On January 21, 2026, the company entered into a placement agreement with a placement agent, whereby the agent conditionally agreed to use its best efforts to procure no fewer than six placees to subscribe for a maximum of 18.682 million placement shares in total. The placement price is set at HK$22.00 per share, representing a discount of approximately 1.08% compared to the closing price of HK$22.24 per H share as quoted on the Stock Exchange on January 21, 2026. Assuming the placement shares are fully subscribed, they will account for approximately 22.75% of the existing issued H shares as enlarged by the issuance of the placement shares, and approximately 6.04% of the total existing issued share capital. Should all placement shares be taken up, the gross proceeds from the placement are estimated to be approximately HK$411 million, with net proceeds expected to be around HK$398 million after deducting related fees, costs, and expenses; the estimated net placement price is approximately HK$21.29 per share. The net proceeds from the placement are intended to be allocated as follows: approximately 45% will be used for the research, development, and production of space photovoltaic cell-related products; approximately 45% is earmarked for equity investments and cooperation within the commercial aerospace sector; and the remaining 10% will serve as supplementary working capital for the company.
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