TQM: Termination of Share Transfer Agreement

TQM announced that the company's controlling shareholder and actual controller decided to terminate the "Equity Transfer Intent Agreement" signed with Anhui Chaocheng New Materials Technology Co., Ltd. on July 9, 2024. The agreement involved the transfer of a total of 162 million shares held by the company's controlling shareholder, accounting for 17.17% of the company's total share capital at that time. Due to Anhui Chaocheng's inability to reach a consensus with the controlling shareholder on matters such as the number of shares to be transferred, the payment method for the transfer price, and the source of funds, the project was delayed, and both parties could not reach an agreement on the share transfer. This termination will not have an adverse impact on the company's operations and finances