North Sea (00701) acquired approximately 4.66% of Prime Surplus and offered a cash offer of approximately 43.82% discount. Trading will resume on April 23.

The board of directors of North Sea (00701) received a notice from Prime Surplus that on April 10, 2026, it has completed the acquisition of 88.724 million shares of North Sea shares from the seller through the signing of purchase notes and standard transfer documents, at a price of 8.8724 million Hong Kong dollars (equivalent to 0.1 Hong Kong dollars per share). The shares purchased represent approximately 4.66% of the total issued North Sea shares. The transaction was completed on April 10, 2026. Prior to the completion, the offeror and any concerted parties collectively owned 565,741,226 shares of North Sea shares (approximately 29.72% of the total issued North Sea shares). Following the completion and as of the date of this joint announcement, the offeror and any concerted parties collectively hold 654,464,818 shares of North Sea shares (approximately 34.38% of the total issued North Sea shares). Pursuant to Rule 26.1 of the Takeovers Code, the offeror must make a mandatory unconditional cash offer for all the issued North Sea shares (other than those already owned and/or agreed to be acquired by the offeror and any concerted parties). The cash offer for each North Sea share is 0.1 Hong Kong dollars, representing a discount of approximately 43.82% compared to the closing price of 0.178 Hong Kong dollars per North Sea share on April 10, 2026. After the completion and as of the date of this joint announcement, the offeror holds approximately 34.38% of the voting rights in North Sea, while North Sea holds 75.00% of the voting rights in Chin Qi (01932). If the offer for North Sea becomes or is declared unconditional in all respects, the offeror and any concerted parties will collectively hold more than 50% of the voting rights in North Sea after the completion of the offer. Pursuant to Rule 26.1, Note 8 of the Takeovers Code, the offeror will then be required to make (or procure to be made) a mandatory unconditional full cash offer to acquire all the Chin Qi shares not already owned or agreed to be acquired by the offeror and any concerted parties. If the offer for North Sea becomes or is declared unconditional in all respects, pursuant to Rule 26.1, Note 8 of the Takeovers Code, Yu Ming will represent the offeror and submit a conditional offer for Chin Qi based on the following benchmark: a cash offer of 0.0562 Hong Kong dollars per Chin Qi share, representing a discount of approximately 77.43% compared to the closing price of 0.249 Hong Kong dollars per Chin Qi share on April 10, 2026. Prime Surplus and New Worker are the offerors for the North Sea offer and the Chin Qi offer. Prime Surplus is a limited company registered in the British Virgin Islands. Prime Surplus is mainly engaged in investment holding. As of the date of this joint announcement, Mr. Xu is the sole shareholder and sole director of Prime Surplus. Mr. Xu is also a non-executive director of North Sea, an executive director of Chin Qi and the chairman and managing director of Chin Qi. New Worker is a limited company registered in Hong Kong. New Worker is mainly involved in investing in listed and unlisted financial instruments. New Worker was previously listed on the Main Board of the Stock Exchange of Hong Kong. New Worker was delisted on April 23, 2021. Mr. Wang Dajun and Mr. Li Hualun are directors of New Worker. As of the date of this joint announcement, New Worker is an indirect wholly-owned subsidiary of the ALLIED GROUP. At the request of North Sea and Chin Qi, trading of North Sea shares and Chin Qi shares on the Stock Exchange has been suspended from 9:00 am on April 13, 2026, pending the publication of this joint announcement. North Sea and Chin Qi have applied to the Stock Exchange for the resumption of trading of North Sea shares and Chin Qi shares from 9:00 am on April 23, 2026.