REFIRE (02570) intends to offer approximately 18.01% discount on the placement of 4.536 million shares, raising around HK$258 million in net proceeds.

REFIRE (02570) announced that on January 17, 2026, the Company entered into a placement agreement with the placing agent, whereby the placing agent conditionally agreed (as agent for the Company) to use its best efforts to procure subscribers (including its ultimate beneficial owners, if applicable and being independent third parties) to subscribe for 4.536 million shares of the placing shares at a placing price of HK$58.38 per share. Assuming no changes in the number of shares issued between the date of this announcement and the settlement date, the 4.536 million placing shares under the placement represent approximately 7.88% of the existing issued H shares (excluding treasury shares) as of the date of this announcement and approximately 5.12% of the existing issued shares (excluding treasury shares); and approximately 7.30% of the existing issued H shares (excluding treasury shares) and approximately 4.87% of the existing issued shares (excluding treasury shares) after the issuance and placement of the placing shares. The placing price of the placing shares at HK$58.38 per share represents a discount of approximately 18.01% to the closing price of the H shares on the Stock Exchange on January 16, 2026 (the last trading day). Assuming all placing shares are fully placed and upon settlement, the estimated total proceeds and net proceeds (after deduction of placement commission and other related costs and expenses of the placement) from the placement are expected to be approximately HK$265 million and HK$258 million, respectively, equivalent to a net issue price of HK$56.96 per placing share. The net proceeds are currently proposed to be used as follows: (a) approximately 50% for optimizing the Group's financial structure through repayment of outstanding bank loans and lease liabilities; and (b) approximately 50% for general corporate purposes.