On 12 June 2026, JNBY Design Limited (JNBY) signed seven renewed agreements with founder-controlled entities Huizhan Technology and Huikang Industrial, covering headquarters, office, warehouse and dormitory leases, as well as retail concessions and event-space usage at the OōEli Complex in Hangzhou.

Key terms and financial impact

1. One-off connected leases (HKFRS 16) • OōEli headquarters: 33,980 sq m for two years (1 July 2026–30 June 2028). Right-of-use asset: RMB128.20 million; annual cash rent and related fees total RMB65.05 million. • Blue Sea office & Zichuang dormitory: 894 sq m combined. Right-of-use asset: RMB1.69 million; annual rent RMB0.86 million. • Xiaoshan logistics and workshop: 41,772 sq m. Right-of-use asset: RMB25.93 million; annual rent RMB13.16 million.

Aggregate right-of-use assets recognised: RMB155.82 million. Applicable percentage ratios exceed 0.1 % but remain below 5 %, triggering reporting, annual review and announcement requirements while exempting the transactions from independent shareholders’ approval.

2. Continuing connected transactions with variable consideration • Concession – “JNBY Membership Store”: 631 sq m retail space; fees based on 10 % of offline sales, 3 % of online sales plus fixed service, management and utilities charges. Annual caps: RMB5.00 million (FY27) and RMB6.00 million (FY28). • Concession – “B1OCK”: 5,472 sq m retail space; similar royalty structure plus warehouse rent and service fees. Annual caps: RMB12.00 million (FY27) and RMB14.00 million (FY28). • OōEli multi-purpose open space: usage fees benchmarked to Huizhan’s published guide, with JNBY enjoying equal or better discounts. Annual caps: RMB12.00 million for each of FY27 and FY28. • Xiaoshan dormitory lease: RMB2,000 per room per month; annual caps maintained at RMB2.50 million for both FY27 and FY28.

Combined annual caps for all continuing connected transactions are RMB31.50 million for the year ending 30 June 2027 and RMB34.50 million for the year ending 30 June 2028. Percentage ratios again fall between 0.1 % and 5 %, requiring disclosure but not shareholder approval.

Board process and rationale The board (with founders Wu Jian and Li Lin abstaining) approved the agreements after benchmarking rental and service terms to prevailing local market rates, citing the strategic importance of maintaining integrated headquarters, retail flagships and logistics facilities within the OōEli ecosystem.

Listing Rules compliance All seven agreements qualify as connected or continuing connected transactions under Chapter 14A of the Hong Kong Listing Rules, necessitating public announcement and subsequent annual review. No circular or voting by independent shareholders is required.