BAIRONG-W (06608) plans to allocate a maximum of 37,393,500 non-listed freely transferable subscription warrants that confer the right to subscribe for B-class shares.

BAIRONG-W (06608) announcement, on April 20, 2026 (after trading hours), the Company and the placing agent have entered into a subscription rights certificate placement agreement on the placement matters. The placing agent conditionally agrees to place a maximum of 37.3935 million non-listed transferable subscription rights certificates granting the right to subscribe for B class shares to the placing persons (themselves and their ultimate beneficial owners (if applicable) being independent third parties) on a best-effort basis. The rights attached to these subscription rights certificates may be exercised in full or in part at any time during the exercise period at an initial exercise price of HK$8.70 per subscription rights certificate (subject to adjustment). Each subscription rights certificate carries the right to subscribe for 1 new B class share. Assuming the subscription rights attached to 37.3935 million subscription rights certificates are exercised in full at the initial exercise price of HK$8.70 per subscription rights certificate and there are no other changes in the issued share capital of the Company, a total of up to 37.3935 million subscription rights certificate shares will be allotted and issued, representing approximately 7.99% of the total issued shares (including treasury shares) of the Company as of the date of this announcement; and after the allotment and issue of 37.3935 million subscription rights certificate shares, approximately 7.40% of the total increased issued shares (including treasury shares) of the Company. The subscription rights attached to the subscription rights certificate may be exercised at any time during the two-year period from the date of issue of the subscription rights certificate. Assuming the maximum number of subscription rights certificates are placed at the placing price, the total gross proceeds and net proceeds from the issue of subscription rights certificates are approximately HK$37.394 million and HK$30.394 million respectively. It is expected that the net proceeds from the issue of subscription rights certificates will be used to increase research and development input; and for working capital and general corporate purposes. Assuming the subscription rights attached to the maximum number of subscription rights certificates are exercised in full at the initial exercise price, it is estimated that additional total proceeds of up to approximately HK$325 million will be raised. The total net proceeds from the placement matters and the allotment and issue of subscription rights certificate shares are expected to be up to approximately HK$328 million, of which approximately HK$260 million (equivalent to approximately 79.26% of the total net proceeds from the placement matters and the allotment and issue of subscription rights certificate shares) will be used to increase research and development input; and approximately HK$68.104 million (equivalent to approximately 20.74% of the total net proceeds from the placement matters and the allotment and issue of subscription rights certificate shares) will be used for working capital and general corporate purposes.