Alpha Professional Holdings Limited (ALPHA PRO HLDGS) has unveiled a non-underwritten rights issue aimed at generating up to HK$82.50 million before expenses. The company will offer 412.28 million new shares—equivalent to its entire existing share capital—on the basis of one rights share for every one existing share held on the record date (22 October 2026).

The subscription price is set at HK$0.200 per rights share, representing: • a 19.68% discount to the 12 August 2026 closing price of HK$0.249; • an 11.11% discount to the theoretical ex-rights price of HK$0.225; and • a 9.64% theoretical dilution effect, which is within the Hong Kong Listing Rules threshold.

After estimated expenses, net proceeds are expected to total about HK$81.00 million. Management intends to deploy these funds as follows: 1) HK$40.50 million (50%) to repay outstanding borrowings, 2) HK$20.30 million (25%) for general working capital, 3) HK$10.10 million (12.5%) to fund the capital commitment in its elevator-services joint venture, and 4) HK$10.10 million (12.5%) to support expansion of the Group’s Milk Products Business. The proceeds are targeted for full deployment within 24 months.

Controlling shareholder Ms. Chong, through Well Dynasty Investments and Vigor Online, holds 50.22% of issued shares and has provided irrevocable undertakings to subscribe in full for her 207.03 million entitled rights shares. No other shareholders have given similar commitments. Upon full subscription by all qualifying shareholders, the company’s issued share capital would double to 824.56 million shares; if only Ms. Chong’s controlled entities subscribe, their combined stake would rise to 66.86%.

Because the issuance exceeds the 50% threshold within 12 months, approval from independent shareholders is required at the Special General Meeting scheduled for 9 October 2026. Well Dynasty, Vigor Online and their associates will abstain from voting. Key dates include dispatch of the prospectus on 23 October 2026, trading of nil-paid rights shares from 27 October to 3 November 2026, final acceptance on 6 November 2026, and commencement of trading in fully-paid rights shares on 17 November 2026.

Separately, the board approved a reduction in the trading board lot size from 20,000 to 10,000 shares, effective 2 September 2026. Based on the 12 August closing price, the market value of each board lot will fall from HK$4,980 to HK$2,490, a move expected to enhance liquidity without affecting shareholders’ rights.