Pengzhan Enterprise Holdings Limited is the Hong Kong-based investment management platform for trust investment funds issued and managed by Jonathan Nina & Co Capital Ltd and Beijing Junhan International Asset Management Co., Ltd.

I. Domestic Project Financing

Projects including Xi’an Shangpin (commercial complex), Beijing RV Camp (cultural and tourism project), Changchun Jinzuo (landmark building), Tangshan Ziyu City (core area urban village reconstruction), and Xi’an Longyu Building (urban village reconstruction) have all been suspended due to lawsuits, asset seizures, and broken capital chains, resulting in unfinished construction. Biotech projects such as Yibin Taxus are seeking equity financing to expand their operations.

II. Issuance and Raising of Australian Trust Funds

In early 2024, project leaders planned to issue real estate investment trusts (REITs) in Australia to raise funds, aiming to revitalize projects through debt restructuring, bankruptcy reorganization, and other methods.

• The first real estate trust, ACR (Australia Commercial REIT Ltd), completed fundraising of AUD 162 million on May 30, 2024.

• The second real estate trust, WBR (Writing Brush Reits Ltd), completed fundraising of AUD 456 million in February 2025.

• The first phase of the private equity fund for biotech projects (Taxus And Health Ltd) completed fundraising of AUD 159 million in December 2024.

• The third phase of the real estate trust is scheduled to start fundraising in September 2025, with an amount of no less than AUD 450 million. It will mainly invest in domestic distressed commercial real estate projects (hotels, shopping malls, industrial real estate, etc.) to help them resolve historical debts, carry out renovation and expansion, optimize commercial operations, and achieve business success.

• The second phase of the biotech fund is planned to launch fundraising in October 2025, with an amount of approximately AUD 250 million, to support the growth and development of domestically leading biotech projects.

III. Management Channels

As the Hong Kong investment platform for Australian trust funds, Pengzhan directly holds controlling stakes in Beijing Hanqing Enterprise Management Co., Ltd. (an FDI-recorded entity) and Beijing Hanchang Fashion & Taste Enterprise Management Co., Ltd. (another FDI-recorded entity). Through Hanqing and Hanchang, it indirectly holds shares in project companies and conducts post-investment management.

Pengzhan Enterprise Holdings Limited

August 2025