MAN WAH HLDGS (01999) issued an announcement regarding the potential spin-off of its indirect non-wholly owned subsidiary, Rui Mai Technology Co., Ltd. (Rui Mai Technology). On October 30, 2025, Rui Mai Technology submitted an application to the National Equities Exchange and Quotations (NEEQ) operator, National Equities Exchange and Quotations Co., Ltd., for an independent listing on NEEQ. The application was accepted by NEEQ on October 31, 2025.