Pagoda Group: It plans to allocate 19.31% of the new H shares at a discount, raising approximately HK$325 million net.

On the evening of September 21, Baiguoyuan Group announced on the Hong Kong Stock Exchange that on September 19, 2025, the company entered into a placement agreement with the placing agent. The placing agent agreed to act as the company's agent and use its best efforts to encourage subscribers to subscribe for a total of 279.5 million shares of placing shares at a placing price of 1.17 Hong Kong dollars per H share. The placing price represents a discount of approximately 19.31% to the closing price of H shares on the last trading day of the Stock Exchange of Hong Kong. Assuming that the placing agent issues and places a total of 279.5 million shares of placing shares, the net proceeds from the placing are estimated to be approximately 3.25 billion Hong Kong dollars, of which approximately 61.5% will be used to pay trade payables in the ordinary course of business, approximately 30.8% will be used to repay the company's bank loans, and approximately 7.7% will be used for general operating expenses and administrative expenses of the group.