Gelonghui May 10, Weiye Holdings (01570Freestripholdem(HK) notice that Hangzhou Junwei Real Estate Co., Ltd. (plaintiff), a wholly-owned subsidiary of the company, has filed an administrative complaint "(2024) Zhejiang 0113 Proceedings No. 18" with the people's Court of Linping District, Hangzhou City, China, suing the people's Government of Tangqi Town, Linping District, Hangzhou (defendant).

According to the administrative complaint, on March 13, 2023, the deputy mayor of Linping District, Hangzhou City, Zhejiang Province, China was filed.FreestripholdemAt the request of the defendant, the defendant supervised the funds for a development project of the group and was responsible for co-ordinating the use of the presale funds for the project, and at the request of the defendant, the plaintiff handed over the plaintiff's official seal, contract seal, financial seal and legal representative seal. On 29 March 2023, the plaintiff, the defendant and a number of regulatory banks signed a number of account supervision agreements on regulatory matters. According to the terms of the account supervision agreement, after the expiration of the supervision period, (1) the defendant and the supervising bank shall unconditionally cooperate with the deregulation of the co-managed account; (2) the supervising bank shall transfer the remaining funds from the co-managed account to the plaintiff's designated account within three days after the deregulation; and (3) the defendant shall return such seals and related materials to the plaintiff within three days after the expiration of the supervision period.

The plaintiff completed all the conditions in the account Supervision Agreement on September 23, 2023, so the defendant should return such seals and related materials to the plaintiff within three days after the expiration of the supervision period (i.e. September 23, 2023) in accordance with the terms of the account Supervision Agreement, but the defendant has failed to perform his duties in accordance with the terms of the account Supervision Agreement as of the date of this announcement, and has therefore seriously harmed the legitimate rights and interests of the plaintiff. Therefore, in order to protect their legitimate rights and interests, the plaintiff will bring the case to the court in accordance with the law. The company believes that the filing of the lawsuit will not adversely affect the normal business or operation of the group.