Shanghai REFIRE Group Limited (REFIRE) has signed a subscription agreement with Macquarie Bank Limited for the private placement of 10 million unlisted warrants, subject to shareholder approval at an extraordinary general meeting on 11 June 2026.

The warrants carry an issue price of HK$0.2657 each, a maturity of 18 months and an exercise price set at 93 % of the H-share VWAP on the trading day immediately before each exercise. REFIRE may reject any exercise if the calculated price falls below HK$27.29.

Key mechanics include: • Committed Exercise Period – on the company’s notice, Macquarie must exercise a minimum of 3 million warrants within 90 qualified trading days. • Minimum committed scenario would deliver HK$81.87 million in gross proceeds; full exercise at the 52-week high of HK$283.00 would raise HK$2.83 billion. • Warrant shares represent 16.09 % of current H-share capital (10.73 % of total shares) and would dilute to 13.86 % of enlarged H shares (9.69 % of total shares) if fully exercised.

REFIRE plans to apply 50 % of net proceeds to repay bank loans and lease liabilities and 50 % to general corporate purposes, including market expansion, working capital and potential hydrogen-related investments.

An application will be made to list the underlying shares on the Hong Kong Stock Exchange; the warrants themselves will remain unlisted. Macquarie and its ultimate beneficial owners are classified as Independent Third Parties.

The transaction requires a specific mandate, as warrants are not permissible under REFIRE’s existing general mandate. Shareholders on record as of 11 June 2026 will be eligible to vote.