MEXAN Limited (00022) announced that the company's board of directors has been notified by Winland Wealth (BVI) Limited, the controlling shareholder of the company, which is indirectly wholly-owned by the company's Executive Director and Board Chairman Mr. Lun Yaoji. The seller has entered into a placement agreement with Hong Zhi Securities (Hong Kong) Limited, the placing agent, on April 1, 2026, after trading hours. According to the placement agreement, the seller has appointed the placing agent as its exclusive agent. The placing agent has agreed to act on behalf of the seller to procure independent investors, who are not connected to the company, the seller, or their associates, to acquire no less than 929 million shares and up to 1.327 billion shares of the company. This represents approximately 67.47% of the issued share capital of the company as of the date of this announcement, which constitutes the entire holding of the seller. The price per share is HK$0.17. The placing agent has also agreed to use its best efforts to procure the subscribers to subscribe for the placement shares and has assured the seller that no subscriber will hold 30% or more of the company's issued share capital upon completion of the placement. The placement is expected to be completed no later than April 14, 2026, based on the terms and conditions outlined in the placement agreement.