ltd. of Shenzhen has announced an update on its share repurchase and hotel management company equity transfer progress. The share repurchase plan has bought back 5.44M shares, amounting to nearly 94.94 million yuan; the transaction period for the equity transfer has been extended by three months to ensure the smooth conduct of related due diligence and to protect the interests of the company's shareholders.

MaticHoleFiller

2026-04-08 03:59:55

Abstract generation in progress

Security code: 000048 Stock short name: Jingji Agrifood Times Announcement No.: 2026-029

Shenzhen Jingji Agrifood Times Co., Ltd.

Progress Announcement on the Repurchase of the Company’s Shares

The Company and all members of the Board of Directors warrant that the content of the information disclosure is true, accurate, and complete, and there are no false records, misleading statements, or material omissions.

I. Basic information on the company’s share repurchase

Shenzhen Jingji Agrifood Times Co., Ltd. (hereinafter referred to as the “Company”) convened the 12th extraordinary meeting of the 11th session of the Board of Directors on December 5, 2025, at which the “Proposal on the Company’s Share Repurchase Plan” was approved. The Company plans to use its own funds and/or self-raised funds to repurchase a portion of the Company’s shares through the Shenzhen Stock Exchange system by centralized bidding, to implement equity incentives or an employee stock ownership plan. The total amount of funds proposed for this repurchase is no less than RMB 10,000 million and no more than RMB 20,000 million. The implementation period for the repurchase shall not exceed 6 months from the date on which the Company’s Board of Directors approves the share repurchase plan. For details, please refer to the “Announcement on the Company’s Share Repurchase Plan” (Announcement No.: 2025-073) disclosed by the Company on December 9, 2025 on the Juchao Information website (www.cninfo.com.cn).

II. Progress of the implementation of the share repurchase

In accordance with relevant provisions such as the “Rules for Share Repurchases of Listed Companies” and “Guidelines No. 9 on Self-Regulatory Supervision for Listed Companies of the Shenzhen Stock Exchange—Repurchase of Shares,” during the repurchase period, the Company shall disclose the repurchase progress as of the end of the previous month within the first three trading days of each month. The repurchase progress of the Company is hereby announced as follows:

As of March 31, 2026, the Company has repurchased 5,438,000 shares of the Company through the Shenzhen Stock Exchange trading system by centralized bidding, representing 1.03% of the Company’s total current share capital. The highest transaction price for the repurchased shares was RMB 19.50 per share, the lowest transaction price was RMB 15.00 per share, and the total transaction amount was RMB 94,463,882 (excluding relevant transaction fees).

This repurchase complies with the relevant laws and regulations and the requirements of the Company’s pre-established share repurchase plan.

III. Other statements

The timing of the Company’s share repurchase this time, the number of shares repurchased, the price of the shares repurchased, the source of funds for the repurchase, and the entrusted time window for the centralized bidding all comply with the relevant provisions of the “Rules for Share Repurchases of Listed Companies,” “Guidelines No. 9 on Self-Regulatory Supervision for Listed Companies of the Shenzhen Stock Exchange—Repurchase of Shares,” and the relevant provisions of the Company’s share repurchase plan.

In the future, the Company will continue to implement this repurchase plan within the repurchase period in accordance with market conditions, and will timely fulfill its information disclosure obligations in accordance with relevant laws, regulations, and normative documents. Investors are kindly requested to pay attention to investment risks.

This announcement is hereby issued.

Shenzhen Jingji Agrifood Times Co., Ltd.

Board of Directors

April 1, 2026

Security code: 000048 Stock short name: Jingji Agrifood Times Announcement No.: 2026-028

Shenzhen Jingji Agrifood Times Co., Ltd.

Progress Announcement on the Proposed Transfer of Equity in a Subsidiary Hotel Management Company

and on Signing a Supplementary Agreement

I. Transaction overview

Shenzhen Jingji Agrifood Times Co., Ltd. (hereinafter referred to as the “Company”) approved the “Proposal on the Proposed Transfer of Equity in a Subsidiary Hotel Management Company” at the 13th extraordinary meeting of the 11th session of the Board of Directors on December 30, 2025. On the same day, the Company entered into a “Letter of Intent on Equity Transfer for Shenzhen Jingji Agrifood Hotel Management Co., Ltd.” (hereinafter referred to as the “Original Agreement”) with Guangdong Chengxi Kehui Investment Holding Co., Ltd. (hereinafter referred to as “Chengxi” or the “Transferee”), and the Company’s wholly-owned subsidiary Shenzhen Jingji Agrifood Hotel Management Co., Ltd. (hereinafter referred to as the “Hotel Management Company” or the “Target Company”). The parties reached an intent regarding the Company’s transfer to Chengxi of 100% equity interest in the Hotel Management Company held by the Company. The foregoing details are set out in the “Announcement on the Proposed Transfer of Equity in the Hotel Management Company” (Announcement No.: 2025-079) disclosed by the Company on December 31, 2025 on the Juchao Information website (www.cninfo.com.cn).

Pursuant to the Original Agreement, all parties intend to complete all work related to the equity transfer, including due diligence on the Target Company, audit, asset appraisal, internal approvals of each party, execution of the formal equity transfer agreement, payment of the consideration, and industrial and commercial registration change procedures, within 3 months after signing the Original Agreement. In accordance with the actual progress of the work, in order to smoothly advance the subsequent related matters, the Company has recently signed a 《Supplementary Agreement to the “Letter of Intent on Equity Transfer Cooperation”》 (hereinafter referred to as the “Supplementary Agreement”) with Chengxi and the Hotel Management Company. The Supplementary Agreement revises the timing arrangement for the transaction.

In accordance with relevant provisions such as the “Rules Governing the Listing of Stocks on the Shenzhen Stock Exchange” and the “Articles of Association,” the signing of the Supplementary Agreement does not constitute a related-party transaction, nor does it constitute a material asset restructuring as defined in the “Measures for the Administration of Major Asset Restructuring of Listed Companies.”

II. Main contents of this Supplementary Agreement

Given that the Target Company is in its initial operation stage, for the convenience of the Transferee to conduct comprehensive business due diligence, assess operating conditions, and analyze future earnings expectations, all parties unanimously agree to extend the transaction timing arrangement stipulated in the Original Agreement by three months (to be terminated on June 30, 2026).
After this Supplementary Agreement takes effect, it constitutes an inseparable part of the Original Agreement. If the provisions of this Supplementary Agreement are inconsistent with those of the Original Agreement, the provisions of this Supplementary Agreement shall prevail. Matters not covered in this Supplementary Agreement shall be governed by the provisions of the Original Agreement. This Supplementary Agreement shall come into existence and take effect after being sealed by all parties. This Supplementary Agreement is executed in three copies; each party holds one copy. Each copy has the same legal effect.

III. Impact of this Supplementary Agreement on the Company

This Supplementary Agreement is determined and executed by all parties after friendly consultation based on their actual circumstances, so as to further ensure the smooth performance of the Original Agreement. The signing of this Supplementary Agreement is conducive to improving the arrangements of the Original Agreement and ensuring that the transaction matters advance steadily. It will not have any material adverse impact on the Company’s financial position or operating results, and there is no situation that would harm the interests of the Company and all its shareholders.

IV. Risk warning

After the signing of this Supplementary Agreement, there remains uncertainty as to whether the relevant matters of this transaction can be completed smoothly within the timeframe agreed in the Supplementary Agreement. The Company will, in light of the subsequent progress of the relevant matters, timely fulfill its information disclosure obligations. Investors are kindly requested to pay attention to investment risks.

V. Documents for inspection

《Supplementary Agreement to the “Letter of Intent on Equity Transfer Cooperation”》

This announcement is hereby issued.

Shenzhen Jingji Agrifood Times Co., Ltd.

Board of Directors

April 1, 2026

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