Baiwang Co., Ltd. (06657) plans to distribute a total of 2.5813 million new H shares at a discount of about 10.53% to raise about HK$29.5 million

According to Zhitong Finance App, Baiwang Co., Ltd. (06657) announced that on October 26, 2026 (after the trading period), the Company entered into a subscription agreement with the purchaser. According to this, the Company has agreed to allocate and issue conditionally, and the subscribers have agreed to subscribe for a total of 2,581,300 new H shares at a subscription price of HK$11.622 per subscription share, with a total subscription price of HK$30 million.

Assuming that there is no other change in the issued share capital of the Company from the date of this announcement to the date of completion, the subscribed shares are equivalent to (i) approximately 1.14% of the total number of issued shares (excluding treasury shares) on the date of this announcement; and (ii) approximately 1.13% of the total number of issued shares (excluding treasury shares) expanded through allotment and issuance of subscribed shares immediately after the completion of the subscription. The subscription price for each subscribed share is HK$11.622, which is approximately 10.53% off the closing price of HK$12.99 per share as reported on the Stock Exchange on October 26, 2026 (the date of the subscription agreement).

The total proceeds from the subscription process amounted to HK$30 million. After deducting related fees and expenses, the net proceeds are estimated to be approximately HK$29.5 million. The net proceeds from the subscription will be used to: (i) support core hardware procurement, machine integration and large-scale delivery capacity building for the Group's AI smart all-in-one products; and (ii) support the investment of computing power resources required to support continuous training, iterative optimization and commercial application of AI financial and taxation models. Specifically: (i) Approximately 73.2%, used for AI smart all-in-one business investment; (ii) Approximately 26.8%, used as AI fiscal model computing power and computing power hardware investment.