Cherish Sunshine International Limited Announces HK\$24.8 Million Share Placement Under General Mandate

Cherish Sunshine International Limited (Stock Code: 1094) has announced a significant strategic move by entering into a Placing Agreement with Gaoyu Securities Limited for the placing of up to 118,502,535 new shares at a price of HK\$0.209 per share. This transaction, which represents a placement of approximately 20% of the current issued share capital and 16.67% of the enlarged share capital post-placement, is set to raise gross proceeds of approximately HK\$24.8 million, with estimated net proceeds of HK\$24.0 million after deducting related expenses and a 3% placing commission.

Key Highlights of the Share Placement

• Number of Shares Placed: Up to 118,502,535 new shares, representing 20% of existing share capital and 16.67% of the enlarged share capital after the placement.
• Placing Price: HK\$0.209 per share, which is at a discount of approximately 18.04% to the closing price of HK\$0.255 per share on the agreement date (23 July 2026) and to the average closing price over the previous five trading days.
• Net Proceeds: Estimated to be HK\$24.0 million, with the net placing price per share around HK\$0.2025.
• Placing Agent: Gaoyu Securities Limited, acting on a best-efforts basis to place the shares to not less than six independent professional, institutional, corporate, and/or individual investors (Placees), who are not connected persons or acting in concert with connected persons of the company.

Use of Proceeds

• Staff Payroll (41.7% or HK\$10.0 million): To cover salaries, statutory pension contributions, and compensations.
• Partial Repayment of Bank Loan (20.8% or HK\$5.0 million): To repay a PRC bank loan bearing 4.5% interest, due within six months.
• Professional Fees (20.8% or HK\$5.0 million): For upcoming audit fees, legal adviser fees, financial advisory services, and listing maintenance costs.
• General Working Capital (16.7% or HK\$4.0 million): Including utilities, insurance, and other administrative expenses.

The company expects to fully utilize these proceeds within six months from completion.

Shareholding Structure Impact

It is expected that no Placee will become a substantial shareholder immediately after completion.

Strategic and Market Implications

• Share Dilution: Existing shareholders will see their stakes diluted by approximately 16.67% if the placement is fully completed.
• Discounted Pricing: The placing price represents a notable discount to the recent market price, which could put downward pressure on share prices in the short term, but may improve liquidity and broaden the shareholder base.
• No Recent Equity Fundraising: The company confirms no equity fundraising in the prior 12 months, highlighting the significance of this transaction.
• Conditional Completion: The placement is subject to listing approval and other consents. The agreement can be terminated by the Placing Agent under several adverse scenarios, including significant market changes, new regulations, or negative company developments.
• Use of General Mandate: The shares are issued under a general mandate, without a separate shareholder vote for this specific placement.

Important Considerations for Shareholders

• Shareholders should note the substantial discount and the dilution effect, both of which could be price sensitive and may impact share value in the near term.
• The deal’s successful completion depends on market conditions and regulatory approvals. The agreement contains multiple termination clauses, including adverse market changes, legal or regulatory developments, or company-specific negative events.
• The proceeds’ usage prioritizes operational stability (payroll and working capital), debt management, and compliance/professional services, reflecting the company’s current liquidity and strategic needs.
• The new capital is expected to strengthen the financial position, improve share liquidity, and broaden the shareholder base, potentially supporting longer-term value.

Investors are advised to exercise caution when dealing in Cherish Sunshine International Limited shares, as the placement’s completion is not guaranteed and is subject to several conditions.

Disclaimer: This article is for information purposes only and does not constitute investment advice. Investors should conduct their own research or consult a professional adviser before making investment decisions. The information provided is based on the latest company announcement and is subject to change without notice.

【廣東話版本】

珍愛陽光國際有限公司宣佈以一般授權配售新股　集資約2,480萬港元

珍愛陽光國際有限公司（股份代號：1094）宣佈，已與高譽證券有限公司簽訂配售協議，將以每股0.209港元的價格，配售最多118,502,535股新股。是次配售佔現有已發行股本約20%，配售完成後則佔擴大後股本約16.67%。公司預計可籌得總額約2,480萬港元，扣除相關費用及3%配售佣金後，淨收益約2,400萬港元。

配售重點

• 配售新股數量：最多118,502,535股，佔現有股本20%，配售後佔擴大後股本16.67%。
• 配售價：每股0.209港元，較2026年7月23日收市價（0.255港元）及過去五個交易日平均收市價有約18.04%折讓。
• 淨收益：預計約2,400萬港元，淨配售價約每股0.2025港元。
• 配售代理：高譽證券有限公司，以盡力基礎配售予不少於六名獨立第三方專業、機構、公司或個人投資者（配售對象），而且配售對象及其最終實益擁有人均為獨立第三方，並非公司之關連人士或與關連人士一致行動人士。

資金用途

• 員工薪酬（41.7%，約1,000萬港元）：包括工資、強積金及補償。
• 部分償還銀行貸款（20.8%，約500萬港元）：用以償還於中國內地年利率4.5%、六個月內到期的銀行貸款。
• 專業費用（20.8%，約500萬港元）：包括審計、法律顧問、財務顧問及上市維持等費用。
• 一般營運資金（16.7%，約400萬港元）：如水電、保險及其他行政開支。

公司預計於配售完成後六個月內會完全動用上述資金。

配售對股權結構影響

預計配售完成後，無任何配售對象會成為主要股東。

戰略及市場影響

• 股份攤薄：現有股東於配售完成後持股將被攤薄約16.67%。
• 折讓價格：配售價較市價有明顯折讓，短期內或對股價構成壓力，但有助提升流動性及擴闊股東基礎。
• 最近12個月無其他集資：公司確認過去12個月未有其他股權集資行動，突顯今次配售的重要性。
• 配售須待條件達成：包括上市批核及其他所需同意。若出現重大市況或公司負面變化、政策變化等，配售代理可終止協議。
• 以一般授權配發：新股以一般授權發行，毋須就本次配售另行股東會表決。

股東須知（敏感事項）

• 股東應注意配售屬大折讓及攤薄效應，這些因素屬敏感消息，短期或影響股價。
• 配售能否完成視乎市況及批核，協議設有多項終止條款，包括市況、法規或公司本身出現負面發展。
• 所得資金主要用於穩定營運（薪酬、營運資金）、債務管理及合規專業服務，反映公司目前流動性及策略需要。
• 新資金有助鞏固財務狀況、提升股份流動性及擴大股東基礎，長遠或有利公司發展。

投資者應審慎處理珍愛陽光國際有限公司股份，因配售尚有多項條件需達成，未必一定完成。

免責聲明：本文章僅供資訊參考，並不構成任何投資建議。投資者應自行研究或諮詢專業人士後再作投資決定。內容根據公司最新公告編寫，如有更改恕不另行通知。

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