On January 17, 2026, Shanghai REFIRE Group Limited (Stock Code: 2570) entered into an agreement with Macquarie Capital Limited to place 4,536,000 new H shares at HK$58.38 per share. These shares account for approximately 7.88% of the company’s existing issued H shares (excluding treasury shares) and 5.12% of its total issued shares (excluding treasury shares) as of the announcement date. Upon completion, the issued H shares will be enlarged by about 7.30%, and total shares by about 4.87%.

Based on full placement, the company expects maximum gross proceeds of around HK$264.81 million and net proceeds of approximately HK$258.39 million after costs. The intended allocation of these net proceeds is 50% for repaying outstanding bank loans and lease liability and 50% for general corporate purposes. The issue does not require further shareholder approval, as the shares will be issued under the company’s existing general mandate. An application has been submitted to the Stock Exchange for the listing of and permission to deal in these new H shares.

According to the announcement, the placement will be on a best effort basis, and the closing remains subject to certain conditions and approvals. Shareholders and potential investors are advised to exercise caution when dealing in the company’s shares.