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Scope of this notice. This disclaimer is not limited to the use of artificial intelligence, nor to the accuracy of individual figures. It applies to the study as a whole — including its completeness, the methodology and interpretation choices made, the scope and period covered, the assumptions relied upon, and the possibility of subsequent change — and to any use of, or reliance on, any part of it.

Preparation. This study was prepared using an automated, AI-assisted process. Figures and related information were extracted from publicly filed documents (HKEX notifiable-transaction circulars) by a software pipeline combining rule-based pattern matching and large language model (LLM) comprehension, with deterministic checks that require each reported figure to be traceable to a verbatim line in its source document. The process was designed, supervised, and refined through substantial human and programming effort.

Human review is on a sample basis only. Human experts reviewed the methodology and checked a sample of the outputs; where a prior human study existed for part of the period, results were compared against it. The dataset as a whole was not, and cannot practically be, verified line-by-line by a human. Absence of a flagged error does not mean a record is correct.

Known limitations of AI. AI and automated systems can and do make mistakes. These include, without limitation: misreading or misclassifying figures (for example, confusing a discount rate, cost of capital, or premium with a different metric), mis-attributing a figure to the wrong party or valuation, omitting figures, misinterpreting context or intent, and generating plausible but incorrect output ("hallucination"). Source documents also vary in quality and formatting, which can affect extraction. Readers are expected to understand the general capabilities and limitations of AI-based extraction before relying on this material.

Limitations beyond AI. Independently of the AI process, the study is subject to ordinary research limitations: it relies on source documents that may themselves contain errors, ambiguities, or omissions; it reflects classification, interpretation, and judgment calls that reasonable professionals might make differently; it is limited to the specific filings, figure types, and period examined and does not purport to be exhaustive; and it reports figures as stated in, or derived from, the source documents without independently verifying the correctness of the underlying valuations.

Right to amend or withdraw. The findings are provisional and may change. Kenneth C.K. Ma reserves the right, at his sole discretion and without notice, to amend, update, correct, restate, or withdraw any part or the whole of this study and its findings at any time. The information is current only as at the stated preparation date and may be superseded without notice.

No warranty. This study is provided on an "as is" and "as available" basis. Kenneth C.K. Ma makes no representation or warranty of any kind, express or implied, as to the accuracy, completeness, reliability, currency, or fitness for any particular purpose of the information contained herein.

No liability; use at your own risk. To the maximum extent permitted by law, Kenneth C.K. Ma accepts no liability for any loss or damage (including direct, indirect, incidental, consequential, or economic loss) arising from any use of, or reliance on, this study or any part of it. Any use is entirely at the reader's own risk.

Not professional advice. Nothing in this study constitutes financial, valuation, investment, legal, accounting, tax, or other professional advice, and it must not be relied upon as a substitute for independent professional judgment. Before relying on any figure, readers should verify it against the original source document and seek appropriate professional advice.

Best efforts. Kenneth C.K. Ma has applied his best endeavours — in both human review and software engineering — to produce accurate and useful results, but this does not amount to any guarantee of accuracy.

© 2026 Kenneth C.K. Ma. Prepared July 2026. Data sourced from publicly available HKEXnews filings.