--- 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.
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. The Offer Shares
are being offered and sold (i) within the United States solely to “Qualified Institutional Buyers ” as defined in Rule
144A pursuant to an exemption from registration under the U.S. Securities Act and (ii) outside the United States in
offshore transactions in accordance with 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. 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.
Unless otherwise defined herein, capitalized terms used in this announcement shall have the same meanings as those
defined in the prospectus dated October 13, 2025 (the “Prospectus ”) issued by JST Group Corporation Limited ( ၳ˥
ʮ̡ ) (the “Company ”).
In connection with the Global Offering, China International Capital Corporation Hong Kong Securities Limited as
stabilizing manager (the “Stabilization Manager ”) (or its affiliates or any person acting for it), on behalf of the
Underwriters, to the extent permitted by the applicable laws and regulatory requirements of Hong Kong or elsewhere,
may over-allocate or effect transactions with a view to stabilizing or supporting the market price of the Shares at such
price, in such amounts and in such manners as the Stabilizing Manager, its affiliates or any person acting for it may
determine and at a level higher than that which might otherwise prevail for a limited period after the Listing Date.
However, there is no obligation on the Stabilizing Manager (or its affiliates or any person acting for it) to conduct
any such stabilizing action. Such stabilizing action, if taken, (a) will be conducted at the absolute discretion of the
Stabilization Manager (or its affiliates or any person acting for it) and in what the Stabilizing Manager 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 of the last day for lodging applications under the Hong Kong Public Offering, being Saturday,
November 15, 2025. Such stabilizing action, if taken, may be effected in all jurisdictions where it is permissible to do
so, in each case in compliance with all applicable laws, rules and regulatory requirements, including the Securities and
Futures (Price Stabilizing) Rules (Chapter 571W of the Laws of Hong Kong), as amended, made under the Securities
and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).
Potential investors should be aware that no stabilizing action can be taken to support the price of the Shares for longer
than the stabilization period, which will begin on the Listing Date, and is expected to expire on the 30th day after the
last day for lodging applications under the Hong Kong Public Offering. 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.


--- page 2 ---
2
JST Group Corporation Limited
ʮ̡
(A company incorporated in the Cayman Islands with limited liability)
GLOBAL OFFERING
Number of Offer Shares under
the Global Offering
: 68,166,200 Shares (subject to the Over-
 allotment Option)
Number of Hong Kong Offer Shares : 6,816,700 Offer Shares
Number of International Offer Shares : 61,349,500 Offer Shares (subject to
 the Over-allotment Option)
Offer Price : HK$30.60 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%
Nominal value : US$0.0001 per Share
Stock code : 6687
Joint Sponsors, Overall Coordinators, Joint Global Coordinators,
Joint Bookrunners and Joint Lead Managers
(in alphabetical order)
Joint Bookrunner and Joint Lead Manager


--- page 3 ---
3
JST Group Corporation Limited/
ʮ̡
ANNOUNCEMENT OF 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 Shares traded and should exercise extreme
caution when dealing in the Shares.
SUMMARY
Company Information
Stock Code 6687
Stock Short Name JST GROUP
Dealings commencement date October 21, 2025 *
* see note at the end of the announcement
Price Information
Offer Price HK$30.60
Offer Shares and Share Capital
Number of Offer Shares 68,166,200
Number of Offer Shares in Hong Kong
Public Offering
6,816,700
Number of Offer Shares in International
Offering
61,349,500
Number of issued Shares upon Listing
(before exercise of the Over-allotment
Option)
426,038,600
Offer Size Adjustment Option (Upsize option)
Number of additional shares issued
under the option
N/A
- Hong Kong Public Offering N/A
- International Offering N/A
The Offer Size Adjustment Option was not exercised.
Over-allocation
No. of Offer Shares over-allocated 10,224,900
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.


--- page 4 ---
4
Proceeds
Gross proceeds (Note) HK$2,085.89 million
 Less: Estimated listing expenses payable
based on Offer Price
HK$148.27 million
Net Proceeds HK$1,937.62 million
Note: Gross proceeds refers to the amount which the Company is entitled to receive. For details of the use of
proceeds, please refer to the section headed “Future Plans and Use of Proceeds ” of the Prospectus. The Company
will adjust the allocation of the net proceeds from the exercise of the Over-allotment Option (if any) for the
purposes as set out in the section headed “Future Plans and Use of Proceeds ” of the Prospectus on a pro rata basis.
ALLOTMENT RESULTS DETAILS
HONG KONG PUBLIC OFFERING
No. of valid applications 386,815
No. of successful applications 49,338
Subscription level 1,952.95 times
Claw-back triggered N/A
No. of Offer Shares initially available under the Hong Kong
Public Offering
6,816,700
Final no. of Offer Shares under the Hong Kong Public Offering 6,816,700
% of Offer Shares under the Hong Kong Public Offering to
the Global Offering
10%
Note: For details of the final allocation of Shares to the Hong Kong Public Offering, investors can refer to
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 OFFERING
No. of placees 632
Subscription Level 22.89 times
No. of Offer Shares initially available under the International Offering 61,349,500
Final no. of Offer Shares under the International Offering 61,349,500
% of Offer Shares under the International Offering to the Global Offering 90%


--- page 5 ---
5
The Directors confirm that, to the best of their knowledge, information and belief, save for
(a) a waiver from strict compliance with Rule 10.04 of the Listing Rules and a consent under
paragraph 1C of Appendix F1 to the Listing Rules (the “Placing Guidelines ”) granted by the
Stock Exchange to permit Shares in the International Offering to be placed to certain existing
Shareholders and/or their close associates, and (b) a consent under Chapter 4.15 of the Guide for
New Listing Applicants to permit the Company to, among other things, allocate further Shares
in the International Offering to certain Cornerstone Investors (including those who is a close
associate of an existing Shareholder) and/or their respective close associates, (i) none of the Offer
Shares subscribed by the placees and the public have been financed directly or indirectly by the
Company, any of the Directors, chief executive of the Company, 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, 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
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
Blue Lake Capital Opportunity
Fund I, L.P. ( “Blue Lake Capital
Opportunity Fund ”)
2,543,300 3.73% 0.60% Yes
China Universal Asset
Management Co., Ltd ( “CUAM”)
and China Universal Asset
Management (Hong Kong)
Company Limited ( “China
Universal (HK) ”, together with
CUAM, each a Cornerstone
Investor and collectively the
“CUAM Entities ”)
2,543,300 3.73% 0.60% No
Dymon Asia Multi-Strategy
Investment Master Fund
(“DAMSIMF ”)
2,543,300 3.73% 0.60% No
Fourier Capital Management
Limited ( “Fourier Capital ”)
2,543,300 3.73% 0.60% No
GRANITE ASIA VIII
INVESTMENTS PTE. LTD.
2,543,300 3.73% 0.60% Yes


--- page 6 ---
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)
Existing
shareholders
or their close
associates
Greenwoods Asset Management
Hong Kong Limited
(“Greenwoods HK ”)
2,543,300 3.73% 0.60% No
GTCS Holdings Limited
(“GTCS Holdings ”)
2,543,300 3.73% 0.60% No
HSG Growth VI Holdco F, Ltd.
(“HongShan Growth ”)
2,543,300 3.73% 0.60% No
Jain Global Master Fund Ltd
(“Jain Global Master Fund ”)
2,543,300 3.73% 0.60% No
Perseverance Asset Management
International (Singapore) Pte.
Ltd. ( “Perseverance Asset
Management ”)
2,543,300 3.73% 0.60% No
Stoneylake Global Alpha Fund 2,543,300 3.73% 0.60% No
WT Asset Management Limited
(“WT Asset Management ”)
2,543,300 3.73% 0.60% No
3W Fund Management Limited
(“3W Fund ”)
2,543,300 3.73% 0.60% No
Total 33,062,900 48.50% 7.76%
Notes:
1. In addition to the Offer Shares subscribed for as Cornerstone Investors, CUAM Entities, DAMSIMF, Fourier
Capital, GRANITE ASIA VIII INVESTMENTS PTE. LTD., Greenwoods HK, GTCS Holdings, HongShan
Growth, Jain Global Master Fund, Perseverance Asset Management, Stoneylake Global Alpha Fund, WT
Asset Management and 3W Fund and/or their respective close associates, where applicable, were allocated
further Offer Shares as placees in the International Offering. Please refer to the section headed “Allotment
Results Details – International Offer – Allotees with Waivers/Consents Obtained ” in this announcement for
details. Only the Offer Shares subscribed for as Cornerstone Investors are subject to lock-up as indicated
below. For details, please refer to the section headed “Lock-up Undertakings – Cornerstone Investors ” in this
announcement.


--- page 7 ---
7
Allottee with waivers/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 a waiver from strict compliance with Rule 10.04 of the Listing Rules and a consent under Paragraph
1C of Appendix F1 to the Listing Rules
Blue Lake Capital Opportunity Fund 2,543,300 3.73% 0.60% An existing
Shareholder and
a close associate
of Shanghai
Lansan Muyue
Investment
Center (L.P.),
another existing
Shareholder
GRANITE ASIA VIII
INVESTMENTS PTE. LTD.
2,543,300 3.73% 0.60% An existing
Shareholder and
a close associate
of Seashine
Capital Limited,
another existing
Shareholder
Zhou Keting Note 7 161,700 0.24% 0.04% Close associate
of the ultimate
beneficial owner
of Daniel and
Owen Limited
Allotees with consent under Chapter 4.15 of the Guide for New Listing Applicants in relation to allocations of
further Shares to a close associate of an existing Shareholder who is also a Cornerstone Investor and Cornerstone
Investors and/or their close associates Note 1
CUAM Entities 254,300 0.37% 0.06% A Cornerstone
Investor
Dymon Asia Capital (Singapore) PTE
Ltd Note 4
254,300 0.37% 0.06% A close associate
of a Cornerstone
Investor
Fourier Capital 254,300 0.37% 0.06% A Cornerstone
Investor


--- page 8 ---
8
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
GRANITE ASIA IX VCC
ACTING FOR AND IN RESPECT
OF GX ACCESS Note 3
254,300 0.37% 0.06% A close associate
of an existing
Shareholder
who is also a
Cornerstone
Investor
Greenwoods HK 254,300 0.37% 0.06% A Cornerstone
Investor
GTCS Holdings 254,300 0.37% 0.06% A Cornerstone
Investor
HCEP MANAGEMENT
LIMITED Note 5
254,300 0.37% 0.06% A close associate
of a Cornerstone
Investor
Jain Global Master Fund 254,300 0.37% 0.06% A Cornerstone
Investor
Perseverance Asset Management 254,300 0.37% 0.06% A Cornerstone
Investor
Stoneylake Asset Management (Hong
Kong) Limited Note 6
254,300 0.37% 0.06% A close associate
of a Cornerstone
Investor
WT Asset Management 254,300 0.37% 0.06% A Cornerstone
Investor
3W Fund 254,300 0.37% 0.06% A Cornerstone
Investor
Allotees with consent under paragraph 1C of the Placing Guidelines and Chapter 4.15 of the Guide for New
Listing Applicants in relation to allocations to connected clients Note 2
CICC Financial Trading Limited
(“CICC FT ”)
1,429,700 2.10% 0.34% Connected client
China Asset Management (Hong
Kong) Limited ( “China AM HK ”)
148,800 0.22% 0.03% Connected client


--- page 9 ---
9
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
CITIC Securities International Capital
Management Limited ( “CSI”)
169,500 0.25% 0.04% Connected client
UBS Asset Management (Singapore)
Limited ( “UBS AM ”)
763,000 1.12% 0.18% 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 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 under Chapter 4.15 of the Guide for New Listing Applicants in relation to allocations of further
Shares to the existing Shareholders and/or their close associates and Cornerstone Investors, please refer to
the section headed “Others/Additional Information – Allocations of Offer Shares to existing Shareholders and
Cornerstone Investors and/or their close associates with a consent under Chapter 4.15 of the Guide for New
Listing Applicants ” in this announcement.
2. For details of the consent under paragraph 1C 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 prior consents under paragraph 1C of the
Placing Guidelines ” in this announcement.
3. GRANITE ASIA IX VCC is acting for and in respect of its sub-fund, namely GX ACCESS. GRANITE ASIA
IX VCC is wholly owned by GraniteX Access Fund I VCC which is ultimately controlled by Ji-Xun Foo and
Lee Hong Wei, Jenny. GRANITE ASIA VIII INVESTMENTS PTE. LTD., an existing Shareholder who is
also a Cornerstone Investor as of the date of the Prospectus, is an investment holding company wholly-owned
by GGV VIII Investments, L.L.C., which is owned by Mr. Ji-xun Foo, Ms. Lee Hong Wei Jenny, Mr. Jeffrey
Gordon Richards, Mr. Glenn Brian Solomon, Mr. Hans Tung and Mr. Oren Yunger, who are all Independent
Third Parties.
4. Dymon Asia Multi-Strategy Investment Master Fund is managed by Dymon Asia Capital (Singapore) PTE
Ltd.
5. HCEP MANAGEMENT LIMITED is a close associate to HSG Growth VI Holdco F, Ltd. as they are
controlled by the same ultimate beneficial owner, namely Neil Nanpeng Shen.
6. Stoneylake Global Alpha Fund is a wholly-owned subsidiary of Stoneylake AM where Stoneylake AM holds
100% managing shares through an investment management agreement. Therefore, Stoneylake AM is a close
associate of Stoneylake Global Alpha Fund.
7. Zhou Keting ( մдణ) is the spouse and therefore a close associate of Chen Haohui (ሾ), the ultimate
beneficial owner of Daniel and Owen Limited, an existing Shareholder.


--- page 10 ---
10
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
Luo Haidong, HD Luo Limited
and Black Tea Limited Note 1, 2
167,746,200 39.37% April 20, 2026 Note 3  (First
Six-Month Period)
October 20, 2026 Note 4
(Second Six-Month Period)
Notes:
1. Black Tea Limited is wholly-owned by HD Luo Limited, which is in turn wholly-owned by Mr. Luo.
Therefore, Mr. Luo and HD Luo Limited are deemed to be interested in the Shares held by Black Tea Limited
under the SFO.
2. Pursuant to the Voting Proxy Agreement dated September 13, 2021, Mr. Luo, HD Luo Limited and Black
Tea Limited are entitled to exercise the voting rights attached to the Shares held by Popogo Limited, Taurus
Lee Limited and Nico and Winco Limited. See the section headed “Relationship With Our Controlling
Shareholders ” in the Prospectus for details.
3. In accordance with the relevant Listing Rule/guidance materials, the required lock-up for the date that is
six months after the Listing Date (the “First Six-Month Period ”) ends on April 20, 2026. A Controlling
Shareholder may dispose of or transfer Shares after the indicated date provided that such Controlling
Shareholder will not cease to be a Controlling Shareholder.
4. In accordance with the relevant Listing Rule/guidance materials, the required lock-up for the period of six
months commencing on the date on which the First Six-Month Period expires (the “Second Six-Month
Period ”) ends on October 20, 2026.


--- page 11 ---
11
Existing 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
Popogo Limited Note 2 48,580,600 11.40% April 20, 2026 Note 3
(First Six-Month Period)
October 20, 2026 Note 4
(Second Six-Month Period)
Taurus Lee Limited Note 2 23,120,500 5.43% April 20, 2026 Note 3
(First Six-Month Period)
October 20, 2026 Note 4
(Second Six-Month Period)
Nico and Winco Limited Note 2 14,424,600 3.39% April 20, 2026 Note 3
(First Six-Month Period)
October 20, 2026 Note 4
(Second Six-Month Period)
Daniel and Owen Limited 1,183,400 0.28% April 20, 2026 Note 1
Bottle Tea Limited 1,420,100 0.33% April 20, 2026 Note 1
Ameba Bamboo Limited 17,614,900 4.13% April 20, 2026 Note 1
Ameba Mercury Limited 16,176,300 3.80% April 20, 2026 Note 1
Beijing Weiguang Equity
Investment
Partnership (L.P.)
11,293,700 2.65% April 20, 2026 Note 1
Seashine Capital Limited 7,628,800 1.79% April 20, 2026 Note 1
GRANITE ASIA VIII
INVESTMENTS PTE. LTD.
7,628,700 1.79% April 20, 2026 Note 1
Shanghai Jingyu Enterprise
Management Consulting
Partnership (L.P.)
10,261,200 2.41% April 20, 2026 Note 1
VP JST II LP 10,261,200 2.41% April 20, 2026 Note 1
VP JST I LP 6,413,300 1.51% April 20, 2026 Note 1


--- page 12 ---
12
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
Shanghai Lansan Muyue
Investment Center (L.P.)
9,530,500 2.24% April 20, 2026 Note 1
Blue Lake Capital Fund II,
L.P.
11,980,600 2.81% April 20, 2026 Note 1
Blue Lake Capital
Opportunity
Fund I, L.P.
2,436,400 0.57% April 20, 2026 Note 1
Max Dazzle Limited 28,623,900 6.72% April 20, 2026 Note 1
Zhongjin Gongying Qijiang
(Shanghai) Science and
Innovation Equity Investment
Fund Partnership (L.P.)
9,425,100 2.21% April 20, 2026 Note 1
Shanghai Zhuolu
Management
Consulting Partnership (L.P.)
3,740,900 0.88% April 20, 2026 Note 1
IKARIA GROUP LIMITED 3,329,200 0.78% April 20, 2026 Note 1
JST Incentive Plan Limited 31,178,000 7.32% April 20, 2026 Note 1
Subtotal 357,872,400 84.00%
Notes:
1. The expiry date of the lock-up period shown in the table above is pursuant to voluntary undertaking.
2. Pursuant to the Voting Proxy Agreement dated September 13, 2021, Mr. Luo, HD Luo Limited and Black
Tea Limited are entitled to exercise the voting rights attached to the Shares held by Popogo Limited, Taurus
Lee Limited and Nico and Winco Limited. See the section headed “Relationship With Our Controlling
Shareholders ” in the Prospectus for details.
3. In accordance with the relevant Listing Rule/guidance materials, the required lock-up for the First Six-Month
Period ends on April 20, 2026. A Controlling Shareholder may dispose of or transfer Shares after the indicated
date provided that such Controlling Shareholder will not cease to be a Controlling Shareholder.
4. In accordance with the relevant Listing Rule/guidance materials, the required lock-up for the Second
Six-Month Period ends on October 20, 2026.


--- page 13 ---
13
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
Blue Lake Capital
Opportunity Fund
2,543,300 0.60% April 20, 2026
CUAM Entities 2,543,300 0.60% April 20, 2026
DAMSIMF 2,543,300 0.60% April 20, 2026
Fourier Capital 2,543,300 0.60% April 20, 2026
GRANITE ASIA VIII
INVESTMENTS PTE. LTD.
2,543,300 0.60% April 20, 2026
Greenwoods HK 2,543,300 0.60% April 20, 2026
GTCS Holdings 2,543,300 0.60% April 20, 2026
HongShan Growth 2,543,300 0.60% April 20, 2026
Jain Global Master Fund 2,543,300 0.60% April 20, 2026
Perseverance Asset Management 2,543,300 0.60% April 20, 2026
Stoneylake Global Alpha Fund 2,543,300 0.60% April 20, 2026
WT Asset Management 2,543,300 0.60% April 20, 2026
3W Fund 2,543,300 0.60% April 20, 2026


--- page 14 ---
14
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 2,797,600 4.56% 3.91% 4.10% 3.57% 18,055,100 4.24% 4.14%
Top 5 13,988,000 22.80% 19.54% 20.52% 17.84% 29,245,500 6.86% 6.70%
Top 10 27,976,000 45.60% 39.09% 41.04% 35.69% 43,233,500 10.15% 9.91%
Top 25 53,177,800 86.68% 74.30% 78.01% 67.84% 80,402,200 18.87% 18.43%
Note
* Ranking of placees is based on the number of Shares allotted to the placees.
SHAREHOLDER CONCENTRATION ANALYSIS
Shareholder s *
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% 167,746,200 39.37% 38.45%
Top 5 2,797,600 4.56% 3.91% 4.10% 3.57% 263,218,100 61.78% 60.33%
Top 10 5,340,900 8.71% 7.46% 7.84% 6.81% 333,853,400 78.36% 76.53%
Top 25 36,114,500 58.87% 50.46% 52.98% 46.07% 391,383,400 91.87% 89.71%
Note
* Ranking of Shareholders is based on the number of Shares (of all classes) held by the Shareholder upon Listing.


--- page 15 ---
15
BASIS OF ALLOCATION UNDER THE HONG KONG PUBLIC OFFERING
Subject to the satisfaction of the conditions set out in the Prospectus, a total of 386,815 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
100 203,359 274 out of 203,359 to
receive 100 Shares
0.13%
200 11,793 31 out of 11,793 to
receive 100 Shares
0.13%
300 21,899 88 out of 21,899 to
receive 100 Shares
0.13%
400 4,904 26 out of 4,904 to
receive 100 Shares
0.13%
500 6,029 40 out of 6,029 to
receive 100 Shares
0.13%
600 3,954 32 out of 3,954 to
receive 100 Shares
0.13%
700 2,213 20 out of 2,213 to
receive 100 Shares
0.13%
800 2,026 21 out of 2,026 to
receive 100 Shares
0.13%
900 1,530 18 out of 1,530 to
receive 100 Shares
0.13%
1,000 11,845 159 out of 11,845 to
receive 100 Shares
0.13%
1,500 10,854 219 out of 10,854 to
receive 100 Shares
0.13%
2,000 5,709 154 out of 5,709 to
receive 100 Shares
0.13%
2,500 2,918 98 out of 2,918 to
receive 100 Shares
0.13%
3,000 5,268 213 out of 5,268 to
receive 100 Shares
0.13%


--- page 16 ---
16
NO. OF SHARES
APPLIED FOR
NO. OF VALID
APPLICATIONS
BASIS OF
ALLOTMENT/
BALLOT
APPROXIMATE
PERCENTAGE
ALLOTTED OF
THE TOTAL NO.
OF SHARES
APPLIED FOR
3,500 2,737 129 out of 2,737 to
receive 100 Shares
0.13%
4,000 2,175 117 out of 2,175 to
receive 100 Shares
0.13%
4,500 1,593 95 out of 1,593 to
receive 100 Shares
0.13%
5,000 3,607 243 out of 3,607 to
receive 100 Shares
0.13%
6,000 2,703 218 out of 2,703 to
receive 100 Shares
0.13%
7,000 2,168 204 out of 2,168 to
receive 100 Shares
0.13%
8,000 1,987 214 out of 1,987 to
receive 100 Shares
0.13%
9,000 1,695 203 out of 1,695 to
receive 100 Shares
0.13%
10,000 12,676 1,711 out of 12,676 to
receive 100 Shares
0.13%
20,000 8,048 2,079 out of 8,048 to
receive 100 Shares
0.13%
30,000 5,728 2,296 out of 5,728 to
receive 100 Shares
0.13%
40,000 3,482 1,840 out of 3,482 to
receive 100 Shares
0.13%
50,000 2,821 1,861 out of 2,821 to
receive 100 Shares
0.13%
60,000 2,251 1,699 out of 2,251 to
receive 100 Shares
0.13%
70,000 1,774 1,568 out of 1,774 to
receive 100 Shares
0.13%
80,000 1,425 1,424 out of 1,425 to
receive 100 Shares
0.12%


--- page 17 ---
17
NO. OF SHARES
APPLIED FOR
NO. OF VALID
APPLICATIONS
BASIS OF
ALLOTMENT/
BALLOT
APPROXIMATE
PERCENTAGE
ALLOTTED OF
THE TOTAL NO.
OF SHARES
APPLIED FOR
90,000 1,369 100 Shares plus 170
out of 1,369 to receive
additional 100 Shares
0.12%
100,000 12,632 100 Shares plus 2,619
out of 12,632 to receive
additional 100 Shares
0.12%
365,172 Total number of
Pool A successful
applicants: 31,295
POOL B
200,000 9,751 6,269 out of 9,751 to
receive 100 Shares
0.03%
300,000 3,303 3,185 out of 3,303 to
receive 100 Shares
0.03%
400,000 1,818 100 Shares plus 519
out of 1,818 to receive
additional 100 Shares
0.03%
500,000 3,651 100 Shares plus 2,217
out of 3,651 to receive
additional 100 Shares
0.03%
1,000,000 1,497 300 Shares plus 321
out of 1,497 to receive
additional 100 Shares
0.03%
1,500,000 588 400 Shares plus 483
out of 588 to receive
additional 100 Shares
0.03%
2,000,000 566 600 Shares plus 243
out of 566 to receive
additional 100 Shares
0.03%
3,408,300 469 1,000 Shares plus 448
out of 469 to receive
additional 100 Shares
0.03%
21,643 Total number of
Pool B successful
applicants: 18,043


--- page 18 ---
18
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, the consideration paid by the placees
or the public (as the case may be) directly or indirectly for each Offer Share subscribed for or
purchased by them was the same as the Offer Price in addition to any brokerage, AFRC transaction
levy, SFC transaction levy and Stock Exchange trading fee payable.
OTHERS/ADDITIONAL INFORMATION
Offer Size Adjustment Option
The Offer Size Adjustment Option was not exercised and has lapsed.
Allocations of Offer Shares to existing Shareholders and/or their close associates with a
waiver from strict compliance with Rule 10.04 of the Listing Rules and a consent under
Paragraph 1C of Appendix F1 to the Listing Rules
The Company has applied to the Stock Exchange for, and the Stock Exchange has granted to the
Company, a waiver from strict compliance with the requirements under Rule 10.04 and a prior
written consent under paragraph 1C of Appendix F1 to the Listing Rules to permit Offer Shares in
the International Offering to be placed to certain existing minority Shareholders who have further
participated in the Global Offering as Cornerstone Investors (namely Blue Lake Opportunity Fund
and GRANITE ASIA VIII INVESTMENTS PTE. LTD.), and Zhou Keting, a close associate of the
ultimate beneficial owner of an existing Shareholder, namely, Daniel and Owen Limited, on the
conditions that each of them (together with their close associates):
(a) holds less than 5% of the total number of Shares in issue of our Company prior to the
completion of the Global Offering;
(b) is not and will not become (upon the completion of the Global Offering) a core connected
person of our Company or the close associate of any such core connected person;
(c) does not have the right to appoint a Director and/or have any other special rights;
(d) will not affect the Company ’s ability to satisfy the public float requirement as prescribed by
the Stock Exchange under Rule 8.08 of the Listing Rules or otherwise approved by the Stock
Exchange upon being allocated with the relevant number of Offer Shares; and
(e) have not been given preferential treatment (other than the assured entitlement for a
cornerstone investor).
Please refer to the section headed “Waivers and Exemption – Waiver from Strict Compliance with
Rule 10.04 of the Listing Rules and the Stock Exchange ’s consent under paragraph 1C of Appendix
F1 to the Listing Rules in respect of subscriptions of Offer Shares by certain existing Shareholders
as a Cornerstone Investors ” in the Prospectus for further details of the waiver and consent.


--- page 19 ---
19
Allocations of Offer Shares to a close associate of an existing Shareholder who is also a
Cornerstone Investor and Cornerstone Investors and/or their close associates with a 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 (i) a close associate of an existing Shareholder who also participated
in the Global Offering as a Cornerstone Investor and (ii) Cornerstone Investors and/or their close
associates, as placees, subject to the following conditions:
(a) the final offering size of the Global Offering (excluding any additional Shares which may
be issued upon exercise of the Over-allotment Option) will be of a total value of at least
HK$1 billion as required by paragraph 18(i) of Chapter 4.15 of the Guide for New Listing
Applicants;
(b) the Offer Shares allocated to all existing shareholders and their close associates (whether
as cornerstone investors and/or as placees) as permitted under this exemption do not exceed
30% of the total number of the Shares offered, which is in compliance with paragraph 18(ii)
of Chapter 4.15 of the Guide for New Listing Applicants;
(c) each Director, chief executive and Controlling Shareholder of the Company has confirmed
that no securities have been allocated to them or their respective close associates under the
size-based exemption as required by paragraph 18(iii) of Chapter 4.15 of the Guide for New
Listing Applicants;
(d) the Company will comply with the public float requirement under Rule 8.08(1) of the Listing
Rules; and
(e) details of the allocation to existing investors 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 existing Shareholders and/or their close associates
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 prior consents under paragraph 1C of the Placing
Guidelines
The Company has applied to the Stock Exchange for, and the Stock Exchange has granted,
consents under paragraph 1C of the Placing Guidelines to permit allocation to connected clients
pursuant to the Placing Guidelines. The allocation of Offer Shares to such connected clients is in
compliance with all the conditions under the consents granted by the Stock Exchange. Details of
the placement to connected clients (including the cornerstone tranche and placing tranche) are set
out below.


--- page 20 ---
20
Connected
distributor
Connected
client Relationship
Whether the
connected clients
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 to
be allocated to
the connected
client
Approximate
percentage of
Offer Shares
allocated to the
connected client
(assuming no
exercise of the
Over-allotment
Option)
Approximate
percentage of
total issued
share capital
after the
Global Offering
(assuming no
exercise of the
Over-allotment
Option)
China International
Capital Corporation
Hong Kong
Securities Limited
(“CICCHKS ”)
CICC Financial
Trading Limited
(“CICC FT ”) (1)
CICCFT is a
member of the
same group
as CICCHKS.
Non-
discretionary
basis
1,429,700 2.10% 0.34%
CITIC SECURITIES
BROKERAGE
(HONG KONG)
LIMITED ( “CSB”)
China Asset
Management
(Hong Kong)
Limited
(“China AM HK ”) (2)
CSB and China AM
HK are members of
the same group.
Discretionary
basis
148,800 0.22% 0.03%
CITIC Securities
International Capital
Management
Limited ( “CSI”) (3)
CSB and CSI are
members of
the same group.
Non-
discretionary
basis
169,500 0.25% 0.04%
UBS AG
Hong Kong
Branch
UBS Asset
Management
(Singapore) Limited
(“UBS AM ”)(4)
Each of UBS AM and
UBS AG Hong Kong
Branch is a member of
UBS Group AG which
is a company listed
on both the
SIX Swiss Exchange
(SWX: UBS) and the
New York Stock
Exchange
(NYSE: UBS).
Discretionary
basis
763,000 1.12% 0.18%


--- page 21 ---
21
Notes:
1. CICC FT and China International Capital Corporation Limited ( “CICCL ”) will enter into a series of cross
border delta-one OTC swap transactions (collectively, the “Juming OTC Swaps ”) with each other and the
ultimate clients (the “CICC FT Ultimate Clients (Juming) ”), pursuant to which CICC FT will hold the Offer
Shares on a non-discretionary basis to hedge the Juming OTC Swaps while the economic risks and returns of
the underlying Offer Shares are passed to the CICC FT Ultimate Clients (Juming), subject to customary fees
and commissions. The Juming OTC Swaps will be fully funded by the CICC FT Ultimate Clients (Juming). To
the best of CICC FT ’s knowledge having made all reasonable inquiries, each of the CICC FT Ultimate Clients
(Juming) is an independent third party of CICC FT, CICCHKS and the companies which are members of the
same group of CICCHKS, and no single ultimate beneficial owner holds 30% or more interest in each of the
CICC FT Ultimate Clients (Juming).
CICC FT and CICCL will enter into a series of cross border delta-one OTC swap transactions (collectively,
the “Pinpoint OTC Swaps ”) with each other and the ultimate clients (the “CICC FT Ultimate Clients
(Pinpoint) ”), pursuant to which CICC FT will hold the Offer Shares on a non-discretionary basis to hedge the
Pinpoint OTC Swaps while the economic risks and returns of the underlying Offer Shares are passed to the
CICC FT Ultimate Clients (Pinpoint), subject to customary fees and commissions. The Pinpoint OTC Swaps
will be fully funded by the CICC FT Ultimate Clients (Pinpoint). To the best of CICC FT ’s knowledge having
made all reasonable inquiries, each of the CICC FT Ultimate Clients (Pinpoint) is an independent third party
of CICC FT, CICCHKS and the companies which are members of the same group of CICCHKS, of which the
ultimate beneficial owner is Wang Qiang ( ˮ੶).
CICC FT and CICCL will enter into a series of cross border delta-one OTC swap transactions (collectively, the
“Lingren OTC Swaps ”) with each other and the ultimate client (the “CICC FT Ultimate Client (Lingren) ”),
pursuant to which CICC FT will hold the Offer Shares on a non-discretionary basis to hedge the Lingren OTC
Swaps, with investment decisions independently made by its future client, while the economic risks and returns
of the underlying Offer Shares are passed to the CICC FT Ultimate Client (Lingren), subject to customary fees
and commissions. The Lingren OTC Swaps will be fully funded by the CICC FT Ultimate Client (Lingren). To
the best of CICC FT ’s knowledge having made all reasonable inquiries, the CICC FT Ultimate Client (Lingren)
is an independent third party of CICC FT, CICCHKS and the companies which are members of the same group
of CICCHKS, and no single ultimate beneficial owner holds 30% or more interest in the CICC FT Ultimate
Client (Lingren).


--- page 22 ---
22
CICC FT and CICCL will enter into a series of cross border delta-one OTC swap transactions (collectively, the
“QC OTC Swaps ”) with each other and the ultimate clients (the “CICC FT Ultimate Clients (QC) ”), pursuant
to which CICC FT will hold the Offer Shares on a non-discretionary basis to hedge the QC OTC Swaps while
the economic risks and returns of the underlying Offer Shares are passed to the CICC FT Ultimate Clients (QC),
subject to customary fees and commissions. The QC OTC Swaps will be fully funded by the CICC FT Ultimate
Clients (QC). To the best of CICC FT ’s knowledge having made all reasonable inquiries, each of the CICC
FT Ultimate Clients (QC) is an independent third party of CICC FT, CICCHKS and the companies which are
members of the same group of CICCHKS, and no single ultimate beneficial owner holds 30% or more interest
in each of the CICC FT Ultimate Clients (QC).
2. China AM HK is an investment advisor and a delegate of the investment manager of its underlying clients
(“China AM HK Ultimate Clients ”) and manages assets (in its capacity as an investment advisor of the China
AM HK Ultimate Clients) and executes trades (in its capacity as a delegate of the investment manager of China
AM HK Ultimate Clients) for on behalf of China AM HK Ultimate Clients, namely (i) CHINAAMC CHINA
FOCUS FUND, the ultimate beneficial owner of which is Manulife (International) Limited, holding 78.49%
interest therein; (ii) CHINAAMC SELECT GREATER CHINA TECHNOLOGY FUND, the ultimate beneficial
owner of which is Futu Securities International (Hong Kong) Limited – client account, holding 87.97% therein.
While “Futu Securities International (Hong Kong) Limited – client account ” (the “Futu Client Account ”) is
shown to be a unit holder in the register of CHINAAMC SELECT GREATER CHINA TECHNOLOGY FUND,
holding 87.97% of the CHINAAMC SELECT GREATER CHINA TECHNOLOGY FUND, as confirmed by
CHINAAMC SELECT GREATER CHINA TECHNOLOGY FUND and Futu Securities International (Hong
Kong) Limited ( “Futu Securities ”), units in the Futu Client Account are held on behalf of clients (the “Futu
Clients ”) investing in the CHINAAMC SELECT GREATER CHINA TECHNOLOGY FUND, and is not a
proprietary account of Futu Securities. Due to internal policy restrictions of Futu Securities in relation to client
confidentiality, they are unable to disclose the identities and holding of the Futu Clients. To the best knowledge
of China AM HK after making all reasonable enquiries including obtaining and reviewing the confirmation
provided by Futu Clients, each of the Futu Clients are independent third parties of CSB and Futu Securities.
Therefore, China AM HK and the CHINAAMC SELECT GREATER CHINA TECHNOLOGY FUND are unable
to trace the identities of the Futu Clients, being the ultimate beneficial owner of the CHINAAMC SELECT
GREATER CHINA TECHNOLOGY FUND; (iii) CHINAAMC CHINA OPPORTUNITIES FUND, with no
ultimate beneficial owner holding 30% or more interest therein; and (iv) CHINAAMC CHINA GROWTH
FUND (SICAV), the ultimate beneficial owner of which is Yuanta Securities (HK) Company LTD, holding
72.24% interest therein. To the best knowledge of China AM HK after making all reasonable enquiries, no other
ultimate beneficial owner holds 30% or more interest in each of the China AM HK Ultimate Clients.
To the best knowledge of China AM HK after making all reasonable enquiries, (i) each of the China AM HK
Ultimate Clients is an independent third party of the Company, the Company ’s subsidiaries and substantial
shareholders, CSB, China AM HK and the companies which are members of the same group of companies as
CSB; and (ii) China AM HK is not a collective investment scheme which is not authorised by the SFC.


--- page 23 ---
23
3. CSI and CITIC Securities Company Limited will enter into a series of cross border OTC swap transactions
(“OTC Swaps ”) with the following entities as the investment manager for and on behalf of certain ultimate
clients, pursuant to which CSI will hold the Offer Shares to be subscribed for and on behalf of the following
entities 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 ultimate clients, subject to customary fees and commissions. CSI will
not take part in any economic returns or bear any economic losses in relation to the Offer Shares. The OTC
Swaps will be fully funded by the ultimate clients:
1) Ningbo Meishan Bonded Port Lingding Investment Management Co., Ltd (೼ಥਜὋ௟ҳ༟၍ଣ
ʮ̡ ) as the assets manager for and on behalf of two funds participating this deal, with Xiong Nawei ( ဤ
ॶฆ) and Jiang Bohan ( ᑞ௹ᖍ) as ultimate beneficial owners holding 30% or more interest in the funds they
subscribe to respectively;
2) Tibet Longrising Asset Management Co., LTD (ʮ̡ ) as the assets manager for
and on behalf of 12 funds participating this deal, with Zeng Xiaojie ( ಀወᆎ), Lyu Xiaojiu ( ѐʃɘ) and Yang
Jianhai (ऎ) as ultimate beneficial owners holding 30% or more interest in the funds they subscribe to
respectively;
3) Shanghai Tongyi Investment Management Co., Ltd (ʮ̡ ) as the assets manager for
and on behalf of two funds participating this deal, with Wang Jing ( ˮ᎑) and Li Xiaoyu ( ҽᄟρ) as ultimate
beneficial owners holding 30% or more interest in the funds they subscribe to respectively;
4) Beijing Heyi Yingtong Asset Management Co., Ltd (ʮ̡ ) as the assets manager
for and on behalf of one fund participating this deal, with no ultimate beneficial owners holding 30% or more
interest in the fund;
5) Shanghai Yanfeng Investment Management Ltd. (ʮ̡ ) as the assets manager for and
on behalf of one fund participating this deal, with no ultimate beneficial owners holding 30% or more interest in
the fund;
6) Shanghai Panjing Investment Center (Limited Partnership) ( ɪऎᆵԯҳ༟၍ଣʕː (Υྫ )) as the assets
manager for and on behalf of 72 funds participating this deal, with Zhuang Tao ( ୿ᏹ) and Li Ruxiang ( ҽνୂ)
as ultimate beneficial owners holding 30% or more interest in the funds they subscribe to respectively;
7) Shanghai Colight Asset Management Co., Ltd (ʮ̡ ) as the assets manager for
and on behalf of three funds participating this deal, with Cao Jin (ࣜas the ultimate beneficial owner holding
30% or more interest in the funds he subscribes to respectively;
8) Hangzhou Re-Investment Private Equity Fund Management Partnership Enterprise (Limited Partnership) (؄
၍ଣΥྫΆุ (Υྫ )) as the assets manager for and on behalf of one fund participating
this deal, with no ultimate beneficial owners holding 30% or more interest in the fund;
9) Hainan Evolution Asset Management Co., LTD (ʮ̡ ) as the assets manager
for and on behalf of one fund participating this deal, with no ultimate beneficial owners holding 30% or more
interest in the fund;
10) Shanghai Yiyuan Private Fund Management Co., Ltd. (ʮ̡ ) as the assets
manager for and on behalf of two funds participating this deal, with no ultimate beneficial owners holding 30%
or more interest in the funds; and
11) Shanghai Weining Investment Management Co, Ltd (ʮ̡ ) as the assets
manager for and on behalf of four funds participating this deal, with Liu Yutao ( ᄎԃᏹ), Zhang Yun ( ੵㅯ)
and Ling Chao ( Ὃ൴) as ultimate beneficial owners holding 30% or more interest in the funds they subscribe to
respectively.
The ultimate beneficial owner of CSI is CITIC SECURITIES COMPANY LIMITED (ʮ̡ ,
6030.HK).


--- page 24 ---
24
4. UBS AM will hold the Offer Shares on a discretionary basis in its capacity as a delegate of the fund manager,
UBS Asset Management (Hong Kong) Ltd., who manages assets for and on behalf of its underlying investor of
15 funds (the “UBS AM Funds ”, who are all Independent Third Parties). The UBS AM Funds are:
1) UBS (Lux) Equity Fund – Greater China, with no ultimate beneficial owner holding 30% or more interest
therein;
2) UBS (Lux) Equity Fund – China Opportunity, with no ultimate beneficial owner holding 30% or more
interest therein;
3) UBS (HK) Fund Series – China Opportunity Equity, with no ultimate beneficial owner holding 30% or more
interest therein;
4) UBS (Lux) Equity SICAV – All China, with no ultimate beneficial owner holding 30% or more interest
therein;
5) UBS (Lux) Investment SICAV – China A Opportunity, with no ultimate beneficial owner holding 30% or
more interest therein;
6) UBS (Cay) – China A Opportunity, with no ultimate beneficial owner holding 30% or more interest therein;
7) UBS (Lux) Key Selection SICAV – China Allocation Opportunity, with no ultimate beneficial owner holding
30% or more interest therein;
8) UBS (JP) China Equity (Ex-A Share) Fund, with no ultimate beneficial owner holding 30% or more interest
therein;
9) UBS HANA CHINA Equity Master Investment Trust, with no ultimate beneficial owner holding 30% or
more interest therein;
10) Eskom Pension and Provident Fund China-A, with no ultimate beneficial owner holding 30% or more
interest therein;
11) Flourish – UBS – China Opportunity Equity, held by Flourish Investment Corporation, with its ultimate
beneficial owner being China Investment Corporation (ப΂ʮ̡ );
12) National Council for Social Security Fund (ଣԫึ ), with its ultimate beneficial owner
being People ’s Republic of China Ministry of Finance (௅ );
13) BORDER TO COAST EMERGING MARKETS EQUITY, held by Border to Coast Pensions Partnership
Limited, with its ultimate beneficial owner being a local government in the United Kingdom;
14) BORDER TO COAST EMERGING MARKETS EQUITY ALPHA FUND, held by Border to Coast Pensions
Partnership Limited, with its ultimate beneficial owner being a local government in the United Kingdom; and
15) PIC China Opportunity Equity, with its ultimate beneficial owner being Public Investment Corporation.
To the best knowledge of UBS AM after making all reasonable enquiries, each of the UBS AM Fund ’s
underlying investors is an Independent Third Party of the Company, UBS AM, and UBS AG Hong Kong Branch
and the companies which are members of the same group of UBS AG Hong Kong Branch. Save for UBS Group
AG, UBS AM does not have any ultimate beneficial owners holding 30% or more interest.


--- page 25 ---
25
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, 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.
The Offer Shares are being offered and sold (i) within the United States solely to “Qualified
Institutional Buyers ” as defined in Rule 144A pursuant to an exemption from registration under
the U.S. Securities Act and (ii) outside the United States in offshore transactions in accordance
with 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 October 13, 2025 issued by JST Group
Corporation Limited (ʮ̡ ) 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 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 – 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 Tuesday, October 21, 2025).


--- page 26 ---
26
PUBLIC FLOAT AND FREE FLOAT
Immediately after the completion of the Global Offering (before any exercise of the Over-allotment
Option), the total number of Shares held in public hands represents approximately 60.63% 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 Offer Price of HK$30.60 per Share, thereby satisfying Rule 8.08(1) of the Listing
Rules. Based on the Offer Price of HK$30.60 per Share, the Company satisfies the free float
requirement under Rule 8.08A 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.


--- page 27 ---
27
COMMENCEMENT OF DEALINGS
The Share certificates will only become valid evidence of title at 8:00 a.m. on Tuesday, October
21, 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 –
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,
October 21, 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, October 21, 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
6687.
By order of the Board
JST Group Corporation Limited
Mr. Luo Haidong
Chairman of the Board, Executive
Director and
Chief Executive Officer
Hong Kong, October 20, 2025
As at the date of this announcement, the Board comprises: (i) Mr. Luo Haidong, Mr. He Xingjian,
Mr. Li Cansheng, and Mr. Wang Yu as executive directors; (ii) Mr. Wang Donghui, Mr. Chen
Hongliang and Mr. Zhou Kui as non-executive directors*; and (iii) Ms. Luo Mei, Mr. Li Jiajun,
and Mr. Sheng Kaiqiang as proposed independent non-executive directors.
Note: Mr. Wang Donghui, Mr. Chen Hongliang and Mr. Zhou Kui will resign from directorship with effect from the
Listing.
