Miramar Hotel (00071) subsidiary intends to establish a joint venture to acquire all shares of Junjing Enterprise Limited Company.

Miramar Hotel (00071) announces that on July 23, 2026, Beauty China Subscriber (Beauty China Group Investment Limited, an indirect wholly-owned subsidiary of the Company), the Company, Great Grand Capital Investment (a company 100% owned by Dr. Leung Siu Hong), Dr. Leung and the joint venture company Ventura Capital (BVI) Limited entered into a shareholders' agreement. Pursuant to this agreement, (i) the joint partners agreed to establish a joint venture company to acquire target shares (2 ordinary shares of the target company Junjing Enterprise Limited, representing the entire issued share capital of the target company) and indirectly hold properties (through the target company), and (ii) the joint venture company issued and distributed one ordinary share to Beauty China Subscriber, resulting in the joint venture company being held by joint partners in a 50:50 shareholding ratio. The acquisition price is HK$400 million. On July 23, 2026, after signing the shareholders' agreement, the joint venture company entered into a sale and purchase agreement with the transferee (as the agent of the sellers, Startall Enterprises Limited and Hengjing Group Limited) regarding the acquisition. Completion is expected to take place on or before September 15, 2026. The properties include a retail platform at 240-244 Portland Street in Mong Kok, Kowloon, Hong Kong, consisting of (a) an eight-storey high retail platform called "MPM Plaza (Mong Kok Man Wah Shopping Mall)" (including a G/F, basement, and 1st to 6th floors); and (b) a residential unit with a rooftop on the 24th floor of Far East Bank Mong Kok Tower. The total gross floor area of the retail platform is approximately 94,204 square feet, while the total gross floor area of the residential unit is approximately 600 square feet. One of the main businesses of the group is property investment. The directors believe that establishing a joint venture company provides the group with an opportunity to expand its property investment portfolio and diversify its sources of income, aligning with the core business strategy of the group to strengthen its long-term development. The property consists of a high-quality shopping mall and retail platform, strategically located in the core area of Mong Kok, one of Hong Kong's busiest retail hubs. The property has a consistently low vacancy rate, a diversified tenant mix including restaurants, mid-range retail brands, and experiential stores, and is expected to generate stable rental income with strong prospects for rental growth. Establishing a joint venture company allows Dr. Leung's related groups and the group to combine their financial resources, technical expertise, and operational capabilities in property investment and development. It is expected that the joint venture company will bring synergies to the holding and management of properties, driving sustainable value creation while reducing investment risks.