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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
securities in the United States or in any other jurisdictions. The securities mentioned herein 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 any state securities law of the United States. The securities may not be offered,
sold, pledged or transferred within the United States or to, or for the account or benefit of U.S. persons (as
defined in Regulation S under the U.S. Securities Act (“Regulation S”)), except in transactions exempt from,
or not subject to, the registration requirements of the U.S. Securities Act. The Offer Shares may be offered,
sold or delivered outside the United States to non-U.S. persons in offshore transactions in accordance with
Regulation S.
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 December 12, 2025 (the “Prospectus”) issued by B&K Corporation Limited (ي
Ҧ(ࢥڡ)ʮ̡) (the “Company”) for detailed information about the Global Offering described
below before deciding whether or not to invest in the H Shares thereby being offered. Any investment decision
in relation to the Offer Shares should be taken solely in reliance on the information in the Prospectus.
Unless otherwise defined in this announcement, capitalized terms used herein shall have the same meanings
as those defined in the Prospectus.
In connection with the Global Offering, CLSA Limited, as stabilizing manager (the “Stabilizing Manager”)
(or its affiliates or any person acting for it), on behalf of the Underwriters, to the extent permitted by the
applicable laws and regulatory requirements of Hong Kong or elsewhere, may 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 Friday, January 16, 2025). Such stabilizing action, if taken, may be effected in all
jurisdictions where it is permissible to do so, in each case in compliance with all applicable laws, rules and
regulatory requirements, including the Securities and Futures (Price Stabilizing) Rules (Chapter 571W of
the Laws of Hong Kong), as amended, made under the Securities and Futures Ordinance (Chapter 571 of the
Laws of Hong Kong).
Potential investors should be aware that no stabilizing action can be taken to support the price of the 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
Friday, January 16, 2026). 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 Joint Sponsors and the Overall Coordinators (for
themselves and on behalf of the Hong Kong Underwriters) shall be entitled to terminate their obligations
under the Hong Kong Underwriting Agreement with immediate effect upon the occurrence of any of the
events set out in the section headed “Underwriting — Underwriting Arrangements and Expenses — Hong
Kong Public Offering — Grounds for Termination” in the Prospectus at any time prior to 8:00 a.m. (Hong
Kong time) on the Listing Date (which is currently expected to be on Monday, December 22, 2025).


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– 2 –
B&K CORPORATION LIMITED
華芢生物科技 （青島） 股份有限公司
(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
: 17,648,800 H Shares
Number of Hong Kong Offer Shares : 1,765,000 H Shares
Number of International Offer Shares : 15,883,800 H Shares
Final Offer Price : HK$38.20 per H Share, plus brokerage of 1.0%,
SFC transaction levy of 0.0027%, AFRC
transaction levy of 0.00015%, and Hong Kong
Stock Exchange trading fee of 0.00565%
(payable in full on application in Hong Kong
dollars and subject to refund)
Nominal value : RMB1.00 per H Share
Stock code : 2396
Joint Sponsors, Overall Coordinators, Joint Global Coordinators,
Joint Bookrunners and Joint Lead Managers
Overall Coordinators, Joint Global Coordinators,
Joint Bookrunners and Joint Lead Managers
Joint Global Coordinators, Joint Bookrunners and Joint Lead Managers
Joint Bookrunners and Joint Lead Managers
Joint Lead Managers
⩌⶷姉₸
;d^)瀀AT瀁
)DD)


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B&K Corporation Limited
華芢生物科技（青島）股份有限公司
ANNOUNCEMENT OF ALLOTMENT RESULTS

Unless otherwise defined herein, capitalized terms used in this announcement shall have the same
meanings as those defined in the prospectus dated December 12, 2025 (the “Prospectus”) issued by
B&K Corporation Limited (華芢生物科技（青島）股份有限公司) (the “Company”).


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  2396
Stock short name  B&K CORP-B
Dealings commencement date  December 22, 2025*
*see note at the end of the announcement

Price Information
Final Offer Price  HK$38.20
Offer Price Range HK$38.20 - HK$51.00

Offer Shares and Share Capital
Number of Offer Shares  17,648,800
Number of Offer Shares in Hong Kong Public Offering  1,765,000
Number of offer shares in International Offering  15,883,800
Number of issued shares upon Listing  117,657,522

Over-allocation
No. of Offer Shares over-allocated  0

The Overall Coordinators confirmed that there has been no over -allocation of the Offer Shares in the
International Offering. Therefore, it is expected that the Over-allotment Option will not be exercised.

Proceeds
Gross proceeds(Note)  HK$ 674.18 million
Less: Estimated listing expenses payable based on Final
Offer Price
HK$ (74.36) million
Net proceeds  HK$ 599.82 million

Note: Gross proceeds refer 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.


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ALLOTMENT RESULTS DETAILS
HONG KONG PUBLIC OFFERING

No. of valid applications  146,647
No. of successful applications  7,978
Subscription level  791.95 times
Claw-back triggered  N/A
No. of Offer Shares initially available under the Hong Kong Public
Offering
1,765,000
Final no. of Offer Shares under the Hong Kong Public Offering 1,765,000
% 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 https://www.hkeipo.hk/iporesult to perform a search by name or identification number or
https://www.hkeipo.hk/iporesult for the full list of allottees.
INTERNATIONAL OFFERING

No. of placees  73
Subscription Level  6.05 times
No. of Offer Shares initially available under the International
Offering
15,883,800
Final no. of Offer Shares under the International Offering 15,883,800
% of Offer Shares under the International Offering to the Global
Offering
90.00%

The Directors confirm that, to the best of their knowledge, information and belief, save for 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 a close associate of an existing Shareholders and/or their close
associates, (i) none of the Offer Shares subscribed by the placees and the public have been
financed directly or indirectly by the Company, any of the Directors, Supervisors, chief executive
of the Company, Controlling Shareholders, substantial Shareholders, existing Shareholders of
the Company or any of its subsidiaries or their respective close associates; and (ii) none of the
placees and the public  who have purchased the Offer Shares are accustomed to taking
instructions from the Company, any of the Directors, Supervisors, chief executive of the Company,
Controlling Shareholders, substantial Shareholders, existing Shareholders of the Company or any
of its subsidiaries or their respective close associates in relation to the acquisition, disposal, voting
or other disposition of H Shares registered in his/her/its name or otherwise held by him/her/it.

The placees in the International Offering include the following:
Allottees with consents obtained


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Investor
No. of
shares
allocated
% of offer
shares
% of total
issued H Shares
after the Global
Offering
% of total
issued share
capital after
the Global
Offering Relationship
Allotees with consent under paragraph 1C( 2) of the Placing Guidelines in relation to subscription for
Offer Shares by a close associate of an existing Shareholder(1)
Shanhai
Technology
Industry
Investment Co.,
Limited
("Shanhai
Technology")
1,724,800 9.773% 2.078% 1.466% A close associate
of Qingdao
Hitech, an
existing
Shareholder
Allottees with consent under paragraph 1C(1) of the Placing Guidelines and Chapter 4.15 of the
Listing Guide in relation to allocations to connected clients(2)
Huatai Capital
Investment
Limited
("HTCI") (For
onshore)
6,400 0.036% 0.008% 0.005% A connected
client of Huatai
Financial
Holdings (Hong
Kong) Limited
Huatai Capital
Investment
Limited
("HTCI") (For
offshore)
259,000 1.468% 0.312% 0.220% A connected
client Huatai
Financial
Holdings (Hong
Kong) Limited
CITIC
Securities
International
Capital
Management
Limited
(“CSICM”)
5,200 0.029% 0.006% 0.004% A connected
client of CLSA
Limited
China Asset
Management
(Hong Kong)
Limited
(“China AMC
HK”)
2,600 0.015% 0.003% 0.002% A connected
client of CLSA
Limited

Notes:
(1) The Stock Exchange has granted a consent under paragraph 1C(2) of the Placing Guidelines to
permit Offer Shares be placed the above placee who is close associates of an existing Shareholders.
Please refer to the section headed “Others/Additional Information – Placing to close associate of
existing Shareholder with prior consent under paragraph 1C(2) of the Placing Guidelines ” in this
announcement.

(2) For details of the consent under paragraph 1C(1) of the Placing Guidelines and Chapter 4.15 of the
Listing Guide in relation to allocations to a connected client, please refer to the section headed


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“Others/Additional Information – Placing to a connected client with prior consent under paragraph
1C(1) of the Placing Guidelines” in this announcement.

LOCK-UP UNDERTAKINGS
Controlling Shareholders
 Name
Number of
Unlisted
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
shareholding
in the total
issued H
Shares after
the Global
Offering
subject to
lock-up
undertakings
upon
Listing
% of
shareholding
in the
Company
subject
to lock-up
undertakings
upon
Listing
Last day
subject  to
the lock-up
undertakings
(Note)
Ms. Jia  10,000,872  9,540,065  11.49% 16.61% December
21, 2026
Mr. Wang   1,000,087 16,979,913  20.45% 15.28% December
21, 2026
Ms. Zhang  3,495,000  13,980,000 16.84% 14.85% December
21, 2026
Mr. Li 8,400,000  3,600,000 4.34% 10.20% December
21, 2026
Subtotal 22,895,959 44,099,978 53.12% 56.94%
Note: According to the PRC Company Law, all the Shares held by the existing Shareholders
(including the Controlling Shareholder) prior to the Global Offering are subject to a lock-up period
of one year from the Listing Date.  In accordance with the relevant Listing Rules and guidance
materials, the required lock -up for the first six month period ends on June 21, 2026 and for the
second six-month period ends on December 21, 2026.


Other Existing Shareholders (including the Pre-IPO Investors as defined in the “History,
Development and Corporate Structure” section of the Prospectus)
Name
Number of
Unlisted
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 H
Shares after
the Global
Offering
subject to lock-
up
undertakings
upon
Listing
% of
shareholding
in the
Company
subject
to lock-up
undertakings
upon
Listing
Last day
subject  to
the lock-up
undertakings
(Note)
Qingdao Hitech  5,999,923 3,090,870 3.72% 7.73% December
21, 2026


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Qingdao Huaren 3,600,000 4,400,000 5.30% 6.80% December
21, 2026
Song Jianqing 1,324,800 4,435,200 5.34% 4.90% December
21, 2026
Hainan Huaren 382,800 4,402,200 5.30% 4.07% December
21, 2026
Qingdao CDH - 3,033,680 3.65% 2.58% December
21, 2026
Jiaxing CDH 431,895 1,367,667 1.65% 1.53% December
21, 2026
Zhang Hong - 543,750 0.65% 0.46% December
21, 2026
Subtotal 11,739,418 21,273,367 25.61% 28.07%
Note: According to the PRC Company Law, all the Shares held by existing Shareholders prior to the
Global Offering are subject to a lock-up period of one year from the Listing Date.


PLACEE CONCENTRATION ANALYSIS

Placees (Note 1)
Number of H Shares
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 (Note 2) 1,724,800  10.86% 9.77% 10,815,593  9.19%
 Top 5 5,397,600  33.98% 30.58% 14,488,393  12.31%
 Top 10 8,137,800  51.23% 46.11% 17,228,593  14.64%
 Top 25 12,527,400  78.87% 70.98% 21,611,793  18.37%

Notes:

1. Ranking of placees is based on the number of H Shares allotted to the placees.
2. For the purpose of the shareholder concentration analysis, all Shares held by Qingdao Hitech and Shanhai
Technology are aggregated.

H SHAREHOLDERS CONCENTRATION ANALYSIS

H Shareholders
(Note 1)
Number of H
Shares allotted

Allotment as % of
International
Offering
Allotment as % of
total Offer Shares
Number of H Shares
held upon Listing

% of total issued H
Shares capital upon
Listing
Number of Shares
held upon Listing
 Top 1(Note2) 0 0.00% 0.00% 44,099,978  53.12% 66,995,937
 Top 5 (Notes 3 and 4) 1,724,800  10.86% 9.77% 62,154,395  74.86% 93,189,772
 Top 10 (Notes 3 and 4) 5,397,600  33.98% 30.58% 70,227,195  84.59% 104,862,572
 Top 25 (Notes 3 and 4) 10,967,000  69.05% 62.14% 76,340,345  91.95% 110,975,722

Notes:

1. Ranking of H Shareholders is based on the number of H Shares held by the H Shareholders upon Listing.


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2. For the purpose of the shareholder concentration analysis, all H Shares held by the Controlling Shareholders
are aggregated.
3. For the purpose of the shareholder concentration analysis, all H Shares held by Qingdao Hitech and Shanhai
Technology are aggregated.
4. For the purpose of the shareholder concentration analysis, all H Shares held by Qingdao CDH and Jiaxing
CDH are aggregated.

SHAREHOLDER CONCENTRATION ANALYSIS

Shareholders (Note 1)
Number of H Shares
allotted

Allotment as %
of International
Offering
Allotment as %
of total Offer
Shares
Number of H
Shares held upon
Listing
Number of Shares held
upon Listing

% of total issued
share capital upon
Listing
 Top 1 (Note2) 0 0.00% 0.00% 44,099,978  66,995,937  56.94%
 Top 5 (Notes 3 and 4) 1,724,800  10.86% 9.77% 62,152,195  96,404,772  81.94%
 Top 10 (Notes 3 and 4) 5,397,600  33.98% 30.58% 70,227,195  104,862,572  89.13%
 Top 25 (Notes 3 and 4) 10,967,000  69.05% 62.14% 76,340,345  110,975,722  94.32%

Notes:

1. Ranking of Shareholders is based on the number of Shares (of all classes) held by the Shareholder upon
Listing.
2. For the purpose of the shareholder concentration analysis, all Shares held by the Controlling Shareholders
are aggregated.
3. For the purpose of the shareholder concentration analysis, all Shares held by Qingdao Hitech and Shanhai
Technology are aggregated.
4. For the purpose of the shareholder concentration analysis, all H Shares held by Qingdao CDH and Jiaxing
CDH are aggregated.

BASIS OF ALLOCATION UNDER THE HONG KONG PUBLIC OFFERING
Subject to the satisfaction of the conditions set out in the Prospectus, valid applications made by
the public will be conditionally allocated on the basis set out below:

Approximate
percentage
allotted of the
total number
of H Shares
applied for
   Pool A

 Number
 of H Shares
 applied for
 Number
 of valid
 applications


 Basis of allocation/ballot
200 98,545

2,464 out of 98,545 applicants to receive 200 H
Shares
2.50%
400 5,705

146 out of 5,705 applicants to receive 200 H
Shares
1.28%
600 3,049

76 out of 3,049 applicants to receive 200 H Shares 0.83%
800 9,695

266 out of 9,695 applicants to receive 200 H
Shares
0.69%
1,000 1,959

58 out of 1,959 applicants to receive 200 H Shares 0.59%
1,200 553

18 out of 553 applicants to receive 200 H Shares 0.54%
1,400 439

15 out of 439 applicants to receive 200 H Shares 0.49%
1,600 432

15 out of 432 applicants to receive 200 H Shares 0.43%


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1,800 959

35 out of 959 applicants to receive 200 H Shares 0.41%
2,000 6,488

244 out of 6,488 applicants to receive 200 H
Shares
0.38%
3,000 1,382

60 out of 1,382 applicants to receive 200 H Shares 0.29%
4,000 1,280

61 out of 1,280 applicants to receive 200 H Shares 0.24%
5,000 835

43 out of 835 applicants to receive 200 H Shares 0.21%
6,000 757

42 out of 757 applicants to receive 200 H Shares 0.18%
7,000 535

31 out of 535 applicants to receive 200 H Shares 0.17%
8,000 561

34 out of 561 applicants to receive 200 H Shares 0.15%
9,000 355

23 out of 355 applicants to receive 200 H Shares 0.14%
10,000 2,470

161 out of 2,470 applicants to receive 200 H
Shares
0.13%
20,000 1,723

142 out of 1,723 applicants to receive 200 H
Shares
0.08%
30,000 1,083

103 out of 1,083 applicants to receive 200 H
Shares
0.06%
40,000 822

86 out of 822 applicants to receive 200 H Shares 0.05%
50,000 616

70 out of 616 applicants to receive 200 H Shares 0.05%
60,000 481

58 out of 481 applicants to receive 200 H Shares 0.04%
70,000 354

45 out of 354 applicants to receive 200 H Shares 0.04%
80,000 301

40 out of 301 applicants to receive 200 H Shares 0.03%
90,000 560

77 out of 560 applicants to receive 200 H Shares 0.03%

 Total

141,939
Total number of Pool A successful applicants:
4,413


Approximate
percentage
allotted of the
total number
of H Shares
applied for
   Pool B

 Number
 of H Shares
 applied for
 Number
 of valid
 applications


 Basis of allocation/ballot
100,000 2,467

1,481 out of 2,467 applicants to receive 200 H
Shares
0.12%
150,000 604

473 out of 604 applicants to receive 200 H Shares 0.10%
200,000 479

453 out of 479 applicants to receive 200 H Shares 0.09%
250,000 179

200 H Shares 0.08%
300,000 176

200 H Shares plus 42 out of 176 applicants to
receive an additional 200 H Shares
0.08%
350,000 91

200 H Shares plus 34 out of 91 applicants to
receive an additional 200 H Shares
0.08%
400,000 116

200 H Shares plus 57 out of 116 applicants to
receive an additional 200 H Shares
0.07%
450,000 66

200 H Shares plus 41 out of 66 applicants to
receive an additional 200 H Shares
0.07%
500,000 103

200 H Shares plus 75 out of 103 applicants to
receive an additional 200 H Shares
0.07%
600,000 59

200 H Shares plus 56 out of 59 applicants to
receive an additional 200 H Shares
0.06%


--- page 10 ---
700,000 85

400 H Shares 0.06%
882,400 283

400 H Shares plus 174 out of 283 applicants to
receive an additional 200 H Shares
0.06%

 Total

4,708
Total number of Pool B successful applicants:
3,565

As of the date of this announcement, the relevant subscription monies previously deposited in the
designated nominee accounts have been remitted back to the accounts of all HKSCC participants .
Investors  should contact their relevant brokers for any inquiries.

COMPLIANCE WITH LISTING RULES AND GUIDANCE
The Directors confirm that , except for the Listing Rules that have been waived  and/or in respect of
which consent has been obtained, the Company has complied with the Listing Rules and guidance
materials in relation to the placing, allotment and listing of the Company’s shares.
The Directors confirm that, to the best of their knowledge, the consideration paid by the placees or the
public (as the case may be) directly or indirectly for each Offer Share subscribed for or purchased by
them was the same as the final Offer Price in addition to any brokerage, AFRC transaction levy, SFC
transaction levy and trading fee payable.
OTHERS / ADDITIONAL INFORMATION

Placing to close associates of existing Shareholders with prior consent under paragraph 1C(2) of
the Placing Guidelines

The Company has applied to the Stock Exchange  for, and the Stock Exchange has granted a consent
under paragraph 1C(2) of the Placing Guidelines to permit the Company to allocate such Offer Shares
in the International Offering to Shanhai Technology Industry Investment Co., Limited.

Shanhai Technology is a company incorporated in Hong Kong with limited liability, which is 100%
owned by Qingdao Microelectronics Innovation Center Co., Ltd. ( 青島微電子創新中心有限公司).
Qingdao Qingdao Microelectronics Innovation Center Co., Ltd. is 100% owned by Qingdao Laoshan
Science and Technology Innovation Development Group Co. Ltd. ( 青島嶗山科技創新發展集團有
限公司), which is 100% owned by Finance Bureau of Laoshan District of Qingdao Municipal City
(青島市嶗山區財政局). Qingdao Hitech, one of our existing Shareholders, is also wholly owned by
Qingdao Laoshan Science and Technology Innovation Development Group Co. Ltd.. The participation
of Shanhai Technology in the Global Offering is therefore subject to a written consent from the Stock
Exchange in accordance with Paragraph 1C(2) of the Placing Guidelines.

The allocation of Offer Shares to the aforementioned close associate of existing Shareholder as placee
is in compliance with all the conditions under the consent granted by the Stock Exchange,  including
but not limited to (i) the Company complies with Rules 19A.13A and 19A.13C of the  Listing Rules,
and (ii) no preference in allocation was given to these close associate of existing Shareholder as placee.

For details of the allocations of Offer Shares to close associates of existing Shareholders, please
refer to the section headed “Allotment Results Details – International Offering – Allottees with
Consents Obtained” in this announcement.


--- page 11 ---
Placing to a connected client with prior consent under paragraph 1C(1) of the Placing Guidelines

Under the International Offering, certain Offer Shares were placed to a connected client of a connected
distributor pursuant to the Placing Guidelines. Details of the placement to this connected client are set
out below.

Connected
client

Connected
distributor

Relationship
with the
connected
distributor

Whether the
connected
client
will hold
beneficial
interests of
Offer Shares
on
a non-
discretionary
or
discretionary
basis for
independent
third parties
Number
of
Offer
Shares to
be
allocated
to
the
connected
client
Appropriate
percentage
of
total
number of
Offer
Shares
Approximate
percentage
of total H
Shares in
issue
immediately
following
the
completion
of
Global
Offering
HTCI (For
onshore
investors)
Huatai
Financial
Holdings
(Hong
Kong)
Limited
See Note 1 Non-
discretionary
6,400 0.036% 0.008%
HTCI (For
offshore
investors)
Huatai
Financial
Holdings
(Hong
Kong)
Limited
See Note 2 Non-
discretionary
259,000 1.468% 0.312%
CSICM CLSA
Limited
See Note 3 Non-
discretionary
5,200 0.029% 0.006%
China AMC
HK
CLSA
Limited
See Note 4 Discretionary 2,600 0.015% 0.003%

Notes:
1. For PRC investors: 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. (“Huatai Securities”), the shares of which are listed on both the Shanghai
Stock Exchange (stock code: 601688) and the Stock Exchange (stock code: 6886), is one of the domestic
securities firms licensed to undertake cross -border derivatives trading activities. Huatai Securit ies


--- page 12 ---
entered into an ISDA agreement (the “ISDA Agreement”) with its indirectly wholly-owned subsidiary,
HTCI to set out the principal terms of any future total return swap between Huatai Securities and HTCI.

HTFH is the Overall Coordinator in connection with the Global Offering. Pursuant to the ISDA
Agreement, HTCI, which intends to participate in the Global Offering as a placee, will hold the
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 “Back-to-back TRS”) to be entered by HTCI in connection with
a Client TRS (as defined below) placed by and fully funded (i.e. with no financing provided by HTCI)
by the Huatai Onshore Ultimate Clients (as defined below), by which, HTCI will, subject to customary
fees and commissions, pass the full economic exposure of the Offer Shares ultimately to the Huatai
Onshore Ultimate Clients, which in effect, HTCI will hold the beneficial interest of the Offer Shares on
behalf of the Huatai Onshore Ultimate Clients. HTFH, the Overall Coordinator, and HTCI are indirectly
wholly-owned subsidiaries of Huatai Securities. Accordingly, HTCI is considered as a “connected client”
of HTFH pursuant to paragraph 1B(7) of the Placing Guidelines.

Pursuant to the Cross-border Derivatives Trading Regime, the onshore investors (the “Huatai Onshore
Ultimate Clients”) cannot directly subscribe for the Offer Shares but may invest in derivative products
issued by domestic securities firms licenced to undertake cross -border derivatives trading activities,
such as Huatai Securities, with the Offer Shares as the underlying assets. Instead of directly subscribing
for the Offer Shares, the Huatai Onshore Ultimate Clients, through their investment managers, will
place a total return swap order (the “ Client TRS ”) with Huatai Securities in connection with the
Company’s IPO and Huatai Securities will place a Back -to-back TRS order to HTCI on the terms of
the ISDA Agreement. In order to hedge its exposure under the Back-to-back TRS, HTCI participates in
the Company ’s IPO and subscribes the Offer Shares through placing order with HTFH during the
International Offering.

The Huatai Onshore Ultimate Clients for purpose of this placing subscription include (A) Lingding No.
2 Private Equity Investment Fund* ( 凌頂二號私募證券投資基金 ) whose sole beneficial owner is
Song Chengfei (宋誠菲) and (B) Wangzheng Win-Win Private Securities Investment Fund No. 17* (望
正共贏 17 號私募證券投資基金) managed by Shenzhen Wangzheng Asset Management Co., Ltd. *
(深圳望正資產管理有限公司). The ultimate beneficial owner holding 30% interests or more in the
fund is Qu Qin (瞿琴).

To the best of our knowledge and after making all reasonable enquiries, each of the Huatai Onshore
Ultimate Clients is an independent third party of (i) the Company, the connected person or the associates
thereof, and (ii) HTCI, HTFH and the companies which are members of the same group of HTCI.

The purpose of HTCI to subscribe for the Offer Shares is for hedging the Back -to-back TRS in
connection with the Client TRS order placed by the Huatai Onshore Ultimate Clients. Pursuant to the
terms of the contracts of the Back -to-back TRS and the Client T RS, during the tenor of the Back -to-
back TRS and the Client TRS, subject to customary fees and commissions, all economic returns of the
Offer Shares will be ultimately passed to the Huatai Onshore Ultimate Clients through the Back-to-back
TRS and the Client TRS and all economic loss shall be ultimately borne by the Huatai Onshore Ultimate
Clients. HTCI will not take any economic return or bear any economic loss in relation to the Offer
Shares.

Investment in the Back -to-back TRS and the Client TRS is similar to the investment in a qualified
domestic institutional investor fund (“ QDII”) in the way that the Huatai Onshore 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


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loss of the investment. In contrast, the profit and loss of the Back -to-back TRS and the Client TRS
factor into account the fluctuation in RMB exchange rate upon termination of the Client TRS by
converting the profit and loss using the current exchange rat e at the time of termination. As such, the
Huatai Onshore Ultimate Clients would bear the exchange rate exposure of the profit and loss on
settlement date.

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

It is proposed that HTCI will hold the legal title and the voting right of the Offer Shares by itself, and
pass through the economic exposure to the Huatai Onshore Ultimate Clients, each being an onshore
client who places a Client TRS order with Huatai Securities in connection with the IPO of the Company.
HTCI will not exercise the voting right of the Offer Shares during the tenor of the Back-to-back TRS.

During the life of the Client TRS and Back-to-back TRS, HTCI may continue to hold the Offer Shares
in its custodian account, or to hold some or all of the Offer Shares in a prime brokerage account for
stock borrowing purposes, where HTCI will lend out its holding of underlying Offer Shares in the form
of stock borrowing loans consistent with market practice to lower its finance costs, provided that HTCI
has the ability to call back the Offer Shares on loan at any time in order to satisfy its obligations under
the Back-to-back TRS to ensure the economic interests are ultimately passed to the Huatai Onshore
Ultimate Clients.

2. For non -PRC investors:  HTFH is the Overall Coordinator in connection with the Global Offering.
Pursuant to an ISDA Agreement (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 “Back-to-back TRS”)
to be entered by HTCI in connection with a Client TRS (as defined below) placed by and fully funded
(i.e. with no financing provided by HTCI) by the Huatai Offshore Ultimate Client (as defined below),
by which, HTCI will, subject to customary fees and c ommissions, pass the full economic exposure of
the Shares to the Huatai Offshore Ultimate Client, which in effect, HTCI will hold the beneficial interest
of the Shares on behalf of the Huatai Offshore Ultimate Client. Accordingly, HTCI is considered as a
“connected client” of HTFH pursuant to paragraph 1B(7) of the Placing Guidelines.

The offshore investor (the “ Huatai Offshore Ultimate Client ”) will place a total return swap order
(the “Client TRS”) with HTCI in connection with the Company’s IPO. In order to hedge its exposure
under the Client TRS, HTCI participates in the Company’s IPO and subscribes the Shares through
placing order with HTFH during the International Offering.
The Huatai Offshore Ultimate Client for purpose of this placing subscription is Mantou Holding Limited.
The ultimate beneficial owner holding 30% interests or more in the fund is Wang Meng (王猛).


--- page 14 ---
To the best of our knowledge and after making all reasonable enquiries, the Huatai Offshore Ultimate
Client is an independent third party of (i) the Company, the connected person or the associates thereof,
and (ii) HTCI, HTFH and the companies which are members of the same group of HTCI.

The purpose of HTCI to subscribe for the Shares is for hedging the Client TRS order placed by the
Huatai Offshore Ultimate Client. Pursuant to the terms of the Client TRS, during the tenor of the Client
TRS, subject to customary fees and commissions, all economic returns of the Shares will be passed to
the Huatai Offshore Ultimate Client through the Client TRS and all economic loss shall be borne by the
Huatai Offshore Ultimate Client. HTCI will not take any economic return or bear any economic loss in
relation to the Shares.

The Huatai Offshore Ultimate Client may exercise an early termination right to terminate the Client
TRS at any time from the issue date of the Client TRS which should be on or after the date on which
the Shares are listed on the Stock Exchange at its own discretion. Upon the termination upon maturity
or early termination of the Client TRS by the Huatai Offshore Ultimate Client, HTCI will dispose the
Shares on the secondary market and the Huatai Offshore Ultimate Client will receive a final settlement
amount of the Client TRS in cash in accordance with the terms and conditions of the Client TRS which
should have taken into account all the economic returns or economic loss in relation to the Shares. If
upon the maturity of the Client TRS, the Huatai Offshore Ultimate Client intends to extend the
investment period, subject to fur ther agreement between HTCI and the relevant Huatai Offshore
Ultimate Client, the term of the Client TRS could be extended 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 Shares by itself, and pass
through the economic exposure to the Huatai Offshore Ultimate Client, being a client who places a
Client TRS order with HTCI in connection with the IP O of the Company. HTCI will not exercise the
voting right of the Shares during the tenor of the Client TRS.

During the life of the Client TRS, HTCI may continue to hold the Shares in its custodian account, or to
hold some or all of the Shares in a prime brokerage account for stock borrowing purposes, where HTCI
will lend out its holding of underlying Shares in t he form of stock borrowing loans consistent with
market practice to lower its finance costs, provided that HTCI has the ability to call back the Shares on
loan at any time in order to satisfy its obligations under the Client TRS to ensure the economic interests
are ultimately passed to the Huatai Offshore Ultimate Client.

3. CSICM is a member of the same group of companies as CLSA. CSICM is therefore considered as a
connected client of CLSA pursuant to paragraph 1B(7) of Appendix F1 to the Listing Rules.

CSICM and CITIC Securities Company Limited will enter into a series of cross border OTC swap
transactions (the “OTC Swaps”) with the investment managers, who act for and on behalf of certain
ultimate clients (collectively, the “CSICM Ultimate Clients”), pursuant to which CSICM will hold the
Offer Shares to be subscribed for and on behalf of the investment managers on a nondiscretionary basis
to hedge the OTC Swaps while the economic risks and returns of the underlying Offer Shares are passed
to the CSICM Ultimate Clients, subject to customary fees and commissions. CSICM will not take part
in any economic returns or bear any economic losses in relation to the Offer Shares. The OTC Swaps
will be fully funded by the CSICM Ultimate Clients.

The CSICM Ultimate Client for purpose of this placing subscription include s the investment fund
managed by Shenzhen Dahua Xin'an Asset Management Enterprise (Limited Partnership)* (深圳市大
華信安資產管理企業(有限合夥)). The ultimate beneficial owner holding 30% interests or more in
the fund is Jiang Yan (姜艷).


--- page 15 ---
To the best of our knowledge and after making all reasonable enquiries, The CSICM Ultimate Client is
an independent third party of (i) the Company, the connected person or the associates thereof, and (ii)
CSICM.

It is proposed that CSICM will hold the legal title and the voting right of the Offer Shares by itself, and
pass through the economic exposure to the CSICM Ultimate Client. CSICM will not exercise the voting
right of the Offer Shares.

4. China AMC HK is a member of the same group of companies as CLSA. China AMC HK is therefore
considered as a connected client of CLSA pursuant to paragraph 1B(7) of Appendix F1 to the Listing
Rules. China AMC HK will hold the Offer Shares in its capacity as the discretionary fund manager
managing on behalf of its underlying clients, each of which is an independent third party.

The underlying clients for purpose of this placing subscription include:

(A) CHINAAMC SELECT GREATER CHINA TECHNOLOGY FUND, an SFC Authorised fund
and the ultimate beneficial owner holding 30% interests or more in the fund is Futu Securities
International (Hong Kong) Limited-client account;

(B) CHINAAMC FUND - CHINAAMC CHINA OPPORTUNITIES FUND, an SFC Authorised fund
and none of its ultimate beneficial owners hold 30% or more interest; and

(C) CHINAAMC CHINA GROWTH FUND and the ultimate beneficial owner holding 30% interests
or more in the fund is Yuanta Securities (HK) Company.

To the best of our knowledge and after making all reasonable enquiries, The underlying clients is an
independent third party of (i) the Company, the connected person or the associates thereof, and (ii)
China AMC HK.

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 client liste d above. The allocation of Offer Shares to
such connected client is in compliance with all the conditions under the consent granted by the Stock
Exchange.

For details of the allocations of Offer Shares to such connected clients close associates of existing
Shareholders, please refer to the section headed “Allotment Results Details – International Offering –
Allottees with Consents Obtained” in this announcement.

DISCLAIMERS

Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited (the “Stock
Exchange”) and Hong Kong Securities Clearing Company Limited (“HKSCC”) take no
responsibility for the contents of this announcement, make no representation as to its accuracy or
completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from
or in reliance upon the whole or any part of the contents of this announcement.
This announcement is not for release, publication, distribution, directly or indirectly, in or into the
United States (including its territories and possessions, any state of the United States and the District
of Columbia). This announcement does not const itute 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.


--- page 16 ---
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 Unite d 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 December 12, 2025 issued by B&K Corporation Limited for
detailed information about the Global Offering described below before deciding whether or not to
invest in the Shares thereby being offered.
*Potential investors of  the Offer Shares should note that the 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 and Expenses – Hong Kong Public Offering – Hong Kong Underwriting Agreement –
Grounds for Termination ” in the Prospectus at any time prior to  8:00 a.m. (Hong Kong time) on  the
Listing  Date (which is currently  expected  to be on December 22, 2025).


--- page 17 ---
– 3 –
PUBLIC FLOAT AND FREE FLOAT
Upon Listing, 30,119,967 H Shares, representing approximately 25.60% of the total number
of issued Shares of the Company, will be counted towards the public float. Under Rule
19A.13A(1) of the Listing Rules, in the event the expected market value of the Shares upon
Listing does not exceed HK$6 billion, at least 25% of the total number of shares in the class
to which H Shares belong must be held by the public upon Listing. Therefore, the number of
H Shares held in public hands is higher than the prescribed percentage of H Shares required
to be held in public hands under Rule 19A.13A(1) of the Listing Rules.
The Company’s H Shares to be counted towards the free float upon Listing will be
17,648,800 Shares. Based on the Offer Price of HK$38.20 per H Share, the Company will
satisfy the free float requirement under Rule 19A.13C(1) of the Listing Rules.
The Directors confirm that, immediately following the completion of the Global Offering,
(i) no placee will, individually, be placed more than 10% of the enlarged issued share
capital of the Company immediately after the Global Offering; (ii) there will not be any
new substantial Shareholder (as defined in the Listing Rules) immediately after the Global
Offering; (iii) the three largest public shareholders of the Company do not hold more than
50% of the H Shares in public hands at the time of the Listing in compliance with Rules
8.08(3) and 8.24 of the Listing Rules; and (iv) there will be at least 300 Shareholders at the
time of the Listing in compliance with Rule 8.08(2) of the Listing Rules.
COMMENCEMENT OF DEALINGS
The H Share certificates will only become valid evidence of title at 8:00 a.m. on Monday,
December 22, 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 and Expenses — Hong Kong Public Offering — Hong
Kong Underwriting Agreement — 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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– 4 –
Assuming that the Global Offering becomes unconditional at or before 8:00 a.m. on
Monday, December 22, 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 Monday, December 22, 2025 (Hong
Kong time). The H Shares will be traded in board lots of 200 H Shares each, and the stock
code of the H Shares will be 2396.
By order of the Board
B&K Corporation Limited
(Ҧ(ࢥڡ)ʮ̡)
Ms. JIA Lijia
Chairperson and Executive Director
Hong Kong, December 19, 2025
As at the date of this announcement, the board of directors of our Company comprises Ms. JIA Lijia, Mr.
WANG Kelong, Dr. ZHAI Junhui and Mr. MIAO Tianxing as executive Directors, Ms. LIN Ying and Mr.
YUAN Fei as non-executive Directors, and Mr. FOK Chi Tat Michael, Mr. LI Jiayan and Mr. YUE Yichun as
independent non-executive Directors.
