Wang He intends to make a tender offer for 56,320,200 shares of TONTINE WINES (00389).

TONTINE WINES (00389) and the offeror Mr. Wang He jointly announced that on August 6, 2026 (after trading hours), the offeror notified the target company that it has a definite intention to make a partial takeover offer (in accordance with the takeover code) to acquire 56,320,200 offer shares at an offer price of HKD 0.20 per share, which have not yet been owned by the offeror and its concert parties (accounting for approximately 18.68% of the total issued share capital of the target company as of the date of this announcement). As of the date of this announcement, the offeror and its concert parties hold 33,839,800 shares (accounting for approximately 11.22% of the total issued share capital of the target company as of the date of this announcement). The offeror became the major shareholder of the company starting in August 2024 and is optimistic about the business development of the target company. Therefore, the offeror intends to increase its voting rights in the target company through the partial takeover offer, in order to exert greater influence over the company's conduct, transactions, and board nominations through shareholder rights and voting power. Shortly after the offeror became the major shareholder of the company, the shares of the target company were suspended from trading for approximately 18 months starting from September 2, 2024, and resumed trading only about 6 months later on February 27, 2026. In addition, the offeror has considered that the target company did not declare or pay dividends over the last four fiscal years ending December 31, 2025, and that there were no dividends paid in the last ten fiscal years ending December 31, 2025. In light of these factors, the offeror has adopted a prudent investment strategy and has not sought to regain control over the target company through the partial takeover offer.