--- 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 June 20, 2025 (the “ Prospectus ”) issued by IFBH Limited (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 securities of the Company. This announcement is
not a prospectus. Potential investors should read the Prospectus for detailed information about the Company and
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 in the Prospectus.
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) or to any
person (as defined in Regulation S under the U.S. Securities Act of 1933, as amended from time to time, (the “ U.S.
Securities Act ”)) or any other jurisdiction where such distribution is prohibited by law. This announcement
does not constitute or form a part of any offer to sell or solicitation to purchase or subscribe for securities in
the United States or in any other jurisdictions. The securities may not be offered, sold, pledged or otherwise
transferred within the United States except pursuant to an exemption from the registration requirements of the U.S.
Securities Act and in compliance with any applicable state  securities laws, or outside the United States unless
in compliance with Regulation S under the U.S. Securities Act. There will be no public offer of securities in the
United States.
In connection with the Global Offering, CLSA Limited, as the stabilizing manager (the “ Stabilizing Manager ”),
or any person acting for it and 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 Stabilization Manager (or any person acting for it) and in what the
Stabilization 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. Such stabilization action, if commenced, 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 stabilizing action cannot 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 July 25, 2025,
the 30th day after the last day for the lodging of applications under the Hong Kong Public Offering. After this
date, no further stabilizing action may be taken, demand for the Shares, and therefore the price of the Shares,
could fall.
Potential investors of the Offer Shares should note that the Sole Sponsor and the Sole Overall Coordinator (for
itself 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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– 2 –
IFBH Limited
(Incorporated in the Republic of Singapore with limited liability)
GLOBAL OFFERING
Number of Offer Shares under
the Global Offering
: 41,666,800 Shares (subject to
the Over-allotment Option)
Number of Hong Kong Offer Shares : 20,833,400 Shares (including 141,600
Employee Reserved Shares, as
adjusted after reallocation)
Number of International Offer Shares : 20,833,400 Shares (as adjusted after
reallocation and subject to the
Over-allotment Option)
Final Offer Price : HK$27.80 per Offer Share, plus
brokerage of 1.0%, SFC transaction
levy of 0.0027%, Stock Exchange
trading fee of 0.00565%, and AFRC
transaction levy of 0.00015%
Stock Code : 6603
Sole Sponsor, Sponsor-Overall Coordinator, Sole Overall Coordinator,
Sole Global Coordinator, Sole Bookrunner and Joint Lead Manager
Joint Lead Manager
Financial Adviser to the Company


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IFBH LIMITED
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 June 20, 2025 (the “Prospectus”) issued by IFBH Limited (the
“Company”).
Warning: In view of high concentrat ion 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 6603
Stock short name IFBH
Dealings commencement date June 30, 2025*
*see note at the end of the announcement
Price Information
Final Offer Price HK$27.800
Offer Price Range HK$25.300 - HK$27.800
Offer Price Adjustment exercised N/A
Offer Shares and Share Capital
Number of Offer Shares 41,666,800
Final Number of Offer Shares in Public Offer (as adjusted
after reallocation)
20,833,400
Final Number of offer shares in International Offer (as
adjusted after reallocation and subject to the Over-
allotment Option)
20,833,400
Number of issued shares upon Listing (before any exercise
of the Over-allotment Option)
266,666,800
Over-allocation
No. of Offer Shares over-allocated 6,250,000
- International Offer 6,250,000
Such over-allocation may be covered by exercising the Over-allotment Option of Option Shares to be
sold by the Over-allotment Option Grantors (i.e., without any new Shares issued) or by making
purchases in the secondary market at prices that do not exceed the Offer Price or through deferred
delivery or a combination of these means. In the event the Over-allotment Option is exercised, an
announcement will be made on the Stock Exchange’s website.
Proceeds
Gross proceeds (Note) HK$ 1,158.34 million
Less: Estimated listing expenses payable based on Final
Offer Price
HK$ (84.41) million
Net proceeds HK$ 1,073.93 million
Note: Gross proceeds to the Company refer to the amount to which the issuer is entitled to receive. Net
proceeds represent the estimated net proceeds calculated by the gross proceeds deducted by the estimated
listing expenses payable based on Final Offer Price. 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.
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During the Track Record Period, the Company incurred US$0.3 million of listing expenses which was
charged to its consolidated statements of profit or loss.


ALLOTMENT RESULTS DETAILS
HONG KONG PUBLIC OFFERING

No. of valid applications  236,078
No. of successful applications  71,945
Subscription level  2,682.35 times
Claw-back triggered  Yes
No. of Offer Shares initially available under the Public Offer  4,166,800
No. of Offer Shares reallocated from the International Offer (claw-
back)
16,666,600
Final no. of Offer Shares under the Public Offer (after exercise of
Offer Size Adjustment Option and/or reallocation, if any)
20,833,400
% of Offer Shares under the Public Offer to the Global Offering 50.00%

Note: For details of the final allocation of shares to the Public Offer, investors can refer to
https://www.hkeipo.hk/iporesult to perform a search by name or identification number or
https://www.hkeipo.hk/iporesult for the full list of allottees.
PREFERENTIAL OFFERINGS
Employee preferential offering

No. of valid applications 26
Subscription level 0.96 times
Final no. of shares allotted 141,600
Employee Reserved Shares available for
subscription
148,200
Under-subscription of shares and made available to
the Public Offer
6,600

Note: The 6,600 under-subscribed Employee Reserved Shares were reallocated to the Hong Kong Public Offering for
subscription by the public in Hong Kong. For details of the final allocation of shares to the Employee Preferential
Offering, Eligible Employees can refer to https://www.hkeipo.hk/iporesult to perform a search by name or
identification number or https://www.hkeipo.hk/iporesult  for the full list of allottees.

INTERNATIONAL OFFERING

No. of placees  102
Subscription Level  22.93 times
No. of Offer Shares initially available under the International
Offer
37,500,000
No. of Offer Shares reallocated to the Public Offer (claw-back)  16,666,600
Final no. of Offer Shares under the International Offer (after
exercise of Offer Size Adjustment Option and/or reallocation, if
any)
20,833,400
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% of Offer Shares under the International Offer to the Global
Offering
50.00%

The Directors confirm that, to the best of their knowledge, information and belief, save for a consent under
paragraph 17 of Chapter 4.15 of the Guide for New Listing Applicants to permit the Company to allocate
certain Offer Shares in the International Offering to Cornerstone Investors, (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 Shares registered in his/her/its
name or otherwise held by him/her/it.
The Placees in the International Offering include the following:
Cornerstone Investors











Investor Note 1









No. of Offer Shares
allocated






% of Total Offer
Shares (before
exercise of the
Over-allotment
Option)
% of the
Company’s total
issued shares
immediately
following
completion of
the Global
Offering (before
exercise of the
Over-allotment
Option)







Existing
shareholders
or their close
associates
UBS Asset
Management
(Singapore) Ltd.
(“UBS AM
Singapore”)
2,258,400 5.42% 0.85% No
Black Dragon AP
SPV1 (“Black
Dragon”)
988,000 2.37% 0.37% No
Enreal China
Master Fund and
Forreal China
Value Fund
988,000 2.37% 0.37% No
HCEP Master Fund
and HCEP Long
Only Master Fund
988,000 2.37% 0.37% No
China Southern
Asset Management
Co., Ltd. (“China
Southern AM”)
846,800 2.03% 0.32% No
– 5 –


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GF International
Investment
Management Limited
(“GF International
Investment
Management”)
846,800 2.03% 0.32% No
Harvest Oriental SP 846,800 2.03% 0.32% No
ICBC Wealth
Management Co.,
Ltd. (“ICBC
Wealth”)
846,800 2.03% 0.32% No
Jain Global Master
Fund Ltd ("Jain
Global Master
Fund")
846,800 2.03% 0.32% No
Jane Street Asia
Trading Limited
(“Jane Street”)
846,800 2.03% 0.32% No
Mega Prime
Development Limited
(“Mega Prime”)
846,800 2.03%

0.32%

No
Subtotal 11,150,000

26.76% 4.18%


Note: For further details of the Cornerstone Investors, please refer to the section headed "Cornerstone
Investors" in the Prospectus. For details of the consent under paragraph 17 of Chapter 4.15 of the Guide
for New Listing Applicants in relation to allocations of Offer Shares to Cornerstone Investors, please refer
to the section headed “Others / Additional Information” in this announcement.


Allotees with Waivers/Consents Obtained








Investor




No. of Offer Shares
allocated




% of Total Offer
Shares (before
exercise of the
Over-allotment
Option)
% of total issued
share capital after
the Global
Offering
(assuming the
Over-allotment
Option is not
exercised)







Relationship
Allotees with consent under paragraph 17 of Chapter 4.15 of the Guide for New Listing Applicants in
relation to allocations of Offer Shares to Cornerstone Investors Note 1
UBS AM Singapore 423,400 1.02% 0.16% A Cornerstone
Investor
Black Dragon  254,000 0.61% 0.10% A Cornerstone
Investor
Arc Avenue Asset
Management Pte. Ltd.
282,200 0.68% 0.11% A close associate of
a Cornerstone
Investor Note 3
HCEP Master Fund
and HCEP Long Only
Master Fund
254,000 0.61% 0.10% A Cornerstone
Investor
China Southern AM 254,000 0.61% 0.10% A Cornerstone
Investor
GF International
Investment
254,000 0.61% 0.10% A Cornerstone
Investor
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Management
Harvest Oriental SP 254,000 0.61% 0.10% A Cornerstone
Investor
Invesco Great Wall
Fund Management
Co., Ltd.
254,000 0.61% 0.10% A close associate of
a Cornerstone
Investor Note 4
Jain Global Master
Fund
254,000 0.61% 0.10% A Cornerstone
Investor
Jane Street Financial
Limited
254,000 0.61% 0.10% A close associate of
a Cornerstone
Investor Note 5
Mega Prime  254,000 0.61% 0.10% A Cornerstone
Investor
Allotee with consent under paragraph 5(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 client Note 6
 CITIC Securities
International Capital
Management Limited
("CSI")
1,193,000 2.86% 0.45% Connected client
Notes:
(1) For details of the consent under paragraph 17 of Chapter 4.15 of the  Guide for New Listing Applicants
in relation to allocations of Offer Shares to Cornerstone Investors, please refer to the section headed
“Others / Additional Information” in this announcement.
(2) The number of Offer Shares allocated to such investors 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.
(3) Arc Avenue Asset Management Pte. Ltd. is the fund manager of Enreal China Master Fund and Forreal
China Value Fund, a Cornerstone Investor.
(4) Invesco Great Wall Fund Management Co., Ltd. is the QDII manager of ICBC Weal th, a Cornerstone
Investor.
(5) Jane Street Financial Limited is an affiliate of Jane Street, a Cornerstone Investor.
(6) For details of the consent under paragraph 5(1) of the Placing Guidelines and Chapter 4.15 of the Guide
for New Listing Applicants in relation to allocations to connected client, please refer to the section headed
“Others / Additional Information” in this announcement.

LOCK-UP UNDERTAKINGS
Controlling Shareholders
 Name
Number of shares
held in the
Company subject
to lock-up
undertakings
upon listing
% of shareholding in  the
Company subject to lock-up
undertakings  upon listing
(assuming the  Over-allotment
Option is not  exercised)
Last day subject  to the
lock-up  undertakings
Mr. Pongsakorn
Pongsak Note 1
14,690,000 5.51% December 29, 2025
(First Six-Month
Period) Note 2
June 29, 2026
(Second Six-Month
Period) Note 3
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Name
Number of shares
held in the
Company subject
to lock-up
undertakings
upon listing
% of shareholding in  the
Company subject to lock-up
undertakings  upon listing
(assuming the  Over-allotment
Option is not  exercised)
Last day subject  to the
lock-up  undertakings
General Beverage
Co., Ltd. Note 1
160,000,000 60.00% December 29, 2025
(First Six-Month
Period) Note 2
June 29, 2026
(Second Six-Month
Period) Note 3
Subtotal 174,690,000 65.51%
Notes:
(1) Immediately following the completion of the Global Offering (assuming no Shares are issued pursuant
to the exercise of the Awards under the 2025 Share Incentive Scheme), General Beverage will hold
approximately 60.00% of the issued Shares and Mr. Pongsakorn Pongsak will, directly and indirectly,
hold approximately 65.51% of the issued Shares in total (including approximately 5.51% direct interest).
Accordingly, General Beverage and Mr. Pongsakorn Pongsak will constitute the Controlling
Shareholders under the Listing Rules.
(2) The Controlling Shareholders may dispose of or transfer Shares after the indicated date subject to that
each of 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 shareholding in
the Company 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
UBS AM Singapore 2,258,400  0.85% December 29, 2025
Black Dragon  988,000  0.37% December 29, 2025
Enreal China Master Fund and
Forreal China Value Fund
988,000  0.37% December 29, 2025
HCEP Master Fund and HCEP
Long Only Master Fund
988,000  0.37% December 29, 2025
China Southern AM 846,800  0.32% December 29, 2025
GF International Investment
Management
846,800  0.32% December 29, 2025
Harvest Oriental SP 846,800  0.32% December 29, 2025
ICBC Wealth  846,800  0.32% December 29, 2025
Jain Global Master Fund 846,800  0.32% December 29, 2025
Jane Street  846,800  0.32% December 29, 2025
Mega Prime  846,800  0.32% December 29, 2025
Subtotal 11,150,000 4.18%
Note:
(1) The expiry day of the lock-up period shown in the table above is pursuant to the relevant Cornerstone
Investment Agreements.
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Pre-IPO Investors (as defined in the “History, Reorganisation and Corporate Structure” section of the
Prospectus)
 Name
Number of
shares held in the
Company subject
to lock-up
undertakings
upon listing
% of shareholding
in the Company
subject to lock-up
undertakings upon
listing (assuming
the Over-allotment
Option is not
exercised)
Last day subject to the
lock-up undertakings
Fullerton Thai Private Equity
Fund, a sub-fund of Fullerton
Alternatives Funds 2 VCC
11,508,000 4.32% December 29, 2025 Note 1
Oasis Partners Co., Ltd. 9,523,800 3.57% December 29, 2025 Note 1
10BIF Limited 3,968,200 1.49% December 29, 2025 Note 1
Xinre (Hong Kong) Industrial
Co., Limited
2,450,000 0.92% September 29, 2025 Note 2
December 29, 2025 Note 2
Guangzhou Yuanlian Supply
Chain Management Co., Ltd
2,284,000 0.86% September 29, 2025 Note 2
December 29, 2025 Note 2
Mr. Att Thongtang  1,714,000 0.64% September 29, 2025 Note 2
December 29, 2025 Note 2
Mr. Chotikorn Panchasarp 1,714,000 0.64% September 29, 2025 Note 2
December 29, 2025 Note 2
Mr. Piyadit Atsavasirisuk  1,142,000 0.43% September 29, 2025 Note 2
December 29, 2025 Note 2
Mr. Greeganit Chokchainarong  1,142,000 0.43% September 29, 2025 Note 2
December 29, 2025 Note 2
Ms. Warasiri Chaitrakulthong  1,142,000 0.43% September 29, 2025 Note 2
December 29, 2025 Note 2
Ms. Pichapim Patamasatayasonthi 816,000 0.31% September 29, 2025 Note 2
December 29, 2025 Note 2
Mr. Marvee Simaroj  714,000 0.27% September 29, 2025 Note 2
December 29, 2025 Note 2
Mr. Chavit Luanpijpong 570,000 0.21% September 29, 2025 Note 2
December 29, 2025 Note 2
Ms. Chataya Supanpong  570,000 0.21% September 29, 2025 Note 2
December 29, 2025 Note 2
Ms. Pimsa Wannaiampikul  284,000 0.11% September 29, 2025 Note 2
December 29, 2025 Note 2
Ms. Natta Siripattananun  170,000 0.06% September 29, 2025 Note 2
December 29, 2025 Note 2
Mr. Vorathep Sirirat-usdorn  142,000 0.05% September 29, 2025 Note 2
December 29, 2025 Note 2
Mr. Patchara Lewchalermwong  142,000 0.05% September 29, 2025 Note 2
December 29, 2025 Note 2
Mr. Natchapol Tachatuwanan  120,000 0.04% September 29, 2025 Note 2
December 29, 2025 Note 2
Ms. Acharee Tiyabhorn  114,000 0.04% September 29, 2025 Note 2
December 29, 2025 Note 2
Ms. Virithipa Pakdeeprasong  80,000 0.03% September 29, 2025 Note 2
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Name
Number of
shares held in the
Company subject
to lock-up
undertakings
upon listing
% of shareholding
in the Company
subject to lock-up
undertakings upon
listing (assuming
the Over-allotment
Option is not
exercised)
Last day subject to the
lock-up undertakings
December 29, 2025 Note 2
Subtotal 40,310,000 15.12%
Notes:
(1) Each of the Over-allotment Option Grantors has made an undertaking to each of the Company, Sole
Sponsor and the Sole Overall Coordinator (for itself and on behalf of the Underwriters) pursuant to
which certain lock-up restrictions have been imposed on its Shares during the period ending on the
date that is 6 months from the Listing Date except pursuant to the Stock Borrowing Agreement and
any Option Shares to be sold by such Over-allotment Option Grantor pursuant to the International
Underwriting Agreement . For details, please  refer to the section headed  "Underwriting –
Undertakings by each of the Over- allotment Option Grantors and the PP Transferees (as  defined
and detailed in “History, Reorganization and Corporate Structure — Establishment and
Development of the Group — 3. Series A Investment and Series B1  Investment in IFB Singapore”)
– Undertakings by each of the Over-allotment Option Grantors" of the Prospectus.
(2) Each of the PP Transferees (as defined and detailed in “History, Reorganization and Corporate
Structure — Establishment and Development of the Group — 3. Series A Investment and Series B1
Investment in IFB Singapore” ) has undertaken to each of the Company, Sole Sponsor and the Sole
Overall Coordinator (for itself and on behalf of the Underwriters) pursuant to which certain lock-up
restrictions have been imposed on (i) any and all of its Shares during the period ending on the date
that is 3 months from the Listing Date and (ii) half of its Shares during the period ending on the date
that is 6 months from the Listing Date. For details, please refer to the section headed "Underwriting
– Undertakings by each of the Over-allotment Option Grantors and the PP Transferees (as defined
and detailed in “History, Reorganization and Corporate Structure — Establishment and
Development of the Group — 3. Series A Investment and Series B1  Investment in IFB Singapore”)
– Undertakings by each of the PP Transferees" of the Prospectus.




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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
exercised)
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)
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)
Top 1 2,681,800 12.87% 9.90% 6.44% 5.60% 2,681,800 1.01% 1.01%
Top 5 8,720,000 41.86% 32.20% 20.93% 18.20% 8,720,000 3.27% 3.27%
Top 10 14,316,200 68.72% 52.86% 34.36% 29.88% 14,316,200 5.37% 5.37%
Top 25 22,134,600 106.25% 81.73% 53.12% 46.19% 22,134,600 8.30% 8.30%

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 exercise of
the Over-allotment
Option)
Allotment as % of
International Offering
(assuming the Over-
allotment Option is
exercised)
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)
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)
Top 1 0 0.00% 0.00% 0.00% 0.00% 174,690,000 65.51% 65.51%
Top 5 0 0.00% 0.00% 0.00% 0.00% 205,690,000 77.13% 74.79%
Top 10 4,965,800 23.84% 18.34% 11.92% 10.36% 217,389,800 81.52% 79.18%
Top 25 15,417,000 74.00% 56.92% 37.00% 32.17% 236,695,000 88.76% 86.42%

Notes
* Ranking of Shareholders is based on the number of Shares (of all classes) held by the Shareholder upon Listing.
– 11 –


--- page 12 ---
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:
Pool A
Number
of Shares
applied for
Number
of valid
applications Basis of allocation/ballot
Approximate
percentage
allotted of
the
total number
of
Shares
applied
for
200 35,623 3,563 out of 35,623 applicants to receive 200 shares 10.00%
400 11,885 1,447 out of 11,885 applicants to receive 200 shares 6.09%
600 7,698 1,051 out of 7,698 applicants to receive 200 shares 4.55%
800 5,103 756 out of 5,103 applicants to receive 200 shares 3.70%
1,000 18,913 2,984 out of 18,913 applicants to receive 200 shares 3.16%
1,200 2,396 399 out of 2,396 applicants to receive 200 shares 2.78%
1,400 2,064 359 out of 2,064 applicants to receive 200 shares 2.48%
1,600 4,434 800 out of 4,434 applicants to receive 200 shares 2.26%
1,800 1,886 352 out of 1,886 applicants to receive 200 shares 2.07%
2,000 23,243 4,463 out of 23,243 applicants to receive 200 shares 1.92%
3,000 12,989 2,798 out of 12,989 applicants to receive 200 shares 1.44%
4,000 8,894 2,079 out of 8,894 applicants to receive 200 shares 1.17%
5,000 4,904 1,221 out of 4,904 applicants to receive 200 shares 1.00%
6,000 4,548 1,193 out of 4,548 applicants to receive 200 shares 0.87%
7,000 4,175 1,144 out of 4,175 applicants to receive 200 shares 0.78%
8,000 3,689 1,050 out of 3,689 applicants to receive 200 shares 0.71%
9,000 2,779 818 out of 2,779 applicants to receive 200 shares 0.65%
10,000 18,877 5,719 out of 18,877 applicants to receive 200 shares 0.61%
20,000 11,241 4,145 out of 11,241 applicants to receive 200 shares 0.37%
30,000 6,193 2,562 out of 6,193 applicants to receive 200 shares 0.28%
40,000 4,722 2,119 out of 4,722 applicants to receive 200 shares 0.22%
50,000 3,109 1,487 out of 3,109 applicants to receive 200 shares 0.19%
60,000 2,369 1,193 out of 2,369 applicants to receive 200 shares 0.17%
70,000 1,902 1,001 out of 1,902 applicants to receive 200 shares 0.15%
80,000 1,817 993 out of 1,817 applicants to receive 200 shares 0.14%
90,000 1,292 730 out of 1,292 applicants to receive 200 shares 0.13%
100,000 9,118 5,304 out of 9,118 applicants to receive 200 shares 0.12%
 Total             215,863  Total number of Pool A successful applicants: 51,730


– 12 –


--- page 13 ---
Pool B

Number
of Shares
applied for
Number
of valid
applications Basis of allocation/ballot
Approximate
percentage
allotted of
the
total number
of
Shares
applied
for
200,000 10,337
200 shares plus 8,270 out of 10,337 applicants to receive an
additional 200 shares 0.18%
300,000 3,344
400 shares plus 914 out of 3,344 applicants to receive an
additional 200 shares 0.15%
400,000 1,935
400 shares plus 1,321 out of 1,935 applicants to receive an
additional 200 shares 0.13%
500,000 949
600 shares plus 48 out of 949 applicants to receive an
additional 200 shares 0.12%
600,000 706
600 shares plus 274 out of 706 applicants to receive an
additional 200 shares 0.11%
700,000 500
600 shares plus 352 out of 500 applicants to receive an
additional 200 shares 0.11%
800,000 415 800 shares 0.10%
900,000 207
800 shares plus 58 out of 207 applicants to receive an
additional 200 shares 0.10%
1,000,000 375
800 shares plus 205 out of 375 applicants to receive an
additional 200 shares 0.09%
1,200,000 316
1,000 shares plus 16 out of 316 applicants to receive an
additional 200 shares 0.08%
1,400,000 152
1,000 shares plus 79 out of 152 applicants to receive an
additional 200 shares 0.08%
1,600,000 126
1,000 shares plus 121 out of 126 applicants to receive an
additional 200 shares 0.07%
1,800,000 103
1,200 shares plus 39 out of 103 applicants to receive an
additional 200 shares 0.07%
2,009,200 750
1,200 shares plus 596 out of 750 applicants to receive an
additional 200 shares 0.07%
 Total   20,215 Total number of Pool B successful applicants: 20,215


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.

BASIS OF ALLOCATION UNDER THE EMPLOYEE PREFERENTIAL OFFERING
Subject to the satisfaction of the conditions set out in the Prospectus, valid applications on PINK
Application Forms will be conditionally allocated on the basis set out below. No preferential
treatment was given to any of the Eligible Employees in the alloca tion of the Shares applied for
by them under the Employee Preferential Offering and such allocation of Shares under the
Employee Preferential Offering was made in accordance with the allocation basis described in the
Prospectus. 141,600 Employees Reserved Shares validly applied for will be allocated to Eligible
Employees who have applied pursuant to the Employee Preferential Offering. The 6,600 under -
subscribed Employee Reserved Shares were reallocated to the Hong Kong Public Offering for
subscription by the public in Hong Kong.

– 13 –


--- page 14 ---
Number of
Employee
Reserved Shares
applied for
Number of
valid
applications
Basis of
allotment/ballot
Total number of
Employee
Reserved Shares
allotted
Approximate percentage of allocation
based on total number of Employee
Reserved Shares applied for in this
category
400 4 400 1,600 100%
600 1 600 600 100%
800 5 800 4,000 100%
1,000 1 1,000 1,000 100%
1,200 2 1,200 2,400 100%
1,600 2 1,600 3,200 100%
1,800 1 1,800 1,800 100%
2,000 1 2,000 2,000 100%
4,000 2 4,000 8,000 100%
7,000 1 7,000 7,000 100%
8,000 1 8,000 8,000 100%
10,000 2 10,000 20,000 100%
12,000 1 12,000 12,000 100%
30,000 1 30,000 30,000 100%
40,000 1 40,000 40,000 100%
Total 26  141,600

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 Company, Directors or syndicate members to any placees  or the public (as the
case may be) and the consideration paid by them 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
Reallocation

As the Hong Kong Public Offering has been oversubscribed by more than 100 times of the total
number of Offer Shares initially available under the Hong Kong Public Offering, the reallocation
procedure as disclosed in the section headed "Structure of the Global Offering – The Hong Kong
Public Offering – Reallocation" of the Prospectus has been applied.
As a result of such reallocation, the final number of Offer Shares under the Hong Kong Public
Offering is adjusted to 20,833,400 Shares, representing 50% of the total number of Offer Shares
available under the Global Offering (assuming the Over -allotment O ption is not exercised), and
the final number of Offer Shares under the International Offering is adjusted to 20,833,400 Shares,
representing 50% of the total number of Offer Shares available under the Global Offering
(assuming the Over -allotment Option is  not exercised).
– 14 –


--- page 15 ---
Allocations of Offer Shares to Cornerstone Investors with a consent under paragraph 17 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 17 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 Cornerstone Investors as placees, subject to the following
conditions:

(a) the final offer size of the Global O ffering, 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 and their close associates (whether as
cornerstone investors and/or as placees) under the Size-based Exemption (as defined in the Guide for
New Listing Applicants) have not exceeded 30% of the total number of the  securities offered under
the Global Offering, excluding any over-allocation;

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

(d) the allocation to the Cornerstone Investors  and/ or their close associates under the Size -based
Exemption will not affect the Company’s ability to satisfy the public float requirement under Rule
8.08(1)(a) of the Listing Rules; and

(e) details of the allocation to the Cornerstone Investors and/or their close associates 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 Sh ares to close associate of existing Shareholder and
Cornerstone Investors, please refer to the section headed “Allotment Results Details – International
Offering – Allotees with Waivers/Consents Obtained” in this announcement.

Placing to connected clients with a prior consent under paragraph 5(1) of the Placing Guidelines

The Company has applied to the Stock Exchange for, and the Stock Exchange has granted, a consent
under paragraph 5(1) of the Placing Guidelines to permit certain Offer S hares to be placed to a
connected client of  a connected distributor under the International Offering pursuant to the Placing
Guidelines. Details of the placement to connected client are set out below. The allocation of Offer
Shares to such connected client  is in compliance with all the conditions under the consent granted by
the Stock Exchange. Please also refer to the section headed “Allotees with Waivers/Consent Obtained”
in this announcement for details.
– 15 –


--- page 16 ---
Connected
Distributor
Connected
Client
Relationship
with the
Connected
Distributor
Identities of the
ultimate
beneficial
owners of the
Offer Shares
or, where
applicable,
details of the
structured
products under
which the
subscription by
the Connected
Client was
made (e.g.
OTC total
return swaps)
Whether the
connected client
will hold the
beneficial interests
of the Offer Shares
on a non-
discretionary basis
or discretionary
basis for
independent third
parties
Number of Offer
Shares (rounded
down to nearest
whole board lot of
200 Shares) to be
allocate to the
Connected Client
Approximate
percentage of total
number of Offer
Shares (assuming
the Over-allotment
Option is not
exercised)
Approximate
percentage of total
Shares in issue
immediately
following the
completion of
Global Offering
(assuming the Over-
allotment Option is
not exercised)
CLSA
Limited, the
sole
sponsor-
overall
coordinator
and the sole
overall
coordinator
("CLSA")
CITIC Securities
International
Capital
Management
Limited ("CSI")
Note 1
CSI is a
member of
the same
group of
companies
as CLSA.
 Please refer to
Note (1).
Non-discretionary
basis
Daohe Chengguang
PE:
846,800
2.03% 0.32%
Guangshen United
Venture Investment:
5,600
0.01% 0.00%
Mingyi PE:
5,600 0.01% 0.00%
Renbridge:
5,600 0.01% 0.00%
Shanghai Jiupeng:
5,600 0.01% 0.00%
Shanghai Minghong:
98,600 0.24% 0.04%
Shanghai Panjing:
98,600 0.24% 0.04%
Shanghai Tongyi:
5,600 0.01% 0.00%
Shanghai Weining:
5,600 0.01% 0.00%
Shanghai Zhurun: 0.01% 0.00%
– 16 –


--- page 17 ---
5,600
Shenzhen
Guoyuanxinda
Capital:
5,600
0.01% 0.00%
Xizang Longrising:
98,600 0.24% 0.04%
Zhuhai Hunjin:
5,600 0.01% 0.00%
    Subtotal 1,193,000 2.86% 0.45%

Note:
(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 th e 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.

The CSI Ultimate Clients for the purpose of this placing subscription include (1) Daohe Chengguang Private Equity Investment Fund* ( 道合承光私
募證券投資基金) ("Daohe Chengguang PE"), of which an individual, Zhong Shanshan (鐘睒睒),is holding 30% or more of the interest therein;
(2) ) Guangzhou-Shenzhen United Venture Investment (Shenzhen) Partnership (Limited Partnership)* ( 廣深聯合創業投資（深圳）合夥企業(有
限合夥)) ("Guangshen United Venture Investment "), of which no ultimate beneficial owner is holding 30% or more of the interest therein; (3)
Mingyi Private Equity Fund Management Co., Ltd.*  (明毅私募基金管理有限公司)("Mingyi PE"), of which an individual, Fan Zhaolin (范召林),
is holding 30% or more of the interest therein; (4) Renbridge  (Beijing) Asset Management Co., Ltd.* ( 仁橋（北京）資產管理有限公司 )
("Renbridge"), of which no ultimate beneficial owner is holding 30% or more of the interest therein; (5) Shanghai Jiupeng Asset Management Center
(Limited Partnership)* (上海玖鵬資產管理中心（有限合夥）)("Shanghai Jiupeng"), of which an individual, Song Chengfei (宋誠菲), is holding
30% or more of the interest therein; (6) Shanghai Minghong Investment Management Co., Ltd.* ( 上海明汯投資管理有限公司)("Shanghai
Minghong"), of which no ultimate beneficial owner is holding 30% or more of the interest therein; (7) Shanghai Panjing Invest ment Management
Center (Limited Partnership)* ( 上海盤京投資管理中心（有限合夥）) ("Shanghai Panjing"), of which no ultimate beneficial owner is holding
30% or more of the interest therein; (8) Shanghai Tongyi Investment Management Co., Ltd.* ( 上海通怡投資管理有限公司)("Shanghai Tongyi"),
– 17 –


--- page 18 ---
of which an individual, Wang Jing ( 王靜), is holding 30% or more of the interest therein; (9) Shanghai Weining Private Equity Fund Management
Co., Ltd.* ( 上海衛寧私募基金管理有限公司)("Shanghai Weining"), of which two individuals, Liu Yuta  (劉育濤) and Zhang Yun ( 張韞), are
holding 30% or more of the interest therein; (10) Shanghai Zhurun Investment Co., Ltd.* (上海竹潤投資有限公司)("Shanghai Zhurun"), of which
an individual, Le Zhengnan (樂征楠), is holding 30% or more of the interest therein; (11) Shenzhen Guoyuan xinda Capital Management Co., Ltd.*
(深圳國源信達資本管理有限公司)(" Shenzhen Guoyuanxinda Capital"), of which no ultimate beneficial owner is holding 30% or more of the
interest therein; (12)  Xinzang Longrising Asset Management Co ., Ltd.* (西藏源樂晟資產管理有限公司) (" Xinzang Longrising"), of which no
ultimate beneficial owner is holding 30% or more of the interest therein; and (13) Zhuhai Hunjin Private Equity Fund Management Partnership
(Limited Partnership)* (珠海渾瑾私募基金管理合夥企業（有限合夥）) (" Zhuhai Hunjin"), of which no ultimate beneficial owner is h olding
30% or more of the interest therein.

The Connected Client is not a  collective investment scheme which is not authorised by the SFC or is expected to hold the Offer Shares on behalf of
such scheme

To the best knowledge of CSI after making all reasonable enquiries, none of the CSI Ultimate Clients has any ultimate beneficial owners holding 30%
or more interest of CSI, and each of the CSI Ultimate Clients is an independent third party of the Company, its subsidiaries, controlling shareholders,
and substantial shareholders, as well as CSI, CLSA and the companies which are members of the same group of CLSA.

*For identification purposes only
– 18 –


--- page 19 ---
DISCLAIMERS

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 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 United States Securities Act of 1933, as amended (the “U.S.
Securities Act”). The securities may not be offered or sold in the United States except pursuant to an
exemption from the registration requirements of the U.S. Securities Act and in compliance with any
applicable state securities laws, or outside the United States unless in compliance with Regulation S
under the U.S. Securities Act. There will be no public offer of sec urities in the United States.
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 June 20, 2025 issued by IFBH 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 Sole Overall Coordinator (for itself  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 – Hong Kong Underwriting Agreement – 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 June 30, 2025).

– 19 –


--- page 20 ---
– 20 –
PUBLIC FLOAT
Immediately following the completion of the Global Offering and without taking into account
of the Over-allotment Option, an aggregate of 84,008,600 Shares or approximately 31.50% of
the total issued share capital of the Company will be held in the public hands, satisfying the
minimum percentage requirement in compliance with Rule 8.08(1) of the Listing Rules.
The Directors confirm that, immediately following the completion of the Global Offering, (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
do not hold more than 50% of the Shares held in the 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, June
30, 2025 (Hong Kong time), provided that the Global Offering has become unconditional and
the right of termination described in the paragraph headed “Underwriting — Underwriting
Arrangements — 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,
June 30, 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, June 30, 2025 (Hong Kong time). The
Shares will be traded in board lots of 200 Shares each, and the stock code of the Shares will
be 6603.
By order of the Board
IFBH Limited
Pongsakorn Pongsak
Executive director and chief executive officer
Hong Kong, June 27, 2025
As at the date of this announcement, the Board comprises: (i) Mr. Pongsakorn Pongsak,
Ms. Metaphon Pornanektana and Ms. Vipada Kanchanasorn as executive directors; (ii)
Mr. Tawat Kitkungvan as non-executive director; and (iii) Mr. Thavee Thaveesangsakulthai,
Ms. Songvilai Jiraphothong, Ms. Pathamakorn Buranasin and Ms. Supansa Kusonpattana
Piriyaporn as independent non-executive directors.
