PETRO-KING(02178): Baiqin Technology sells existing equipment to suppliers and purchases new equipment.

PETRO-KING (02178) announced that on January 19, 2026, the company's indirect wholly-owned subsidiary, Baiqin Technology, entered into a sales agreement with a supplier to sell 15 existing fracturing trucks and 2 existing instrument trucks (existing equipment) for a total consideration of RMB 85.5 million (equivalent to approximately HKD 95.04 million), including tax. On January 19, 2026, Baiqin Technology also entered into a purchase agreement with the supplier to acquire 15 new fracturing trucks and 2 new instrument sledges (new equipment) for a total consideration of RMB 124 million (equivalent to approximately HKD 138 million), including tax. Furthermore, on January 19, 2026, the parties entered into a set-off agreement, which stipulates that the total consideration of accounts receivable generated from the sale of existing equipment by Baiqin Technology will be set off against the total consideration of accounts payable generated from the purchase of new equipment. Baiqin Technology will make net payments to the supplier in installments, totaling RMB 38.5 million (equivalent to approximately HKD 42.79 million). The announcement stated that these transactions will enable the group to upgrade its production equipment units, improve its operational efficiency, better meet customer demands, enhance its competitiveness and service quality, and meet the upgraded industry standards and requirements.