Tesson Holdings disclosed a comprehensive reshuffle of proceeds from two share subscriptions completed in 2025, detailing a pivot from a shelved mainland joint-venture charging project toward Hong Kong electric-vehicle (EV) charging assets and immediate operational needs.

Subscription I (HK$49.45 million, 100 million shares at HK$0.50) • Original plan: 40% (HK$19.78 million) for loan repayment; 40% (HK$19.78 million) for a PRC heavy-duty truck charging JV (“JV Project”); 20% (HK$9.89 million) for general working capital. • Key changes: – Loan settlement: HK$22.97 million (46% of proceeds) used to fully repay Hai Xia Finance loan following a dispute settlement; HK$3.19 million of this amount was reallocated from the JV Project budget. – Hong Kong charging assets: HK$9.00 million redirected from the JV Project to part-finance a HK$15 million purchase of seven Hong Kong charging stations (six operational, one under development). – Working capital support: HK$7.59 million transferred from the JV Project to cover salaries (HK$4.72 million), professional fees (HK$1.85 million) and other running costs. – The initial HK$9.89 million earmarked for working capital remained unchanged.

Subscription II (50 million shares at HK$0.50; net proceeds originally designated for Hong Kong charging station expansion) • Deployment to 31 Mar 2026: – Charging Station Business: HK$12.00 million (HK$6.00 million final Acquisition payment; HK$6.00 million operating costs). – Personnel costs: HK$0.57 million (classified in original report under working capital). – Reallocated to working capital: HK$4.63 million. – Unused balance: HK$7.45 million.

• Post-31 Mar 2026 movements of unutilised HK$7.45 million: – Charging Station Business: HK$6.45 million, including HK$3.10 million for equipment, HK$0.98 million refundable deposits and HK$1.58 million set aside (still unspent) for a potential new car-park charging project, plus HK$0.63 million for staffing/operations and HK$0.16 million professional fees. – Working capital: HK$1.00 million.

• Cumulative working-capital reallocation from Subscription II now totals HK$5.63 million, covering salaries and director remuneration (HK$2.35 million), lithium-ion battery raw materials (HK$2.91 million) and other expenses (HK$0.37 million).

Strategic Rationale The original mainland JV Project was abandoned after talks with Shenzhen Shendian Power Supply New Energy Co., Ltd. failed to yield a binding agreement. Tesson leveraged the knowledge gained to pursue a foothold in Hong Kong’s EV charging market, acquiring seven charging stations and evaluating additional opportunities, including a potential car-park project backed by refundable deposits and provisional investment funds. Reallocation to working capital was driven by immediate obligations and the need to support both the lithium-ion battery and charging-station businesses while new investments are assessed.

All other disclosures in Tesson Holdings’ 2025 Annual Report remain unchanged. Shareholders are advised to exercise caution when dealing in the company’s securities.