According to the Zhitong Finance App, Imperial International Investment (00928) issued an announcement. As disclosed in the stock offering regulations, Mr. Wang Mengyao and Ms. Wei Yan (each major shareholder) have made irrevocable and unconditional promises to the Company. According to these irrevocable undertakings, Mr. Wang Mengyao and Ms. Wei Yan have promised (among others) to subscribe for approximately 103 million shares and approximately 89.255 million shares to be offered, that is, their respective quotas under the share offering, subject to the reduction.
After making all reasonable inquiries, as far as the directors knew, knew and were convinced, Mr. Wang Mengyao and Ms. Wei Yan had not validly applied for any shares before the final acceptance deadline. As a result, Mr. Wang Mengyao and Ms. Wei Yan have each breached their subscription commitments under the irrevocable undertakings.
After considering that Mr. Wang Mengyao and Ms. Wei Yan breached the irrevocable promise, which had a significant and adverse impact on the structure of the share offering; and if there were no irrevocable promises, the Group may not be able to obtain a total minimum income of about HK$96.4 million, and the board of directors believes that continuing to provide shares under the current circumstances would not be in the overall best interests of the Company and shareholders. On October 28, 2026, the board of directors decided to terminate the share offering with immediate effect. The Board of Directors believes that the termination of the share offering is in the overall interests of the Company and shareholders. Therefore, the share offering will not take place. Placement and compensation arrangements will also not be carried out, and no unsubscribed shares or unsold shares by unqualified shareholders will be placed. None of the shares offered will be allotted or issued, and the issued share capital of the Company will not change as a result of the share offering. Since the placement will not take place, no net income will be generated or payable under the compensation arrangement.