US Asset Management Company Precision Increased Shareholding to Become the Third-Biggest Shareholder as a Vote of Confidence and Support in Evergreen's Prospects

HONG KONG, Aug. 20, 2021 /PRNewswire/ -- Evergreen Products Group Limited (stock code: 1962.HK; "Evergreen" or the "Company"), one of the leading global manufacturers of hair goods, announced the increase in shareholding of the Company by Precision Global Capital Management LLC ("Precision"), a US asset management company, and Precision is becoming the third-biggest shareholder of the Company.

The board of directors (the "Board") of Evergreen was informed that Precision acquired 26,454,000 shares of the Company (the "Shares") in the open market on 11 August 2021 (the "Acquisition"). Immediately after the Acquisition, Precision holds an aggregate of 56,454,000 Shares, representing approximately 8.23% of the total issued share capital of the Company and becomes the third-biggest shareholder of the Company. As remarked by Precision, it has unswerving confidence in the future prospects and long-term development of Evergreen and does not rule out the possibility of further increasing its shareholdings in the Company subject to applicable laws and regulations as and when appropriate.

Mr. Chang Yoe Chong Felix, the Chairman, Chief Executive Officer and Executive Director of Evergreen, said, "Our shareholders cast a vote of confidence in the value and prospects of the Company by increasing its stake during the difficult time in the epidemic. Looking forward, Evergreen will actively develop various businesses in accordance with our development strategies and in line with market changes and customer needs, whereby increasing the company's profitability, aiming to consolidate Evergreen's position as the leading global manufacturers of hair goods, in order to repay the trust and support of our shareholders."

About Evergreen Products Group Limited (Stock Code: 1962.HK)

Founded in 1962, Evergreen is one of the leading global manufacturers of hair goods. Since its establishment, with in-depth industry knowledge and reputed for its quality products and comprehensive product portfolio, the Group has built up unique competitive advantages in the global hair goods market. Headquartered in Hong Kong, the Group has three production centres and five production centres in China and Bangladesh, respectively. The Group employs more than 25,000 people around the world and operates in Bangladesh, Hong Kong, China, Japan and the United States.

SOURCE Evergreen Products Group Limited