Top Standard Corporation announced two connected subscription agreements dated 1 June 2026 involving 62.50 million new shares at HK$0.16 each, raising gross proceeds of HK$10.00 million and net proceeds of about HK$9.90 million after expenses.

Subscriber A, Focus Dynamic Group Ltd. (a wholly owned unit of Malaysia-listed Focus Dynamics Group Berhad and an existing 24.7% shareholder), will take 31.25 million shares. Subscriber B, Mr. Ding Pengpeng—father of independent non-executive director Ms. Ding Weiyu—will subscribe for the remaining 31.25 million shares. Both deals are independent of each other.

The new shares equal 26.2% of the current issued capital and 20.7% of the enlarged share base. Post-completion, Subscriber A’s stake will rise to 29.9%, Subscriber B will hold 10.4%, and public float will decline to 25.7%.

Net proceeds are earmarked as follows: • HK$7.50 million (75.8%)—purchase and installation of smart cultivation pods, sterilisation and processing equipment, and cold-chain facilities; • HK$1.00 million (10.1%)—procurement of high-quality mushroom spores; • HK$0.50 million (5.0%)—rental of a cultivation base in Yunnan; • HK$0.90 million (9.1%)—general working capital, including staffing and logistics.

The company plans to establish a semi-wild intelligent cultivation and processing facility in Yunnan, targeting first harvests by end-January 2027 and commercial sales roughly three months later.

Because Subscriber B is an associate of Ms. Ding, the transactions constitute connected transactions under GEM Listing Rules and require independent shareholders’ approval. Ms. Ding will resign as independent non-executive director on completion to maintain board independence.

Completion is subject to independent shareholders’ approval at an extraordinary general meeting on 24 September 2026, Stock Exchange listing approval, and other customary conditions. The long-stop date is 7 December 2026.