*ST Jingfeng: Simplified Equity Change Report (Great Wall Assets)
Hunan Jingfeng Pharmaceutical Co., Ltd.
Simplified Equity Change Report
Listed company name: Hunan Jingfeng Pharmaceutical Co., Ltd.
Stock listing location: Shenzhen Stock Exchange
Stock abbreviation: *ST Jingfeng
Stock code: 000908
Information disclosure obligor: China Great Wall Asset Management Co., Ltd. Residence/mailing address: Floor 17-26, Floor 101, Building 1, No. 2, Fenghuangzui Street, Fengtai District, Beijing, A705-707, A301-320
Nature of changes in equity: increase in shares, decrease in shareholding ratio (increase in shareholding, implementation of court ruling, passive dilution)
Signing date: March 2026
Statement
The words or abbreviations mentioned in this section have the same meaning as the words or abbreviations mentioned in the "Interpretation" of this report.
The information disclosure obligor prepares this report in accordance with the relevant provisions of the "Company Law of the People's Republic of China", "Securities Law of the People's Republic of China" (hereinafter referred to as the "Securities Law"), "Administrative Measures for Acquisitions of Listed Companies" (hereinafter referred to as "Administrative Measures for Acquisitions"), "Guidelines on the Content and Format of Information Disclosure by Companies that Offer Securities to the Public No. 15 - Report on Changes in Equity" and other relevant laws, regulations and departmental rules.
The information disclosure obligor has obtained the necessary authorization and approval to sign this report, and its performance does not violate or conflict with any provision of the information disclosure obligor's internal rules.
In accordance with the provisions of the Securities Law and the Measures for the Administration of Acquisitions, this report has fully disclosed the changes in the shares held by the information disclosure obligor in Hunan Jingfeng Pharmaceutical Co., Ltd.
As of the date of signing this report, except for the information disclosed in this report, the information disclosure obligor has not increased or decreased its equity shares in Jingfeng Pharmaceutical through any other means.
This change in equity is based on the information stated in this report. The information disclosure obligor has not entrusted or authorized any other person to provide information not listed in this report or provide any explanation or explanation for this report.
The information disclosure obligor guarantees the authenticity, accuracy and completeness of the contents of this report, and promises that there are no false records, misleading statements or major omissions in it.
Directory
Statement......................................................................................................................................2Explanation......................................................................................................................4
Section 1 Introduction to the Information Disclosure Obligor......................................................................5
Section 2 Purpose and plan of equity changes......................................................................7
Section 3 Equity Change Methods......................................................................................8
Section 4. Purchase and sale of listed shares within the first six months......................................10
Section 5 Other Major Matters......................................................................................11
Section 6 Documents for Inquiry............................................................................................12 Statement of Information Disclosure Obligor......................................................................................13 Attachment to the Simplified Equity Change Report.............................................................................14
Definition
In this report, unless otherwise stated, the following abbreviations have the following meanings:
Company, listed company, Jingfeng Pharmaceutical, *ST
Refers to Hunan Jingfeng Pharmaceutical Co., Ltd.
Jingfeng
Information disclosure obligor, Great Wall Asset refers to China Great Wall Asset Management Co., Ltd.
"Hunan Jingfeng Pharmaceutical Co., Ltd. Simplified Equity Change Report" refers to this report
Book"
The information disclosure obligor participated in the company's bankruptcy reorganization as an industrial investor and acquired the company's shares due to the company's implementation of capital reserve capital transfer and this equity change.
and other matters, leading to changes in the shareholding status of the information disclosure obligor. China Securities Regulatory Commission refers to China Securities Regulatory Commission
Shenzhen Stock Exchange refers to Shenzhen Stock Exchange
Yuan, RMB 10,000 refers to RMB yuan, RMB 10,000
Reorganization plan refers to the "Reorganization Plan of Hunan Jingfeng Pharmaceutical Co., Ltd." Changde Intermediate People's Court refers to Changde Intermediate People's Court of Hunan Province
Note: There may be inconsistencies between the totals in this report and the listed values, mainly due to rounding of decimal points.
Section 1 Introduction to the Information Disclosure Obligor
1. Basic information of information disclosure obligors
Company Name China Great Wall Asset Management Co., Ltd.
No. 2, Fenghuangzui Street, Fengtai District, Beijing, Building 1, Floor 4 to 22, within 101, 17-26 Registered address
Layer,A705-707,A301-320
Legal representative Li Junfeng
Registered capital 4,680,000,000 yuan
Unified social credit code 91110000710925489M
Date of establishment November 2, 1999
Operation period: November 2, 1999 to long term
Nature of the enterprise: Joint stock limited company (unlisted, state-owned holding)
Acquisition, entrusted operation of non-performing assets of financial institutions, management, investment and disposal of non-performing assets; debt-to-equity conversion, management, investment and disposal of equity assets; external investment; buying and selling of securities; issuance of financial bonds, inter-bank lending and business scope with other financial institutions Industrial financing; bankruptcy management; financial, investment, legal and risk management consulting and consulting; asset and project evaluation; approved asset securitization business, financial institution custody and closure and liquidation business; non-financial institution non-performing asset business; other businesses approved by the Banking Regulatory Authority of the State Council.
Building 1 - Floor 4 to Floor 101, No. 2 Fenghuangzui Street, Fengtai District, Beijing 17-26 Correspondence address
Layer,A705-707,A301-320
Central Huijin Investment Co., Ltd. (94.343%), National Council for Social Security Fund (4.052%), China Property & Casualty Reinsurance Co., Ltd. (0.779%), major shareholders of China Continent
Property Insurance Co., Ltd. (0.612%), China Life Insurance (Group) Company (0.214%)
2. Directors and principal responsible persons of the information disclosure obligor
As of the signing date of this report, the information disclosure obligors, directors and their principal responsible persons are as follows:
Whether you have obtained a serial number from another country? Name, gender, nationality, long-term residence, position, residence in home or region
Quan 1 Xiang Dang Male Beijing, China Chairman and Secretary of the Party Committee No 2 Hu Minjie Male Beijing, China Director No 3 Li Congwei Male Beijing, China Director No 4 Li Baimei Female Beijing, China Director No 5 Zhu Qing Male Beijing, China Director No 6 Hu Yongkang Male Beijing, China Deputy Secretary of the Party Committee No
Secretary of the Discipline Inspection Commission, Member of the Party Committee
7 Wang Chengwei Male China Beijing, China No
member
8 Zheng Haiyang Male China Beijing City, China Vice President, Party Committee Member No 9 Yang Guobing Male China Beijing City, China Vice President, Party Committee Member No 10 Shi Jian Male China Beijing City, China Vice President, Party Committee Member No
- The information disclosure obligor’s direct equity interests in other domestic or overseas listed companies reach or exceed 5% of the company’s issued shares.
As of the signing date of this report, the information disclosure obligor directly holds more than 5% of the shares of Jingfeng Pharmaceutical (000908.SZ) and Chitianhua (600227.SH). Except for the above situation, there is no situation where the shares directly owned by other domestic or overseas listed companies reach or exceed 5% of the company’s issued shares.
Section 2 Purpose and Plan of Equity Change
1. The purpose of this equity change
As a professional asset management institution, the information disclosure obligor participated in the bankruptcy and reorganization investment matters of Jingfeng Pharmaceutical based on its own non-performing asset disposal business layout and capital market investment development needs. This increase in the number of shares held through the transfer of Jingfeng Pharmaceutical's restructuring shares is intended to help Jingfeng Pharmaceutical optimize its asset and liability structure, resolve operating crises, promote the restructuring of listed companies and achieve sustainable development, and at the same time rely on its own resources and professional capabilities to tap the value of listed companies and achieve a reasonable layout of the company's investment business.
On February 3, 2026, the Changde Intermediate People's Court ruled to approve the "Reorganization Plan of Hunan Jingfeng Pharmaceutical Co., Ltd." and terminate the company's reorganization procedures. In accordance with the reorganization plan and the reorganization investment agreement, the information disclosure obligor received the transfer of Jingfeng Pharmaceutical's capital reserve into shares. This change in equity is an inevitable result of the implementation of the reorganization plan.
2. Information disclosure obligor’s plan to increase or decrease shareholdings in the next 12 months
Information disclosure obligors do not rule out the possibility of increasing or decreasing their equity interests in listed companies within the next 12 months. If relevant equity changes occur, the information disclosure obligors will strictly comply with the requirements of laws and regulations and perform their information disclosure obligations in accordance with the law.
As of the signing date of this report, the information disclosure obligor has made a commitment not to transfer or entrust others to manage the shares of listed companies it directly and indirectly holds based on the investment in this reorganization within 36 months from the date of the transfer of Jingfeng Pharmaceutical's shares through this reorganization.
Section 3 Equity Change Methods
1. Methods of changes in equity
The main changes in the equity of the information disclosure obligor are: from November 26, 2014 to the signing date of this report, the total number of shares held by the information disclosure obligor and the shareholding ratio have changed due to the increase in shareholdings of the information disclosure obligor, the listed company's implementation of the 2015 annual equity distribution plan, and participation in the company's bankruptcy reorganization and acquisition of company shares.
2. Basic situation of this equity change
(1) The number of shares held by the information disclosure obligor after the previous equity change was 93,352,870 shares. From July to August 2015, in order to implement the spirit of supervision, stabilize the stock price of Jingfeng Pharmaceutical, and effectively safeguard the rights and interests of investors, the information disclosure obligor increased its holdings of Jingfeng Pharmaceutical stocks through the secondary market, accumulating a total of 9,993,189 shares. The source of funds was its own funds. At this point, the number of shares held by the information disclosure obligor has changed to 103,346,059 shares, with a shareholding ratio of 12.92%.
(2) The company's 2015 annual equity distribution plan was completed in June 2016. The equity registration date for equity distribution is June 22, 2016, and the ex-rights and dividend date is June 23, 2016. Based on the company's total share capital of 799,794,865 shares as of December 31, 2015, the capital reserve will be used to transfer 1 share to all shareholders for every 10 shares, for a total of 79,979,486 shares. After the implementation of the equity distribution plan, the number of shares held by the information disclosure obligor became 113,680,665 shares, and the shareholding ratio was still 12.92%.
(3) On March 16, 2026, according to the "Reorganization Plan", the company implemented the capital reserve transfer to share capital, resulting in the total share capital increasing to 1,759,548,702 shares; at the same time, the information disclosure obligor used its own funds to transfer 20,000,000 shares of Jingfeng Pharmaceutical through restructuring and completed the transfer registration. Currently, it holds a total of 133,680,665 Jingfeng Pharmaceutical shares, accounting for 7.60% of Jingfeng Pharmaceutical’s total share capital of 1,759,548,702 shares after conversion.
Name of shareholder Shares held before this equity change Shares held after this equity change
Number of shares (shares) Proportion of total share capital (%) Number of shares (shares) Proportion of total share capital (%) Great Wall Assets 93,352,870 12.64 133,680,665 7.60 Among them: shares without selling restrictions
93,352,870 12.64 113,680,665 6.46
portion
Shares subject to selling restrictions 20,000,000 1.14
3. Rights restrictions on shares involved in this equity change
As of the signing date of this report, the restrictions on the rights of the information disclosure obligor holding 133,680,665 shares of Jingfeng Pharmaceutical after this equity change are as follows:
Among them, 113,680,665 shares are unrestricted tradable shares: there are no rights restrictions such as pledge, judicial freezing, and custody.
Regarding the transfer of 20,000,000 capital reserve shares, the information disclosure obligor has promised not to transfer or entrust others to manage these shares within 36 months from the date of transfer. These shares are restricted tradable shares and have no other rights restrictions such as pledges and judicial freezes.
Section 4. Purchase and sale of listed shares within the previous six months. The information disclosure obligor did not buy or sell Jingfeng Pharmaceutical stocks through the secondary market of the Shenzhen Stock Exchange six months before the signing date of this report.
Section 5 Other Major Matters
As of the signing date of this report, the information disclosure obligor has truthfully disclosed the relevant information of this equity change in accordance with relevant regulations. There are no other major matters related to this equity change and other information that must be disclosed to avoid misunderstandings about the contents of this report. There is also no other information that should be disclosed in accordance with the regulations of the China Securities Regulatory Commission and the Shenzhen Stock Exchange but has not been disclosed.
The share lock-up commitments related to this equity change have been strictly implemented in accordance with the "Regulatory Guidelines for Listed Companies No. 11 - Matters Related to the Bankruptcy and Reorganization of Listed Companies" and the reorganization investment agreement. The relevant commitments have been disclosed in the reorganization plan announced by Jingfeng Pharmaceutical.
Section 6 Documents for Inspection
1. Documents for reference
A copy of the business license of the information disclosure obligor;
The list and identification documents of the directors and principal persons in charge of the information disclosure obligor; 3. The "Simplified Equity Change Report" signed by the information disclosure obligor; 4. "Civil Ruling" (2025) Xiang 07 Po No. 15, Changde Intermediate People's Court; 5. The Jingfeng Pharmaceutical Reorganization Investment Agreement signed by the information disclosure obligor; 6. The lock-in commitment letter of the information disclosure obligor regarding the shares transferred in this reorganization.
2. Preparation location of documents for reference
This report and the above-mentioned reference documents shall be kept at the domicile of the listed company.
Statement of Information Disclosure Obligor
The information disclosure obligor promises that there are no false records, misleading statements or major omissions in this report, and assumes individual and joint legal liability for its authenticity, accuracy and completeness.
Information disclosure obligor: China Great Wall Asset Management Co., Ltd. (seal) Legal representative (or authorized representative):
Li Junfeng
March 19, 2026
Schedule to the Simplified Equity Change Report
Basic situation
Listed company name Hunan Jingfeng Pharmaceutical Co., Ltd. Listed company name Zhangmuqiao Co., Ltd., Changde Economic and Technological Development Zone, Hunan Province Location: Shuangchuang University, No. 661, Taolin Road, Shuanggang Community, Sub-district
Xia
Stock abbreviation *ST Jingfeng Stock code 000908
Information Disclosure Obligor No. 1, No. 2, Fenghuangzui Street, Fengtai District, Beijing China Great Wall Asset Management Information Disclosure Policy
Building - 17-26 in 101 on the 4th to 22nd floors Name: Co., Ltd. Registration address of the agent
Layer, A705-707, A301-320 increase ☑ decrease □ shareholding
Are there any consistent interests in the shares held?
Yes □ No ☑ Quantity changes touching
Proportional passive dilution☑
Information disclosure obligations
Information disclosure obligor
Whether the service person is
Is it a listed company? Yes□No☑ Yes□No☑
Listed company actual
largest shareholder
international controller
Centralized trading through stock exchanges ☑ Agreement transfer □ Administrative transfer of state-owned shares or change of equity changes (can
□ Indirect transfer □ Obtain new shares issued by a listed company □ Implement court ruling ☑ Multiple choices)
Inheritance □ Gift □ Others ☑ (Total share capital increases, shareholding ratio is passively diluted)
Stock type: A shares
The shares held by the information disclosure obligor before disclosure
Number of shares held: 113,680,665 Number of shares and proportion of issued shares of listed companies
Shareholding ratio: 12.92%
After this change in equity, the information disclosure obligor has
Stock type: A shares
Number of shares and change ratio of equity
Number of shares held: 133,680,665 shares
Shareholding ratio: 7.60%
Change ratio: -5.04% (total share capital increased, shareholding ratio passively diluted)
Changes in shares held interests in listed companies
For details, please refer to “Section 3 Methods of Changes in Equity” of this report for the time and method.
Have the sources of funds been fully disclosed? Yes ☑ No □
The information disclosure obligor does not rule out the possibility of increasing or decreasing the number of shares it has an interest in in the listed company in the next 12 months. If there is any change in equity related to the continued increase in holdings during the period, the information disclosure obligor will strictly comply with the requirements of laws and regulations and perform the information disclosure obligations in accordance with the law.
Whether the information disclosure obligor has been in the second party in the previous six months?
Yes□No☑
Buy and sell the shares of the listed company on the secondary market
(This page has no text and is the signature page of the "Hunan Jingfeng Pharmaceutical Co., Ltd. Simplified Equity Change Report and Schedule")
Information disclosure obligor: China Great Wall Asset Management Co., Ltd. (seal)
Legal representative (or authorized representative):
Li Junfeng
March 19, 2026