Certain A Shares of Fujian Highton Development Co., Ltd. are subject to a Lock-Up Agreement Ending on 30-MAR-2024. These A Shares will be under lockup for 373 days starting from 23-MAR-2023 to 30-MAR-2024.

Details:
Controlling shareholder and actual controller Zeng Erbin promised that within 36 months after the listing date, shall not transfer nor entrust to others for management direct or indirect shares in the company held prior to this issuance, nor allow the company to repurchase the said shares. If the closing price of the company?s share is lower than the issue price for 20 consecutive trading days within 6 months after listing, or if the closing price of the company?s share is lower than the issue price for the period ending six months after listing, then the lockup period shall automatically be extended for 6 months. During the term of office as the company?s director, member of supervisory board, senior management personnel, the number of shares in the company transferred each year shall not exceed 25% of the total shares held in the company, and within half year from resignation or within 6 months after the term of office, may not transfer direct or indirect shares in the company held.

Persons acting in concert with controller shareholder and actual controller Pingtan Qunhang Investment Partnership Enterprise (Limited Partnership), Fujian Xinghai Trading Co., Ltd., Wang Aijin promised that within 36 months after the listing date, shall not transfer nor entrust to others for management direct or indirect shares in the company held prior to this issuance, nor allow the company to repurchase the said shares. If the closing price of the company?s share is lower than the issue price for 20 consecutive trading days within 6 months after listing, or if the closing price of the company?s share is lower than the issue price for the period ending six months after listing, then the lockup period shall automatically be extended for 6 months.

Other directors, supervisors and senior managers holding shares of the company Zheng Yufang, Liu Guoyong, Le Junjie, Wu Zhou, Wu Xiaobing and Other directors holding shares of the company Xiao Zhipin promised that within 1 year after the listing date, shall not transfer nor entrust to others for management direct or indirect shares in the company held prior to this issuance, nor allow the company to repurchase the said shares. If the closing price of the company?s share is lower than the issue price for 20 consecutive trading days within 6 months after listing, or if the closing price of the company?s share is lower than the issue price for the period ending six months after listing, then the lockup period shall automatically be extended for 6 months. During the term of office as the company?s director, member of supervisory board, senior management personnel, the number of shares in the company transferred each year shall not exceed 25% of the total shares held in the company, and within half year from resignation or within 6 months after the term of office, may not transfer direct or indirect shares in the company held.

Other company employee shareholders indirectly holding shares of the company through employee shareholding platform Pingtan Qunhang Investment Partnership Enterprise (Limited Partnership) promised that within 36 months from the date of listing of the company's stock, apart from the transfer the share of capital contribution held by the company's shareholder Pingtan Qunhang Investment Partnership Enterprise (Limited Partnership) to its general partner or other designated party as agreed in the equity incentive plan, shall not transfer or entrust others to manage the share of investment in Pingtan Qunhang directly held, and the shares issued by the company indirectly held prior to its public offering, nor will allow the company to repurchase the shares.