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1
Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited (the “Stock Exchange ”)
and Hong Kong Securities Clearing Company Limited ( “HKSCC ”) take no responsibility for the contents of this
announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability
whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this
announcement.
This announcement is not for release, publication, distribution, directly or indirectly, in or into the United States
(including its territories and possessions, any state of the United States and the District of Columbia). This
announcement does not 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, or outside the United States
to investors that are not U.S. persons nor persons acquiring for the account or benefit of U.S. persons 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
October 27, 2025 (the “Prospectus ”) issued by Seres Group 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. The Company has not been and will not be registered under the U.S. Investment
Company Act of 1940, as amended.
Unless otherwise defined in this announcement, capitalized terms used herein shall have the same meanings as those
defined in the Prospectus.
In connection with the Global Offering, China International Capital Corporation Hong Kong Securities 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,
November 30, 2025). Such stabilizing action, if taken, may be effected in all jurisdictions where it is permissible to do
so, in each case in compliance with all applicable laws, rules and regulatory requirements, including the Securities and
Futures (Price Stabilizing) Rules (Chapter 571 W 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, November 30,
2025). 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 – 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
5, 2025).


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Seres Group 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
: 108,619,000 H Shares (taking into account
 the partial exercise of the Offer Size
 Adjustment Option and subject to the
 Over-allotment Option)
Number of Hong Kong Offer Shares : 10,861,900 H Shares
Number of International Offer Shares : 97,757,100 H Shares (taking into account
 the partial exercise of the Offer Size
 Adjustment Option and subject to the
 Over-allotment Option)
Final Offer Price : HK$131.50 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 : 9927
Joint Sponsors, Overall Coordinators, Joint Global Coordinators, Joint Bookrunners and
Joint Lead Managers
Joint Global Coordinator, Joint Bookrunner and Joint Lead Manager


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Seres Group Co., Ltd.
ʮ̡
ANNOUNCEMENT OF ALLOTMENT RESULTS
Warning: In view of high concentration of shareholding in a small number of H
Shareholders, H 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 9927
Stock short name SERES
Dealings commencement date November 5, 2025 *
*  see note at the end of the announcement
Price Information
Final Offer Price HK$131.50
Offer Price Adjustment exercised N/A
Offer Shares and Share Capital
Number of Offer Shares 108,619,000
Number of Offer Shares in Hong Kong Public Offering
(after taking into account the partial exercise of the Offer
Size Adjustment Option)
10,861,900
Number of Offer Shares in International Offering (after
taking into account the partial exercise of the Offer Size
Adjustment Option)
97,757,100
Number of issued Shares upon Listing (before exercise of
the Over-allotment Option)
1,741,985,086
The number of Offer Shares above is determined after taking into account the additional Offer
Shares issued under the following Offer Size Adjustment Option.


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Offer Size Adjustment Option (Upsize option)
Number of additional shares issued under the option 8,419,000
 – Hong Kong Public Offering 841,900
 – International Offering 7,577,100
The Offer Size Adjustment Option has been exercised partially, pursuant to which
the Company is issuing and allotting 8,419,000 additional Offer Shares, representing
approximately 8.40% of the total number of Offer Shares initially available under the Global
Offering, at the final Offer Price.
The additional Offer Shares issued and allotted pursuant to the Offer Size Adjustment Option
will be allocated in accordance with the initial proportionality of 10.0%:90.0% between the
Hong Kong Public Offering and the International Offering.
Over-allocation
Number of Offer Shares over-allocated 16,292,800
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$14,283.40 million
 Less: Estimated listing expenses payable based on Final
 Offer Price
HK$266.99 million
Net proceeds HK$14,016.41 million
Note: Gross proceeds refers to the amount which the Company is entitled to receive. For details
of the use of proceeds, please refer to the section headed “Future Plans and Use of Proceeds ”
of the Prospectus. The Company will adjust the allocation of the net proceeds from the exercise
of the Over-allotment Option (if any) for the purposes as set out in the section headed “Future
Plans and Use of Proceeds ” of the Prospectus on a pro rata basis.


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ALLOTMENT RESULTS DETAILS
HONG KONG PUBLIC OFFERING
Number of valid applications 202,321
Number of successful applications 57,928
Subscription level 132.68 times
Claw-back triggered N/A
Number of Offer Shares initially available under the
Hong Kong Public Offering
10,020,000
No. of Offer Shares exercised by Offer Size Adjustment Option 841,900
Final number of Offer Shares under the Hong Kong
Public Offering
10,861,900
% of final no. Offer Shares under the Hong Kong
Public Offering to the Global Offering
10%
Note: For details of the final allocation of shares to the Hong Kong Public Offering, investors
can refer to https://www.hkeipo.hk/iporesult  to perform a search by identification number or
https://www.hkeipo.hk/iporesult for the full list of allottees.


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INTERNATIONAL OFFERING
Number of placees 234
Subscription level 8.61 times
Number of Offer Shares initially available under the
International Offering
90,180,000
Final no. of Offer Shares under the International Offering 97,757,100
% of final number of Offer Shares under the International
Offering to the Global Offering
90%
The Directors confirm that, to the best of their knowledge, information and belief, save for a
waiver from strict compliance with Rule 10.04 of the Listing Rules and a consent under paragraph
1C(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 Existing Minority Shareholders and/or their close associates; and (i) none of the Offer
Shares subscribed by the placees and the public have been financed directly or indirectly by the
Company, any of the Directors, chief executive of the Company, substantial Shareholders, existing
Shareholders of the Company or any of its subsidiaries or their respective close associates; and (ii)
none of the placees and the public who have purchased the Offer Shares are accustomed to taking
instructions from the Company, any of the Directors, chief executive of the Company, substantial
Shareholders, existing Shareholders of the Company or any of its subsidiaries or their respective
close associates in relation to the acquisition, disposal, voting or other disposition of H Shares
registered in his/her/its name or otherwise held by him/her/it.


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The placees in the International Offering include the following:
Cornerstone Investors
Investor
No. of
Offer Shares
allocated
Approximate %
of total issued
H Shares after the
Global Offering
(after taking
into account the
partial exercise
of the Offer Size
Adjustment Option
and assuming the
Over-allotment
Option is not
exercised)
Approximate %
of total issued
share capital after
the Global Offering
(after taking
into account the
partial exercise
of the Offer Size
Adjustment Option
and assuming the
Over-allotment
Option is not
exercised)
Existing
Shareholders
or their close
associates
Chongqing Industrial Investment Parent
 Fund Enterprise Partnership (L.P.)
 (ΥྫΆุ (Υྫ ))
 ( “Chongqing Industrial Parent Fund ”) 16,553,200 15.24% 0.95% Yes
Shenzhen Lin Yuan Investment Management Co., Ltd.
 (ப΂ʮ̡ ) (“Linyuan
 Investment ”) and Huatai Capital Investment
 Limited ( “HTCI”) (in connection with Huatai
 Back-to-back TRS and Linyuan TRS) 2,954,100 2.72% 0.17% Yes
GF Fund Management Co., Ltd.
 (ʮ̡ )
 ( “GF Fund Management ”) 1,772,400 1.63% 0.10% Yes
GF International Investment Management Limited
 (ʮ̡ ) (“GF Fund HK ”) 372,200 0.34% 0.02% No
New China Asset Management (Hong Kong) Limited
 ( “New China Asset Management ”) 1,772,400 1.63% 0.10% No
BESS Broadway Limited ( “Bess Broadway ”) 1,772,400 1.63% 0.10% No
Sanhua (Hong Kong) Co Limited
 ( “Sanhua (Hong Kong) ”) 1,772,400 1.63% 0.10% No
Zhongsheng Holdings Company Limited
 (ʮ̡ ) (“Zhongsheng ”) 1,772,400 1.63% 0.10% No
Zhink International Pte. Ltd. ( “Zhink International ”) 1,772,400 1.63% 0.10% No
Gold Wings Holdings Limited ( “Gold Wings ”) 1,772,400 1.63% 0.10% No
Honour Goal Investments Limited (ʮ̡ )
 ( “Honour Goal Investments ”) 1,772,400 1.63% 0.10% No
Hichain Logistics (Hong Kong) Limited
 ( “Hichain Logistics HK ”) 1,536,100 1.41% 0.09% No


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Investor
No. of
Offer Shares
allocated
Approximate %
of total issued
H Shares after the
Global Offering
(after taking
into account the
partial exercise
of the Offer Size
Adjustment Option
and assuming the
Over-allotment
Option is not
exercised)
Approximate %
of total issued
share capital after
the Global Offering
(after taking
into account the
partial exercise
of the Offer Size
Adjustment Option
and assuming the
Over-allotment
Option is not
exercised)
Existing
Shareholders
or their close
associates
Schroder Investment Management (Singapore) Ltd
 and Schroder Investment Management (Hong Kong)
 Limited (collectively, “Schroder ”) 1,417,900 1.31% 0.08% Yes
Mirae Asset Securities Co., Ltd. ( “Mirae Securities ”) 1,181,600 1.09% 0.07% No
New Alternative Limited ( “New Alternative ”) 1,181,600 1.09% 0.07% No
PSBC Wealth Management Co., Ltd. ( “PSBC Wealth ”) 1,181,600 1.09% 0.07% No
Skyler International Co., Ltd ( “Skyler International ”) 1,181,600 1.09% 0.07% No
Xingyu Automotive Lighting (Hong Kong)
 Company Limited ( “Xingyu HK ”) 1,181,600 1.09% 0.07% No
China MeiDong Auto Holdings Limited
 (ʮ̡ )
 ( “China MeiDong ”) 1,181,600 1.09% 0.07% No
Ghisallo Fund Master Ltd. ( “Ghisallo Fund ”) 1,181,600 1.09% 0.07% No
Jump Trading Pacific Pte. Ltd. ( “Jump Trading ”) 1,181,600 1.09% 0.07% No
Jain Global Master Fund Ltd ( “Jain Global ”) 1,181,600 1.09% 0.07% No
China Alpha Fund Management (HK) Limited
 ( “China Alpha Fund ”) 1,181,600 1.09% 0.07% No
Total 48,828,700 44.95% 2.80%
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, Chongqing Industrial Parent Fund, Linyuan Investment, GF Fund Management Co., Ltd. and GF International
Investment Management Limited, and/or their respective close associates, where applicable, were allocated further Offer Shares as placees in the International Offering. Please refer to the
section headed “Allotment Results Details – International Offering – Allottees 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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Allottee with waivers/consents obtained
Investor
No. of
Offer Shares
allocated
Approximate %
of total issued
H Shares after
the Global Offering
(after taking into
account the partial
exercise of the Offer
Size Adjustment
Option and assuming
the Over-allotment
Option is not
exercised) (4)
Approximate %
of total issued
share capital after
the Global Offering
(after taking into
account the partial
exercise of the Offer
Size Adjustment
Option and assuming
the Over-allotment
Option is not
exercised) (5) Relationship
Allottees with waiver from strict compliance with Rule 10.04 of the Listing Rules and consent under paragraph 1C of the Placing Guidelines in relation to
subscription for H Shares by Existing Minority Shareholders holding more than 1% of the issued share capital of the Company immediately prior to the
completion of the Global Offering and/or their close associates (1)
Chongqing Industrial Parent Fund 16,553,200 15.24% 0.95% A close associate of
an existing
Shareholder and a
Cornerstone Investor
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 (2)
Chongqing Yufu (Hong Kong) Co., Ltd.
 (ᅅಽబ (ಥ)ʮ̡ )
1,140,000 1.05% 0.07% Chongqing Yufu
(Hong Kong) Co., Ltd.
is a close associate of
Chongqing Industrial
Parent Fund, which is
a Cornerstone Investor
and a close associate
of an Existing Minority
Shareholder
Lin Yuan Investment 309 Private Securities
 Investment fund (෤ҳ༟ 309 ໮
 ږ“( ) Linyuan Fund ”)
731,000
(through the HT Back-
to-back TRS and the
Linyuan TRS)
0.67% 0.04% A Cornerstone Investor
and a close associate
of an Existing Minority
Shareholder
Lin Yuan 608,000 0.56% 0.03% A close associate of
a Cornerstone Investor
GF Fund Management 777,000 0.72% 0.04% A Cornerstone Investor
and a close associate
of an Existing Minority
Shareholder
GF Fund HK 1,213,000 1.12% 0.07% A Cornerstone Investor
New China Asset Management 1,183,000 1.09% 0.07% A Cornerstone Investor
Sanhua (Hong Kong) 1,772,400 1.63% 0.10% A Cornerstone Investor


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Investor
No. of
Offer Shares
allocated
Approximate %
of total issued
H Shares after
the Global Offering
(after taking into
account the partial
exercise of the Offer
Size Adjustment
Option and assuming
the Over-allotment
Option is not
exercised) (4)
Approximate %
of total issued
share capital after
the Global Offering
(after taking into
account the partial
exercise of the Offer
Size Adjustment
Option and assuming
the Over-allotment
Option is not
exercised) (5) Relationship
Zhink International 885,000 0.81% 0.05% A Cornerstone Investor
Gold Wings 885,000 0.81% 0.05% A Cornerstone Investor
Honour Goal Investments 885,000 0.81% 0.05% A Cornerstone Investor
Hichain Logistics HK 769,000 0.71% 0.04% A Cornerstone Investor
Schroder Investment Management (Singapore) Ltd 1,625,000 1.50% 0.09% A Cornerstone Investor
Mirae Securities 295,000 0.27% 0.02% A Cornerstone
Investor
Mirae Asset Securities (HK) Limited 295,000 0.27% 0.02% Mirae Asset Securities
(HK) Limited is a
close associate of Mirae
Securities, a Cornerstone
Investor
New Alternative 1,181,600 1.09% 0.07% A Cornerstone Investor
PSBC Wealth 295,000
(through TRS with
Guotai Junan Investments
(Hong Kong) Limited)
0.27% 0.02% A Cornerstone Investor
China Meidong 590,000 0.54% 0.03% A Cornerstone Investor


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Investor
No. of
Offer Shares
allocated
Approximate %
of total issued
H Shares after
the Global Offering
(after taking into
account the partial
exercise of the Offer
Size Adjustment
Option and assuming
the Over-allotment
Option is not
exercised) (4)
Approximate %
of total issued
share capital after
the Global Offering
(after taking into
account the partial
exercise of the Offer
Size Adjustment
Option and assuming
the Over-allotment
Option is not
exercised) (5) Relationship
Ghisallo Capital Management (HK) Limited 590,000 0.54% 0.03% Ghisallo Capital
Management (HK)
Limited is a close
associate of Ghisallo
Fund, a Cornerstone
Investor
Jump Trading 885,000 0.81% 0.05% A Cornerstone Investor
Jain Global 885,000 0.81% 0.05% A Cornerstone Investor
China Alpha Fund 590,000 0.54% 0.03% A Cornerstone Investor
Allottees with consent under paragraph 1C of the Placing Guidelines and Chapter 4.15 of the Guide for New Listing Applicants in relation to allocations
to connected clients (3)
China Galaxy International Investment
 Company Limited ( “CGII”)
145,400 0.13% 0.01% Connected client as
a placee
CICC Financial Trading Limited ( “CICC FT ”) 123,200 0.11% 0.01% Connected client as
a placee
CITIC Securities International Capital
 Management Limited ( “CSI”)
401,900 0.37% 0.02% Connected client as
a placee
Huatai Capital Investment Limited ( “HTCI”) 3,691,100 3.40% 0.21% Connected client as
a placee
Guotai Junan Investments (Hong Kong) Limited
 ( “GTJA Investments ”)
590,700 0.54% 0.03% Connected client as
a placee
Bosera Asset Management (International) Co.,
 Limited ( “Bosera ”)
29,500 0.03% 0.002% Connected client as
a placee
China Asset Management (Hong Kong) Limited
 ( “China AMHK ”)
59,000 0.05% 0.003% Connected client as
a placee
HSBC Global Asset Management (Hong Kong)
 Limited ( “HSBC AM ”)
1,775,000 1.63% 0.10% Connected client as
a placee
ICBC International Fund Management Limited
 ( “ICBC Fund ”)
6,000 0.01% less than 0.001% Connected client as
a placee


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Investor
No. of
Offer Shares
allocated
Approximate %
of total issued
H Shares after
the Global Offering
(after taking into
account the partial
exercise of the Offer
Size Adjustment
Option and assuming
the Over-allotment
Option is not
exercised) (4)
Approximate %
of total issued
share capital after
the Global Offering
(after taking into
account the partial
exercise of the Offer
Size Adjustment
Option and assuming
the Over-allotment
Option is not
exercised) (5) Relationship
ICBC Wealth Management Co., Ltd. ( “ICBC WM ”) 153,000 0.14% 0.01% Connected client as
a placee
Haitong International Asset Management
 (HK) Limited ( “HTAM”)
29,500 0.03% 0.002% Connected client as
a placee
Notes:
(1) Among the Cornerstone Investors, Chongqing Industrial Parent Fund, Linyuan Investment, GF Fund Management and Schroder are Existing Minority
Shareholders of the Company. 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 1C of the Placing Guidelines to permit H Shares in the International Offering to be placed to certain Existing Minority
Shareholders. Please refer to the section headed “Waivers, Consents and Exemption – Allocation of H Shares to Existing Minority Shareholders and their
Close Associates ” of the Prospectus for details.
The Stock Exchange granted the waiver on the condition that, among others, details of the allocation to the Existing Minority Shareholders holding more
than 1% of the issued share capital of the Company immediately prior to the completion of the Global Offering will be disclosed in the Prospectus and/or
allotment results 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 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, please refer to the
section headed “Others/Additional Information – Allocations of Offer Shares to the 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 1C of the Placing Guidelines and Chapter 4.15 of the Guide for New Listing Applicants in relation to
allocations to connected clients, please refer to the section headed “Others/Additional Information – Placing to connected clients with a prior consent
under paragraph 1C(1) of the Placing Guidelines ” 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. The
figures take into account the partial exercise of the Offer Size Adjustment Option and assume the Over-allotment Option is not exercised.
(5)  Not taking into account any A Shares held by the relevant investors. The figures take into account the partial exercise of the Offer Size Adjustment
Option and assume the Over-allotment Option is not exercised.


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LOCK-UP UNDERTAKINGS
Cornerstone Investors
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 (after taking
into account the
partial exercise of
the Offer Size
Adjustment Option
and assuming the
Over-allotment Option
is not exercised) (1)
% of shareholding
in the Company
subject to lock-up
undertakings upon
Listing (after taking
into account the
partial exercise of
the Offer Size
Adjustment Option
and assuming the
Over-allotment Option
is not exercised)
Last day subject
to the lock-up
undertakings (2)
Chongqing Industrial Parent Fund 16,553,200 15.24% 0.95% May 4, 2026
Linyuan Fund and HTCI (in connection with the HT
 Back-to-back TRS and Linyuan TRS) 2,954,100 2.72% 0.17% May 4, 2026
GF Fund Management 1,772,400 1.63% 0.10% May 4, 2026
GF Fund HK 372,200 0.34% 0.02% May 4, 2026
New China Asset Management 1,772,400 1.63% 0.10% May 4, 2026
Bess Broadway 1,772,400 1.63% 0.10% May 4, 2026
Sanhua (Hong Kong) 1,772,400 1.63% 0.10% May 4, 2026
Zhongsheng 1,772,400 1.63% 0.10% May 4, 2026
Zhink International 1,772,400 1.63% 0.10% May 4, 2026
Gold Wings 1,772,400 1.63% 0.10% May 4, 2026
Honour Goal Investments 1,772,400 1.63% 0.10% May 4, 2026
Hichain Logistics HK 1,536,100 1.41% 0.09% May 4, 2026
Schroder 1,417,900 1.31% 0.08% May 4, 2026
Mirae Securities 1,181,600 1.09% 0.07% May 4, 2026
New Alternative 1,181,600 1.09% 0.07% May 4, 2026
PSBC Wealth 1,181,600 1.09% 0.07% May 4, 2026
Skyler International 1,181,600 1.09% 0.07% May 4, 2026
Xingyu HK 1,181,600 1.09% 0.07% May 4, 2026
China Meidong 1,181,600 1.09% 0.07% May 4, 2026
Ghisallo Fund 1,181,600 1.09% 0.07% May 4, 2026


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14
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 (after taking
into account the
partial exercise of
the Offer Size
Adjustment Option
and assuming the
Over-allotment Option
is not exercised) (1)
% of shareholding
in the Company
subject to lock-up
undertakings upon
Listing (after taking
into account the
partial exercise of
the Offer Size
Adjustment Option
and assuming the
Over-allotment Option
is not exercised)
Last day subject
to the lock-up
undertakings (2)
Jump Trading 1,181,600 1.09% 0.07% May 4, 2026
Jain Global Master Fund 1,181,600 1.09% 0.07% May 4, 2026
China Alpha Fund 1,181,600 1.09% 0.07% May 4, 2026
Total 48,828,700 44.95% 2.80% May 4, 2026
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 respective cornerstone investment agreements, the required lock-up periods end on May 4, 2026. The Cornerstone Investors will
cease to be prohibited from disposing of or transferring the Shares subscribed for pursuant to their respective cornerstone investment agreements after the
indicated date.
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
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
exercised and
new H Shares
are issued)
Number of
Shares held
upon Listing
% of total
issued share
capital upon
Listing
(assuming no
exercise of the
Over-allotment
Option)
% of total
issued share
capital upon
Listing
(assuming the
Over-allotment
Option is
exercised and
new H Shares
are issued)
Top 1 17,693,200 18.10% 15.51% 16.29% 14.16% 17,693,200 1.02% 1.01%
Top 5 34,837,700 35.64% 30.55% 32.07% 27.89% 34,837,700 2.00% 1.98%
Top 10 48,808,200 49.93% 42.80% 44.94% 39.07% 48,808,200 2.80% 2.78%
Top 25 77,065,900 78.83% 67.57% 70.95% 61.70% 77,065,900 4.42% 4.38%
Note
* Ranking of placees is based on the number of H Shares allotted to the placees.


--- page 15 ---
15
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
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
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
H Shares
capital upon
Listing
(assuming the
Over-allotment
Option is
exercised
and new
H Shares
are issued)
Number of
Shares
held upon
Listing
Top 1 17,693,200 18.10% 15.51% 16.29% 14.16% 17,693,200 16.29% 14.16% 70,818,224
Top 5 34,837,700 35.64% 30.55% 32.07% 27.89% 34,837,700 32.07% 27.89% 98,744,046
Top 10 48,808,200 49.93% 42.80% 44.94% 39.07% 48,808,200 44.94% 39.07% 113,071,746
Top 25 77,065,900 78.83% 67.57% 70.95% 61.70% 77,065,900 70.95% 61.70% 141,329,446
Note
* 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
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
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
exercised
and new
H Shares
are issued)
Top 1 0 0.00% 0.00% 0.00% 0.00% 0 466,594,414 26.79% 26.54%
Top 5 17,693,200 18.10% 15.51% 16.29% 14.16% 17,693,200 970,960,242 55.74% 55.22%
Top 10 23,867,800 24.42% 20.93% 21.97% 19.11% 23,867,800 1,051,265,634 60.35% 59.79%
Top 25 48,808,200 49.93% 42.80% 44.94% 39.07% 48,808,200 1,128,040,197 64.76% 64.16%
Note
* Ranking of Shareholders is based on the number of Shares (of all classes) held by the Shareholder upon Listing.


--- page 16 ---
16
BASIS OF ALLOCATION UNDER THE HONG KONG PUBLIC OFFERING
Subject to the satisfaction of the conditions set out in the Prospectus, 202,321 valid applications
made by the public will be conditionally allocated on the basis set out below:
NO. OF H SHARES
APPLIED FOR
NO. OF VALID
APPLICATIONS
BASIS OF
ALLOTMENT/
BALLOT
APPROXIMATE
PERCENTAGE
ALLOTTED OF
THE TOTAL NO.
OF H SHARES
APPLIED FOR
POOL A
100 102,063 10,207 out of 102,063 applicants to receive 100 H Shares 10.00%
200 11,181 1,584 out of 11,181 applicants to receive 100 H Shares 7.08%
300 15,372 2,668 out of 15,372 applicants to receive 100 H Shares 5.79%
400 4,146 832 out of 4,146 applicants to receive 100 H Shares 5.02%
500 4,345 975 out of 4,345 applicants to receive 100 H Shares 4.49%
600 2,048 504 out of 2,048 applicants to receive 100 H Shares 4.10%
700 3,079 818 out of 3,079 applicants to receive 100 H Shares 3.80%
800 2,369 673 out of 2,369 applicants to receive 100 H Shares 3.55%
900 1,176 355 out of 1,176 applicants to receive 100 H Shares 3.35%
1,000 10,198 3,238 out of 10,198 applicants to receive 100 H Shares 3.18%
1,500 4,033 1,570 out of 4,033 applicants to receive 100 H Shares 2.60%
2,000 4,118 1,852 out of 4,118 applicants to receive 100 H Shares 2.25%
2,500 2,136 1,074 out of 2,136 applicants to receive 100 H Shares 2.01%
3,000 2,594 1,430 out of 2,594 applicants to receive 100 H Shares 1.84%
3,500 1,543 919 out of 1,543 applicants to receive 100 H Shares 1.70%
4,000 1,902 1,211 out of 1,902 applicants to receive 100 H Shares 1.59%
4,500 1,158 782 out of 1,158 applicants to receive 100 H Shares 1.50%
5,000 2,751 1,959 out of 2,751 applicants to receive 100 H Shares 1.42%
6,000 1,829 1,427 out of 1,829 applicants to receive 100 H Shares 1.30%
7,000 1,507 1,270 out of 1,507 applicants to receive 100 H Shares 1.20%
8,000 1,509 1,360 out of 1,509 applicants to receive 100 H Shares 1.13%
9,000 1,003 959 out of 1,003 applicants to receive 100 H Shares 1.06%
10,000 6,240 100 H Shares 1.00%


--- page 17 ---
17
NO. OF H SHARES
APPLIED FOR
NO. OF VALID
APPLICATIONS
BASIS OF
ALLOTMENT/
BALLOT
APPROXIMATE
PERCENTAGE
ALLOTTED OF
THE TOTAL NO.
OF H SHARES
APPLIED FOR
20,000 3,427 100 H Shares plus 1,464 out of 3,427 applicants to receive an additional 100 H Shares 0.71%
30,000 3,123 100 H Shares plus 2,389 out of 3,123 applicants to receive an additional 100 H Shares 0.59%
Total 194,850 Total number of Pool A successful applicants: 50,457
POOL B
40,000 2,962 200 H Shares plus 2,133 out of 2,962 applicants to receive an additional 100 H Shares 0.68%
50,000 881 300 H Shares plus 291 out of 881 applicants to receive an additional 100 H Shares 0.67%
60,000 589 300 H Shares plus 566 out of 589 applicants to receive an additional 100 H Shares 0.66%
70,000 391 400 H Shares plus 202 out of 391 applicants to receive an additional 100 H Shares 0.65%
80,000 386 500 H Shares plus 38 out of 386 applicants to receive an additional 100 H Shares 0.64%
90,000 195 500 H Shares plus 131 out of 195 applicants to receive an additional 100 H Shares 0.63%
100,000 1,055 600 H Shares plus 252 out of 1,055 applicants to receive an additional 100 H Shares 0.62%
200,000 411 1,100 H Shares plus 284 out of 411 applicants to receive an additional 100 H Shares 0.58%
300,000 177 1,600 H Shares plus 156 out of 177 applicants to receive an additional 100 H Shares 0.56%
400,000 118 2,100 H Shares plus 107 out of 118 applicants to receive an additional 100 H Shares 0.55%
500,000 87 2,600 H Shares plus 71 out of 87 applicants to receive an additional 100 H Shares 0.54%
600,000 27 3,100 H Shares plus 17 out of 27 applicants to receive an additional 100 H Shares 0.53%
700,000 19 3,600 H Shares plus 8 out of 19 applicants to receive an additional 100 H Shares 0.52%
800,000 26 4,000 H Shares plus 16 out of 26 applicants to receive an additional 100 H Shares 0.51%
900,000 13 4,500 H Shares 0.50%
1,000,000 61 4,900 H Shares 0.49%
2,000,000 33 9,600 H Shares 0.48%
3,000,000 12 13,600 H Shares 0.45%
4,000,000 5 17,700 H Shares 0.44%
5,010,000 23 21,700 H Shares 0.43%
 Total  7,471 Total number of Pool B successful applicants: 7,471
As at 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.


--- page 18 ---
18
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 H 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 Stock Exchange trading fee payable.
OTHERS/ADDITIONAL INFORMATION
Offer Size Adjustment Option
The Offer Size Adjustment Option has been exercised partially by the Company, pursuant to which
the Company is issuing and allotting 8,419,000 additional H Shares, representing approximately
8.40% of the total number of H Shares initially available under the Global Offering, at the final
Offer Price.
Accordingly, the total number of Offer Shares finally available under the Global Offering (after
taking into account the partial exercise of the Offer Size Adjustment Option and before any
exercise of the Over-allotment Option) that would be allotted and issued by the Company is
108,619,000 Offer Shares and the total issued share capital of the Company upon Listing (after
taking into account the partial exercise of the Offer Size Adjustment Option and before any
exercise of the Over-allotment Option) will be 1,741,985,086 Shares.
The additional Offer Shares pursuant to the Offer Size Adjustment Option will be allocated so as
to maintain the initial proportionality of 10.0%:90.0% between the Hong Kong Public Offering and
the International Offering.
Allocation of additional Offer Shares pursuant to the Offer Size Adjustment Option
As (i) the additional Offer Shares pursuant to the Offer Size Adjustment Option will be allocated
so as to maintain the initial proportionality between the Hong Kong Public Offering and the
International Offering such that there will be no reallocation of such additional Offer Shares
between the Hong Kong Public Offering and the International Offering, and (ii) the Offer Size
Adjustment Option has been exercised partially by the Company, pursuant to which the Company
is issuing and allotting 8,419,000 additional H Shares, the final number of Offer Shares under
the Hong Kong Public Offering is adjusted 10,861,900 H Shares, representing 10.0% of the total
number of Offer Shares under the Global Offering (assuming the Overallotment Option is not
exercised), and the final number of Offer Shares under the International Offering is adjusted to
97,757,100 H Shares, representing 90.0% of the total number of Offer Shares under the Global
Offering (assuming the Over-allotment Option is not exercised).


--- page 19 ---
19
Allocation of H Shares to Existing Minority Shareholders and Their Close Associates
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 consent
under Paragraph 1C(2) of Appendix F1 to the Listing Rules to permit H Shares in the International
Offering to be placed to certain existing minority Shareholders who will participate only as either
cornerstone investors or placees (but not both) in the International Offering (together, the “Existing
Minority Shareholders ”) on the conditions that each of them:
(a) together with their close associates, holds less than 5% of the total number of A Shares in
issue of our Company prior to the completion of the Global Offering;
(b) is not and will not become (upon the completion of the Global Offering) a core connected
person of our Company or the close associate of any such core connected person;
(c) does not have the right to appoint a Director and/or have any other special rights;
(d) allocation to the Existing Minority Shareholders or their close associates will not affect our
ability to satisfy the public float requirement as prescribed by the Stock Exchange under Rule
8.08 of the Listing Rules or otherwise approved by the Stock Exchange; and
(e) that no preferential treatment is given to the Existing Minority Shareholders or their
respective close associates (other than the assured entitlement for a cornerstone investor).
Please refer to the section headed “Waivers, Consents and Exemption – Allocation of H Shares to
Existing Minority Shareholders and their close associates ” in the Prospectus for further details of
the waiver and consent.
Each of the Joint Sponsors and the Company has provided the required confirmations as elaborated
in the Prospectus. In particular, as the Company ’s A Shares are listed on the Shanghai Stock
Exchange since June 2016, the Company has a highly extensive base of existing Shareholders and
disclosure of details of allocations to all Existing Minority Shareholders will not be meaningful
to investors, the proposed disclosure threshold, i.e. condition (ii) of the waiver and consent which
provides that details of the allocation to the Existing Minority Shareholders holding more than
1% of the issued share capital of the Company immediately prior to the completion of the Global
Offering will be disclosed in this announcement, is appropriate.
All allocations of Offer Shares to the Existing Minority Shareholders are in compliance with all
the conditions under the waiver and consent granted by the Stock Exchange.


--- page 20 ---
20
Allocations of Offer Shares to the 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 ( “Allocation to Size-based Exemption Participants ”):
(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;
(c) the Allocation to Size-based Exemption Participants will not affect the Company ’s ability
to satisfy its public float requirement as prescribed by the Stock Exchange under the waiver
from strict compliance with the requirements of Rule 8.08(1) (as amended and replaced by
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 respective close associates under the Size-based Exemption; and
(e) details of the allocation to 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 further allocations of Offer Shares to Cornerstone Investors, please refer to the
section headed “Allotment Results Details – International Offering – Allottees with Waivers/
Consents Obtained ” in this announcement.
Placing to connected clients with a prior consent under paragraph 1C(1) of the Placing
Guidelines
Under the International Offering, certain Offer Shares were placed to connected clients of their
connected distributors pursuant to the Placing Guidelines.


--- page 21 ---
21
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 certain connected clients to
participate in the Global Offering as a Cornerstone Investor. The allocation of Offer Shares to such
connected clients is in compliance with all the conditions under the consent granted by the Stock
Exchange. Details of the placement to connected clients are set out below:
No.
Connected
Distributor
Connected
Client/Placee
Relationship
with the
Connected
Client
Information
of the
Connected
Client
Whether the
Connected
Client will
hold the
beneficial
interest of
the Offer
Shares on a
non-discretionary
basis or
discretionary
basis for
independent
third parties
Number of
Shares to be
subscribed
Approximate %
to the Offer
Shares under
the Global
Offering
(taking into
account the
partial exercise
of the Offer Size
Adjustment
Option and
assuming no
exercise of the
Over-allotment
Option)
Approximate %
to total issued
share capital
after
the Global
Offering
(taking into
account the
partial exercise
of the Offer Size
Adjustment
Option and
assuming no
exercise of the
Over-allotment
Option)
1. China Galaxy
 International
 Securities
 (Hong Kong) Co.,
 Limited ( “CGIS”)
China Galaxy
 International
 Investment
 Company
 Limited ( “CGII”)
CGII is a wholly
 owned
 subsidiary
 of CGIS
Please refer
 to Note 1
non-discretionary
 basis
145,400 0.13% 0.01%
2. China
 International
 Capital
 Corporation
 Hong Kong
 Securities
 Limited
 ( “CICCHKS ”)
CICC Financial
 Trading
 Limited
 ( “CICC FT ”)
CICC FT is a
 member of the
 same group as
 CICCHKS.
Please refer
 to Note 2
non-discretionary
 basis
123,200 0.11% 0.01%
3. CITIC
 SECURITIES
 BROKERAGE
 (HONG
 KONG)
 LIMITED
 ( “CITIC
 Securities ”)
CITIC Securities
 International
 Capital
 Management
 Limited
 ( “CSI”)
CSI is a member
 of the same
 group of
 companies as
 CITIC
 Securities.
Please refer
 to Note 3
non-discretionary
 basis
401,900 0.37% 0.02%


--- page 22 ---
22
No.
Connected
Distributor
Connected
Client/Placee
Relationship
with the
Connected
Client
Information
of the
Connected
Client
Whether the
Connected
Client will
hold the
beneficial
interest of
the Offer
Shares on a
non-discretionary
basis or
discretionary
basis for
independent
third parties
Number of
Shares to be
subscribed
Approximate %
to the Offer
Shares under
the Global
Offering
(taking into
account the
partial exercise
of the Offer Size
Adjustment
Option and
assuming no
exercise of the
Over-allotment
Option)
Approximate %
to total issued
share capital
after
the Global
Offering
(taking into
account the
partial exercise
of the Offer Size
Adjustment
Option and
assuming no
exercise of the
Over-allotment
Option)
4. Huatai Financial
 Holdings (Hong
 Kong) Limited
 ( “HTFH”)
Huatai Capital
 Investment
 Limited ( “HTCI”)
HTCI is a
 member of
 the same group
 of companies
 as HTFH.
Please refer
 to Note 4
non-discretionary
 basis
3,691,100 3.40% 0.21%
5. Haitong International
 Securities
 Company
 Limited
 ( “Haitong
 International ”)
Guotai Junan
 Investments
 (Hong Kong)
 Limited
 ( “GTJA
 Investments ”)
GTJA
 Investments
 is a member of
 the same group
 of companies
 as Haitong
 International
Please refer
 to Note 5
non-discretionary
 basis
590,700 0.54% 0.03%
6. CMB International
 Securities Limited
 ( “CMBI”)
Bosera Asset
 Management
 (International)
 Co., Limited
 ( “Bosera ”)
Bosera is a
 member of
 the same group
 of companies
 as CMBI
Please refer
 to Note 6
discretionary basis
 for independent
 third parties
29,500 0.03% 0.002%
7. CITIC Securities China Asset
 Management
 (Hong Kong)
 Limited ( “China
 AMHK”)
CITIC Securities
 and China
 AMHK are
 members of the
 same group
Please refer
 to Note 7
discretionary basis
 for independent
 third parties
59,000 0.05% 0.003%
8. HSBC Broking
 Securities (Asia)
 Limited ( “HSBC”)
HSBC Global Asset
 Management
 (Hong Kong)
 Limited ( “HSBC
 AM”)
HSBC AM is
 a fellow
 subsidiary
 of HSBC
Please refer
 to Note 8
discretionary basis
 for independent
 third parties
1,775,000 1.63% 0.10%


--- page 23 ---
23
No.
Connected
Distributor
Connected
Client/Placee
Relationship
with the
Connected
Client
Information
of the
Connected
Client
Whether the
Connected
Client will
hold the
beneficial
interest of
the Offer
Shares on a
non-discretionary
basis or
discretionary
basis for
independent
third parties
Number of
Shares to be
subscribed
Approximate %
to the Offer
Shares under
the Global
Offering
(taking into
account the
partial exercise
of the Offer Size
Adjustment
Option and
assuming no
exercise of the
Over-allotment
Option)
Approximate %
to total issued
share capital
after
the Global
Offering
(taking into
account the
partial exercise
of the Offer Size
Adjustment
Option and
assuming no
exercise of the
Over-allotment
Option)
9. ICBC International
 Securities Limited
 ( “ICBC”)
ICBC International
 Fund Management
 Limited ( “ICBC
 Fund”)
ICBC Fund,
 ICBC WM
 and ICBC
 are members
 of the same
 group (i.e. the
 group of
 Industrial and
 Commercial
 Bank of China
 Limited)
Please refer
 to Note 9
discretionary basis
 for independent
 third parties
6,000 0.01% less than 0.001%
10. ICBC International
 Securities Limited
 ( “ICBC”)
ICBC Wealth
 Management
 Co., Ltd. ( “ICBC
 WM”)
ICBC Fund,
 ICBC WM
 and ICBC
 are members
 of the same
 group (i.e. the
 group of
 Industrial and
 Commercial
 Bank of China
 Limited)
Please refer
 to Note 10
discretionary basis
 for independent
 third parties
153,000 0.14% 0.01%
11. Haitong International Haitong
 International
 Asset
 Management (HK)
 Limited
 ( “HTAM”)
HTAM is
 a member of
 the same group
 of companies
 as Haitong
 International
Please refer
 to Note 11
discretionary basis
 for independent
 third parties
29,500 0.03% 0.002%


--- page 24 ---
24
Notes:
1. CGII and China Galaxy Securities ( “CGS”) will enter into a series of cross border total return swap (TRS)
transactions (collectively, the “CGII TRS ”) with each other and the ultimate clients ( “CGII Ultimate Clients ”),
pursuant to which CGII will hold the Offer Shares on a non-discretionary basis to hedge the CGII TRS while
the economic risks and returns of the underlying Offer Shares are ultimately borne by the CGII Ultimate
Clients, subject to customary fees and commissions. The CGII TRS will be fully funded by the CGII Ultimate
Clients. During the terms of the CGII TRS, all economic returns of the Offer Shares subscribed by CGII will
be passed to CGII Ultimate Clients and all economic loss shall be borne by CGII Ultimate Clients through the
CGII TRS, and CGII will not take part in any economic return or bear any economic loss in relation to the Offer
Shares. The CGII TRS are linked to the Offer Shares and CGII Ultimate Clients may, after expiration of the
lock-up period beginning from the date of the relevant cornerstone agreements and ending on the date which
is six months from the Listing Date, request to early terminate the CGII TRS at its own discretion, upon which
CGII may dispose of the Offer Shares on the secondary market and CGII Ultimate Clients will receive a final
settlement amount of the CGII TRS in cash in accordance with the terms and conditions of the CGII TRS.
To the best of CGII ’s knowledge after having made all reasonable inquiries, each of the CGII Ultimate Clients
is an independent third party of (i) the Company, the connected persons or associates thereof, and (ii) CGII, and
the companies which are members of the same group of CGIS.
Both CGII and CGIS, one of the Sponsors of the Global Offering, are indirect wholly-owned subsidiaries of
CGS, the A shares of which are listed on the Shanghai Stock Exchange (stock code: 601881), the H shares
of which are listed on the Stock Exchange (stock code: 6881). CGII is a connected client (as defined under
Appendix F1 to the Listing Rules) of CGIS, holding securities on a non-discretionary basis on behalf of
independent third parties.
CGII Ultimate Clients includes: (i) Shenzhen Baoheng Investment Co., Ltd. (ʮ̡ )
(“Shenzhen Baoheng ”), a limited liability company established in the PRC. It is wholly-owned by Xiamen
Baotai Holdings Group Co., Ltd. (ʮ̡ ), and the ultimate beneficial owner of Shenzhen
Baoheng is Zhang Guofeng ( ੵ਷ቜ). Shenzhen Baoheng is an investment company focusing on equity and
alternative investments, with particular interest in emerging markets and the healthcare sector, including
opportunities in the Hong Kong capital market; and (ii) Shenzhen Commando Capital Management Co., Ltd. ( ଉ
ʮ̡ ), a limited liability company established in the PRC, which is wholly-owned by
Ding Ying ( ɕๅ).
2. CICC FT and China International Capital Corporation Limited ( “CICCL ”) will enter into a series of cross
border delta-one OTC swap transactions (collectively, the “Pinpoint OTC Swaps ”) with each other and the
ultimate clients (the “CICC FT Ultimate Clients (Pinpoint) ”), pursuant to which CICC FT will hold the Offer
Shares on a non-discretionary basis to hedge the Pinpoint OTC Swaps while the economic risks and returns of
the underlying Offer Shares are passed to the CICC FT Ultimate Clients (Pinpoint), subject to customary fees
and commissions. The Pinpoint OTC Swaps will be fully funded by the CICC FT Ultimate Clients (Pinpoint).
During the terms of the Pinpoint OTC Swaps, all economic returns of the Offer Shares subscribed by CICC FT
will be passed to the CICC FT Ultimate Clients (Pinpoint) and all economic loss shall be borne by the CICC FT
Ultimate Clients (Pinpoint) through the Pinpoint OTC Swaps, and CICC FT will not take part in any economic
return or bear any economic loss in relation to the Offer Shares. To the best of CICC FT ’s knowledge having
made all reasonable inquiries, each of the CICC FT Ultimate Clients (Pinpoint) is an independent third party
of CICC FT, CICCHKS and the companies which are members of the same group of CICCHKS. The CICC FT
Ultimate Clients for purpose of this place subscription include (i) Minghong Muti-stratedy Hedge Fund No.1 (׼
ᢷεഄଫ࿁ә 1 ږ“( ) Minghong ”) managed by Shanghai Minghong Investment Management Co., Ltd. ( ɪ
ʮ̡ ) and Minghong has more than 50 participating shareholders and none of them holds
30% or more interest in Minghong; (ii) Yuanzheng Tianli No. 3 Private Securities Investment Fund (૴л 3
ږand Hengde Jinze E49 Private Securities Investment Fund (ዣ E49 ໮ӷ෍ᗇՎҳ
ږmanaged by Beijing Hengde Shidai Private Fund Management Co., Ltd. (၍ଣ
ʮ̡ ); and (iii) Baoyin Long-Short Stable No. 1 Private Securities Investment Fund. (ᖢ਄ 1 ໮ӷ
ږBaoyin Long-Short Stable No. 2 Private Securities Investment Fund. (ᖢ਄ 2 ໮ӷ
ږand Baoyin Progressive No. 1 Private Securities Investment Fund (ვආ՟ 1 ໮ӷ෍ᗇՎҳ
ږmanaged by Shanghai Baoyin Private Fund Management Co., Ltd. (ʮ̡ ).


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25
3. CSI will act as the single counterparty of a back-to-back total return swap transaction (the “CSI Back-to-
back TRS ”) to be entered into by CSI in connection with a total return swap order (the “CSI Client TRS ”)
placed and fully funded by its ultimate clients (the “CSI Ultimate Clients ”), by which CSI will pass the full
economic exposure of the Offer Shares placed to CSI to the CSI Ultimate Clients. CITIC Securities and CSI
are members of the same group. Accordingly, CSI is considered as a “connected client ” of CITIC Securities
pursuant to Paragraph 1B (7) of Appendix F1 of the Listing Rules. As confirmed by CSI and CITIC Securities,
CSI will hold the legal title and beneficial interest in the Offer Shares, but will contractually agree to pass on
the full economic exposure and return of the Offer Shares to the CSI Ultimate Clients, all being independent
third parties, on a non-discretionary basis. The CSI Ultimate Clients may exercise their early termination rights
to terminate the CSI Client TRS at any time from the trade date of the CSI Client TRS which should be on or
after the date on which the Offer Shares are listed on the Hong Kong Stock Exchange. Upon the final maturity
or termination of the CSI Client TRS by the CSI Ultimate Clients, CSI will dispose of the Offer Shares on the
secondary market and the CSI Ultimate Clients will receive a final termination amount of the CSI Back-to-
back TRS which will have taken into account all the economic returns or economic loss in relation to the Offer
Shares and the fixed amount of transaction fees of the CSI Back-to-back TRS and the CSI Client TRS. Due to
its internal policy, CSI will not exercise the voting right of the Offer Shares during the terms of the CSI Back-
to-back TRS. The CSI Ultimate Clients for purpose of this place subscription includes 31 underlying investors.
To the best of CSI ’s knowledge and after making all reasonable enquiries, other than CITIC Securities, each
of the CSI Ultimate Clients is an independent third party of the Company, its subsidiaries, and its substantial
shareholders, CSI, CITIC Securities and the companies which are members of the same group of CITIC
Securities.
4. 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 ”).
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 licensed to undertake cross-border derivatives trading activities. HTSC 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 HTSC and HTCI. Huatai is one of the Joint Global Coordinators
and Joint Bookrunners 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 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 ”) to be entered by HTCI in connection with Huatai 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, subject to customary fees and commissions, pass the full economic exposure of the Offer 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. Huatai, one of the Joint Global Coordinators and Joint Bookrunners of the
Global Offering, and HTCI are indirectly 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 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 HTSC, with the Offer
Shares as the underlying assets. Instead of directly subscribing for the Offer Shares, the Huatai Ultimate Clients
will, though their 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, HTCI participates in
the Company ’s IPO and subscribes the Offer Shares through placing order with Huatai during the International
Offering. The Huatai Ultimate Clients for purpose of this place subscription include (i) Lin Yuan Investment
309 Private Securities Investment fund (෤ҳ༟ 309 ږ“( ) Linyuan Fund ”), a registered
private investment scheme in mainland China (No. SQX800), managed by Shenzhen Lin Yuan Investment


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26
Management Co., Ltd. (ப΂ʮ̡ ) ( “Linyuan Investment ”). Linyuan Investment is a
private fund management company established in 2006 registered under the Asset Management Association of
China (AMAC). As confirmed by Linyuan Investment, as of November 3, 2025, Linyuan Investment, through
certain private investment schemes, holds approximately 12.454% of the interest in Linyuan Fund, while Mr.
Lin Yuan (෤) ( “Mr. Lin ”) and Ms. Lin Hong (ߎ؍sister of Mr. Lin) holds approximately 31.9399%
and 27.2731% of the interest in Linyuan Fund, respectively; and (ii) Ruize Ruoshui No. 1 Private Securities
Investment Fund (˥ 1 ږand no shareholder holds an interest of more than 30% in
this fund.
To the best of knowledge of HTCI and after making all reasonable enquiries, each of the Huatai Ultimate
Clients and their ultimate beneficial owners holding 30% or more interest of the Huatai Ultimate Clients is an
independent third party of HTCI, and the companies which are members of the same group of companies as
Huatai.
The purpose of HTCI to subscribe for the Offer Shares is for hedging the HT Back-to-back TRS in connection
with the Huatai TRS order placed by the Huatai Ultimate Clients. Pursuant to the terms of the contracts of
the HT Back-to-back TRS and the Huatai TRS, during the tenor of the HT Back-to-back TRS and the Huatai
TRS, subject to customary fees and commissions, all economic returns of the Offer Shares will be passed to
the Huatai Ultimate Clients through the HT Back-to-back TRS and the Huatai 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, 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 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 HT Back-to-back TRS and the Huatai TRS factor into account the fluctuation 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 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 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 their 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 maturity 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 TRS could be extended by way of a new issuance
or a tenor extension. Accordingly, HTSC will extend 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 Huatai Ultimate Clients, being onshore clients who place a Huatai TRS
orders with HTSC in connection with the IPO of the Company. HTCI will not exercise the voting right of the
Offer Shares during the tenor of the HT Back-to-back TRS.
5. It is proposed that GTJA Investments participates as placee to subscribe for the Offer Shares under the
International Offering (the “GTJAI Subscription ”). GTJA Investments is a member of the same group of
companies as Haitong International and is considered as a connected client of Haitong International pursuant to
paragraph 1B(7) of the Placing Guidelines.
In relation to the GTJAI Subscription, GTJA Investments shall hold the Offer Shares for hedging purpose as
the single underlying asset of several sets of back-to-back total return swap transaction (the “GTHT Back-
to-back TRS ”) to be entered into between GTJA Investments and Guotai Haitong Securities Co., Ltd. (the
“GTHT Onshore Parent ”) in connection with several total return swap orders (the “GTHT Client TRS ”) to
be entered into by GTHT Onshore Parent and several ultimate clients (the “GTHT Onshore Ultimate Client ”),
respectively. Such GTHT Client TRS is to be fully funded by the GTHT Onshore Ultimate Client. GTJA


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27
Investments will hold the Offer Shares on a non-discretionary basis for the purpose of hedging the economic
exposure under the GTHT Back-to-back TRS and GTHT Client TRS only, During the tenor of the GTHT Client
TRS, all economic returns of the Offer Shares will be passed to the GTHT Onshore Ultimate Clients and all
economic losses shall be borne by the GTHT Onshore Ultimate Client, subject to the terms and conditions of
the GTHT Back-to-back TRS and GTHT Client TRS, and GTJA Investments will not take part in any economic
return or bear any economic loss in relation to the price of the Offer Shares. The GTHT Onshore Ultimate Client
may request to redeem the Offer Shares at their own discretion, upon which GTJA Investments shall dispose
of the Offer Shares and settle the GTHT Back-to-back TRS and GTHT Client TRS in cash in accordance with
the terms and conditions of the GTHT Back-to-back TRS and GTHT Client TRS documents. Due to its internal
policy, GTJA Investments will not exercise the voting right attaching to the Offer Shares during the tenor of the
GTHT Back-to-back TRS and GTHT Client TRS. The GTHT Onshore Ultimate Client for purpose of this place
subscription include (i) Beijing Yian Capital Management Co., Ltd (ʮ̡ ), which is
owned as to approximately 68.42% by Yu Xinwei ( ɲอਃ), and no other shareholder holds more than 30% of
its equity interest; (ii) Shanghai Tongyi Investment Management Co., Ltd (ʮ̡ ), which
is owned as to approximately 40.48% by Chu Yibo (تand no other shareholder holds more than 30%
of its equity interest; and (iii) PSBC Wealth Management Co., Ltd (ப΂ʮ̡ ) through China
International Capital Corporation Jinjia No.1 Collective Asset Management Plan.
6. Bosera will hold the Offer Shares in its capacity as the discretionary fund manager managing the funds on
behalf of its underlying client. To the best of Bosera ’s knowledge after due enquiry, the underlying client of
Bosera is an independent third party of Bosera, CMBI and the companies which are members of the same group
of CMBI.
7. China AMHK is an investment advisor and a delegate of the investment manager of its underlying clients
(“China AMHK Ultimate Clients ”) and manages assets (in its capacity as an investment advisor of China
AMHK Ultimate Clients) and executes trades (in its capacity as a delegate of the investment manager of China
AMHK Ultimate Clients) for and on behalf of China AMHK Ultimate Clients. China AMHK will hold the Offer
Shares in its capacity as the discretionary fund manager managing on behalf of its underlying clients. To the
best of China AMHK ’s knowledge and after making all reasonable enquiries, each of the China AMHK Ultimate
Clients is an independent third party of the Company, its subsidiaries, and its substantial shareholders, China
AMHK, CITIC Securities and the companies which are members of the same group of CITIC Securities.
8. HSBC AM will hold the Offer Shares in its capacity as the discretionary fund manager managing assets on
behalf of its underlying clients. To the best of HSBC AM ’s knowledge after due enquiry, each the underlying
clients of HSBC AM is an independent third party of HSBC AM and HSBC and the companies which are
members of the same group of HSBC.
9. The New Era Development Fund SPC (ږSPC) - Dynamic Allocation Equity Fund SP ( “DAEF”)
will hold the Offer Shares on behalf of underlying customers, with ICBCI FM acting as the discretionary fund
manager for the DAEF. Each of the underlying customers of DAEF is an independent third party of ICBCI FM
and ICBCI (distributor of DAEF), both of which are wholly-owned subsidiaries of ICBC International Holdings
Limited.
10. ICBC WM will hold the Offer Shares in its capacity as discretionary fund manager managing assets on behalf of
its underlying clients. Each of the underlying clients of ICBC WM is an independent third party of ICBC WM,
ICBC and the companies which are members of the same group of ICBC. None of the underlying clients of
ICBC WM hold 30% or more interest in the funds and sub-funds under ICBC WM ’s management.
11. HTAM will hold the Offer Shares in its capacity as the discretionary fund manager managing a fund on behalf
of their investors, each of which is an independent third party of the Company, its subsidiaries, its substantial
shareholders, HTAM, Haitong International and the companies which are members of the same group of Haitong
International.


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DISCLAIMERS
Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited and
Hong Kong Securities Clearing Company Limited take no responsibility for the contents of this
announcement, make no representation as to its accuracy or completeness and expressly disclaim
any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or
any part of the contents of this announcement.
This announcement is not for release, publication, distribution, directly or indirectly, in or into
the United States (including its territories and possessions, any state of the United States and
the District of Columbia). This announcement does not constitute or form a part of any offer or
solicitation to purchase or subscribe for securities in the United States. 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 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 October 27, 2025 issued by the Company
for detailed information about the Global Offering described above before deciding whether or
not to invest in the Shares thereby being offered.
* Potential investors of the Offer Shares should note that the Joint Sponsors and the Overall
Coordinators (for themselves and on behalf of the Hong Kong Underwriters) shall be entitled
to terminate their obligations under the Hong Kong Underwriting Agreement with immediate
effect upon the occurrence of any of the events set out in the paragraph headed “Underwriting
– Underwriting Arrangements – 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 November 5, 2025).


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Public Float
Immediately after the completion of the Global Offering (after taking into account the partial
exercise of the Offer Size Adjustment Option and before any exercise of the Over-allotment
Option), the total market value of the H Shares to be held by the public is expected to be
approximately HK$14,283.40 million, calculated based on the final Offer Price of HK$131.50,
which is higher than the prescribed expected market value of H Shares required to be held in public
hands of not less than HK$3,000,000,000 under Rule 19A.13A(2)(b) of the Listing Rules, thereby
satisfying Rule 8.08(1) (as amended and replaced by Rule 19A.13A) of the Listing Rules. Based on
the Offer Price of HK$131.50 per H Share, the minimum prescribed public float percentage under
Rule 19A.13A(2)(b) of the Listing Rules is approximately 1.31%, being the percentage derived by
dividing HK$3,000,000,000 by the total market value of the Company ’s total issued Shares at the
time of Listing (1).
Note:
(1) The total market value of the Company ’s total issued Shares at the time of Listing is calculated based on
(x) 1,741,985,086 Shares, representing the sum of (i) 108,619,000 H Shares to be issued immediately upon
completion of the Global Offering (assuming the Over-allotment Option is not exercised) and (ii) 1,633,366,086
A Shares in issue upon completion of the Global Offering times (y) the Offer Price of HK$131.50 per H Share.
Each of the Cornerstone Investors has agreed to a lock-up period of six months following the
Listing Date. As such, H Shares held by the Cornerstone Investors upon the Listing shall not be
counted towards the free float of the H Shares of the Company at the time of Listing. Based on the
Offer Price of HK$131.50 per H Share, the Company confirmed that it complies with the free float
requirement under Rule 8.08A (as amended and replaced by Rule 19A.13C(2)(b)) of the Listing
Rules.
The Directors confirm that, immediately following completion of the Global Offering (after
taking into account the partial exercise of the Offer Size Adjustment Option and before any
exercise of the Over-allotment Option): (i) the Shares will be held by at least 300 Shareholders
at the time of Listing, in compliance with Rule 8.08(2) of the Listing Rules; (ii) the three largest
public Shareholders will not hold more than 50% of the H Shares held in public hands at the
time of Listing, in compliance with Rules 8.08(3) and 8.24 of the Listing Rules; (iii) no placee
will, individually, be placed more than 10% of the enlarged issued share capital of the Company
immediately after the Global Offering; and (iv) there will not be any new substantial Shareholder
(as defined in the Listing Rules) immediately after the Global Offering.
Commence of Dealings
The H Share certificates will only become valid evidence of title at 8:00 a.m. on Wednesday,
November 5, 2025 (Hong Kong time), provided that the Global Offering has become unconditional
and the right of termination described in the section headed “Underwriting – Underwriting
Arrangements – Hong Kong Public Offering – Grounds for Termination ” in the Prospectus has
not been exercised. Investors who trade the 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.


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30
Assuming that the Global Offering becomes unconditional at or before 8:00 a.m. on Wednesday,
November 5, 2025 (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 5, 2025 (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 9927.
By order of the Board
Seres Group Co., Ltd.
Mr. Zhang Zhengping
Chairperson of the Board and Executive Director
Hong Kong, November 4, 2025
Directors of the Company named in the application to which this announcement relates are: (i)
Mr. Zhang Zhengping, Mr. Yin Xianzhi, Ms. Shen Wei and Mr. Zhang Zhengyuan as executive
directors; (ii) Mr. Zhang Kebang, Mr. You Zheng, Mr. Li Wei and Mr. Zhou Changling as
non-executive directors; and (iii) Mr. Li Kaiguo, Mr. Zhang Guolin, Mr. Jing Xufeng and Mr. Li
Ming as independent non-executive directors and Mr. Ngai Ming Tak as proposed independent
non-executive Director.
