Flydoo Technology Holding Limited — Capital/Financing Update 2021

Apr 29, 2021

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.

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WWPKG Holdings Company Limited 縱橫遊控股有限公司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 8069)

CHANGE IN USE OF PROCEEDS

Reference is made to the prospectus of WWPKG Holdings Company Limited (the ‘‘Company’’ and together with its subsidiaries, the ‘‘Group’’) dated 30 December 2016 in relation to the listing of the Company’s shares on GEM of The Stock Exchange of Hong Kong Limited (the ‘‘Listing’’), the announcement of the Company dated 30 December 2019 in relation to change in use of proceeds (the ‘‘Announcement’’) and the interim report of the Company for the six months ended 30 September 2020. Unless otherwise defined, capitalised terms used in this announcement shall have the same meanings as those defined in the Announcement.

CHANGE IN USE OF PROCEEDS

The Net Proceeds from the Listing received by the Company amounted to approximately HK$57.0 million. As at the date of this announcement, the Company had utilised approximately HK$49.3 million of the Net Proceeds and the amount of the unutilised Net Proceeds was approximately HK$7.7 million (the ‘‘Unutilised Net Proceeds’’). The Board has resolved to change the use of the Unutilised Net Proceeds as follows:

Use of proceedsPromoting brand recognition and awarenessStrengthening and enhancing sales channelsImproving operational efficiencyReserving seats for non-series flights or charter flightsGeneral corporate and working capital purposes	Use of proceedsPromoting brand recognition and awarenessStrengthening and enhancing sales channelsImproving operational efficiencyReserving seats for non-series flights or charter flightsGeneral corporate and working capital purposes	Planned use ofthe Net Proceeds	Utilised NetProceeds sincethe Listing up to	Unutilised NetProceeds as at	Revisedallocation of theUnutilised NetProceedsHK$ million0.3——1.26.2
	oceeds brand recognition and awarenessing and enhancing sales channels operational efficiencyseatsfornon-seriesflightsorcharterflights	as stated in theAnnouncementHK$ million16.08.111.713.1	the date of thisannouncementHK$ million(13.9)(7.3)(11.7)(8.3)	the date of thisannouncementHK$ million2.10.8—4.8	Unutilised ProcHK$ mi
		8.157.0	(8.1)(49.3)	—7.7
					7.7

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REASONS FOR THE CHANGE IN USE OF PROCEEDS

The ongoing Covid-19 pandemic has been casting severe implications for many business sectors. In particular, it has brought the global tourism industry to a screeching halt since year 2020 and has made the Group’s operating environment extremely difficult. Despite vaccines are being launched to combat against the Covid-19 pandemic, there remains a significant degree of uncertainty over the severity and duration of the global outbreak, as well as the trajectory of the economic recovery once the outbreak has been contained.

Having monitored and assessed the current impact brought by the Covid-19 pandemic, the Group expects the need for sizeable marketing campaigns, set up of new branches or largescale refurbishment of the existing ones and payments for reserving seats for non-series flights or charter flights will be substantially reduced. The Group considers it is necessary to increase its cash allocation for the purpose of working capital.

The Board is of the view that the change in use of the Unutilised Net Proceeds will enable the Group to effectively meet the financial needs of the Group and enhance the flexibility in financial management of the Company, and is in line with the current business needs of the Group, and therefore, is in the best interests of the Company and its shareholders as a whole.

By order of the Board WWPKG Holdings Company Limited Yuen Sze Keung Chairman and Executive Director

Hong Kong, 29 April 2021

As at the date of this announcement, the executive Directors are Mr. Yuen Sze Keung, Ms. Chan Suk Mei and Mr. Yuen Chun Ning; and the independent non-executive Directors are Mr. Ho Wing Huen, Mr. Lam Yiu Kin and Mr. Yen Yuen Ho Tony.

This announcement, for which the Directors collectively and individually accept full responsibility, includes particulars given in compliance with the GEM Listing Rules for the purpose of giving information with regard to the Company. The Directors, having made all reasonable enquiries, confirm that to the best of their knowledge and belief the information contained in this announcement is accurate and complete in all material respects and not misleading or deceptive, and there are no other matters the omission of which would make any statement herein or this announcement misleading.

This announcement will remain on the GEM website at http://www.hkgem.com on the ‘‘Latest Listed Company Information’’ page for at least seven days from the day of its posting and will also be published on the website of the Company at http://www.wwpkg.com.hk.

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