On 14 April 2026, SLD Group (Steve Leung Design Group Limited) executed a framework agreement with Jangho Group Co., Ltd. to provide interior design as well as interior decorating and furnishing services to Jangho Co. and its subsidiaries (excluding members of SLD Group). The agreement runs from the signing date through 31 December 2028.

The parties set identical annual caps of RMB13.00 million (approximately HK$14.80 million) for the period ending 31 December 2026 and for each of the 2027 and 2028 financial years.

Pricing will follow (i) any state-prescribed benchmarks where available or, failing that, (ii) arm’s-length terms that are no less favourable to SLD Group than those offered to independent clients. Internal reference unit prices, cost-plus margins and standard discounts of 5%-10%—and up to 50% for concept and detail design when full decorating services are awarded—will guide individual contract pricing.

Payment schedules are milestone-based. For design-only work, eight tranches range from 15% on contract signing to 10% on final acceptance. For procurement and installation services, 50% is payable upon signing, 30% after procurement, 15% post-installation and 5% after the warranty period.

Historical contract sums awarded to SLD Group by Jangho Co. and its non-group subsidiaries were RMB5.34 million in 2023, RMB5.85 million in 2024, RMB2.58 million in 2025 and nil for the first two months of 2026.

Regulatory context: Jangho Co. is a 30%-controlled company of SLD Group’s controlling shareholder Mr. Liu Zaiwang, making it a connected person under Hong Kong Listing Rule 14A. The applicable percentage ratios for the annual caps exceed 0.1% but are below 5%, subjecting the transactions to reporting, announcement and annual review requirements while exempting them from circular and independent shareholders’ approval.

The board views the arrangement as ordinary course business that broadens SLD Group’s service pipeline and market visibility in mainland China. Directors with overlapping roles at Jangho Co. abstained from voting on the approval.