Ming Yan disposed of 36.50 million shares of JF SMARTINVEST (09636) in an off-exchange transaction on September 16, 2026, at an average price of HKD 26.57 per share, involving approximately HKD 969.80 million. The off-exchange trade was settled in cash and is not a direct secondary-market dealing. The disposal was effected through sales by Embrace Investments Limited (owned by Chen Wenbin) and Rich Horizon Investments Limited (owned by CHEN NINGFENG), both concert parties with Ming Yan.
Prior to the disposal, Ming Yan's long position in JF SMARTINVEST was 293.67 million shares, representing 62.7%; following the disposal, the holding changed to 257.17 million shares, with the long position ratio falling to 54.91%.
This involves related parties: CHEN Wenbin and CHEN NINGFENG.