Kinetic Dev confirms RMB97.10 million final payment under debt settlement; plans additional RMB50 million to unlock Taiyuan Seedland equity

Kinetic Development Group Limited (Kinetic Dev) disclosed a series of settlement actions to advance the acquisitions of Taiyuan Seedland and Dongzhimen Properties.

1. Final payment under Sixth Supplemental Agreement • On 20 April 2026, Kinetic Dev and related Seedland entities signed the 2026 Debt Settlement Contract. • Key items as at 31 December 2025: – Service fee receivable from Seedland to the Group: RMB36.00 million. – Remaining equity consideration payable by Kinetic Shanxi: RMB130.27 million. – Surplus amount payable by Kinetic Qinhuangdao: RMB2.84 million. • After deducting the service fee, the Final Payment due to Zunyi Seedland totals RMB97.10 million.

2. Intention fee and proposed second payment to JIC Trust • A settlement agreement dated 1 December 2025 requires Taiyuan Seedland and affiliates to repay RMB814.41 million to JIC Trust. • The Group paid an initial Intention Fee of RMB50 million on 18 and 30 December 2025, reducing the outstanding balance to RMB764 million. • Kinetic Dev intends to make a Second Payment of RMB50 million, which would lower the outstanding indebtedness to RMB714 million and prompt JIC Trust to lift the equity pledge over Taiyuan Seedland’s 100% equity interests. • An intention fee and payment agreement signed on 20 April 2026 provides that, if the Taiyuan Seedland acquisition does not proceed, both payments plus interest at the five-year LPR of 3.5% will be refunded to Kinetic Qinhuangdao.

3. Listing Rules implications and remedial measures • The intention fee and proposed second payment constitute connected transactions, but the aggregate size is below the 5% threshold, so only announcement is required. • The December 2025 intention fee payment was made before a written agreement was in place, resulting in non-compliance with Listing Rules 14A.34 and 14A.35. • Corrective steps include tighter internal controls, mandatory legal review for connected transactions and enhanced staff training.

The Board stated that the non-compliance was isolated and that other Listing Rules have been observed. Further announcements will follow as the Taiyuan Seedland acquisition progresses.