Distinguished Shareholders

Hwabao WP Fund Management Co., Ltd. (“Hwabao WP Fund”) started its business on February 12, 2003. It is among the earliest joint venture fund management companies in China, as well as the earliest ones that are established by a domestic trust company and a foreign asset manager. Currently, its shareholders are Hwabao Trust Co., Ltd. (51%), Warburg Pincus (29%), and Jiangsu Railway Group Co., Ltd. (20%).

Hwabao Trust Co., Ltd. (“Hwabao Trust”) was established in 1998 and is a financial company under China Baowu Steel Group Co., Ltd (“China Baowu”). Hwabao Trust holds business qualifications including overseas entrusted wealth management, pension fund account management, qualified investor in the block trading system, asset securitization, and IPO price inquiry, among others.

China Baowu is Hwabao Trust’s majority shareholder and holds a 92.90% stake in Hwabao Trust. China Baowu, ranking 73rd in the 2025 Fortune Global 500, is an important backbone state-owned enterprise (SOE) directly administered by the China Central Government, and the largest and most influential steel conglomerate in the world. In 2020, China Baowu was one of the central SOEs designated by the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) to strive for world-class performance. In 2022, it was transformed into a state-owned capital investment company, and launched efforts to serve as a bellwether in the modern industry chain of low-carbon metallurgy. In November 2024, it was recognized by SASAC and the China Enterprise Confederation as one of the ten central SOEs successfully ranking among world-class enterprises.

Warburg Pincus is a leading global investment institution focused on growth investing. As an experienced partner, Warburg Pincus is committed to working closely with entrepreneurs to build companies with long-term sustainable value. Since entering China in 1994, Warburg Pincus has invested nearly USD 17 billion in more than 150 Chinese companies across multiple industries, making it one of the largest and most active international PE investment institutions in China.

Jiangsu Railway Group Co., Ltd. is a provincial-level extra-large state-owned enterprise approved by the CPC Jiangsu Provincial Committee and the Jiangsu Provincial Government. With registered capital of RMB 100 billion, total assets of RMB 371.8 billion, and net assets of RMB 212 billion, it is the provincial railway enterprise with the largest registered capital in China.

Since its establishment, Hwabao WP Fund has achieved steady development across its diversified businesses. The Company has actively capitalized on opportunities from China’s economic development, leveraged the resource advantages of a joint venture fund, delivered significant value to its clients, and is committed to becoming a distinctive boutique asset management company trusted by investors, with unique competitiveness and an inherent strong sense of social responsibility.

*Hwabao WP Fund maintains a comprehensive business‑separation system in respect of its ultimate controller and shareholders. The ultimate controller and shareholders of Hwabao WP Fund are prohibited to participate in the investment management of the company’s fund assets.

Corporate Values: “Seek Truth from Facts, Pursue Excellence, and Collaborate for Shared Success”

• "Seek Truth from Facts" is the bedrock upon which Hwabao WP Fund is built. It serves as the guiding principle that enables the company to evolve with the times, and pursue excellence amid the industry competition.
• "Pursue Excellence" is the core corporate aspiration of Hwabao WP Fund. It represents the collective ethos of all the company employees, aligned with the company’s strategic development objective of ranking among China’s top asset managers.
• "Collaborate for Shared Success" is the fundamental path through which Hwabao WP Fund advances toward excellence. It also embodies the company's people-oriented philosophy and its commitment to the harmonious co-development of its broader business ecosystem.

Business Philosophy: “Prudence Embodies Wisdom; Fidelity Reaches Far”

• Prudence Embodies Wisdom：Our commitment is to deliver to fund unitholders investment returns that are stable and sustainable, rather than volatile and unsustainable. Therein resides the investment wisdom of Hwabao WP Fund.
• Fidelity Reaches Far：Our commitment is to establish with fund unitholders a mutual trust grounded in rational understanding, rather than blind followership. Therein lies the cornerstone of Hwabao WP Fund's endeavor to create wealth that endures across generations.

Equity Investment Strategy: “Uphold Investment Boundaries; Strategy Over Prediction”

• Uphold Investment Boundaries: Our investments strictly comply with fund contract provisions and shall be confined to stocks within our circle of competence, rejecting any arbitrary investment decision; and our investments shall be directed with constancy toward stocks with foreseeable and sustainable growth.
• Strategy Over Prediction: Markets are difficult to predict accurately, and strategy is more important than prediction; in response to different market characteristics, we formulate corresponding and effective investment strategies.

Bond Investment Strategy: “Contain Risk; Invest Actively”

• Contain Risk: Put investment risk control first, and assume only valuable and limited risks.
• Invest Actively: Active strategies and refined management can generate excess returns in China’s emerging securities market.

Corporate Vision: “To become a differentiated boutique asset‑management house trusted by investors, with unique competitiveness and an inherent strong sense of social responsibility”

• “Trust” constitutes the most important commercial foundation of Hwabao WP Fund as an asset management institution that bears fiduciary responsibilities.
• “Unique competitiveness” signifies pursuing differentiated competition and charting Hwabao WP Fund’s own unique development path.
• “Social responsibility” refers to Hwabao WP Fund’s dedication to fulfilling social obligations, implementing ESG‑oriented investment practices, and operating as a responsible, value‑driven enterprise.
• “A differentiated boutique asset‑management house” represents the development path Hwabao WP Fund has determined after in‑depth reflection and forward‑looking strategic planning.

Professional Code of Conduct: “Unitholders’ Interests First”

• “Unitholders’ Interests First” is the fundamental principle of Hwabao WP Fund in its business development. We place unitholders’ interests above all others and embed this principle throughout investment, operations, risk control, marketing, and distribution activities.