Hypebeast : DISCLOSEABLE TRANSACTION - CONSTRUCTION CONTRACT IN RELATION TO THE RENOVATION OF THE NEW YORK PREMISES

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Hypebeast Limited

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 00150)

DISCLOSEABLE TRANSACTION

CONSTRUCTION CONTRACT IN RELATION TO

THE RENOVATION OF THE NEW YORK PREMISES

CONSTRUCTION CONTRACT IN RELATION TO THE RENOVATION OF THE

NEW YORK PREMISES

On 14 April 2021, HBX 41 (a wholly-owned subsidiary of the Company) entered into the Construction Contract with the Contractor (an Independent Third Party), pursuant to which the Contractor shall execute the Renovation Works in relation to the New York Premises at a total contract sum of US$3,391,468.

Pursuant to the Construction Contract, the Renovation Works for the New York Premises are currently expected to be substantially completed by 22 October 2021. Upon completion of the Renovation Works, the New York Premises will be used for the Group's retail business and general office space in New York, U.S.A..

LISTING RULES IMPLICATIONS

As one or more of the applicable percentage ratios (as defined in the Listing Rules) in respect of the Construction Contract exceeds 5% but are less than 25%, the transaction contemplated under the Construction Contract constitutes a discloseable transaction of the Company and is therefore subject to the reporting and announcement requirements under Chapter 14 of the Listing Rules.

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CONSTRUCTION CONTRACT IN RELATION TO THE RENOVATION OF THE NEW

YORK PREMISES

On 14 April 2021, HBX 41 (a wholly-owned subsidiary of the Company) entered into the Construction Contract with the Contractor (an Independent Third Party), pursuant to which the Contractor shall execute the Renovation Works in relation to the New York Premises at a total contract sum of US$3,391,468.

Pursuant to the Construction Contract, the Renovation Works for the New York Premises are currently expected to be substantially completed by 22 October 2021. Upon completion of the Renovation Works, the New York Premises will be used for the Group's retail business and general office space in New York, U.S.A..

PRINCIPAL TERMS OF THE CONSTRUCTION CONTRACT

Summarised below are the principal terms of the Construction Contract:

Date	:	14 April 2021
Parties	:	(1)	HBX 41; and
		(2)	the Contractor.
Scope of Renovation	: Construction and services for the New York Premises as
Works		detailed in the Construction Contract, whether completed or
		partially completed, including all other labour, materials,
		equipment and services, in relation to (i) demo & carpentry;
		(ii) millwork; (iii) glazing; (iv) plumbing; (v) sprinklers; (vi)
		electrical; (vii) mechanical; and (viii) fire alarm & security
		gate-related works. HBX 41 may order changes to the works
		within the general scope of the Construction Contract.
Substantial	: The Architect will make an inspection to determine whether
Completion Date		the Renovation Works or designated portion thereof are/is
		substantially complete. When the Architect determines that the
		Renovation Works or a designated portion thereof are/is
		substantially complete, the Architect will prepare a certificate
		of substantial completion to HBX 41 and the Contractor which
		shall establish the date of substantial completion.

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Subject to adjustments of the contract time as provided in the Construction Contract, the Contractor shall achieve substantial completion in relation to the following works of the Renovation Works for the New York Premises by:

	(1)	Demo & carpentry: 22 October 2021;
	(2)	Millwork: 22 September 2021;
	(3)	Glazing: 28 September 2021;
	(4)	Plumbing: 15 September 2021;
	(5)	Sprinkler: 15 September 2021;
	(6)	Electrical: 30 September 2021;
	(7)	Mechanical: 14 October 2021; and
	(8)	Fire alarm & Security gate: 15 October 2021.
	Accordingly, it is expected that substantial completion of the
	entire Renovation Works shall be achieved not later than 180
	calendar days from the commencement date of the Renovation
	Works (i.e. estimated by 22 October 2021).
Contract sum	: The total contract sum payable by HBX 41 to the Contractor
	shall be US$3,391,468, subject to additions and deductions as
	provided in the Construction Contract.

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Payment terms	: 20% of the total contract sum shall be paid to the Contractor as
	an advance deposit within 14 days upon the Parties signing the
	Construction Contract.
	80% of the total contract sum shall be paid in proportion to the
	progress of each task(s) undertaken during that month based on
	the project programme under the Construction Contract.
	Progress payments shall be paid based on applications for
	payment prepared by the Contractor in accordance with the
	schedule of values for completed portions of the Renovation
	Works and submitted to the Architect together with other
	supporting documents. The Architect shall issue to HBX 41 a
	certificate for payment, with a copy to the Contractor, for such
	amount as the Architect determines is properly due, upon the
	Architect's view that the Renovation Works have progressed to
	the point indicated, the quality of the Renovation Works are in
	accordance with the Construction Contract and the Contractor
	is entitled to payment in the amount certified.
	For (i) the payment of the advance deposit and (ii) each
	progress payment, HBX 41 has the right to retain 5% from the
	amount otherwise due as retainage. Upon the issuance of the
	certificate of substantial completion to HBX 41 and the
	Contractor, HBX 41 shall make payment of retainage applying
	to the Renovation Works or a designated portion thereof in
	accordance with the terms of the Construction Contract.
	The final payment of the entire balance found to be due to the
	Contractor and noted in a final certificate for payment will be
	payable when (i) the Contractor has fully completed the
	Renovation Works in accordance with the terms of the
	Construction Contract and has made a final application for
	payment; and (ii) the final certificate for payment has been
	issued by the Architect upon its final inspection and finding
	that the Renovation Works are acceptable and fully performed
	in accordance with the terms of the Construction Contract.

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INFORMATION ON THE COMPANY AND THE GROUP

The Company was incorporated in the Cayman Islands as an exempted company with limited liability on 25 September 2015. The principal activity of the Company is investment holding.

The Group's principal activities are the provision of advertising services to brand owners and advertising agencies on the Group's digital media platforms, and the sale of third-party branded clothing, shoes and accessories on the Group's e-commerce platform.

INFORMATION ON THE NEW YORK PREMISES AND HBX 41

As disclosed in the announcement of the Company issued on 9 November 2020, the New York Premises (i) is situated on the Basement, Ground Floor, 2nd Floor, 3rd Floor, 4th Floor, 5th Floor, 6th Floor and 7th Floor of the building located at 41-43 Division Street, New York, New York 10002, U.S.A., which is on leasehold interests held by HBX 41, and the expiry date of the current lease agreement is 31 July 2027; and (ii) will be used for the Group's retail business and general office space in New York, U.S.A..

HBX 41 is a company incorporated in New York with limited liability and is a wholly-owned subsidiary of the Company. HBX 41 is currently inactive and will be principally engaged in the retail business in New York, U.S.A..

INFORMATION ON THE CONTRACTOR

The Contractor is principally engaged in the provision of construction services. To the best of the Directors' knowledge, information and belief, and having made all reasonable enquiries, the Contractor and its ultimate beneficial owner(s) are Independent Third Parties.

The Contractor was selected by HBX 41 as the contractor after due and careful consideration, after taking into account a number of factors, including the reputation and experience of the Contractor in relation to its provision of construction services.

VALUE OF CONSIDERATION

The aggregate value of the consideration payable under the Construction Contract is US$3,391,468, which will be funded by the Group's internal resources.

The consideration was determined after arm's length negotiations between HBX 41 and the Contractor and on normal commercial terms with reference to bid levelling report regarding potential contractors for the Renovation Works.

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REASONS AND BENEFITS FOR ENTERING INTO THE CONSTRUCTION

CONTRACT

The entering into the Construction Contract is for the Renovation Works of the New York Premises. Upon completion of the Renovation Works, the New York Premises will be used for the Group's retail business and general office space in New York, U.S.A..

The Directors (including independent non-executive Directors), having reviewed and approved the Construction Contract, are of the view that the terms of the Construction Contract are on normal commercial terms and are fair and reasonable and entering into of the Construction Contract is in the interests of the Company and the Shareholders as a whole.

LISTING RULES IMPLICATIONS

As one or more of the applicable percentage ratios (as defined in the Listing Rules) in respect of the Construction Contract exceeds 5% but are less than 25%, the transaction contemplated under the Construction Contract constitutes a discloseable transaction of the Company and is therefore subject to the reporting and announcement requirements under Chapter 14 of the Listing Rules.

DEFINITIONS

Unless the context requires otherwise, the following terms have the following meanings in this announcement:

"Architect"	an architect or entity retained or to be retained by HBX 41 in
	accordance with the Construction Contract, which shall be
	lawfully licensed to practice architecture in New York
"Board"	the board of Directors
"Company"	Hypebeast Limited, a company incorporated in the Cayman
	Islands with limited liability, the shares of which are listed
	and traded on the main board of the Stock Exchange (stock
	code: 00150)

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"Construction Contract"	the agreement (including all contract documents comprised
	therein) dated 14 April 2021 and entered into between HBX
	41 and the Contractor in respect of the Renovation Works to
	be carried out at the New York Premises, the principal terms
	of which are set out in the section headed "Principal Terms
	of the Construction Contract" of this announcement
"Contractor"	Skyland Development Corp d.b.a Skyland Construction, a
	company incorporated in New York with limited liability
	and an Independent Third Party
"Director(s)"	the director(s) of the Company
"Group"	the Company and its subsidiaries
"HBX 41"	HBX 41 Division LLC, a company incorporated in New
	York with limited liability and a wholly-owned subsidiary of
	the Company
"Hong Kong"	the Hong Kong Special Administrative Region of the
	People's Republic of China
"Independent Third	an individual(s) or a company(ies) who or which is/are not
Party(ies)"	connected with (within the meaning of the Listing Rules)
	any Director, chief executive or substantial shareholders
	(within the meaning of the Listing Rules) of the Company,
	its subsidiaries or any of their respective associates
"Listing Rules"	the Rules Governing the Listing of Securities on the Stock
	Exchange
"New York"	New York City, U.S.A.
"New York Premises"	the Basement, Ground Floor, 2nd Floor, 3rd Floor, 4th
	Floor, 5th Floor, 6th Floor and 7th Floor of the building
	located at 41-43 Division Street, New York, New York
	10002, U.S.A., which will be used for the Group's retail
	business and general office space in New York, U.S.A.

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"Party(ies)"	the party(ies) to the Construction Contract, being HBX 41
	or/(and) the Contractor
"Renovation Works"	the renovation works in respect of the New York Premises to
	be executed by the Contractor pursuant to the Construction
	Contract as described in the paragraph headed "Scope of
	Renovation Works" under the section headed "Principal
	Terms of the Construction Contract" of this announcement
"Shareholder(s)"	the holder(s) of shares issued by the Company
"Stock Exchange"	the Stock Exchange of Hong Kong Limited
"U.S.A."	the United States of America
"US$"	US Dollars, the lawful currency of U.S.A.
"%"	per cent
	By Order of the Board
	Hypebeast Limited
	Ma Pak Wing Kevin
	Chairman
Hong Kong, 14 April 2021

As at the date of this announcement, the executive Directors are Mr. Ma Pak Wing Kevin and Ms. Lee Yuen Tung Janice; and the independent non-executive Directors are Ms. Kwan Shin Luen Susanna, Ms. Poon Lai King and Mr. Wong Kai Chi.

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