Shanghai Stock Exchange, Circular on Matters Relevant to Further Regulating Shareholding Reductions

Applicability: For the purposes of this Circular, the phrase "stock price falling below the initial offer price" means that the closing price of the shares on any of the 20 trading days preceding the announcement of the shareholding reduction plan was lower than the offer price at the time of the initial public offering. The closing price is calculated on a backward-weighted basis from the initial public offering date as the reference date (Article 2).