On January 23, 2026 (before the trading session of the Stock Exchange), the company entered into a placement agreement with a placing agent. Under this agreement, the company agreed to appoint the placing agent, who, in turn, agreed to act as the company's agent on a best-efforts basis. The agent will endeavour to procure no fewer than six placees to subscribe for an aggregate of 14.535 million placement shares at a price of HK$18.78 per share.

The number of placement shares represents approximately: (a) 2.80% of the total number of issued shares as of the date of this announcement; and (b) approximately 2.73% of the total number of issued shares as enlarged upon completion of the placement (assuming no change in the total number of issued shares between the date of this announcement and the completion of the placement, except for the issuance of the placement shares by the company).

The placement price represents a discount of approximately 9.01% to the closing price of HK$20.64 per share as quoted on the Stock Exchange on January 22, 2026, which was the last trading day immediately preceding the date of the placement agreement.

Assuming all placement shares are successfully placed and subscribed for, the gross proceeds from the placement are expected to be approximately HK$273 million. The net proceeds, after deducting all relevant costs and expenses, including commissions and levies, will amount to approximately HK$270 million.

Based on this calculation, the net price per placement share will be approximately HK$18.58.

The net proceeds from the placement will be used for (i) strengthening brand business development; (ii) research and development investment to further enhance comprehensive market competitiveness; and (iii) general and corporate purposes.