King Fook Holdings Limited (King Fook) disclosed that on 31 July 2026 it and wholly-owned subsidiary King Fook Jewellery Group Limited signed two tenancy agreements and one licence (collectively, the “Agreements”) with Stanwick Properties Limited, a wholly-owned unit of controlling shareholder Yeung Chi Shing Estates (YCS).
The Agreements cover the Basement, Ground, Mezzanine, 3rd (plus flat roof), 5th, 7th, 8th, 9th and 10th floors of King Fook Building, 30-32 Des Voeux Road Central, Hong Kong, totalling about 11,620 square feet of lettable area and 560 square feet of flat roof space. The properties serve as the Group’s principal retail outlet and headquarters.
Key commercial terms • Tenure: 16 August 2026 – 15 August 2028 (two years) • Monthly base rent: HK$0.81 million, payable in advance on the 16th of each month • Monthly licence fee for 3rd-floor fittings, furniture and appliances: HK$25,480 • Monthly telephone set charges: HK$29,240 for 86 sets • Current management and air-conditioning fees: HK$91,350 per month, adjustable by the landlord
Valuation and compliance • Independent valuer BMI Appraisals valued market rent at HK$0.81 million per month as of 30 April 2026, broadly in line with the agreed rent. • The unaudited present value of total consideration under HKFRS 16 is approximately HK$19.44 million, forming the right-of-use asset to be recognised by the Group. • All percentage ratios under Hong Kong Listing Rule 14A.76(2)(a) are below the 5% threshold; hence, the Agreements qualify as de minimis connected transactions exempt from shareholder approval.
Strategic rationale Continuation of the premises ensures uninterrupted operation of King Fook’s flagship retail outlet and headquarters once the current leases expire on 15 August 2026. The board, including independent non-executive directors, views the terms as fair, reasonable and in the Group’s ordinary course of business.
Counterparties • Stanwick Properties: property investment arm of YCS, which holds approximately 64.47% of King Fook’s issued share capital. • King Fook Group: principally engaged in retailing of gold ornaments, jewellery, watches and gifts, as well as bullion trading and diamond wholesaling.
No directors were required to abstain from voting on the board resolution approving the Agreements.