Wing Lee Proposes Placing of up to 100 Million Shares Raising Net Proceeds of over HK$90 Million to Deepen New Energy Business Expansion

Assuming there will be no change in the issued share capital of the Company between 28 October 2026 and the completion of Placing, a maximum of 100,000,000 Placing Shares under the Placing represents 10.00% of the issued share capital of the Company as at the date of this announcement, and approximately 9.09% of the issued share capital as enlarged by the issue of the Placing Shares.

Assuming that all the Placing Shares are fully placed, the estimated gross proceeds and net proceeds (after deducting the placing commission and other related expenses and professional fees) from the Placing will amount to approximately HK$97.0 million and approximately HK$94.6 million, respectively.

The Company intends to apply as to 60% of the net proceeds (approximately HK$56.76 million) of the Placing for the development and expansion of the Group’s new energy business, including (i) investments and development of battery energy storage systems; (ii) integrated charging, battery-swapping and energy storage station; and (iii) other renewable energy related projects such as artificial intelligence data centre (“AIDC”) energy infrastructure; and as to 40% of the net proceeds (approximately HK$37.84 million) for financing the Group’s working capital for its construction and engineering businesses.

The Group is committed to developing sustainable clean energy system solutions, implementing the commercialisation of charging and battery swap service technologies for electric commercial vehicles and electric heavy machinery and equipment, operating “battery bank”, and targeting commercial and industrial energy storage and battery swap businesses. The Group has successfully entering into additional new energy business areas with development potential, thereby driving the sustained growth of the business scale and profitability of the relevant operations. The Board believes that the net proceeds from the Placing will enable the Group to strengthen its existing core engineering business while capturing emerging opportunities in the renewable energy sector. In particular, the Board is of the view that battery energy storage systems, charging and battery-swapping infrastructure and AIDC-related energy facilities are expected to benefit from the increasing demand for clean energy and digital infrastructure development in Hong Kong and Southeast Asia.

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About Wing Lee Development Construction Holdings Limited