Alpha Professional Holdings Announces 1-for-1 Non-Underwritten Rights Issue to Raise up to HK$82.46 Million

Bulletin Express
昨天

Alpha Professional Holdings Limited (ALPHA PRO HLDGS) released a prospectus detailing a non-underwritten rights issue that could double its share capital and raise up to HK$82.46 million in gross proceeds.

Key Terms • Basis: One Rights Share for every one existing share held on the 22 Oct 2026 record date. • Issue Size: Up to 412.28 million new shares, expanding the issued share base from 412.28 million to 824.56 million. • Subscription Price: HK$0.20 per Rights Share, representing a 25.93% discount to the HK$0.27 closing price on the latest practicable date and a 19.68% discount to the HK$0.249 close on the last trading day (12 Aug 2026). • Trading Window: Nil-paid Rights Shares to trade 27 Oct–3 Nov 2026; final acceptance and payment deadline 4:00 p.m. on 6 Nov 2026; fully-paid shares begin trading 17 Nov 2026. • Listing: Conditional approval sought from HKEX for listing and dealing of both nil-paid and fully-paid Rights Shares.

Capital Impact • Net proceeds are estimated at HK$81.00 million after HK$1.45 million in expenses. • Unaudited pro-forma adjusted consolidated net tangible assets attributable to shareholders would rise from HK$24.02 million to HK$105.03 million, lifting NTA per share from HK$0.058 to HK$0.127 on full subscription.

Use of Proceeds (Assuming Full Subscription) 1. Debt Repayment: HK$40.50 million (50%). 2. General Working Capital: HK$20.30 million (25%). 3. Capital Contribution to newly formed elevator services JV in Shenzhen: HK$10.10 million (12.5%). 4. Expansion of Milk Products Business (inventory and marketing): HK$10.10 million (12.5%).

Major Shareholder Support & Potential Dilution Controlling shareholder Ms. Chong Sok Un, through Well Dynasty Investments and Vigor Online, has provided irrevocable undertakings to take up their full pro-rata entitlements totaling 207.03 million Rights Shares (50.22% of the issue). The offer is not underwritten; if other shareholders decline participation, the issue size will shrink accordingly, and non-participating investors face dilution.

Conditions & Timeline The transaction requires: • Shareholder approval (granted on 9 Oct 2026). • Registration of prospectus documents with Hong Kong authorities. • HKEX approval for listing of the Rights Shares.

Strategic Rationale Management cites the need to strengthen the balance sheet, refinance HK$42.90 million of outstanding borrowings (effective rates 8.04%–12.00% per annum), fund working capital, support growth in its Milk Products Business, and meet capital commitments to the new elevator management JV.

Risk Considerations Given the non-underwritten nature, the Rights Issue may proceed at a reduced scale if acceptances are insufficient. Applications will be scaled down to avoid triggering a mandatory takeover offer and to maintain public float.

Important Dates • Record Date: 22 Oct 2026 • Prospectus Despatch: 23 Oct 2026 • Trading of nil-paid rights: 27 Oct–3 Nov 2026 • Latest payment/acceptance: 6 Nov 2026 • Results announcement: 13 Nov 2026 • Commencement of trading in fully-paid shares: 17 Nov 2026

Crowe (HK) CPA Limited prepared the pro-forma financial information; Tricor Investor Services acts as registrar.

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