Reply letter from Zhuoer Holdings Co., Ltd. regarding abnormal stock trading fluctuations

Zhuoer Holdings Limited

Reply letter regarding abnormal stock trading fluctuations

Hanshang Group Co., Ltd.:

Your company's "Inquiry Letter Regarding Major Matters" has been received. As the controlling shareholder of your company, our company, after verification, will reply to the relevant matters as follows:

1. As of the date of reply to this letter, except for the major asset reorganization matters previously disclosed, the company and parties acting in concert have not planned any other major asset reorganization, share issuance, acquisition, debt restructuring, business reorganization, asset divestiture, asset injection, share repurchase, equity incentives, bankruptcy reorganization, major business cooperation, introduction of strategic investors and other major events involving listed companies.

2. During the period of abnormal fluctuations in your company's stock trading, the company and persons acting in concert did not buy or sell Hanshang Group stocks.

3. During the period of abnormal fluctuations in your company's stock trading, the company and persons acting in concert did not have any other major events that may have a greater impact on the stock price of the listed company.

4. During the period of abnormal fluctuations in your company's stock trading, the company and the parties acting in concert had no other matters that should be disclosed but have not been disclosed.

This is your reply.

Holdings Co., Ltd.

January 20, 2026