For the month ended 30 September 2026, Tanwan Inc. (TANWAN) reported a modest contraction in its free-floating equity base following an active share repurchase programme on the Hong Kong Stock Exchange.

Key Share Capital Movements • Authorised share capital remained unchanged at 2.50 billion ordinary shares with a total par value of USD 50,000.

• Issued shares (excluding treasury stock) fell by 488,200 to 517.78 million, a 0.09% decrease versus August. Total issued shares stayed at 534.44 million.

• Correspondingly, treasury shares rose by 488,200 to 16.66 million, equivalent to 3.12% of total issued shares (up from 3.02% in August).

Repurchase Activity Between 18 and 30 September, Tanwan executed eight on-market buy-backs: – Aggregate volume: 488,200 shares. – Consideration: approximately HK$4.57 million. – Volume-weighted average price: about HK$9.37 per share. These repurchases were made under the general mandate approved on 17 June 2026.

Employee Incentives and Convertibles • Pre-IPO Share Option Plan: 4.26 million options remain outstanding; no option exercises or share issuances occurred during the month. • Convertible bonds: HK$468.00 million zero-coupon notes due 2027 remain fully outstanding. Conversion price is HK$23.50, representing potential issuance of up to 19.91 million new shares; no conversions were recorded in September.

Liquidity and Compliance Tanwan affirmed compliance with the Main Board’s minimum public float requirement of 25%, despite the increased treasury share balance.

Outlook While authorised capital stayed flat, the ongoing buy-back programme indicates management’s continued utilisation of its repurchase mandate to optimise capital structure. No new shares were issued during the month, underscoring a disciplined approach to dilution amid the existing convertible bond overhang.