Yiheng Capital Management, L.P.

Revierstredet 3 P.O. Box 1187 Sentrum NO-0107 Oslo Tel. +47 22 93 98 00 post@finanstilsynet.no finanstilsynet.no Enquiries to [navn] Dir. line. +47 22 93 99 89 YIHENG CAPITAL MANAGEMENT, L.P. 101 California Street, Suit 2880 San Francisco, CA 94111 USA Our reference 25/4909 Your reference 12.11.2025 This letter is only sent by email to: Decision regarding violation penalty 1 Introduction Reference is made to the Financial Supervisory Authority of Norway's (Finanstilsynet) advance notification of violation penalty dated 13 June 2025, and to the response from Yiheng Capital Management, L.P. (Yiheng) dated 22 August 2025. Finanstilsynet has concluded that Yiheng has violated the notification requirement under section 35 of the Norwegian Securities Trading Act (NSTA) and article 5 cf. article 9 of Regulation (EU) No 236/2012 (SSR), by not notifying Finanstilsynet in accordance with the SSR of the relevant net short positions listed in section 3 below. Finanstilsynet has made an overall assessment of the circumstances in this matter and has decided to impose a violation penalty of NOK 140,000. 2 Legal Basis The obligation to report net short positions is set out in the NSTA section 3-5 cf. the SSR. A natural or legal person who has a net short position (a "position holder") in relation to the issued share capital of a company whose shares are admitted to trading on a trading venue and for which Finanstilsynet is the relevant competent authority, shall in accordance with the NSTA section 3-5 cf. SSR article 5 and article 9, notify Finanstilsynet of certain net short positions.