E-Star Commercial Management Company Limited (Stock Code: 6668) disclosed a supplemental announcement providing additional information on its Discretionary Investment Management Agreement. Under this arrangement, the portfolio primarily invests in USD money market funds and may participate in IPO placements when market opportunities arise. The agreement stipulates that no fees apart from the Management Fee and Performance Fee will be charged.

The announcement specifies that up to HK$200.00 million may be allocated to the portfolio in total, with HK$50.00 million already deposited. Investments are geared toward stable returns through USD money market instruments, and IPO allocations will follow thorough due diligence on target companies’ industry prospects, valuation, and quality of cornerstone investors. The company reserves oversight and reporting functions, including a monthly statement review and potential withdrawal or termination of the agreement if performance or risk parameters deviate from established criteria.

An update on net proceeds from the company’s listing exercise indicates that RMB310.70 million remained unutilized as of 31 December 2025. It is projected that the balance will be fully deployed by 31 December 2028, reflecting a delay attributable to slower-than-expected expansion in sublease projects within the PRC real estate sector. The remaining funds are earmarked primarily for lease expenses and renovations under the sublease model, minority investments in project companies, and upgrades to information technology systems.