According to the announcement from REF HOLDINGS (01631), on May 12, 2026, the company plans to place a maximum of 51.2 million placement shares, equivalent to approximately 20.00% of the company's issued share capital as of the date of this announcement, and approximately 16.67% of the enlarged issued share capital after the placement shares are issued. The placement price is HKD 0.457 per placement share, representing a discount of approximately 19.82% compared to the closing price of HKD 0.57 per share on May 12. Assuming all placement shares are fully placed, the estimated total proceeds from the placement and the net proceeds are expected to be approximately HKD 23.4 million and approximately HKD 22.71 million, respectively. The company intends to use the net proceeds from the placement to expand its financial printing services