On October 17, Geelong Hui announced that the fifteenth meeting of the fifth board of directors and the eleventh meeting of the fifth board of supervisors had approved the proposal to terminate the fourth phase of the employee shareholding plan. In accordance with the authorization of the company's 2022 annual general meeting of shareholders, the company's board of directors agreed to terminate the fourth phase of the employee shareholding plan ahead of schedule, along with the accompanying "Fourth Phase Employee Shareholding Plan Management Measures" and other documents.

In view of the significant changes in the current market environment compared to when the employee shareholding plan was formulated, and in order to better achieve the company's strategic development goals, taking into account the interests of the market environment, the company, shareholders, and employees, and considering various opinions, after careful consideration, the company, in accordance with the "Guiding Opinions on the Pilot Implementation of Employee Shareholding Plans by Listed Companies" and relevant regulations such as the "Self-discipline Supervision Guidelines for Listed Companies on the Shenzhen Stock Exchange No. 2 - Standard Operation of GEM Listed Companies", decided to terminate the fourth phase of the employee shareholding plan ahead of schedule. The employee shareholding plan management measures associated with this employee shareholding plan are also terminated together.