Certain A Shares of Minami Acoustics Limited are subject to a Lock-Up Agreement Ending on 10-JUN-2024. These A Shares will be under lockup for 376 days starting from 31-MAY-2023 to 10-JUN-2024.

Details:
The company?s holding shareholder, actual controller Feng Yanru promised:

Within 36 months after the listing date, will not transfer nor entrust to others for management direct or indirect shares in the company held prior to 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 will automatically be extended for 6 months.

After the expiration of the above lockup period, during the term of office in the company, the number of shares in the company transferred each year shall not exceed 25% of the total shares held in the company.

The company?s shareholder Tianjian (Guangzhou) Investment Holding Co., Ltd. promised:

Within 36 months after the listing date, will not transfer nor entrust to others for management direct or indirect shares in the company held prior to issuance, nor allow the company to repurchase the said shares.

Other shareholders Zhongshan Jingye Investment Enterprise (Limited Partnership) Su Zhuangdong Wu Hui?an promised:

Within 12 months after the listing date, will not transfer nor entrust to others for management direct or indirect shares in the company held prior to issuance, nor allow the company to repurchase the said shares.

Director, general manager Chen Weizhong promised:

Within 12 months after the listing date, will not transfer nor entrust to others for management direct or indirect shares in the company held prior to issuance.

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 will automatically be extended for 6 months.

After the expiration of the above lockup period, during the term of office in the company, the number of shares in the company transferred each year shall not exceed 25% of the total shares held in the company.

Supervisor Yin Huajin promised:

Within 36 months after the listing date, will not transfer nor entrust to others for management direct or indirect shares in the company held prior to issuance.

After the expiration of the above lockup period, during the term of office in the company, the number of shares in the company transferred each year shall not exceed 25% of the total shares held in the company.

Director, Chief Financial Officer, Board Secretary Tang Nanzhi promised:

Within 12 months after the listing date, will not transfer nor entrust to others for management shares in the company held through Zhongshan Jingye Investment Enterprise (Limited Partnership).

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 will automatically be extended for 6 months.

After the expiration of the above lockup period, during the term of office in the company, the number of shares in the company transferred each year shall not exceed 25% of the total shares held in the company.

Supervisors He Qing, Tang Wenqi promised:

Within 12 months after the listing date, will not transfer nor entrust to others for management shares in the company held through Zhongshan Jingye Investment Enterprise (Limited Partnership).

After the expiration of the above lockup period, during the term of office in the company, the number of shares in the company transferred each year shall not exceed 25% of the total shares held in the company.

Management personnel Zhang Tao, He Shenyan promised:

Within 12 months after the listing date, will not transfer nor entrust to others for management shares in the company held through Zhongshan Jingye Investment Enterprise (Limited Partnership).

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 will automatically be extended for 6 months.

After the expiration of the above lockup period, during the term of office in the company, the number of shares in the company transferred each year shall not exceed 25% of the total shares held in the company.