Moon Inc. — Audit Report / Information 2026

May 5, 2026

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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Moon Inc.

(Incorporated in the Cayman Islands with limited liability)

(Stock code: 1723)

SUPPLEMENTAL ANNOUNCEMENT IN RELATION TO CHANGE OF AUDITOR

Reference is made to the announcement of Moon Inc. (the “ Company ”, together with its subsidiaries, the “ Group ”) dated 4 March 2026 in relation to the change of auditor (the “ Announcement ”). Unless otherwise defined, capitalised terms used herein shall have the same meanings as those defined in the Announcement.

The Company would like to provide the following information to supplement the Announcement:

1. THE CHRONOLOGY OF EVENTS LEADING TO THE CHANGE OF AUDITOR

As stated in the announcement of the Company dated 8 October 2025, the Group planned to launch pre-paid bitcoin cards (the “ Pre-paid Bitcoin Cards ”, together with the Pre-paid SIM Card Products, the “ Pre-paid Products ”) and expand the Pre-paid Products into selected Asian markets through partnerships with established local distributors.

In November 2025, as part of its regular communication with auditor, the management of the Company has updated HLB on the above business developments and the anticipated expansion in the scale of the Group’s operations.

From December 2025 to January 2026, the Company held continuing discussions with HLB regarding the (i) audit work plan for the audit of the consolidated financial statements of the Company and its subsidiaries for the year ended 31 March 2026 (“ FY2026 ”) (the “ 2026 Audit ”); (ii) HLB’s proposed audit fee for 2026 Audit; (iii) the Company’s planned new business development; (iv) the anticipated expansion in the scale of the operations of the Company going forward; and (v) the audit requirements of the coming financial year. During the same period, having regard to the Group’s business development and operational needs, the Company and the chairman of Audit Committee invited other audit firms to submit fee quotations for the 2026 Audit, as part of the Audit Committee’s process to evaluate the need for a change of auditor and form an independent view for recommendation to the Board.

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From January to February 2026, the Company and the chairman of the Audit Committee had held discussions with Moore and other potential audit firms regarding their proposed audit approach, timetable and fee proposals, with a view to assessing the suitability and capability of the incoming auditor in crypto and blockchain-related assets and making a recommendation to the Board.

The Company received the final quotations for the 2026 Audit from Moore in the amount of HK$820,000 on 26 February 2026 and from HLB in the amount of HK$900,000 on 27 February 2026. HLB quoted an audit fee for the 2026 Audit, which represents an increase of approximately 58% compared with the preceding year, whereas, the final audit fee provided by Moore was around 9% lower than that of HLB. The management of the Company considered the proposed audit fee from HLB and expressed concerns regarding the relatively high audit fee level. The Company tried to negotiate with HLB for a fee reduction. However, HLB maintained its original quotation, and the Company and HLB were unable to reach a consensus on the audit fee for the 2026 Audit.

The Company and the Audit Committee, having conducted an overall assessment of all fee proposals received to date and taken into account the Company’s cost control considerations, considered and deliberated on the matter. Having considered the above, the Audit Committee recommended to the Board that the Company should change its auditor, and both the Audit Committee and the Board were of the view that the appointment of Moore as the auditor would be in the best interests of the Company for the reasons mentioned above.

Following discussions between the Company and HLB on 2 March 2026, HLB resigned as the auditor of the Company with effect from 4 March 2026 due to the parties being unable to reach consensus on the audit fee for the 2026 Audit and HLB had been informed by the Board that it had decided to propose the appointment of another auditor. At that time, no audit work for the 2026 Audit had commenced. On 4 March 2026, the Audit Committee and the Board held meetings and approved appointment of Moore as the Company's new auditor to fill the casual vacancy arising from HLB's resignation. On the same day, the Company confirmed its acceptance of Moore's service proposal and engagement letter for the 2026 Audit.

2. THE MAJOR FACTORS UNDERLYING THE DIFFERENT FEES BY HLB AND MOORE AND THE AUDIT COMMITTEE’S ASSESSMENT

To the best of the Directors’ knowledge, information and belief, there is no material difference in the overall audit approach and audit scope proposed by HLB and Moore for 2026 Audit.

Both HLB and Moore submitted their fee proposals based on estimated hours, hourly rates, work allocations, business segments and the Company’s operational complexities. The Audit Committee noted that, HLB did not provide a detailed breakdown of its proposed audit fee by reference to team size, seniority mix and planned hours. According to HLB, the increase in its proposed fee was mainly attributable to the engagement of additional audit resources and industry experts to address the audit requirements arising from the Company’s crypto and

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blockchain-related assets and business. In contrast, Moore provided a more transparent resourcing plan and fee basis, specifying deployment of a total of seven (7) professional staff for the engagement, including but not limited to one (1) director, one (1) engagement quality reviewer and one (1) principal to ensure appropriate supervision and review and provided detailed information of audit procedures based on their understanding of the Company’s current crypto and blockchain-related assets and business.

In assessing the reasonableness of the proposed fees and resources, the Audit Committee also took into account, that, based on management’s current assessment, the Group’s new business development is not material at this stage, with no significant audit scope changes warranting a significant fee escalation. The Audit Committee therefore considered it appropriate to compare the quotations received, and assessed whether the proposed fees were set at a level that would enable sufficient audit resources to be allocated without compromising audit quality, while maintaining prudent cost controls.

The Audit Committee has assessed that Moore has committed adequate resources for the 2026 Audit, taking into account both the expanded audit scope arising from the Company’s newly developed pre-paid Bitcoin card business and the fact that this will be a first-year audit. In reaching this view, the Audit Committee has reviewed the transparent and detailed breakdown provided by Moore in respect of the proposed staff plan, audit hours, and audit procedures, and considered these to be sufficient to support a robust first-year audit for the Company. In addition, Moore has demonstrated relevant experience in auditing listed and non-listed entities with crypto-related business activities, whereas HLB did not provide comparable information on similar experience in its quotation.

Having regard to the above, and given that the Company and HLB were unable to reach a consensus on the proposed audit fee for 2026 Audit, the Audit Committee considered it reasonable for the Company to favour the proposal that offered a more competitive fee and greater transparency in audit planning and resourcing. In this respect, the Audit Committee considered Moore’s proposed fee and staffing plan to be more commensurate with the Group’s expected audit budget and to provide a clearer commitment to the audit plan, timetable and manpower allocation, thereby offering the Company greater transparency and planning certainty.

Accordingly, the Audit Committee was satisfied that it had discharged its duty to evaluate the proposed audit fees and resource allocation by (i) focusing on audit quality and sufficiency of resources, (ii) comparing differences and the basis of resourcing, and (iii) ensuring that the recommended fee level would not compromise audit quality. The Audit Committee is also satisfied that it has discharged its responsibilities of overseeing the audit process.

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3. THE ASSESSMENT OF THE NEW AUDITOR

In assessing the independence, competence and capability of Moore in accordance with Section 2 of the Guidelines for Effective Audit Committees Selection, Appointment and Reappointment of Auditors (the “ Guide ”), the Audit Committee has taken into account, among other things, the following factors.

• (a) Governance and leadership: Moore has been established in Hong Kong for over 50 years, with strong network of international expertise covering 110 countries and over 30,000 staff globally. The Audit Committee has reviewed Moore’s organizational and governance structure and is satisfied that Moore’s governance and leadership arrangements safeguard the public interest in delivering a high-quality audit function.

• (b) Compliance with relevant ethical requirements: To the best of the Audit Committee’s information and belief, Moore is independent and has confirmed that it has no conflict of interest between its engagement and the Company’s management. The Audit Committee reviewed Moore’s relevant policies in its quality management manual regarding ethical requirements (including integrity, objectivity and independence) and is satisfied with their effectiveness. Moore has also confirmed that, as part of its client acceptance procedures, it has applied and cleared its internal policies and procedures for monitoring compliance with these relevant ethical requirements, which are communicated to engagement teams through ongoing communications, training sessions, briefings and working meetings, with continuous ongoing policy monitoring. The Audit Committee considered these factors in concluding that applicable ethical requirements applicable to the engagement have been appropriately addressed at the acceptance stage. Additionally, after making enquiries of management and both executive and non-executive Directors, the Audit Committee found no matters that would impair Moore’s independence and objectivity.

• (c) Industry knowledge and technical competence: The Audit Committee has reviewed the Moore’s profile and noted its experience auditing over 60 listed companies across various industries, supported by a team of certified accountants and experienced staff. In addition, the audit partner in charge also has over twenty years’ of experience in auditing and assurance services for listed companies with international backgrounds across different industries including financial services, manufacturing & retail, shipping and technology. The Audit Committee further noted Moore’s good inspection results, as referenced in the 2024-25 Annual Inspections Report issued by the AFRC in July 2025. Additionally, the Audit Committee discussed with Moore and confirmed that it has sufficient competent staff to deliver a high-quality audit, taking into account their extensive industry knowledge and appropriate technical competence in companies with similar revenue recognition, as demonstrated by their respective track records. More specifically, Moore has relevant experience auditing listed and non-listed companies with crypto-related business. Furthermore, after reviewing and discussing with Moore on its audit plan and timeline, the Audit Committee is satisfied that, with adequate resources allocated, it would be sufficient to provide a quality audit with all the audit procedures completed on time.

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• (d) Engagement performance: The Audit Committee has discussed with Moore on its audit methodology and audit strategy, including the scope, timing and direction of the audit. Moreover, based on the audit quotation including the transparent and detailed breakdown for the audit team structure, the Audit Committee is satisfied that Moore has sufficient resources and time to perform a high-quality audit.

• (e) Communication and interaction with the Audit Committee: The Audit Committee is satisfied that Moore has maintained sufficient and effective two-way ongoing communication on auditing matters.

• (f) Monitoring process: The Audit Committee has conducted public searches on the websites of the relevant authorities, it is not aware of any disciplinary actions concerning Moore regarding matters relating to integrity, objectivity and independence.

After evaluating the above factors, the Audit Committee is satisfied that Moore is independent, competent and capable of performing a high-quality audit.

To the best knowledge, belief and information of the Company, based on ongoing communication with Moore up to the date of this announcement, both the Company and the members of the Audit Committee have fully explained to Moore the Company’s latest business development and historical performance. Accordingly, Moore is fully aware of the status of the Group and has committed to reserve necessary manpower and resources for the 2026 Audit based on the information provided by the Company.

4. THE AUDIT PLAN AND TIMETABLE BY MOORE

The following proposed audit plan and timetable is also provided by Moore:

Phase	Phase		Audit Plan	Audit Plan
	Phase	EstimatedPeriod	Audit Plan
	Audit Planning andOpening Balances Audit:	Late March2026	1.Understand the major operating cycles,internal control environment and risks2.Performauditproceduresonopeningbalances and statutory review
	Communication with theAudit Committee –Planning:	Early April2026	1.HoldplanningmeetingswithAuditCommittee, management and key financestaff
	Audit field work:	April – EarlyJune 2026	1.Performsubstantiveandotherauditprocedures2.Reviewdraftfinancialstatementsanddraft audit report3.Ongoing discussion with management andkey finance staff

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Phase	Phase		Audit Plan	Audit Plan
	Phase	EstimatedPeriod	Audit Plan
	Communication with themanagement and theAudit Committee of theCompany on the draftaudit report:	Late June2026	1.Discusskeyauditfindingsoranyuncorrectedmisstatementswithmanagement and the Audit Committee ina formal meeting
	Publish ResultsAnnouncement:	Late June2026	1.Review draft announcement2.Finalise and sign the audit report3.CoordinatewiththeCompanyforthepublic announcement
Publish Annual Report:	Publish Annual Report:	Late July2026	1.Final review of annual report

The audit scope and focus area for the Prepaid SIM and Bitcoin cards business would include revenue recognition, management override and Information Technology general controls, including user access controls, change management and system operations, as well as application controls over card issuance, activation, revenue posting and inventory updates. Moore proposed to adopt a control-reliance approach, given the extensive use of the computer systems in processing and recording transactions. Where appropriate, Moore indicated that they would perform test of information technology general controls and application controls to assess the reliability and integrity of system-generated data. This approach would be supplemented by designed substantive procedures over audit areas, including revenue recognition, inventory and activation records.

For the Bitcoin investment business, Moore indicated that the audit work would focus on the existence, valuation, rights and obligations of the Bitcoin held by the Group. Moore planned to perform blockchain verification procedures, obtain confirmations from relevant exchanges and custodians, and conduct fair value testing to substantiate the relevant balances. Where relevant, specialised proprietary software would be used to assist in verifying on-chain data, wallet balances and transaction histories. In addition, analytical procedures and substantive reviews would be performed in respect of Bitcoin movements during the year and the year-end balances.

After considering the overall audit strategy that sets out the scope, timing, and direction of the audit, the Audit Committee is satisfied that the proposed audit plan and the audit timeline provided by Moore are adequate and reasonable. The Audit Committee also considered that (i) there is sufficient time for each audit phase notwithstanding the change of the auditor; (ii) the proposed audit timetable is reasonable and sufficient for Moore to complete all the necessary audit procedures without compromising audit quality; and (iii) Moore’s committed resources to be adequate to achieve the proposed audit timetable.

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All other information contained in the Announcement remains unchanged and continues to be valid for all purposes. This announcement is a supplement to and should be read in conjunction with the Announcement.

For and on behalf of Moon Inc.

Mr. Fang Jason Kin Hoi Chairman and Executive Director

Hong Kong, 5 May 2026

As at the date of this announcement, the Board comprises Mr. David Forrest Bailey, Mr. John Edwin Riggins, Mr. Fang Jason Kin Hoi and Ms. Wong Fung Yee Mary as executive Directors; Mr. Sit Hon as non-executive Director; and Ms. Yen Jung-Hui, Mr. Chen Xiaobing and Mr. Wong Yun Pun as independent non-executive Directors.

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