--- page 1 ---
1
Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited (the “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 Friday, November 14, 2025 (the “Prospectus ”) of Chuangxin Industries Holdings
Limited ʮ̡ (the “Company ”).
This announcement is for information purposes only and does not constitute an offer or an invitation to induce an offer
by any person to acquire, purchase or subscribe for any of the securities of the Company. 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 does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale
of Offer Shares in any jurisdiction in which such offer, solicitation or sales would be unlawful. This announcement is
not for release, publication or distribution, directly or indirectly, in or into the United States or any other jurisdiction
where such distribution is prohibited by law, nor is this announcement an offer for sale or solicitation to purchase or
subscribe for securities in the United States or any other jurisdictions. The Offer Shares have not been and will not
be registered under the U.S. Securities Act or any state securities laws in the United States and may not be offered,
sold, pledged or transferred within the United States or to, or for the account or benefit of U.S. persons (as defined
in Regulation S under the U.S. Securities Act), except in transactions exempt from, or not subject to, the registration
requirements of the U.S. Securities Act. The Offer Shares are being offered and sold outside the United States in
offshore transactions in reliance on Regulation S under the U.S. Securities Act.
In connection with the Global Offering, China International Capital Corporation Hong Kong Securities Limited, as
the stabilizing manager (the “Stabilizing Manager ”) (or any person acting for it), on behalf of the Underwriters,
may over-allocate or effect transactions with a view to stabilizing or supporting the market price of the Shares 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 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 any person
acting for it) and in what the Stabilizing Manager (or any person acting for it) reasonably regards as the best interest
of our Company, (b) may be discontinued at any time, and (c) is required to be brought to an end within 30 days after
the last day for lodging applications under the Hong Kong Public Offering (which is Friday, 19 December 2025).
Such stabilization 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 Shares for longer
than the stabilization period which begins on the Listing Date, and is expected to expire on Friday, 19 December 2025,
the 30th day after the last day for the lodging of applications under the Hong Kong Public Offering. After this date,
when no further stabilizing action may be taken, demand for the Shares, and therefore the price of the Shares, could
fall.
The Hong Kong Offer Shares will be offered to the public in Hong Kong subject to the 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 their
obligations under 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. (Hong Kong time) on the Listing
Date (which is currently expected to be on Monday, November 24, 2025).


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Chuangxin Industries Holdings Limited
創新實業集團有限公司
(Incorporated in the Cayman Islands with limited liability)
GLOBAL OFFERING
Number of Offer Shares under the
Global Offering
: 500,000,000 Shares (subject to the
Over-allotment Option)
Number of Hong Kong Offer Shares : 50,000,000 Shares
Number of International Offer Shares : 450,000,000 Shares (subject to
the Over-allotment Option)
Final Offer Price : HK$10.99 per Offer Share plus
brokerage of 1.0%, SFC transaction
levy of 0.0027%, AFRC transaction levy
of 0.00015% and the Stock Exchange
trading fee of 0.00565% (payable in full
on application, subject to refund)
Nominal value : US$0.000005 per Share
Stock code : 02788
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
Joint Lead Managers


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1

CHUANGXIN INDUSTRIES HOLDINGS LIMITED  / 創 新 實 業 集 團 有 限 公 司
ANNOUNCEMENT OF FINAL OFFER PRICE AND
ALLOTMENT RESULTS
Unless otherwise defined herein, capitalised terms used in this announcement shall have the same meanings
as those defined in the prospectus dated November 14,  2025 (the “ Prospectus”) issued by Chuangxin
Industries Holdings Limited (the “Company”).

Warning:  In view of high concentration of shareholding in a small number of Shareholders,
Shareholders and prospective investors should be aware that the price of the Shares could move
substantially even with a small number of Shares traded and should exercise extreme caution when
dealing in the Shares.
SUMMARY

Company information
Stock code  02788
Stock short name  CHUANGXIN IND
Dealings commencement date  November 24, 2025*
*see note at the end of the announcement

Price Information
Final Offer Price  HK$10.99
Offer Price Range HK$10.18 – HK$10.99

Offer Shares and Share Capital
Number of Offer Shares  500,000,000
Number of Offer Shares in Public Offer 50,000,000
Number of Offer Shares in International Offer  450,000,000
Number of issued Shares upon Listing (before exercise of the
Over-allotment Option)
2,000,000,000


Over-allocation
No. of Offer Shares over-allocated  75,000,000
- International Offer 75,000,000
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 (Note)  HK$5,495.0 million
Less: Estimated listing expenses payable based on Final
Offer Price
HK$(182.2) million
Net proceeds  HK$5,312.8 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 fro m the exercise of  the Over-allotment Option (if


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2

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
PUBLIC OFFER

No. of valid applications  145,228
No. of successful applications  51,802
Subscription level  447.20 times
Claw-back triggered  N/A
No. of Offer Shares initially available under the Public Offer  50,000,000
No. of Offer Shares reallocated from the International Offer (claw-
back)
N/A
Final no. of Offer Shares under the Public Offer  50,000,000
% of Offer Shares under the Public Offer to the Global Offering 10%

Note: For details of the final allocation of Shares to the  Public Offer , investors can refer to
www.eipo.com.hk/eIPOAllotment to perform a search by identification number or
www.eipo.com.hk/eIPOAllotment for the full list of allottees.
INTERNATIONAL OFFER

No. of placees  219
Subscription Level 19.85 times
No. of Offer Shares initially available under the International Offer  450,000,000
No. of Offer Shares reallocated to the Public Offer (claw-back) N/A
Final no. of Offer Shares under the International Offer  450,000,000
% of Offer Shares under the International Offer to the Global
Offering
90%

The Directors confirm that, to the best of their knowledge, information and belief, (i) none of the Offer Shares
subscribed by the placees and the public have been financed directly or indirectly by the Company, any of the
Directors, chief executive of the Company, Controlling Shareholders, substantial Shareholders, existing
Shareholder 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 the Directors, chief executive of the Company, Controlling Shareholders, substantial
Shareholders, existing Shareholder of the Company or any of its subsidiaries  or their respective close
associates in relation to the acquisition, disposal, voting or other disposition of Shares registered in his/her/its
name or otherwise held by him/her/it.
The placees in the International Offer include the following:
Cornerstone Investors


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3


Investor Note 1
No. of  Offer
Shares allocated
% of Offer Shares
(assuming the
Over-allotment
Option is not
exercised)
% of total issued
share capital after
the Global Offering
(assuming the Over -
allotment Option is
not exercised)
Existing
shareholders
or their close
associates
HHLR Advisors, Ltd.
(“HHLRA”) 70,741,000  14.15% 3.54% No
China Hongqiao Group
Limited  21,222,000  4.24% 1.06% No
Taikang Life Insurance
Co., Ltd  (“Taikang
Life”) 21,222,000  4.24% 1.06% No
Glencore International
AG (“Glencore AG”) 21,222,000  4.24% 1.06% No
Mercuria Holdings
(Singapore) Pte. Ltd. 21,222,000  4.24% 1.06% No
Greenwoods Asset
Management Hong Kong
Limited (“HK
Greenwoods”)  6,204,000 1.24% 0.31% No
Shanghai Greenwoods
Asset Management Co.,
Ltd (“Shanghai
Greenwoods”) and
CICC Financial Trading
Limited (“CICC FT ”)
(in connection with
Greenwoods OTC
Swaps) 4,407,000 0.88%  0.22% No
TURQUOISE HIME,
L.P. (“ Turquoise
Hime”) 10,611,000  2.12% 0.53% No
Investcorp Verdant
Holdings Limited
("Investcorp") 10,611,000  2.12% 0.53% No
CPIC Investment
Management (H.K.)
Company Limited
(“CPIC IMHK”) 7,074,000 1.41% 0.35% No
GF Management Co.,
Ltd. and GF
International Investment
Management Limited
(collectively, “GF
Fund”) 7,074,000 1.41% 0.35% No


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4


Investor Note 1
No. of  Offer
Shares allocated
% of Offer Shares
(assuming the
Over-allotment
Option is not
exercised)
% of total issued
share capital after
the Global Offering
(assuming the Over -
allotment Option is
not exercised)
Existing
shareholders
or their close
associates
Fullgoal Asset
Management (HK)
Limited (“Fullgoal HK”)
and Fullgoal Fund
Management Co., Ltd.
(“Fullgoal Fund”) 7,074,000 1.41% 0.35% No
Integrated Core
Strategies (Asia) Pte.
Ltd. (“Millennium
ICSA”)  7,074,000 1.41% 0.35% No
Jane Street Asia Trading
Limited (“Jane Street”)  7,074,000 1.41% 0.35% No
Polymer Capital
Management (HK)
Limited (“Polymer”)  7,074,000 1.41% 0.35% No
Pointer Investment
(H.K.) Ltd.  (“Pointer
Investment”)  7,074,000 1.41% 0.35% No
Brilliant Partners Fund
LP and China Core Fund 7,074,000 1.41% 0.35% No
Cephei Capital
Management (Hong
Kong) Limited (“Cephei
Capital”)  4,244,000 0.85% 0.21% No
Total 248,298,000 49.66% 12.41%
Notes:

(1) For further details of the Cornerstone Investors, please refer to the section headed “Cornerstone Investors” in the
Prospectus.

(2) In addition to the Offer Shares subscribed for as Cornerstone Investors, HHLRA, Turquoise Hime and Investcorp,
and/or their respective close associates, were allocated further Offer Shares as placees in the International Offering.
Please refer to the section headed “Allotment Results Details – International Offer – Allotees with 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.


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5


Allotees with Consents Obtained


Investor
No. of  Offer
Shares
allocated
% of Offer
Shares
(assuming the
Over-allotment
Option is not
exercised)
% of total  issued
share capital after
the Global
Offering
(assuming the
Over-allotment
Option is not
exercised) Relationship
Allotees with consent under Chapter 4.15 of the Guide for New Listing Applicants in relation to
allocations of further Shares to Cornerstone Investors or their close associates Note 1
Hillhouse Investment
Management Limited
53,056,000 10.61% 2.65% The investor is a
close associate of
a Cornerstone
Investor,
HHLRA.
Shanghai Lingren Private
Equity Fund Management
Partnership Enterprise
(Limited Part nership) (上
海瓴仁私募基金管理合
夥企業（有限合夥）) (in
connection with CICC FT
OTC Swaps)
35,000 0.01% 0.002% The investor is a
close associate of
a Cornerstone
Investor,
HHLRA.
Robeco HK Limited 2,829,000  0.57% 0.14% The investor is a
close associate of
a Cornerstone
Investor,
Turquoise Hime.
Investcorp 3,537,000 0.71% 0.18% The investor is a
Cornerstone
Investor.
Allotees with consent under paragraph 1C(1) of Appendix F1 to the Listing Rules (the “Placing
Guidelines”) and Chapter 4.15 of the Guide for New Listing Applicants in relation to allocations to
connected clients Note 2
CICC FT 5,825,000Note 3 1.17% 0.29% Connected client
Huatai Capital Investment
Limited (“HTCI”)
5,425,000 1.09% 0.27% Connected client
Bosera Asset Management
(International) Co., Limited
(“Bosera AM”)
353,500 0.07% 0.02% Connected client
Notes:

1. 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


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6


Investor
No. of  Offer
Shares
allocated
% of Offer
Shares
(assuming the
Over-allotment
Option is not
exercised)
% of total  issued
share capital after
the Global
Offering
(assuming the
Over-allotment
Option is not
exercised) Relationship
Offering. For allocations of Offer Shares to the relevant investors as Cornerstone Investors, please
refer to the section headed “Allotment Results Details – International Offer – Cornerstone
Investors” in this announcement. For details of the consent unde r Chapter 4.15 of the Guide for
New Listing Applicants in relation to allocations of further Shares to Cornerstone investors, please
refer to the section headed “Others/Additional Information – Allocations of Offer Shares to
Cornerstone Investors or their close associates with consent under Chapter 4.15 of the Guide for
New Listing Applicants” in this announcement.

2. 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 section headed “Waivers from Strict Compliance with the Listing Rules - Consent in respect
of the Proposed Subscription of Shares by a Cornerstone Investor Who Is a Connected Client” of
the Prospectus and the section headed “Others / Additional Information – Placing to connected
clients with a prior consent under paragraph 1C(1) of the Placing Guidelines” in this
announcement.

3. Represents the total number of Offer Shares allocated to the investor (i) as a Cornerstone Investor
and (ii) as a placee pursuant to a consent under Chapter 4.15 of the Guide for New Listing
Applicants granted by the Stock Exchange.

LOCK-UP UNDERTAKINGS
Controlling Shareholders
Name
Number of Shares held in
the Company subject to lock-
up undertakings upon
Listing
% of total issued Shares after the
Global Offering subject to lock -
up undertakings upon Listing
(assuming the Over -allotment
Option is not exercised)
Last day subject to the
lock-up undertakings
Note1
Mr. Cui
Lixin
1,500,000,000 75.00% May 23, 2026  (First
Six-month Period)Note 2
November 23, 2026
(Second Six -month
Period)Note 3
Bloomsbury
Holding
Limited
1,500,000,000 75.00% May 23, 2026  (First
Six-month Period)Note 2
November 23, 2026
(Second Six -month
Period)Note 3
Notes:

1. In accordance with the relevant Listing Rule/guidance materials, the required lock -up for the first
six-month period ends on May 23, 2026 and for the second six-month period ends on November 23,
2026.


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7

Name
Number of Shares held in
the Company subject to lock-
up undertakings upon
Listing
% of total issued Shares after the
Global Offering subject to lock -
up undertakings upon Listing
(assuming the Over -allotment
Option is not exercised)
Last day subject to the
lock-up undertakings
Note1

2. The Controlling Shareholders may dispose of or transfer Shares after the indicated date subject to
that the Controlling Shareholders will not cease to be a Controlling Shareholder.

3. The Controlling Shareholders will cease to be prohibited from disposing of or transferring Shares
after the indicated date.


Cornerstone Investors
Name
Number of Shares held
in the Company subject
to lock-up undertakings
upon Listing
% of total issued Shares after the
Global Offering subject to lock -
up undertakings upon Listing
(assuming the Over -allotment
Option is not exercised)
Last day subject to
the lock -up
undertakings Note 1
HHLRA 70,741,000  3.54% May 23, 2026
China Hongqiao
Group Limited  21,222,000  1.06% May 23, 2026
Taikang Life 21,222,000  1.06% May 23, 2026
Glencore AG 21,222,000  1.06% May 23, 2026
Mercuria Holdings
(Singapore) Pte. Ltd. 21,222,000  1.06% May 23, 2026
HK Greenwoods 6,204,000 0.31% May 23, 2026
Shanghai Greenwoods
and CICC FT (in
connection with
Greenwoods OTC
Swaps) 4,407,000 0.22% May 23, 2026
Turquoise Hime 10,611,000  0.53% May 23, 2026
Investcorp 10,611,000  0.53% May 23, 2026
CPIC IMHK 7,074,000 0.35% May 23, 2026
GF Fund 7,074,000 0.35% May 23, 2026
Fullgoal HK  and
Fullgoal Fund 7,074,000 0.35% May 23, 2026
Millennium ICSA  7,074,000 0.35% May 23, 2026
Jane Street  7,074,000 0.35% May 23, 2026
Polymer  7,074,000 0.35% May 23, 2026
Pointer Investment  7,074,000 0.35% May 23, 2026
Brilliant Partners Fund
LP and China Core
Fund 7,074,000 0.35% May 23, 2026
Cephei Capital  4,244,000 0.21% May 23, 2026
Subtotal 248,298,000 12.41%
Note:


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8

Name
Number of Shares held
in the Company subject
to lock-up undertakings
upon Listing
% of total issued Shares after the
Global Offering subject to lock -
up undertakings upon Listing
(assuming the Over -allotment
Option is not exercised)
Last day subject to
the lock -up
undertakings Note 1
1. In accordance with the relevant cornerstone investment agreements, the required lock-up ends on May
23, 2026. The Cornerstone Investors will cease to be prohibited from disposing of or transferring Shares
subscribed for pursuant to the relevant cornerstone investment agreements after the indicated date.


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9

PLACEE CONCENTRATION ANALYSIS
Placees*
Number of 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
fully exercised and
new 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  fully
exercised and new Shares are
issued)
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 fully
exercised and new Shares are
issued)
Top 1 123,832,000 27.52% 23.59% 24.77% 21.54% 123,832,000 6.19% 5.97%
Top 5 208,720,000 46.38% 39.76% 41.74% 36.30% 208,720,000 10.44% 10.06%
Top 10 282,996,000 62.89% 53.90% 56.60% 49.22% 282,996,000 14.15% 13.64%
Top 25 398,596,000 88.58% 75.92% 79.72% 69.32% 398,596,000 19.93% 19.21%
Note
* Ranking of placees is based on the number of Shares allotted to the placees.

SHAREHOLDER CONCENTRATION ANALYSIS
Shareholders*
Number of 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 fully
exercised and new
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
fully exercised and new
Shares are issued)
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 fully
exercised and new Shares
are issued)
Top 1 0 0.00% 0.00% 0.00% 0.00% 1,500,000,000 75.00% 72.29%
Top 5 187,498,000 41.67% 35.71% 37.50% 32.61% 1,687,498,000 84.37% 81.33%
Top 10 272,385,000 60.53% 51.88% 54.48% 47.37% 1,772,385,000 88.62% 85.42%
Top 25 393,171,000 87.37% 74.89% 78.63% 68.38% 1,893,171,000 94.66% 91.24%
Note
* Ranking of Shareholders is based on the number of Shares (of all classes) held by the Shareholders upon Listing.


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10

BASIS OF ALLOCATION UNDER THE HONG KONG PUBLIC OFFERING
Subject to the satisfaction of the conditions set out in the Prospectus, valid applications made by
the public will be conditionally allocated on the basis set out below:

NO. OF
SHARES NO. OF VALID
APPLICATION
S

BASIS OF ALLOTMENT / BALLOT
APPROXIMAT
E
PERCENTAGE
ALLOTTED OF
THE TOTAL
NO. OF
APPLIED
FOR
SHARES
APPLIED FOR
   POOL A
500 37,271
3,727 out of 37,271 to receive 500
Shares 10.00%
1,000 7,643  810 out of 7,643 to receive 500 Shares 5.30%
1,500 4,657  496 out of 4,657 to receive 500 Shares 3.55%
2,000 4,582  495 out of 4,582 to receive 500 Shares 2.70%
2,500 4,520  499 out of 4,520 to receive 500 Shares 2.21%
3,000 3,165  361 out of 3,165 to receive 500 Shares 1.90%
3,500 1,372  157 out of 1,372 to receive 500 Shares 1.63%
4,000 1,776  204 out of 1,776 to receive 500 Shares 1.44%
4,500 5,245  603 out of 5,245 to receive 500 Shares 1.28%
5,000 4,169  480 out of 4,169 to receive 500 Shares 1.15%
6,000 1,939  224 out of 1,939 to receive 500 Shares 0.96%
7,000 1,835  244 out of 1,835 to receive 500 Shares 0.95%
8,000 2,215  330 out of 2,215 to receive 500 Shares 0.93%
9,000 2,933  475 out of 2,933 to receive 500 Shares 0.90%
10,000 6,220  1,095 out of 6,220 to receive 500 Shares 0.88%
15,000 4,589  964 out of 4,589 to receive 500 Shares 0.70%
20,000 4,136  1,090 out of 4,136 to receive 500 Shares 0.66%
25,000 2,578  836 out of 2,578 to receive 500 Shares 0.65%
30,000 2,095  802 out of 2,095 to receive 500 Shares 0.64%
35,000 1,577  693 out of 1,577 to receive 500 Shares 0.63%
40,000 1,569  775 out of 1,569 to receive 500 Shares 0.62%
45,000 1,391  760 out of 1,391 to receive 500 Shares 0.61%
50,000 2,821  1,683 out of 2,821 to receive 500 Shares 0.60%
60,000 1,764  1,241 out of 1,764 to receive 500 Shares 0.59%
70,000 1,458  1,176 out of 1,458 to receive 500 Shares 0.58%
80,000 1,327  1,201 out of 1,327 to receive 500 Shares 0.57%
90,000 1,300  500 Shares 0.56%
100,000 6,379
500 Shares plus 638 out of  6,379 to
receive additional 500 Shares 0.55%
200,000 4,043
500 Shares plus 1,617 out of  4,043 to
receive additional 500 Shares 0.35%


--- page 13 ---
11

300,000 2,641  1,000 Shares 0.33%
400,000 3,758
1,000 Shares plus 1,804 out of  3,758 to
receive additional 500 Shares 0.31%
 Total 132,968
Total number of Pool A successful
applicants: 39,542

   POOL B
500,000 4,070  1,500 Shares 0.30%
600,000 1,274
1,500 Shares plus 317 out of  1,274 to
receive additional 500 Shares 0.27%
700,000 870
1,500 Shares plus 557 out of  870 to
receive additional 500 Shares 0.26%
800,000 755  2,000 Shares 0.25%
900,000 575
2,000 Shares plus 81 out of  575 to
receive additional 500 Shares 0.23%
1,000,000 2,424
2,000 Shares plus 485 out of  2,424 to
receive additional 500 Shares 0.21%
2,000,000 979  2,500 Shares 0.13%
3,000,000 451
2,500 Shares plus 180 out of  451 to
receive additional 500 Shares 0.09%
4,000,000 249
2,500 Shares plus 149 out of  249 to
receive additional 500 Shares 0.07%
5,000,000 155  3,000 Shares 0.06%
6,000,000 72  3,500 Shares 0.06%
7,000,000 61  4,000 Shares 0.06%
8,000,000 51  4,500 Shares 0.06%
9,000,000 42  5,000 Shares 0.06%
10,000,000 135  5,500 Shares 0.06%
20,000,000 24  9,000 Shares 0.05%
25,000,000 73  10,000 Shares 0.04%
 Total   12,260
Total number of Pool B successful
applicants: 12,260

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.

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 Shares.
The Directors confirm that, to the best of their knowledge, no rebate has been, directly or indirectly,
provided by the issuer, its controlling shareholder(s), directors or syndicate members to any placees or
the public (as the case may be) and the consideration payable by them for  each share (or, where
applicable, each unit of other equity securities or interests (which include equity securities, interests in
a REIT, stapled securities and securities of an investment company (as defined in Rule 21.01)) of the


--- page 14 ---
12

issuer subscribed for or purchased by them is the same as the final offer price determined by the issuer,
in addition to any brokerage, AFRC transaction levy, SFC transaction levy and trading fee payable.
OTHERS / ADDITIONAL INFORMATION

Allocations of Offer Shares to Cornerstone Investors or their close associates with consent under
Chapter 4.15 of the Guide for New Listing Applicants

The Company has applied to, and the Stock Exchange has granted, a consent under Chapter 4.15 of
the Guide for New Listing Applicants to permit the Company to allocate further Offer Shares in the
International Offering to a Cornerstone Investor or close associates of certain Cornerstone Investors
as placees (the “Size-based Exemption Participants”), subject to the following conditions (the “Size-
based Exemption”):

(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) each Director, chief executive and member of the group of Controlling Shareholders of the
Company confirms that no securities have been allocated to them or their respective close
associates under the Size-based Exemption;

(c)  the allocation to Size-based Exemption Participants will not affect the Company’s ability to satisfy
its public float requirement under Rule 8.08 of the Listing Rules; and

(d) details of the allocation to Size-based Exemption Participants under the Size-based Exemption will
be 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 the allocations of Offer Shares to a Cornerstone Investor or close associate s of certain
Cornerstone Investors, please refer to the section headed “Allotment Results Details – International
Offering – Allotees with Consents Obtained” in this announcement.

Placing to connected clients with a prior consent under paragraph 1C(1) of the Placing
Guidelines

Under the International Offering, certain Offer Shares were placed to connected clients of their
connected distributors pursuant to the Placing Guidelines.

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. 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 (including the cornerstone tranche and
placing tranche) are set out below:


--- page 15 ---
13

Placee Connected
distributor
Relationship Whether the
connected client
will hold
beneficial
interests of Offer
Shares on a non-
discretionary or
discretionary
basis for
independent third
partis
Number
of Offer
Shares to
be
allocated
to the
connected
client
% of Offer
Shares Note 1
% of
total
issued
Shares
upon
Listing
Note 1
CICC FT
Note 2
China
Internationa
l Capital
Corporation
Hong Kong
Securities
Limited
(CICCHKS
)
CICC FT is a
member of
the same
group of
CICCHKS.
non-discretionary
basis
5,825,000
Note 5
1.17% 0.29%
HTCI Note
3
Huatai
Financial
Holdings
(Hong
Kong)
Limited
(HTFH)
HTCI is a
member of
the same
group of
HTFH.
non-discretionary
basis
5,425,000 1.09% 0.27%
Bosera
AM Note 4
CMB
Internationa
l Capital
Limited
(“CMBI”)
Bosera AM is
a member of
the same
group of
CMBI.
discretionary
basis
353,500 0.07% 0.02%


--- page 16 ---
14

Notes:

1. Assuming the Over-allotment Option is not exercised.
2. For details of placement to CICC FT under the cornerstone tranche, please refer to the sections
headed “Waivers from Strict Compliance with the Listing Rules - Consent in respect of the
Proposed Subscription of Shares by a Cornerstone Investor Who Is a Connected Client”  and
“Cornerstone Investors” of the Prospectus . The details of placement to CICC FT under  the
placing tranche are set out below.
CICC FT and China International Capital Corporation Limited will enter into a series of cross
border delta-one OTC equity swap transactions (collectively, the OTC Swaps) with each other
and the ultimate clients (the CICC FT Ultimate Clients), pursuant to which CICC FT will hold
the Offer Shares on a non-discretionary basis to hedge the OTC Swaps while the economic risks
and returns of the underlying Offer Shares are passed to the CICC FT Ultimate Clients, subject
to customary fees and commis sions. The OTC S waps will be fully funded by the CICC FT
Ultimate Clients. During the term of the OTC Swaps, all economic returns of the Offer Shares
subscribed by CICC FT will be passed to the CICC FT Ultimate Clients and all economic losses
shall be borne by the CICC FT Ultimate Clients through the OTC Swaps, and CICC FT will not
take part in any economic return or bear any economic loss in relation to the Offer Shares. The
OTC Swaps are linked to the performance of the Offer Shares and the CICC FT Ultimate Clients
may request CICC FT to redeem it at their own discretions, upon which CICC FT may dispose
of the Offer Shares and settle the OTC Swaps in cash in accordance with the terms and
conditions of the OTC Swaps. Despite that CICC FT will hold the legal title of the Offer Shares
by itself, it will not exercise the voting rights attaching to the relevant Offer Shares during the
terms of the OTC Swaps according to its internal policy. Consequently, CICC FT Ultimate
Clients are not entitled to any voting rights of the relevant Offer Shares.
To the best of CICC FT’s knowledge having made all reasonable inquiries, each of the CICC
FT Ultimate Clients and their respective ultimate beneficial owners is an independent third
party of the Company and its subsidiaries, CICC FT, CICCHKS and the companies which are
members of the same group of CICCHKS.
3. 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. ( Huatai Securities ), the shares of which are listed on both the
Shanghai Stock Exchange (stock code: 601688) and the Stock Exchange (stock code: 6886), is
one of the domestic securities firms licensed to undertake cross -border derivatives trading
activities. Huatai Securiti es 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 Huatai Securities and HTCI.
HTFH is a joint sponsor, overall coordinator and underwriter of the Company in connection
with the Global Offering. Pursuant to the ISDA Agreement, HTCI, which intends to participate
in the Global 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


--- page 17 ---
15

Back-to-back TRS) to be entered by HTCI in connection with a Client 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 commission s,
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 indire ctly wholly -owned subsidiaries of Huatai
Securities. Accordingly, HTCI is considered as a “connected client” of HTFH pursuant to
paragraph 1B(7) of the Placing Guidelines.
Pursuant to the Cross -border Derivatives Trading Regime, the onshore investors (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 Huatai Securities, with the Offer Shares as the underlying  assets.
Instead of directly subscribing for the Offer Shares, the Huatai Ultimate Clients will place a
total return swap order (the Client TRS) with Huatai Securities in connection with the Global
Offering and Huatai Securities will place a Back -to-back TRS order to HTCI on the terms of
the ISDA Agreement. In order to hedge its exposure under the Back -to-back TRS, HTCI
participates in the Global Offering and subscribes the Offer Shares through placing order with
HTFH during the International Offering.
The purpose of HTCI to subscribe for the Offer Shares is for hedging the Back -to-back TRS in
connection with the Client TRS order placed by the Huatai Ultimate Clients. Pursuant to the
terms of the contracts of the Back -to-back TRS and the Client TRS, subj ect to customary fees
and commissions, during the tenor of the Back -to-back TRS and the Client TRS, all economic
returns of the Offer Shares will be ultimately passed to the Huatai Ultimate Clients through the
Back-to-back TRS and the Client TRS and all ec onomic 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.
Investment in the Back-to-back TRS and the Client 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 Back -to-back TRS and
the Client TRS factor into account the  fluctuation in RMB exchange rate upon termination of
the Client 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 Client
TRS at any time from the issue date of the Client TRS which should be on or after the date on
which the Offer Shares are listed on the Stock Exchange  at their own discretion. Upon the
termination upon maturity or early termination of the Client 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 am ount in cash i n accordance with the terms and
conditions of the Back-to-back TRS and the Client 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 Client TRS, the Huatai Ultimat e Clients intend to extend the investment period, subject
to further agreement between Huatai Securities and the relevant Huatai Ultimate Clients, the
term of the Client TRS could be extended by way of a new issuance or a tenor extension.


--- page 18 ---
16

Accordingly, Huatai Securities will extend the term of the 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, each being an
onshore client who places a Client TRS order with Huatai Securities in connection with the
Global Offering. HTCI will not exercise the voting right of the Offer Shares during the tenor of
the Back-to-back TRS.
During the life of the Client TRS and 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 Back-to-back TRS to ensure the economic interests are
ultimately passed to the Huatai Ultimate Clients.
To the best of HTCI’s knowledge having made all reasonable inquiries, each of the Huatai
Ultimate Clients and their respective ultimate beneficial owners is an independent third party
of the Company and its subsidiaries, HTCI, HTFH and the companies which are members of
the same group of HTFH.
4. Bosera AM will hold the Offer Shares in its capacity as discretionary fund manager managing
assets on behalf of its underlying clients.
To the best of Bosera  AM’s knowledge having made all reasonable inquiries, each of the
underlying clients of Bosera AM and their respective  ultimate beneficial owners is an
independent third party of the Company and its subsidiaries, Bosera AM, CMBI  and the
companies which are members of the same group of CMBI.
5. Represents the total number of Offer Shares allocated to the investor (i) as a Cornerstone
Investor and (ii) as a placee pursuant  to a consent under Chapter 4.15 of the Guide for New
Listing Applicants granted by the Stock Exchange.


--- page 19 ---
17

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 const itute or form a part of any offer or solicitation to
purchase or subscribe for securities in the United States. The Offer Shares have not been and will not
be registered under the United States Securities Act of 1933 , as amended (the “ U.S. Securities Act ”)
or any state securities laws  in the United States and may not be offered, sold, pledged or transferred
within the United States or to, or for the  account or benefit of U.S. persons (as defined in Regulation
S under the U.S. Securities Act), except in transactions  exempt from, or not subject to, the registration
requirements of the U.S. Securities Act. The Offer Shares are being  offered and sold outside the United
States in offshore transactions in reliance on Regulation S under the U.S . Securities Act.
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 November 1 4, 2025  issued by Chuangxin Industries
Holdings Limited  for detailed information about the Global Offering described below 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
Coordinator s (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 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. (Hong Kong time) on the Listing  Date (which is currently
expected  to be on November 24, 2025).


--- page 20 ---
3
PUBLIC FLOAT AND FREE FLOAT
Immediately following the completion of the Global Offering (before any exercise of the
Over-allotment Option), the total number of the Shares held by the public represents approximately
25.00% of the total issued share capital of the Company, which is higher than the prescribed
percentage of Shares required to be held in public hands of 15% under Rule 8.08(1) of the Listing
Rules calculated based on the final Offer Price of HK$10.99 per Share, thereby satisfying the
public float requirement under Rule 8.08(1) of the Listing Rules.
Each of the Cornerstone Investors has agreed to a lock-up period of six months following the
Listing Date. As such, Shares held by the Cornerstone Investors upon the Listing shall not be
counted towards the free float of the Shares of the Company at the time of Listing. Based on the
final Offer Price of HK$10.99 per Share, the Company satisfies the free float requirement under
Rule 8.08A(2) of the Listing Rules.
The Directors confirm that, immediately following the completion of the Global Offering (before
any exercise of the Over-allotment Option), (i) no placee will, individually, be placed more than
10% of the enlarged issued share capital of the Company immediately after the Global Offering;
(ii) there will not be any new substantial Shareholder immediately after the Global Offering; (iii)
the three largest public shareholders of the Company do not hold more than 50% of the shares in
public hands at the time of the Listing in compliance with Rules 8.08(3) and 8.24 of the Listing
Rules; and (iv) there will be at least 300 Shareholders at the time of the Listing in compliance with
Rule 8.08(2) of the Listing Rules.
COMMENCEMENT OF DEALINGS
The Share certificates will only become valid evidence of title at 8:00 a.m. on Monday, November
24, 2025 (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 Shares on the basis of publicly available allocation
details prior to the receipt of Share certificates or prior to the 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 Monday,
November 24, 2025 (Hong Kong time), it is expected that dealings in the Shares on the Stock
Exchange will commence at 9:00 a.m. on Monday, November 24, 2025 (Hong Kong time). The
Shares will be traded in board lots of 500 Shares each, and the stock code of the Shares will be
02788.
By order of the Board
Chuangxin Industries Holdings Limited
創新實業集團有限公司
Mr. CUI Lixin
Chairman of the Board and Non-executive Director
Hong Kong, November 21, 2025
As of the date of this announcement, the Board comprises: (i) Mr. CUI Lixin as chairman of the
Board and non-executive Director; (ii) Mr. CAO Yong, Mr. ZHANG Jianxiang, Ms. ZHANG Yue
and Mr. FU Qian as the executive Directors; and (iii) Mr. LIU Yanzhao, Ms. ZHENG Juan and Ms.
SHEN Lingyan as the independent non-executive Directors.
