[Xuetian Salt Industry: Correction of the counterparty and target company commitments in the reorganization plan] On September 13, Xuetian Salt Industry (600929.SH) announced that the company has made corrections to the plan for issuing shares, paying cash to purchase assets, and raising supporting funds and related transactions. The counterparty of the transaction, Liu Gejun, was investigated by the China Securities Regulatory Commission on March 20, 2026 for personal suspicion of insider trading. The investigation did not involve the stock trading of Xuetian Salt and had nothing to do with this transaction. The company simultaneously added relevant risk warnings, and there is the possibility of subsequent adjustments to this transaction plan. Xiao Cai's Note: Liu Gejun is the second natural shareholder of Hebei Kuntian, the subject of this major asset restructuring of Xuetian Salt Industry, holding 35.1858 million shares, accounting for 9.7738%, second only to the 20.4024% held by the controlling shareholder and actual controller Song Zhitao. At the same time, he is also one of the 54 counterparties in this transaction and bears the obligation to make up for losses during the transition period. It is worth noting that, judging from the information disclosed by Xuetian Salt Industry, Liu Gejun’s insider trading case occurred on March 20, 2026, nearly half a year ago, but it was not disclosed in the restructuring plan first released on the evening of September 11. Instead, two days later, an emergency correction announcement was issued to supplement the disclosure. Xuetian Salt Industry stated that if the above-mentioned investigation matters are ultimately subject to an administrative penalty decision by the China Securities Regulatory Commission, are investigated for criminal liability by judicial authorities in accordance with the law, or are determined by regulatory agencies and intermediary agencies to verify that the matter will have a significant adverse impact on this transaction and constitute a legal obstacle to the advancement of this transaction, there is the possibility of subsequent adjustments to this transaction plan. Hebei Kuntian was established in May 2018 and specializes in lithium-ion battery anode materials. The company was selected into the 2026 Hurun Global Unicorn List and ranked tied for 19th in the "UP2026 China Energy Unicorn Companies" with a valuation of 12.922 billion yuan. This valuation has exceeded the market value of Xuetian Salt Industry itself. Financial data shows that Hebei Kuntian suffered losses of 66.1727 million yuan and 32.5868 million yuan respectively in 2024 and 2025. It turned losses into profits in the first half of 2026 and achieved a net profit of 120 million yuan.