According to the announcement by WANG ON GROUP (01222) on August 2, 2024:

(a) Tenant A (indirect non-wholly-owned subsidiary of the company, Ming Hao Limited) has received the new Lease A signed by the landlord (Rich Century Investment Limited). As such, the landlord and Tenant A agreed to renew the lease of Property A. The lease will be valid for four years from January 1, 2024, to December 31, 2027, inclusive of the first and last day;

Property A refers to offices 01, 02, 03, 05, 10B, 11, and 12 on the 31st floor of Grand Century Place, 39 Hung To Road, Kowloon Bay, Hong Kong.

(b) Tenant B (indirect non-wholly-owned subsidiary of the company, Grand Power Property Services Limited) has received the new Lease B signed by the landlord. As such, the landlord and Tenant B agreed to renew the lease of Property B. The lease will be valid for four years from January 1, 2024, to December 31, 2027, inclusive of the first and last day;

Property B refers to offices 01, 08, 09, 10, 11, and 12 on the 32nd floor of Grand Century Place, 39 Hung To Road, Kowloon Bay, Hong Kong.

(c) Tenant C (indirect wholly-owned subsidiary of the company, Grand Power Management Services Limited) has received the new Lease C signed by the landlord. As such, the landlord and Tenant C agreed to renew the lease of Property C. The lease will be valid for four years from January 1, 2024, to December 31, 2027, inclusive of the first and last day.

Property C refers to offices 02, 03, 05, 06, 07, and 15 on the 32nd floor of Grand Century Place, 39 Hung To Road, Kowloon Bay, Hong Kong.

In accordance with Hong Kong Financial Reporting Standard 16, the right-of-use assets obtained under the new leases will be recognized as properties, plants, and equipment, as well as lease liabilities, with the amount of approximately HKD 50 million.