Strong Petrochemical Holdings Limited (STRONG PETRO, 00852 HK) and Speed Success Group Limited have issued a Rule 3.7 monthly update on Speed Success’s pending acquisition of 1.04 billion ordinary shares—equivalent to 49.06% of STRONG PETRO’s issued capital—from the liquidators of Forever Winner International Ltd. (FWI).

Speed Success has met all cash-payment obligations under the Sale and Purchase Agreement (SPA) signed on 29 May 2026. The consideration was split into two tranches, with the second instalment triggered by a Hong Kong High Court recognition order obtained in late July 2026. Despite full payment, legal title and voting rights over the Sale Shares will not transfer until all SPA conditions precedent are satisfied.

Status of key conditions precedent • Hong Kong Court recognition order – satisfied. • British Virgin Islands Court sanction – pending; application expected to be filed by mid-September 2026. • Cayman Islands Court validation order – not currently required, but will be sought if STRONG PETRO enters liquidation.

If any applicable condition remains unmet by the 31 October 2026 long-stop date, the SPA will lapse unless the liquidators exercise their unilateral right to extend the deadline. In that event, Speed Success is entitled to a refund of its payments, net of liquidation costs.

Financing and Rule 3.5 announcement Speed Success has disclosed slower-than-anticipated progress in securing funding for the mandatory general offer that would be triggered on completion of the stake transfer. The potential offeror is exploring bridge finance backed by pledged shares or other assets, joint-offeror participation, and facilities from financial institutions. Target timing for finalising financing and releasing the Rule 3.5 announcement is “on or around” 30 September 2026, although this timetable is not guaranteed.

Compliance assertions Both parties state that they have observed Takeovers Code General Principles 2, 4, 5 and 6. The Executive has reserved its position and expressed no view on these assertions.

Trading status STRONG PETRO’s shares remain suspended from trading on the Stock Exchange of Hong Kong, a suspension in place since 31 December 2024.

Shareholders are cautioned that completion of the SPA and any subsequent mandatory general offer are not assured; professional advice is recommended when dealing in the company’s securities.