According to the news from Zhitong Finance APP, SPROCOMM INTEL (01401) has announced that in the interest of the company and its stakeholders, the board of directors has taken immediate steps to make all necessary and reasonable inquiries to find the reason for the recent fluctuations in share price and volume. Based on the information currently available to the board of directors, apart from the announcement made by the Securities and Futures Commission on the same day (SFC announcement) regarding the high concentration of the company's equity to be published on November 19, 2024, the board has not found any other reasons that could cause significant fluctuations in share price and volume. Although inquiries are still ongoing, the board is not aware of any information indicating that the company's securities may exist in a false market or any inside information that must be disclosed under Section XIV of the Securities and Futures Ordinance Chapter 571 of Hong Kong law.

The board of directors understands the impact of the SFC announcement and will continue to closely monitor the share price and volume. The board confirms that all operations of the group's business are normal, and there have been no significant adverse changes in the group's business operations and financial condition, while the shareholding of the controlling shareholder of the company (as defined in the Stock Listing Rules of the Hong Kong Stock Exchange) has also not changed or been pledged.

The board of directors also decided to establish a dedicated team to conduct all necessary and reasonable investigations regarding the alleged investigation results specified in the SFC announcement, particularly concerning the authenticity of the share market and the company’s compliance with the public shareholding requirement under the Securities Listing Rules of the Stock Exchange. The dedicated team will have discretion to engage independent professionals to assist with the investigation when deemed appropriate and necessary and must report its findings to the board of directors. The company will make a separate announcement regarding any further developments in its investigation.