REFIRE (02570) announced that on May 21, 2026, the company entered into a subscription agreement with the subscriber, Macquarie Bank Limited. Under the agreement, the company intends to issue 10 million warrants to the subscriber. These warrants carry the right to subscribe for 10 million warrant shares at an exercise price, which is subject to adjustment. The issue price for each warrant is HK$0.2657, with a strike price of HK$27.29. This represents a discount of approximately 25.03% compared to the closing price of HK$36.40 per H-share on the Hong Kong Stock Exchange on the date the subscription agreement was signed.

For illustrative purposes only, based on the terms and pricing mechanism of the warrants: assuming a minimum of 3 million warrants (the minimum commitment amount) are exercised at the strike price of HK$27.29, and assuming all 10 million warrants are fully exercised at HK$283.00 (the highest daily closing price from the date of the H-share listing on the Hong Kong Stock Exchange to the date of this announcement), the estimated total proceeds from the warrant issuance would be approximately HK$81.87 million and HK$2.83 billion, respectively. The estimated net proceeds would be approximately HK$79.19 million and HK$2.786 billion, respectively.

Fifty percent of the net proceeds are intended to be used to optimize the group's financial structure by repaying outstanding bank loans and lease liabilities. The remaining fifty percent will be allocated for general corporate purposes.

The company believes that entering into the subscription agreement with Macquarie Bank, a leading global financial services provider, will introduce a reputable institutional investor. Furthermore, this issuance is expected to enhance the company's ability to access potential international business opportunities, attract additional resources, and expand its global business network.