ASIARAY (01993) announced that on October 29, 2026, its indirectly wholly-owned subsidiary Shanghai ASIARAY entered into a franchise agreement with Zhongxin (Hainan), pursuant to which Shanghai ASIARAY was granted the franchise right by Zhongxin (Hainan) to use and operate advertising and media resources for a term of five (5) years, renewable for a further three (3) years.

The total franchise fee for the term will not exceed RMB 180 million (excluding value-added tax), though additional revenue-based franchise fees may be payable under the franchise agreement.