[Utree Technology IPO: Rumors of gray market trading are unfounded, underlying risks should not be underestimated] BlockBeats News, August 15 — According to a report by *Shanghai Securities News*, recent market discussions suggest that Utree Technology has seen 'scalpers acquiring shares' in the gray market, with some intermediaries offering prices significantly above the issuance price. In response, reporters sought verification from investment institutions, private equity firms, brokerages, and other seasoned market participants, all of whom indicated that they had not observed such occurrences. The related rumors are largely unfounded. They also pointed out that such private, off-market agreements and transactions raise questions about compliance, and investors are highly susceptible to losses. As the lead underwriter for Utree Technology's IPO, CITIC Securities also issued a reminder that securities transactions must strictly adhere to laws, regulations, and market trading rules. Transactions should only be conducted through legally recognized channels using real-name accounts. Investors are advised not to blindly follow speculative trends, to adhere to rational and value-based investment principles, and to carefully assess investment risks.