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This revision marks the company's further refinement of legal documents in the process of advancing the tender offer.

Golden Ten Data reported on March 20 that the volatility of the Indian stock market has consistently been higher than other regions in Asia, indicating that investors have stronger concerns regarding India's energy dependence, high valuations, and corporate governance issues. India's volatility index remains close to its peak on March 9, which is the highest level since June 2024. For Japan and South Korea, both countries heavily reliant on fuel transported through the Strait of Hormuz, their respective volatility indicators have retreated from the highs reached due to the Iran war. The Chicago Board Options Exchange Volatility Index has also declined. This divergence suggests that, in the context of an energy crisis impacting the economy, India's risk premium is becoming increasingly stubborn. Even before the conflict, India faced challenges such as high valuations, the risk of AI technology disruption due to the lack of prominent chip manufacturers, and currency depreciation. The recent sell-off has pushed the country's stock index close to the level seen a year ago when US tariff hikes triggered market turmoil, while at the same time, governance concerns have erupted at the country's largest private bank.

格隆汇 March 20｜The volatility of the Indian stock market has consistently been higher than other regions in Asia, indicating that investors have stronger concerns regarding India's energy dependence, high valuations, and corporate governance issues. India's volatility index remains close to its March 9 peak, which is the highest level since June 2024. For Japan and South Korea, both heavily reliant on fuel transported via the Strait of Hormuz, their respective volatility indicators have retreated from the highs reached during the Iran war. The Chicago Board Options Exchange Volatility Index has also declined. This divergence suggests that India's risk premium is becoming increasingly stubborn as the energy crisis impacts the economy. Even before the conflict, India faced challenges such as high valuations, the risk of AI technology disruption due to the lack of well-known chip manufacturers, and currency depreciation. The recent sell-off has pushed the country's stock index close to the level seen a year ago when US tariff hikes triggered market turmoil, while at the same time, governance concerns have erupted at the country's largest private bank.