Huayou Cobalt's controlling shareholder completes pledge of 3.5 million shares, with a total pledge ratio of 44.99%

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Zhejiang Huayou Cobalt Co., Ltd. (stock code: 603799, abbreviated as “Huayou Cobalt”) announced on March 26 that its controlling shareholder, Huayou Holding Group Co., Ltd. (abbreviated as “Huayou Holding”), has recently completed certain share de-pledge and re-pledge transactions. The announcement shows that Huayou Holding de-pledged 4.0 million shares and simultaneously pledged 3.5 million shares; overall, the total pledged share scale has slightly decreased.

Dynamics of the Controlling Shareholder’s Equity Pledges

According to the disclosure in the announcement, on March 24, 2026, Huayou Holding de-pledged 4.0 million shares of the company that had previously been pledged. This accounted for 1.30% of its total shareholding and 0.21% of the company’s total share capital. After the de-pledge, the number of shares remaining pledged by Huayou Holding was 135 million shares, reducing the pledged shareholding proportion to 43.86% of its shares.

On the same day, Huayou Holding pledged 3.5 million shares of unrestricted tradable shares to the Tongxiang Branch of Jiaxing Bank Co., Ltd., as collateral to support its own financing. The pledge term runs from March 24, 2026 to March 20, 2029. It accounts for 1.13% of Huayou Holding’s total shareholding and 0.18% of the company’s total share capital.

Overall Status of Equity Pledging

As of the date disclosed in the announcement, Huayou Holding holds 309 million shares of Huayou Cobalt, representing 16.27% of the company’s total share capital. Among them, a total of 139 million shares have been pledged, accounting for 44.99% of Huayou Holding’s total shareholding and 7.32% of the company’s total share capital.

If the shareholding of Mr. Chen Xuehua, an acting-in-concert party, is included in the combined calculation, Huayou Holding and its acting-in-concert party together hold a total of 391 million shares, representing 20.62% of the total share capital. A cumulative 176 million shares have been pledged, accounting for 44.79% of their combined shareholding and 9.24% of the total share capital.

| Chen Xuehua | 82,505,146 | 4.35% | 36,320,000 | 36,320,000 | 44.02% | 1.91% |

| Huayou Holding | 308,664,701 | 16.27% | 138,866,994 | 139,366,994 | 44.99% | 7.32% |

| Total | 391,169,847 | 20.62% | 175,186,994 | 175,686,994 | 44.79% | 9.24% |

Pledge Risk and Impact Assessment

The announcement specifically notes that, for Huayou Holding and its acting-in-concert party, there are no pledged shares due in the next six months and one year, and they have the corresponding ability to repay funds. The sources of repayment funds mainly include production and operating income, stock dividends from listed companies, investment returns, and self-raised funds, among others.

The company’s board of directors believes that the risks of this pledge are controllable and will not have a significant impact on the company’s production and operations, financing credit lines, financing costs, or ongoing business capability. It will also not result in any change in the company’s actual controlling rights. The announcement also emphasizes that the controlling shareholder and its acting-in-concert party do not have any circumstances of harming the company’s interests through non-operating capital occupation, illegal guarantees, related-party transactions, or similar actions.

Huayou Cobalt states that it will continue to monitor the pledge and de-pledge status of the company shares held by shareholders, strictly comply with relevant regulations, and promptly fulfill its information disclosure obligations. Investors may review subsequent announcements and be mindful of investment risks.

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