CR Beverage (02460) announced that, according to Listing Rule 13.32B, securities listed on the Stock Exchange must maintain a public market. This generally requires that the portion of a listed share class held by the public must at all times either: (1) constitute at least 25% of the issuer's total issued shares of that class (excluding treasury shares), or any lower minimum percentage specified at the time of listing under Rule 8.08(1) (the initial designated threshold); or (2) alternatively, (a) reach a market capitalization of at least HKD 10 billion; and (b) constitute at least 10% of the issuer's total issued shares of that class (excluding treasury shares) (the alternative threshold).

For its listing, the company received a waiver from the Stock Exchange from strict compliance with the relevant requirements of Rule 8.08(1). The minimum percentage of the company's shares held by the public from time to time will be the higher of: (i) 14.81% of the total issued share capital upon completion of the global offering (assuming the over-allotment option is not exercised); and (ii) the percentage of the company's shares held by the public following the full or partial exercise of the over-allotment option (i.e., 16.60%). Following a partial exercise of the over-allotment option on November 12, 2024, the public held approximately 16.60% of the company's total issued shares. Consequently, the initial designated threshold applicable to the company is 16.60% of its total issued shares (excluding any treasury shares).

The company noted that its directors purchased 162,800 shares in the open market on March 27, 2026. As these shares held by directors are not considered public holdings under the Listing Rules, the company has elected to use the alternative threshold effective March 27, 2026. This is to comply with Rule 13.32B and to provide greater flexibility for future capital management transactions.

As of March 27, 2026, the latest practicable date prior to this announcement, the market capitalization of the company's public float (calculated under Rule 13.32A(3)) was HKD 4.154 billion, which is not less than HKD 10 billion. The percentage of public shareholding on that date was approximately 16.597% of the total issued share capital. Therefore, the company meets the requirements of the alternative threshold under Listing Rule 13.32B(2).