--- page 1 ---
1
Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited (the “Stock Exchange ”)
and Hong Kong Securities Clearing Company Limited ( “HKSCC ”) take no responsibility for the contents of this
announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability
whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this
announcement.
This announcement is not for release, publication, distribution, directly or indirectly, in or into the United States
(including its territories and possessions, any state of the United States and the District of Columbia). This
announcement does not constitute or form a part of any offer or solicitation to purchase or subscribe for any securities
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 (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 available exemption from, or in a transaction not subject to, the registration
requirements of the U.S. Securities Act. There will be no public offer of the Offer Shares in the United States. The
Offer Shares are being offered and sold solely (1) to qualified institutional buyers as defined in Rule 144A under the
U.S. Securities Act pursuant to Rule 144A or another available exemption from registration under the U.S. Securities
Act and (2) outside the United States in offshore transactions in reliance on Regulation S under the U.S. Securities
Act.
This announcement is for information purposes only and does not constitute an invitation or offer to acquire, purchase
or subscribe for securities. This announcement is not a prospectus. Potential investors should read the prospectus dated
Wednesday, January 14, 2026 (the “Prospectus ”) issued by SHANGHAI LONGCHEER TECHNOLOGY CO., LTD.
(ʮ̡ ) (the “Company ”) for detailed information about the Global Offering described below
before deciding whether or not to invest in the H Shares thereby being offered. Any investment decision in relation to
the Offer Shares should be taken solely in reliance on the information in the Prospectus.
Unless otherwise defined in this announcement, capitalised terms used herein shall have the same meanings as those
defined in the Prospectus.
In connection with the Global Offering, Citigroup Global Markets Asia 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 stabilisation action, if taken, (a) will be conducted at the absolute discretion of the Stabilizing 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 Wednesday, February 18, 2026).
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 stabilising action can be taken to support the price of the H Shares for
longer than the stabilisation 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 Wednesday, February 18,
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 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
– Hong Kong 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 Thursday,
January 22, 2026).


--- page 2 ---
2
SHANGHAI LONGCHEER TECHNOLOGY 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
: 52,259,100 H Shares (subject to the
 Over-allotment Option)
Number of Hong Kong Offer Shares : 5,226,000 H Shares
Number of International Offer Shares : 47,033,100 H Shares (including 3,339,500
 Employee Reserved Shares allocated
 under the Employee Preferential
 Offering, subject to the Over-allotment
 Option)
Final Offer Price : HK$31.00 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%
Nominal value : RMB1.00 per H Share
Stock code : 9611
Joint Sponsors, Overall Coordinators, Joint Global Coordinators,
Joint Bookrunners and Joint Lead Managers
Overall Coordinator, Joint Global Coordinator,
Joint Bookrunner and Joint Lead Manager
Joint Global Coordinator, Joint Bookrunner and Joint Lead Manager
Joint Bookrunners and Joint Lead Managers


--- page 3 ---
3
SHANGHAI LONGCHEER TECHNOLOGY CO., LTD.
ʮ̡
ANNOUNCEMENT OF FINAL OFFER PRICE AND
ALLOTMENT RESULTS
Warning: In view of high concentration of shareholding in a small number of Shareholders,
Shareholders and prospective investors should be aware that the price of the 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 9611
Stock short name LONGCHEER
Dealings commencement date January 22, 2026*
* see note at the end of the announcement
Price Information
Final Offer Price HK$31.00
Maximum Offer Price HK$31.00
Offer Shares and Share Capital
Number of Offer Shares 52,259,100
Number of Offer Shares in Hong Kong Public Offering 5,226,000
Number of Offer Shares in International Offering
(excluding Reserved Shares under the Preferential Offering)
41,808,100
Number of Employee Reserved Shares in Employee
Preferential Offering
No more than 5,225,000
Number of issued Shares upon Listing (before exercise of the
Over-allotment Option)
522,590,644
Over-allocation
No. of Offer Shares over-allocated 7,838,800
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.


--- page 4 ---
4
Proceeds
Gross proceeds (Note) HK$1,620.0 million
 Less: Estimated listing expenses payable based on
 Final Offer Price
HK$100.1 million
Net proceeds HK$1,519.9 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.
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. During the Track Record Period, the listing
expenses of RMB0.8 million has been charged to the consolidated statements of profit or loss of
the Company, therefore the actual net proceeds received by the Company will be HK$1,520.7
million.
ALLOTMENT RESULTS DETAILS
HONG KONG PUBLIC OFFERING
Number of valid applications 145,096
Number of successful applications 29,665
Subscription level 1,149.76 times
Reallocation No
Number of Offer Shares initially available under the
Hong Kong Public Offering 5,226,000
Number of Offer Shares reallocated from the International Offering 0
Final number of Offer Shares under the Hong Kong Public Offering 5,226,000
% of Offer Shares under the Hong Kong Public Offering
to the Global Offering 10.00%
Note: For details of the final allocation of the Offer Shares to the Hong Kong Public Offering, investors can refer to
www.eipo.com.hk/eIPOAllotment  to perform a search by identification number or www.eipo.com.hk/eIPOAllotment
for the full list of allottees.


--- page 5 ---
5
INTERNATIONAL OFFERING
Number of placees 172
Subscription Level (excluding Employee Reserved Shares under the
Employee Preferential Offering)
9.02 times
Number of Offer Shares initially available under the International
Offering (excluding Employee Reserved Shares under the Employee
Preferential Offering)
41,808,100
Final number of Offer Shares under the International Offering
(excluding final number of Employee Reserved Shares allocated under
the Employee Preferential Offering) (before exercise of the Over-
allotment Option)
43,693,600
% 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) 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 (b) a consent under
paragraph 18 of Chapter 4.15 of the Guide for New Listing Applicants to permit the Company
to, among other things, allocate further H Shares in the International Offering to the Cornerstone
Investors 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,
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, 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.


--- page 6 ---
6
Employee Preferential Offering
Number of valid applications 222
Subscription Level 0.64 times
Number of Employee Reserved Shares initially available under the
Employee Preferential Offering
No more than
5,225,000
International
Offer Shares
Final number of Employee Reserved Shares under the Employee
Preferential Offering
3,339,500
Under-subscription of shares and made available to the International
Offer
1,885,500
Under-subscription of shares and made available to the Public Offer –
For details of the Employee Preferential Offering, please refer to the section headed “Structure of
the Global Offering – Employee Preferential Offering ” of the Prospectus and the section headed
“Others/Additional Information – Allocations under the Employee Preferential Offering ” in this
announcement.


--- page 7 ---
7
The placees in the International Offering include the following:
Cornerstone Investors
Investor
No. of Offer
Shares Allocated (1)
% of total issued
H Shares after the
Global Offering
(assuming the Over-
allotment Option is
not exercised)
% of total issued
share capital in the
Company after the
Global Offering
(assuming the Over-
allotment Option is
not exercised)
Existing
shareholders
or their close
associates
Qualcomm Ventures LLC
 ( “Qualcomm ”)
2,010,600 3.85% 0.38% No
Jiangxi Guokong Private Equity
 Fund Management Co., Ltd.
 (ʮ̡ )
 ( “Jiangxi Guokong ”)
3,896,700 7.46% 0.75% No
WILL semiconductor Limited
 ( “OmniVision HK ”)
2,513,200 4.81% 0.48% No
Hong Kong Yuto Printing Company
 Limited ( “Hong Kong Yuto ”)
2,513,200 4.81% 0.48% No
Qingdao Guanlan and Guotai
 Junan Investments (Hong Kong)
 Limited (in connection with
 Guanlan OTC Swaps)
2,010,600 3.85% 0.38% No
Endless Growth NH Limited
 ( “Endless Growth ”)
1,256,600 2.40% 0.24% Yes
* For identification purposes only
Notes:
1. Excluding Offer Shares allotted to Cornerstone Investors and/or their close associates with consent under
Chapter 4.15 of the Guide for New Listing Applicants (if any).
2. 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 (assuming the Over-allotment Option is not exercised).
3. In addition to the Offer Shares subscribed for as Cornerstone Investors, Qingdao Guanlan and Guotai Junan
Investments (Hong Kong) Limited (in connection with Guanlan OTC Swaps) and/or their 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 – Allotees with Waivers/Consents
Obtained ” in this announcement for details. Only the Offer Shares subscribed for as Cornerstone Investors are
subject to lock-up as indicated below. For details, please refer to the section headed “Lock-up Undertakings –
Cornerstone Investors ” in this announcement.


--- page 8 ---
8
Allotees with Waivers/Consents Obtained
Investor
No. of Offer
Shares Allocated
% of total issued
H Shares after the
Global Offering
(assuming the
Over-allotment
Option is not
exercised) Note 4
% of total issued
share capital in
the Company
after the
Global Offering
(assuming the
Over-allotment
Option is not
exercised) Note 5 Relationship
Allotees with waiver from strict compliance with Rule 10.04 of the Listing Rules and consent under paragraph
1C(2) of the Placing Guidelines in relation to subscription for H Shares by Existing Minority Shareholders and/
or their close associates holding more than 1% of the issued share capital of the Company immediately prior to the
completion of the Global Offering Note 1
Endless Growth 1,256,600 2.40% 0.24% The shareholders of
Endless Growth are
an existing minority
Shareholder of our
Company (holding less
than 5% of our total
issued Shares).
GTHT Onshore Ultimate
Client under the
Employee Preferential
Offering
3,339,500 6.39% 0.64% The ultimate client is a
service trust subscribed
by the Eligible
Employees as ultimate
beneficiaries pursuant
to the Employee
Preferential Offering.
Yuanxin Investments (1) 351,800 0.67% 0.07% Close associates of existing
shareholders of the
Company
Footnote:
(1) Yuanxin Investments consists of Yuanxin China Value Growth and Yuanxin Fund No.2 (as defined below). Each of Yuanxin Fund No.2 and
Yuanxin China Value Growth is managed by the same fund manager, i.e. ڦ( मऎ)ʮ̡ , which is held by an ultimate
beneficial owner named ֧as to 42.49%, and therefore a close associate of 13 existing A-Share shareholders of the Company (each
individually holding less than 0.2% of the total issued Shares as of the date of this announcement).


--- page 9 ---
9
Investor
No. of Offer
Shares Allocated
% of total issued
H Shares after the
Global Offering
(assuming the
Over-allotment
Option is not
exercised) Note 4
% of total issued
share capital in
the Company
after the
Global Offering
(assuming the
Over-allotment
Option is not
exercised) Note 5 Relationship
Allotees with consent under paragraph 18 of Chapter 4.15 of the Guide for New Listing Applicants in relation to
allocations of further H Shares to Cornerstone Investors and/or their close associates Note 2
Qingdao Guanlan 1,093,900 2.09% 0.21% Same fund manager entity
as set out in the Qingdao
Guanlan and Guotai
Junan Investments
(Hong Kong) Limited
(in connection with
Guanlan OTC Swaps)
in the section headed
“Cornerstone Investors ”
of the Prospectus.
Guanlan Investment ’s
Linze Convertible Bond
No. 1 Private Equity
Investment Fund ( ᝈ
ᘜҳ༟ᎌዣᔷව1໮
ږ )
“(Guanlan Linze ”)(2)
Close associate of Qingdao
Guanlan
Gemming Capital
Limited(3)
158,000 0.30% 0.03% Close associate of Qingdao
Guanlan
Footnote:
(2) Guanlan Linze is managed by Qingdao Guanlan.
(3) Gemming Capital Limited is ultimately controlled by Mr. Zhang Yanfeng, who is the actual controller of Qingdao Guanlan (as set out in
the section headed “Cornerstone Investors ” of the Prospectus).


--- page 10 ---
10
Investor
No. of Offer
Shares Allocated
% of total issued
H Shares after the
Global Offering
(assuming the
Over-allotment
Option is not
exercised) Note 4
% of total issued
share capital in
the Company
after the
Global Offering
(assuming the
Over-allotment
Option is not
exercised) Note 5 Relationship
Allotees with consent under paragraph 1C(1) of the Placing Guidelines and Chapter 4.15 of the Guide for New
Listing Applicants in relation to allocations to connected clients Note 3
Guotai Junan Investments
(Hong Kong)
Limited ( “GTJA
Investments ”)(4)
1,093,900 2.09% 0.21% Connected Client as a
placee
Fullgoal Fund
Management Co., Ltd.
(“Fullgoal Fund ”)
493,300 0.94% 0.09% Connected Client as a
placee
Fullgoal Asset
Management (HK)
Limited ( “Fullgoal
HK”)
59,800 0.11% 0.01% Connected Client as a
placee
Huatai Capital
Investment Limited
(“HTCI”)
2,704,200 5.17% 0.52% Connected Client as a
placee
ABCI Asset Management
Limited ( “ABCI AM ”)
25,100 0.05% 0.005% Connected Client as a
placee
GF Global Capital
Limited ( “GFGC”)
351,800 0.67% 0.07% Connected Client
as a placee
E Fund Management
Co., Ltd ( “E Fund
Management ”)
514,400 0.98% 0.10% Connected Client as a
placee
E Fund Management
(Hong Kong) Co.,
Limited ( “E Fund
HK”)
38,700 0.07% 0.01% Connected Client as a
placee
China Galaxy
International
Investment Company
Limited ( “CGII”)
578,100 1.11% 0.11% Connected Client as a
placee
(4) The number of Offer Shares allocated to GTJA Investments listed in this subsection only represents the number of Offer Shares allocated
to GTJA Investments as a placee (excluding the final number of Shares allocated to Eligible Employees under the Employee Preferential
Offering and Shares allocated to Qingdao Guanlan and Guotai Junan Investments (Hong Kong) Limited (in connection with Guanlan
OTC Swaps) under the cornerstone investment.)


--- page 11 ---
11
Investor
No. of Offer
Shares allocated
% of total issued
H Shares after the
Global Offering
(assuming the Over-
allotment Option is
not exercised) Note 4
% of total issued
share capital in the
Company after the
Global Offering
(assuming the Over-
allotment Option is
not exercised) Note 5 Relationship
Notes:
1. 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(2) of the Placing Guidelines to permit H Shares in the
International Offering to be placed to certain Existing Minority Shareholders and/or their close associates.
Please refer to the section headed “waivers and exemptions  - waiver in respect of allocation of H shares to
existing minority shareholders and their close associates ” of the Prospectus for details.
To the best knowledge, information and belief of the Company after due enquiry, details of the allocations to
the Existing Minority Shareholder and their close associates holding more than 1% of the issued share capital
of the Company immediately prior to the completion of the Global Offering have been disclosed in this
announcement.
2. The number of Offer Shares allocated to the relevant investors listed in this subsection only represents the
number of Offer Shares allocated to the investors as placees in the International Offering. For allocations of
Offer Shares to the relevant investors as Cornerstone Investors, please refer to the section headed “Allotment
Results Details – International Offering – Cornerstone Investors ” in this announcement. For details of
the consent under paragraph 18 of Chapter 4.15 of the Guide for New Listing Applicants in relation to
allocations of further H Shares to the Cornerstone Investors and/or their close associates, please refer to the
section headed “Others/Additional Information – Allocations of Offer Shares to the Cornerstone Investors
and their Close Associates with a Consent under paragraph 18 of Chapter 4.15 of the Guide for New Listing
Applicants ” in this announcement.
3. For details of the consent under paragraph 1C(1) of the Placing Guidelines and Chapter 4.15 of the Guide
for New Listing Applicants in relation to allocations to connected clients, please refer to the section headed
“Others/Additional Information – Placing to Connected Clients with a 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 (assuming the Over-allotment Option is not exercised).
5. Not taking into account any A Shares held by the relevant investors. The figures are based on assumption that
the Over-allotment Option is not exercised.


--- page 12 ---
12
LOCK-UP UNDERTAKINGS
Controlling Shareholders
Name
Number of
shares held
in the Company
subject to lock-up
undertakings
upon listing
% of total issued
H shares after the
Global Offering
subject to lock-up
undertakings upon
listing (assuming
the Over-allotment
Option is not
exercised)
% of shareholding
in the Company
subject to lock-up
undertakings upon
listing (assuming
the Over-allotment
Option is not
exercised)
Last day subject to the
lock-up undertakings
Mr. Du Note 3,4,5 179,054,013 – 34.26% July 21, 2026 (First Six-
Month Period) Note 1
January 21, 2027 (Second
Six-Month Period) Note 2
Mr. Ge Note 3,5,6 179,054,013 – 34.26% July 21, 2026 (First Six-
Month Period) Note 1
January 21, 2027 (Second
Six-Month Period) Note 2
 Shanghai Xinhe Note 3 95,793,544 – 18.33% July 21, 2026 (First Six-
Month Period) Note 1
January 21, 2027 (Second
Six-Month Period) Note 2
Kunshan Longcheer Note 3 95,793,544 – 18.33% July 21, 2026 (First Six-
Month Period) Note 1
January 21, 2027 (Second
Six-Month Period) Note 2
Chengmai Qihe Note 4 45,845,019 – 8.77% July 21, 2026 (First Six-
Month Period) Note 1
January 21, 2027 (Second
Six-Month Period) Note 2
Kunshan Qiyun Note 6 15,971,815 – 3.06% July 21, 2026 (First Six-
Month Period) Note 1
January 21, 2027 (Second
Six-Month Period) Note 2


--- page 13 ---
13
Notes:
1. The Controlling Shareholders may dispose of or transfer Shares after the indicated date subject to that the Controlling Shareholders will not cease to be a
Controlling Shareholder.
2. The Controlling Shareholders will cease to be prohibited from disposing of or transferring Shares after the indicated date.
3. As of the date of this announcement, Kunshan Longcheer is managed by its general partner, Shanghai Xinhe, which in turn is controlled by Mr. Du as to
51.00% and Mr. Ge as to 49.00%. Save for Mr. Du who also holds 52.95% of the partnership interest in Kunshan Longcheer, none of the limited partners
holds over one third of the partnership interest in Kunshan Longcheer. Therefore, each of Mr. Du, Mr. Ge and Shanghai Xinhe is deemed to be interested in
the 95,793,544 Shares held by Kunshan Longcheer under the SFO.
4. As of the date of this announcement, Mr. Du is the general partner of Chengmai Qihe. Therefore, Mr. Du is deemed to be interested in the 45,845,019
Shares held by Chengmai Qihe under the SFO.
5. As of the date of this announcement, pursuant to a concert party agreement dated November 1, 2021, Mr. Du and Mr. Ge agreed to act in concert by aligning
the voting rights controlled by them at the Shareholders ’ meetings of the Company. Therefore, they are deemed to be jointly interested in the aggregate
number of Shares held by each other under the SFO.
6. As of the date of this announcement, Mr. Ge was the executive general partner of Kunshan Qiyun. Save for Mr. Ge, none of the other partners holds over
one third of the partnership interest in Kunshan Qiyun. Therefore, Mr. Ge is also deemed to be interested in the 15,971,815 Shares held by Kunshan Qiyun
under the SFO.


--- page 14 ---
14
Cornerstone Investors
Name
Number of
H Shares held
in the Company
subject to lock-up
undertakings
 upon Listing
% of total issued
H Shares after the
Global Offering
subject to lock-up
undertakings upon
Listing (assuming
the Over- allotment
Option is not
exercised) Note 1
% of total issued
share capital in
the Company
subject to lock-up
undertakings upon
Listing (assuming
the Over- allotment
Option is not
exercised)
Last day subject to the
lock-up undertakings Note 2
Qualcomm 2,010,600 3.85% 0.38% July 21, 2026
Jiangxi Guokong 3,896,700 7.46% 0.75% July 21, 2026
OmniVision HK 2,513,200 4.81% 0.48% July 21, 2026
Hong Kong Yuto 2,513,200 4.81% 0.48% July 21, 2026
Qingdao Guanlan and
 Guotai Junan Investments
 (Hong Kong) Limited
 (in connection with
 Guanlan OTC Swaps)
2,010,600 3.85% 0.38% July 21, 2026
Endless Growth 1,256,600 2.40% 0.24% July 21, 2026
Total 14,200,900 27.18% 2.71%
Notes:
1. The number of H Shares immediately after the Global Offering is the same as the number of Offer Shares to
be issued under the Global Offering.
2. In accordance with the relevant cornerstone investment agreements, the required lock-up ends on July 21,
2026. The Cornerstone Investors will cease to be prohibited from disposing of or transferring H Shares
subscribed pursuant to the relevant cornerstone investment agreements after the indicated date.


--- page 15 ---
15
H SHAREHOLDER CONCENTRATION ANALYSIS
H
Shareholders (1)
Number of
H Shares
allotted
Allotment as %
of International
Offering
(assuming no
exercise of the
Over-allotment
Option)
Allotment as %
of International
Offering
(assuming the
Over-allotment
Option is fully
exercised and
new H Shares
are issued)
Allotment as
% of total
Offer Shares
(assuming
no exercise
of the Over-
allotment
Option)
Allotment as
% of total
Offer Shares
(assuming
the Over-
allotment
Option
is fully
exercised and
new H Shares
are issued)
Number of
H Shares
held upon
Listing
% of total
issued H
share capital
upon Listing
(assuming no
exercise of the
Overallotment
Option)
% of total
issued H
share capital
upon Listing
(assuming
the Over-
allotment
Option
is fully
exercised and
new H Shares
are issued)
% of total
issued share
capital upon
Listing
(assuming
no exercise
of the Over-
allotment
Option)
% of total
issued share
capital upon
Listing
(assuming
the Over-
allotment
Option
is fully
exercised and
new H Shares
are issued)
Top 1 3,896,700 8.29% 7.10% 7.46% 6.48% 3,896,700 7.46% 6.48% 0.75% 0.73%
Top 5 15,745,400 33.48% 28.69% 30.13% 26.20% 15,745,400 30.13% 26.20% 3.01% 2.97%
Top 10 27,822,400 59.15% 50.70% 53.24% 46.30% 27,822,400 53.24% 46.30% 5.32% 5.25%
Top 25 43,210,900 91.87% 78.75% 82.69% 71.90% 43,210,900 82.69% 71.90% 8.27% 8.15%
Note:
1. Ranking of H Shareholders is based on the number of H Shares held by the H Shareholders upon Listing.


--- page 16 ---
16
SHAREHOLDER CONCENTRATION ANALYSIS
Shareholders (1)
Number of
H Shares
allotted
Allotment
as % of
International
Offering
(assuming
no exercise
of the Over-
allotment
Option)
Allotment
as % of
International
Offering
(assuming
the Over-
allotment
Option is fully
exercised and
new H Shares
are issued)
Allotment
as % of
total Offer
Shares
(assuming
no exercise
of the Over-
allotment
Option)
Allotment as
% of total
Offer Shares
(assuming
the Over-
allotment
Option is fully
exercised and
new H Shares
are issued)
Number of
H Shares
held upon
Listing
Number of
Shares held
upon Listing
% of total issued
share capital upon
Listing (assuming
no exercise of the
Over-allotment
Option)
% of total issued
share capital
upon Listing
(assuming the
Over-allotment
Option is fully
exercised and
new H Shares are
issued)
Top 1 0 0.00% 0.00% 0.00% 0.00% 0 95,793,544 18.33% 18.06%
Top 5 0 0.00% 0.00% 0.00% 0.00% 0 202,275,406 38.71% 38.13%
Top 10 0 0.00% 0.00% 0.00% 0.00% 0 253,915,596 48.59% 47.87%
Top 25 20,785,400 44.19% 37.88% 39.77% 34.59% 20,785,400 315,691,663 60.41% 59.52%
Notes:
1. Ranking of Shareholders is based on the number of Shares (of all classes) held by the Shareholders upon
Listing.
2. To the best knowledge, information and belief of the Company after due enquiry, details of the allocations
to the Existing Minority Shareholder and/or their close associates holding more than 1% of the issued share
capital of the Company immediately prior to the completion of the Global Offering have been disclosed in this
announcement. Please refer to the section headed “Allotees with Waivers/Consents Obtained – Allotees with
waiver from strict compliance with Rule 10.04 of the Listing Rules and consent under paragraph 1C(2) of the
Placing Guidelines in relation to subscription for H Shares by Existing Minority Shareholder and/or their close
associates holding more than 1% of the issued share capital of the Company immediately prior to the completion
of the Global Offering ”.


--- page 17 ---
17
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:
NO. OF
SHARES
APPLIED FOR
NO. OF VALID
APPLICATIONS BASIS OF ALLOTMENT / BALLOT
APPROXIMATE
PERCENTAGE
ALLOTTED
OF THE
TOTAL NO. OF
SHARES
APPLIED FOR
POOL A
100 28,372 58 out of 28,372 to receive 100 Shares 0.20%
200 8,452 34 out of 8,452 to receive 100 Shares 0.20%
300 16,441 100 out of 16,441 to receive 100 Shares 0.20%
400 3,649 29 out of 3,649 to receive 100 Shares 0.20%
500 4,847 49 out of 4,847 to receive 100 Shares 0.20%
600 2,821 34 out of 2,821 to receive 100 Shares 0.20%
700 3,463 49 out of 3,463 to receive 100 Shares 0.20%
800 1,935 31 out of 1,935 to receive 100 Shares 0.20%
900 1,615 29 out of 1,615 to receive 100 Shares 0.20%
1,000 15,942 323 out of 15,942 to receive 100 Shares 0.20%
2,000 5,893 239 out of 5,893 to receive 100 Shares 0.20%
3,000 4,800 292 out of 4,800 to receive 100 Shares 0.20%
4,000 2,815 228 out of 2,815 to receive 100 Shares 0.20%
5,000 2,645 268 out of 2,645 to receive 100 Shares 0.20%
6,000 1,763 214 out of 1,763 to receive 100 Shares 0.20%
7,000 1,311 186 out of 1,311 to receive 100 Shares 0.20%
8,000 1,223 198 out of 1,223 to receive 100 Shares 0.20%
9,000 996 182 out of 996 to receive 100 Shares 0.20%
10,000 6,779 1,373 out of 6,779 to receive 100 Shares 0.20%
20,000 3,759 1,523 out of 3,759 to receive 100 Shares 0.20%
30,000 2,628 1,597 out of 2,628 to receive 100 Shares 0.20%
40,000 1,679 1,361 out of 1,679 to receive 100 Shares 0.20%
50,000 1,467 100 Shares plus 19 out of 1,467 to receive additional 100 Shares 0.20%
60,000 1,084 100 Shares plus 234 out of 1,084 to receive additional 100 Shares 0.20%
70,000 949 100 Shares plus 397 out of 949 to receive additional 100 Shares 0.20%
80,000 766 100 Shares plus 476 out of 766 to receive additional 100 Shares 0.20%
90,000 699 100 Shares plus 576 out of 699 to receive additional 100 Shares 0.20%
100,000 5,462 200 Shares plus 142 out of 5,462 to receive additional 100 Shares 0.20%
134,255 Total number of Pool A successful applicants: 18,824


--- page 18 ---
18
NO. OF
SHARES
APPLIED FOR
NO. OF VALID
APPLICATIONS BASIS OF ALLOTMENT / BALLOT
APPROXIMATE
PERCENTAGE
ALLOTTED
OF THE
TOTAL NO. OF
SHARES
APPLIED FOR
POOL B
200,000 5,575 100 Shares plus 599 out of 5,575 to receive additional 100 Shares 0.06%
300,000 1,648 100 Shares plus 1,090 out of 1,648 to receive additional 100 Shares 0.06%
400,000 929 200 Shares plus 200 out of 929 to receive additional 100 Shares 0.06%
500,000 620 200 Shares plus 477 out of 620 to receive additional 100 Shares 0.06%
600,000 431 300 Shares plus 139 out of 431 to receive additional 100 Shares 0.06%
700,000 249 300 Shares plus 218 out of 249 to receive additional 100 Shares 0.06%
800,000 233 400 Shares plus 100 out of 233 to receive additional 100 Shares 0.06%
900,000 129 400 Shares plus 127 out of 129 to receive additional 100 Shares 0.06%
1,000,000 422 500 Shares plus 227 out of 422 to receive additional 100 Shares 0.06%
1,500,000 210 800 Shares plus 64 out of 210 to receive additional 100 Shares 0.06%
2,000,000 125 1,100 Shares plus 9 out of 125 to receive additional 100 Shares 0.06%
2,613,000 270 1,400 Shares plus 126 out of 270 to receive additional 100 Shares 0.06%
10,841 Total number of Pool B successful applicants: 10,841
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.


--- page 19 ---
19
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
Allocations of Offer Shares to the Cornerstone Investors and their Close Associates with a
Consent under paragraph 18 of Chapter 4.15 of the Guide for New Listing Applicants
The Company has applied to, and the Stock Exchange has granted, a consent under paragraph
18 of Chapter 4.15 of the Guide to permit Cornerstone Investors and/or their close associates to
subscribe for further Offer Shares as placees in the International Offering on the conditions as set
out below:
(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) each Director (including the chief executive) of the Company and the Controlling
Shareholders confirms that no securities have been allocated to them or their respective close
associates under the Size-based Exemption;
(c) the allocation to the Cornerstone Investors and/or their close associates as permitted under
the Size-based Exemption (as defined in the Guide) will not affect the Company ’s ability to
satisfy its public float requirement under 19A.13A(2) of the Listing Rules; and
(d) details of the allocation to Cornerstone Investors and/or their close associates under the
Size-based Exemption will be disclosed in the allotment results announcement.
Such allocations of Offer Shares are in compliance with all the conditions under the consent
granted by the Stock Exchange.
For details of the allocations of Offer Shares to Cornerstone Investors, please refer to the section
headed “Allotment Results Details – International Offering – Allotees with Waivers/Consents
Obtained ” in this announcement.


--- page 20 ---
20
Placing to Connected Clients with a 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. Details of the placement to connected
clients are set out below. The Company has applied to the Stock Exchange for, and the Stock
Exchange has granted, consents under paragraph 1C(1) of the Placing Guidelines to permit
Connected Clients to subscribe for Offer Shares as placees in the International Offering on the
conditions set out below:
(a) any Offer Shares to be allocated to each of the Connected Clients will be held on behalf of
independent third parties;
(b) no preferential treatment has been, nor will be, given to each of the Connected Clients by
virtue of its relationship with the relevant distributor, namely HTI, GTJA Securities, HTFH
or, ABCI, GF Securities or CGIS (collectively, the “Connected Distributors ”) (as the case
may be), in any allocation of Offer Shares in the International Offering;
(c) each of the Connected Clients confirms that to the best of its knowledge and belief, it has not
received and will not receive preferential treatment in the allocation of Offer Shares in the
Global Offering by virtue of its relationship with the Connected Clients (as the case may be);
(d) the Company, the Joint Overall Coordinators and each of the Connected Clients has provided
the Stock Exchange with written confirmations in accordance with Chapter 4.15 of the Guide;
and
(e) details of the allocations will be disclosed in the allotment results announcement.


--- page 21 ---
21
Details of the placement to a connected client are set out below:
No. Connected Distributors Connected Client
Relationship with the
Connected Distributor (s)
Basis of holding
securities
Number
of Offer
Shares
subscribed
(excluding
Employee
Reserved
Shares
allotted
under the
Employee
Preferential
Offering (if
any))
Percentage
to total
Offer
Shares
under
Global
Offering
Percentage
to total
issued
Shares
immediately
upon the
completion
of Global
Offering
1. Haitong International Securities
 Company Limited ( “HTI”)
Fullgoal Fund Management
 Co., Ltd.
 ( “Fullgoal Fund ”)(1)
Fullgoal Asset Management
 (HK) Limited
 ( “Fullgoal HK ”)(1)
Fullgoal HK, a wholly owned
subsidiary of Fullgoal Fund,
which is owned by Guotai
Haitong Securities Co., Ltd.
(SEHK: 2611) ( “Guotai
Haitong ”) as to 27.775%.
HTI and GTJA Securities
are subsidiaries of Guotai
Haitong. Therefore, Fullgoal
Fund is a member of the
same group of companies as
HTI and GTJA Securities.
Discretionary 493,300 0.94% 0.09%
2. Guotai Junan Securities
 (Hong Kong) Limited
 ( “GTJA Securities ”)
59,800 0.11% 0.01%
Guotai Junan Investments
 (Hong Kong) Limited
 ( “GTJA Investments ”)(2)
GTJA Investments is a member
 of the same group of HTI and
 GTJA Securities.
Non-discretionary 1,093,900 2.09% 0.21%
3. Huatai Financial Holdings
 (Hong Kong) Limited
 ( “HTFH”)
Huatai Capital Investment
 Limited ( “HTCI”)(3)
HTCI is a member of the same
 group of HTFH
Non-discretionary 2,704,200 5.17% 0.52%
4. ABCI Securities Company
 Limited ( “ABCI”)
ABCI Asset Management
 Limited ( “ABCI AM ”)(4)
ABCI AM is a member of the
 same group as ABCI
Discretionary 25,100 0.05% 0.005%
5. GF Securities (Hong Kong)
Brokerage Limited ( “GF
Securities ”)
GF Global Capital Limited
 ( “GFGC”)(5)
GFGC is a member of the same
 group as GF Securities
Non-discretionary 351,800 0.67% 0.07%
E Fund Management Co., Ltd
 ( “E Fund Management ”)(6)
E Fund Management is
 a member of the same group
 with GF Securities
Discretionary 514,400 0.98% 0.10%
E Fund Management
 (Hong Kong) Co., Limited
 ( “E Fund HK ”)(7)
E Fund HK is a member of the
 same group with
 GF Securities (Hong Kong)
 Brokerage
Discretionary 38,700 0.07% 0.01%
6. China Galaxy International
Securities (Hong Kong) Co.,
Limited ( “CGIS”)
China Galaxy International
 Investment Company
 Limited ( “CGII”)(8)
CGII is a wholly owned
 subsidiary of CGIS
Non-discretionary 578,100 1.11% 0.11%


--- page 22 ---
22
Notes:
(1) Each of Fullgoal Fund and Fullgoal HK will hold the Offer Shares in their capacity as the discretionary
fund manager on behalf of their investors, each of which is an independent third party of the Company, its
subsidiaries, its Controlling Shareholders, its substantial shareholders, Fullgoal Fund, Fullgoal HK, HTI, GTJA
Securities and the companies which are members of the same group of HTI and GTJA Securities. No ultimate
beneficial owner holds 30% or more interest in the underlying investors.
(2) 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 Clients ”), respectively. Such GTHT Client TRS is
to be fully funded by the GTHT Onshore Ultimate Clients. GTJA 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 Clients, 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 Clients 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.
To the best knowledge of GTJA Investments after making all reasonable enquiries, (i) each of the GTHT
Onshore Ultimate Clients is an independent third party of GTJA Investments, GTJA Securities and the
companies which are members of the same group of GTJA Securities; (ii) each of the ultimate beneficial owners
holding 30% or more interests of GTHT Onshore Ultimate Clients is an independent third party of the Company,
GTJA Investments, GTJA Securities, HTI and the companies which are members of the same group of GTJA
Securities and HTI; and (iii) each of the GTHT Onshore Ultimate Clients and their respective ultimate beneficial
owners is an independent third party of the Company, the subsidiaries, Controlling Shareholders, substantial
shareholders, existing shareholders of the Company (the “Relevant Parties ”), and respective subsidiaries and/or
respective close associates of the Relevant Parties.
To the best knowledge of GTJA Investments and after making all reasonable enquiries, (i) GTJA Investments
has confirmed that, to the best of their knowledge, each of the GTHT Onshore Ultimate Clients and the ultimate
beneficial owners holding 30% or more interest of the GTHT Onshore Ultimate Clients listed above is an
independent third party of GTJA Investments, GTJA Securities, HTI and the companies which are members
of the same group of companies as GTJA Securities and HTI, and (ii) GTJA Investments is not a collective
investment scheme which is not authorised by the SFC nor is expected to hold the Offer Shares on behalf of
such scheme.
(3) PRC investors are currently not permitted under applicable PRC laws to participate directly in initial public
offerings ( “IPOs”) in Hong Kong. However, PRC investors are permitted to invest in products issued by
appropriate domestic securities firms licensed to undertake cross-border derivatives trading activities. In
connection with such products, the licensed domestic securities firms, through their Hong Kong affiliates, may
participate in Hong Kong IPOs either as placees or cornerstone investors (the “Cross-border Derivatives
Trading Regime ”).


--- page 23 ---
23
Huatai Securities Co., Ltd. ( “Huatai Securities ”), the shares of which are listed on both the Shanghai Stock
Exchange (stock code: 601688) and the Stock Exchange (stock code: 6886), is one of the domestic securities
firms licensed to undertake cross-border derivatives trading activities. Huatai Securities entered into an ISDA
agreement (the “ISDA Agreement ”) with its indirectly wholly-owned subsidiary, HTCI to set out the principal
terms of any future total return swap between Huatai Securities and HTCI.
HTFH is 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 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 Ultimate Clients, which in effect, HTCI will hold the beneficial interest
of the Offer Shares on behalf of the Huatai Ultimate Clients. HTFH and HTCI are indirectly wholly-owned
subsidiaries of Huatai Securities. Accordingly, HTCI is considered as a “connected client ” of HTFH pursuant to
paragraph 13(7) of the Placing Guidelines.
Pursuant to the Cross-border Derivatives Trading Regime, the onshore investors (the “Huatai Ultimate
Clients ”) cannot directly subscribe for the Offer Shares but may invest in derivative products issued by domestic
securities firms licenced to undertake cross-border derivatives trading activities, such as Huatai Securities,
with the Offer Shares as the underlying assets. Instead of directly subscribing for the Offer Shares, the Huatai
Ultimate Clients, through its investment manager, 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 purpose of HTCI to subscribe for the Offer Shares is for hedging the Back-to-back TRS in connection
with the Client TRS order placed by the Huatai Ultimate Clients. Pursuant to the terms of the contracts of the
Back-to-back TRS and the Client TRS, during the tenor of the Back-to-back TRS and the Client TRS, subject
to customary fees and commissions, all economic returns of the Offer Shares will be ultimately passed to the
Huatai Ultimate Clients through the Back-to-back TRS and the Client TRS and all economic loss shall be
ultimately borne by the Huatai Ultimate Clients. HTCI will not take any economic return or bear any economic
loss in relation to the Offer Shares.
Investment in the Back-to-back TRS and the Client TRS is similar to the investment in a qualified domestic
institutional investor fund ( “QDII”) in the way that the Huatai Ultimate Clients would reap all the economic
benefits of the underlying Offer Shares, except that a QDII fund would pass through the exchange rate exposure
on both the notional value of the investment and the profit and loss of the investment. In contrast, the profit and
loss of the Back-to-back TRS and the Client TRS factor into account the fluctuation in RMB exchange rate upon
termination of the Client TRS by converting the profit and loss using the current exchange rate at the time of
termination. As such, the Huatai Ultimate Clients would bear the exchange rate exposure of the profit and loss
on settlement date.
The Huatai Ultimate Clients may exercise an early termination right to terminate the Client TRS at any time
from the issue 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 their own discretion. Upon the termination upon maturity or early termination of the
Client TRS by the Huatai Ultimate Clients, HTCI will dispose the Offer Shares on the secondary market and
the Huatai 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
Ultimate Clients intend to extend the investment period, subject to further agreement between Huatai Securities
and the relevant Huatai Ultimate Clients, the term of the Client TRS could be extended by way of a new
issuance or a tenor extension. Accordingly, Huatai Securities will extend the term of the Back-to-back TRS by
way of a new issuance or a tenor extension.
It is proposed that HTCI will hold the legal title and the voting right of the Offer Shares by itself, and pass
through the economic exposure to the Huatai Ultimate Clients, each being an onshore client who places a Client
TRS order with Huatai Securities in connection with the IPO of the Company. HTCI will not exercise the voting
right of the Offer Shares during the tenor of the Back-to-back TRS.


--- page 24 ---
24
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 Ultimate Clients.
To the best of the knowledge of HTCI and after making all reasonable enquiries, each of the Huatai 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.
Huatai Ultimate Clients
Ultimate Beneficial Owners
(“UBO”)/Fund Manager Remarks
Ruining Xinrong Qiande CSI 500 Index Enhanced
Private Securities Investment Fund*( ြኑอ࿲৻ᅃʕ
ᗇ500ږ)
Beijing Ruining Private Equity Fund
Management Co., Ltd* ( ̏ԯြኑӷ෍
ʮ̡ )
Fund Manager –
with UBO with over
30% interest being
Wang Rui ( ˮြ)
Wu Mao (߱UBO with over 30%
interest
* For identification purposes only
(4) ABCI AM intends to hold the Offer Shares in its capacity as manager managing investment portfolios on behalf
of underlying investors on a discretionary basis, each of which is an independent third party of the Company,
its subsidiaries, its Controlling Shareholders, its substantial shareholders, ABCI AM, ABCI and the companies
which are members of the same group of ABCI.
(5) GFGC is to invest on non-discretionary basis. GFGC and GF Securities Co., Ltd. will enter into a series of
cross border delta-one OTC swap transactions (the “OTC Swaps ”) with each other and the ultimate clients (the
“GFGC Ultimate Clients ”), pursuant to which GFGC will hold the Offer Shares on a non-discretionary basis
to hedge the OTC Swaps while the economic risks and returns of the underlying Offer Shares are passed to
the GFGC Ultimate Clients, subject to customary fees and commissions. The OTC swaps will be fully funded
by the GFGC Ultimate Clients. During the terms of the OTC Swaps, all economic returns of the Offer Shares
subscribed by GFGC will be passed to the GFGC Ultimate Clients and all economic loss shall be borne by the
GFGC Ultimate Clients through the OTC Swaps, and GFGC will not take part in any economic return or bear
any economic loss in relation to the Offer Shares. The OTC Swaps are linked to the Offer Shares and the GFGC
Ultimate Clients may request GFGC to redeem it at their own discretions, upon which GFGC shall dispose of
the Offer Shares and settle OTC Swaps in cash in accordance with the terms and conditions of the OTC Swap.
Despite that GFGC will hold the legal title of the Offer Shares by itself, it will not exercise the voting rights
attaching to the relevant Offer Shares during the terms of the OTC Swaps according to its internal policy.
GFGC will hold the Offer Shares on a non-discretionary basis for and on behalf of the following GF Ultimate
Clients: (i) Yuanxin Private Securities Investment Fund No. 2 (Enhanced Private Placement Strategy) ( “Yuanxin
Fund No.2 ”) ᄣഄଫᄣ੶ 2 ږwhose UBO holding 30% or more interest is Weifeng
Zhou; and (ii) Yuanxin China Value Growth Select Private Securities Investment Fund ( “Yuanxin China Value
Growth ”) ږwhose UBO holding 30% or more interest is Weifeng
Zhou.


--- page 25 ---
25
(6) E Fund Management will hold the Offer Shares for and on behalf of their underlying clients (the “E Fund
Management Ultimate Clients ”) on discretionary basis. To the best knowledge of E Fund Management and
after making all reasonable enquiries, each of the E Fund Management Ultimate Clients is independent from
the Company, its subsidiaries, its Controlling Shareholders, its substantial shareholders, GF Securities, E Fund
Management and the companies which are members of the same group of companies as GF Securities.
(7) E Fund HK will hold the Offer Shares for and on behalf of their underlying clients (the “E Fund HK Ultimate
Clients ”) on discretionary basis. To the best knowledge of E Fund HK and after making all reasonable
enquiries, each of the E Fund HK Ultimate Clients is independent from the Company, its subsidiaries, its
Controlling Shareholders, its substantial shareholders, GF Securities, E Fund HK and the companies which are
members of the same group of companies as GF Securities.
(8) CGII and China Galaxy Securities Co., Ltd. ( “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, its subsidiaries, its Controlling
Shareholders, its substantial shareholders, and (ii) CGII, and the companies which are members of the same
group of CGIS. Both CGII and CGIS 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
Ultimate Beneficial Owners ( “UBO”)/
Fund Manager Remarks
Shenzhen Commando Capital Management Co.,
Ltd. (ʮ̡ )
Ding Ying ( ɕๅ) UBO
Jindan Yuanyang No. 6 Private Securities
Investment Fund (ݱ6໮ӷ෍ᗇՎҳ༟
ږ)
Ding Hai ( ɕऎ) UBO with over 30%
interest
Shanghai Jindan Asset Management
Co., Ltd. (ʮ̡ )
Fund Manager – with
UBO with over 30%
interest being Zhang Yan
(ੵ⇴)


--- page 26 ---
26
Allocations under the Employee Preferential Offering
Of the 47,033,100 Offer Shares initially being offered under the International Offering, no more
than 5,225,000 Offer Shares, representing approximately 11.11% of the Offer Shares initially
available for subscription under the International Offering, are available for subscription as
Employee Reserved Shares by the Eligible Employees on a preferential basis under the Employee
Preferential Offering according to Rule 10.01 of the Listing Rules. For details, please refer to
the section headed “Structure of the Global Offering – Employee Preferential Offering ” of the
Prospectus.
3,339,500 Offer Shares have been placed to 222 Eligible Employees pursuant to the Employee
Preferential Offering, representing approximately 6.39% of the total number of Offer Shares
initially available under the Global Offering (before exercise of the Over-allotment Option).
Each Eligible Employees confirms that he/she is and remains an employee as of the date of the
prospectus and is not a core connected person of the Company.
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 any securities 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 (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 available exemption
from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act.
There will be no public offer of the Offer Shares in the United States. The Offer Shares are
being offered and sold solely (1) to qualified institutional buyers as defined in Rule 144A under
the U.S. Securities Act pursuant to Rule 144A or another available exemption from registration
under the U.S. Securities Act and (2) outside the United States in offshore transactions in
reliance on Regulation S under the U.S. Securities Act.


--- page 27 ---
27
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 January 14, 2026 (the “Prospectus ”) issued
by Shanghai Longcheer Technology 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.
* 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 – Hong Kong
Underwriting Arrangements – Hong Kong Public Offering – Hong Kong Underwriting
Agreement – Grounds for Termination ” in the Prospectus at any time prior to 8:00 a.m. (Hong
Kong time) on the Listing Date (which is currently expected to be on Thursday, January 22,
2026)
PUBLIC FLOAT AND FREE FLOAT
Immediately upon the completion of the Global Offering (before any exercise of the Over-allotment
Option), the number of H Shares held in public hands represents approximately 10.02% of the
total issued share capital of the Company (excluding treasury Shares), which is higher than the
prescribed percentage of H Shares required to be held in public hands of 10.00% under Rule
19A.13A(2)(a) of the Hong Kong Listing Rules.
The Directors confirm that, immediately upon the completion of the Global Offering (before any
exercise of the Over-allotment Option), (i) no placee will, individually, be placed more than 10%
of the enlarged issued share capital of the Company immediately after the Global Offering; (ii)
there will not be any new substantial Shareholder immediately after the Global Offering; (iii) the
three largest public shareholders of the Company do not hold more than 50% of the H shares in
public hands at the time of the Listing in compliance with Rules 8.08(3) and 8.24 of the Listing
Rules; and (iv) there will be at least 300 Shareholders at the time of the Listing in compliance with
Rule 8.08(2) of the Listing Rules.
Based on the final Offer Price of HK$31.00 per Offer Share and the total number of Offer Shares
as subscribed by the Cornerstone Investors of 14,200,900 H Shares, representing approximately
2.72% of the total issued share capital of our Company (excluding treasury Shares), the free
float of our Company is 7.28% and with a market value at the time of Listing of approximately
HK$1,179.8 million, which is substantially higher than the 5% threshold and an expected market
value at the time of Listing of not less than HK$50,000,000 under Rule 19A.13C(2). The Company
satisfies the free float requirement under Rule 19A.13C(2) of the Hong Kong Listing Rules.


--- page 28 ---
28
COMMENCEMENT OF DEALINGS
The H Share certificates will only become valid evidence of title at 8:00 a.m. on Thursday, January
22, 2026 (Hong Kong time), provided that the Global Offering has become unconditional and the
right of termination described in the section headed “Underwriting – Underwriting Arrangements
and Expenses – Hong Kong Public Offering – Grounds for Termination ” in the Prospectus has
not been exercised. Investors who trade the H Shares on the basis of publicly available allocation
details prior to the receipt of H Share certificates or prior to the H Share certificates becoming
valid evidence of title do so entirely at their own risk.
Assuming that the Global Offering becomes unconditional at or before 8:00 a.m. on Thursday,
January 22, 2026 (Hong Kong time), it is expected that dealings in the H Shares on the Stock
Exchange will commence at 9:00 a.m. on Thursday, January 22, 2026 (Hong Kong time). The H
Shares will be traded in board lots of 100 H Shares each, and the stock code of the H Shares will
be 9611.
By order of the Board
Shanghai Longcheer Technology Co., Ltd.
ʮ̡
Mr. DU Junhong
Chairman and Executive Director
Hong Kong, January 21, 2026
As at the date of this announcement, the Board comprises: (i) Mr. DU Junhong, Mr. GE Zhengang,
Mr. GUAN Yadong and Ms. QIN Yanling as executive Directors; and (ii) Dr. SHEN Jianxin,
Mr. YANG Chuan and Dr. NIU Shuangxia as independent non-executive Directors.
