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1
Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited (the “Stock Exchange ”,
or the “Hong Kong Stock Exchange ”) and Hong Kong Securities Clearing Company Limited ( “HKSCC ”) take no
responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and
expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any
part of the contents of this announcement.
Unless otherwise defined herein, capitalized terms used in this announcement shall have the same meanings as those
defined in the prospectus dated January 29, 2026 (the “Prospectus ”) of Muyuan Foods Co., Ltd. (΅Ϟ
ʮ̡) (the “Company ”). This announcement is made by the order of the board (the “Board ”) of directors (the
“Directors ”) of the Company. The Board collectively and individually accept responsibility for the accuracy of this
announcement.
This announcement is for information purposes only and does not constitute an invitation or offer to acquire, purchase
or subscribe for any securities. This announcement is not a prospectus. Potential investors should read the Prospectus
for detailed information about the Global Offering described below before deciding whether or not to invest in
the Offer Shares. Any investment decision in relation to the Offer Shares should be taken solely in reliance on the
information provided in the Prospectus.
This announcement is not for release, publication or distribution, directly or indirectly, in or into the United States
(including its territories and possessions, any state of the United States and the District of Columbia or any other
jurisdiction where such distribution is prohibited by laws). This announcement does not constitute or form a part of
any offer or solicitation to purchase or subscribe for securities in the United States or in any other jurisdictions. The
securities mentioned herein have not been, and will not be, registered under the United States Securities Act of 1933
as amended from time to time (the “U.S. Securities Act ”) or securities law of any state or other jurisdiction of the
United States. The securities may not be offered, sold, pledged or otherwise transferred within the United States,
except pursuant to an available exemption from, or in a transaction not subject to, the registration requirements of the
U.S. Securities Act and in accordance with any applicable state securities laws in the United States. The Offer Shares
may only be offered and sold (a) in the United States to QIBs in reliance on Rule 144A or another available exemption
from registration requirements under the U.S. Securities Act, and (b) outside the United States in offshore transactions
in reliance on Regulation S. There will be no public offer of securities in the United States.
In connection with the Global Offering, Morgan Stanley Asia Limited as stabilizing manager (the “Stabilizing
Manager ”) (or its affiliates or any person acting for it), on behalf of the Underwriters, to the extent permitted by the
applicable laws and regulatory requirements of Hong Kong or elsewhere, may over-allocate or effect transactions with
a view to stabilizing or supporting the market price of the H Shares at such price, in such amounts and in such manners
as the Stabilizing Manager, its affiliates or any person acting for it may determine and at a level higher than that which
might otherwise prevail for a limited period after the Listing Date. However, there is no obligation on the Stabilizing
Manager (or its affiliates or any person acting for it) to conduct any such stabilizing action. Such stabilizing action,
if taken, (a) will be conducted at the absolute discretion of the Stabilizing Manager (or its affiliates or any person
acting for it) and in what the Stabilizing Manager reasonably regards as the best interest of the Company, (b) may
be discontinued at any time and (c) is required to be brought to an end within 30 days of the last day for lodging
applications under the Hong Kong Public Offering (which is Thursday, March 5, 2026). Such Stabilizing action,
if taken, may be effected in all jurisdictions where it is permissible to do so, in each case in compliance with all
applicable laws, rules and regulatory requirements, including the Securities and Futures (Price Stabilizing) Rules
(Chapter 571W of the Laws of Hong Kong), as amended, made under the Securities and Futures Ordinance (Chapter
571 of the Laws of Hong Kong).
Potential investors should be aware that no stabilizing action can be taken to support the price of the H Shares for
longer than the stabilization period, which will begin on the Listing Date, and is expected to expire on the 30th day
after the last day for lodging applications under the Hong Kong Public Offering (which is Thursday, March 5, 2026).
After this date, when no further stabilizing action may be taken, demand for the H Shares, and therefore the price of
the H Shares, could fall.
The Hong Kong Offer Shares will be offered to the public in Hong Kong subject to terms and conditions set out in
the Prospectus. The Hong Kong Offer Shares will not be offered to any person who is outside Hong Kong and/or not
resident in Hong Kong. Potential investors of the Offer Shares should note that the Joint Sponsors and the Overall
Coordinators (for themselves and on behalf of the Hong Kong Underwriters) shall be entitled to terminate the Hong
Kong Underwriting Agreement with immediate effect upon the occurrence of any of the events set out in the section
headed “Underwriting { Underwriting Arrangements and Expenses {  Hong Kong Public Offering {  Grounds for
Termination ” in the Prospectus at any time prior to 8:00 a.m. on the Listing Date.


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MUYUAN FOODS CO., LTD.
ʮ̡
(A joint stock company incorporated in the People ’s Republic of China with limited liability)
Global Offering
Number of Offer Shares under the
Global Offering
: 273,951,400 H Shares (subject to the
 Over-allotment Option)
Number of Hong Kong Offer Shares : 27,395,200 H Shares
Number of International Offer Shares : 246,556,200 H Shares (subject to
 the Over-allotment Option)
Final Offer Price : HK$39.00 per H Share, plus brokerage
 of 1.0%, SFC transaction levy of
 0.0027%, Hong Kong Stock Exchange
 trading fee of 0.00565% and AFRC
 transaction levy of 0.00015% (payable
 in full on application in Hong Kong
 dollars and subject to refund)
Nominal value : RMB1.00 per H Share
Stock code : 2714
Joint Sponsors, Overall Coordinators, Joint Global Coordinators,
Joint Bookrunners and Joint Lead Managers
Joint Global Coordinators, Joint Bookrunners and Joint Lead Managers
Joint Bookrunners and Joint Lead Managers


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MUYUAN FOODS CO., LTD.
ʮ̡
ANNOUNCEMENT OF ALLOTMENT RESULTS
Unless otherwise defined herein, capitalized terms used in this announcement shall have the same
meanings as those defined in the prospectus dated January 29, 2026 (the “Prospectus ”) issued by
Muyuan Foods Co., Ltd. (ʮ̡ ) (the “Company ”).
Warning: In view of high concentration of shareholding in a small number of H
Shareholders, H Shareholders and prospective investors should be aware that the price of
the H Shares could move substantially even with a small number of H Shares traded and
should exercise extreme caution when dealing in the H Shares.
SUMMARY
Company information
Stock code 2714
Stock short name MUYUAN
Dealings commencement date February 6, 2026*
* see note at the end of the announcement
Price Information
Final Offer Price HK$39.00
Maximum Offer Price HK$39.00
Offer Shares and Share Capital
Number of Offer Shares (before exercise of the Over-allotment
Option)
273,951,400
Number of Offer Shares in Hong Kong Public Offering 27,395,200
Number of Offer Shares in International Offering (before
exercise of the Over-allotment Option)
246,556,200
Number of issued Shares upon Listing (before exercise of the
Over-allotment Option) (1)
5,736,722,666
Note:
(1) The number of issued Shares upon Listing includes 69,586,523 repurchased A Shares which are held by
the Company as treasury Shares and excludes A Shares issuable upon the conversion of the outstanding
Convertible Bonds.


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Over-allocation
Number of Offer Shares over-allocated 41,092,700
International Offering 41,092,700
Such over-allocation may be covered by exercising the Over-allotment Option or by making
purchases in the secondary market at prices that do not exceed the Offer Price or through
deferred delivery or a combination of these means. In the event the Over-allotment Option is
exercised, an announcement will be made on the Stock Exchange ’s website.
Proceeds
Gross proceeds HK$10,684.1 million
Less: Estimated listing expenses payable based on Final
Offer Price
HK$213.7 million
Net proceeds HK$10,470.4 million
Note: Gross proceeds refers to the amount which the Company is entitled to receive. For details of the use of
proceeds, please refer to the section headed “Future Plans and Use of Proceeds ” of the Prospectus. The Company
will adjust the allocation of the net proceeds from the exercise of the Over-allotment Option (if any) for the
purposes as set out in the section headed “Future Plans and Use of Proceeds ” of the Prospectus on a pro rata basis.
ALLOTMENT RESULTS DETAILS
HONG KONG PUBLIC OFFERING
Number of valid applications 21,268
Number of successful applications 21,268
Subscription level 5.88 times
Claw-back triggered N/A
Number of Offer Shares initially available under the Hong Kong
Public Offering
27,395,200
Number of Offer Shares reallocated from the International Offering 0
Final number of Offer Shares under the Hong Kong Public Offering 27,395,200
% of final number of Offer Shares under the Hong Kong Public Offering
to the Global Offering
10%
Note: For details of the final allocation of shares to the Hong Kong Public Offering, investors can refer to
https://www.hkeipo.hk/iporesult to perform a search by identification number or https://www.hkeipo.hk/iporesult for
the full list of allottees.


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INTERNATIONAL OFFERING
Number of placees 160
Subscription level 8.62 times
Number of Offer Shares initially available under the International
Offering
246,556,200
Number of Offer Shares reallocated to the Hong Kong Public Offering 0
Final number of Offer Shares under the International Offering 246,556,200
% of final number of Offer Shares under the International Offering
to the Global Offering
90%
The Directors confirm that, to the best of their knowledge, information and belief, save for (a) a
waiver from strict compliance with Rule 10.04 of the Listing Rules and a consent under paragraph
1C(2) of Appendix F1 to the Listing Rules (the “Placing Guidelines ”) granted by the Stock
Exchange to permit the Company to allocate certain Offer Shares in the International Offering
to certain Existing Minority Shareholders and/or their close associates, and (b) a consent under
paragraph 18 of Chapter 4.15 of the Guide for New Listing Applicants to permit the Company
to, among other things, allocate further H Shares in the International Offering to certain existing
Shareholders and/or their close associates and Cornerstone Investors and/or their close associates,
(i) none of the Offer Shares subscribed by the placees and the public have been financed directly
or indirectly by the Company, any of its Directors, chief executive, Controlling Shareholders,
substantial Shareholders, existing Shareholders of the Company or any of its subsidiaries or
their respective close associates; and (ii) none of the placees and the public who have purchased
the Offer Shares are accustomed to taking instructions from the Company, any of its Directors,
chief executive, substantial Shareholders, Controlling Shareholders, existing Shareholders of the
Company or any of its subsidiaries or their respective close associates in relation to the acquisition,
disposal, voting or other disposition of H Shares registered in his/her/its name or otherwise held by
him/her/it.


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The placees in the International Offering include the following:
Cornerstone Investors
Investor
No. of Offer
Shares
allocated
Approximate
% of total
issued H
Shares after
the Global
Offering (1) (2)
Approximate
% of total
issued share
capital after
the Global
Offering (2) (3)
Existing
Shareholders
or their close
associates
Charoen Pokphand Foods Public
Company Limited ( “CPF”)
39,992,200 14.60% 0.70% No
Wilmar
– Wii Pte Ltd 9,998,000 3.65% 0.17% No
– HPRY Holdings Limited
 ( “HPRY”)
3,999,200 1.46% 0.07% No
Subtotal 13,997,200 5.11% 0.24%
Sinochem Hong Kong (Group)
Company Limited ( “Sinochem
HK”)
12,997,400 4.74% 0.23% No
Hong Kong Henan Agri
International Co., Limited
(“Hong Kong Henan Agri
International ”)
9,998,000 3.65% 0.17% No
FIL Investment Management
(Hong Kong) Limited ( “FIL
Investment ”)
15,996,800 5.84% 0.28% Yes
RBC Global Asset Management
(Asia) Limited ( “RBC GAM ”)
5,998,800 2.19% 0.10% No
Gaoyi Entities
– Perseverance Asset
 Management International
 (Singapore) Pte. Ltd.
 ( “Perseverance Asset
 Management ”)
6,518,700 2.38% 0.11% Yes
– Shanghai Gaoyi Asset
 Management Partnership
 (Limited Partnership)
 ( “Shanghai Gaoyi ”) and
 Huatai Capital Investment
 Limited ( “HTCI”) (in
 connection with Gaoyi
 OTC Swaps)
5,478,900 2.00% 0.10% Yes


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Investor
No. of Offer
Shares
allocated
Approximate
% of total
issued H
Shares after
the Global
Offering (1) (2)
Approximate
% of total
issued share
capital after
the Global
Offering (2) (3)
Existing
Shareholders
or their close
associates
Subtotal 11,997,600 4.38% 0.21%
Ping An of China Asset
Management (Hong Kong)
Company Limited ( “Ping An
Asset HK ”)
5,998,800 2.19% 0.10% Yes
Dajia Life Insurance Co., Ltd.
(“Dajia Life ”)
5,998,800 2.19% 0.10% Yes
UBS Asset Management
(Singapore) Ltd. ( “UBS AM
Singapore ”)
3,999,200 1.46% 0.07% Yes
Midea Development Holding
(BVI) Limited ( “Midea
Development Holding BVI ”)
5,998,800 2.19% 0.10% Yes
Integrated Core Strategies
(Asia) Pte. Ltd. ( “Millennium
ICSA”)
1,999,600 0.73% 0.03% Yes
Jane Street Asia Trading
Limited ( “JSAT”)
1,999,600 0.73% 0.03% No
Total 136,972,800 50.00% 2.39%
Notes:
(1) The number of H Shares immediately after the Global Offering is the same as the number of Offer Shares to
be issued under the Global Offering.
(2) Assuming the Over-allotment Option is not exercised.
(3) The total issued share capital after the Global Offering includes 69,586,523 A Shares being held as treasury
Shares as of the date of this announcement and excludes A Shares issuable upon the conversion of the
outstanding Convertible Bonds.
(4) In addition to the Offer Shares subscribed for as Cornerstone Investors, Sinochem HK, FIL Investment, RBC
GAM, Perseverance Asset Management, Shanghai Gaoyi and HTCI (in connection with Gaoyi OTC Swaps),
Ping An Asset HK, Dajia Life, UBS AM Singapore, Midea Development Holding BVI, Millennium ICSA
and JSAT, and/or their close associates, were allocated further Offer Shares as placees in the International
Offering. Please refer to the section headed “Allotment Results Details {  International Offering {  Allottees
with Waivers/Consents Obtained ” in this announcement for details. Only the Offer Shares subscribed for as
Cornerstone Investors are subject to lock-up as indicated below. For details, please refer to the section headed
“Lock-up Undertakings {  Cornerstone Investors ” in this announcement.
(5) For details of the waiver from strict compliance with Rule 10.04 of the Listing Rules and prior consent
under paragraph 1C(2) of the Placing Guidelines in relation to subscription for H Shares by existing minority
Shareholders and/or close associates of existing Shareholders, please refer to the section headed “Others/
Additional Information {  Allocation of H Shares to Existing Minority Shareholders and/or their close
associates ” in this announcement.


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Allottees with waivers/consents obtained
Investor
No. of Offer
Shares
allocated
Approximate
% of total
issued H
Shares after
the Global
Offering (1) (2)
Approximate
% of total
issued share
capital after
the Global
Offering (2) (3) Relationship
Allottees with waiver from strict compliance with Rule 10.04 of the Listing Rules and
consent under paragraph 1C(2) of the Placing Guidelines in relation to subscription for H
Shares by Existing Minority Shareholders holding 1% or more of the issued share capital
of the Company immediately prior to the completion of the Global Offering and/or their
close associates (4)
Nil Nil Nil Nil Nil
Allottees with consent under paragraph 18 of Chapter 4.15 of the Guide for New Listing
Applicants in relation to allocations of further H Shares to existing Shareholders and
Cornerstone Investors and/or their close associates (5)
Sinochem HK 6,998,600 2.55% 0.13% Same entity as the
Cornerstone Investor
FIL Investment 7,998,000 2.92% 0.15% Same entity as the
Cornerstone Investor
and an existing
Shareholder
RBC GAM 3,000,000 1.10% 0.05% Same entity as the
Cornerstone Investor
Gaoyi Entities
– Perseverance Asset
 Management
409,400 0.15% 0.007% Same entity as the
Cornerstone Investor
and an existing
Shareholder
– Shanghai Gaoyi
 and HTCI (in
 connection with
 Gaoyi OTC Swaps)
190,300 0.07% 0.003% Same entity as the
Cornerstone Investor
and a close associate
of certain existing
Shareholders
Subtotal 599,700 0.22% 0.01%
Ping An Asset HK 3,600,000 1.31% 0.07% Same entity as the
Cornerstone Investor
and a close associate
of certain existing
Shareholders
Dajia Life 3,999,000 1.46% 0.07% Same entity as the
Cornerstone Investor
and a close associate
of an existing
Shareholder


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Investor
No. of Offer
Shares
allocated
Approximate
% of total
issued H
Shares after
the Global
Offering (1) (2)
Approximate
% of total
issued share
capital after
the Global
Offering (2) (3) Relationship
UBS AM Singapore 3,000,000 1.10% 0.05% Same entity as the
Cornerstone Investor
and a close associate
of an existing
Shareholder
Lu Deyan 3,000,000 1.10% 0.05% A close associate of a
Cornerstone Investor,
Midea Development
Holding BVI
Millennium Entities
– Millennium ICSA 2,000,000 0.73% 0.04% Same entity as the
Cornerstone Investor
and an existing
Shareholder
– Centerline
 Investment
 Management
 Limited
8,000 0.0029% 0.0001% A close associate of a
Cornerstone Investor,
Millennium ICSA
Subtotal 2,008,000 0.7329% 0.0401%
Jane Street Financial
Limited
2,000,000 0.73% 0.04% A close associate of a
Cornerstone Investor,
JSAT
Allottees with consent under paragraph 1C(1) of the Placing Guidelines and Chapter 4.15
of the Guide for New Listing Applicants in relation to allocations to connected clients (6)
HTCI (7) 5,478,900 2.00% 0.10% Connected client as a
Cornerstone Investor
190,300 0.07% 0.003% Connected client as a
placee
CITIC Securities
International Capital
Management Limited
(“CSI”)
4,471,700 1.63% 0.08% Connected client as a
placee
CITIC Securities
Asset Management
Company Limited
(“CITIC Asset
Management ”)
40,000 0.01% 0.001% Connected client as a
placee


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10
Investor
No. of Offer
Shares
allocated
Approximate
% of total
issued H
Shares after
the Global
Offering (1) (2)
Approximate
% of total
issued share
capital after
the Global
Offering (2) (3) Relationship
GF International
Investment
Management Limited
(“GF International ”)
599,700 0.22% 0.01% Connected client as a
placee
E Fund Management
Co., Ltd. ( “E Fund ”)
569,300 0.21% 0.01% Connected client as a
placee
E Fund Management
(Hong Kong) Co., Ltd.
(“E Fund HK ”)
30,400 0.01% 0.001% Connected client as a
placee
Value Partners
Limited and Value
Partners Hong Kong
Limited (collectively,
“Value Partners ”)
1,598,000 0.58% 0.03% Connected client as a
placee
Bosera Asset
Management
(International) Co.,
Limited ( “Bosera
Asset Management ”)
399,000 0.15% 0.01% Connected client as a
placee


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11
Investor
No. of Offer
Shares
allocated
Approximate
% of total
issued H
Shares after
the Global
Offering (1) (2)
Approximate
% of total
issued share
capital after
the Global
Offering (2) (3) Relationship
Notes:
(1) The number of H Shares immediately after the Global Offering is the same as the number of Offer Shares to
be issued under the Global Offering.
(2) Assuming the Over-allotment Option is not exercised.
(3) The total issued share capital after the Global Offering includes 69,586,523 A Shares being held as treasury
Shares as of the date of this announcement and excludes A Shares issuable upon the conversion of the
outstanding Convertible Bonds.
(4) Among the Cornerstone Investors, FIL Investment, Perseverance Asset Management, Shanghai Gaoyi and
HTCI (in connection with Gaoyi OTC Swaps), Ping An Life Insurance, Dajia Life, UBS AM Singapore,
Midea Development Holding BVI and Millennium are Existing Minority Shareholders or their close
associates (in the case of Millennium, its existing interest in the Company is held through OTC swaps),
none of which holds 1% or more of the issued share capital of the Company (including the treasury Shares)
immediately prior to the completion of the Global Offering. The Stock Exchange has granted a waiver from
strict compliance with the requirements under Rule 10.04 of the Listing Rules and consent under Paragraph
1C(2) of the Placing Guidelines to permit H Shares in the International Offering to be placed to such
Existing Minority Shareholders and/or their close associates. Please refer to the section headed “Waivers and
Exemptions { Allocation of H Shares to Existing Minority Shareholders and/or Their Close Associates ” of
the Prospectus for details.
The Stock Exchange has granted the waiver on the condition that, among others, details of the allocation to
the Existing Minority Shareholders and/or their close associates holding more than 1% of the issued share
capital of the Company (including the treasury Shares) immediately prior to the completion of the Global
Offering will be disclosed in the Prospectus and/or allotment results announcement.
(5) The number of Offer Shares allocated to the relevant investors listed in this subsection only represents the
number of Offer Shares allocated to the investors as placees in the International Offering. For allocations of
Offer Shares to the relevant investors as Cornerstone Investors, please refer to the section headed “Allotment
Results Details {  International Offering {  Cornerstone Investors ” in this announcement. For details of the
consent under paragraph 18 of Chapter 4.15 of the Guide for New Listing Applicants in relation to allocations
of further H Shares to the Cornerstone Investors, please refer to the section headed “Others/Additional
Information { Allocations of Offer Shares to the Cornerstone Investors and/or their close associates with a
consent under paragraph 18 of Chapter 4.15 of the Guide for New Listing Applicants ” in this announcement.
(6) For details of the consent under paragraph 1C(1) of the Placing Guidelines and Chapter 4.15 of the Guide
for New Listing Applicants in relation to allocations to connected clients, please refer to the sections headed
“Others/Additional Information {  Placing to connected clients with a consent under paragraph 1C(1) of the
Placing Guidelines ” and “Others/Additional Information {  Allocations of Offer Shares to the Cornerstone
Investors and/or their close associates with a consent under paragraph 18 of Chapter 4.15 of the Guide for
New Listing Applicants ” in this announcement.


--- page 12 ---
12
Investor
No. of Offer
Shares
allocated
Approximate
% of total
issued H
Shares after
the Global
Offering (1) (2)
Approximate
% of total
issued share
capital after
the Global
Offering (2) (3) Relationship
(7) PRC investors are currently not permitted under applicable PRC laws to participate directly in initial public
offerings ( “IPOs”) in Hong Kong. However, PRC investors are permitted to invest in products issued by
appropriate domestic securities firms licensed to undertake cross-border derivatives trading activities. In
connection with such products, the licensed domestic securities firms, through their Hong Kong affiliates,
may participate in Hong Kong IPOs either as placees or cornerstone investors (the “Cross-border
Derivatives Trading Regime ”).
Huatai Securities Co., Ltd. ( “HTSC”), the A shares of which are listed on the Shanghai Stock Exchange
(stock code: 601688), the H shares of which are listed on the Stock Exchange (stock code: 6886), and the
global depositary receipts of which are listed on the London Stock Exchange (LON: HTSC), is one of the
domestic securities firms licensed to undertake cross-border derivatives trading activities. HTSC entered into
an ISDA agreement (the “ISDA Agreement ”) with its indirectly wholly-owned subsidiary, HTCI, to set out
the principal terms of any future total return swap between HTSC and HTCI.
HTFH is the Connected Distributor. Pursuant to the ISDA Agreement, HTCI, which intends to participate
in the International Offering as a placee, will hold the beneficial interest of the Offer Shares on a non-
discretionary basis as the single underlying holder under a back-to-back total return swap (the “HT Back-
to-back TRS ”) to be entered by HTCI in connection with Huatai TRS (as defined below) placed by and
fully funded (i.e. with no financing provided by HTCI) by the Huatai Ultimate Clients (as defined below),
by which, HTCI will, subject to customary fees and commissions, pass the full economic exposure of the
Offer Shares ultimately to the Huatai Ultimate Clients, which in effect, HTCI will hold the beneficial interest
of the Offer Shares on behalf of the Huatai Ultimate Clients. HTFH and HTCI are indirectly wholly-owned
subsidiaries of HTSC. Accordingly, HTCI is considered as a “connected clients ” of Huatai pursuant to
paragraph 1B(7) of the Placing Guidelines.
Pursuant to the Cross-border Derivatives Trading Regime, the onshore investor (the “Huatai Ultimate
Clients ”) cannot directly subscribe for the Offer Shares but may invest in derivative products issued by
domestic securities firms licenced to undertake cross-border derivatives trading activities, such as HTSC,
with the Offer Shares as the underlying assets. Instead of directly subscribing for the Offer Shares, the Huatai
Ultimate Clients will, through its investment manager, place a total return swap order (the “Huatai TRS ”)
with HTSC in connection with the Company ’s IPO and HTSC will place a HT Back-to-back TRS order to
HTCI on the terms of the ISDA Agreement. In order to hedge its exposure under the HT Back-to-back TRS,
HTCI participates in the Company ’s IPO and subscribes for the Offer Shares through placing order with
HTFH during the International Offering.
The Huatai Ultimate Clients for purpose of this placing subscription are certain investment funds managed by
Shanghai Gaoyi Asset Management Partnership (Limited Partnership) ( ɪऎ৷ᆇ༟ପ၍ଣΥྫΆุ (Υ
ྫ)) on a discretionary basis, as follows:
Name of the Huatai Ultimate Clients
Ultimate beneficial
owner(s) holding 30% or
more interest (if any)
Gaoyi Renhao Youxuan Zhifu Private Equity Investment Fund (Ꮄ፯
ږN/A
Gaoyi Renhao Long-Term Value Langrun Private Equity Investment Fund ( ৷
ږN/A
Gaoyi Renhao Long-Term Value Langrun Private Equity Investment Fund ( ৷
ږN/A
Gaoyi Renhao Selected Chengze Private Equity Investment Fund (ၚ
ږN/A
Gaoyi-Xiaofeng No. 1 Ruiyuan Securities Investment Fund (ࢤ1 ໮
ږN/A
Gaoyi Xiaofeng No. 2 Letter Foundation (ࢤ2 ږN/A
To the best of knowledge of HTCI and after making all reasonable enquiries, the Huatai Ultimate Clients are
independent third parties of HTCI, and the companies which are members of the same group of HTCI.


--- page 13 ---
13
Investor
No. of Offer
Shares
allocated
Approximate
% of total
issued H
Shares after
the Global
Offering (1) (2)
Approximate
% of total
issued share
capital after
the Global
Offering (2) (3) Relationship
The purpose of HTCI to subscribe for the Offer Shares is for hedging the HT Back-to-back TRS in
connection with the Huatai TRS order placed by the Huatai Ultimate Clients. Pursuant to the terms of the
contracts of the HT Back-to-back TRS and the Huatai TRS, during the tenor of the HT Back-to-back TRS and
the Huatai TRS, subject to customary fees and commissions, all economic returns of the Offer Shares will be
ultimately passed to the Huatai Ultimate Clients through the HT Back-to-back TRS and the Huatai TRS and
all economic loss shall be ultimately borne by the Huatai Ultimate Clients. HTCI will not take any economic
return or bear any economic loss in relation to the Offer Shares, save as customary fees and commissions.
Investment in the HT Back-to-back TRS and the Huatai TRS is similar to the investment in a qualified
domestic institutional investor fund ( “QDII”) in the way that the Huatai Ultimate Clients would reap all
the economic benefits of the underlying Offer Shares, except that a QDII fund would pass through the
exchange rate exposure on both the notional value of the investment and the profit and loss of the investment.
In contrast, the profit and loss of the HT Back-to-back TRS and the Huatai TRS factor into account the
fluctuation in RMB exchange rate upon termination of the Huatai TRS by converting the profit and loss using
the current exchange rate at the time of termination. As such, the Huatai Ultimate Clients would bear the
exchange rate exposure of the profit and loss on settlement date.
The Huatai Ultimate Clients may exercise an early termination right to terminate the Huatai TRS at any
time from the issue date of the Huatai TRS which should be on or after the date on which the Offer Shares
are listed on the Stock Exchange at their own discretions. Upon the termination upon maturity or early
termination of the Huatai TRS by the Huatai Ultimate Clients, HTCI will dispose the Offer Shares on the
secondary market and the Huatai Ultimate Clients will receive a final settlement amount in cash in accordance
with the terms and conditions of the HT Back-to-back TRS and the Huatai TRS which should have taken into
account all the economic returns or economic loss in relation to the Offer Shares. If upon the maturity of the
Huatai TRS, the Huatai Ultimate Clients intend to extend the investment period, subject to further agreement
between HTSC and the relevant Huatai Ultimate Clients, the term of the Huatai TRS could be extended by
way of a new issuance or a tenor extension. Accordingly, HTSC will extend the term of the HT Back-to-back
TRS by way of a new issuance or a tenor extension.
It is proposed that HTCI will hold the legal title and the voting right of the Offer Shares by itself, and pass
through the economic exposure to the Huatai Ultimate Clients, being an onshore clients who places Huatai
TRS orders with HTSC in connection with the IPO of the Company. HTCI will not exercise the voting rights
of the Offer Shares during the tenor of the HT Back-to-back TRS.
During the life of the Huatai TRS and HT Back-to-back TRS, HTCI may continue to hold the Offer Shares
in its custodian account, or to hold some or all of the Offer Shares in a prime brokerage account for stock
borrowing purposes, where HTCI will lend out its holding of underlying Offer Shares in the form of stock
borrowing loans consistent with market practice to lower its finance costs, provided that HTCI has the ability
to call back the Offer Shares on loan at any time in order to satisfy its obligations under the HT Back-to-back
TRS to ensure the economic interests are ultimately passed to the Huatai Ultimate Clients.


--- page 14 ---
14
LOCK-UP UNDERTAKINGS
Controlling Shareholders
Name (6)
Number of
Shares held in
the Company
subject to
lock-up
undertakings
upon Listing
% of
total issued
H Shares after
the Global
Offering
subject to
lock-up
undertakings
upon
Listing (1)(2)
% of
shareholding
in the
Company
subject to
lock-up
undertakings
upon
Listing (2)
Last day subject
to the lock-up
undertakings (3)
Mr. Qin Yinglin 2,086,287,906 – 36.37% August 5, 2026
(First Six-Month
Period) (4)
February 5, 2027
(Second Six-Month
Period) (5)
Muyuan Industrial
Group Co., Ltd.
(“Muyuan Group ”)
848,762,153 – 14.80% August 5, 2026
(First Six-Month
Period) (4)
February 5, 2027
(Second Six-Month
Period) (5)
Ms. Qian Ying 64,445,240 – 1.12% August 5, 2026
(First Six-Month
Period) (4)
February 5, 2027
(Second Six-Month
Period) (5)


--- page 15 ---
15
Name (6)
Number of
Shares held in
the Company
subject to
lock-up
undertakings
upon Listing
% of
total issued
H Shares after
the Global
Offering
subject to
lock-up
undertakings
upon
Listing (1)(2)
% of
shareholding
in the
Company
subject to
lock-up
undertakings
upon
Listing (2)
Last day subject
to the lock-up
undertakings (3)
Notes:
(1) The number of H Shares immediately after the Global Offering is the same as the number of Offer Shares to
be issued under the Global Offering.
(2) Assuming the Over-allotment Option is not exercised.
(3) In accordance with the applicable Listing Rules, the required lock-up for the first six month period will end
on August 5, 2026 and for the second six-month period will end on February 5, 2027.
(4) Each member of the Controlling Shareholders may dispose of or transfer Shares (which includes the
Convertible Bonds held by Muyuan Group and the underlying Shares that may be converted from such
Convertible Bonds in the event of the exercise of its conversion rights, as applicable) after the indicated date
subject to that the any member of Controlling Shareholders will not cease to be a controlling shareholder (as
defined in the Listing Rules).
(5) The Controlling Shareholders will cease to be prohibited from disposing of or transferring Shares after the
indicated date.
(6) For illustrative purposes only, this subsection lists only those members of the Controlling Shareholders who
hold Shares directly in the Company. Pursuant to Rule 10.07 of the Listing Rules, each of the Controlling
Shareholders (namely, Mr. Qin Yinglin, Ms. Qian Ying and Muyuan Group) has undertaken to the Company
and the Stock Exchange that, except in connection with the Global Offering (including the Over-allotment
Option), he/she/it shall, and shall procure that the relevant registered holders of the Shares in which he/she/
it is beneficially interested shall, comply with the applicable lock-up requirements. For further details, please
refer to the section headed “Underwriting {  Underwriting Arrangements and Expenses {  Undertakings to
the Hong Kong Stock Exchange pursuant to the Listing Rules ” in the Prospectus.


--- page 16 ---
16
Cornerstone Investors
Name
Number of
Shares held
in the
Company
subject to
lock-up
undertakings
upon Listing
% of
total issued
H Shares after
the Global
Offering
subject to
lock-up
undertakings
upon
Listing (1)(2)
% of
shareholding
in the
Company
subject to
lock-up
undertakings
upon
Listing (2)
Last day subject
to the lock-up
undertakings (3)
CPF 39,992,200 14.60% 0.70% August 5, 2026
Wilmar
– Wii Pte Ltd 9,998,000 3.65% 0.17% August 5, 2026
– HPRY 3,999,200 1.46% 0.07% August 5, 2026
Subtotal 13,997,200 5.11% 0.24%
Sinochem HK 12,997,400 4.74% 0.23% August 5, 2026
Hong Kong Henan Agri
International
9,998,000 3.65% 0.17% August 5, 2026
FIL Investment 15,996,800 5.84% 0.28% August 5, 2026
RBC GAM 5,998,800 2.19% 0.10% August 5, 2026
Gaoyi Entities
– Perseverance Asset
Management
6,518,700 2.38% 0.11% August 5, 2026
– Shanghai Gaoyi and
HTCI (in connection
with Gaoyi OTC Swaps)
5,478,900 2.00% 0.10% August 5, 2026
Subtotal 11,997,600 4.38% 0.21%
Ping An Asset HK 5,998,800 2.19% 0.10% August 5, 2026
Dajia Life 5,998,800 2.19% 0.10% August 5, 2026
UBS AM Singapore 3,999,200 1.46% 0.07% August 5, 2026
Midea Development
Holding BVI
5,998,800 2.19% 0.10% August 5, 2026
Millennium ICSA 1,999,600 0.73% 0.03% August 5, 2026
JSAT 1,999,600 0.73% 0.03% August 5, 2026
Notes:
(1) The number of H Shares immediately after the Global Offering is the same as the number of Offer Shares to
be issued under the Global Offering.
(2) Assuming the Over-allotment Option is not exercised.
(3) In accordance with the respective cornerstone investment agreements, the required lock-up periods will end
on August 5, 2026. The Cornerstone Investors will cease to be prohibited from disposing of or transferring
the Shares subscribed for pursuant to their respective cornerstone investment agreements after the indicated
date.


--- page 17 ---
17
PLACEE CONCENTRATION ANALYSIS
Placees*
Number of
H Shares
allotted
Allotment
as % of
International
Offering
(assuming no
exercise of the
Over-allotment
Option)
Allotment
as % of
International
Offering
(assuming the
Over-allotment
Option is
exercised and
new H Shares
are issued)
Allotment
as % of
total Offer
Shares
(assuming no
exercise of the
Over-allotment
Option)
Allotment
as % of
total Offer
Shares
(assuming the
Over-allotment
Option is
exercised and
new H Shares
are issued)
Number of
H Shares held
upon Listing
% of total
issued share
capital upon
Listing
(assuming no
exercise of the
Over-allotment
Option)
% of total
issued share
capital upon
Listing
(assuming the
Over-allotment
Option is
exercised and
new H Shares
are issued)
Top 1 39,992,200 16.22% 13.90% 14.60% 12.69% 39,992,200 0.70% 0.69%
Top 5 110,577,500 44.85% 38.44% 40.36% 35.10% 110,577,500 1.93% 1.91%
Top 10 157,215,300 63.76% 54.66% 57.39% 49.90% 157,215,300 2.74% 2.72%
Top 25 243,712,300 98.85% 84.73% 88.96% 77.36% 243,712,300 4.25% 4.22%
Note
* Ranking of placees is based on the number of H Shares allotted to the placees.
H SHAREHOLDERS CONCENTRATION ANALYSIS
H
Shareholders*
Number of
H Shares
allotted
Allotment
as % of
International
Offering
(assuming
no exercise
of the
Over-allotment
Option)
Allotment
as % of
International
Offering
(assuming the
Over-allotment
Option is
exercised
and new
H Shares
are issued)
Allotment
as % of
total Offer
Shares
(assuming
no exercise
of the
Over-allotment
Option)
Allotment
as % of
total Offer
Shares
(assuming the
Over-allotment
Option is
exercised
and new
H Shares
are issued)
Number of
H Shares
held upon
Listing
% of
total issued
H Shares
capital upon
Listing
(assuming
no exercise
of the
Over-allotment
Option)
% of
total issued
H Shares
capital upon
Listing
(assuming the
Over-allotment
Option is
exercised
and new
H Shares
are issued)
Number of
Shares
held upon
Listing
Top 1 39,992,200 16.22% 13.90% 14.60% 12.69% 39,992,200 14.60% 12.69% 39,992,200
Top 5 110,577,500 44.85% 38.44% 40.36% 35.10% 110,577,500 40.36% 35.10% 121,656,682
Top 10 157,215,300 63.76% 54.66% 57.39% 49.90% 157,215,300 57.39% 49.90% 201,098,429
Top 25 243,712,300 98.85% 84.73% 88.96% 77.36% 243,712,300 88.96% 77.36% 289,463,587
Note
* Ranking of H Shareholders is based on the number of H Shares held by the Shareholder upon Listing.


--- page 18 ---
18
SHAREHOLDER CONCENTRATION ANALYSIS
Shareholders*
Number of
H Shares
allotted
Allotment
as % of
International
Offering
(assuming
no exercise
of the
Over-allotment
Option)
Allotment
as % of
International
Offering
(assuming the
Over-allotment
Option is
exercised
and new
H Shares
are issued)
Allotment
as % of
total Offer
Shares
(assuming
no exercise
of the
Over-allotment
Option)
Allotment
as % of
total Offer
Shares
(assuming the
Over-allotment
Option is
exercised
and new
H Shares
are issued)
Number of
H Shares
held upon
Listing
Number of
Shares held
upon Listing
% of total
issued share
capital upon
Listing
(assuming
no exercise
of the
Over-allotment
Option)
% of
total issued
share capital
upon Listing
(assuming the
Over-allotment
Option is
exercised
and new
H Shares
are issued)
Top 1 0 0.00% 0.00% 0.00% 0.00% 0 2,999,495,299 52.29% 51.91%
Top 5 0 0.00% 0.00% 0.00% 0.00% 0 3,360,922,089 58.59% 58.17%
Top 10 72,985,800 29.60% 25.37% 26.64% 23.17% 72,985,800 3,577,056,629 62.35% 61.91%
Top 25 208,435,300 84.54% 72.46% 76.08% 66.16% 208,435,300 3,733,316,339 65.08% 64.61%
Notes
* Ranking of Shareholders is based on the number of Shares (of all classes) held by the Shareholder upon Listing.


--- page 19 ---
19
BASIS OF ALLOCATION UNDER THE HONG KONG PUBLIC OFFERING
Subject to the satisfaction of the conditions set out in the Prospectus, 21,268 valid applications
made by the public will be conditionally allocated on the basis set out below:
Pool A
Number of
H Shares
applied for
Number of valid
applications Basis of allocation/ballot
Approximate
percentage
allotted of the
total number of
H Shares
applied for
100 11,029 100 H Shares 100.00%
200 3,001 100 H Shares plus 2,281 out of 3,001 applicants to receive an additional 100 H Shares 88.00%
300 1,131 200 H Shares plus 509 out of 1,131 applicants to receive an additional 100 H Shares 81.67%
400 458 300 H Shares plus 45 out of 458 applicants to receive an additional 100 H Shares 77.46%
500 868 300 H Shares plus 621 out of 868 applicants to receive an additional 100 H Shares 74.31%
600 287 400 H Shares plus 89 out of 287 applicants to receive an additional 100 H Shares 71.84%
700 142 400 H Shares plus 126 out of 142 applicants to receive an additional 100 H Shares 69.82%
800 195 500 H Shares plus 88 out of 195 applicants to receive an additional 100 H Shares 68.14%
900 105 600 H Shares 66.67%
1,000 1,667 600 H Shares plus 896 out of 1,667 applicants to receive an additional 100 H Shares 65.37%
1,500 270 900 H Shares plus 27 out of 270 applicants to receive an additional 100 H Shares 60.67%
2,000 348 1,100 H Shares plus 176 out of 348 applicants to receive an additional 100 H Shares 57.53%
2,500 170 1,300 H Shares plus 136 out of 170 applicants to receive an additional 100 H Shares 55.20%
3,000 253 1,600 H Shares plus 3 out of 253 applicants to receive an additional 100 H Shares 53.37%
3,500 73 1,800 H Shares plus 12 out of 73 applicants to receive an additional 100 H Shares 51.90%
4,000 79 2,000 H Shares plus 20 out of 79 applicants to receive an additional 100 H Shares 50.63%
4,500 36 2,200 H Shares plus 11 out of 36 applicants to receive an additional 100 H Shares 49.57%
5,000 176 2,400 H Shares plus 50 out of 176 applicants to receive an additional 100 H Shares 48.57%
6,000 89 2,800 H Shares plus 16 out of 89 applicants to receive an additional 100 H Shares 46.97%
7,000 48 3,100 H Shares plus 46 out of 48 applicants to receive an additional 100 H Shares 45.65%
8,000 45 3,500 H Shares plus 29 out of 45 applicants to receive an additional 100 H Shares 44.56%
9,000 39 3,900 H Shares plus 9 out of 39 applicants to receive an additional 100 H Shares 43.59%
10,000 294 4,200 H Shares plus 215 out of 294 applicants to receive an additional 100 H Shares 42.73%
20,000 112 7,500 H Shares plus 22 out of 112 applicants to receive an additional 100 H Shares 37.60%
30,000 65 10,400 H Shares plus 43 out of 65 applicants to receive an additional 100 H Shares 34.89%
40,000 39 13,200 H Shares plus 13 out of 39 applicants to receive an additional 100 H Shares 33.08%
50,000 48 15,800 H Shares plus 36 out of 48 applicants to receive an additional 100 H Shares 31.75%
60,000 20 18,400 H Shares plus 4 out of 20 applicants to receive an additional 100 H Shares 30.70%
70,000 15 20,800 H Shares plus 13 out of 15 applicants to receive an additional 100 H Shares 29.84%
80,000 6 23,300 H Shares 29.13%
90,000 7 25,600 H Shares plus 3 out of 7 applicants to receive an additional 100 H Shares 28.49%
100,000 72 27,900 H Shares plus 24 out of 72 applicants to receive an additional 100 H Shares 27.93%
Total 21,187 Total number of Pool A successful applicants: 21,187


--- page 20 ---
20
Pool B
Number
of H Shares
applied for
Number
of valid
applications Basis of allocation/ballot
Approximate
percentage
allotted of the
total number of
H Shares
applied for
200,000 31 30,000 H Shares 15.00%
300,000 20 43,100 H Shares 14.37%
400,000 3 55,800 H Shares 13.95%
500,000 4 68,200 H Shares 13.64%
600,000 3 80,300 H Shares 13.38%
700,000 2 92,200 H Shares 13.17%
800,000 2 103,900 H Shares 12.99%
1,000,000 6 127,000 H Shares 12.70%
2,000,000 2 236,000 H Shares 11.80%
3,000,000 1 339,400 H Shares 11.31%
13,697,600 7 1,322,700 H Shares 9.66%
Total 81 Total number of Pool B successful applicants: 81
As of the date of this announcement, the relevant subscription monies previously deposited in the
designated nominee accounts have been remitted back to the accounts of all HKSCC participants.
Investors should contact their relevant brokers for any inquiries.


--- page 21 ---
21
COMPLIANCE WITH LISTING RULES AND GUIDANCE
The Directors confirm that, except for the Listing Rules that have been waived and/or in respect of
which consent has been obtained, the Company has complied with the Listing Rules and guidance
materials in relation to the placing, allotment and listing of the Company ’s H Shares.
The Directors confirm that, to the best of their knowledge, the consideration paid by the placees
or the public (as the case may be) directly or indirectly for each Offer Share subscribed for or
purchased by them was the same as the final Offer Price in addition to any brokerage, AFRC
transaction levy, SFC transaction levy and Stock Exchange trading fee payable.
OTHERS/ADDITIONAL INFORMATION
Allocation of H Shares to Existing Minority Shareholders and/or their close associates
The Company has applied to the Stock Exchange for, and the Stock Exchange has granted to the
Company, a waiver from strict compliance with the requirements under Rule 10.04 and consent
under Paragraph 1C(2) of Appendix F1 to the Listing Rules to permit H Shares in the International
Offering to be placed to certain existing minority Shareholders who (i) hold less than 5% of the
total voting rights in the Company prior to the completion of the Global Offering and (ii) are
not and will not become (upon the completion of the Global Offering) core connected persons of
the Company or the close associates of any such core connected person (together, the “Existing
Minority Shareholders ”) and/or their close associates, subject to the conditions as follows:
(a) each Existing Minority Shareholder to whom the Company may allocate the H Shares in the
International Offering holds less than 5% of the total voting rights in the Company before
Listing;
(b) each Existing Minority Shareholder is not, and will not be, a core connected person of the
Company or any close associate of any such core connected person immediately prior to or
following the Global Offering;
(c) none of the Existing Minority Shareholders has the right to appoint a Director and/or have
any other special rights;
(d) allocation to the Existing Minority Shareholders or their close associates will not affect the
Company ’s ability to satisfy the public float requirement as prescribed by the Stock Exchange
under Rule 19A.13A(2) of the Listing Rules or otherwise approved by the Stock Exchange;
(e) the Joint Sponsors confirm the matters set out in (a) to (d) above and confirm to the Stock
Exchange in writing that, to the best of their knowledge and belief, they have no reason to
believe that any of the Existing Minority Shareholders or their close associates received
any preferential treatment, or is in a position to exert influence on the Company to obtain
actual or perceived preferential treatment in the allocation either as a cornerstone investor
or as a placee by virtue of their relationship with the Company other than the preferential
treatment of assured entitlement under a cornerstone investment following the principles set
out in Chapter 4.15 of the Guide for New Listing Applicants, and details of the allocation
to the Existing Minority Shareholders holding 1% or more of the issued share capital of the
Company immediately prior to the completion of the Global Offering will be disclosed in the
Prospectus and/or this announcement, as the case may be;


--- page 22 ---
22
(f) the Company confirms to the Stock Exchange in writing that:
a. in the case of participation as cornerstone investors, no preferential treatment has been,
nor will be, given to the Existing Minority Shareholders or their close associates by
virtue of their relationship with the Company, other than the preferential treatment of
assured entitlement under a cornerstone investment following the principles set out in
Chapter 4.15 of the Guide for New Listing Applicants, nor is the Existing Minority
Shareholder in a position to exert influence on the Company to obtain actual or
perceived preferential treatment, and the Existing Minority Shareholders or their close
associates ’ cornerstone investment agreements do not contain any material terms which
are more favorable to the Existing Minority Shareholders or their close associates than
those in other cornerstone investment agreements; or
b. in the case of participation as placees, no preferential treatment has been, nor will be,
given to the Existing Minority Shareholders or their close associates, nor is the Existing
Minority Shareholder in a position to exert influence on the Company to obtain actual
or perceived preferential treatment, by virtue of their relationship with the Company in
any allocation in the placing tranche;
(g) in the case of participation as placees, the Overall Coordinators will confirm to the Stock
Exchange that, to the best of their knowledge and belief, no preferential treatment has been,
nor will be, given to the Existing Minority Shareholders or their close associates by virtue of
their relationship with the Company in any allocation in the placing tranche.
Please refer to the section headed “Waivers and Exemptions {  Allocation of H Shares to Existing
Minority Shareholders and/or Their Close Associates ” in the Prospectus for further details of the
waiver and consent.
Each of the Joint Sponsors and the Company has provided the required confirmations as elaborated
in the Prospectus. In particular, as the Company ’s A Shares are listed on the Shenzhen Stock
Exchange since January 2014, the Company has a highly extensive base of existing Shareholders
and disclosure of details of allocations to all Existing Minority Shareholders and/or their respective
close associates will not be meaningful to investors, the proposed disclosure threshold, i.e.
condition (e) of the waiver and consent which provides that details of the allocation to the Existing
Minority Shareholders and/or their respective close associates holding more than 1% of the issued
share capital of the Company immediately prior to the completion of the Global Offering will be
disclosed in this announcement, is appropriate.
All allocations of Offer Shares to the Existing Minority Shareholders are in compliance with all
the conditions under the waiver and consent granted by the Stock Exchange.
Allocations of Offer Shares to the existing Shareholders and Cornerstone Investors and/or
their close associates with a consent under paragraph 18 of Chapter 4.15 of the Guide for
New Listing Applicants
The Company has applied to, and the Stock Exchange has granted, a consent under paragraph
18 of Chapter 4.15 of the Guide for New Listing Applicants to permit the Company to allocate
further Offer Shares in the International Offering to certain existing Shareholders and Cornerstone
Investors and/or their close associates as placees, subject to the following conditions ( “Allocation
to Size-based Exemption Participants ”):


--- page 23 ---
23
(a) the final offering size of the Global Offering, excluding any over-allocation, will be of a total
value of at least HK$1 billion;
(b) the Offer Shares allocated to all existing Shareholders (whether as cornerstone investors and
as placees) as permitted under this exemption do not exceed 30% of the total number of the
H Shares offered under the Global Offering;
(c) the Allocation to Size-based Exemption Participants will not affect the Company ’s ability
to satisfy its public float requirement as prescribed by the Stock Exchange under the waiver
from strict compliance with the requirements of Rule 19A.13A(2) of the Listing Rules;
(d) each of the Directors, chief executive of the Company and the Controlling Shareholders
confirms that no securities have been allocated to them or their respective close associates
under this exemption; and
(e) details of the allocation to Cornerstone Investors under this exemption has been disclosed in
this announcement.
Such allocations of Offer Shares are in compliance with all the conditions under the consent
granted by the Stock Exchange.
For details of further allocations of Offer Shares to Cornerstone Investors, please refer to the
section headed “Allotment Results Details {  International Offering {  Allottees with Waivers/
Consents Obtained ” in this announcement.
Placing to connected clients with a consent under paragraph 1C(1) of the Placing Guidelines
The Company has applied to the Stock Exchange for, and the Stock Exchange has granted, consent
under paragraph 1C(1) of the Placing Guidelines to permit HTCI to participate in the Global
Offering as connected client to participate in the Global Offering as a Cornerstone Investor. For
details of the consent granted, please refer to the section headed “Allotment Results Details {
International Offering {  Cornerstone Investors ” in this announcement.
In addition, under the International Offering, certain Offer Shares were placed to connected clients
of their connected distributors pursuant to the Placing Guidelines as placees. Please refer to the
section headed “Allotment Results Details {  International Offering {  Allottees with Waivers/
Consents Obtained ” in this announcement for details. The Company has applied to the Stock
Exchange for, and the Stock Exchange has granted, a consent under paragraph 1C(1) of the Placing
Guidelines to permit the Company to allocate such Offer Shares in the International Offering to
the connected clients as placees. The allocation of Offer Shares to such connected clients is in
compliance with all the conditions under the consent granted by the Stock Exchange. Details of the
placement to connected clients as placees are set out below.


--- page 24 ---
24
No.
Connected Client
(11)
Connected Distributor(s)
Relationship between the Connected Client and the Connected Distributor(s)
Discretionary
or non-
discretionary
Investment amount (US$)
Number of H Shares to be allocated
Approximate percentage of Offer Shares in the Global Offering
(1)
Approximate percentage of the total issued share capital immediately following completion of the Global Offering
(1) (2)
Approximate percentage of Offer Shares in the Global Offering
(3)
Approximate percentage of the total issued share capital immediately following completion of the Global Offering
(2) (3)
1. HTCI (4) Huatai Financial
Holdings (Hong
Kong) Limited
(“HTFH”)
HTCI is a member
of the same group of
companies as HTFH
Non-
discretionary
28,351,452 5,669,200 2.07% 0.10% 1.80% 0.10%
2. CSI(5) CLSA Limited
(“CLSA”)
CSI is a member of
the same group of
companies as CLSA
Non-
discretionary
22,362,849 4,471,700 1.63% 0.08% 1.42% 0.08%
3. CITIC Asset
Management (6)
CLSA CITIC Asset
Management is a
member of the same
group of companies as
CLSA
Discretionary 200,038 40,000 0.01% 0.001% 0.01% 0.001%


--- page 25 ---
25
No.
Connected Client
(11)
Connected Distributor(s)
Relationship between the Connected Client and the Connected Distributor(s)
Discretionary
or non-
discretionary
Investment amount (US$)
Number of H Shares to be allocated
Approximate percentage of Offer Shares in the Global Offering
(1)
Approximate percentage of the total issued share capital immediately following completion of the Global Offering
(1) (2)
Approximate percentage of Offer Shares in the Global Offering
(3)
Approximate percentage of the total issued share capital immediately following completion of the Global Offering
(2) (3)
4. GF International (7) GF Securities (Hong
Kong) Brokerage
GF International is a
member of the same
group of companies as
GF Securities (Hong
Kong) Brokerage
Discretionary 2,999,077 599,700 0.22% 0.01% 0.19% 0.01%
5. E Fund (8) GF Securities (Hong
Kong) Brokerage
E Fund is a member
of the same group
of companies as GF
Securities (Hong Kong)
Brokerage
Discretionary 2,847,048 569,300 0.21% 0.01% 0.18% 0.01%
6. E Fund HK (8) GF Securities (Hong
Kong) Brokerage
E Fund HK is a member
of the same group
of companies as GF
Securities (Hong Kong)
Brokerage
Discretionary 152,029 30,400 0.01% 0.001% 0.01% 0.001%
7. Value Partners (9) GF Securities (Hong
Kong) Brokerage
Value Partners are the
members of the same
group of companies as
GF Securities (Hong
Kong) Brokerage
Discretionary 7,991,537 1,598,000 0.58% 0.03% 0.51% 0.03%


--- page 26 ---
26
No.
Connected Client
(11)
Connected Distributor(s)
Relationship between the Connected Client and the Connected Distributor(s)
Discretionary
or non-
discretionary
Investment amount (US$)
Number of H Shares to be allocated
Approximate percentage of Offer Shares in the Global Offering
(1)
Approximate percentage of the total issued share capital immediately following completion of the Global Offering
(1) (2)
Approximate percentage of Offer Shares in the Global Offering
(3)
Approximate percentage of the total issued share capital immediately following completion of the Global Offering
(2) (3)
8. Bosera Asset
Management (10)
China Merchants
Securities (HK)
Co., Limited
(“CMS”) and CMB
International Capital
Limited ( “CMBI”)
Bosera Asset
Management is a
member of the same
group of companies as
CMS and CMBI
Discretionary 1,995,384 399,000 0.15% 0.01% 0.13% 0.01%
Notes:(1) Assuming the Over-allotment Option is not exercised.(2) Including 69,586,523 A Shares held by the Company in treasury as of the Latest Practicable Date and excluding A Shares issuable upon the conversion of the
outstanding Convertible Bonds.
(3) Assuming the Over-allotment Option is fully exercised.(4) In addition to the Offer Shares subscribed for as a placee, HTCI was allocated 5,478,900 Offer Shares as a Cornerstone Investor in the International Offering.
HTFT is a distributor in connection of the Global Offering.


--- page 27 ---
27
HTFT is a distributor in connection of the Global Offering. Both HTCI and HTFH are indirect wholly-owned subsidiaries of Huatai Securities. Accordingly, HTCI is a connected client. The Company has also applied for, and the Stock Exchange has granted, a consent under paragraph 1C(1) of the Placing Guidelines to permit HTCI to participate in the Global Offering as a Cornerstone Investor. Please also refer to the section headed
“Allotment Results Details
{
 International Offering {
 Allottees with Waivers/Consents Obtained
” in this announcement.
(5) CSI will hold the Offer Shares as a placee under the International Offering on behalf of CSI Ultimate Clients, on a non-discretionary basis, pursuant to
which: (i) CSI will act as the single counterparty of a back-to-back total return swap transaction (the
“CSI Back-to-back TRS
”) to be entered into by it in
connection with a total return swap order (the
“CSI Client TRS
”) placed and fully funded by Beevest financial trading limited, Canaan China Flagship Fund
and the investment managers (Beevest Capital Management Limited, Hover4pi Capital Management, Wealth Management Co., Ltd., Guangdong Yundao Private Securities Fund Management Co., Ltd. and Shanghai Greenwoods Asset Management Co., Ltd.) who act for and on behalf of certain ultimate clients (collectively with Beevest financial trading limited and Canaan China Flagship Fund, the
“CSI Ultimate Clients
”), by which CSI will pass the full economic
exposure of the Offer Shares placed to CSI to the CSI Ultimate Clients; (ii) as confirmed by CSI and CLSA, CSI will hold the legal title and beneficial interest in the Offer Shares, but will contractually agree to pass on the full economic exposure and return of the Offer Shares to the CSI Ultimate Clients, on a non-discretionary basis. The CSI Ultimate Clients may exercise their early termination rights to terminate the CSI Client TRS at any time from the trade date of the CSI Client TRS which should be on or after the date on which the Offer Shares are listed on the Stock Exchange.The details of the CSI Ultimate Client are as follow:
Name of CSI Ultimate Clients Fund Manager UBO of Fund Manager
Limited Partner/
Shareholding holding 30%
or more in the CSI Ultimate
Client
Beevest Capital Management Limited – Global Multi Alpha Fund Beevest Capital Management Limited Zeng Shuzhen ZENG Shuzhen
Beevest Financial Trading Limited
Not applicable
Not applicable KANG Lan
Canaan China Flagship Fund
Not applicable
Not applicable LIANG Hao
Hover4pi Capital Management – Hover4pi Fund I OFC Hover4pi Capital Management He Hui None
ௐ 9 ྌ (China Merchants Bank Wealth
Management Zhaorui Quantitative Stable Closed No.9 Fixed-income Enhanced Wealth
Management Plan)
ப΂ʮ̡ (Wealth Management Co., Ltd.) None None
ௐ 10 ྌ (China Merchants Bank Wealth
Management Zhaorui Quantitative Stable Closed No.10 Fixed-income Enhanced Wealth
Management Plan)
ப΂ʮ̡ (Wealth Management Co., Ltd.) None None
ږYundao Compound Interest Private Equity Securities
Investment Fund)
ʮ̡ (Guangdong Yundao
Private Securities Fund Management Co., Ltd.)
None ๝ˇᅼ(Wen Shaomo)


--- page 28 ---
28
Name of CSI Ultimate Clients Fund Manager UBO of Fund Manager
Limited Partner/
Shareholding holding 30%
or more in the CSI Ultimate
Client
ږGreenwoods Global Fund)ʮ̡ (Shanghai Greenwoods Asset
Management Co., Ltd.)
ᇸᎀқ(JIANG Jinzhi) None
ږGreenwoods Zhiyuan Private Equity Fund)ʮ̡ (Shanghai Greenwoods Asset
Management Co., Ltd.)
ᇸᎀқ(JIANG Jinzhi) None
ᔮϗ 2 ږGreenwoods Harvest No. 2 Fund)ʮ̡ (Shanghai Greenwoods Asset
Management Co., Ltd.)
ᇸᎀқ(JIANG Jinzhi) None
ᔮϗ 3 ږGreenwoods Harvest No. 3 Private Equity Fund)ʮ̡ (Shanghai Greenwoods Asset
Management Co., Ltd.)
ᇸᎀқ(JIANG Jinzhi) None
ږGreenwoods Shangyuan Private Securities Investment
Fund)
ʮ̡ (Shanghai Greenwoods Asset
Management Co., Ltd.)
ᇸᎀқ(JIANG Jinzhi)ዲᑜ(Lin Yanlei)
ᔮϗ 6 ږGreenwoods Harvest No. 6 Private Securities
Investment Fund)
ʮ̡ (Shanghai Greenwoods Asset
Management Co., Ltd.)
ᇸᎀқ(JIANG Jinzhi) None
ᔮϗ 7 ږGreenwoods Harvest No. 7 Private Securities
Investment Fund)
ʮ̡ (Shanghai Greenwoods Asset
Management Co., Ltd.)
ᇸᎀқ(JIANG Jinzhi) None
ږGreenwoods Harvest No. 7 Private Securities
Investment Fund)
ʮ̡ (Shanghai Greenwoods Asset
Management Co., Ltd.)
ᇸᎀқ(JIANG Jinzhi) None
ږGreenwoods Jingtai Harvest Private Equity
Investment Fund)
ʮ̡ (Shanghai Greenwoods Asset
Management Co., Ltd.)
ᇸᎀқ(JIANG Jinzhi) None


--- page 29 ---
29
To the best of knowledge of CSI and after making all reasonable enquiries, the CSI Ultimate Clients, together with its ultimate beneficial owners, is an independent third party of the Company, its subsidiaries, its Controlling Shareholders, its substantial shareholders, CSI, CLSA and the companies which are members of the same group of CLSA.Upon the final maturity or termination of the CSI Client TRS by the CSI Ultimate Clients, CSI will dispose of the Offer Shares on the secondary market and the CSI Ultimate Clients will receive a final termination amount of the CSI Back-to-back TRS which will have taken into account all the economic returns or economic loss in relation to the Offer Shares and the fixed amount of transaction fees of the CSI Back-to-back TRS and the CSI Client TRS. Due to its internal policy, CSI will not exercise the voting right of the Offer Shares during the terms of the CSI Back-to-back TRS.
(6) CITIC Asset Management will hold the Offer Shares in its capacity as the discretionary fund manager managing the funds on behalf of their investors
(“CITIC Asset Management Ultimate Client
”), each of which is an independent third party of the Company, its subsidiaries, its Controlling Shareholders,
its substantial shareholders, CITIC Asset Management, CLSA and the companies which are members of the same group of CLSA. No ultimate beneficial owner holds 30% or more interest in the funds. The China Asset Management Ultimate Client include CITIC SECURITIES COMPANY LIMITED-XINHANG ZHIYUAN NO.1, CITIC SECURITIES COMPANY LIMITED-XINHANG ZHIYUAN NO.3 and CITIC Securities AM-Guibinfengyuan No.118 QDII.To the best of knowledge of CITIC Asset Management and after making all reasonable enquiries, CITIC Asset Management Ultimate Client, together with its ultimate beneficial owners, is an independent third party of the Company, its subsidiaries, its Controlling Shareholders, its substantial shareholders, CITIC Asset Management, CLSA and the companies which are members of the same group of CLSA.
(7) GF International will hold the Offer Shares in its capacity as the discretionary fund manager managing the funds on behalf of their investors, each of which is
an independent third party of the Company, its subsidiaries, its Controlling Shareholders, its substantial shareholders, GF International, GF Securities (Hong Kong) Brokerage and the companies which are members of the same group of GF Securities Co., Ltd. (
ʮ̡
) (Stock Code: 1776) (
“GF
Securities
”). No ultimate beneficial owner holds 30% or more interest in the funds.


--- page 30 ---
30
To the best of knowledge of GF International and after making all reasonable enquiries, GF International Ultimate Client, together with its ultimate beneficial owners, is an independent third party of the Company, its subsidiaries, its Controlling Shareholders, its substantial shareholders, GF Securities (Hong Kong) Brokerage and the companies which are members of the same group of CLSA.
(8) E Fund and E Fund HK will hold the Offer Shares in its capacity as the discretionary fund manager managing the sub funds on behalf of the underlying clients
(the
“E Fund Ultimate Clients
”). GF Securities (Hong Kong) Brokerage is an indirect wholly-owned subsidiary of GF Securities, which in turn holds 22.65%
of the issued share capital of E Fund. E Fund HK is a wholly-owned subsidiary of E Fund. Therefore, each of E Fund and E Fund HK constitutes a member of the same group with GF. Securities (Hong Kong) Brokerage. Accordingly, each of E Fund and E Fund HK is considered as a connected client of GF Securities (Hong Kong) Brokerage pursuant to paragraph 1B(7) of the Placing Guidelines. Notwithstanding GF Securities (Hong Kong) Brokerage
’ shareholding in E
Fund and E Fund HK (through E Fund) and that E Fund, E Fund HK and GF Securities (Hong Kong) Brokerage are members of the same group of companies, (i) GF Securities (Hong Kong) Brokerage does not have control over E Fund and E Fund HK by virtue of its shareholding or control over the board of directors of E Fund and E Fund HK; and (ii) both E Fund and E Fund HK operate and make investment decisions independently from GF Securities (Hong Kong) Brokerage.E Fund and E Fund HK are to invest on discretionary basis on behalf of the E Fund Ultimate Clients which are independent third parties and no proprietary money is used for the subscribing. To the best knowledge of E Fund and E Fund HK and after making all reasonable enquiries, (i) each of the E Fund Ultimate Clients is an independent third party of the GF Securities (Hong Kong) Brokerage, E Fund, E Fund HK, the companies which are members of the same group of companies as GF Securities (Hong Kong) Brokerage; and (ii) neither E Fund or E Fund HK is a collective investment scheme which is not authorised by the SFC nor is expected to hold the Offer Shares on behalf of such scheme. Each of E Fund and E Fund HK also confirms that it will not hold any Offer Shares placed to them on a proprietary basis for themselves or for any group member of GF Securities (Hong Kong) Brokerage. The Offer Shares placed to each of E Fund and E Fund HK will be held by them through the Sub Funds on behalf of independent third parties.
(9) Value Partners will hold the Offer Shares in its capacity as the discretionary fund manager managing the funds on behalf of their investors, each of which is
an independent third party of the Company, its subsidiaries, its Controlling Shareholders, its substantial shareholders, Value Partners, GF Securities and the companies which are members of the same group of GF Securities.To the best of knowledge of Value Partners, the Value Partners Ultimate Client, together with its ultimate beneficial owners, is an independent third party of the Company, its subsidiaries, its Controlling Shareholders, its substantial shareholders, Value Partners, GF Securities and the companies which are members of the same group of GF Securities.
(10) Bosera Asset Management will hold the Offer Shares in its capacity as the discretionary fund manager managing the sub-funds on behalf of its underlying
client, each of which is an independent third party of the Company, its subsidiaries, its substantial shareholders, CMS and CMBI and the companies which are members of the same group of CMS and CMBI to the best knowledge and belief of Bosera Asset Management.
(11) Each of the connected clients is not a collective investment scheme which is not authorized by the SFC, nor is it holding the Offer Shares on behalf of such
schemes.


--- page 31 ---
31
DISCLAIMERS
Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited and
Hong Kong Securities Clearing Company Limited take no responsibility for the contents of this
announcement, make no representation as to its accuracy or completeness and expressly disclaim
any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or
any part of the contents of this announcement.
This announcement is not for release, publication, distribution, directly or indirectly, in or into
the United States (including its territories and possessions, any state of the United States and
the District of Columbia). This announcement does not constitute or form a part of any offer or
solicitation to purchase or subscribe for securities in the United States. The securities mentioned
herein have not been, and will not be, registered under the U.S. Securities Act. The securities
may not be offered or sold in the United States except pursuant to an available exemption from,
or in a transaction not subject to, the registration requirements of the U.S. Securities Act and in
accordance with any applicable state securities laws in the United States. The Offer Shares may
only be offered and sold (a) in the United States to QIBs in reliance on Rule 144A or another
available exemption from registration requirements under the U.S. Securities Act, and (b) outside
the United States in offshore transactions in reliance on Regulation S. There will be no public
offer of securities in the United States.
This announcement is for information purposes only and does not constitute an invitation or
offer to acquire, purchase or subscribe for securities. This announcement is not a prospectus.
Potential investors should read the Prospectus dated January 29, 2026 issued by the Company for
detailed information about the Global Offering described above before deciding whether or not
to invest in the Shares thereby being offered.
* Potential investors of the Offer Shares should note that the Joint Sponsors and the Overall
Coordinators (for themselves and on behalf of the Hong Kong Underwriters) shall be entitled
to terminate their obligations under the Hong Kong Underwriting Agreement with immediate
effect upon the occurrence of any of the events set out in the paragraph headed “Underwriting
{ Underwriting Arrangements and Expenses {  Hong Kong Public Offering {  Grounds for
Termination ” in the Prospectus at any time prior to 8:00 a.m. (Hong Kong time) on the Listing
Date (which is currently expected to be on February 6, 2026).


--- page 32 ---
32
Public Float and Free Float
Immediately after the completion of the Global Offering (before any exercise of the Over-
allotment Option), the total market value of the H Shares to be held by the public is expected to be
approximately HK$10,684.1 million, calculated based on the final Offer Price of HK$39.00, which
is higher than the prescribed expected market value of H Shares required to be held in public
hands of not less than HK$3,000 million under Rule 19A.13A(2)(b) of the Listing Rules, thereby
satisfying Rule 19A.13A(2) of the Listing Rules.
Each of the Cornerstone Investors has agreed to a lock-up period of six months following and
including the Listing Date. As such, H Shares held by the Cornerstone Investors upon the Listing
shall not be counted towards the free float of the H Shares of the Company at the time of Listing.
Based on the Offer Price of HK$39.00 per H Share, the Company confirmed that it complies with
the free float requirement under Rule 19A.13C(2)(b) of the Listing Rules.
The Directors confirm that, immediately following completion of the Global Offering (before any
exercise of the Over-allotment Option): (i) the Shares will be held by at least 300 Shareholders
at the time of Listing, in compliance with Rule 8.08(2) of the Listing Rules; (ii) the three largest
public Shareholders will not hold more than 50% of the H Shares held in public hands at the
time of Listing, in compliance with Rules 8.08(3) and 8.24 of the Listing Rules; (iii) no placee
will, individually, be placed more than 10% of the enlarged issued share capital of the Company
immediately after the Global Offering; and (iv) there will not be any new substantial Shareholder
(as defined in the Listing Rules) immediately after the Global Offering.


--- page 33 ---
33
Commencement of Dealings
The H Share certificates will only become valid evidence of title at 8:00 a.m. on Friday, February
6, 2026 (Hong Kong time), provided that the Global Offering has become unconditional and the
right of termination described in the section headed “Underwriting {  Underwriting Arrangements
and Expenses {  Hong Kong Public Offering {  Grounds for Termination ” in the Prospectus has
not been exercised. Investors who trade the H Shares on the basis of publicly available allocation
details prior to the receipt of H Share certificates or prior to the H Share certificates becoming
valid evidence of title do so entirely at their own risk.
Assuming that the Global Offering becomes unconditional at or before 8:00 a.m. on Friday,
February 6, 2026 (Hong Kong time), it is expected that dealings in the H Shares on the Stock
Exchange will commence at 9:00 a.m. on Friday, February 6, 2026 (Hong Kong time). The H
Shares will be traded in board lots of 100 H Shares each, and the stock code of the H Shares will
be 2714.
By order of the Board
Muyuan Foods Co., Ltd.
Mr. Qin Yinglin
Chairman of the Board and President
Hong Kong, February 5, 2026
As at the date of this announcement, the Board comprises (i) Mr. QIN Yinglin, Mr. CAO Zhinian
and Ms. YANG Ruihua as executive Directors; (ii) Ms. QIAN Ying and Mr. SU Danglin as non-
executive Directors; and (iii) Mr. CHOW Ming Sang, Mr. YAN Lei and Mr. FENG Genfu as
independent non-executive Directors.
