According to Zhitong Finance App, Boleyton (01333) announced that on October 13, 2026, the company signed a placement agreement with the placement agent. The placement agent has agreed to act as the company's agent, and according to the best efforts, a total of no less than six undertakers to subscribe for up to 183.16,200 new H shares in accordance with the terms set out in the placement agreement and subject to its conditions. The placement price is HK$12.06 per H share.
A maximum of 183.16,200 placed shares accounted for approximately 4.88% and 4.49% of the total number of issued H shares (excluding treasury shares) at the date of this announcement, and also accounted for approximately 4.65% and 4.30% of the total number of H shares and the total number of issued shares (excluding treasury shares) after the allocation and issuance of the placed shares, respectively (assuming that there was no change in the issued shares of the Company from the date of this announcement to the date of completion). The placement price is HK$12.06 per H share, a discount of approximately 6.512% from the closing price of HK$12.90 per H share as reported on October 13, 2026 (the date of the placement agreement).
Assuming that all of the placed shares are fully placed, the total proceeds from the placement and the net proceeds (after deducting commissions and estimated expenses) are estimated to be approximately HK$220.9 million and approximately HK$199 million, respectively. On this basis, the net issue price for each placed share will be approximately HK$10.87.
The Board of Directors believes that the placement is a continuation of the Group's strategy to develop its overseas optical storage microgrid business. Since November 2025, the Company has carried out equity financing in stages after considering the development of its overseas optical storage business, the anticipated capital expenditure requirements of its projects, and the timing of capital requirements (including capital requirements that may arise from overseas projects other than those that have previously been funded). The Board believes that phased financing allows the Group to match the timing and amount of capital raised at different stages of business development, while maintaining financial flexibility and reducing reliance on additional debt financing.
The Company completed a new H-share placement in November 2025, and the proceeds have been used (among others) to invest and develop overseas optical storage projects, including the Dizwa Optical Storage Project (Dizwa Project) in the Democratic Republic of the Congo. The Dizwa project has achieved grid-connected power generation and provided the Group with practical experience in developing its overseas optical storage microgrid business. The Company has since completed the placement in July 2026 and September 2026, and the proceeds have been earmarked (including) for investment and development of phase I of such Wassi optical storage projects (such as the Vasai Project).
The purpose of the placement is to further enhance the Group's financial resources to support the continued development of its overseas optical storage microgrid business, and to enable the Group to seize suitable project opportunities as they arise, not limited to the existing scope of construction of the first phase of the Waxi project, which was disbursed from the July 2026 placement and September 2026 distribution. The development of overseas optical storage microgrid projects generally involves multiple stages, including project identification and evaluation, feasibility assessment, project development, equipment procurement, engineering construction, installation and commissioning. In particular, overseas optical storage microgrid projects, from planning and design, supplier selection and recruitment to equipment procurement and engineering construction, all involve a certain preparation, equipment delivery and construction cycle. After the relevant project arrangements are implemented, the Group may need to enter into equipment procurement and construction contracts, and pay advance payments related to photovoltaic modules, energy storage systems and engineering construction to ensure that the project can proceed in a timely manner. If the Group commences fund-raising after the final agreement on the relevant project is concluded, the time required for capital raising and subsequent fund allocation may delay equipment procurement and construction progress, which in turn affects the expected grid connection time of the project and project delivery arrangements to the relevant customers. The timeline, size and funding requirements of individual projects may vary depending on project location, customer requirements, technical feasibility, commercial terms, regulatory and approval requirements, and other implementation considerations. Therefore, the Group believes that it is appropriate to maintain sufficient financial flexibility to seize suitable project opportunities in a timely manner, rather than simply arranging financing after individual projects have been implemented.
Furthermore, due to the cross-border nature of the Group's overseas projects, the timing of fund allocation may be affected by foreign exchange registration, remittance arrangements, local project implementation schedules and other administrative procedures. Therefore, the Board of Directors believes that it is a prudent measure for the Company to pre-arrange financing when suitable capital market opportunities arise, so that the Group can better meet its capital requirements when potential projects are promoted and actual capital expenditure requirements arise.
The Group continues to evaluate potential overseas optical storage microgrid opportunities, particularly in mining areas where grid infrastructure may be weak and there is a need for alternative energy solutions. The projects currently under consideration include (i) the second phase of the Dizwa project, with a planned capacity of 30 MWp photovoltaic power generation and 60 MWh energy storage, which is an additional capacity in addition to 76 MWp photovoltaic power generation and 100 MWh energy storage in the first phase of the Dizwa project; (ii) such as the potential expansion of the first phase of the Wasi project, it is currently being considered to expand the capacity of the first phase from 30 MWp photovoltaic power generation and 60 MWh energy storage to 50 MWp photovoltaic power generation and 100 MWh energy storage, that is, adding 20 MWp photovoltaic power generation and 40 MWh energy storage capacity. For the avoidance of doubt, if the net proceeds from the placement are used for this expansion, the relevant amount will only be used for additional capacity and related supporting construction, and will not be used for the original construction scope of the first phase of the Wasi Project, and the related costs will be recorded separately; and (iii) the Company disclosed on September 25, 2026 to carry out a potential Inhoy Solar Storage Project (INHOYI Project) in Zimbabwe (INHOYI PROJECT) to be carried out under the non-binding letter of intent with INHOYI INVESTMENTS (PRIVATE) LIMITED (INHOYI) LIMITED (INHOY) LIMITED (INHOY) LIMITED (INHOY) LIMITED (INHOY) LIMITED (INHOYI PROJECT) The capacity is 30MWp photovoltaic power generation and 60MWh energy storage.
Among the above projects, the second phase of the Dizwa project is currently in a relatively mature preparation stage. The first phase of the Dizwa project includes 76 MWp photovoltaic power generation and 100 MWh energy storage. Grid-connected power generation has been achieved, and the Group has accumulated practical experience in developing and operating overseas optical storage microgrid projects. Compared with reliance on diesel power generation, the operation of the first phase of the Dizwa project also helped reduce electricity costs for related customers. Coupled with the customer's continued demand for electricity, it provided a good commercial foundation for further cooperation between the two parties.
Based on the existing power purchase agreement for the first phase of the Dizwa project, the Group continues to discuss the proposed expansion of the Dizwa project phase II with relevant customers. The Group and relevant customers have agreed on the main commercial terms of the proposed expansion, including additional capacity, expected grid connection time and electricity purchase price. The planning and design work for the second phase of the Dizwa project has begun. The Group currently estimates that the total investment required for the second phase of the Dizwa project is approximately RMB 200 million. After the implementation of the planning and design plan, the project is expected to enter the supplier selection and equipment procurement stage. At that time, capital requirements such as equipment procurement and engineering construction will be generated accordingly. Although a binding final agreement on Phase II of the Dizwa Project has not been concluded at the date of this announcement, the progress made so far has provided the Group with a commercial basis for early funding arrangements for the possible future implementation of the project.
The above projects are a number of opportunities that the Group is exploring as it continues to develop its business. As of the date of this announcement, the Group has not made a final decision on whether to proceed with any such projects. Through its ongoing or follow-up market research, feasibility assessment and business development activities, the Group can also explore other overseas optical storage microgrid projects, including those not specifically mentioned or not yet explored above. Project selection and funding allocation will depend on a number of factors, including feasibility assessments, commercial terms, customer requirements, regulatory and approval requirements, availability of suitable project opportunities, and the Group's funding situation at the relevant time.
Therefore, the placement aims to enhance the Group's overall financial capacity to develop potential overseas optical storage microgrid projects. In particular, considering that the second phase of the Dizwa project has reached agreement with the relevant customers on the main commercial terms, and the planning and design work has begun, the board of directors believes that it is appropriate to pre-arrange financing before the expected capital requirements for subsequent equipment procurement and the construction phase of the project are generated. Such advance financing arrangements will enable the Group to promptly pay relevant payments and proceed with project implementation after the relevant commercial and project arrangements are implemented, without having to wait until this stage to start raising capital. This move also helps reduce the risk of delays in project development and expected connection times due to fund-raising and cross-border fund allocation arrangements. According to the indicative scale and implementation arrangements for potential projects currently being evaluated, a portion of the net proceeds allocated to overseas optical storage microgrid projects is expected to support the initial capital requirements of such potential projects, including advance payments for optical storage equipment and engineering construction. The board of directors believes that the placement will enable the Group to maintain financial flexibility, evaluate and seize appropriate project opportunities as they arise, consolidate its position in the overseas mining microgrid scenario, and support the Group's continued implementation of the “optical storage microgrid+electric mine card+driverless driving” integrated strategy.