Goldway Education Group Limited (GOLDWAY EDU) announced a change in the use of funds raised from its July 2024 rights issue.

Original plan • Net proceeds: HK$15.00 million. • Allocation: HK$10.00 million for a planned automated parking business in Mainland China (HK$2.00 million for office rental, HK$2.50 million for staff and administrative expenses, HK$5.50 million for working capital) and HK$5.00 million for the Group’s general working capital.

Utilisation to-date • HK$9.00 million has been spent, comprising HK$0.50 million on office rental, HK$0.40 million on salaries, HK$3.10 million on project working capital and the entire HK$5.00 million earmarked for general working capital. • Unused balance: HK$6.00 million.

New allocation • The HK$6.00 million remaining will be redirected entirely to general working capital, covering rental, salaries, legal and professional fees and other corporate expenses. • Management targets full deployment of these funds by 30 November 2026.

Reason for the change • The Board has terminated the automated parking initiative due to economic uncertainty in Mainland China and a weak property market. • Core businesses continue to expand: revenue from tutoring services and continuing franchising rose 13.20 % and 50.10 % respectively in FY 2025. • Directors state the reallocation improves capital efficiency without altering the Group’s business nature.

The Board asserts that the revised plan serves the interests of the company and shareholders and will not adversely affect existing operations.