Towngas Smart Energy Keeps March Share Count Flat; Up to 10.52% Dilution Possible from Outstanding Options and Convertible Bonds

Bulletin Express04-08

Towngas Smart Energy Company Limited (Towngas Smart Energy) filed its monthly return with Hong Kong Exchanges and Clearing on 8 April 2026, reporting no changes in share capital for the month ended 31 March 2026.

The group’s authorised share capital remained at HKD 500.00 million, representing 5.00 billion ordinary shares with a par value of HKD 0.10 each. Issued shares were unchanged at 3,671.69 million, and the company held no treasury shares. Accordingly, no funds were raised and no shares were repurchased or cancelled during the month.

Towngas Smart Energy confirmed compliance with the Main Board’s minimum public-float threshold of 25%.

Share-based incentives comprise: • Share Option Scheme: 11.60 million options outstanding, with capacity for up to 294.40 million shares to be issued under the scheme. • Convertible Bonds: RMB 1.84 billion (HKD 2.22 billion equivalent) of bonds issued on 18 November 2021 remain outstanding. Based on the adjusted conversion price of HKD 5.92 per share, full conversion could add up to 374.61 million new shares.

If all 11.60 million outstanding options and the 374.61 million potential conversion shares were issued, total shares in issue would rise by 386.21 million, implying a dilution of approximately 10.52% relative to the current share base. Including the entire headroom of the option scheme (294.40 million shares), the theoretical maximum increase would be 669.02 million shares, or about 18.22% of existing issued shares.

No other warrants, agreements or treasury-share movements were reported for March 2026.

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