Cornerstone Technology Holdings Limited (the 'Company') announced that its wholly-owned subsidiary, CB Asset One Limited, has reached a common stock subscription agreement with Thai company Spark on September 20, 2024, after the trading session. CB Asset One will subscribe to 35.6% of the common stock equity of Spark for HKD 180,000,000. In addition, the Company has also signed a convertible note subscription agreement with the subscriber, agreeing to issue convertible notes with a total value of HKD 200,000,000. These transactions will make Spark a joint venture company of the Company, but its financial performance will not be included in the consolidated financial statements of the Group. The Company will convene a special general meeting of shareholders to review and approve the above transactions and...Show More

Cornerstone Technology Holdings Limited (the 'Company') announced that its wholly-owned subsidiary, CB Asset One Limited, has reached a common stock subscription agreement with Thai company Spark on September 20, 2024, after the trading session. CB Asset One will subscribe to 35.6% of the common stock equity of Spark for HKD 180,000,000. In addition, the Company has also signed a convertible note subscription agreement with the subscriber, agreeing to issue convertible notes with a total value of HKD 200,000,000. These transactions will make Spark a joint venture company of the Company, but its financial performance will not be included in the consolidated financial statements of the Group. The Company will convene a special general meeting of shareholders to review and approve the above transactions and will apply to the Stock Exchange for the listing and trading of convertible shares. Shareholders and potential investors should note that the completion of the common stock subscription agreement and the subscription of convertible notes are subject to certain conditions precedent and there is no guarantee that the transactions will occur or when they will occur.