--- 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 constitute or form a part of any offer or solicitation to purchase or subscribe for the Offer
Shares in the United States or in any other jurisdictions. 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. The Offer Shares 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. The Offer Shares are being
offered and sold (1) solely to qualified institutional buyers as defined in Rule 144A under the U.S. Securities Act in
accordance with Rule 144A under the U.S. Securities Act, or pursuant to another available exemption from registration
under the U.S. Securities Act and any applicable state securities law, and (2) outside the United States in reliance on
Regulation S under the U.S. Securities Act. There will be no public offer of the Offer Shares in the United States.
This announcement is for information purposes only and does not constitute an invitation or offer to acquire, purchase
or subscribe for securities. This announcement is not a prospectus. Potential investors should read the prospectus dated
November 19, 2024 (the “Prospectus ”) issued by S.F. Holding Co., Ltd.ʮ̡ (the “Company ”)
for detailed information about the Global Offering described below before deciding whether or not to invest in the H
Shares thereby being offered. Any investment decision in relation to the Offer Shares should be taken solely in reliance
on the information in the Prospectus.
Unless otherwise defined in this announcement, capitalized terms used herein shall have the same meanings as those
defined in the Prospectus.
In connection with the Global Offering, J.P. Morgan Securities (Asia Pacific) Limited, as stabilizing manager (the
“Stabilizing Manager ”) (or its affiliates or any person acting for it), on behalf of the Underwriters, the extent
permitted by the applicable laws and regulatory requirements of Hong Kong or elsewhere, may over-allocate or effect
transactions with a view to stabilizing or supporting the market price of the H Shares at such price, in such amounts
and in such manners as the Stabilizing Manager, its affiliates or any person acting for it may determine and at a
level higher than that which might otherwise prevail for a limited period after the Listing Date. However, there is
no obligation on the Stabilizing Manager (or its affiliates or any person acting for it) to conduct any such stabilizing
action. Such stabilizing action, if taken, (a) will be conducted at the absolute discretion of the 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 (which is Sunday, December 22, 2024).
Such stabilizing action, if taken, may be effected in all jurisdictions where it is permissible to do so, in each case in
compliance with all applicable laws, rules and regulatory requirements, including the Securities and Futures (Price
Stabilizing) Rules (Chapter 571W of the Laws of Hong Kong), as amended, made under the Securities and Futures
Ordinance (Chapter 571 of the Laws of Hong Kong).
Potential investors should be aware that no stabilizing action can be taken to support the price of the H Shares for
longer than the stabilization period, which will begin on the Listing Date, and is expected to expire on the 30th day
after the last day for lodging applications under the Hong Kong Public Offering (which is Sunday, December 22,
2024). After this date, when no further stabilizing action may be taken, demand for the H Shares, and therefore the
price of the H Shares, could fall.
Potential investors of the Offer Shares should note that the Overall Coordinators (for themselves and on behalf of
the Hong Kong Underwriters) shall be entitled to terminate their obligations under the Hong Kong Underwriting
Agreement with immediate effect upon the occurrence of any of the events set out in the section headed
“Underwriting – Underwriting Arrangements and Expenses – Hong Kong Public Offering – Grounds for Termination ”
in the Prospectus at any time prior to 8:00 a.m. (Hong Kong time) on the Listing Date (which is currently expected to
be on Wednesday, November 27, 2024).


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2
S.F. Holding Co., Ltd.
ʮ̡
(A joint stock company incorporated in the People ’s Republic of China with limited liability)
Global Offering
Number of Offer Shares under  the
Global Offering
: 170,000,000 H Shares (subject to the
Over-allotment Option)
Number of Hong Kong Offer Shares : 31,450,000 H Shares
Number of International Offer Shares : 138,550,000 H Shares (subject to the Over-
allotment Option)
Final Offer Price : HK$34.3 per H Share, plus brokerage of
1.0%, SFC transaction levy of 0.0027%,
Hong Kong Stock Exchange trading fee of
0.00565% and AFRC transaction levy of
0.00015% (payable in full on application
in Hong Kong dollars and subject to
refund)
Nominal value : RMB1.00 per H Share
Stock code : 6936
Joint Sponsors, Overall Coordinators, Joint Global Coordinators,
Joint Bookrunners and Joint Lead Managers
(in alphabetical order)
Overall Coordinators, Joint Global Coordinators,
Joint Bookrunners, Joint Lead Managers and Financial Advisers
(in alphabetical order)
Joint Bookrunners and Joint Lead Managers
(in alphabetical order)


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S.F. HOLDING CO., LTD. / 順豐控股股份有限公司
ANNOUNCEMENT OF FINAL OFFER PRICE AND
ALLOTMENT RESULTS
Unless otherwise defined herein, capitalised terms used in this announcement shall have the same meanings
as those defined in the prospectus dated 19 November 2024 (the “Prospectus”) issued by S.F. Holding Co.,
Ltd. (the “Company”).
Warning: In view of high concentration of shareholding in a small number of Shareholders,
Shareholders and prospective investors should be aware that the price of the H Shares could move
substantially even with a small number of H Shares traded and should exercise extreme caution  when
dealing in the H Shares.
SUMMARY

Company information
Stock code  6936
Stock short name  SF HOLDING
Dealings commencement date  27 November 2024*
*see note at the end of the announcement

Price Information
Final Offer Price  HK$34.30
Offer Price Range HK$32.30 - HK$36.30
Offer Price Adjustment exercised  N/A

Offer Shares and Share Capital
Number of Offer Shares  170,000,000
Number of Offer Shares in Public Offer (after reallocation) 31,450,000
Number of offer shares in International Offer (after
reallocation)
138,550,000
Number of issued shares upon Listing (before exercise of
the Over-allotment Option)
4,986,186,983

Over-allocation
No. of Offer Shares over-allocated  25,500,000
Such over-allocation may be covered by exercising the Over-allotment Option or by making purchases
in the secondary market at prices that do not exceed the Offer Price or through deferred delivery or a
combination of these means. In the event the Over-allotment Option is exercised, an announcement will
be made on the Stock Exchange’s website.

Proceeds
Gross proceeds (Note)  HK$5,831.0 million
Less: Estimated listing expenses payable based on Final
Offer Price
HK$(169.7) million
Net proceeds  HK$5,661.3 million

Note: Gross proceeds refers 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


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section headed “Future Plans and Use of Proceeds” of the Prospectus on a pro rata basis. During the
Track Record Period, the listing expenses of approximately HK$0.7 million has been charged to the
consolidated statements of profit or loss of the Company, therefore the actual net proceeds received by the
Company will be approximately HK$5,662.0 million.

ALLOTMENT RESULTS DETAILS
PUBLIC OFFER

No. of valid applications  82,574
No. of successful applications  47,245
Subscription level  79.07 times
Claw-back triggered  Yes
No. of Offer Shares initially available under the Public Offer  16,150,000
No. of Offer Shares reallocated from the International Offering
(claw-back)
15,300,000
Final no. of Offer Shares under the Public Offer (after
reallocation)
31,450,000
% of Offer Shares under the Public Offer to the Global Offering 18.5%

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.
INTERNATIONAL OFFER

No. of placees  153
Subscription Level  10.10 times
No. of Offer Shares initially available under the International
Offer
153,850,000
Final no. of Offer Shares under the International Offer (after
reallocation)
138,550,000
% of Offer Shares under the International Offer to the Global
Offering
81.5%

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 5(2) of Appendix F1 to
the Listing Rules (the “Placing Guidelines”) granted by the Stock Exchange to permit the Company to allocate
certain Offer Shares in the International Offering to certain Permitted Existing Shareholders, 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 H Shares in the International Offering to the 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, Supervisors, 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, Supervisors, 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.


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Cornerstone Investors
Investor
No. of Offer
Shares allocated
% of total issued H-
shares after the
Global Offering
(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
Oaktree Capital
Management, L.P.
("Oaktree")
5,665,000 3.33% 0.11% No
Wise Honest Limited
("Wise Honest")
5,665,000 3.33% 0.11% No
WT Asset
Management Limited
("WT Asset
Management")
5,665,000 3.33% 0.11% No
China Pacific
Insurance (Group)
Co., Ltd. ("CPIC")
4,532,000 2.67% 0.09% Yes
Green Better Limited
("Green Better")
4,532,000 2.67% 0.09% No
Infini Global Master
Fund ("Infini")
4,532,000 2.67% 0.09% No
Wind Sabre Fund
SPC on behalf of
Wind Sabre
Opportunities Fund
SP ("Wind Sabre")
4,532,000 2.67% 0.09% No
Morgan Stanley &
Co. International plc
("Morgan Stanley
International")
4,486,600 2.64% 0.09% Yes
Ghisallo Fund Master
Ltd ("Ghisallo")
3,399,000 2.00% 0.07% No
Wisdomshire Asset
Management Co., Ltd
("Wisdomshire
AM")
3,399,000 2.00% 0.07% Yes
Subtotal 46,407,600 27.30% 0.93%

Notes:
1. The number of H Shares immediately after the Global Offering is the same as the number of Offer
Shares to be issued under the Global Offering.
2. In addition to the Offer Shares subscribed for as Cornerstone Investors, WT Asset Management,
CPIC, Infini, Morgan Stanley International , Ghisallo and Wisdomshire AM 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.


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Allotees with Waivers/Consents Obtained
Investor
No. of Offer
Shares allocated
% of total issued
H-shares after the
Global Offering
(assuming the
Over-allotment
Option is not
exercised) Note 4
% of total issued
share capital after
the Global
Offering
(assuming the
Over-allotment
Option is not
exercised) Note 5 Relationship
Allotees with waiver from strict compliance with Rule 10.04 of the Listing Rules and consent under
paragraph 5(2) of the Placing Guidelines in relation to subscription for H Shares by Permitted Existing
Shareholders Note 1
CPIC 7,282,000 4.28% 0.15% A Permitted
Existing
Shareholder
Morgan Stanley
International
6,766,600 3.98% 0.14% A Permitted
Existing
Shareholder
Wisdomshire AM 5,694,000 3.35% 0.11% A Permitted
Existing
Shareholder
Norges Bank 2,940,000 1.73% 0.06% A Permitted
Existing
Shareholder
Allotees with consent under Chapter 4.15 of the Guide for New Listing Applicants in relation to
allocations of further H Shares to the Cornerstone Investors Note 2
CPIC 2,750,000 1.62% 0.06% A Permitted
Existing
Shareholder and a
Cornerstone
Investor
Morgan Stanley
International
2,280,000 1.34% 0.05% A Permitted
Existing
Shareholder and a
Cornerstone
Investor
Wisdomshire AM 2,295,000Note 6 1.35% 0.05% A Permitted
Existing
Shareholder and a
Cornerstone
Investor
WT Asset
Management
2,050,000 1.21% 0.04% A Cornerstone
Investor
Infini 2,050,000 1.21% 0.04% A Cornerstone
Investor
Ghisallo 1,150,000 0.68% 0.02% A Cornerstone
Investor
Allotees with 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 clients Note 3
Wisdomshire AM
(through GF
Securities Asset
3,399,000 2.00% 0.07% The asset manager
of the investor is a
connected client


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Investor
No. of Offer
Shares allocated
% of total issued
H-shares after the
Global Offering
(assuming the
Over-allotment
Option is not
exercised) Note 4
% of total issued
share capital after
the Global
Offering
(assuming the
Over-allotment
Option is not
exercised) Note 5 Relationship
Management
(Guangdong) Co.,
Ltd. ("GF Securities
AM") as the asset
manager)
Huatai Capital
Investment Limited
("HTCI")
3,420,000 2.01% 0.07% Connected client
Value Partners Hong
Kong Limited
("VPL")
1,125,000 0.66% 0.02% Connected client
E Fund Management
(Hong Kong) Co.,
Limited ("E Fund
HK")
5,000 0.003% 0.000001% Connected client
Aranda Investments
Pte. Ltd ("Aranda")
4,417,000 2.60% 0.09% Connected client
BOCHK Asset
Management
Limited ("BOC
AM")
23,000 0.014% 0.0005% Connected client
Zhejiang Great
Shengda Packaging
Co.,Ltd.( 浙江大勝
達包裝股份有限公
司) ("Great
Shengda") (through
GF Securities AM as
the asset manager)
225,000 0.13% 0.005% The asset manager
of the investor is a
connected client

Notes:
1. Among the Cornerstone Investors, CPIC, Morgan Stanley International and Wisdomshire AM are
Permitted Existing Shareholders or their close associates . The Stock Exchange has granted a
waiver from strict compliance with the requirements under Rule 10.04 of the Listing Rules and
consent under Paragraph 5(2) of the Placing Guidelines to permit H Shares in the International
Offering to be placed to certain Permitted Existing Shareholders. Please refer to the section
headed “Waivers and Exemptions – Allocation of H Shares to Existing Minority Shareholders and
Their Close Associates” of the Prospectus for details. In addition to the Offer Shares subscribed
for as Cornerstone Investors, CPIC, Morgan Stanley International and Wisdomshire AM were
allocated further Offer Shares as placees in the International Offering. For allocations of Offer
Shares to the relevant investors as  placees, please refer to the subsection headed "Allotees with
consent under Chapter 4.15 of the Guide for New Listing Applicants in relation to allocations of
further H Shares to the Cornerstone Investors".
To the best knowledge, information and belief of the Company after due enquiry, details of the


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Investor
No. of Offer
Shares allocated
% of total issued
H-shares after the
Global Offering
(assuming the
Over-allotment
Option is not
exercised) Note 4
% of total issued
share capital after
the Global
Offering
(assuming the
Over-allotment
Option is not
exercised) Note 5 Relationship
allocations to the Permitted Existing Shareholders holding more than 1% of the issued share
capital of the Company immediately prior to the completion of the Global Offering have been
disclosed in this announcement.
2. 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 H Shares to the existing Shareholders
and Cornerstone investors, please refer to the section headed “Others/Additional Information –
Allocations of Offer Shares to the existing Shareholders and Cornerstone investors with a consent
under Chapter 4.15 of the Guide for New Listing Applicants” in this announcement.

3. 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 clients, please refer to the section headed
“Waivers and Exemptions – Consent in respect of the Proposed Subscription of H Shares by Wisdomshire
AM through GF Securities AM” of the Prospectus and the section headed “Others / Additional Information
– Placing to connected clients with a prior consent under paragraph 5(1) of the Placing Guide lines” in
this announcement.
4. The number of H Shares immediately after the Global Offering is the same as the number of Offer Shares
to be issued under the Global Offering.
5. Only taking into account the H Shares allocated to the relevant investors under the Global Offering.
6. The 2,295,000 Offer Shares would be subscribed by Wisdomshire AM through HTCI under a back-to-back
total return swap. For details, please refer to the section headed "Others/Additional Information - Placing
to connected clients with a prior consent under paragraph 5(1) of the Placing Guidelines " in this
announcement.

LOCK-UP UNDERTAKINGS
Controlling Shareholders
 Name
Number of shares
held in the
Company subject
to lock-up
undertakings
upon listing
% of total issued H-
shares after the
Global Offering
subject to lock-up
undertakings upon
listing (assuming
the Over-allotment
Option is not
exercised)
% 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. Wang Note 3 2,661,927,139 - 53.39% 26 May 2025
(First Six-Month
Period) Note 1
26 November
2025 (Second
Six-Month
Period) Note 2


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Name
Number of shares
held in the
Company subject
to lock-up
undertakings
upon listing
% of total issued H-
shares after the
Global Offering
subject to lock-up
undertakings upon
listing (assuming
the Over-allotment
Option is not
exercised)
% 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
Mingde Holding Note 3 2,561,927,139 - 53.19% 26 May 2025
(First Six-Month
Period) Note 1
26 November
2025 (Second
Six-Month
Period) Note 2
Shenzhen Weishun
Note 3
100,000,000 - 2.01% 26 May 2025
(First Six-Month
Period) Note 1
26 November
2025 (Second
Six-Month
Period) Note 2
Subtotal 2,661,927,139 - 53.39%

Notes:
1. The Controlling Shareholders may dispose of or transfer Shares after the indicated date subject to
that the Controlling Shareholders will not cease to be a Controlling Shareholder.
2. The Controlling Shareholders will cease to be prohibited from disposing of or transferring Shares
after the indicated date.
3. As of the date of this announcement, Mingde Holding was held by Mr. Wang as to approximately 99.90%.
Shenzhen Weishun, which held 100,000,000 A Shares as of the date of this announcement, is a wholly-owned
subsidiary of Mingde Holding.

Cornerstone Investors

Name
Number of H-
shares held in the
Company subject
to lock-up
undertakings
upon listing
% of total issued
H-shares after the
Global Offering
subject to lock-up
undertakings upon
listing (assuming
the Over-allotment
Option is not
exercised) Note 1
% 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
undertakingsNote
2
Oaktree  5,665,000 3.33% 0.11% 26 May 2025
Wise Honest  5,665,000 3.33% 0.11% 26 May 2025
WT Asset
Management
5,665,000 3.33% 0.11% 26 May 2025
CPIC 4,532,000 2.67% 0.09% 26 May 2025
Green Better  4,532,000 2.67% 0.09% 26 May 2025
Infini  4,532,000 2.67% 0.09% 26 May 2025
Wind Sabre  4,532,000 2.67% 0.09% 26 May 2025


--- page 10 ---
Name
Number of H-
shares held in the
Company subject
to lock-up
undertakings
upon listing
% of total issued
H-shares after the
Global Offering
subject to lock-up
undertakings upon
listing (assuming
the Over-allotment
Option is not
exercised) Note 1
% 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
undertakingsNote
2
Morgan Stanley
International
4,486,600 2.64% 0.09% 26 May 2025
Ghisallo  3,399,000 2.00% 0.07% 26 May 2025
Wisdomshire AM 3,399,000 2.00% 0.07% 26 May 2025
Subtotal 46,407,600 27.30% 0.93%

Notes:

1. The number of H Shares immediately after the Global Offering is the same as the number of Offer
Shares to be issued under the Global Offering.
2. In accordance with the relevant cornerstone investment agreements, the required lock-up ends on
26 May 2025. The Cornerstone Investors will cease to be prohibited from disposing of or
transferring H Shares subscribed for pursuant to the relevant cornerstone investment agreements
after the indicated date.


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PLACEE CONCENTRATION ANALYSIS
Placees
Number of H Shares
allotted

Allotment as % of
International Offering
(assuming no exercise of
the Over-allotment
Option)



Allotment as % of
International Offering
(assuming the Over-
allotment Option is fully
exercised and new H
Shares are issued)
Allotment as % of total
Offer Shares (assuming no
exercise of the Over-
allotment Option)




Allotment as % of total
Offer Shares (assuming the
Over-allotment Option is
fully exercised and new H
Shares are issued)
Number of
 Shares held upon Listing(2)

% 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 H
Shares are issued
Top 1 13,103,000  9.46% 7.99% 7.71% 6.70% 13,103,000  0.26% 0.26%
Top 5 44,780,000  32.32% 27.30% 26.34% 22.91% 56,893,872  1.14% 1.14%
Top 10 75,152,600  54.24% 45.81% 44.21% 38.44% 87,266,472 1.75% 1.74%
Top 25 129,272,600  93.30% 78.80% 76.04% 66.12% 141,386,472 2.84% 2.82%

Notes
(1) Ranking of placees is based on the number of H Shares allotted to the placees.
(2) Among the top 25 placees, certain placees are also existing shareholders. To the best knowledge, information and belief of the Company after due enquiry, details of the allocations
to the Permitted Existing Shareholders holding more than 1% of the issued share capital of the Company immediately prior to t he completion of the Global Offering have been
disclosed in this announcement. Please refer to the section headed "Allotees with Waivers/Consents Obtained - Allotees with waiver from strict compliance with Rule 10.04 of the
Listing Rules and consent under paragraph 5(2) of the Placing Guidelines in relation to subscription for H Shares by Permitte d Existing Shareholders". As the top 25 placees who are
also existing shareholders held less than 1% of the issued share capital of the Company immediately prior to the completion of the Global Offering, the number of A Shares held by
them are not counted into the number Shares of held upon Listing.


--- page 12 ---
H SHAREHOLDERS CONCENTRATION ANALYSIS
H
Shareholders*
Number of H Shares
allotted

Allotment as % of
International Offering
(assuming no exercise of
the Over-allotment
Option)
Allotment as % of
International Offering
(assuming the Over-
allotment Option is
fully exercised and new
H Shares are issued)
Allotment as % of total
Offer Shares (assuming
no exercise of the Over-
allotment Option)
Allotment as % of total
Offer Shares (assuming
the Over-allotment
Option is fully
exercised and new H
Shares are issued)
Number of H Shares
held upon Listing

% of total issued H
Shares capital upon
Listing (assuming no
exercise of the Over-
allotment Option)
% of total issued share
capital upon Listing
(assuming the Over-
allotment Option is
fully exercised and new
H Shares are issued)
 Top 1 13,103,000  9.46% 7.99% 7.71% 6.70% 13,103,000  0.26% 0.26%
 Top 5 44,780,000  32.32% 27.30% 26.34% 22.91% 44,780,000  0.90% 0.89%
 Top 10 75,152,600  54.24% 45.81% 44.21% 38.44% 75,152,600  1.51% 1.50%
 Top 25 129,272,600  93.30% 78.80% 76.04% 66.12% 129,272,600  2.59% 2.58%

Notes
* Ranking of H Shareholders is based on the number of H Shares held by the H Shareholders upon Listing.
SHAREHOLDER CONCENTRATION ANALYSIS
Shareholders
Number of  H
Shares allotted

Allotment as %
of International
Offering
(assuming no
exercise of the
Over-allotment
Option)
Allotment as % of
International
Offering (assuming
the Over-allotment
Option is fully
exercised and new H
Shares are issued)
Allotment as % of
total Offer Shares
(assuming no
exercise of the
Over- allotment
Option)
Allotment as % of
total Offer Shares
(assuming the Over-
allotment Option is
fully exercised and
new H Shares are
issued)
Number of H
Shares held upon
Listing
Number of Shares
held upon Listing

% of total issued
share capital upon
Listing (assuming
no exercise of the
Over-allotment
Option)

% of total issued share
capital upon Listing
(assuming the Over-
allotment Option is
fully exercised and new
H Shares are issued
Top 1 0  0.00% 0.00% 0.00% 0.00% 0  2,619,497,139  52.54% 52.27%
Top 5 0  0.00% 0.00% 0.00% 0.00% 0  3,136,804,907 62.91% 62.59%
Top 10 0  0.00% 0.00% 0.00% 0.00% 0  3,332,843,385 66.84% 66.50%
Top 25 20,385,000 14.71% 12.43% 11.99% 10.43% 20,385,000 3,570,935,047 71.62% 71.25%

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


--- page 13 ---
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:



Number  of H
Shares applied
for



Number of
valid
applications





Basis of allocation/ballot
Approximate
percentage
allotted of the
total number of
H Shares
applied  for
Pool A

200 20,133  4,027 out of 20,133 applicants to
receive 200 H Shares
20.00%
400 9,063 2,719 out of 9,063 applicants to
receive 200 H Shares
15.00%
600 5,434 2,130 out of 5,434 applicants to
receive 200 H Shares
13.07%
800 2,790 1,317 out of 2,790 applicants to
receive 200 H Shares
11.80%
1,000 8,351 4,222 out of 8,351 applicants to
receive 200 H Shares
10.11%
1,200 2,672 1,533 out of 2,672 applicants to
receive 200 H Shares
9.56%
1,400 1,233 757 out of 1,233 applicants to
receive 200 H Shares
8.77%
1,600 924 628 out of 924 applicants to
receive 200 H Shares
8.50%
1,800 667 486 out of 667 applicants to
receive 200 H Shares
8.10%
2,000 7,713 6,017 out of 7,713 applicants to
receive 200 H Shares
7.80%
3,000 3,844 3,659 out of 3,844 applicants to
receive 200 H Shares
6.35%
4,000 2,061 200 H Shares  5.00%
5,000 1,985 200 H Shares plus 447 out of
1,985 applicants to receive an
additional 200 H Shares
4.90%
6,000 1,730 200 H Shares plus 762 out of
1,730 applicants to receive an
additional 200 H Shares
4.80%
7,000 465 200 H Shares plus 301 out of 465
applicants to receive an
additional 200 H Shares
4.71%
8,000 657 200 H Shares plus 552 out of 657
applicants to receive an
additional 200 H Shares
4.60%
9,000 309 400 H Shares  4.44%
10,000  3,725 400 H Shares plus 373 out of
3,725 applicants to receive an
4.20%


--- page 14 ---
additional 200 H Shares
20,000  2,037 600 H Shares  3.00%
30,000  1,390 600 H Shares plus 417 out of
1,390 applicants to receive an
additional 200 H Shares
2.20%
40,000  626 800 H Shares  2.00%
50,000  615 800 H Shares plus 308 out of 615
applicants to receive an
additional 200 H Shares
1.80%
60,000  481 1,000 H Shares  1.67%
70,000  256 1,000 H Shares plus 136 out of
256 applicants to receive an
additional 200 H Shares
1.58%
80,000  293 1,200 H Shares  1.50%
90,000  165 1,200 H Shares plus 88 out of
165 applicants to receive an
additional 200 H Shares
1.45%
100,000  1,586 1,400 H Shares  1.40%

81,205
Total number of Pool A
successful applicants: 45,876




Pool B
 200,000  789  4,400 H Shares  2.20%
300,000  224  6,400 H Shares plus 136 out of
224 applicants to receive an
additional 200 H Shares
2.17%
400,000  74  8,600 H Shares  2.15%
500,000  85  10,600 H Shares plus 13 out of
85 applicants to receive an
additional 200 H Shares
2.13%
600,000  33 12,600 H Shares plus 24 out of
33 applicants to receive an
additional 200 H Shares
2.12%
700,000  12  14,800 H Shares  2.11%
800,000  23  16,800 H Shares  2.10%
900,000  6  18,800 H Shares  2.09%
1,000,000  42  20,800 H Shares  2.08%
2,000,000  26  40,600 H Shares  2.03%
3,000,000  12  60,000 H Shares  2.00%
4,000,000  14  79,400 H Shares  1.99%
5,000,000  1  98,400 H Shares  1.97%
6,000,000  2  117,400 H Shares  1.96%
8,075,000  26  156,200 H Shares  1.93%
 1,369  Total number of Pool B


--- page 15 ---
successful applicants: 1,369



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 final Offer Price in addition to any brokerage, AFRC transaction levy,
SFC transaction levy and trading fee payable.

OTHERS / ADDITIONAL INFORMATION

Reallocation
The number of Offer Shares initially available under the Hong Kong Public Offering is 16,150,000 H
Shares, representing 9.5 % of the total number of Offer Shares initially available under the Global
Offering (assuming the Over -allotment Option is not exercised). As the Hong Kong Public Offering
has been oversubscribed by more  than 47 times but less than 95 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 31,450,000 H Shares, representing 18.5% of the total number of Offer Shares available
under the Global Offering (assuming the Over-allotment Option is not exercised).

Allocations of Offer Shares to the existing Shareholders and Cornerstone Investors 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 certain Cornerstone Investors as placees, subject to the following conditions:

(a) the final offering size of the Global Offering, excluding any over -allocation, will be of a total
value of at least HK$1 billion;
(b) the Offer Shares allocated to all existing Shareholders and their close associates (whether as
cornerstone investors and/or as placees) as permitted under the Size- based Exemption (as
defined in the Guide for New Listing Applicants) do not exceed 30% of the total number of the
H Shares offered under the Global Offering;


--- page 16 ---
(c) each Director, chief executive and Supervisor of the Company confirms that no securities have
been allocated to them or their respective close associates under the Size -based Exemption;
and
(d) details of the allocation to existing Shareholders and Cornerstone Investors under the Size -
based Exemption will be disclosed in this announcement.

Such allocations of Offer Shares are in compliance with all the conditions under the consent granted
by the Stock Exchange.

For details of the allocations of Offer Shares to existing Shareholders and Cornerstone Investors, please
refer to the section headed “ Allotment Results Details –  International Offer –  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 Wisdomshire AM (through GF Securities
AM as the asset manager) to participate in the Global Offering as a Cornerstone Investor. For details
of the allocations to Wisdomshire AM (through GF Securities AM as the asset manager), please refer
to the section headed “Allotment Results Details – International Offer – Cornerstone Investors” in this
announcement.

In addition, under the International Offering, certain Offer Shares were placed to connected clients of
their connected distributors pursuant to the Placing Guidelines. Details of the placement to connected
clients are set out below.


--- page 17 ---
No. 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 is a
collective
investment
scheme which is
not authorised
by the SFC or is
expected to
hold the Offer
Shares on
behalf of such
scheme
Whether the
connected
clients will
hold the
beneficial
interests of the
Offer Shares
on a non-
discretionary
basis or
discretionary
basis for
independent
third partis
Number
of Offer
Shares to
be
allocated
to the
connected
client
Appropriate
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)
1. Huatai
Financial
Holdings
(Hong
Kong)
Limited
(“HTFH”)
HTCI(1) HTCI is a
member of
the same
group of
HTFH.
Please refer to
Note (1)
N non-
discretion
ary basis
Mingh
ong:
1,100,
000
0.65% 0.02%
Wisdo
mshire
AM:
2,295,
000
1.35% 0.05%
Elepha
s:
25,000
0.015% 0.0005%
2. GF Securities
(Hong Kong)
Brokerage
Limited (“GF
Securities
(Hong Kong)
Brokerage”)
VPL(2) VPL is a member
of the same group
of GF Securities
(Hong Kong)
Brokerage.
N/A Yes, VPL
is investing
on behalf
of certain
collective
investment
schemes.
Please refer to
note (3) for
background and
details of such
schemes.
discretionary
basis
1,125,000 0.66% 0.02%


--- page 18 ---
No. 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 is a
collective
investment
scheme which is
not authorised
by the SFC or is
expected to
hold the Offer
Shares on
behalf of such
scheme
Whether the
connected
clients will
hold the
beneficial
interests of the
Offer Shares
on a non-
discretionary
basis or
discretionary
basis for
independent
third partis
Number
of Offer
Shares to
be
allocated
to the
connected
client
Appropriate
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)
3. GF Securities
(Hong Kong)
Brokerage
E Fund HK(3) E Fund HK and
GF Securities
(Hong Kong)
Brokerage are
members of the
same group of
companies.
N/A N discretionary
basis
5,000 0.003% 0.000001%
4. DBS Asia
Capital Limited
("DBS Asia")
Aranda Aranda is
indirectly wholly
owned by
Temasek
Holdings
(Private) Limited
(“Temasek”).
Temasek is
interested in
approximately
28% equity
interest in DBS
Group Holdings
Limited (“DBS
Holdings”),
N/A N N/A 4,417,000 2.60% 0.09%


--- page 19 ---
No. 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 is a
collective
investment
scheme which is
not authorised
by the SFC or is
expected to
hold the Offer
Shares on
behalf of such
scheme
Whether the
connected
clients will
hold the
beneficial
interests of the
Offer Shares
on a non-
discretionary
basis or
discretionary
basis for
independent
third partis
Number
of Offer
Shares to
be
allocated
to the
connected
client
Appropriate
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)
which indirectly
wholly owns DBS
Asia. DBS
Holdings is an
independently-
managed portfolio
company of
Temasek, and
Temasek is not
involved in the
business or
operational
decision-making
of DBS Holdings
or DBS Asia
(including in
relation to the
Global Offering).


--- page 20 ---
No. 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 is a
collective
investment
scheme which is
not authorised
by the SFC or is
expected to
hold the Offer
Shares on
behalf of such
scheme
Whether the
connected
clients will
hold the
beneficial
interests of the
Offer Shares
on a non-
discretionary
basis or
discretionary
basis for
independent
third partis
Number
of Offer
Shares to
be
allocated
to the
connected
client
Appropriate
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)
5. BOCI Asia
Limited
("BOCI")
BOC AM(4) BOC AM is a
member of the
same group of
BOCI.
N/A N discretionary
basis
23,000 0.014% 0.0005%
6. GF Securities
(Hong Kong)
Brokerage
Limited (“GF
Securities
(Hong Kong)
Brokerage”)
Great Shengda
(through GF
Securities AM as
the asset
manager)
(5)
GF Securities
AM is a
member of the
same group of
GF Securities
(Hong Kong)
Brokerage.

Please refer to
Note (5)
N non-
discretionary
basis
225,000 0.13% 0.005%

(1) PRC investors are currently not permitted under applicable PRC laws to participate directly in initial public offerings (“IPOs”) in Hong Kong. However,
PRC investors are permitted to invest in products issued by appropriate domestic securities firms licensed to undertake cross-border derivatives trading
activities. In connection with such products, the licensed domestic securities firms, through their Hong Kong affiliates, may participate in Hong Kong
IPOs either as placees or cornerstone investors (the “Cross-border Derivatives Trading Regime”).


--- page 21 ---
Huatai Securities Co., Ltd. (“Huatai Securities”), the shares of which are listed on both the Shanghai Stock Exchange (stock code: 601688) and the
Stock Exchange (stock code: 6886), is one of the domestic securities firms licensed to undertake cross-border derivatives trading activities. Huatai
Securities entered into an ISDA agreement (the “ISDA Agreement”) with its indirectly wholly-owned subsidiary, HTCI, to set out the principal terms
of any future total return swap between Huatai Securities and HTCI.
HTFH is an Overall Coordinator in connection with the Global Offering. Pursuant to the ISDA Agreement, HTCI, which intends to participate in the
Global Offering as a placee, will hold the Offer Shares on a non-discretionary basis as the single underlying holder under a back-to-back total return
swap (the “Back-to-back TRS”) to be entered by HTCI in connection with a Client TRS (as defined below) placed by and fully funded (i.e. with no
financing provided by HTCI) by the Huatai Ultimate Clients (as defined below), by which, HTCI will pass the full economic exposure of the O ffer
Shares to the Huatai Ultimate Clients, which in effect, HTCI will hold the beneficial interest of the Offer Shares on behalf of the Huatai Ultimate Clients.
HTFH, the Overall Coordinator, and HTCI are indirectly wholly- owned subsidiaries of Huatai Securities. Accordingly, HTCI is considered as a
“connected client” of HTFH pursuant to paragraph 13(7) of the Placing Guidelines.
Pursuant to the Cross-border Derivatives Trading Regime, the onshore investors (the “ Huatai Ultimate Clients”) cannot directly subscribe for the
Offer Shares but may invest in derivative products issued by domestic securities firms licenced to undertake cross-border derivatives trading activities,
such as Huatai Securities, with the Offer Shares as the underlying assets. Instead of directly subscribing for the Offer Shares, the Huatai Ultimate Clients
will place a total return swap order (the “Client TRS”) with Huatai Securities in connection with the Company’s IPO and Huatai Securities will place
a Back-to-back TRS order to HTCI on the terms of the ISDA Agreement. In order to hedge its exposure under the Back-to-back TRS, HTCI participates
in the Company’s IPO and subscribes the Offer Shares through placing order with HTFH during the International Offering.

The Huatai Ultimate Clients for purpose of this place subscription include (i) Minghong Muti-stratedy Hedge Fund No.1* (明汯多策略对
冲 1 号基金) (“Minghong”) and (ii) Wisdomshire Asset Management Co., Ltd* (上海睿郡資產管理有限公司) (“Wisdomshire AM”).
Minghong has more than 50 participating shareholders and none of them holds 30% or more interest in Minghong. Mr. Du Changyong
is the executive director and interested in 31.48% shareholding in Wisdomshire AM, and no other shareholder of Wisdomshire AM
controls more than 30% shareholding in Wisdomshire AM.
To the best of knowledge of HTCI and after making all reasonable enquiries, each of the Huatai Ultimate Clients is an independent third
party of HTCI, HTFH and the companies which are members of the same group of companies as HTFH.
The purpose of HTCI to subscribe for the Offer Shares is for hedging the Back- to-back TRS in connection with the Client TRS order
placed by the Huatai Ultimate  Clients. Pursuant to the terms of the contracts of the Back-to-back TRS and the Client TRS, during the
tenor of the Back-to-back TRS and the Client TRS, all economic returns of the Offer Shares will be passed to the Huatai Ultimate Clients
through the Back-to-back TRS and the Client TRS and all economic loss shall be borne by the Huatai Ultimate Clients. HTCI will not
take any economic return or bear any economic loss in relation to the Offer Shares.

Investment in the Back-to-back TRS and the Client TRS is similar to the investment in a qualified domestic institutional investor fund


--- page 22 ---
(“QDII”) in the way that the Huatai Ultimate Clients would reap all the economic benefits of the underlying Offer Shares, except that a
QDII fund would pass through the exchange rate exposure on both the notional value of the investment and the profit and loss of the
investment. In contrast, the profit and loss of  the Back-to-back TRS and the Client TRS factor into account the fluctuation in RMB
exchange rate upon termination of the Client TRS  by converting the profit and loss using the current exchange rate at the time of
termination. As such, the Huatai Ultimate Clients would bear the exchange rate exposure of the profit and loss on settlement date.

The Huatai Ultimate Clients may exercise an early termination right to terminate the Client TRS at any time from the issue da te of the Client TRS
which should be on or after the date on which the Offer Shares are listed on the Stock Exchange. Upon the termination upon maturity or early termination
of the Client TRS by the Huatai Ultimate Clients, HTCI will dispose the Offer Shares on the secondary market and the Huatai U ltimate Client will
receive a final termination amount of the Back-to-back TRS which should have taken into account all the economic returns or economic loss in relation
to the Offer Shares. If upon the maturity of the Client TRS, the Huatai Ultimate Clients intend to extend the investment period, subject to further
agreement between Huatai Securities and the relevant Huatai Ultimate Clients, the term of the Client TRS could be extended by way of a new issuance
or a tenor extension. Accordingly, Huatai Securities will extend the term of the Back-to-back TRS by way of a new issuance or a tenor extension.

It is proposed that HTCI will hold the legal title and the voting right of the Offer Shares by itself, and pass through the economic exposure to the Huatai
Ultimate Clients, each being an onshore client who places a Client TRS order with Huatai Securities in connection with the IPO of the Company.
Due to its internal policy, HTCI will not exercise the voting right of the Offer Shares during the tenor of the Back-to-back TRS.
During the life of the Client TRS and Back -to-back TRS, HTCI may continue to hold the Offer Shares in its custodian account, or to hold some or
all of the Offer Shares in a prime brokerage account for stock borrowing purposes (as further described below).

As permitted under the contractual arrangement with the Huatai Ultimate Clients, HTCI will lend out its holding of underlying Offer Shares in the
form of stock borrowing loans consistent with market practice to lower its finance costs, provided that HTCI has the ability to call back the Offer
Shares on loan at any time in order to satisfy its obligations under the Back-to-back TRS to ensure the economic interests to be passed to the Huatai
Ultimate Clients will remain unchanged.

(2) VPL will hold the Offer Shares in its capacity as the discretionary fund manager managing assets on behalf of its underlying clients.

VPL is a member of the same group of GF Securities (Hong Kong) Brokerage and therefore is a "connected client" of GF Securities
(Hong Kong) Brokerage as defined under the Listing Rules.
Each of the underlying clients of VPL is an independent third party of VPL and GF Securities (Hong Kong) Brokerage and the companies
which are members of the same group of companies as GF Securities (Hong Kong) Brokerage.

To the best knowledge, information and belief of VPL after due enquiry, the ultimate beneficial owners holding 30% or more interest of
the ultimate clients of VPL include: (i) HSBC International Trustee Limited; and (ii) AIA Company (Trustee) Limited.


--- page 23 ---
VPL has confirmed that, to the best of their knowledge, each of HSBC International Trustee Limited and AIA Company (Trustee)
Limited is an independent third party of VPL, GF Securities (Hong Kong) Brokerage and the companies which are members of the same
group of companies as GF Securities (Hong Kong) Brokerage.

Based on VPL’s confirmation above, the Overall Coordinators confirm that the Offer Shares to be placed to VPL are to be held on behalf
of independent third parties.
Details of the collective investment schemes which is not authorized by the SFC are as follows:

No. Fund name Types and
values of assets
under
management
Whether the
scheme is
publicly
marketed
Scheme
establishment
date
Identities of the
general partners
and the 20
largest limited
partners of the
scheme where
applicable
Identity of the
scheme
administrator
Relationships among the
scheme, the ultimate
beneficial owner(s) of the
limited partner(s), the
largest group of the
shareholders of the
Company, and the
Company
1. Value Partners
Asia Fund
LLC
Private fund,
USD 23 million
as of October
2024
No 21/8/2006 Not applicable,
as it’s a private
fund company
HSBC Trustee
(Cayman)
Limited
The scheme and ultimate
beneficial owners are
independent third parties of
GF Securities (Hong
Kong) Brokerage, the
Company and the
Controlling Shareholders of
the Company.
2. VALUE
PARTNERS
CHINA
 A-
SHARE
INNOVATIO
N FUND SP
Private fund,
USD 27 million
as of October
2024
No 19/11/2006 Not applicable,
as it’s a private
fund company
HSBC Trustee
(Cayman)
Limited
The scheme and ultimate
beneficial owners are
independent third parties of
GF Securities
(Hong
Kong) Brokerage, the
Company and the
Controlling Shareholders of
the Company.


--- page 24 ---
(3) E Fund Management Co., Ltd. ("E Fund Management") is a fund manager managing assets on behalf of its underlying clients and E Fund HK is a
wholly-owned subsidiary of E Fund Management. GF Securities Co., Ltd. (“ GF Securities”, Stock Code: 1776) holds 22.65% of the issued share
capital of E Fund Management. GF Securities (Hong Kong) Brokerage is an indirect wholly- owned subsidiary of GF Securities. E Fund HK is a
member of the same group of companies  of GF Securities and therefore is a “connected client” of GF Securities (Hong Kong) Brokerage.
Notwithstanding GF Securities' shareholding in E Fund HK (through E Fund Management) and that E Fund HK and GF Securities (Hong Kong)
Brokerage are members of the same group of companies, (i) GF Securities does not have  control over E Fund HK by virtue of its shareholding or
control over the board of directors of E Fund  HK; and (ii) E Fund HK operates and makes investment decisions independently from GF Securities
and/or GF Securities (Hong Kong) Brokerage. E Fund HK is to invest on discretionary basis on behalf of independent third parties and no proprietary
money is used for the placing.

(4) BOC AM proposed to subscribe for and hold the Offer Shares as a placee under the International Offering in its capacity as the investment manager
for and on behalf of independent third parties.

(5) For the purpose of participation in the International Offering as a placee,  Great Shengda has engaged GF Securities AM, an asset manager that is a
qualified domestic institutional investor as approved by the relevant PRC authority, in the name of SPDB-GFAM CHINA DA SHENG DA
ASSET MANAGEMENT ACCOUNT(QDII) (廣發資管大勝達1號單一資產管理計劃 ), to subscribe for and hold such Offer Shares on a non-
discretionary basis on behalf of Great Shengda.

  GF Securities (Hong Kong) Brokerage has been appointed as one of the Joint Bookrunners, Joint Lead Managers and Capital Market Intermediaries
of the Global Offering. GF Securities AM is a direct wholly -owned subsidiary of GF Securities Co., Ltd. (Stock Code: 1776) (“ GF Securities”)
and GF Securities (Hong Kong) Brokerage is an indirect wholly-owned subsidiary of GF Securities. Each of GF Securities AM and GF Securities
(Hong Kong) Brokerage is a member of the same group of companies. As a result, GF Securities AM is a connected client of GF Securities (Hong
Kong) Brokerage for the purpose of paragraph 13(7) of Appendix F1 to the Listing Rules.

As confirmed by GF Securities AM, (i) the Offer Shares to be place d to GF Securities AM are to be held on a non- discretionary basis on behalf of
independent third parties, (ii) the ultimate beneficial owners of Great Shengda include Fang Wuxiao (方吾校), Fang Nengbin (方能斌), Fang Congyi(
方聰藝), and (iii) each of Great Shengda and its ultimate beneficial owners is an independent third party of GF Securities AM, GF Securities (Hong
Kong) Brokerage and the companies which are members of the same group of companies as GF Securities (Hong Kong) Brokerage.


--- page 25 ---
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 the Company to allocate such Offer Shares
in the International Offering to the connected clients liste d above. The allocation of Offer Shares
to such connected clients is in compliance with all the conditions under the consent granted by the
Stock Exchange.

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
securities in the United States.
The Offer Shares are being offered and sold (1) solely to qualified institutional buyers as defined in Rule
144A under the U.S. Securities Act pursuant to an exemption from registration under the U.S. Securities
Act and (2) 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 19 November 2024 issued by S.F. Holding Co., Ltd. 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 Representatives (for themselves
and on behalf of  the Hong Kong Underwriters) shall be entitled to terminate their obligations under
the Hong Kong Underwriting Agreement with immediate effect upon the occurrence of any of the
events set out in the paragraph headed “Underwriting – Underwriting Arrangements and Expenses
– Hong Kong Public Offering – 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 27 November 2024).


--- page 26 ---
3
PUBLIC FLOAT
The Stock Exchange has granted the Company a waiver from strict compliance with the
requirements of Rule 8.08(1)(b) of the Listing Rules that the minimum percentage of the H Shares
of the Company to be held by the public shall be the higher of (i) 3.41% of the Company ’s total
issued share capital (assuming no exercise of the Over-allotment Option) and (ii) such percentage
of H Shares to be held by the public immediately after completion of the Global Offering, as
increased by the H Shares to be issued upon any exercise of the Over-allotment Option.
Immediately after the completion of the Global Offering (before any exercise of the Over-allotment
Option), the number of H Shares held in public hands represents approximately 3.41% of the total
issued share capital of the Company.
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 H shares
in public hands at the time of the Listing in compliance with Rules 8.08(3) and 8.24 of the Listing
Rules; and (iv) there will be at least 300 Shareholders at the time of the Listing in compliance with
Rule 8.08(2) of the Listing Rules.
COMMENCEMENT OF DEALINGS
The H Share certificates will only become valid evidence of title at 8:00 a.m. on Wednesday,
November 27, 2024 (Hong Kong time), provided that the Global Offering has become
unconditional and the right of termination described in the section headed “Underwriting
– Underwriting Arrangements and Expenses – Hong Kong Public Offering – Grounds for
Termination ” in the Prospectus has not been exercised. Investors who trade the H Shares on the
basis of publicly available allocation details prior to the receipt of H Share certificates or prior to
the H Share certificates becoming valid evidence of title do so entirely at their own risk.
Assuming that the Global Offering becomes unconditional at or before 8:00 a.m. on Wednesday,
November 27, 2024 (Hong Kong time), it is expected that dealings in the H Shares on the Stock
Exchange will commence at 9:00 a.m. on Wednesday, November 27, 2024 (Hong Kong time). The
H Shares will be traded in board lots of 200 H Shares each, and the stock code of the H Shares will
be 6936.
By order of the Board
S.F. Holding Co., Ltd.
Mr. WANG Wei
Chairman of the Board, Executive Director and General Manager
Shenzhen, the PRC, November 26, 2024
As at the date of this announcement, the Board comprises Mr. Wang Wei as chairman and
executive Director, Mr. Ho Chit, Ms. Wang Xin and Mr. Xu Bensong, as executive Directors;
Mr. Chan Charles Sheung Wai, Mr. Lee Carmelo Ka Sze and Dr. Ding Yi as independent
non-executive Directors.
