Alpha Corporation (00948) plans to issue up to 28 million shares, prioritizing old shares before new ones.

Alpha Enterprises (00948) announced that on November 12, 2025, the company, the seller HuaDe Investment Limited, and the placement agent entered into a placement and share subscription agreement in which the seller agreed to appoint the placement agent to use its best efforts to facilitate at least six underwriters to purchase up to 28 million shares at a price of HK$0.24 per share; and the seller conditionally agreed to subscribe, while the company conditionally agreed to issue a number of new shares equal to the total number of shares sold under the placement, up to 28 million subscription shares, at a subscription price of HK$0.24 per share (equivalent to the placement price). Assuming that there are no changes in the company's issued share capital from the date of this announcement until the completion of the placement, the maximum number of placement shares of 28 million shares will represent approximately 8.02% of the company's existing issued share capital as of the date of this announcement, and approximately 7.42% of the company's enlarged issued share capital after the placement and issuance of all subscription shares. The placement price of HK$0.24 per share represents a discount of approximately 7.7% compared to the closing price of HK$0.26 per share on the last trading day on the Stock Exchange; and a discount of approximately 7.7% compared to the average closing price of HK$0.26 per share on the Stock Exchange in the last five trading days up to and including the last trading day. Assuming that the placement shares are fully placed, the total amount raised from the placement and subscription will be approximately HK$6.72 million, and after deducting expenses, the estimated net proceeds from the placement and subscription will be approximately HK$6.29 million. It is proposed to use the net proceeds from the placement and subscription to expand the group's dairy product business.