Wah Sun Handbags International Holdings Limited (WAHSUN HANDBAGS) disclosed two transactions aimed at expanding production capacity in Cambodia—a connected lease for industrial land and an independent construction contract for new manufacturing facilities. Both deals were executed on 23 June 2026 after market hours by wholly-owned subsidiary Quick Mind (Cambodia) Co., Limited.

Land lease highlights • Location & size: 98,440 sq.m. parcel in Damnak Smach Village, Phnom Sruoch District, Kampong Speu Province. • Tenure: 10 years from 23 June 2026, with an optional five-year renewal. • Rent: USD50,000 per month; rent-free from 23 June 2026 to 22 June 2027. • Accounting impact: Right-of-use asset of approximately HK$34.80 million will be recognised under HKFRS 16, calculated on the maximum 15-year term. • Connected-party nature: The landlord, Ms. Dong Yan, is a director of an indirect subsidiary, making the lease a connected transaction at the subsidiary level. The deal is subject to reporting, announcement and annual review requirements, but exempt from circular and independent shareholders’ approval under Rule 14A.101.

Construction agreement highlights • Counterparty: Borey Royal Heng Co., Ltd., an independent third party. • Scope: Construction of seven factories (total GFA 49,846.25 sq.m.) and two dormitories with ancillary works (total GFA 60,128.18 sq.m.) on the leased land. • Contract sum: Estimated at HK$80.00 million, with final value to be adjusted by fixed unit rates. • Timeline: Factories targeted for completion within 300 calendar days, with at least two factories ready for renovation within four months; dormitories and ancillary works to finish within two months after factory completion. • Payment structure: Staged payments tied to construction milestones, with 3 % retained as warranty money over a two-year defect-liability period. • Funding: To be met from internal resources.

Listing Rules implications • Lease Agreement—disclosable and connected transaction; percentage ratios exceed 5 % but below 25 %. • Construction Agreement—disclosable transaction; percentage ratios exceed 5 % but below 25 %.

Strategic rationale Management cited sustained order growth and the need for additional capacity as reasons for securing the land and commissioning the facilities. The Board, including all independent non-executive directors, considers both transactions to be on normal commercial terms, fair and reasonable, and in the interests of shareholders as a whole.