Hong Kong – 9 March 2026 – Black Sesame International Holding Limited (02533) has entered into a conditional subscription agreement with Infini Global Master Fund to issue 33.54 million new shares at HK$18.88 apiece under its existing general mandate.

The new shares account for 4.99% of Black Sesame’s current issued share capital and 4.75% of the enlarged total. Upon completion, the company’s outstanding shares will rise to 705.78 million, with the subscriber holding 4.75% and founder Mr Shan Jizhang’s stake diluted to 12.93% from 13.58%. Public float is expected to remain above 25%.

Pricing and Discount • Subscription price: HK$18.88 per share • Discount: 2.13% to the 9 March closing price of HK$19.29; 0.35% to the five-day average of HK$18.95 • Net issue price after expenses: HK$18.81 per share

Proceeds and Allocation Gross proceeds are projected at HK$633.30 million, with estimated net proceeds of HK$631.00 million. Allocation plans are as follows: 1. Core technology R&D – 50% (HK$315.50 million) • 30% for next-generation high-performance chips (70% to be spent in 2026, 30% in 2027). • 20% for establishing overseas R&D centres (same utilisation timetable). 2. Product commercialisation & market expansion – 40% (HK$252.40 million) • 20% for mass-production deployment of intelligent driving chips (70% in 2026, 30% in 2027). • 20% for expanding robotics and on-device AI product lines (same utilisation timetable). 3. General working capital – 10% (HK$63.10 million), with 70% to be used in 2026 and the remainder in 2027.

Mandate Utilisation The issue will be executed under the general mandate granted at the 30 May 2025 AGM. Including the 28.54 million shares placed in March 2026, the company will have utilised 49.14% of its 126.36 million-share mandate.

Subscriber Profile Infini Global Master Fund is managed by Infini Capital Management Limited (licensed by Hong Kong’s SFC) and Infini Capital Management (ME) Limited (licensed by ADGM FSRA). The fund and its managers are independent third parties to Black Sesame.

Historical Fund-Raising • February 2025: Placed 53.65 million new shares, netting HK$1.24 billion; HK$826.60 million has been spent, HK$410.80 million remains earmarked for R&D, commercialisation and working capital. • January–March 2026: Issued 28.54 million new shares, raising HK$538.13 million; proceeds remain unutilised, primarily reserved for strategic M&A and working capital.

Conditions and Timeline Completion is contingent on Hong Kong Stock Exchange approval for listing the new shares, maintenance of trading status, requisite regulatory consents and absence of material adverse changes. Settlement is expected within 15 business days after conditions are met.

Investors are advised that the subscription may not proceed if conditions are unmet and should exercise caution when dealing in Black Sesame shares.