HONG KONG SAR - <a href="https://www.media-outreach.com/">Media OutReach Newswire</a> - 28 October 2026 – Wing Lee Development Construction Holdings Limited ("Wing Lee" or the "Company", together with its subsidiaries, the "Group"; stock code: 9639.HK) announces that on 28 October 2026 (after trading hours of the Stock Exchange), the Company and the Placing Agent entered into the Placing Agreement. The Company has conditionally agreed to issue, and the Placing Agent has conditionally agreed, as agent of the Company, to procure on a best effort basis, not less than six independent third-party Placees to subscribe for a maximum of 100,000,000 Placing Shares at the Placing Price of HK$0.97 per Placing Share. Assuming there will be no change in the issued share capital of the Company between 28 October 2026 and the completion of Placing, a maximum of 100,000,000 Placing Shares under the Placing represents 10.00% of the issued share capital of the Company as at the date of this announcement, and approximately 9.09% of the issued share capital as enlarged by the issue of the Placing Shares. Assuming that all the Placing Shares are fully placed, the estimated gross proceeds and net proceeds (after deducting the placing commission and other related expenses and professional fees) from the Placing will amount to approximately HK$97.0 million and approximately HK$94.6 million, respectively. The Company intends to apply as to 60% of the net proceeds (approximately HK$56.76 million) of the Placing for the development and expansion of the Group's new energy business, including (i) investments and development of battery energy storage systems; (ii) integrated charging, battery-swapping and energy storage station; and (iii) other renewable energy related projects such as artificial intelligence data centre ("AIDC") energy infrastructure; and as to 40% of the net proceeds (approximately HK$37.84 million) for financing the Group's working capital for its construction and engineering businesses. The Group is committed to developing sustainable clean energy system solutions, implementing the commercialisation of charging and battery swap service technologies for electric commercial vehicles and electric heavy machinery and equipment, operating "battery bank", and targeting commercial and industrial energy storage and battery swap businesses. The Group has successfully entering into additional new energy business areas with development potential, thereby driving the sustained growth of the business scale and profitability of the relevant operations. The Board believes that the net proceeds from the Placing will enable the Group to strengthen its existing core engineering business while capturing emerging opportunities in the renewable energy sector. In particular, the Board is of the view that battery energy storage systems, charging and battery-swapping infrastructure and AIDC-related energy facilities are expected to benefit from the increasing demand for clean energy and digital infrastructure development in Hong Kong and Southeast Asia. Hashtag: #WingLee The issuer is solely responsible for the content of this announcement.<h4>About Wing Lee Development Construction Holdings Limited</h4>Deeply rooted in Hong Kong, Wing Lee is an established contractor engaged in civil engineering, electrical and mechanical engineering, and new energy businesses, and has participated in various large-scale landmark projects in Hong Kong. The Group's civil engineering business specialized in site formation waterworks as well as road and drainage works, while its electrical and mechanical engineering business specializes in power system-related projects and emergency maintenance works. In recent years, the Group has actively expanded into the new energy sector, undertaking solar photovoltaic projects, distributing various electric commercial vehicles and electric construction machinery, and engaging in the construction and subsequent maintenance of charging piles, battery swapping, recycling, and energy storage businesses. In 2025, Wing Lee Construction, together with SANY Group Co., Ltd. and CATL, among other industry giants, founded the "Zero-Carbon Smart Alliance" to develop full-industry-chain solutions for photovoltaics, energy storage, charging and battery swapping, and smart applications in green transportation. <img src="//track.media-outreach.com/index.php/WebView/497611/44375" alt="" width="1" height="1" style="width:1px;height:1px;">

About Wing Lee Development Construction Holdings Limited

Wing Lee Proposes Placing of up to 100 Million Shares   Raising Net Proceeds of over HK$90 Million to Deepen New Energy Business Expansion

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