Lee & Man secures three-year packaging paper supply deal

On November 21, 2025, Lee & Man Paper Manufacturing Limited, through its indirect wholly-owned subsidiary Vantage Dragon, entered into the 2026 Packaging Paper Agreement. This agreement spans three years, from January 1, 2026, to December 31, 2028, for the supply of packaging paper products to Vantage Dragon's purchasers. The purchasers include Ms. Lee Man Ching and Onchung Yi (Hong Kong) Company Limited.

The agreement's annual caps for packaging paper are HK$279.8 million for the year ending December 31, 2026, HK$542.3 million for December 31, 2027, and HK$569.4 million for December 31, 2028. These caps are based on estimated demand and prevailing market prices, with an assumed production capacity of 50% in 2026 and 100% in 2027 and 2028. The pricing policy ensures transactions are on normal commercial terms.

The transaction is classified as a continuing connected transaction under Chapter 14A of the Listing Rules. Given that the relevant percentage ratios are between 0.1% and 5%, the agreement is subject to reporting, announcement, and annual review requirements but is exempt from circular and shareholder approval requirements.