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Shanghai Iluvatar CoreX Semiconductor Co., Ltd.
上海天數智芯半導體股份有限公司
ANNOUNCEMENT OF ALLOTMENT RESULTS
Unless otherwise defined herein, capitaliz ed terms used in this announcement shall have the
same meanings as those defined in the p rospectus dated December 30, 2025 (the
“Prospectus ”) issued by Shanghai Iluvatar CoreX Semiconductor Co., Ltd. ( 上海天數智
芯半導體股份有限公司)( t h e“ Company ”).
Warning: In view of high concentration of sha reholding in a small number of Shareholders,
Shareholders and prospective investors shoul d be aware that the price of the H Shares could
move substantially even with a small numbe r of H Shares traded and should exercise
extreme caution when dealing in the H Shares.
SUMMARY
Company information
Stock code 9903
Stock short name ILUVATAR COREX
Dealings commencement date January 8, 2026*
* see note at the end of the announcement
Price Information
Offer Price HK$144.60
Offer Price Adjustment exercised N/A
Offer Shares and Share Capital
Number of Offer Shares 25,431,800
Final Number of Offer Shares in Hong Kong Public
Offering
2,543,200
Final Number of Offer Shares in International
Offering
22,888,600
Number of issued shares upon Listing 254,317,736
Proceeds
Gross proceeds (Note) HK$3,677.4 million
Less: Estimated listing expenses payable based on
Offer Price
HK$168.2 million
Net proceeds HK$3,509.3 million
Note: Gross proceeds refers to the amount which the Company is entitled to receive. For
details of the use of proceeds, see “Future Plans and Use of Proceeds” of the
Prospectus.
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ALLOTMENT RESULTS DETAILS
HONG KONG PUBLIC OFFERING
Number of valid applications 180,802
Number of successful applications 22,451
Subscription level 414.24 times
Number of Offer Shares ini tially available under the
Hong Kong Public Offering
2,543,200
Final number of Offer Shares under the Hong Kong
Public Offering
2,543,200
Claw-back triggered N/A
Number of Offer Shares reallocated from
International Offering t o Hong Kong Public Offering
0
% of final number of Offer Shares under the Hong
Kong Public Offering to the Global Offering
10.00%
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.
Weblink English Search Engine (The English website link to the
H Share Registrar’s search function for public offer allottees)
www.eipo.com.hk/eIPOAllotment
Weblink Chinese Search Engine (The Chinese website link to the
H Share Registrar’s search function for public offer allottees)
www.eipo.com.hk/eIPOAllotment
Weblink English Allottee List (The English website link to the full
list of allotted public offer subscribers on the H Share Registrar’s
website)
www.eipo.com.hk/eIPOAllotment
Weblink Chinese Allottee List (The Chinese website link to the
full list of allotted public offer subscribers on the H Share
Registrar’s website)
www.eipo.com.hk/eIPOAllotment
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INTERNATIONAL OFFERING
Number of placees 121
Subscription level 10.68 times
Number of Offer Shares ini tially available under the
International Offering
22,888,600
Final number of Offer Share s under the International
Offering
22,888,600
% of Offer Shares under the International Offering to
the Global Offering
90%
The Directors confirm that, to the best of thei r knowledge, information and belief, save for
allottees with waiver from strict compliance w ith Rule 10.04 of the Listing Rules, consents
under paragraphs 1C(1) and 1C(2) of Appe ndix F1 to the Listing Rules (the “ Placing
Guidelines ”) and Chapter 4.15 of the Guide for New Listing Applicants granted by the
Stock Exchange to permit the Company to, amo ng other things, place certain H Shares in
the International Offering to close associates o f certain existing Shareholders, Cornerstone
Investors and connected clients, (i) none of th e Offer Shares subscribed by the placees and
the public have been financed directly or i ndirectly by the Company, any of the Directors,
chief executive of the Company, substantial Shareholders, e xisting Shareholders of the
Company or any of its subsidiaries or their res pective close associates; and (ii) none of the
placees and the public who have purchased th e Offer Shares are accustomed to taking
instructions from the Company, any of the Dir ectors, chief executive of the Company,
substantial Shareholders, exist ing 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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The placees in the International O ffering include the following:
Cornerstone Investors
Investor (1)
Number of
Offer Shares
allocated (2)
%o f
Offer Shares
%o ft o t a l
issued H Shares
after the Global
Offering
% of the total
issued Shares
after the Global
Offering
Existing
Shareholders or
their close
associates
ZTE (H.K.) LIMITED (3) 151,000 0.59% 0.06% 0.06% No
XN Mountain International
Limited
914,700 3.60% 0.37% 0.36% Yes
Wind Sabre Fund SPC acting
on behalf and for the account
of Wind Sabre Opportunities
Fund SP
1,076,100 4.23% 0.44% 0.42% No
UBS Asset Management
(Singapore) Ltd.
(3)
538,000 2.12% 0.22% 0.21% No
Teamsun Technology (HK)
Limited
228,200 0.90% 0.09% 0.09% No
Qin Wan Investment Limited 762,600 3.00% 0.31% 0.30% No
OCM Limited 532,700 2.09% 0.22% 0.21% No
Ocean Fine Industrial Limited 537,100 2.11% 0.22% 0.21% No
Huatai Capital Investment
Limited (in connection with
OTC swaps for Jiujiu Hengxin
(Xiamen) Private Fund
Management Co., Ltd.)
1,129,900 4.44% 0.46% 0.44% No
Fourth Paradigm
International Limited
691,500 2.72% 0.28% 0.27% No
Engine International
Technology Co., Limited
228,800 0.90% 0.09% 0.09% No
Duckling Fund, L.P. 1,076,100 4.23% 0.44% 0.42% No
DeepRoot Alpha Ltd 215,200 0.85% 0.09% 0.08% No
China Universal Asset
Management (Hong Kong)
Company Limited
1,076,100 4.23% 0.44% 0.42% No
China Orient International
Asset Management Limited —
China Orient Enhanced
Income Fund
376,600 1.48% 0.15% 0.15% No
China Orient International
Asset Management Limited —
China Orient Multi-Strategy
Master Fund
161,400 0.63% 0.07% 0.06% No
China Asset Management
(Hong Kong) Limited
322,800 1.27% 0.13% 0.13% No
CFIG Holdings Limited
(3) 114,400 0.45% 0.05% 0.04% No
Alphahill Capital Limited 807,100 3.17% 0.33% 0.32% No
Total 10,940,300 43.02% 4.46% 4.30%
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Notes:
(1) For further details of the Cornerstone Investors, see “Cornerstone Investors” in the Prospectus.
(2) The number of Offer Shares allocated to relevant investors listed in this subsection only represents the
number of Offer Shares allocated to the investors as Cornerstone Investors in the International Offering.
For allocations of Offer Shares to the relevant investors as placees (if any), see “Allotment Results
Details — International Offering — Allottees with Waivers/Consents Obtained” in this announcement.
(3) In addition to the Offer Shares subscribed for as Cornerstone Investors, ZTE (H.K.) LIMITED, UBS
Asset Management (Singapore) Ltd. and CFIG Holdings Limited were allocated further Offer Shares
as placees in the International Offering. For details, see “Allotment Results Details — International
Offering — Allottees with Waivers/Consents Obtained” in this announcement. Only the Offer Shares
subscribed for as Cornerstone Investors are subject to lock-up as indicated in “Lock-up Undertakings —
Cornerstone Investors” in this announcement.
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Allottees with Waivers/Consents Obtained
Investor
Number of
Offer Shares
allocated
% of Offer
Shares
%o ft o t a l
issued H Shares
after the Global
Offering
% of total
issued share
capital after the
Global Offering Relationship
Allottees with waiver from strict compliance with Rule 10.04 of the Listing Rules and consent under paragraph 1C(2) of the
Placing Guidelines in relation to subscription for H Shares by existing minority Shareholders and/or their close associates
XN Mountain
International
Limited (1)
914,700 3.60% 0.37% 0.36% A close associate of Nanjing
Xingna Heyuan Venture Capital
Partnership (Limited
Partnership), Nanjing
Xingnafeng Enterprise
Management Partnership
(Limited Partnership),
FOCUSTAR CAPITAL
INVESTMENT FUND L.P. and
XN Speed International Limited,
which are existing Shareholders,
and a Cornerstone Investor
Ms. Lin Naihui ( 林
乃慧)(2)
107,000 0.42% 0.04% 0.04% A close associate of Shanghai
Yunzhixin Enterprise
Management Consulting
Partnership (Limited
Partnership), which is an existing
Shareholder
Guohui (HK)
Holdings Co.,
Limited (3)
26,000 0.10% 0.01% 0.01% A close associate of Zhuhai
Yueteng Ruiwen Equity
Investment Partnership (Limited
Partnership), which is an existing
Shareholder
Allottees with consent under Chapter 4.15 of the Guide for New Listing Applicants in relation to allocations of further H Shares
to Cornerstone Investors and close associates of existing Shareholders (4)
ZTE (H.K.)
LIMITED
225,000 0.88% 0.09% 0.09% A Cornerstone Investor
UBS Asset
Management
(Singapore) Ltd.
269,000 1.06% 0.11% 0.11% A Cornerstone Investor
CFIG Holdings
Limited
266,000 1.05% 0.11% 0.10% A Cornerstone Investor
Shanghai Hua
Hong
International,
Inc. (5)(7)
269,000 1.06% 0.11% 0.11% A close associate of Shanghai
Linke Zhixin Private Equity
Investment Fund Partnership
(Limited Partnersh ip), Princeville
Global Processing IC
Investments ( Hong Kong)
Limited, Shanghai Dalinghao
Bay Ceyuan No.2 Venture
Capital Partnership (Limited
Partnership) and Shanghai
Shengyong State-owned
Enterprise Reform New Potential
Private Equity Investment Fund
Partnership (Limited
Partnership), which are existing
Shareholders
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Investor
Number of
Offer Shares
allocated
% of Offer
Shares
%o ft o t a l
issued H Shares
after the Global
Offering
% of total
issued share
capital after the
Global Offering Relationship
Lingang Wings
Inc (6)(7)
107,000 0.42% 0.04% 0.04% A close associate of Shanghai
Linke Zhixin Private Equity
Investment Fund Partnership
(Limited Partnersh ip), Princeville
Global Processing IC
Investments ( Hong Kong)
Limited, Shanghai Dalinghao
Bay Ceyuan No. 2 Venture
Capital Partnership (Limited
Partnership) and Shanghai
Shengyong State-owned
Enterprise Reform New Potential
Private Equity Investment Fund
Partnership (Limited
Partnership), which are existing
Shareholders
Allottees with consent under paragraph 1C(1) of the Placing Guidelines and Chapter 4.15 of the Guide for New Listing
Applicants in relation to allocations to connected clients (8)
Huatai Capital
Investment Limited
( i nc o n n e c t i o nw i t h
OTC swaps for
Jiujiu Hengxin
(Xiamen) Private
Fund Management
Co., Ltd.)
(9)
1,129,900 4.44% 0.46% 0.44% Connected client as a
Cornerstone Investor
Huatai Capital
Investment Limited
(for onshore
investors)
149,600 0.59% 0.06% 0.06% Connected client as a placee
Bosera Asset
Management Co.,
Limited
53,000 0.21% 0.02% 0.02% Connected client as a placee
Fullgoal Fund
Management Co.,
Ltd.
34,500 0.14% 0.01% 0.01% Connected client as a placee
Fullgoal Asset
Management (HK)
Limited
18,500 0.07% 0.01% 0.01% Connected client as a placee
Guotai Junan
Financial Products
Limited
764,000 3.00% 0.31% 0.30% Connected client as a placee
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Notes:
(1) XN Mountain International Limited is wholly owned by Focustar Capital. Focustar Capital manages
certain of the existing minority Shareholders, namely Nanjing Xingna Heyuan Venture Capital
P a r t n e r s h i p( L i m i t e dP a r t n e r s h i p )(南京星納赫源創業投資合夥企業（有限合夥）), Nanjing Xingnafeng
Enterprise Management Partne rship (Limited Partnership) ( 南京星納峰企業管理合夥企業（有限合
夥）), FOCUSTAR CAPITAL INVESTMENT FUND L. P. and XN Speed International Limited
(collectively, “ Focustar Entities ”). XN Mountain International Limited is therefore a close associate of
Focustar Entities.
(2) Shanghai Yunzhixin Enterprise Management Consulting Partnership (Limited Partnership) ( 上海沄知
芯企業管理諮詢合夥企業（有限合夥）)( “ Shanghai Yunzhixin ”) is an existing Shareholder of the
Company. The general partner of Shanghai Yunzhixin is Shanghai Yundi Private Equity Fund
Management Co., Ltd. (
上海沄砥私募基金管理有限公司), which is held as to 99% by Ms. Lin Naihui
(林乃慧). Ms. Lin Naihui is therefore a close associate of Shanghai Yunzhixin.
(3) Guohui (HK) Holdings Co., Limited is wholly owned by Shandong Development & Investment Holding
Group Co., Ltd. ( 山東發展投資控股集團有限公司), which is 97.88% owned by State-owned Assets
Supervision and Administration Commission of Shandong ( 山東省人民政府國有資產監督管理委員會).
The limited partner of Zhuhai Yueteng Ruiwen Equity Investment Partnership (Limited Partnership)
(
珠海悅騰睿文股權投資合夥企業（有限合夥）)( “ Zhuhai Yueteng ”) is Qingdao Yaoye Medical
Technology Co., Ltd. ( 青島耀曄醫療科技有限公司)( “ Qingdao Yaoye ”), holding its 99.9% interest.
Qingdao Yaoye is ultimately wholly owned by Qingdao Licang District Government Investment Project
Performance Evaluation and State-owned Enterprise Service Center ( 青島市李滄區政府投資項目績效
評價和國有企業服務中心). Guohui (HK) Holdings Co., Limited is therefore a close associate of Zhuhai
Yueteng.
(4) 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, see “Allotment Results
Details — International Offering — 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 Cornerstone Investors, see “Others/Additional Information — Placing to Cornerstone
Investors and/or Their Close Associates with a Consent Under Chapter 4.15 of the Guide for New Listing
Applicants” in this announcement.
(5) Shanghai Hua Hong International, Inc. is wholly owned by Shanghai Hua Hong (Group) Co., Ltd. (
上
海華虹（集團）有限公司). The State-owned Assets Supervision and Administration Commission of
Shanghai ( 上海市國有資產監督管理委員會)( “ Shanghai SASAC ”) directly holds a 51.74% interest in
Shanghai Hua Hong (Group) Co., Ltd. and is its actual controller.
(6) Lingang Wings Inc is wholly owned by Shanghai Lingang Overseas Development Co., Ltd. which is in
turn wholly owned by Shanghai Lingang Economic Development (Group) Co., Ltd ( 上海臨港經濟發展
集團有限公司), an entity ultimately controlled by Shanghai SASAC.
(7) Shanghai Linke Zhixin Private Equity Inves tment Fund Partnership (Limited Partnership) ( 上海臨科
智芯私募投資基金合夥企業（有限合夥）)( “ Linke Zhixin ”) is a limited partnership established under
the partnership laws of the PRC. The general partner of Linke Zhixin is Shanghai Lingang Kechuang
Investment Management Co., Ltd. (
上海臨港科創投資管理有限公司) ,w h i c hi nt u r ni so w n e da st o3 0 %
by Shanghai Linchuang Investment Management Co., Ltd. ( 上海臨創投資管理有限公司), which is
controlled by Shanghai SASAC. The limited partners of Linke Zhixin are majority controlled by
Shanghai SASAC or the State-owned Assets Supervision and Administration Commission of Minhang
District of Shanghai ( 上海市閔行區國有資產監督管理委員會)( “ Minhang SASAC ”).
Princeville Global Processing IC In vestments (Hong Kong) Limited (“ PVG”) is wholly owned by
Princeville Global Processing IC Investments Lim ited, which in turn is majority owned by Shanghai
Electric Hongkong Co. Limited ( 上海電氣香港有限公司)( “ Shanghai Electric HK ”). Shanghai
Electric HK is a wholly-owned subsidiary of Shanghai Electric Group Company Limited ( 上海電氣集
團股份有限公司), a company listed on the Stock Exchange (stock code: 2727) and the Shanghai Stock
Exchange (stock code: 601727), and which is ultimately controlled by Shanghai SASAC.
The general partner of Shanghai Dalinghao Bay Ceyuan No. 2 Venture Capital Partnership (Limited
Partnership) ( 上海大零號灣策源二號創業投資合夥企業（有限合夥）)( “ Shanghai Dalinghao Bay
Ceyuan ”) is Shanghai Dalinghao Bay Private Equity Fund Management Co., Ltd. ( 上海大零號灣私
募基金管理有限公司), which is ultimately wholly owned by Minhang SASAC.
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The manager and executive partner of Shanghai Shengyong State-owned Enterprise Reform New
Potential Private Equity Investment Fun d Partnership (Limited Partnership) ( 上海盛雍國企改革新勢
能私募投資基金合夥企業（有限合夥）)( “ Shanghai Shengyong ”, together with Linke Zhixin, PVG and
Shanghai Dalinghao Bay Ceyuan, the “ Shanghai Entities ”) is Shanghai Guosheng Capital Management
Co., Ltd. ( 上海國盛資本管理有限公司)( “ Shanghai Guosheng Capital ”), which is owned as to 30% by
Shanghai Guosheng (Group) Co., Ltd. ( 上海國盛（集團）有限公司) ,w h i c hi si nt u r nw h o l l yo w n e db y
Shanghai SASAC.
For illustration purposes only, the aggregate number of H Shares held by the Shanghai Entities upon
completion of the Global Offering amounts to 11,874,964, representing approximately 4.67% of the total
issued Shares of the Company.
Each of Shanghai Hua Hong International, Inc. and Lingang Wings Inc is therefore a close associate of
the Shanghai Entities.
(8) For details of the consent under paragraph 1C(1) of the Placing Guidelines and Chapter 4.15 of the
Guide for New Listing Applicants in relation to allocations to connected clients, see “Others/Additional
Information — Placing to Connected Clients with a Consent Under Paragraph 1C(1) of the Placing
Guidelines” in this announcement.
(9) For further details of the allocation of Offer Shares to Huatai Capital Investment Limited as a
Cornerstone Investor, see “Waivers — Consent Under Paragraph 1C(1) of the Placing Guidelines to be
Granted for Allocation of Securities to HTCI” and “Cornerstone Investors” in the Prospectus.
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LOCK-UP UNDERTAKINGS
Existing Shareholders and Pre-IPO Investors
Name
Number of
Shares held in
the Company
subject to lock-up
undertakings
upon listing
Number of H
Shares held in
the Company
subject to lock-up
undertakings
upon Listing
% of total issued
HS h a r e sa f t e r
the Global
Offering subject
to lock-up
undertakings
upon Listing
%o f
shareholding in
the Company
subject to lock-up
undertakings
upon Listing
Last day subject
to the lock-up
undertakings
(1)
Shanghai Xishi Enterprise
Management Consulting
Partnership (Limited
Partnership)
13,718,171 13,718,171 5.60% 5.39% January 7, 2027
Shanghai Yishi Enterprise
Management Consulting
Partnership (Limited
Partnership)
12,340,003 12,340,003 5.03% 4.85% January 7, 2027
Shanghai Sushi Business
Consulting Partnership
(Limited Partnership)
7,118,886 7,118,886 2.90% 2.80% January 7, 2027
Shanghai Qiongyu Business
Consulting Partnership
(Limited Partnership)
8,900,000 8,900,000 3.63% 3.50% January 7, 2027
Shanghai Nashi Business
Consulting Partnership
(Limited Partnership)
3,615,000 3,615,000 1.47% 1.42% January 7, 2027
Shanghai Yuanshi Enterprise
Management Consulting
Partnership (Limited
Partnership)
5,515,250 5,515,250 2.25% 2.17% January 7, 2027
Shanghai Yueshi Enterprise
Management Consulting
Partnership (Limited
Partnership)
2,826,815 2,826,815 1.15% 1.11% January 7, 2027
Nanjing Youxu Equity
Investment Partnership
(Limited Partnership)
16,503,313 16,503,313 6.73% 6.49% January 7, 2027
Fujian Centurium Phase I
Investment Partnership
(Limited Partnership)
18,269,383 18,269,383 7.45% 7.18% January 7, 2027
Masterwork Holdings Limited 11,726,485 11,726,485 4.78% 4.61% January 7, 2027
Xiamen Zhengmei Enterprise
Management Partnership
(Limited Partnership)
5,953,762 5,953,762 2.43% 2.34% January 7, 2027
Rizhao Tianxin Information
Technology Partnership
(Limited Partnership)
9,143,732 9,143,732 3.73% 3.60% January 7, 2027
Rizhao Peiqin Information
Technology Partnership
(Limited Partnership)
8,050,359 8,050,359 3.28% 3.17% January 7, 2027
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Name
Number of
Shares held in
the Company
subject to lock-up
undertakings
upon listing
Number of H
Shares held in
the Company
subject to lock-up
undertakings
upon Listing
% of total issued
HS h a r e sa f t e r
the Global
Offering subject
to lock-up
undertakings
upon Listing
%o f
shareholding in
the Company
subject to lock-up
undertakings
upon Listing
Last day subject
to the lock-up
undertakings (1)
Tianjin Haihe Yunbai
Industrial Investment Fund
Partnership (Limited
Partnership)
5,255,030 5,255,030 2.14% 2.07% January 7, 2027
Wuhu Kuangyun Artificial
Intelligence Industry
Investment Fund (Limited
Partnership)
1,709,272 1,709,272 0.70% 0.67% January 7, 2027
Shenzhen Digital Future
Private Equity Investment
Fund Partnership (Limited
Partnership)
1,628,679 1,628,679 0.66% 0.64% January 7, 2027
Nanjing Xingna Heyuan
Venture Capital Partnership
(Limited Partnership)
2,931,621 2,931,621 1.20% 1.15% January 7, 2027
Nanjing Xingnafeng Enterprise
Management Partnership
(Limited Partnership)
415,313 415,313 0.17% 0.16% January 7, 2027
FOCUSTAR CAPITAL
INVESTMENT FUND L.P.
2,346,698 2,346,698 0.96% 0.92% January 7, 2027
XN Speed International
Limited
1,771,757 1,771,757 0.72% 0.70% January 7, 2027
Jupiter Technology Link
Investment Company Ltd
7,166,801 7,166,801 2.92% 2.82% January 7, 2027
Yuyao Bijiang Shengxing
Management Consulting
Partnership (Limited
Partnership)
6,775,509 6,775,509 2.76% 2.66% January 7, 2027
Beijing Zhongguancun Science
City Technology Growth
Investment Partnership
(Limited Partnership)
5,946,308 5,946,308 2.43% 2.34% January 7, 2027
Shanghai Huiyue Business
Consulting Partnership
(Limited Partnership)
5,425,000 5,425,000 2.21% 2.13% January 7, 2027
Beijing Ruifeng Equity
Investment Fund (Limited
Partnership)
5,008,306 2,504,153 1.02% 0.98% January 7, 2027
Xicheng Zhiyuan Digital Power
Selection (Beijing) Investment
Center (Limited Partnership)
297,250 297,250 0.12% 0.12% January 7, 2027
Shanghai Linke Zhixin Private
Equity Investment Fund
Partnership (Limited
Partnership)
5,139,423 3,083,654 1.26% 1.21% January 7, 2027
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Name
Number of
Shares held in
the Company
subject to lock-up
undertakings
upon listing
Number of H
Shares held in
the Company
subject to lock-up
undertakings
upon Listing
% of total issued
HS h a r e sa f t e r
the Global
Offering subject
to lock-up
undertakings
upon Listing
%o f
shareholding in
the Company
subject to lock-up
undertakings
upon Listing
Last day subject
to the lock-up
undertakings (1)
Princeville Global Processing
IC Investments (Hong Kong)
Limited
5,073,488 5,073,488 2.07% 1.99% January 7, 2027
Shenzhen Dongsheng Asset
Management Partnership
(Limited Partnership)
3,830,000 3,830,000 1.56% 1.51% January 7, 2027
Zhuhai Yueteng Ruiwen Equity
Investment Partnership
(Limited Partnership)
3,418,543 — — — January 7, 2027
Quzhou Intelligent
Manufacturing Anhe Equity
Investment Partnership
(Limited Partnership)
3,257,357 3,257,357 1.33% 1.28% January 7, 2027
Shanghai Yunzhixin Enterprise
Management Consulting
Partnership (Limited
Partnership)
3,076,689 3,076,689 1.26% 1.21% January 7, 2027
Xiamen Yaheng Venture
Capital Fund Partnership
(Limited Partnership)
2,938,548 2,938,548 1.20% 1.16% January 7, 2027
Shanghai Shengyong
State-owned Enterprise Reform
New Potential Private Equity
Investment Fund Partnership
(Limited Partnership)
2,903,483 2,903,483 1.18% 1.14% January 7, 2027
Ningbo Dingzhixin Equity
Investment Partnership
(Limited Partnership)
1,081,714 1,081,714 0.44% 0.43% January 7, 2027
Ningbo Dingyinxin Equity
Investment Partnership
(Limited Partnership)
915,714 915,714 0.37% 0.36% January 7, 2027
Ningbo Dingmaoxin Equity
Investment Partnership
(Limited Partnership)
685,256 685,256 0.28% 0.27% January 7, 2027
Jiangsu Jiequan New
Engineering Bangsheng Venture
Capital Fund Partnership
(Limited Partnership)
1,299,000 1,299,000 0.53% 0.51% January 7, 2027
Suzhou Bangsheng Yingxin
Venture Capital Enterprise
(Limited Partnership)
860,000 860,000 0.35% 0.34% January 7, 2027
Suzhou Industrial Park Yuanhe
Dingsheng Equity Investment
Partnership (Limited
Partnership)
1,113,542 1,113,542 0.45% 0.44% January 7, 2027
–1 2–


--- page 13 ---
Name
Number of
Shares held in
the Company
subject to lock-up
undertakings
upon listing
Number of H
Shares held in
the Company
subject to lock-up
undertakings
upon Listing
% of total issued
HS h a r e sa f t e r
the Global
Offering subject
to lock-up
undertakings
upon Listing
%o f
shareholding in
the Company
subject to lock-up
undertakings
upon Listing
Last day subject
to the lock-up
undertakings (1)
Chengdu Tianfu Yuanhe Jingu
Venture Capital Center
(Limited Partnership)
599,599 599,599 0.24% 0.24% January 7, 2027
Hangzhou Yuanqiao Zhishu
Equity Investment Partnership
(Limited Partnership)
1,713,141 1,713,141 0.70% 0.67% January 7, 2027
Hunan Xiangjiang New District
Guiding No. 5 Equity
Investment Partnership
(Limited Partnership)
1,627,484 1,627,484 0.66% 0.64% January 7, 2027
Sichuan Regional Collaborative
Development Investment
Guidance Fund Partnership
(Limited Partnership)
488,604 — — — January 7, 2027
Mianyang Gaochuang Equity
Investment Fund Partnership
(Limited Partnership)
732,905 — — — January 7, 2027
Hainan Kunjun Investment
Partnership (Limited
Partnership)
1,191,716 1,191,716 0.49% 0.47% January 7, 2027
Sichuan Dingxiang Equity
Investment Fund Co., Ltd.
1,116,724 1,116,724 0.46% 0.44% January 7, 2027
Wuhan Jiangxia Xintuo Equity
Investment Fund Management
Partnership (Limited
Partnership)
446,690 446,690 0.18% 0.18% January 7, 2027
Zaozhuang Xinsheng Equity
Investment Partnership
(Limited Partnership)
670,034 670,034 0.27% 0.26% January 7, 2027
Nanjing Lianchuang Digital
Equity Investment Partnership
(Limited Partnership)
1,027,884 1,027,884 0.42% 0.40% January 7, 2027
Guangzhou Tianmu Artificial
Intelligence Industry
Investment Fund Partnership
(Limited Partnership)
974,169 974,169 0.40% 0.38% January 7, 2027
Shanghai Kuanqing
Management Consulting
Partnership (Limited
Partnership)
963,415 947,618 0.39% 0.37% January 7, 2027
Yancheng Yingwan Kexin
Linghang Equity Investment
Partnership (Limited
Partnership)
947,556 947,556 0.39% 0.37% January 7, 2027
–1 3–


--- page 14 ---
Name
Number of
Shares held in
the Company
subject to lock-up
undertakings
upon listing
Number of H
Shares held in
the Company
subject to lock-up
undertakings
upon Listing
% of total issued
HS h a r e sa f t e r
the Global
Offering subject
to lock-up
undertakings
upon Listing
%o f
shareholding in
the Company
subject to lock-up
undertakings
upon Listing
Last day subject
to the lock-up
undertakings (1)
Gongqingcheng Baochuang
Gongying Venture Capital
Fund Partnership (Limited
Partnership)
856,570 856,570 0.35% 0.34% January 7, 2027
H u b e iL i h eJ i a c h e n g
Investment Co., Ltd.
814,339 814,339 0.33% 0.32% January 7, 2027
Hainan Zhihua Investment
Partnership (Limited
Partnership)
814,339 814,339 0.33% 0.32% January 7, 2027
Shanghai Dalinghao Bay
Ceyuan No.2 Venture Capital
Partnership (Limited
Partnership)
814,339 814,339 0.33% 0.32% January 7, 2027
Xi’an Xigaotou Zhiyuan
Investment Fund Partnership
(Limited Partnership)
814,339 814,339 0.33% 0.32% January 7, 2027
Nanjing Lanpu High Quality
Equity Investment Fund
(Limited Partnership)
781,766 781,766 0.32% 0.31% January 7, 2027
Cuihu Tianshu (Zibo) Equity
Investment Partnership
(Limited Partnership)
745,216 745,216 0.30% 0.29% January 7, 2027
Nanjing Railway Investment
Jushi Hub Economic Industry
Investment Fund Partnership
(Limited Partnership)
651,471 651,471 0.27% 0.26% January 7, 2027
Hina Growth Opportunities
Fund, L.P.
611,052 611,052 0.25% 0.24% January 7, 2027
Zhejiang Biyi Electric
Appliance Co., Ltd.
575,126 575,126 0.23% 0.23% January 7, 2027
Beijing Paradigm Artificial
Intelligence Equity Investment
Fund (Limited Partnership)
513,942 513,942 0.21% 0.20% January 7, 2027
Interplanetary Pte. Ltd. 492,807 492,807 0.20% 0.19% January 7, 2027
China Insurance Investment
Trust Quality (Jiaxing) Equity
Investment Partnership
(Limited Partnership)
488,604 488,604 0.20% 0.19% January 7, 2027
Ningbo Ruihe Yingfu Venture
Capital Partnership (Limited
Partnership)
244,302 244,302 0.10% 0.10% January 7, 2027
Ningbo Yingshi Venture
Capital Partnership (Limited
Partnership)
244,302 244,302 0.10% 0.10% January 7, 2027
–1 4–


--- page 15 ---
Name
Number of
Shares held in
the Company
subject to lock-up
undertakings
upon listing
Number of H
Shares held in
the Company
subject to lock-up
undertakings
upon Listing
% of total issued
HS h a r e sa f t e r
the Global
Offering subject
to lock-up
undertakings
upon Listing
%o f
shareholding in
the Company
subject to lock-up
undertakings
upon Listing
Last day subject
to the lock-up
undertakings (1)
Sichuan Culture Industry
Investment Fund Partnership
(Limited Partnership)
407,170 407,170 0.17% 0.16% January 7, 2027
Hunan Bofu Selected Equity
Investment Partnership
(Limited Partnership)
394,140 394,140 0.16% 0.15% January 7, 2027
Suqian Lingrui Business
Consulting Service Partnership
Enterprise (Limited
Partnership)
170,731 170,731 0.07% 0.07% January 7, 2027
Total 228,885,936 219,670,165 89.62% 90.00%
Note:
(1) The expiry date of the lock-up period shown in the table above is pursuant to the PRC Company Laws.
–1 5–


--- page 16 ---
Cornerstone Investors
Name
Number of
Shares held in
the Company
subject to lock-up
undertakings
upon Listing
Number of H
Shares held in
the Company
subject to lock-up
undertakings
upon Listing
% of total issued
HS h a r e sa f t e r
the Global
Offering subject
to lock-up
undertakings
upon Listing
%o f
shareholding in
the Company
subject to lock-up
undertakings
upon Listing
Last day subject
to the lock-up
undertakings
(1)
ZTE (H.K.) LIMITED 151,000 151,000 0.06% 0.06% July 7, 2026
XN Mountain International
Limited
914,700 914,700 0.37% 0.36% July 7, 2026
Wind Sabre Fund SPC acting
on behalf and for the account
of Wind Sabre Opportunities
Fund SP
1,076,100 1,076,100 0.44% 0.42% July 7, 2026
UBS Asset Management
(Singapore) Ltd.
538,000 538,000 0.22% 0.21% July 7, 2026
Teamsun Technology (HK)
Limited
228,200 228,200 0.09% 0.09% July 7, 2026
Qin Wan Investment Limited 762,600 762,600 0.31% 0.30% July 7, 2026
OCM Limited 532,700 532,700 0.22% 0.21% July 7, 2026
Ocean Fine Industrial Limited 537,100 537,100 0.22% 0.21% July 7, 2026
Huatai Capital Investment
Limited (in connection with
OTC swaps for Jiujiu Hengxin
(Xiamen) Private Fund
Management Co., Ltd.)
1,129,900 1,129,900 0.46% 0.44% July 7, 2026
Fourth Paradigm International
Limited
691,500 691,500 0.28% 0.27% July 7, 2026
Engine International
Technology Co., Limited
228,800 228,800 0.09% 0.09% July 7, 2026
Duckling Fund, L.P. 1,076,100 1,076,100 0.44% 0.42% July 7, 2026
DeepRoot Alpha Ltd 215,200 215,200 0.09% 0.08% July 7, 2026
China Universal Asset
Management (Hong Kong)
Company Limited
1,076,100 1,076,100 0.44% 0.42% July 7, 2026
China Orient International
Asset Management Limited —
China Orient Enhanced Income
Fund
376,600 376,600 0.15% 0.15% July 7, 2026
China Orient International
Asset Management Limited —
China Orient Multi-Strategy
Master Fund
161,400 161,400 0.07% 0.06% July 7, 2026
China Asset Management
(Hong Kong) Limited
322,800 322,800 0.13% 0.13% July 7, 2026
CFIG Holdings Limited 114,400 114,400 0.05% 0.04% July 7, 2026
Alphahill Capital Limited 807,100 807,100 0.33% 0.32% July 7, 2026
Total 10,940,300 10,940,300 4.46% 4.30%
–1 6–


--- page 17 ---
Note:
(1) In accordance with the relevant cornerstone investment agreements, the required lock-up ends on July 7,
2026, being six months following the Listing Date. 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.
–1 7–


--- page 18 ---
PLACEE CONCENTRATION ANALYSIS
Placees
Number of
HS h a r e s
allotted
Allotment as %
of International
Offering
Allotment as %
of total Offer
Shares
Number of
Shares held
upon Listing
% of total issued
share capital
upon Listing
Top 1 1,302,000 5.69% 5.12% 1,302,000 0.51%
Top 5 5,873,700 25.66% 23.10% 21,237,670 8.35%
Top 10 10,298,600 44.99% 40.49% 33,127,959 13.03%
Top 25 18,254,900 79.76% 71.78% 41,084,259 16.15%
Note
* Ranking of placees is based on the number of H Shares allotted to the placees.
H SHAREHOLDERS CONCENTRATION ANALYSIS
H Shareholders *
Number of
H Shares
allotted
Allotment as
%o f
International
Offering
Allotment as
%o ft o t a l
Offer Shares
Number of
HS h a r e sh e l d
upon Listing
%o ft o t a l
issued
HS h a r e s
capital upon
Listing
Number of
Shares held
upon Listing
Top 1 0 0.00% 0.00% 54,034,125 22.05% 54,034,125
Top 5 1,140,000 4.98% 4.48% 145,289,104 59.28% 147,344,873
Top 10 2,054,700 8.98% 8.08% 179,728,027 73.33% 181,783,796
Top 25 4,743,200 20.72% 18.65% 213,957,119 87.29% 218,517,041
Note
* Ranking of H Shareholders is based on the number of H Shares held by the H Shareholders upon Listing.
–1 8–


--- page 19 ---
SHAREHOLDER CONCENTRATION ANALYSIS
Shareholders
Number of
H Shares
allotted
Allotment as
%o f
International
Offering
Allotment as
%o ft o t a l
Offer Shares
Number of
HS h a r e sh e l d
upon Listing
Number of
Shares held
upon Listing
%o ft o t a l
issued share
capital upon
Listing
Top 1 0 0.00% 0.00% 54,034,125 54,034,125 21.25%
Top 5 1,140,000 4.98% 4.48% 145,289,104 147,344,873 57.94%
Top 10 2,054,700 8.98% 8.08% 179,728,027 181,783,796 71.48%
Top 25 4,769,200 20.84% 18.75% 212,156,841 221,356,815 87.04%
Note
* Ranking of Shareholders is based on the number of Shares (of all classes) held by the Shareholder upon
Listing.
–1 9–


--- page 20 ---
BASIS OF ALLOCATION UNDER THE HONG KONG PUBLIC OFFERING
Subject to the satisfaction of the condition s set out in the Prospectus, a total of 180,802
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
100 102,763 7,193 out of 102,763 to receive 100 Shares 7.00%
200 7,517 588 out of 7,517 to receive 100 Shares 3.91%
300 16,673 1,307 out of 16,673 to receive 100 Shares 2.61%
400 2,094 165 out of 2,094 to receive 100 Shares 1.97%
500 2,250 178 out of 2,250 to receive 100 Shares 1.58%
600 2,759 219 out of 2,759 to receive 100 Shares 1.32%
700 1,575 126 out of 1,575 to receive 100 Shares 1.14%
800 823 66 out of 823 to receive 100 Shares 1.00%
900 511 41 out of 511 to receive 100 Shares 0.89%
1,000 7,184 577 out of 7,184 to receive 100 Shares 0.80%
1,500 2,383 192 out of 2,383 to receive 100 Shares 0.54%
2,000 2,557 207 out of 2,557 to receive 100 Shares 0.40%
2,500 1,460 119 out of 1,460 to receive 100 Shares 0.33%
3,000 1,789 146 out of 1,789 to receive 100 Shares 0.27%
3,500 993 82 out of 993 to receive 100 Shares 0.24%
4,000 1,116 93 out of 1,116 to receive 100 Shares 0.21%
4,500 739 62 out of 739 to receive 100 Shares 0.19%
5,000 1,805 152 out of 1,805 to receive 100 Shares 0.17%
6,000 1,323 112 out of 1,323 to receive 100 Shares 0.14%
7,000 1,378 117 out of 1,378 to receive 100 Shares 0.12%
8,000 1,112 95 out of 1,112 to receive 100 Shares 0.11%
9,000 831 71 out of 831 to receive 100 Shares 0.09%
10,000 4,595 393 out of 4,595 to receive 100 Shares 0.09%
20,000 2,742 235 out of 2,742 to receive 100 Shares 0.04%
30,000 2,095 180 out of 2,095 to receive 100 Shares 0.03%
171,067 Total number of Pool A successful applicants: 12,716
–2 0–


--- page 21 ---
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 B
40,000 5,722 100 Shares plus 1,717 out of 5,722 to receive
additional 100 Shares
0.33%
50,000 924 100 Shares plus 278 out of 924 to receive additional
100 Shares
0.26%
60,000 555 100 Shares plus 168 out of 555 to receive additional
100 Shares
0.22%
70,000 477 100 Shares plus 145 out of 477 to receive additional
100 Shares
0.19%
80,000 357 100 Shares plus 109 out of 357 to receive additional
100 Shares
0.16%
90,000 214 100 Shares plus 66 out of 214 to receive additional
100 Shares
0.15%
100,000 764 100 Shares plus 236 out of 764 to receive additional
100 Shares
0.13%
200,000 327 100 Shares plus 102 out of 327 to receive additional
100 Shares
0.07%
300,000 116 100 Shares plus 37 out of 116 to receive additional
100 Shares
0.04%
400,000 61 100 Shares plus 20 out of 61 to receive additional 100
Shares
0.03%
500,000 38 100 Shares plus 13 out of 38 to receive additional 100
Shares
0.03%
600,000 32 100 Shares plus 11 out of 32 to receive additional 100
Shares
0.02%
700,000 27 100 Shares plus 10 out of 27 to receive additional 100
Shares
0.02%
800,000 14 100 Shares plus 6 out of 14 to receive additional 100
Shares
0.02%
900,000 11 100 Shares plus 5 out of 11 to receive additional 100
Shares
0.02%
1,000,000 7 100 Shares plus 4 out of 7 to receive additional 100
Shares
0.02%
1,100,000 5 100 Shares plus 3 out of 5 to receive additional 100
Shares
0.01%
1,271,600 84 100 Shares plus 51 out of 84 to receive additional 100
Shares
0.01%
9,735 Total number of Pool B successful applicants: 9,735
–2 1–


--- page 22 ---
As of the date of this announcement, the relevant subscription monies previously deposited
in the designated nominee accounts have been r emitted back to the accounts of all HKSCC
participants. Investors should contact the ir relevant brokers for any inquiries.
COMPLIANCE WITH LISTING RULES AND GUIDANCE
The Directors confirm that, except for the L isting 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 t o the placing, allotment and listing of the
Company’s H Shares.
The Directors confirm that, to the best of the ir knowledge, no rebate has been, directly or
indirectly, provided by the Company, its Di rectors or syndicate members to any placees
or the public (as the case may be) and the con sideration payable by them for each Offer
Share of the Company subscribed for or purch ased by them is the same as the final Offer
Price determined by agreement betw een the Company and the Sponsor-Overall
Coordinator (for itself and on behalf of other Underwriters), in addition to any
brokerage, AFRC transaction levy, SFC tra nsaction levy and trading fee payable.
OTHERS/ADDITIONAL INFORMATION
Placing to Close Associates of Existing Mino rity Shareholders with a Waiver Under Rule
10.04 and Consent Under Paragraph 1 C(2) of the Placing Guidelines
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 the consent under paragraph 1 C(2) of the Placing Guidelines, to permit
the existing shareholders and/or its close asso ciates to participate as either cornerstone
investors or placees in the Global Offering t o subscribe for the Offer Shares to be issued
by the Company under the Internat ional Offering (together, the “ Existing Minority
Shareholder Participants ”). The Stock Exchange has agreed to grant the requested waiver
and consent subject to the conditions that:
(a) each of the Existing Minority Shareholder Participants, (1) together with their close
associates, holds less than 5% voting righ ts in the Company prior to the completion
of the Global Offering. (2) is not and wi ll not become (upon the completion of the
Global Offering) a core conn ected person of the Company or the close associate of
any such core connected person; and (3) does not have the right to appoint a
Director and/or have any other special rights;
(b) the allocation to the Existing Minority Shareholder Participants will not affect the
Company’s ability to satisfy its public fl oat requirement under Rule 19A.13A of the
Listing Rules;
(c) each of the Company, the Sole Sponsor and the Overall Coordinators confirms that
no preferential treatment has been, nor wi ll be directly or indirectly, given to the
Existing Minority Shareholder Participan ts as cornerstone investors or placees by
virtue of their relationship with the Company in any allocation in the Global
Offering, other than the preferential tre atment of assured entitlement under the
cornerstone investment at the Offer Price and the terms are substantially the same as
other cornerstone investors; and
–2 2–


--- page 23 ---
(d) details of the allocation of the Offer S hares to the Existing Minority Shareholder
Participants as cornerstone investors or p lacees under the Global Offering have been
disclosed in the Prospectus or in this announcement.
For details of the allocations of Offer Sha res to such Existing Minority Shareholder
Participants, see “Allotment Results Detai ls — International Offering — Allottees with
Waivers/Consents Obtained” in this announc ement, and “Waivers — Allocation of H
Shares to a Close Associate of Certain E xisting Minority Shareholders” and
“Cornerstone Investors” in the Prospectus..
Placing to Cornerstone Investors and Close A ssociates of the Existing Shareholders with a
Consent Under Chapter 4.15 of the Gu ide 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 App licants to permit the Company to allocate
further Offer Shares in the International O ffering to certain Cor nerstone Investors
and/or close associates of existing Share holders as placees, subject to the following
conditions (“ Allocation to Size-based Exemption Participants ”):
(a) the final offering size of the Global Off ering will be of a total value of at least HK$1
billion;
(b) the Offer Shares allocated to all existing Shareholder sa n dt h e i rc l o s ea s s o c i a t e s
(whether as cornerstone investors and/ or as placees) as permitted under the
Size-based Exemption (as defined in the G uide for New Listing Applicants) do not
exceed 30% of the total number of the H Shares offered under the Global Offering;
(c) the Allocation to Size-based Exemption Participants will not affect the Company’s
ability to satisfy its public float requi rement under Rule 19A.13A of the Listing
Rules;
(d) each Director and chief executive of the Company confirms that no securities have
been allocated to them or their respectiv e close associates under the Size-based
Exemption; and
(e) details of the allocation to Cornerstone In vestors and close associates of the existing
Shareholders under the Size-based Ex emption have been disclosed in this
announcement.
Such allocations of Offer Shares are in co mpliance with all the conditions under the
consent granted by the Stock Exchange.
For details of further allocations of Offer Shares to Cornerstone Investors and close
associates of existing Shareholders, see “Al lotment Results Details — International
Offering — Allottees with Waivers/Con sents Obtained” in this announcement.
Placing to Connected Clients with a Conse nt Under Paragraph 1C(1) of the Placing
Guidelines
Under the International Offering, certain O ffer Shares were placed to connected clients
of their connected distributors pur suant to the Placing Guidelines.
–2 3–


--- page 24 ---
The Company has applied to the Stock Exchange for, and the Stock Exchange has
granted, a consent under paragraph 1C(1) of the Placing Guidelines to permit the
Company to allocate such Offer Shares in the International Offering to the connected
clients. The allocation of Offer Shares to su ch connected clients is in compliance with all
the conditions under the consen t granted by the Stock Exchange.
Details of the placement to connected clients are set out below:
No. Connected Client (7) Connected Distributor
Relationship between the
Connected Client and the
Connected Distributor
Information
of the
Connected
Client
Whether the
Connected Client will
hold the beneficial
interest of the Offer
Shares on a
non-discretionary
b a s i so rd i s c r e t i o n a r y
basis for independent
third parties
Number of
O f f e rS h a r e st o
be allocated
%o ft o t a l
issued H Shares
after the Global
Offering
% of the total
issued Shares
after the Global
Offering
1. Huatai Capital Investment
Limited (“ HTCI ”) (in
connection with OTC
swaps for Jiujiu Hengxin
(Xiamen) Private Fund
Management Co., Ltd.)
Huatai Financial
Holdings (Hong Kong)
Limited (“ HTFH ”)
HTCI is a member of the
same group of
c o m p a n i e sa sH T F H .
Note (1) Non-discretionary 1,129,900 0.46% 0.44%
2. HTCI (for onshore
investors)
HTFH HTCI is a member of the
same group of
c o m p a n i e sa sH T F H .
Note (2) Non-discretionary 149,600 0.06% 0.06%
3. Bosera Asset Management
Co., Limited (“ Bosera ”)
CMB International
Capital Limited
(“CMBI ”)
Bosera is a member of
t h es a m eg r o u po f
c o m p a n i e sa sC M B I .
Note (3) Discretionary 53,000 0.02% 0.02%
4. Fullgoal Fund Management
Co., Ltd.
Guotai Junan Securities
(Hong Kong) Limited
(“GTJA ”) and Haitong
International Securities
Company Limited
(“HTI ”)
Fullgoal Fund
Management Co., Ltd.
is a member of the
same group of
c o m p a n i e sa sG T J A
and HTI.
Note (4) Discretionary 34,500 0.01% 0.01%
5. Fullgoal Asset
Management (HK)
Limited
GTJA and HTI Fullgoal Asset
Management (HK)
Limited is a member of
t h es a m eg r o u po f
c o m p a n i e sa sG T J A
and HTI.
Note (5) Discretionary 18,500 0.01% 0.01%
6. Guotai Junan Financial
Products Limited
(“GTJA FP ”)
GTJA and HTI GTJA FP is a member of
t h es a m eg r o u po f
c o m p a n i e sa sG T J A
and HTI.
Note (6) Non-discretionary 764,000 0.31% 0.30%
Notes:
(1) For further details of the allocation of Offer S hares to Huatai Capital Investment Limited as a
Cornerstone Investor, see “Waiv ers — Consent Under Paragraph 1C( 1) of the Placing Guidelines to
be Granted for Allocation of Securities to HTCI ” and “Cornerstone Investors” in the Prospectus.
(2) PRC investors are currently not permitted under app licable 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 licen sed to undertake cross-bo rder derivatives trading
a c t i v i t i e s .I nc o n n e c t i o nw i t hs u c hp r o d u c t s ,t h elicensed domestic securities firms, through their
Hong Kong affiliates, may partici pate in Hong Kong IPOs either as pl acees or corners tone investors
(the “ Cross-border Derivatives Trading Regime ”).
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Huatai Securities Co., Ltd. (“ HTSC ”), the A shares of which are listed on the Shanghai Stock
Exchange (stock code: 601688), the H shares of which are listed on the Stock Exchange (stock code:
6886), and the global depositary receipts of which are listed on the London Stock Exchange (LON:
HTSC), is one of the domestic securities firms license d to undertake cross-border derivatives trading
activities. HTSC entered into an ISDA agreement (the “ ISDA Agreement ”) with its indirectly
wholly-owned subsidia ry, HTCI, to set out the principal te rms of any future total return swap
between HTSC and HTCI.
HTFH is the Sponsor-Overall Coordinator, Join t Global Coordinator and Joint Bookrunner in
connection with the Global Offering. Pursuant t o the ISDA Agreement, HTCI, which intends to
participate in the International Offering as a placee, will hold the beneficial interest of the Offer
Shares on a non-discretionary basis as the single underlying holder under a back-to-back total return
swap (the “ HT Back-to-back TRS ” )t ob ee n t e r e db yH T C Ii nc o n n e c t i o nw i t hH u a t a iT R S( a s
defined below) placed by and fully funded (i.e. w ith no financing provided by HTCI) by the Huatai
Ultimate Clients (as defined below), by which, HTCI will, subject to customary fees and commissions,
pass the full economic exposure of the Offer Share s to the Huatai Ultimate Clients, which in effect,
HTCI will hold the beneficial interest of the Offe r Shares on behalf of the Huatai Ultimate Clients.
HTFH, the Sponsor-Overall Coordinator, one of the Joint Global Coordinators and Joint
Bookrunners of the Global Offering, and HTCI are i ndirectly wholly-owned subsidiaries of HTSC.
Accordingly, HTCI is considered as a “connected client” of Huatai pursuant to paragraph 1B(7) of
the Placing Guidelines.
Pursuant to the Cross-border Derivatives T rading 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 licensed to unde rtake cross-border derivatives trading activities,
such as HTSC, with the Offer Shares as the underlying assets. Instead of directly subscribing for the
Offer Shares, the Huatai Ultimate Clients will, thro ugh its investment manager, place a total return
swap order (the “ Huatai TRS ”) with HTSC in connection with the Company’s IPO and HTSC will
place a HT Back-to-back TRS order to HTCI on the terms of the ISDA Agreement. In order to hedge
its exposure under the HT Back-to-back TRS, H TCI participates in the Company’s IPO and
subscribes for the Offer Shares through placing order with HTFH during the International Offering.
Huatai Ultimate Clients includes: (i) Roadshow X unlu No. 91 Private Equity Investment Fund ( 鹿秀
馴鹿91號私募證券投資基金), whose manager is Qingdao Roadshow Investment Management Co.,
Ltd. ( 青島鹿秀投資管理有限公司)( “ Qingdao Roadshow ”). The ultimate beneficial owner of Qingdao
Roadshow is Yao Bo ( 么博). No ultimate beneficial owner holds 30% or more interest in this fund;
(ii) Greenwoods Jingtai Global Private Equity Fund ( 景林景泰全球私募證券投資基
金), whose
manager is Shanghai Greenwoods Asset Management Co. Ltd. ( 上海景林資產管理有限公司)
(“Shanghai Greenwood ”). The ultimate beneficial owner of Shanghai Greenwood is Jiang Jinzhi ( 蔣
錦志). No ultimate beneficial owner holds 30% or more interest in this fund; (iii) Greenwoods Global
Fund ( 景林全球基金), whose manager is Shanghai Greenwoods. No ultimate beneficial owner holds
30% or more interest in this fund; (iv) Gr eenwoods Zhiyuan Private Equity Fund ( 景林致遠私募基
金), whose manager is Shanghai Greenwoods. No ultimate beneficial owner holds 30% or more
interest in this fund; (v) Greenwoods Jingta i Harvest Private Equity Investment Fund ( 景林景泰豐收
私募證券投資基金), whose manager is Shanghai Greenwoods. No ultimate beneficial owner holds
30% or more interest in this fund; (vi) G reenwoods Harvest No. 3 Private Fund ( 景林豐收3號私募基
金), whose manager is Shanghai Greenwoods. No ultimate beneficial owner holds 30% or more
interest in this fund; (vii) Gr eenwoods Harvest No. 2 Fund ( 景林豐收2號基金), whose manager is
Shanghai Greenwoods. No ultima te beneficial owner holds 30% or more interest in this fund; (viii)
Greenwoods Harvest No. 6 Private Equity Investment Fund ( 景林豐收6號私募證券投資基金), whose
manager is Shanghai Greenwoods. No ultimate bene ficial owner holds 30% or more interest in this
fund; (ix) Baoyin Long/Short Steady No. 1 Private Securities Investment Fund ( 保銀多空穩健1號私募
證券投資基金), whose manager is Pinpoint Investment Management Limited ( 上海保银私募基金管理
有限公司)( “Pinpoint Investment ”). The ultimate beneficial owner of Pinpoint Investment is Li Mo ( 李
墨). Other than Wang Qiang ( 王強), no ultimate beneficial owner holds 30% or more interest in this
fund; (x) Baoyin Long/Short Steady No. 2 Private Securities Investment Fund ( 保銀多空穩健2號私募
證券投資基金), whose manager is Pinpoint Investment. Other than Wang Qiang ( 王強), no ultimate
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beneficial owner holds 30% or more interest in this fund; and (xi) Baoyin Aggressive No. 1 Private
Securities Investment Fund ( 保銀進取1號私募證券投資基金), whose manager is Pinpoint Investment.
No ultimate beneficial owner holds 30% or more interest in this fund.
To the best of knowledge of HTCI and after making a ll reasonable enquiries, the Huatai Ultimate
Clients are independent third parties of HTCI, and the companies which are members of the same
group of HTCI.
The purpose of HTCI to subscribe for the Offer S hares is for hedging the HT Back-to-back TRS in
connection with the Huatai TRS order placed by th e Huatai Ultimate Clients. Pursuant to the terms
of the contracts of the HT Back-to-back TRS an d the Huatai TRS, during the tenor of the HT
Back-to-back TRS and the Huatai TRS, subject t o customary fees and commissions, all economic
returns of the Offer Shares will be passed to t he Huatai Ultimate Clients through the HT
Back-to-back TRS and the Huatai TRS and all eco nomic 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, save as customary fees and commissions.
Investment in the HT Back-to-back TRS and the Huatai TRS is similar to the investment in a
qualified domestic institutional investor fund (“ QDII ”) in the way that the Huatai Ultimate Clients
would reap all the economic benefits of the under lying Offer Shares, except that a QDII fund would
pass through the exchange rate exposure on both th e notional value of the investment and the profit
and loss of the investment. In contrast, the pro fit and loss of the HT Back-to-back TRS and the
Huatai TRS factor into account the fluctuatio n in RMB exchange rate upon termination of the
Huatai TRS by converting the profit and loss using the current exchange rate at the time of
termination. As such, the Huatai Ultimate Clients w ould bear the exchange rate exposure of the profit
a n dl o s so ns e t t l e m e n td a t e .
The Huatai Ultimate Clients may exercise an early t ermination right to terminate the Huatai TRS at
any time from the issue date of the Huatai TRS which should be on or after the date on which the
Offer Shares are listed on the Stock Exchange at the ir own discretions. Upon the termination upon
maturity or early termination of the Huatai TRS by the Huatai Ultimate Clients, HTCI will dispose
the Offer Shares on the secondary market and the Huatai Ultimate Clients will receive a final
settlement amount in cash in accordance with the terms and conditions of the HT Back-to-back TRS
and the Huatai TRS which should have taken into account all the economic returns or economic loss
in relation to the Offer Shares. If upon the maturit y of the Huatai TRS, the Huatai Ultimate Clients
intend to extend the investment period, subject to further agreement between HTSC and the relevant
Huatai Ultimate Clients, the term of the Huatai TR S could be extended by way of a new issuance or a
tenor extension. Accordingly, HTSC will exte nd the term of the HT 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 Huata i Ultimate Clients, being an onshore client who
places Huatai TRS orders with HTSC in connection with the IPO of the Company. HTCI will not
exercise the voting rights of the Offer Share s during the tenor of the HT Back-to-back TRS.
During the life of the Huatai TRS and HT Back-to -back TRS, HTCI may continue to hold the Offer
Shares in its custodian account, or to hold some or all of the Offer Shares in a prime brokerage
account for stock borrowing purposes, where HT CI will lend out its holding of underlying Offer
Shares in the form of stock borrowing loans consisten t with market practice to lower its finance costs,
provided that HTCI has the ability to call back the O ffer Shares on loan at any time in order to satisfy
its obligations under the HT Back-to-back TRS to en sure the economic interests are ultimately passed
to the Huatai Ultimate Clients.
(3) Bosera will hold the Offer Shares in its capacity as discretionary fund manager managing assets on
behalf of its underlying clients. To the best of Boser a’s knowledge after due enquiry, each underlying
clients of Bosera AM is an independent third par ty of Bosera AM, CMBI and the companies which
a r em e m b e r so ft h es a m eg r o u po fC M B I .
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(4) Fullgoal Fund Management Co., Ltd. will hold the Offer Shares in its capacity as the discretionary
fund manager on behalf of its investors, each of which is an independent third party of the Company,
its subsidiaries, its substantial Shareholders, Fullgoal Fund Management Co., Ltd., GTJA, HTI and
the companies which are members of the same group of GTJA and HTI.
(5) Fullgoal Asset Management (HK) Limited w ill hold the Offer Shares in its capacity as the
discretionary fund manager managing the funds on behalf of their underlying investors, each of which
is an independent third party of the Company, its subs idiaries, its substantia l Shareholders, Fullgoal
Asset Management (HK) Limited, GTJA, HTI and the companies which are members of the same
group of GTJA and HTI.
(6) GTJA FP shall hold the Offer Shares on a non-discretionary basis for hedging purposes as the single
underlying asset of a delta one back-to-b ack total return swap transaction (the “ GTJA Back-to-back
TRS1 ”) to be entered into between GTJA FP and Guotai Junan Investments (Hong Kong) Limited
(“GTJA INV ”), and GTJA INV shall for hedging purposes enter into a cross-border delta one
back-to-back total return swap transaction (the “ GTJA Back-to-back TRS2 ”) with Guotai Haitong
Securities Co., Ltd. (“ GTHTS ” ) ,i nc o n n e c t i o nw i t hat o t a lr e t u r ns w a po r d e r( t h e“GTHT Client
TRS”) to be entered into by GTHTS and the GTHTS onshore client (the “ GTHT Onshore Client ”).
Such GTHT Client TRS is to be fully funded by the GTHT Onshore Client. The full economic
exposure of the Offer Shares will be passe df r o mG T J AF Pt oG T J AI N Vu n d e rt h eG T J A
Back-to-back TRS1, from GTJA INV to GTHTS under the GTJA Back-to-back TRS2, and
ultimately from GTHTS to the GTHT Onshore Client under the GTHT Client TRS. The term of the
GTHT Client TRS is one year and the GTHT Onshore C lient may exercise an early termination right
to early terminate the GTHT Client TRS at any ti me from the trade date of the GTHT Client TRS,
which should be on or after the date on which the Offer Shares are listed on the Stock Exchange.
Accordingly, (i) GTHTS may exercise an early termination right to early terminate the GTJA
Back-to-back TRS2 at any time from the trade da te of the GTJA Back-to-back TRS2, and (ii) GTJA
INV may exercise an early termination right to early terminate the GTJA Back-to-back TRS1 at any
time from the trade date of the GTJA Back-to-bac kT R S 1 ,w h i c hi ne a c hc a s es h o u l db eo no ra f t e r
the date on which the Offer Shares are listed on the St ock Exchange. Upon the final maturity or early
termination of (i) the GTHT Client TRS by the GT HT Onshore Client, (ii) the GTJA Back-to-back
TRS2 by GTHTS, and (iii) the GTJA Back-to-bac k TRS1 by GTJA INV, GTJA FP will dispose the
Offer Shares on the secondary market and the GTHT Onshore Client ultimately will receive a final
termination amount of the GTHT Client TRS, whic h should have taken into account all the economic
returns or economic loss in relation to the Offer S hares, the fixed amount in relation to the GTJA
Back-to-back TRS1, the GTJA B ack-to-back TRS2 and the GTHT Client TRS. GTJA FP will hold
the legal title and the voting right of the Offe r Shares by itself and pass through the economic
exposure to GTJA INV, GTHTS and ultimately th e GTHT Onshore Client. The termination of the
GTJA Back-to-back TRS1 and GTJA Back-to-back T RS2 will not result GTJA FP holding the Offer
Shares in its proprietary account. Due to its inte rnal policy, GTJA FP will not exercise the voting
right of the Offer Shares during the tenor of the GTJA Back-to-back TRS1 and GTJA Back-to-back
TRS2.
GTHT Onshore Client is Hongze Jiaxin No. 1 Private Securities Investment Fund ( 宏澤嘉信1號私募
證券投資基金), whose manager is Fuzhou High-tech Zone Hongze Private Equity Fund Management
Co., Ltd. ( 福州高新區宏澤私募基金管
理有限公司)( “ Fuzhou High-tech ”). The ultimate beneficial
owner of Fuzhou High-tech is Yao Po ( 姚釙). Other than Xu Xing ( 許星), no ultimate beneficial
owner holds 30% or more interest in this fund.
To the best of GTJA FP’s knowledge having made all reasonable inquiries, the GTHT Onshore Client
is an independent third party of GTJA FP, GTJA, HTI and the companies which are members of the
same group of GTJA and HTI.
(7) Each of the Connected Client is not a collective investment scheme which is not authorized by the
SFC, nor is it holding the Offer Shares on behalf of such schemes.
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DISCLAIMERS
Hong Kong Exchanges and Clearing Li mited, The Stock Exchange of Hong Kong
Limited (the “ Hong Kong 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 whatso ever 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 relea se, publication, distribution, directly or indirectly, in or
into the United States (including its terri tories 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 purchas e or subscribe for securities in the United
States. The securities mentioned herein hav e not been, and will not be, registered under
the United States Securities Act of 1933, as amended (the “ U.S. Securities Act ”). The
s e c u r i t i e sm a yn o tb eo f f e r e do rs o l di nt h eU nited 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 Ac t. There will be no Hong Kong Public Offering
of securities in the United States.
The Offer Shares are being offered and so ld outside the United States in offshore
transactions in reliance on Regulat ion 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 subscrib e for securities. This announcement is not a
prospectus. Potential investors shoul d read the Prospectus dated December 30, 2025
issued by Shanghai Iluvatar CoreX Semicondu ctor Co., Ltd. for detailed information
about the Global Offering described below be fore deciding whether or not to invest in the
Shares thereby being offered.
* Potential investors of the Offer Shares should note that the Sole Sponsor and the
Sponsor-Overall Coordinator (for itse lf and on behalf of the other Hong Kong
Underwriters) shall be entitled to termi nate 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 “Unde rwriting — Underwri ting Arrangements
— Hong Kong Public Offering — Grounds for T ermination” 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 Thursday, January 8, 2026).
PUBLIC FLOAT AND FREE FLOAT
Immediately following the completion of t he Global Offering, the total number of the H
Shares held by the public represents approx imately 41.87% of the total issued share
capital of the Company, which is higher th an the prescribed percentage of H Shares
required to be held in public hands of 12.24% under Rule 19A.13A(1) of the Listing
Rules calculated based on the Offer Price o f HK$144.60 per H Share, thereby satisfying
the public float requirement under Rul e 19A.13A(1) of the Listing Rules.
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Each of the Cornerstone Investors has agreed to a lock-up period of six months following
the Listing Date. As such, Shares held by th e Cornerstone Investors upon the Listing
shall not be counted towards the free float of the Shares of the Company at the time of
Listing. Based on the final Offer Price of HK$144.60 per H Share, the Company satisfies
the free float requirement under Rule 19A.13C(1)(b) of the Listing Rules.
The Directors confirm that, immediatel y following the completion of the Global
Offering, (i) no placee will, individually, b e placed more than 10% of the enlarged issued
share capital of the Company immediately aft er the Global Offering; (ii) there will not be
any new substantial Shareholder immediately a fter the Global Offering; (iii) the three
largest public Shareholders do not hold more than 50% of the H Shares held in the public
hands at the time of the Listing in compliance with Rules 8.08(3) and 8.24 of the Listing
Rules; and (iv) there will be at least 300 Sh areholders 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 becom e valid evidence of title at 8 : 00 a.m. on
Thursday, January 8, 2026 (Hong Kong time) , provided that the Global Offering has
become unconditional and the right of term ination described in the paragraph headed
“Underwriting — Underwriting Arrang ements — Hong Kong Public Offering —
Grounds for Termination” in the Prospect us 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 cer tificates becoming valid evidence of title
do so entirely at their own risk.
Assuming that the Global Offering become s unconditional at or before 8 : 00 a.m. on
Thursday, January 8, 2026 (H ong Kong time), it is expected that dealings in the H Shares
on the Hong Kong Stock Exchange will commence at 9 : 00 a.m. on Thursday, January 8,
2026 (Hong Kong time).
The H Shares will be traded in board lots of 100 H Shares each, and the stock code of the
H Shares will be 9903.
By order of the Board
Shanghai Iluvatar CoreX S emiconductor Co., Ltd.
上海天數智芯半導體股份有限公司
Mr. Gai Lujiang
Chairman of the Board
Hong Kong, January 7, 2026
As at the date of this announcement, the Board comprises Mr. Gai Lujiang, Mr. Sun Yile,
Mr. Liu Zheng and Mr. Yang Lei as executi ve Directors, Mr. Wang Chen and Ms. Kou
Xiaoxiao as non-executive Directors, and Dr. Teng Yong, Mr. Ren Jintao and Dr. Wang
Yan as independent non-executive Directors.
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