The major shareholder of GLOBAL SWEET (03889) entered into a subscription option agreement with Gao Jianxing.

GLOBAL SWEET (03889) Announcement, Mr. Kong, Mr. Wang, and Mr. Hua (collectively referred to as "major shareholders") have informed the company that on May 12, 2025, the major shareholders (as grantors) and Mr. Gao Jianxing (Mr. Gao) (as grantee) have entered into a subscription option agreement (subscription option agreement), the major shareholders have agreed to grant Mr. Gao an option to subscribe to the second batch of convertible bonds with a total principal amount of RMB 27 million (subscription option) . According to the terms and conditions of the second batch of convertible bonds, the principal amount of RMB 27 million of the second batch of convertible bonds can be converted into conversion shares at an initial conversion price of HK$0.1 per share, with the exchange rate announced by the People's Bank of China on the conversion date. For illustration purposes, based on the exchange rate of HK$0.10 to RMB 0.92639 announced by the People's Bank of China on the date of this announcement, the principal amount of RMB 27 million of the second batch of convertible bonds subject to the subscription option can be converted into no more than 291 million shares of conversion shares upon full conversion. The subscription option can be exercised by Mr. Gao in five installments (if chosen), with principal amounts of RMB 6 million, RMB 6 million, RMB 6 million, RMB 6 million, and RMB 3 million respectively. To exercise the subscription option, Mr. Gao must pay a premium exercise price over the relevant principal amount for each batch of the subscription option as stated in the subscription option agreement. Unless otherwise agreed in writing by the parties, the exercise period for all five tranches of the subscription option shall commence on May 12, 2025, with each relevant exercise period subsequently expiring. The exercise period for the first tranche of the subscription option shall be the shortest and expire on November 11, 2025, while the exercise period for the last tranche shall be the longest and expire on June 24, 2027. When Mr. Gao exercises the subscription option in accordance with the terms of the subscription option agreement, the major shareholders shall transfer the relevant second batch of convertible bonds under the specific tranches of the subscription option to Mr. Gao in the same proportion. Mr. Gao may fully or partially exercise the subscription option for each tranche within its exercise period (in multiples of RMB 1.5 million of principal amount), however, any subscription option for subsequent tranches (in full or in part) can only be exercised after the full exercise of the immediately preceding tranche. If Mr. Gao fails to fully exercise the subscription option for a particular tranche as stipulated in the subscription option agreement before the expiration date of its exercise period, any remaining unexercised subscription options for the same tranche and subsequent tranches shall automatically lapse and be revoked, and cannot be exercised again. Assuming Mr. Gao fully exercises the subscription option, and from the date of this announcement until the completion of the transfer of the relevant second batch of convertible bonds involved in the last tranche of the subscription option, Mr. Kong, Mr. Cui, and Mr. Gao will not have any convertible bonds to convert, Mr. Kong will hold the first batch of convertible bonds with a principal amount of RMB 9 million and the second batch of convertible bonds with a principal amount of RMB 11 million; Mr. Wang will hold the second batch of convertible bonds with a principal amount of RMB 11 million; Mr. Hua will hold the first batch of convertible bonds with a principal amount of RMB 9 million and the second batch of convertible bonds with a principal amount of RMB 11 million; and Mr. Gao will hold the second batch of convertible bonds with a principal amount of RMB 27 million.