On July 29, Hunan Tianyan issued an announcement detailing a significant corporate reshuffle within China South Industries Group Corporation (CSGC). As part of this ongoing reorganization, CSGC's automotive business has been integrated into the newly formed China Changan Automobile Group Co., Ltd. Pursuant to the division agreement, the entire equity of Chenzhi Automobile Technology Group Co., Ltd., previously held by CSGC, has been transferred to China Changan Automobile Group Co., Ltd. This transfer has led to a change in Hunan Tianyan's indirect controlling shareholder, with China Changan Automobile Group Co., Ltd. now occupying that position. However, the ultimate controller of Hunan Tianyan remains unchanged, being the State-owned Assets Supervision and Administration Commission of the State Council. In compliance with the "Measures for the Administration of Acquisitions of Listed Companies," China Changan Automobile Group Co., Ltd. is exempt from the obligation to make an offer in connection with this equity change.