TONTINE WINES (00389) and offeror Mr. Wang He have jointly announced that on August 6, 2026 (after trading hours), the offeror notified the offeree company of a firm intention to make a partial takeover offer (in compliance with the Takeover Code). The offer is set at HK$0.20 per share for 56.32 million offer shares not already owned by the offeror and his concert parties, representing approximately 18.68% of the total issued share capital of the offeree company as of the date of this announcement.

As of the announcement date, the offeror and his concert parties hold 33.84 million shares, accounting for approximately 11.22% of the total issued share capital of the offeree company. The offeror has been a major shareholder of the company since August 2024 and is optimistic about the business development of the offeree company. Therefore, the offeror intends to increase his voting rights in the company through this partial offer, aiming to exert greater influence over the offeree company's corporate actions, transactions, and director nominations through shareholder rights and voting power.

Shortly after the offeror became a major shareholder, the shares of the offeree company were suspended from trading from September 2, 2024, for about 18 months, and trading resumed on February 27, 2026, for only about 6 months. Additionally, the offeror considered that the offeree company has recorded total comprehensive expenses attributable to owners of the company for the most recent four fiscal years ending December 31, 2025, and has not declared or paid any dividends for the most recent ten fiscal years ending December 31, 2025. Taking these factors into account, the offeror has adopted a prudent investment strategy and has not sought to regain control of the offeree company through this partial takeover offer.