Liaoning Huaxia Law Firm

About Iceberg Hot and Cold Technology Joint-stock company

Two O Twenty-two year Annual of the shareholders’ meeting

Legal Opinion

Liaohua Law stock Upon seeing the letter [ 2023 ］ 005 Number

To: Iceberg Hot and Cold Technology Joint-stock company

In accordance with the Company Law of the People’s Republic of China (hereinafter referred to as the “Company Law”), the Rules for General Meetings of Listed Companies (hereinafter referred to as the “General Meeting Rules”), the Detailed Implementation Rules for Online Voting at General Meetings of Listed Companies of the Shenzhen Stock Exchange (hereinafter referred to as the “Online Voting Rules”), and other relevant laws and regulations, as well as the Articles of Association of Bingshan Cold & Heat Technology Co., Ltd. (hereinafter referred to as the “Articles of Association”), our firm has accepted the engagement of Bingshan Cold & Heat Technology Co., Ltd. (hereinafter referred to as the “Company”) and appointed attorneys Mu Xiaoxia and Liu Cuimei to attend the Company’s 2022 Annual General Meeting held on May 25, 2023. We have also issued a legal opinion on the legality of such matters as the convening and procedural compliance of this General Meeting, the qualifications of persons attending the Meeting, the qualifications of the convener, as well as the voting procedures and results of the Meeting.

The attorneys of this firm consent to the Company’s publication of this legal opinion as a statutory document for the current shareholders’ meeting and undertake legal liability for the opinions expressed herein in accordance with the law.

In accordance with the industry-recognized standards of practice, ethical norms, and the duty of due diligence expected of lawyers, the attorneys of this firm have reviewed and verified all documents and materials provided by the Company that are relevant to the issuance of this legal opinion. Based on such review and verification, we hereby render the following legal opinion:

I. Procedures for Convening and Holding This Shareholders’ Meeting

(1) This shareholders’ meeting was convened by the Company’s Board of Directors. The notice of the meeting was published on May 5, 2023, in the China Securities Journal and on the Cninfo website, with more than twenty days having elapsed between the date of such publication and the date of the meeting. In the notice of the shareholders’ meeting, the Company provided clear instructions regarding the online voting system, the voting period, and the operational procedures.

(2) The on-site session of this shareholders’ meeting was chaired by the Chairman of the Company, and the time, venue, and matters to be considered at the meeting were consistent with those specified in the notice of the meeting.

The Company has provided a online voting platform for its shareholders. Specifically, online voting via the Shenzhen Stock Exchange trading system will be available from 9:15 a.m. to 9:25 a.m., from 9:30 a.m. to 11:30 a.m., and from 1:00 p.m. to 3:00 p.m. on May 25, 2023; online voting via the Shenzhen Stock Exchange’s internet voting system may be conducted at any time between 9:15 a.m. and 3:00 p.m. on the same day. The timing and methods for online voting are consistent with the contents of the meeting notice.

Upon verification, the attorneys of this firm are of the opinion that the procedures for convening and holding the Company’s current shareholders’ meeting comply with the relevant laws and regulations, including the Company Law, the Securities Law, and the Rules of the Shareholders’ Meeting, as well as the provisions of the Company’s Articles of Association.

II. Qualifications of Attendees and the Convenor of This Shareholders’ Meeting

(1) Upon verification, the attendance of shareholders and their proxies at this shareholders’ meeting is as follows:

1. A total of 8 shareholders and their proxies attended the on-site meeting of this shareholders’ general meeting, representing 246,667,064 shares, or 29.25% of the company’s total voting shares. The attorneys of this firm verified the identity documents, shareholding certificates, power of attorney letters, the company’s register of shareholders, and other relevant documents and materials submitted by the shareholders and their proxies in attendance, thereby confirming that the aforementioned shareholders and proxies were duly qualified to attend the shareholders’ general meeting.

2. According to the statistical results of online voting provided by Shenzhen Securities Information Co., Ltd., a total of 12 shareholders cast valid votes through the online voting system at this shareholders’ meeting, holding a combined total of 1,611,500 shares, which represents 0.19% of the company’s total outstanding shares with voting rights.

In summary, upon verification, a total of 20 shareholders and their proxies attended the Company’s current shareholders’ meeting, representing 248,278,564 shares, or 29.44% of the Company’s total voting shares.

(2) In addition to the aforementioned shareholders and their proxies, attendees at this shareholders’ meeting also included certain directors, supervisors, senior management personnel of the Company, and attorneys from our firm.

The attorneys of this firm are of the opinion that the qualifications of the aforementioned persons attending and observing this shareholders’ meeting comply with the provisions of the Company Law, the Rules for Shareholders’ Meetings, and the Articles of Association.

(3) This shareholders’ meeting was convened by the Company’s Board of Directors, and the convener’s qualifications are lawful and valid.

III. Voting Procedures and Results of This Shareholders’ Meeting

(1) Voting Procedure

1. Upon verification by the attorneys of this firm, the matters actually considered at this shareholders’ meeting are consistent with the proposals announced by the Company’s Board of Directors, and no amendments were made to the proposals during the course of the meeting, thereby complying with the relevant provisions of the Company Law, the Rules for Shareholders’ Meetings, and the Company Charter.

2. At the on-site meeting of this shareholders’ general meeting, shareholder representatives, supervisory board representatives, and attorneys from our firm were jointly appointed to conduct the vote-counting and vote-monitoring procedures. The vote-monitoring personnel then tallied the voting results, which were subsequently announced by the chair of the meeting at the venue. The announcement of the voting status and outcomes for each proposal was in full compliance with applicable laws, regulations, and the Articles of Association of the Company.

3. The online voting procedure for this shareholders’ meeting was designed in accordance with the provisions of the Detailed Rules on Online Voting, and the total number of voting rights exercised through online voting as well as the voting results were provided to the Company by Shenzhen Securities Information Co., Ltd., thereby complying with applicable laws and regulations.

In summary, the attorneys of this firm are of the opinion that the voting procedures for this shareholders’ meeting comply with the relevant provisions of the Company Law, the Rules of the Shareholders’ Meeting, and the Articles of Association.

(II) Voting Results

At this shareholders’ meeting, the following proposals were reviewed and approved item by item:

1. 2022 Annual Work Report of the Company’s Board of Directors;

2. 2022 Annual Work Report of the Company’s Supervisory Board;

3. The Company’s 2022 Annual Financial Settlement Report;

4. Report on the Company’s 2022 Profit Distribution Plan;

5. The Company’s 2022 Annual Report;

6. Report on Authorizing the Company’s Chairman and Management to Apply for Bank Credit Lines and Loan Limits for the Year 2023;

7.00 Report on the Company’s Estimated Routine Related-Party Transactions for the Year 2023;

7.01 Estimated routine related-party transactions with the Company’s shareholder, Dalian BingShan Group Co., Ltd., and its controlled subsidiaries for 2023;

7.02 Estimated routine related-party transactions for 2023 with companies directly or indirectly controlled by the Company’s related party, Panasonic Holdings Corporation;

7.03 Estimated routine related-party transactions to be entered into with other affiliates of the Company in 2022;

8. Report on the Appointment of the Company’s 2023 Audit Firm;

9. Report on the Sale of Guotai Junan Shares;

10. Report on the Acquisition of Equity in Panasonic Refrigeration (Dalian) Co., Ltd.;

11. Report on the Execution of the Equity Transfer Agreement Subject to Conditions precedent.

All of the foregoing proposals were approved by a majority of the voting rights held by shareholders present at the meeting, as required by law. Notably, Proposals No. 7, No. 10, and No. 11 involve related-party transactions; the related shareholders recused themselves from voting, and their voting rights were not included in the total number of valid votes for these proposals.

Upon verification, the attorneys of this firm are of the opinion that the voting procedures for the Company’s current shareholders’ meeting comply with the provisions of the Company Law, the Rules of the Shareholders’ Meeting, the Detailed Rules on Online Voting, and other applicable laws, regulations, normative documents, as well as the Company’s Articles of Association, and that the results of the vote are lawful and valid.

IV. Concluding Remarks

In summary, the attorneys of this firm are of the opinion that the convening and conduct of the Company’s current shareholders’ meeting comply with the provisions of the Company Law, the Rules for Shareholders’ Meetings, the Detailed Rules on Online Voting, and other applicable laws, regulations, normative documents, as well as the Company’s Articles of Association; that the qualifications of the attendees and the convener of the meeting are lawful and valid; and that the voting procedures and voting results of the meeting are lawful and valid.

(This page contains no substantive text; it is the signature page for the “Legal Opinion of Liaoning Huaxia Law Firm on the 2022 Annual General Meeting of Shareholders of Bingshan Cold & Heat Technology Co., Ltd.”)

Liaoning Huaxia Law Firm (Seal) Handling Attorney (Signature):

Person in Charge (Signature): Mu Xiaoxia:

Sun Xuefeng: Liu Cuimei:

May 25, 2023