Hunlicar Group Limited (Stock Code: 3638) disclosed that on November 28, 2025, its indirect wholly-owned subsidiary, Adorable Golden Limited (Adorable), entered into subscription agreements for a total of 450 new Adorable shares at an aggregate subscription price of HK$15,000,003. These new shares represent 45% of Adorable’s enlarged share capital, reducing Hunlicar Group Limited’s stake in Adorable from 100% to 55%. This step constitutes a deemed disposal of 45% equity interest in Adorable.

On the same day, Adorable also agreed to conditionally acquire a combined 40% equity interest in Hong Kong Financial Services Holding Limited (FSH), along with certain shareholder loans, from two vendors, at an aggregate consideration of HK$1,808,000. This move would raise Hunlicar Group Limited’s effective interest in FSH from 30% to 70%. Upon completion of the transactions, FSH and its subsidiaries would become non-wholly-owned subsidiaries of Hunlicar Group Limited.

Based on applicable percentage ratios, both the reduction of Adorable’s equity stake and the acquisition of FSH are disclosable transactions under the Listing Rules, falling into the category where publishing an announcement is required but no shareholder approval is mandated. The completion of the deemed disposal is not contingent on the completion of the acquisitions, and vice versa. The company has indicated that each deal remains subject to respective conditions, including obtaining relevant regulatory consents, and may or may not proceed.