Most Kwai Chung Limited has signed a placing agreement with Maxa Asset Management to issue up to 54.00 million new shares at HK$4.28 each, aiming to raise gross proceeds of approximately HK$231.10 million (net: about HK$228.80 million).

The new shares will be issued under the company’s existing general mandate granted at the 19 August 2025 AGM, utilising its full remaining capacity of 54.00 million shares. If fully placed, the shares will equal 20.00% of the current issued share capital and about 16.67% of the enlarged total of 324.00 million shares.

Pricing and Discount • Placing price: HK$4.28 per share • Discount vs. 6 July 2026 close (HK$5.33): 19.70% • Discount vs. 5-day average close (HK$5.05): 15.28% • Discount vs. 10-day average close (HK$4.90): 12.67% • Estimated net placing price after expenses: ~HK$4.24 per share

Proposed Use of Net Proceeds (HK$228.80 million) • 60% (≈ HK$137.30 million): Establishment and expansion of new environmental and sustainability businesses • 20% (≈ HK$45.80 million): Broadening product and service offerings within the existing media segment • 20% (≈ HK$45.80 million): General working capital

Post-Placement Shareholding (assuming full take-up) • Brave Steed Legacy Limited: 54.20% (unchanged share count) • Blackpaper Limited & concert parties: 1.59% • Existing public shareholders: 27.54% • New placees: 16.67% Total shares outstanding will rise from 270.00 million to 324.00 million.

Key Conditions and Timeline The placement, executed on a best-efforts basis to at least six professional or institutional investors, is conditional upon Stock Exchange listing approval, receipt of necessary corporate consents, and no material adverse events. Completion is expected within five business days after all conditions are met, but no later than 20 July 2026, unless extended by mutual agreement. The placing agent retains the right to terminate the deal under specified adverse circumstances.

Rationale Management expects the transaction to strengthen liquidity, diversify the shareholder base, and support planned investments in sustainability initiatives while bolstering the company’s media portfolio and general operations. No equity fund-raising has been conducted in the past twelve months.