CHONG FAI JEWEL (08537) Clarifies Rights Issue Proceeds Utilization and Annual Report Details

Bulletin Express03-06

Chong Fai Jewellery Group Holdings completed a rights issue on 12 September 2024, raising gross proceeds of HK$27.00 million and net proceeds of HK$26.00 million. According to a recent clarification, a clerical error regarding the net proceeds utilization as of 31 December 2025 has been corrected to show that the funds were fully utilized by that date.

Originally, HK$12.00 million had been earmarked to open a new retail store. However, a Board resolution on 28 March 2025 redirected that amount, allocating HK$9.60 million for acquiring additional equity interest in Grand Rise Creation Limited and HK$2.40 million for general working capital. This move aligned with Chong Fai Jewellery Group Holdings’ aim to focus on existing operations amidst market conditions.

Renovating existing retail stores retained its HK$3.00 million allocation, while HK$7.00 million was used for repaying bank borrowings. The allocation for general working capital was ultimately raised to HK$6.40 million. As clarified in the latest announcement, by 31 December 2025, the entire HK$26.00 million in net proceeds had been utilized. The revised allocations did not deviate from the broader objectives previously disclosed.

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