Shenzhen Tinno Mobile Technology Corp. completed the acquisition of 70% stake in SMC Electric Limited from Shell Electric Holdings Limited.

Shenzhen Tinno Mobile Technology Corp. entered into the Sale and Purchase Agreement to acquire 70% stake in SMC Electric Limited (SEHK:2381) from Shell Electric Holdings Limited for approximately HKD 150 million on July 31, 2026. Under the terms of the acquisition, Shenzhen Tinno Mobile Technology Corp will pay HKD 0.11 in cash per share or a total of HKD 154 million. SMC Electric Limited intends to declare a conditional special dividend in an amount of approximately HKD 91.5 million (equivalent to a Special Dividend of HKD 0.04575 per Share) before Completion to its shareholders. Upon completion, Shell Electric Holdings Limited will retain a 5% stake in SMC Electric Limited. In a related transaction, Shenzhen Tinno Mobile Technology Corp. proposed to acquire 25% stake in SMC Electric Limited for HKD 55 million. The transaction will be financed by the way of internal financial resources of Shenzhen Tinno Mobile Technology Corp and/or through external debt financing. Upon completion of the transaction, Shenzhen Tinno Mobile Technology Corp intends to continue the existing business of SMC Electric Limited and all the board of directors of SMC Electric Limited will resign and Shenzhen Tinno Mobile Technology Corp. intends to nominate new directors. The transaction is subject to all necessary consents, approvals, waivers and clearances from any Competent Authority or other third party and dividend declaration and payment. The Board of Directors of SMC Electric Limited formed a special committee for the transaction. The completion shall take place on the fifth Business Day after the date of fulfilment of all the conditions. CITIC Securities Corporate Finance Limited acted as exclusive financial advisor to Shenzhen Tinno Mobile Technology Corp. Somerley Capital Limited acted as financial advisor to SMC Electric Limited. Red Sun Capital Limited acted as financial advisor to the independent board committee of SMC Electric Limited. Shenzhen Tinno Mobile Technology Corp. completed the acquisition of 70% stake in SMC Electric Limited (SEHK:2381) from Shell Electric Holdings Limited on September 8, 2026.