Hilong Announces RMB68.00 Million Plan to Acquire 500-Mu Industrial Land in Qidong

Hilong Holding Limited (Hilong) disclosed that its wholly owned subsidiary, Hilong Marine Engineering (Hong Kong) Limited, signed two investment agreements on 29 April 2026 with the Management Committee of Jiangsu Qidong Lvsigang Economic Development Zone for the potential acquisition of state-owned industrial land use rights in Qidong, Jiangsu Province.

The transaction covers approximately 500 mu (about 333,000 square metres) in the East Harbour Area of the Lvsigang enclosed harbour basin and will be executed in two bidding phases:

• Phase One: about 300 mu at a starting bid price of RMB136,000 per mu, implying RMB40.80 million. • Phase Two: about 200 mu at the same starting price, implying RMB27.20 million.

Total consideration at starting bid prices equals RMB68.00 million. Final pricing may adjust according to the results of the public listing-and-bidding process administered by the Qidong City Natural Resources and Planning Bureau.

Hilong will establish a dedicated project company in Qidong within 30 days to participate in the auctions. Should it win either phase, construction must begin within six months and reach operational status within 18 months for each respective phase. Failure to secure land in either phase will render the corresponding agreement void.

The site is earmarked for a 50-year term under the Marine Engineering Equipment Manufacturing (C3737) classification. Hilong intends to build the “Hilong Marine Engineering High-End Equipment Research, Manufacturing and Operation & Maintenance Service Base,” focusing on offshore platforms, modules, jackets, subsea products, EPCIC services, and equipment maintenance.

Under Hong Kong Listing Rules, the size of the proposed acquisition exceeds the 5 % threshold but remains below 25 %, classifying it as a discloseable transaction. Completion is contingent on successful bidding and subsequent approvals covering project establishment, environmental protection, planning, and construction.

Hilong emphasized that there is no assurance the land will be secured and advised shareholders and potential investors to exercise caution when dealing in the company’s securities. Further announcements will be issued as necessary.