We wish to announce that GANFENG-C11 had expired at 9.00 a.m. on 12 August 2024 ("Expiry Date") and the Cash Settlement Amount shall be calculated as set out below:

Cash Settlement Amount
= Number of GANFENG-C11 exercised x (1/Exercise Ratio) x (Closing Price - Exercise Price) x Settlement Exchange Rate
= Number of GANFENG-C11 exercised x (1/50) x (HKD16.9956 - HKD46.8800) x RM/HKD0.5674
= Number of GANFENG-C11 exercised x RM0.0000 

The Closing Price of HKD16.9956 is the average daily volume weighted average price (VWAP) of the ordinary shares of GANFENG on The Stock Exchange of Hong Kong Limited for the five (5) market days prior to and including the market day immediately before the Expiry Date. The GANFENG-C11 is deemed to have been automatically exercised on the Expiry Date.

As the Cash Settlement Amount is less than Zero, warrantholders will not be entitled to receive any payment from us and all outstanding and unexercised GANFENG-C11 will cease to be valid and all our obligations in respect to GANFENG-C11 shall terminate absolutely.

This announcement is dated 12 August 2024.