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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.
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, and is not intended to, constitute or form a part of any offer or solicitation to purchase or
subscribe for securities in the United States or in any other jurisdiction. The Offer Shares 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 and may not be offered, sold, pledged or
otherwise transferred within the United States, except in transactions exempt from, or not subject to, the registration
requirements of the U.S. Securities Act and in compliance with any applicable state securities laws. There will be no
public offer of the Offer Shares in the United States. The Offer Shares are being offered and sold solely outside the
United States in offshore transactions in reliance on Regulation S under the U.S. Securities Act and applicable laws of
each jurisdiction where those offers and sales occur.
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 September 15, 2025 (the “Prospectus ”) issued by BUTONG GROUP ( ʔΝණ䕈 ) (the “Company ”) for detailed
information about the Global Offering described below before deciding whether or not to invest in the Shares thereby
being offered. The Company has not been and will not be registered under the U.S. Investment Company Act of 1940,
as amended.
Unless otherwise defined in this announcement, capitalized terms used herein shall have the same meanings as those
defined in the Prospectus.
In connection with the Global Offering, CLSA Limited, as the stabilizing manager (the “Stabilizing Manager ”) (or
its affiliates 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 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 (or its affiliates 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, October 17, 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, October 17, 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 obligations of the Hong Kong Underwriters under the Hong Kong Underwriting Agreement to subscribe for,
and to procure subscribers for, the Hong Kong Offer Shares, are subject to termination by the Overall Coordinators
(for themselves and on behalf of the Hong Kong Underwriters) if certain events shall occur prior to 8:00 a.m. on the
Listing Date. Such grounds are set out in the section headed “Underwriting ” in the Prospectus. It is important that you
refer to that section for further details.


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2
BUTONG GROUP
不同集團
(Incorporated in the Cayman Islands with limited liability)
GLOBAL OFFERING
Number of Offer Shares under the
Global Offering
: 10,980,900 Offer Shares
Number of Hong Kong Offer Shares : 1,098,100 Offer Shares
Number of International Offer Shares : 9,882,800 Offer Shares
Final Offer Price : HK$71.20 per Offer Share, plus brokerage
of 1.0%, AFRC transaction levy of
0.00015%, SFC transaction levy of
0.0027%, and Stock Exchange trading
fee of 0.00565%
Nominal value : US$0.0001 per Offer Share
Stock code : 6090
Joint Sponsors, Overall Coordinators, Joint Global Coordinators, Joint Bookrunners and
Joint Lead Managers
Overall Coordinator, Joint Global Coordinator, Joint Bookrunner and Joint Lead Manager
Joint Bookrunners and Joint Lead Managers


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BUTONG GROUP/ ʔΝණ團
ANNOUNCEMENT OF FINAL OFFER PRICE AND ALLOTMENT RESULTS
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 the Shares traded and should exercise
extreme caution when dealing in the Shares.
SUMMARY
Company information
Stock code 6090
Stock short name BUTONG GROUP
Dealings commencement date September 23, 2025*
* see note at the end of the announcement
Price Information
Final Public Offer Price and International Offer Price
(the “Offer Price ”)
HK$71.20
Offer Price Range N/A
Offer Shares and Share Capital
Number of Offer Shares 10,980,900
Final Number of Offer Shares in Hong Kong Public
Offering
1,098,100
Final Number of Offer Shares in International Offer 9,882,800
Number of issued Shares upon Listing 90,751,378
Over-allocation
No. of Offer Shares over-allocated –
Note:  There has been no over-allocation of Offer Shares in the placing. The Over-allotment Option has not been
exercised and will not be exercised.


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4
Proceeds
Gross proceeds (Note) HK$781.84 million
 Less: Estimated listing expenses payable based on
 final Offer Price
HK$63.58 million
Net proceeds HK$718.26 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.
ALLOTMENT RESULTS DETAILS
PUBLIC OFFER
No. of valid applications 154,400
No. of successful applications 10,981
Subscription level 3,317.47 times
Claw-back triggered N/A
No. of Offer Shares initially available under the Hong
Kong Public Offering
1,098,100
No. of Offer Shares reallocated from the International
Offer (clawback)
N/A
Final no. of Offer Shares under the Hong Kong Public
Offering
1,098,100
% of Offer Shares under the Hong Kong Public Offering
to the Global Offering
10%
Note: For details of the final allocation of Offer Shares to the Hong Kong Public Offering, investors can refer
to https://www.eipo.com.hk/eIPOAllotment to perform a search by identification number or www.eipo.com.hk/
eIPOAllotment for the full list of allottees.


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5
INTERNATIONAL OFFER
No. of placees 333
Subscription level 7.37 times
No. of Offer Shares initially available under the
International Offer
9,882,800
No. of Offer Shares reallocated to the Hong Kong Public
Offering (claw-back)
N/A
Final no. of Offer Shares under the International Offer 9,882,800
% 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, save for a
consent under paragraph 1C(1) of Appendix F1 to the Listing Rules (the “Placing Guidelines ”)
granted by the Stock Exchange and Chapter 4.15 of the Guide for New Listing Applicants to permit
the Company to, among other things, allocate further Offer Shares in the International Offering to
a Cornerstone Investor and/or its respective close associate, (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 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 the Directors, chief executive of the Company,
Controlling Shareholders, substantial 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 the Shares registered in his/her/its name or otherwise held by him/her/it.


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The placees in the International Offer include the following:
Cornerstone Investors
Investor
No. of
Offer Shares
allocated
% of Offer
Shares
% of total
issued share
capital after
the Global
Offering Note 2
Existing
shareholders
or their close
associates
Cithara Global
Multi-Strategy SPC
- Bosideng Industry
Investment Fund SP
(“Cithara Fund ”)
547,500 4.99% 0.60% No
Shanghai Tongyi
Investment
Management Co.,
Ltd. and Huatai
Capital Investment
Limited ( “HTCI”)
(in connection with
a back-to-back total
return swap) ( “HTCI
(in connection with
the Tongyi OTC
Swaps ”)Note 1
547,500 4.99% 0.60% No
Great Praise
Investment SPC -
Selected AI Fund SP
(“Great Praise ”)
547,500 4.99% 0.60% No
Total 1,642,500 14.96% 1.81%
Note:
1. HTCI and Huatai Securities Company Limited have entered into a series of cross border over-the-counter
(“OTC”) swap transactions (collectively, the “Tongyi OTC Swaps ”) with each other and their ultimate
clients (the “HTCI Ultimate Clients (Tongyi) ”), pursuant to which HTCI will hold the Offer Shares on
a non-discretionary basis to hedge the Tongyi OTC Swaps while the economic risks and returns of the
underlying Offer Shares are passed to the HTCI Ultimate Clients (Tongyi), subject to customary fees and
commissions. HTCI (in connection with the Tongyi OTC Swaps) subscribed the Offer Shares as Cornerstone
Investor. Please refer to the section headed “Allotment Results Details – International Offer – Allotee with
Waivers/Consents Obtained ” in this announcement for details. 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.
2. Only taking into account the Offer Shares allocated to the relevant investors under the Global Offering.
3. There has been no over-allocation of Offer Shares in placing. The Over-allotment Option has not been
exercised and will not be exercised.


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7
Allotee with Consents Obtained
Investor
No. of Offer
Shares
allocated
% of Offer
Shares
% of total
issued share
capital after
the Global
Offering Note 3 Relationship
Allotee 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  Note 2
HTCI (in connection
with the Tongyi OTC
Swaps)Note 1
547,500 4.99% 0.60% A connected
client of
Huatai
Financial
Holdings
(Hong Kong)
Limited and a
Cornerstone
Investor
CITIC Securities
International Capital
Management Limited
(“CSI”)Note 2
1,095,400 9.98% 1.21% Connected
client
Guotai Junan
Investments
(Hong Kong)
Limited ( “GTJA
Investments ”)Note 2
7,000 0.06% 0.01% Connected
client
Notes:
1. The number of Offer Shares allocated to the relevant investor listed in this subsection represents the number
of Offer Shares allocated to the investor as a Cornerstone Investor, for details please refer to the section
headed “Allotment Results Details – International Offer – Cornerstone Investors ” in this announcement.
2. The number of Offer Shares allocated to the relevant investor listed in this subsection represents the number
of Offer Shares allocated to the investor as a placee in the International Offering.
3. The Offer Shares placed to such allottees are held by independent third parties, as defined in Chapter 4.15
of the Guide for New Listing Applicants, and are in compliance with all the conditions under the consent
granted by the Stock Exchange.
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
“Others/Additional Information – Placing to connected clients with a prior consent under paragraph 1C(1) of
the Placing Guidelines ” in this announcement.
4. Only taking into account the Offer Shares allocated to the relevant investors under the Global Offering.


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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
upon Listing
Last day subject
to the lock-up
undertakings Note 1
WANGBOYAN
HOLDING INC
(“WANGBOYAN”)(Note 4)
42,240,920 Shares 46.55% March 22, 2026 (First
Six-month Period) Note 2
September 22, 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 March 22, 2026 and for the second six-month period ends on September 22, 2026.
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.
4. WANGBOYAN is owned by Boyan Holdings Limited ( “Boyan Holdings ”) as to 65% and WWANG
HOLDING INC ( “WWANG ”) as to 35%. Boyan Holdings is wholly owned by Vistra Trust (Singapore) Pte.
Limited, the trustee of the Boyan Family Trust with Mr. Wang as the settlor and protector and WWANG as
the beneficiary. WWANG is wholly owned by Mr. Wang. Accordingly, each of Boyan Holdings, WWANG
and Mr. Wang is deemed to be interested in the 42,240,920 Shares held by WANGBOYAN under the SFO.
Pursuant to a deed of voting proxy entered into between SLING and WANGBOYAN on February 2, 2024,
WANGBOYAN, as the true and lawful attorney of SLING, has the right to vote over all the 5,400,000 Shares
held by SLING from the date of execution of the deed of voting proxy. Since WANGBOYAN is 100%
controlled by Mr. Wang through his interest in Boyan Holdings and WWANG, Mr. Wang is also in control
of the 5,400,000 Shares held by SLING. Accordingly, Mr. Wang is in control of a total of 47,640,920 Shares,
representing approximately 52.50% of the total issued Shares upon completion of the Global Offering.


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9
Other Existing Shareholders
Name
Number of Shares
held in the
Company subject to
lock-up
undertakings upon
Listing
% of total issued
Shares after the
Global Offering
upon Listing
Last day subject to
the lock-up
undertakings
WEILING HOLDING
INC
4,575,638 Shares 5.04% March 22, 2026
Tiantu VC USD Fund
I L.P.
7,374,400 Shares 8.13% March 22, 2026
Gaorong Partners
Fund IV, L.P.
7,036,560 Shares 7.75% March 22, 2026
Gaorong Partners
Fund IV-A, L.P.
781,840 Shares 0.86% March 22, 2026
Tembusu B Limited 6,254,740 Shares 6.89% March 22, 2026
SLING HOLDING
INC ( “SLING ”)Note 2
5,400,000 Shares 5.95% March 22, 2026
xu tai Limited 1,228,840 Shares 1.35% March 22, 2026
DKT Limited 772,880 Shares 0.85% March 22, 2026
Taikang Life
Insurance Co., Ltd.
4,104,660 Shares 4.52% March 22, 2026


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10
Name
Number of Shares
held in the
Company subject to
lock-up
undertakings upon
Listing
% of total issued
Shares after the
Global Offering
upon Listing
Last day subject to
the lock-up
undertakings
Notes:
1. Assuming no Shares are issued under the Share Incentive Plan.
2. Pursuant to a deed of voting proxy entered into between SLING and WANGBOYAN on February 2, 2024,
WANGBOYAN, as the true and lawful attorney of SLING, has the right to vote over all the 5,400,000 Shares
held by SLING from the date of execution of the deed of voting proxy. Since WANGBOYAN is 100%
controlled by Mr. Wang through his interest in Boyan Holdings and WWANG, Mr. Wang is also in control of
the 5,400,000 Shares held by SLING.
Cornerstone Investors
Name
Number of
Shares held in
the Company
subject to
lock-up
undertakings
upon
Listing
% of Offer
Shares
% of total
issued
Shares after
the Global
Offering upon
Listing
Last day
subject to
the lock-up
undertakings
Note 1
Cithara Fund 547,500 4.99% 0.60% March 22, 2026
HTCI (in connection
with the Tongyi OTC
Swaps
547,500 4.99% 0.60% March 22, 2026
Great Praise 547,500 4.99% 0.60% March 22, 2026
Total 1,642,500 14.96% 1.81%
Note:
1. In accordance with the relevant cornerstone investment agreements, the required lock-up ends on March 22,
2026. The Cornerstone Investors will cease to be prohibited from disposing of or transferring the Shares
subscribed for pursuant to the relevant cornerstone investment agreements after the indicated date.


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11
PLACEE CONCENTRATION ANALYSIS
Placees
Number of
Shares allotted
Allotment as %
of International
Offering
(assuming no
Shares are
issued under the
Share Incentive
Plan)
Allotment as
% of total
Offer Shares
(assuming no
Shares are
issued under the
Share Incentive
Plan)
Number of
Shares held
upon Listing
% of total
issued share
capital upon
Listing
(assuming no
Shares are
issued under the
Share Incentive
Plan)
Top 1 1,643,200 16.63% 14.96% 1,643,200 1.81%
Top 5 4,708,600 47.64% 42.88% 4,708,600 5.19%
Top 10 7,064,500 71.48% 64.33% 7,064,500 7.78%
Top 25 9,281,300 93.91% 84.52% 9,281,300 10.23%
Notes
* 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
Shares are issued
under the Share
Incentive Plan)
Allotment as % of
total Offer Shares
(assuming no
Shares are issued
under the Share
Incentive Plan)
Number of Shares
held upon Listing
% of total issued
share capital upon
Listing (assuming
no Shares are
issued under the
Share Incentive
Plan)
Top 1 0 0.00% 0.00% 42,240,920 46.55%
Top 5 0 0.00% 0.00% 69,088,460 76.13%
Top 10 2,738,600 27.71% 24.94% 81,736,198 90.07%
Top 25 8,229,700 83.27% 74.95% 88,000,178 96.97%
Notes
* Ranking of Shareholders is based on the number of Shares held by the Shareholder upon Listing.


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BASIS OF ALLOCATION UNDER THE HONG KONG PUBLIC OFFERING
Subject to the satisfaction of the conditions set out in the Prospectus, a total of 154,400 valid
applications made by the public will be conditionally allocated on the basis set out below:
NO. OF SHARES
APPLIED FOR
NO. OF VALID
APPLICATIONS BASIS OF ALLOTMENT/BALLOT
APPROXIMATE
PERCENTAGE
ALLOTTED OF
THE TOTAL
NO. OF SHARES
APPLIED FOR
POOL A
100 43,701 437 out of 43,701 to receive 100 Shares 1.00%
200 10,957 112 out of 10,957 to receive 100 Shares 0.51%
300 6,089 73 out of 6,089 to receive 100 Shares 0.40%
400 3,160 38 out of 3,160 to receive 100 Shares 0.30%
500 3,622 45 out of 3,622 to receive 100 Shares 0.25%
600 6,629 88 out of 6,629 to receive 100 Shares 0.22%
700 1,512 21 out of 1,512 to receive 100 Shares 0.20%
800 1,367 20 out of 1,367 to receive 100 Shares 0.18%
900 1,099 17 out of 1,099 to receive 100 Shares 0.17%
1,000 8,882 142 out of 8,882 to receive 100 Shares 0.16%
1,500 3,940 89 out of 3,940 to receive 100 Shares 0.15%
2,000 3,234 91 out of 3,234 to receive 100 Shares 0.14%
2,500 2,591 84 out of 2,591 to receive 100 Shares 0.13%
3,000 2,347 84 out of 2,347 to receive 100 Shares 0.12%
3,500 1,579 61 out of 1,579 to receive 100 Shares 0.11%
4,000 1,627 65 out of 1,627 to receive 100 Shares 0.10%
4,500 1,150 47 out of 1,150 to receive 100 Shares 0.09%
5,000 2,639 112 out of 2,639 to receive 100 Shares 0.08%
6,000 2,386 115 out of 2,386 to receive 100 Shares 0.08%


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13
NO. OF SHARES
APPLIED FOR
NO. OF VALID
APPLICATIONS BASIS OF ALLOTMENT/BALLOT
APPROXIMATE
PERCENTAGE
ALLOTTED OF
THE TOTAL
NO. OF SHARES
APPLIED FOR
7,000 1,990 98 out of 1,990 to receive 100 Shares 0.07%
8,000 1,591 84 out of 1,591 to receive 100 Shares 0.07%
9,000 1,274 69 out of 1,274 to receive 100 Shares 0.06%
10,000 8,662 476 out of 8,662 to receive 100 Shares 0.05%
20,000 4,614 415 out of 4,614 to receive 100 Shares 0.04%
30,000 2,979 357 out of 2,979 to receive 100 Shares 0.04%
40,000 2,301 322 out of 2,301 to receive 100 Shares 0.03%
50,000 2,091 335 out of 2,091 to receive 100 Shares 0.03%
60,000 2,587 486 out of 2,587 to receive 100 Shares 0.03%
70,000 5,189 1,108 out of 5,189 to receive 100 Shares 0.03%
141,789 Total number of Pool A successful applicants: 5,491
POOL B
80,000 1,948 468 out of 1,948 to receive 100 Shares 0.03%
90,000 801 180 out of 801 to receive 100 Shares 0.02%
100,000 3,116 748 out of 3,116 to receive 100 Shares 0.02%
150,000 1,894 653 out of 1,894 to receive 100 Shares 0.02%
200,000 1,116 502 out of 1,116 to receive 100 Shares 0.02%
250,000 881 485 out of 881 to receive 100 Shares 0.02%
300,000 661 426 out of 661 to receive 100 Shares 0.02%
350,000 327 243 out of 327 to receive 100 Shares 0.02%
400,000 480 403 out of 480 to receive 100 Shares 0.02%
500,000 202 197 out of 202 to receive 100 Shares 0.02%
549,000 1,185 100 Shares 0.02%
12,611 Total number of Pool B successful applicants: 5,490
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.


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14
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 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 is 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
Placing to Cornerstone Investor as a connected client with a prior consent under paragraph
1C(1) of 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 HTCI (in connection with the
Tongyi OTC Swaps) to participate in the Global Offering as a 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.
No.
Connected
Distributor Connected Client Relationship
Whether the
connected
client will hold
the beneficial
interests of the
Offer Shares on a
nondiscretionary
basis or
discretionary
basis for
independent third
parties
Number of Offer
Shares to be
allocated to the
Connected Client
Approximate
percentage of
total number
of Offer Shares
under the Global
Offering
Approximate
percentage of
total issued
share capital
immediately
following the
Global Offering
1. Huatai Financial
Holdings (Hong
Kong) Limited
(“HTFH”)
HTCI (in
connection with
Tongyi OTC
Swaps)
HTFH and HTCI
are members of
the same group
company
Non-discretionary 547,500 4.99% 0.60%
Note:
1. HTCI and Huatai Securities Company Limited have entered into a series of Tongyi OTC Swaps with each
other and the HTCI Ultimate Clients (Tongyi), pursuant to which HTCI will hold the Offer Shares on a non-
discretionary basis to hedge the Tongyi OTC Swaps while the economic risks and returns of the underlying
Offer Shares are passed to the HTCI Ultimate Clients (Tongyi), subject to customary fees and commissions.
HTCI (in connection with the Tongyi OTC Swaps) subscribed the Offer Shares as Cornerstone Investor.


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15
To the best of HTCI ’s knowledge having made all reasonable inquiries, each of the HTCI Ultimate Clients
(Tongyi) and their ultimate beneficial owners is an independent third party of HTCI, HTFH, Huatai Securities
Company Limited and the companies which are members of the same group of HTFH and Huatai Financial
Holdings (Hong Kong) Limited (collectively, “Huatai ”). Huang Shilin, an independent third party, is the
ultimate beneficial owner of the HTCI Ultimate Clients (Tongyi) with more than 30% of beneficial interest. No
other ultimate beneficial owner of the HTCI Ultimate Clients (Tongyi) holds 30% or more of beneficial interest.
The HTCI Ultimate Clients (Tongyi) are two domestic private funds (namely Tongyi Anxin No. 2 Private
Securities Investment Fund (τ㒥 2ږand Tongyi Yuxin No. 2 Private Securities
Investment Fund (༃㒥 2ږmanaged by Shanghai Tongyi Investment Management
Co., Ltd (ʮ̡ ) ( “Shanghai Tongyi ”) in its capacity as fund manager. Shanghai Tongyi
is a PRC domestic asset manager specializing in long-term value discovery and creation. Mr. Chu Yibo is the
chairman, major shareholder and ultimate beneficial owner of Shanghai Tongyi holding 40.48% equity interest.
Other than Mr. Chu Yibo, there is no other ultimate beneficial owner of Shanghai Tongyi holds 30% or more
interest.
Placing to connected clients with a prior consent under paragraph 1C(1) of the Placing
Guidelines
In addition, under the International Offering, certain Offer Shares were placed to a connected
client of its connected distributor pursuant to the Placing Guidelines. Please refer to the section
headed “Allotment Results Details – International Offering – Allotee with 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. The
allocation of Offer Shares to such connected client is in compliance with all the conditions under
the consent granted by the Stock Exchange. Details of the placement to the connected client are set
out below:
No.
Connected
Distributor Connected Client Relationship
Whether the
connected
clients will hold
the beneficial
interests of the
Offer Shares on a
nondiscretionary
basis or
discretionary
basis for
independent third
parties
Number of Offer
Shares to be
allocated to the
Connected Client
Approximate
percentage of
total number
of Offer Shares
under the Global
Offering
Approximate
percentage of
total issued
share capital
immediately
following the
Global Offering
1. CLSA Limited
(“CLSA”)
CSI CSI is a member of
the same group of
CLSA
Non-discretionary 1,095,400 9.98% 1.21%
2. Haitong
International
Securities
Company Limited
(“HTI”)
GTJA
Investments
GTJA Investments
is a member of the
same group of HTI
Non-discretionary 7,000 0.06% 0.01%


--- page 16 ---
16
Notes:
1. 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 CSI in connection with a total return swap order (the “CSI Client TRS ”) placed
and fully funded by its ultimate clients, which are funds (the “CSI Ultimate Client(s) ”), by which CSI will
pass the full economic exposure of the Offer Shares placed to CSI to the CSI Ultimate Clients. 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, all
being independent third parties, 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. 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.
To the best knowledge, information and belief of CSI after making all reasonable enquiries, (i) each of the
CSI Ultimate Clients is an independent third party of CSI, CLSA and the companies which are members of the
same group of CLSA; (ii) each of the ultimate beneficial owners holding 30% or more interest of CSI Ultimate
Clients (as set out below) is an independent third party of the Company, CSI, CLSA and the companies which
are members of the same group of CLSA; and (iii) each of the CSI Ultimate Clients and each of their ultimate
beneficial owners (as set out below) is an independent third party of the Company, the subsidiaries, Controlling
Shareholders, substantial shareholders, existing shareholders of the Company (the “Relevant Parties ”), and the
respective subsidiaries and/or respective close associates of the Relevant Parties.
Fund manager Fund(s)
Ultimate beneficial owner(s) who holds
30% interests or more in the fund
Shenzhen Ruiquan Yixin
Investment Management Co.,
Ltd. (ҳ༟၍ଣ
ʮ̡ )
Ruiquan
Consumption Elite
Private Securities
Investment Fund
(ऊ൬ၚ፯ӷ෍
ږ)
Huang Xiangquan (ݰis holding 44.11%
of equity interests in Ruiquan Consumption Elite
Private Securities Investment Fund, save for Huang
Xiangquan, there is no other ultimate beneficial
owner holding 30% interests or more in Ruiquan
Consumption Elite Private Securities Investment
Fund.
Shenzhen Guoyuan Xinda
Capital Management Co., Ltd.
(ࠢ
ʮ̡)
Guoyuan Zhicheng
Private Securities
Investment Fund
(਷๕қϓӷ෍ᗇՎ
ږ)
It is confirmed that there is no ultimate beneficial
owner holding 30% interests or more in Guoyuan
Zhicheng Private Securities Investment Fund.
Guoyuan
Zhicheng No. 1
Private Securities
Investment Fund
(਷๕қϓ 1 ໮ӷ෍
ږ)
It is confirmed that there is no ultimate beneficial
owner holding 30% interests or more in Guoyuan
Zhicheng No. 1 Private Securities Investment Fund.
Guangzhou Kangqi Asset
Management Center (Limited
Partnership) ( ᄿψੰຩ༟ପ၍
ଣʕː(Υྫ ))
Kangqi Asset
Chuxin No. 4
Private Securities
Investment Fund
(ː 4 ໮
ږ)
Chai Xiaohua (ʃശ) is holding 42% of equity
interests in Kangqi Asset Chuxin No. 4 Private
Securities Investment Fund, save for Chai Xiaohua,
there is no other ultimate beneficial owner holding
30% interests or more in Kangqi Asset Chuxin No. 4
Private Securities Investment Fund.


--- page 17 ---
17
2. GTJA Investments shall hold the Offer Shares for hedging purpose as the single underlying asset of a back-
to-back total return swap transaction (the “GTJA Back-to-back TRS ”) to be entered into between GTJA
Investments and Guotai Junan Securities Co., Ltd. (the “GTJA Onshore Parent ”) in connection with a total
return swap order (the “GTJA Client TRS ”) to be entered into by GTJA Onshore Parent and its ultimate clients
(the “GTJA Onshore Ultimate Clients ”). GTJA Investments is wholly owned by Guotai Junan Financial
Holdings, which is in turn wholly owned by GTJA Onshore Parent. Such GTJA Client TRS is to be fully
funded by the GTJA Onshore Ultimate Clients. GTJA Investments will hold the Shares on a non-discretionary
basis for the purpose of hedging the economic exposure under the GTJA Back-to-back TRS and GTJA Client
TRS only, and the economic exposure of the underlying Offer Shares will be passed to the GTJA Onshore
Ultimate Clients, subject to the terms and conditions of the GTJA Back-to-back TRS and GTJA Client TRS
documents. During the tenor of the GTJA Client TRS, all economic returns of the Shares will be passed to the
GTJA Onshore Ultimate Clients and all economic losses shall be borne by the GTJA Onshore Ultimate Client
in accordance with the terms and conditions of the GTJA Back-to-back TRS and GTJA Client TRS documents,
and GTJA Investments will not take part in any economic return or bear any economic loss in relation to the
price of the Offer Shares. The GTJA Onshore Ultimate Clients may request to redeem the Offer Shares at their
own discretion, upon which GTJA Investments shall dispose of the Offer Shares and settle the GTJA Back-to-
back TRS and GTJA Client TRS in cash in accordance with the terms and conditions of the GTJA Back-to-
back TRS and GTJA Client TRS documents. Due to its internal policy, GTJA Investments will not exercise the
voting right attaching to the Offer Shares during the tenor of the GTJA Back-to-back TRS and GTJA Client
TRS documents.
To the best knowledge of GTJA Investments after making all reasonable enquiries, (i) each of the GTJA
Onshore Ultimate Clients is an independent third party of GTJA Investments, HTI Securities and the companies
which are members of the same group of HTI Securities; (ii) each of the ultimate beneficial owners holding
30% or more interests of GTJA Onshore Ultimate Clients is an independent third party of the Company, GTJA
Investments, HTI Securities and the companies which are members of the same group of HTI Securities; and (iii)
each of the GTJA Onshore Ultimate Clients and their respective ultimate beneficial owners (as set out below) is
an independent third party of the Relevant Parties, and respective subsidiaries and/or respective close associates
of the Relevant Parties:
(i) Shanghai Jinde Asset Management Ltd. (ʮ̡ ), with only one individual
WANG Xinyang (౮), holding 30% or more equity interests and there is no other ultimate beneficial
owner holding 30% interests or more therein;
(ii) Lingding Investment Management Co., Ltd. (ʮ̡ ), with only one
individual XIONG Nawei ( ဤॶฆ), holding 30% or more equity interests and there is no other ultimate
beneficial owner holding 30% interests or more therein;
(iii) Zhejiang Yingyang Asset Management Co., Ltd. (ʮ̡ ), with only one
individual LOU Dong ( ᅽಊ), holding 30% or more equity interests and there is no other ultimate
beneficial owner holding 30% interests or more therein;
(iv) Tangshan Nuobao Equity Investment Fund Management Co., Ltd (ʮ
̡), with only one individual XU Jianyi (່), holding 30% or more equity interests and there is no
other ultimate beneficial owner holding 30% interests or more therein; and
(v) Shanghai Enjoy Wealth Asset Management Co., Ltd (ʮ̡ ), with only one
individual GONG Chao ( ᛵ൴), holding 30% or more equity interests and there is no other ultimate
beneficial owner holding 30% interests or more therein.


--- page 18 ---
18
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 or in any other
jurisdiction. Securities may not be offered or sold in the United States absent registration or an
exemption from registration under the U.S. Securities Act. Any public offering of our securities
to be made in the United States will be made by means of a prospectus that may be obtained
from us and that will contain detailed information about us and our management, as well as
financial statements. There will be no public offer of the Offer Shares in the United States. The
Offer Shares are being offered and sold solely outside the  United States in offshore transactions
in reliance on Regulation S under the U.S. Securities Act and applicable laws of  each jurisdiction
where those offers and sales occur.
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 September 15, 2025 issued by BUTONG GROUP for
detailed information about the Global Offering described below before deciding whether or not
to invest in the Offer 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 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 September 23, 2025).
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
47.50% of the total issued Shares 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$71.20 per Offer Share, thereby satisfying the
public float requirement under Rule 8.08(1) of the Listing Rules.
Each of the Cornerstone Investors and other existing shareholders (including Pre-IPO investors)
has agreed to a lock-up period of six months following the Listing Date. As such, Shares held by
them 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$71.20 per Offer Share, the Company
satisfies the free float requirement under Rule 8.08A of the Listing Rules.


--- page 19 ---
19
The Directors confirm that, immediately following the completion of the Global Offering (before
any exercise of the Overallotment Option), (i) no placee will, individually, be placed more than
10% of the enlarged total issued Shares 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 Tuesday, September
23, 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 Tuesday,
September 23, 2025 (Hong Kong time), it is expected that dealings in the Shares on the Stock
Exchange will commence at 9:00 a.m. on Tuesday, September 23, 2025 (Hong Kong time). The
Shares will be traded in board lots of 100 Shares each, and the stock code of the Shares will be
6090.
By order of the Board
BUTONG GROUP
ʔΝණ團
Mr. Wang Wei
Chairman of the Board
Hong Kong, September 22, 2025
As of the date of this announcement, the Directors of the Company named in the Prospectus
comprises: (i) Mr. Wang Wei ( ӓᇲ), Ms. Shen Ling (ࡗand Mr. Yan Dong ( ᕙಊ) as executive
Directors; and (ii) Mr. Yan Jianjun (ࠏMr. Yu Chun Kau (ଢ) and Ms. Chan Wing Ki
(௓጑೘) as proposed independent non-executive Directors.
