CMON Limited — Capital/Financing Update 2025

Mar 5, 2025

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

CMON LIMITED

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1792)

INSIDE INFORMATION UPDATE ON STATUS REGARDING THE SUBSCRIPTION OF NEW SHARES UNDER GENERAL MANDATE

This announcement is made by CMON Limited (the "Company", together with its subsidiaries, the "Group") pursuant to Rule 13.09(2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") and the Inside Information Provisions (as defined in the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of The Laws of Hong Kong).

Reference is made to the announcement of the Company dated 13 April 2024 in respect of the subscription of new shares under the general mandate (the "Announcement"). Unless otherwise defined, capitalised terms used in this announcement shall have the same meaning as those defined in the Announcement.

The Company would like to update investors and Shareholders that the Subscription Shares were issued in physical form and kept in the custody of the Company and were not delivered to the Subscribers at all material times. This is due to the fact that, as at the date of this announcement, the Company has still not received the aggregate net proceeds of the Subscriptions in the sum of HK$10.4 million from the Subscribers. As at the date of this announcement, those Subscription Shares have not been deposited into the CCASS system and that there have been no transfer of the Subscription Shares as the share certificates in respect of the Subscription Shares were kept in custody of the Company.

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The Company has been communicating with the Subscribers from time to time for payment of the aggregate consideration of the Subscriptions. As the Subscribers have been delaying payment for over half a year, the Board is of the view that appropriate actions should be taken to receive the aggregate consideration of the Subscriptions by either enforcing the Subscription Agreements and/or cancelling the Subscription Shares.

The Company has been seeking legal advice as to the appropriate steps to be taken to either enforce the Subscription Agreements or cancel those Subscription Shares which may include, amongst other things, applying to court for an order or a declaration to cancel those Subscription Shares. As at the date of this announcement, the Company has received verbal confirmation from the Subscribers that they are willing to cooperate with the Company and cancel those Subscription Shares. As such, the Company is now seeking legal advice as to the possible methods available to cancel those Subscription Shares instead of commencing enforcement actions in order to save time and costs of the Company.

As the Subscription Shares may be cancelled, the Company is now seeking other fund-raising means to increase its general working capital, to achieve the same purpose of the intended use of the proceeds of the Subscriptions as disclosed in the Announcement. On the basis that the Subscription Shares may be cancelled, there will not be any material adverse impact on the financial position and operations of the Group.

Further announcement(s) will be made by the Company as and when necessary to update investors and Shareholders about the situation.

Shareholders and investors of the Company are advised to exercise caution when dealing in the securities of the Company.

By order of the Board

CMON Limited

Ng Chern Ann

Chairman, Joint Chief Executive Officer and Executive Director

Singapore, 5 March 2025

As at the date of this announcement, the executive Directors are Mr. Ng Chern Ann, Mr. David Doust and Mr. Koh Zheng Kai; the non-executive Directors are Mr. Frederick Chua Oon Kian, Mr. David Preti and Ms. Li Xuejin; and the independent non-executive Directors are Mr. Wong Yu Shan Eugene, Mr. Choy Man and Mr. Leung Yuk Hung Paul.