Hong Kong Exchanges and Clearing Limited

FORM 2 - Corporate Substantial Shareholder Notice

Form Serial Number:

CS20261105E00490

1. Date of relevant event:

02/11/2026
(dd/mm/yyyy)

2. Date when the substantial shareholder becomes aware of the relevant event / interest in the shares (if later):

04/11/2026
(dd/mm/yyyy)

3. Stock code:

01208

4. Name of listed corporation:

MMG Ltd.

5. Class of shares:

Ordinary Shares

6. Number of issued shares in class:

12,846,422,416

7. Name of substantial shareholder:

JPMorgan Chase & Co.

8. Registered office:

270 Park Avenue, New York, New York, NY, 10017, United States

9. Principal place of business in Hong Kong:

N/A

15. Exchange on which listed:

New York Stock Exchange

16. Name of listed parent and exchange on which parent is listed:

N/A

17. Details of relevant event:

Brief description of relevant event

Capacity in which shares were/are held

Number of shares bought/sold or involved

Currency of transaction

On Exchange

Off Exchange

Before relevant event

After relevant event

Highest price (per share)

Average price (per share)

Average consideration (per share)

Nature of consideration

Long position

1004	You first acquire a notifiable interest because: you acquired a security interest in the shares

2201	Interest of corporation controlled by you

2201	Interest of corporation controlled by you

29,126,829

HKD

7.0050

6.9295

6.9192

3101

Cash

Short position

1403	You came to have a short position of 1% or more in the shares, or the percentage level of your short position in such shares increased because: any other event (you must briefly describe the relevant event in the Supplementary Information box)

2201	Interest of corporation controlled by you

2201	Interest of corporation controlled by you

1,516,888

18. Total shares immediately before the relevant event:

	Total number of shares	Percentage figure (%)
Long position	636,550,345	4.95
Short position	231,579,632	1.80
Lending Pool	209,547,198	1.63

19. Total shares immediately after the relevant event:

	Total number of shares	Percentage figure (%)
Long position	665,677,174	5.18
Short position	233,096,520	1.81
Lending Pool	209,664,968	1.63

20. Capacity in which interests disclosed in Box 19 are held:

Capacity code

Number of shares

2101	Beneficial owner

Long position	264,382,356
Short position	229,911,520

2102	Investment manager

Long position	46,702,487
Short position	3,185,000

2106	Person having a security interest in shares

Long position	144,927,363
Short position	0

2502	Approved lending agent

Long position	209,664,968
Short position	0

21. Further information in respect of derivative interests:

Derivatives code

Number of shares

4102	Listed derivatives - Cash settled

Long position	0
Short position	4,086,000

4105	Unlisted derivatives - Physically settled

Long position	3,100,400
Short position	1,881,968

4106	Unlisted derivatives - Cash settled

Long position	85,197,779
Short position	102,071,490

4103	Listed derivatives - Convertible instruments

Long position	290,803,699
Short position	30,115,355

22. Further information in relation to interests of corporations controlled by substantial shareholder:

Name of controlled corporation

Address and place of incorporation

Name of controlling person

% control

Direct interest (Y/N)

Number of shares

J.P. Morgan SE

TaunusTurm Taunustor 1 Frankfurt am Main Frankfurt 60310 Germany

J.P. Morgan International Finance Limited

100.00

Long position	2,778,678
Short position	2,778,678

J.P. MORGAN MARKETS LIMITED

25 Bank Street Canary Wharf London E14 5JP England

J.P. MORGAN FINANCIAL INVESTMENTS LIMITED

100.00

Long position	8,000
Short position	0

J.P. Morgan Securities LLC

270 Park Avenue New York NY 10017 United States

J.P. Morgan Broker-Dealer Holdings Inc.

100.00

Long position	51,675,948
Short position	411,590

Highbridge Capital Management, LLC

390 Madison Avenue 28th Floor New York NY 10017 United States

JPMorgan Asset Management Holdings Inc.

100.00

Long position	16,883,328
Short position	3,149,000

JPMORGAN ASSET MANAGEMENT (UK) LIMITED

60 Victoria Embankment London EC4Y0JP England

JPMORGAN ASSET MANAGEMENT INTERNATIONAL LIMITED

100.00

Long position	983,735
Short position	0

J.P. Morgan Investment Management Inc.

270 Park Avenue New York NY 10017 United States

JPMorgan Asset Management Holdings Inc.

100.00

Long position	716,000
Short position	0

JPMorgan Chase Bank, National Association

1111 Polaris Parkway Columbus OH 43240 United States

JPMorgan Chase & Co.

100.00

Long position	210,648,968
Short position	0

J.P. Morgan Alternative Asset Management, Inc.

270 Park Avenue New York NY 10017 United States

JPMorgan Asset Management Holdings Inc.

100.00

Long position	767,424
Short position	36,000

JPMorgan Asset Management (Asia Pacific) Limited

19 & 20/F, Chater House 8 Connaught Road Central Hong Kong Hong Kong

JPMorgan Asset Management (Asia) Inc.

100.00

Long position	26,368,000
Short position	0

J.P. MORGAN SECURITIES PLC

25 Bank Street Canary Wharf London E14 5JP England

J.P. MORGAN CAPITAL HOLDINGS LIMITED

100.00

Long position	354,847,093
Short position	226,721,252

J.P. Morgan International Finance Limited

270 Park Avenue New York NY 10017 United States

JPMorgan Chase Bank, National Association

100.00

Long position	357,625,771
Short position	229,499,930

JPMorgan Chase Bank, National Association

1111 Polaris Parkway Columbus OH 43240 United States

JPMorgan Chase & Co.

100.00

Long position	357,625,771
Short position	229,499,930

J.P. MORGAN FINANCIAL INVESTMENTS LIMITED

25 Bank Street Canary Wharf London E14 5JP England

JPMorgan Chase Holdings LLC

100.00

Long position	8,000
Short position	0

JPMorgan Chase Holdings LLC

270 Park Avenue New York NY 10017 United States

JPMorgan Chase & Co.

100.00

Long position	97,402,435
Short position	3,596,590

J.P. Morgan Broker-Dealer Holdings Inc.

4 Chase Metrotech Center 4th Floor Brooklyn NY 11245 United States

JPMorgan Chase Holdings LLC

100.00

Long position	51,675,948
Short position	411,590

JPMorgan Asset Management Holdings Inc.

270 Park Avenue New York NY 10017 United States

JPMorgan Chase Holdings LLC

100.00

Long position	45,718,487
Short position	3,185,000

JPMORGAN ASSET MANAGEMENT INTERNATIONAL LIMITED

60 Victoria Embankment London EC4Y0JP England

JPMorgan Asset Management Holdings Inc.

100.00

Long position	983,735
Short position	0

JPMorgan Asset Management (Asia) Inc.

270 Park Avenue New York NY 10017 United States

JPMorgan Asset Management Holdings Inc.

100.00

Long position	26,368,000
Short position	0

J.P. MORGAN CAPITAL HOLDINGS LIMITED

25 Bank Street Canary Wharf London E14 5JP England

J.P. Morgan International Finance Limited

100.00

Long position	354,847,093
Short position	226,721,252

23. Further information in relation to interests held by substantial shareholder jointly with another person:

Name of joint shareholder	Address	Number of shares

24. Further information from a trustee, a beneficiary of a trust, or a person who set up a discretionary trust:

Names of trust	Address	Status code	Number of shares

25. Further information from a party to an agreement under Section 317 (Please see Notes for further information required):

Names of other parties	Address	Number of shares

Total number of shares in which a substantial shareholder is interested under sections 317 and 318

26. Details of person(s) in accordance with whose directions the substantial shareholder or its directors are accustomed to act:

Names	Address	Relationship Code	Percentage (%)

27. Supplementary information:

JP Morgan Chase & Co. came to have a short position of 1% or more in the shares, or the percentage level of your short position in such shares increased.

28. Log/Serial Number of the previous form:

29. Number of concert party document(s) under section 317 attached/uploaded:

Date of filing this Form 2:

05/11/2026
(dd/mm/yyyy)