LANCANG TEA (06911) has announced that co-founders Chunyi Du and Juan Wang have formally ended their long-standing voting agreement, effective immediately from July 30, 2026.

On April 16, 2022, both Du and Wang had entered into a joint action agreement, confirming they had jointly controlled the company since 2012. This agreement required them to consult and reach consensus on matters submitted to the board and shareholders' meetings, including exercising proposal rights and voting rights. If no agreement could be reached, the opinion supported by the party serving as chairman would become the joint action plan.

After careful consideration and amicable negotiations, Du and Wang signed a dissolution agreement on July 30, 2026. This agreement terminates the previous joint action pact and dissolves their concerted relationship, effective immediately upon signing. Moving forward, both parties will independently exercise their voting rights and perform their duties according to the company's articles of association, without any joint action arrangement.

Du and Wang have confirmed that the dissolution agreement only ends the collective action arrangement and does not affect any prior commitments, declarations, guarantees, or other binding documents they have issued concerning the company's affairs. These remain valid until their respective expiry dates or conditions are met.

Under the new terms, Wang has committed that from the signing date until she and her affiliates no longer hold any shares in the company, she and her related parties will unconditionally and irrevocably waive voting and proposal rights attached to their shares. Wang also pledged not to seek control of the company, either alone or with others, nor to assist any third party in becoming the controlling shareholder or obtaining actual control.

Prior to the dissolution, Du, Wang, Yue Shi, Ailing Shi, and Guangzhou Tiansu Information Technology Co., Ltd. were considered a group of controlling shareholders, holding or being deemed to hold 45,323,335 domestic shares, representing approximately 30.22% of the total issued share capital. Following the dissolution, this group no longer constitutes a set of controlling shareholders.

After the dissolution, Du holds or is deemed to hold 25,378,436 domestic shares, representing approximately 16.92% of total issued share capital, while Wang holds or is deemed to hold 19,944,899 domestic shares, representing approximately 13.30%.