REFIRE (02570) announced that on January 17, 2026, the company entered into a placing agreement with a placing agent. Under this agreement, the placing agent conditionally agreed to act as the company's agent and use its best efforts to procure placees, who along with their ultimate beneficial owners (if applicable) will be independent third parties, to subscribe for 4.536 million placing shares at a price of HK$58.38 per share. Assuming no change in the number of issued shares between the date of this announcement and the settlement date, the 4.536 million placing shares represent approximately 7.88% of the existing issued H shares (excluding treasury shares) and approximately 5.12% of the existing total issued shares (excluding treasury shares) as of the announcement date. Following the allotment and issue of the placing shares, they will represent approximately 7.30% of the enlarged issued H share capital (excluding treasury shares) and approximately 4.87% of the enlarged total issued share capital (excluding treasury shares). The placing price of HK$58.38 per share represents a discount of approximately 18.01% to the closing price of HK$71.20 per H share on the Stock Exchange on January 16, 2026, which was the last trading day. Assuming all placing shares are successfully subscribed for and upon settlement, the maximum gross proceeds and net proceeds from the placing, after deducting commissions and other related costs and expenses, are estimated to be approximately HK$265 million and HK$258 million, respectively. This equates to a net issue price of HK$56.96 per placing share. The company currently intends to use the net proceeds as follows: (a) approximately 50% will be used to optimize the group's financial structure by repaying outstanding bank loans and lease liabilities; and (b) approximately 50% will be allocated for general corporate purposes.