Hang Feng Technology Innovation Co., Ltd.

Following Hang Feng Technology Innovation Co., Ltd.’s (the “Company”) successful listing on The Nasdaq Stock Market on September 12, 2025, the board of directors (the “Board”) of the Company has been focusing on evaluating and planning the Company’s long-term strategy to enhance shareholder value. As part of this process, the Company has recently initiated a new development within its asset management business to explore the real-world assets (“RWA”) tokenization, specifically, the tokenization of interests in its fund-of-funds (“FoF”) portfolios.

The Company plans to incorporate an open-ended umbrella fund with segregated portfolios (the “SPV”) in Brish Virgin Islands (“BVI”). Through Hang Feng International Asset Management Ltd. (“HF IAM”), an indirectly wholly owned subsidiary of the Company, the Company will act as the fund manager of the SPV and the arranger in connection with the tokenized FoF. The issuance, custody, and investor onboarding (including anti-money laundering and know-your-customer procedures) will be conducted by the licensed digital asset platforms in Hong Kong and in Singapore. The Company does not itself issue, hold custody of, or provide technological infrastructure for any tokenized assets. The Company does not currently intend to offer or sell any tokens to the public in the United States. Any related activities will be conducted in compliance with applicable laws and regulations in the relevant jurisdictions.

The Company expects this initiative to provide an alternative channel for qualified and professional investors to gain exposure to its managed fund products through a compliant, blockchain-based infrastructure. By leveraging regulated digital platforms, this approach may offer additional transparency regarding investors’ holdings and investment activity, while also providing operational efficiencies compared with traditional subscription processes. The Company also believes that it may expand its investor base and engage with a broader group of market participants, including digital asset investors who may wish to diversify their portfolios with traditional investment strategies. The Company expects to generate revenue from subscription fees, management fees, and, if applicable, performance fees in connection with the tokenized FoF interests.

To advance this initiative, the Company has formed a dedicated working group and appointed Ms. Flora (Yubao) Lou as Head of Digital Assets to lead this effort. Ms. Lou has been actively involved in the Web3 and digital asset sector, with experience covering both blockchain-based financial products and traditional finance. In her role, she will oversee the Company’s digital asset initiatives and the development of new business opportunities under the strategic direction of the Board.

The RWA tokenization initiative remains at an early stage of development. The Company is in the process of establishing the SPV and has engaged legal advisors to structure it in compliance with applicable regulations. The working group plans to launch a proof-of-concept by end of January 2026, which is a preliminary pilot designed to validate the operational workflow and assess the feasibility of offering tokenized fund interests through regulated digital platforms.

The Company is also exploring potential collaborations with licensed digital asset trading and distribution platforms in Hong Kong, Web3 and blockchain institutions, and traditional financial organizations. To date, the Company has not entered into any binding agreements or memoranda of understanding in connection with these potential collaborations.

On November 2, 2025, the Board has approved the launch of this new business initiative as an extension and diversification of the Company’s existing asset management businesses. The Company will continue to maintain and support the stable operation and development of its core businesses. To date, the exploration of this new business initiative has not had a material adverse effect on the financial condition or operations of the existing business.