Stock Code: 200771 Stock ID: Hangqilun B Announcement No.: 2025-136

A-Share Issuance of Hangzhou Hirisun Technology Incorporated for Share

Swap Merger with Hangzhou Turbine Power Group Co. Ltd. and related

Transaction - A/B Share Securities Account Conversion Procedures and Investor

Operation Guide

December 2025

1Contents

Special Reminder:

Special Reminder .................................... 3

Part I: Explanation of Investor Types ................5

1. Classification of B-Share Securities Accounts .... 5

2.Investor Classification in this Operation Guide ....5

Part II: Basic Operational Procedures ............... 6

I.Linkage Relationship of Hangqilun B Share Investors' One-Account-Pass (Applicable Only

to Domestic Individual Investors) ....................6

2.Determining the Securities Account and Custody U....7

3.Allocation of Shenzhen Market Transfer-Restricte...11

4.B-Share Deregistration and A-Share Initial Regis.. 13

5.RMB Fund Account Activation/Opening (Applicable only to investors allocated a

transfer-restricted account) ....................... 14

7. Fund Transfer ................................... 18

8. Capital Reserve Conversion into Shares Bonus Share Issuance and Dividend Distribution.....................................................19

9. Differential Dividend Tax ........................19

10. Treatment of Fractional Shares Arising from th.. 20

11. General Meetings of Shareholders ............... 20

12. Cancellation of Transfer-Restricted Accounts ....20

13. Handling of Pledges Freezes and Non-Trading Transfers for Transfer-Restricted

Accounts ........................................... 20

Appendix I: .........................................21

Declaration Form for Correspondence between A/B-sh.. 21

Accounts and Custody Units ..........................21

Appendix II: ....................................... 22

Declaration Form for Securities Accounts and Custody Units of Investors of Hangqilun

B-Share Not Trading Domestically ................... 22

Appendix III: .......................................23

Contact Information for CITIC Securities Inquiries.. 23

Appendix IV: ........................................24

Contact Information for ICBC Inquiries and Busines.. 24

2Special Reminder

Hangzhou Hirisun Technology Incorporated (hereinafter referred to as "Hirisun" Stock Code:

300277) issued A-shares for share swap merger with Hangzhou Turbine Power Group Co. Ltd.

(hereinafter referred to as " Hangqilun B" Stock Code: 200771) and related transaction scheme

was approved by the general meetings of shareholders of Hirisun and Hangqilun B respectively in

June 2025. In September 2025 the China Securities Regulatory Commission issued the Approval

on the Registration of Hangzhou Hirisun Technology Incorporated's Share Swap Merger with

Hangzhou Turbine Power Group Co. Ltd. (ZJXK [2025] No. 2141). In December 2025 the

Shenzhen Stock Exchange issued the "Decision on the Termination of Listing of Shares of

Hangzhou Turbine Power Group Co. Ltd." (No.1431 [2025] SZSE). According to the decision

the Company's shares will be delisted and cease trading starting from December 22 2025.To ensure the smooth implementation of this share swap merger and to guide securities

companies and investors in completing the account conversion operations involved in converting

Hangqilun B Shares into Hirisun A-shares this Operation Guide is formulated based on the results

of communication and discussions with relevant parties.As after converting into Hirisun A-share shareholders the processes for overseas investors

including the allocation of transfer-restricted accounts the opening of RMB fund accounts share

sales clearing and settlement fund transfers and the capital currency exchange and remittance

operations involved in dividends are relatively complex and time-consuming requiring more

documentation. If overseas investors cannot accurately and completely provide the required

documents at that time there is a risk that funds cannot be remitted out in a timely manner.Overseas investors are specially reminded to pay attention to the relevant risks.To ensure that investors can smoothly register and trade Hirisun A-shares after the

future share swap investors are strongly advised to actively cooperate with their custodian

securities companies in making declarations and carefully verify and confirm the accuracy

of the declared A-share securities account and custody unit information prior to the

deadline(January 8 2026. 24:00).Investors are hereby specifically reminded that from the completion of the securities

account and custody unit information declaration until the completion of the swap of

Hangqilun B Shares into Hirisun A-Shares actions such as deregistering the securities

accounts altering shareholder identity information or any other actions that may disrupt

the normal use of the securities accounts and custody units are strictly prohibited.Regarding matters pertaining to the securities trading rules transaction fees for the

B-shares and A-shares involved in this share swap as well as inquiries into account

3securities balances and fund balances investors are advised to directly contact their

respective securities companies/brokers for consultation and clarification.Relevant fund managers are requested to pay attention to matters related to ETFs during the

merger process including but not limited to the PCF list subscription and redemption clearing and

settlement and agency collection and payment services. They shall maintain effective

communication and coordination with investors PD securities companies custodians and other

relevant parties to ensure the smooth conduct of ETF-related operations.For certain basic procedures involved in this account conversion such as the deregistration of

B-shares and the initial registration of A-shares specific details will be subsequently provided by

the relevant regulatory or executive authorities in further documents or notices. This Operation

Guide offers only a general description of the relevant procedures and the specific operating

workflows shall be subject to the documents or notices issued by the said authorities at the

relevant time.This Operation Guide is prepared in both Chinese and English versions. In case of any

discrepancy between the two versions the Chinese version shall prevail.

4Part I: Explanation of Investor Types

1. Classification of B-Share Securities Accounts

Based on investor identity category and future trading declaration channels investors are

classified into the following three types: Domestic Individual Investors Overseas Investors

Trading Domestically and Overseas Investors Not Trading Domestically.Investor Type Classification Criteria

Domestic individual investors who have opened B-share securities

Domestic Individual Investors accounts with domestic securities companies and trade through the

trading systems of domestic securities companies

Overseas investors who have opened B-share securities accounts with

Overseas Investors Trading

domestic securities companies and trade through the trading systems of

Domestically

domestic securities companies

Overseas Investors Not Trading Overseas investors who have opened separate B-share securities

Domestically accounts with overseas brokers and trade through overseas brokers

2.Investor Classification in this Operation Guide

The account conversion process and subsequent operations involved in Hirisun's share swap

merger of Hangqilun B are mainly carried out primarily according to the following investor

classifications. After confirming the classification of their B-share securities account investors

should determine their specific type based on the three categories below and proceed with the

account conversion by following the corresponding sections of this Guide.Investor Type Classification Criteria Corresponding Content in this Guide

Domestic individual investors who have

Domestic opened B-share securities accounts with

Part 2 "Sections 2 356 7" - (I) Domestic

Individual domestic securities companies and trade

Individual Investors

Investors through the trading systems of domestic

securities companies

Overseas investors who have opened

Overseas B-share securities accounts with domestic

Part 2 "Sections 2 356 7" - (II) Overseas

Investors Trading securities companies and trade through the

Investors Trading Domestically

Domestically trading systems of domestic securities

companies

Overseas Overseas investors who have opened

Investors Not separate B-share securities accounts with Part 2 "Sections 2 356 7" - (III) Overseas

Trading overseas brokers and trade through overseas Investors Not Trading Domestically

Domestically brokers

5Part II: Basic Operational Procedures

In line with the principle of serving and facilitating investors throughout the account

conversion process for the conversion of Hangqilun B Shares to Hirisun A-Shares Domestic

Individual Investors and Overseas Investors Trading Domestically may direct their specific

inquiries and conduct their business through their respective B-share account securities companies

whereas Overseas Investors Not Trading Domestically may contact CITIC Securities Company

Limited (hereinafter referred to as "CITIC Securities") for account inquiries and procedural

guidance(For contact information please refer to Appendix III) with the option to subsequently

proceed with their business either through CITIC Securities or another domestic securities

company of their choice after understanding the relevant details.I.Linkage Relationship of Hangqilun B Share Investors' One-Account-Pass (Applicable Only

to Domestic Individual Investors)

After the launch of the unified account platform by China Securities Depository and Clearing

Corporation Limited Shenzhen Branch (hereinafter referred to as "CSDC") a One-Account-Pass

was opened for investors in addition to the original Shanghai and Shenzhen A-share and B-share

securities accounts. This serves as the master account recording investor identity information and

securities assets while the original securities accounts serve as sub-accounts for investors' trading

activities with a linkage relationship opened between the One-Account-Pass and the

sub-accounts.

1. For investors who have a one-to-one correspondence between their A-share and B-share

securities accounts under the One-Account-Pass and whose linkage relationship has been

confirmed after the deregistration of Hangqilun B shares Hirisun A-shares will be initially

registered in the investor's A-share securities account.For investors who have two or more A-share securities accounts under their

One-Account-Pass and whose linkage relationships have been confirmed it is recommended that

investors and their original B-share custodian securities company select an A-share securities

account for the initial registration of Hirisun A-shares in the following order: First select the

A-share securities account where the information declaration securities company is the same as

the Hangqilun B share custodian securities company; secondly select the A-share securities

account with the latest account opening date as the A-share securities account for the initial

registration of Hirisun A-shares.

62. For investors who have both A-share and B-share securities accounts under their

One-Account-Pass but whose linkage relationship is not confirmed they can go to the securities

company where their B-share securities account or A-share securities account is traded to

complete the linkage relationship confirmation procedure before the declaration deadline for

securities accounts and custody units.

3. For investors who have a B-share securities account under their One-Account-Pass but

temporarily do not have an A-share securities account they can complete the opening of an

A-share securities account and confirm the linkage relationship before the declaration deadline for

securities accounts and custody units. It is recommended that investors choose the sales

department of the securities company where their B-share securities account is traded to open a

new A-share securities account.As of the deadline for reporting securities accounts and custodian units for investors

lacking a corresponding A-share securities account under their One-Account-Pass Hirisun

will apply to CSDC to allocate a transfer-restricted account for the investor. Please refer to

Section "III. Allocation of Shenzhen Market Transfer-Restricted Accounts" in this chapter.After

the deregistration of Hangqilun B shares Hirisun A-shares will be registered in the investor's

transfer-restricted account.It is particularly important to note that investors are required to first verify with the

securities company where their B-share securities account is traded whether their A-share

and B-share securities accounts are under the same One-Account-Pass and whether the

linkage relationship has been confirmed. For those whose A-share and B-share securities

accounts are not under the same linkage relationship or whose linkage relationship is not

confirmed investors are advised to contact the securities company where their B-share securities

account is traded as soon as possible to modify account details and complete the linkage

confirmation procedure.

2.Determining the Securities Account and Custody Unit for Hirisun A-Shares

(I) Domestic Individual Investors

As the existing B-share securities accounts of Hangqilun B investors cannot directly register

Hirisun A-shares and given that the Shenzhen Stock Exchange (hereinafter referred to as "SZSE")

implements a share custody and trading system a situation may arise where shares under the same

investor's securities account are held across multiple custody units. Therefore the securities

7account and custody unit for the investor's future Hirisun A-shares after the share swap are

determined according to the following principles:

1. The domestic securities company custodian o Hangqilun B prior to the declaration

deadline for securities accounts and custody units and following solicitation of investor's intention

shall declare the A-share securities account and custody unit for each Hangqilun B investor.Hangqilun B shares originally registered in the B-share securities account after conversion

into Hirisun A-shares will be registered in the declared A-share securities account and custody

unit. If the declared information for the A-share securities account or custody unit is incorrect it

may result in the failure to properly register or sell the A-shares obtained after the conversion.Investors and their respective securities companies are strongly advised to carefully verify the

accuracy of the declared information.

2. If an investor does not declare before the deadline date for securities accounts and custodian

units and if their A-share and B-share securities accounts are under the same One-code account

and the A-share securities account and its corresponding fund account are in normal and to

standardize the account status in order to facilitate the shareholder's subsequent trading each

custodian institution shall declare the A-share account information for the shareholder according

to the following principles: the custodian institution shall first choose to use the A-share securities

account with the same custodian securities company as that of HTC B-share holdings; if not

applicable it shall then choose the A-share securities account with the most recent opening date as

the initial registered A-share account for Hirisun A-share holdings.

3. If an investor fails to declare before the deadline for securities accounts and custody units

and their A and B share securities accounts are not under the same One-code account or if

they do not have an A-share securities account or if the A-share securities account and

custody unit are not correctly declared.the converted Hirisun A-shares will be registered

into a transfer-restricted account opened by CSDC for the relevant investor and custodied to

the A-share custody unit declared by the original B-share custodian securities company; If

the original B-share custodian securities company fails to declare an A-share custody unit

for the convenience of investors the listed company will authorize CITIC Securities to

provide a custody unit and the Hirisun A-shares obtained by such investors will be

custodied to CITIC Securities' A-share custody unit. Investors whose shares are custodied

with CITIC Securities can only conduct trades transfers of custody and other operations

after opening a fund account and completing related procedures with CITIC

Securities.Please refer to "III. Allocation of Shenzhen Market Transfer-Restricted Accounts". For

specific matters investors can consult their original B-share custodian securities company.

8Method for declaring securities accounts and custody units: The original B-share custodian

securities company is advised to fill out the Declaration Form for Correspondence between

A/B-share Securities Accounts and Custody Units (see Appendix I for details hereinafter

referred to as the "Declaration Form") in a consolidated manner and send the following materials

to the designated email address of CITIC Securities;

1) A completed electronic version of the Declaration Form in consolidated format;

2) A scanned copy of the printed completed and consolidated Declaration Form stamped

with the securities company's official seal as an appendix;

During declaration please completely declare the A-share securities account and custody unit

information corresponding to all B-share securities accounts and custody units. The content of the

electronic declaration form must be consistent with the information declared in the stamped

document; If declared multiple times the last complete set of declaration information received

will be taken as the standard.For any questions please contact CITIC Securities. Contact information is detailed in

Appendix III.(II) Overseas Investors Trading Domestically

As the existing B-share securities accounts of Hangqilun B investors cannot directly register

Hirisun A-shares and given that SZSE implements a share custody and trading system a situation

may arise where shares under the same investor's securities account are held across multiple

custody units. Therefore the securities account and custody unit for the investor's future Hirisun

A-shares after the share swap are determined according to the following principles:

1. The domestic securities company where Hangqilun B is traded prior to the declaration

deadline for securities accounts and custody units and following solicitation of the investor's

intention shall declare the A-share securities account (if any) and custody unit for each Hangqilun

B investor. Such A-share securities account and custody unit must ensure that the investor can

normally trade A-shares.Hangqilun B shares originally registered in the B-share securities account after conversion

into Hirisun A-shares will be registered in the declared A-share securities account and custody

unit.If the declared information for the A-share securities account or custody unit is incorrect it

may result in the failure to properly register or sell the A-shares obtained after the conversion.Investors are strongly advised to carefully verify the accuracy of the declared information.

2. If an investor fails to declare or incorrectly declares the A-share securities account

and custody unit before the declaration deadline for securities accounts and custody units

9the converted Hirisun A-shares will be registered into a transfer-restricted account opened

by CSDC for the relevant investor and custodied to the A-share custody unit declared by the

original B-share custodian securities company; If the original B-share custodian securities

company fails to declare an A-share custody unit for the convenience of investors the listed

company will authorize CITIC Securities to provide a custody unit and the Hirisun

A-shares obtained by such investors will be custodied to CITIC Securities' A-share custody

unit. Investors whose shares are custodied with CITIC Securities can only conduct trades

transfers of custody and other operations after opening a fund account and completing

related procedures with CITIC Securities.Please refer to "III. Allocation of Shenzhen Market

Transfer-Restricted Accounts". For specific matters investors can consult their original B-share

custodian securities company. Method for declaring securities accounts and custody units: The

original B-share custodian securities company is advised to fill out the Declaration Form for

Correspondence between A/B-share Securities Accounts and Custody Units (see Appendix I for

details) in a consolidated manner and send the following materials to the designated email address

of CITIC Securities;

1) A completed electronic version of the Declaration Form in consolidated format as an

appendix;

2) A scanned copy of the printed completed and consolidated Declaration Form stamped

with the securities company's official seal as an appendix.During declaration please completely declare the A-share securities account (if any) and

custody unit information corresponding to all B-share securities accounts and custody units. The

content of the electronic declaration form must be consistent with the information declared in the

stamped declared information; If declared multiple times the last complete set of declaration

information received will be taken as the standard.For any questions please contact CITIC Securities. Contact information is detailed in

Appendix III.(III) Overseas Investors Not Trading Domestically

As the existing B-share securities accounts of Hangqilun B investors cannot directly register

Hirisun A-shares and given that SZSE implements a share custody and trading system a situation

may arise where shares under the same investor's securities account are held across multiple

custody units. Therefore the securities account and custody unit for the investor's future Hirisun

A-shares after the share swap are determined according to the following principles:

10Investors who intend to self-designate their domestic securities company and securities

account/custody unit must contact their chosen domestic securities company before the declaration

deadline to confirm the securities account (if any) and custody unit. The designated securities

company will then proceed with the declaration.Method for Declaring Securities Accounts and Custody Units: Please complete the

Declaration Form for Securities Accounts and Custody Units of Investors of Hangqilun

B-Share Not Trading Domestically (see Appendix II for details). The declaration along with the

following materials must be sent by the securities company of the chosen A-share custody unit to

the email address designated by CITIC Securities:

1) Copied and pasted completed declaration content directly in the body of the email;

2) Printed completed declaration form stamped and scanned as an email attachment.

When declaring please accurately fill in the A-share securities account and custody unit

information. If declared multiple times the last complete set of declaration information received

will be taken as the standard.

1.If an investor fails to declare their A-share securities account before the specified deadline

the converted Hirisun A-shares will be registered into a transfer-restricted account opened

by CSDC for the relevant investor.Please refer to "III. Allocation of Shenzhen Market

Transfer-Restricted Accounts" in this chapter.For the convenience of investors the listed company has authorized CITIC Securities to

provide custody units. If overseas B-share investors not trading domestically fail to declare a

custody unit before the declaration deadline for securities accounts and custody units their

acquired Hirisun A-shares will be automatically custodied to CITIC Securities' A-share

custody unit. Such investors can only conduct trading and custody transfer operations after

completing relevant procedures such as fund account opening with CITIC Securities.For any inquiries please contact CITIC Securities. Contact details are provided in Appendix III.

3.Allocation of Shenzhen Market Transfer-Restricted Accounts

(I) Domestic Individual Investors

After completing the securities account declaration process for domestic individual

investors who do not have an A-share securities account or fail to correctly declare an

A-share securities account Hirisun will apply to CSDC to uniformly allocate

transfer-restricted accounts free of charge for such investors based on their B-share

securities account information and will custody the A-shares to the securities company

11designated by the original B-share custodian securities company in its A-share custody unit

declaration.This securities account is a special restricted account which can only be used to

place sell orders and shall not be used for other purposes.During the allocation process of the transfer-restricted account investors are not required to

perform any additional operations. After the allocation of the transfer-restricted account is

completed the securities company will inform investors about matters related to the allocation of

the transfer-restricted account through one or more channels such as the internet telephone SMS

email and posting announcements at business premises. The sales departments of each securities

company will assist in opening the transfer-restricted account in the trading system. Investors

shall go to the securities company's sales department to complete the RMB third-party

custodianship procedures for the fund account of the transfer-restricted account to enable

subsequent sell order transactions for the converted A-shares. For specific business handling

procedures and required documents investors may consult the securities company where their

A-share securities account is traded.(II) Overseas Investors Trading Domestically

After completing the securities account declaration process for overseas investors

trading domestically who do not have an A-share securities account or fail to correctly

declare an A-share securities account Hirisun will apply to CSDC to uniformly allocate

transfer-restricted accounts free of charge for such investors based on their B-share

securities account information and will custody the A-shares to the securities company

designated in the A-share custody unit declaration submitted by the original B-share

custodian securities company. This securities account is a special restricted account which

can only be used to place sell orders and shall not be used for other purposes.The securities company will inform investors about matters related to the allocation of the

transfer-restricted account through one or more channels such as the internet telephone SMS

email and posting announcements at business premises. The sales departments of each securities

company will assist in activating the RMB settlement function for the original B-share fund

account to enable subsequent sell order transactions for the transfer-restricted account. Investors

shall go to the securities company's sales department to complete the RMB custodianship

procedures for the fund account of the transfer-restricted account to enable subsequent sell

order transactions for the converted A-shares.During the allocation process of the transfer-restricted account investors are not required to

perform any additional operations. Before the listing of the new Hirisun A-shares the securities

12company where the investor's B-share securities account is traded will inform them about matters

related to the allocation of the transfer-restricted account through one or more channels such as the

internet telephone SMS email and posting announcements at business premises. Investors are

advised to pay attention to the relevant notices and announcements at that time.After the transfer-restricted account is allocated investors can make inquiries to the securities

company of their designated A-share custody unit through counter inquiries telephone online

trading systems etc.(III) Overseas Investors Not Trading Domestically

After completing the Hangqilun B cash option process for overseas investors not

trading domestically who do not have an A-share securities account or fail to correctly

declare an A-share securities account Hirisun will apply to CSDC to uniformly allocate

transfer-restricted accounts free of charge based on their B-share securities account

information. This securities account is a special restricted account which can only be used to

place sell orders and shall not be used for other purposes.As the investor's B-share securities account is not opened with any domestic securities

company the investor is required to self-designate a domestic securities company to serve as

the future custodian for the transfer-restricted account upon being informed of the account

conversion details .Investors are required to promptly go to this securities company to

complete procedures such as fund account opening and only after this securities company

completes the linking of the investor's transfer-restricted account can they inquire about the

Hirisun A-shares in the transfer-restricted account and place sell orders.The listed company has authorized CITIC Securities to provide an A-share custody unit.If the investor has not designated a domestic securities company as the trading securities

company for their future transfer-restricted account they shall promptly go to CITIC

Securities to complete relevant procedures such as fund account opening before they can

conduct trades transfers of custody and other operations.

4.B-Share Deregistration and A-Share Initial Registration

Based on Hangqilun B's application for deregistration CSDC provides Hangqilun B with

relevant materials such as the investor register at the time of B-share deregistration and terminates

its share registration relationship with Hangqilun B.HTC transfers the investor register at the time

of B-share exit to Hirisun. Hirisun calculates the number of Hirisun A-shares obtained after the

13share swap for all registered B-share investors based on the share swap ratio of this share swap

merger and updates the share details of each B-share investor into the A-share investor register.Hirisun sends the updated investor register (including judicial freeze and pledge registration

data) to CSDC and applies to CSDC to complete the initial registration of Hirisun A-shares.Based

on Hirisun's application CSDC initially registers the Hirisun A-shares held by investors into their

ordinary A-share securities account or transfer-restricted account.After the initial share

registration for domestic individual investors whose shares are registered in an ordinary A-share

securities account and who have opened ChiNext market trading permissions according to the

Shenzhen Stock Exchange ChiNext Market Investor Appropriateness Management Implementation

Measures (2020 Revision) and other implementing rules the normal transaction of Hirisun

A-shares will follow the existing operational procedures for ordinary A-share securities accounts.This Operation Guide will not reiterate the relevant business processes.[For domestic individual

investors who have not opened ChiNext market trading permissions their held Hirisun

A-shares will be subject to trading restrictions; they can only sell held shares and shall not

conduct buy operations].Domestic individual investors and all overseas investors whose shares

are registered in a transfer-restricted account will hold or sell Hirisun A-shares through the

transfer-restricted account. Relevant investors shall follow the business operation process below

and be further classified based on the investor classification in this Operation Guide (for specific

content see basic business operation processes V to XIII).

5.RMB Fund Account Activation/Opening (Applicable only to investors allocated a

transfer-restricted account)

For investors whose Hirisun A-shares are initially registered to a transfer-restricted account

operations are classified according to the investor types in this Operation Guide. The specific

processes are as follows:

(I) Domestic Individual Investors

After the initial A-share registration is completed CSDC will send the correspondence

between the B-share account and the transfer-restricted account to the custodian securities

company. Each domestic securities company that receives the corresponding data must notify

investors about the initial registration of the Hirisun A-shares obtained from the share swap into

their transfer-restricted account through one or more channels such as the internet telephone

SMS email and posting announcements at business premises. The sales departments of each

securities company will assist in activating the RMB settlement function for the original B-share

fund account and notify investors to complete the third-party custodianship procedures for the

14fund account of the transfer-restricted account.When investors go to the securities company's sales

department to handle relevant procedures the specific operational steps for each securities

company are as follows:

1) The securities company shall activate the RMB currency denomination and add RMB

settlement functionality to the original B-share funds account of the Domestic Individual Investor;

2) The securities company shall open the corresponding transfer-restricted account under the

aforementioned funds account within its trading system;

3) Each investor are required to sign a third-party custodianship agreement and complete the

third-party custodianship procedures for the fund account according to the relevant regulations of

each securities company for handling third-party custodianship business for fund accounts.The

general handling process is that the securities company is responsible for sending the

pre-designation information of the investor's RMB fund account to the third-party custodian bank

and the investor goes to the custodian bank's business outlet to complete the linkage procedure for

the third-party custodianship of the fund account thereby realizing third-party custodianship for

the investor's fund account; the specific operational process can be consulted with the securities

company where the A-share is custodied and traded.It is recommended that each securities company execute the aforementioned step 2) only

after the investor has completed the third-party custodianship business procedures. On the day

after completing the above steps investors can use their original B-share fund account number and

trading password to access the trading interface to query their transfer-restricted account

information and the number of Hirisun A-shares registered in this securities account and can

place sell orders after the listing of the new A-shares resulting from Hirisun's share swap merger.The above process is only a general description. The specific operational process shall be

determined by each securities company according to their relevant regulations.(II) Overseas Investors Trading Domestically

Upon being informed of the account conversion details investors are advised to select their

original B-share custodian securities company as the future custodian for the transfer-restricted

account. Such securities company assists in activating the RMB settlement function for the

original B-share fund account and opens the transfer-restricted account under the B-share

fund account that has already activated RMB currency settlement functionality. Only upon

completion of these steps can investors proceed to inquire about the Hirisun A-shares held in

the transfer-restricted account and place sell orders. In the future the A-share custody unit of

this securities company will handle the custody and one-way sell transactions for the Hirisun

15A-shares held in their transfer-restricted account. Such account does not require investors to

handle third-party custodianship business.(III) Overseas Investors Not Trading Domestically

The transfer-restricted account allocated to such investors requires the designation of a

domestic securities company as its custodian to activate standard functions for querying and

selling the held Hirisun A-shares. To achieve this the investor shall go to the designated securities

company to complete the funds account opening procedures. Only after the securities company

has established the funds account linked to this transfer-restricted account can.Investor proceed to query Hirisun A-share holdings and place sell orders. In the future the

A-share custody unit of this securities company will handle the custody and one-way sell

transactions for the Hirisun A-shares held in their transfer-restricted account. Before this investors

cannot place sell order declarations for Hirisun A-shares.Investors can contact CITIC Securities to inquire about their transfer-restricted account and

other related information. At the same time investors can also contact CITIC Securities to consult

on relevant business processes involved in this account conversion such as account opening and

subsequent operations of the transfer-restricted account and can complete the above-related

business at CITIC Securities. Upon understanding the relevant business details investors may also

choose to visit another domestic securities company of their choice to handle the relevant

procedures. The specific business process flow should be inquired by the investor directly with the

chosen securities company.The Contact Information for CITIC Securities Inquiries and Business Handling is detailed in

Appendix III.When investors go to the securities company that will serve as the trading securities company

for their future transfer-restricted account to open an account in addition to assisting investors in

submitting and filling out relevant account opening materials the securities company shall

generally also carry out the following operational steps: 1) Open Hong Kong dollar and RMB

fund accounts for the investor and complete the setting of the investor's trading password; 2) Open

the corresponding transfer-restricted account under the RMB fund account; 3) Directly send

entrustment trading instructions to the exchange through the trading system to complete

entrustment trading for the transfer-restricted account; 4) Inform the investor of the fund account

number and trading method.Upon completing the above steps investors can use the fund account

number obtained during account opening and the trading password to log in to the trading

interface of the securities company where their transfer-restricted account is held to query their

16transfer-restricted account information and place sell orders for Hirisun A-shares after the listing

of the new A-shares resulting from Hirisun's share swap merger.As the account opening process for overseas investors is relatively complex the above

process is only a general description. The specific account opening and procedure handling

processes forms (such as provision of on-site or non-on-site account opening services) and

whether each securities company chooses a domestic platform or overseas platform to provide

account opening and related services for investors shall be determined by the investor's selected

securities company according to their relevant regulations.

6.Share Sale and Clearing & Settlement

(I) Domestic Individual Investors

Upon completing the aforementioned operational steps all domestic individual investors

allocated transfer-restricted accounts may conduct share sales and clearing & settlement following

the current operational procedures for ordinary A-share securities accounts. The specific steps are

as follows:

1) On T-day the investor logs into the trading interface using the funds account number and

trading password associated with the newly opened transfer-restricted account enters the Hirisun

A-share stock code in the sell order and inputs the number of shares to sell and the order price to

submit the sell order application;

2) The securities company's trading system automatically selects the investor's transfer-restricted

account and the designated A-share custody unit for reduction based on the Hirisun A-share stock

code and submits the sell order to the exchange;

3) The Shenzhen Stock Exchange matches and executes the trade through the trading system

then sends the trade execution report to the securities company;

4) At the end of T-day CSDC receives the day's trading data from the Shenzhen Stock

Exchange conducts clearing of both funds and securities and distributes the clearing data to each

securities company; On T+1 day it completes the fund transfer for settlement with each securities

company based on the T-day securities trading clearing results;

5) At the end of T-day each domestic securities company conducts secondary clearing and

settlement with investors based on the trading clearing data sent by CSDC. The Hirisun A-shares

in the investor's transfer-restricted account decreases accordingly and the RMB amount in the

fund account increases accordingly;

6) The RMB funds in the investor's funds account will accrue interest at the prevailing

People's Bank of China RMB demand deposit rate. This interest will be calculated and credited to

the investor's RMB funds account on the designated interest calculation date.

17(II) Overseas Investors Trading Domestically

The share sale and clearing & settlement process is the same as the operational process

described in "VI. Share Sale and Clearing & Settlement" - "1. Domestic Individual Investors".However the RMB proceeds from the sale are unavailable and non-withdrawable and shall be

uniformly converted to Hong Kong dollars as required by the State Administration of Foreign

Exchange. Specific operations refer to the chapter "VII. Fund Transfer".(III) Overseas Investors Not Trading Domestically

The share sale and clearing & settlement process is the same as the operational process

described in "VI. Share Sale and Clearing & Settlement" - "1. Domestic Individual Investors".The

RMB proceeds from the sale are unavailable and non-withdrawable and must be uniformly

converted to Hong Kong dollars as required by the State Administration of Foreign Exchange.Specific operations refer to the chapter "VII. Fund Transfer".On T-day after all domestic individual investors and overseas investors complete the above

operational steps the Hirisun A-shares that investors entrusted to sell have been successfully sold

and cleared & settled. Consequently the number of Hirisun A-shares held in the investor's

transfer-restricted account decreases accordingly and the RMB funds in the fund account increase

accordingly.On T+1 day CSDC uniformly transfers the RMB funds obtained from investors' share sales

to the settlement reserve accounts of each domestic securities company.

7. Fund Transfer

(I) Domestic Individual Investors

1) On T+1 Day each domestic securities company shall transfer the RMB funds obtained from the

sale of Hirisun A-shares by investors from the settlement reserve account to the master third-party

custodian account for client trading settlement funds;

2) On T+1 Day investors may initiate the standard A-share third-party custodian bank-securities

transfer process to move the RMB proceeds from the sale of Hirisun A-shares from their securities

funds account to their designated personal bank account thereby completing the final fund

transfer.(II) Overseas Investors Trading Domestically

Upon completion of the share swap for original Hangqilun B-share overseas investors the

RMB funds obtained from selling Hirisun A-shares through the transfer-restricted account or from

dividends must be uniformly converted into Hong Kong Dollars (HKD) in accordance with the

requirements of the State Administration of Foreign Exchange. The securities company will then

18facilitate the final settlement in HKD through a designated foreign exchange bank. Consequently

while the RMB proceeds from share sales in the transfer-restricted account are settled on the

aforementioned T+1 basis the final withdrawable HKD funds for investors will be available on

[T+m Day (m≥3)] depending on the settlement progress of the foreign exchange bank's

conversion process. That is investors may apply to their securities company to withdraw the HKD

proceeds from the share sale on [T+m Day].Investors may consult the securities company where

their transfer-restricted account is held for specific details.(III) Overseas Investors Not Trading Domestically

Investors may appoint CITIC Securities or another domestic securities company of their

choice for delegated trading. After completing account opening with the designated securities

company the foreign exchange purchase and transfer process for the RMB funds obtained from

reducing A-shares or dividends through the transfer-restricted account is largely the same as that

described in "VII. Fund Transfer" - "2. Overseas Investors Trading Domestically". The specific

process shall be determined by the investor's designated settlement securities company or CITIC

Securities through their own liaison.Industrial and Commercial Bank of China (ICBC) as the cooperating bank assists overseas

investors and securities firms with currency exchange and remittance operations and handles

business applications inquiries and communications related to currency exchange services under

the premise of complying with Chinese laws and regulations as well as relevant foreign exchange

rules and requirements. After consulting ICBC to understand the relevant business details The

contact information for ICBC Hangzhou Branch is detailed in Appendix IV.

8. Capital Reserve Conversion into Shares Bonus Share Issuance and Dividend

Distribution

Capital reserve conversions bonus share issuance registrations and dividend distributions for

shares in the transfer-restricted account are handled by reference to existing normal A-share

accounts.

9. Differential Dividend Tax

The calculation and withholding of differential dividend tax are handled according to existing

laws regulations and business rules.

1910. Treatment of Fractional Shares Arising from the Share Swap

After the share exchange is completed the number of HirisunA-shares acquired by HTC

B-share investors will be whole shares with no fractional shares.

11. General Meetings of Shareholders

Shareholders may attend the general meetings of shareholders in person or by proxy to

exercise voting rights. Requirements and documents for shareholders and shareholder

representatives to attend meetings are detailed in the notice of the general meeting of shareholders

to be disclosed by the listed company in due course.

12. Cancellation of Transfer-Restricted Accounts

When the balance of Hirisun A-shares in an investor's transfer-restricted account reaches zero

the securities company where the transfer-restricted account is traded may apply for the

cancellation of such account.

13. Handling of Pledges Freezes and Non-Trading Transfers for Transfer-Restricted

Accounts

1. Pledge and Non-Trading Transfer Services: Handled according to the relevant business rules of

CSDC.

2. Judicial Matters: Each securities company and CSDC will provide assistance in enforcement in

accordance with the law.Hangzhou Turbine Power Group Co. Ltd.December 202025

20Appendix I:

Declaration Form for Correspondence between A/B-share Securities

Accounts and Custody Units

Account B-Share Custody Unit A-Share Custody Unit

Name of Account Name Number of Account Number of (Required) (Required)

Settlement of Hangqilun B Hangqilun B Number of Hangqilun BS/N Participant Shareholder Shareholder's A-Share Shares Held

(Required) (Required) B-Share Securities (Shares)(If any) (Required) Custody Custody Custody Custody(Required) Unit Unit Unit Unit

Number Name Number Name

Note: When securities companies consolidate shareholder declaration information they shall

fill in the A-share custody unit information regardless of whether the shareholder has opened an

A-share account. If the A-share custody unit has not been declared for the convenience of

investors the listed company entrusts CITIC Securities to provide the custody unit. TheHirisun

A-shares it acquires will be custodied in the CITIC Securities A-share custody unit. Investors

whose shares are custodied in CITIC Securities can only conduct transactions and transfer

custody after completing relevant procedures such as opening a fund account with CITIC

Securities.Name of Handling Person:

Contact Phone Number:

Full Name of Settlement Participant (Seal):

Declaration Date: ___________

21Appendix II:

Declaration Form for Securities Accounts and Custody Units of Investors of Hangqilun

B-Share Not Trading Domestically

I/We____________________________ Identity Number:

Shenzhen B-Share Securities Account Number: _________________ being an overseas

investor in Hangqilun B not trading domestically hereby declare that as I/We have determined

custody matters with a domestic securities company (Company

Name:_______________________) all Hirisun (Stock Code: 300277) shares obtained from the

share swap of Hangqilun B shares (Total shares______________) held by me/us shall be

registered to (A-Share Securities Account Number if any):____________________________

and custodied to (Securities Company Name): _________________________ Shenzhen A

Custody Unit Number:_________________ .Name of Declarant/Company:

Identity Type of Declarant/Company:

Identity Number of Declarant/Company:

Signature (Seal) of Declarant/Company:

Declaration Date: ___________

Handling Person of Securities Company:

Contact Information:

Full Name of Domestic Securities Company Settlement Participant (Seal):

22Appendix III:

Contact Information for CITIC Securities Inquiries and Business Handling

CITIC Securities Company Limited Zhejiang Branch

Contact Person (Chinese):Huang Lei 86-0571-85772223

Contact Person (English): Pan Xinchen 86-0571-87995380

E-mail：hql-zj@citics.com

Fax: 86-0571-85166500

Address: 19F Dikai Silver Center No. 29 Jiefang East Road Shangcheng District Hangzhou City

Zhejiang Province

23Appendix IV:

Contact Information for ICBC Inquiries and Business Handling

ICBC Hangzhou Branch

Contact Person (Chinese):Wang Yang 86-0571-87043551

Contact Person (English): Weng Xiaoying 86-0571-85109607

E-mail：365306561@qq.com

Address: No. 90 Qingchun RoadGongshu District Hangzhou City Zhejiang Province

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