Hong Kong stock exchange data reveals that on January 16, a shareholder of YOURAN DAIRY (09858) deposited shares into J.P. Morgan Broking (Hong Kong) Limited, with a depository market value of HK$1.287 billion, representing a 7.69% stake. YOURAN DAIRY announced that on January 16, 2026, the Company, the seller Boyuan, and the placing agent entered into a placing and subscription agreement. The seller agreed to sell, and the placing agent agreed to act as the seller's agent to use its best efforts to procure no fewer than six placees to subscribe for the placing shares at the placing price of HK$3.92 per share. Concurrently, the Company agreed to allot and issue new shares to the seller at a subscription price of HK$3.92 per share, equal to the placing price, under a top-up subscription structure. The Board of Directors announced that on January 16, 2026, the Company and the seller entered into a specific mandate subscription agreement. Under the terms of the specific mandate subscription agreement, the Company conditionally agreed to allot and issue, and the seller conditionally agreed to subscribe for, specific mandate subscription shares at a price of HK$3.92 per share. Upon completion of the specific mandate subscription, the Company will allot and issue, and the seller will subscribe for, 299 million new shares. The placing shares represent approximately 7.14% of the Company's enlarged issued share capital following the completion of the top-up subscription. They also represent approximately 6.66% of the Company's issued share capital as enlarged by both the top-up subscription shares and the specific mandate subscription shares. The placing price of HK$3.92 per share represents a discount of approximately 8.84% compared to the closing price of HK$4.30 per share on the last trading day. The net proceeds from the top-up subscription are estimated to be approximately HK$1.159 billion. The number of specific mandate subscription shares, 299 million, represents approximately 7.14% of the Company's issued share capital enlarged by the specific mandate subscription. It also represents approximately 6.66% of the issued share capital enlarged by both the specific mandate subscription and the top-up subscription. The specific mandate subscription price of HK$3.92 per share represents a discount of approximately 8.84% to the last trading day's closing price of HK$4.30. The net proceeds from the specific mandate subscription are estimated to be approximately HK$1.172 billion.