Goldleaf International Oversubscribed Over 10000 Times Patrons Acts as Joint Bookrunner and Joint Lead Manager

On the morning of October 10, Goldleaf International Group Limited (hereinafter referred to as "Goldleaf International"; Stock Code: 8549.HK) officially listed on the GEM (Growth Enterprise Market) of the Hong Kong Stock Exchange. The final offer price was determined at HK$0.50 per share. Patrons acted as the Joint Bookrunner and Joint Lead Manager for this offering.

The public offering tranche of this IPO was met with enthusiastic market response, being oversubscribed by approximately 11,460 times. The robust subscription demand reflects strong investor confidence in the Company's development prospects. According to public information, a retail investor previously placed a bid of HK$6.566 million at the upper limit price, planning to subscribe for approximately 10 million shares. However, even with such a substantial capital commitment, there was no guarantee of a winning ballot, further highlighting the scarcity and market appeal of this issuance.

Prior to the listing, Goldleaf International conducted its subscription period from September 30 to October 6, 2025. The IPO planned to issue 100 million shares, with an offer price range of HK$0.45 to HK$0.65 per share, and estimated net proceeds ranging from HK$45 million to HK$65 million.

According to Goldleaf International’s prospectus, the Company intends to allocate the net proceeds of approximately HK$16.1 million in the following proportions:

• Approximately 56.10% will be used to fund the upfront costs (one-quarter) of Goldleaf International's new projects;

• Approximately 32.60% will be used for recruiting new staff and leasing additional office space;

• Approximately 1.30% will be used to upgrade Goldleaf International’s "GL ERP" system to cover subscription fees for artificial intelligence module licensing;

• Approximately 10% will be used for working capital and general corporate purposes.

According to Patrons, Goldleaf International is an experienced E&M (electrical and mechanical) engineering contractor in Hong Kong. Its service network covers multiple commercial complexes and Grade A office buildings across Hong Kong Island, Kowloon, and the New Territories, enjoying a strong reputation in the industry. Industry data indicates that the total size of the Hong Kong E&M engineering market is experiencing steady growth, rebounding from approximately HK$53 billion in 2020 to approximately **HK$72 billion in 2024**. Looking ahead, supported by continued investment in both the private and public sectors, the market size is projected to reach approximately HK$96.1 billion by 2029, providing Goldleaf International with broad development space.

Even more forward-looking is Goldleaf International's active investment in independent R&D in recent years, launching the proprietary "GL ERP" cloud-based customization system. This system effectively manages the project lifecycle—from budget preparation, tender approval, team mobilization, and project initiation, to progress monitoring, financial management, and even billing and payment management—comprehensively enhancing operational efficiency and gross margin performance. In the traditional engineering industry, digital and intelligent transformation is key to improving core competitiveness, and Goldleaf International is undoubtedly at the forefront of the industry in this regard.

As the Joint Bookrunner and Joint Lead Manager for this IPO, the Patrons team played a pivotal role in Goldleaf International's listing process. Leveraging its deep resource network in international capital markets and extensive practical experience, Patrons provided professional and tangible support to Goldleaf International, ensuring the successful completion of this issuance.

The successful listing of Goldleaf International not only injects strong momentum into its own development but also offers investors an opportunity to participate in Hong Kong's thriving E&M engineering market. Amid the wave of technology empowering traditional industries, Goldleaf International's future performance is well worth the market's anticipation.

If there is any inconsistency or ambiguity between these two versions, the Chinese version shall prevail.