Horizon Construction Development Limited (HORIZON CD) announced that, as of 31 March 2026, all conditions precedent to its equity transfer agreement with Shanghai Depeng Engineering Management Consulting Co., Ltd. have been satisfied, marking the formal completion of the connected acquisition of 25.6306% of Shanghai Hongzuo Construction Development Co., Ltd.

Key transaction metrics • Stake acquired: 25.6306% of Shanghai Hongzuo. • Benchmark valuation: RMB264 million (USD40.99 million) for 100% equity as at 31 December 2025. • Post-valuation capital injection: RMB35 million (USD5.44 million) contributed by shareholders prior to completion. • Original cost to seller (Shanghai Depeng): RMB45.28 million (USD7.02 million).

Transaction rationale and governance The consideration was negotiated on an arm’s-length basis, referencing the independent valuation and the subsequent registered-capital increase. The Board, including all independent non-executive directors, assessed the terms as fair, reasonable and in the interests of both the Company and its shareholders.

Other shareholder information HongShan Infrastructure Fund I, L.P., an infrastructure-focused investment fund, remains a shareholder in Shanghai Hongzuo. According to HORIZON CD, no single limited partner of the fund holds 30% or more of its interests.

Governance update The announcement was authorised by Chairman Mr Kong Fanxing and released on 9 April 2026. The Board comprises two executive directors, five non-executive directors, and four independent non-executive directors.