Make PDF text extraction a standard archive step

Request: - Add extracted PDF text generation to the archivist workflow as a standard step. Changes: - Run PDF text extraction automatically for newly archived HKEX PDF sources. - Make the PDF text extractor incremental and manifest-preserving. - Document extracted-text handling in the archivist skill and README. - Mark generated extracted text as no-diff data evidence. - Backfill extracted text for all archived PDF source references. Verification: - Ran git diff --cached --check. - Ran .venv/bin/python -m py_compile scripts/extract_pdf_text.py scripts/archive_hkex_documents.py. - Ran full PDF extraction, then confirmed an incremental rerun skips unchanged files. - Verified 557 PDF source_refs, 557 manifest rows, all status ok, and zero missing text/hash/path issues. Next useful context: - HKEX HTML notices and Yahoo JSON market data remain under data/raw and are not expected in data/extracted_text.
2026-06-15 13:27:41 +00:00
parent 48b89552fe
commit 8a0dfd88f0
557 changed files with 8721479 additions and 28 deletions
@@ -69,10 +69,11 @@ If a user asks for both data update and analysis, complete the archive/update st
 4. Compute hashes for archived files.
 5. Insert or update structured facts in `data/hk_ipo.sqlite`.
 6. Record every source in the source reference table using repo-relative paths.
-7. Refresh sync state with `scripts/update_sync_state.py` after fact updates.
+7. Extract text for archived PDF sources with `scripts/extract_pdf_text.py`.
-8. Export key tables to `data/snapshots/` for readable Git diffs.
+8. Refresh sync state with `scripts/update_sync_state.py` after fact updates.
-9. Verify path rules, required fields, hash checks, sync state, and snapshot generation.
+9. Export key tables to `data/snapshots/` for readable Git diffs.
-10. Commit only the related archive/database/snapshot changes.
+10. Verify path rules, required fields, hash checks, extracted text manifest, sync state, and snapshot generation.
 11. Commit only the related archive/database/snapshot changes.
 ## Incremental Sync State
@@ -140,6 +141,16 @@ The script resolves HKEXnews stock IDs, archives prospectus and allotment-result
 The document archiver should use HKEXnews date-window title search around the IPO timetable, not only the latest title-search page. IPO documents for active listed companies are often buried behind later post-listing announcements. Treat official HKEXnews `.pdf`, `.htm`, and `.html` allotment-result notices as valid archived sources; parse structured demand facts only where parser coverage is reliable.
 PDF text extraction is a standard HKEX document post-processing step. `scripts/archive_hkex_documents.py` extracts text for newly archived PDFs by default after source references are written:
 ```bash
 .venv/bin/python scripts/extract_pdf_text.py
 ```
 The extractor is incremental: unchanged PDFs with matching manifest rows are skipped, and `data/snapshots/extracted_text_manifest.csv` is preserved and updated. Use `--force` only when parser behavior changes and derived text should be regenerated.
 Do not expect `data/extracted_text/` entries for Yahoo JSON market data or HKEX `.htm`/`.html` notices. Those are already text-like raw evidence files and are tracked under `data/raw/`.
 ## Grey-Market Source Policy
 `T2_grey_market` is not an HKEX official disclosure stage. Grey-market trading is broker or third-party OTC activity, so do not bulk archive a grey-market feed unless the source is reproducible and redistribution-safe.
@@ -176,6 +187,7 @@ Before finishing, confirm:
 - No stored local path starts with `./`.
 - Raw files referenced by the database exist.
 - Source hashes match current file contents.
 - Extracted text exists or has a manifest status for archived PDF source references.
 - CSV snapshots reflect the database update.
 - `sync_tasks` reflects only missing or future work, not completed stages.
 - Any unavailable field is marked as a data gap rather than invented.
@@ -1,2 +1,3 @@
 data/raw/** binary
 data/extracted_text/** -diff
 data/*.sqlite binary
@@ -97,6 +97,8 @@ python3 -m venv .venv
 The extractor reads PDF paths from `data/hk_ipo.sqlite`, writes derived text files under `data/extracted_text/`, and exports `data/snapshots/extracted_text_manifest.csv` with page counts, text hashes, and extraction status.
 The extractor is incremental. If a PDF hash and manifest row are unchanged, the existing text output is reused. Use `--force` only when extraction behavior changes and all derived text should be regenerated.
 ## Recent IPO Target Refresh
 Use HKEXnews annual new listing reports to seed recent subscription-relevant IPO targets:
@@ -117,7 +119,9 @@ Use the HKEX document archiver to fill detailed T0/T1 facts for open sync tasks:
 .venv/bin/python scripts/archive_hkex_documents.py --as-of 2026-06-15T08:30:00Z
 ```
-The archiver maps stock codes to HKEXnews title-search stock IDs, downloads the selected prospectus and allotment-results PDFs under `data/raw/{ticker}/`, records `source_refs`, parses high-confidence T0/T1 fields into `ipo_master`, `offering_terms`, and `ipo_demand`, exports snapshots, and refreshes `sync_tasks`.
+The archiver maps stock codes to HKEXnews title-search stock IDs, downloads the selected prospectus and allotment-results documents under `data/raw/{ticker}/`, records `source_refs`, parses high-confidence T0/T1 fields into `ipo_master`, `offering_terms`, and `ipo_demand`, exports snapshots, refreshes `sync_tasks`, and extracts text for newly archived PDF sources.
 HKEX `.htm`/`.html` notices and Yahoo Finance JSON market data stay in `data/raw/`; they are not copied into `data/extracted_text/`.
 ## Price Performance Backfill
@@ -0,0 +1,33 @@
 --- page 1 ---
 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong 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.
 HANGZHOU TONGSHIFU CULTURAL
 AND CREATIVE (GROUP) CO., LTD.
 ʮ̡
 (A joint stock company incorporated in the People ’s Republic of China with limited liability)
 (Stock Code: 0664)
 CLARIFICATION ANNOUNCEMENT
 Reference is made to the allotment results announcement of Hangzhou Tongshifu Cultural and
 Creative (Group) Co., Ltd. (the “Company ”) dated 30 March 2026 (the “Announcement ”). Unless
 otherwise defined herein, capitalised terms used herein shall have the same meanings as defined in
 the prospectus of the Company dated 23 March 2026.
 On page 5 of the Announcement under the section headed “Allotment Results Details –
 International Offering ”, the subscription level in the International Offering was disclosed as
 “1.56 times ” which was calculated by dividing the number of confirmed orders in the placing
 tranche by the number of Offer Shares in International Offering after reallocation. The board of
 directors of the Company (the “Board”) would like to clarify that the correct denominator in the
 calculation should be the number of Offer Shares in International Offering before reallocation,
 and accordingly, the subscription level in the International Offering in the Announcement should
 read as “1.47 times ”. Save as disclosed above, all other information in the Announcement remains
 unchanged.
 By order of the Board
 Hangzhou Tongshifu Cultural and Creative (Group) Co., Ltd.
 Yu Guang
 Chairman of the Board and Executive Director
 Hong Kong, 31 March 2026
 As of the date of this announcement, the Board comprises: (i) Mr. Yu Guang, Mr. Luo Renxiang,
 Mr. He Yun, Ms. Wang Xiaoxia and Mr. Chen Ruiguang as executive Directors; (ii) Mr. Xiao Feng
 as non-executive Director; and (iii) Mr. Tu Bisheng, Dr. Huang Wenli and Mr. Fong Chun Fai as
 independent non-executive Directors.
@@ -0,0 +1,818 @@
 --- 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.
 Unless otherwise defined herein, capitalized terms used in this announcement shall have the same meanings as those
 defined in the prospectus dated October 28, 2025 (the “Prospectus ”) of WeRide Inc. (the “Company ”).
 This announcement is for information purposes only and does not constitute an offer or an invitation to induce an offer
 by any person to acquire, purchase or subscribe for any of the securities of the Company. This announcement is not a
 prospectus. Potential investors should read the Prospectus for detailed information about the Global Offering described
 below before deciding whether or not to invest in the Offer Shares. Any investment decision in relation to the Offer
 Shares should be taken solely in reliance on the information provided in the Prospectus.
 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 jurisdiction. Securities may not be offered or sold in the United States absent
 registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. Any public offering
 of our securities to be made in the United States will be made by means of a prospectus that may be obtained from us
 and that will contain detailed information about us and our management, as well as financial statements. The public
 offering of securities described herein in the United States is being made only by means of a prospectus supplement
 and the accompanying prospectus. The accompanying prospectus is included in an automatic shelf registration
 statement on Form F-3 filed with the U.S. Securities and Exchange Commission on November 3, 2025 (New York
 time), which automatically became effective upon filing.
 In connection with the Global Offering, China International Capital Corporation Hong Kong Securities Limited, as
 the stabilizing manager (the “Stabilizing Manager ”) (or any person acting for it), on behalf of the Underwriters, may
 over-allocate or effect transactions with a view to stabilizing or supporting the market price of the Class A Ordinary
 Shares 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 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 Stabilizing Manager (or any
 person acting for it) and in what the Stabilizing Manager (or any person acting for it) 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 after the last day for lodging applications under the Hong Kong Public Offering (which is Wednesday, December
 3, 2025). Such 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 Class A
 Ordinary Shares for longer than the stabilization period which begins on the Listing Date, and is expected to expire on
 Wednesday, December 3, 2025, the 30th day after the last day for the lodging of applications under the Hong Kong
 Public Offering. After this date, when no further stabilizing action may be taken, demand for the Class A Ordinary
 Shares, and therefore the price of the Class A Ordinary 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 {  The 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, November 6, 2025).
 The Company is controlled through weighted voting rights. Prospective investors should be aware of the potential
 risks of investing in a company with a WVR structure, in particular that the WVR Beneficiaries, whose interests
 may not necessarily be aligned with those of our Shareholders as a whole, will be in a position to exert significant
 influence over the outcome of Shareholders ’ resolution. For further information about the risks associated with the
 Company ’s WVR structure, please refer to the section headed “Risk Factors {  Risks Related to Our WVR Structure ”
 in the Prospectus Prospective investors should make the decision to invest in the Company only after due and careful
 consideration.
 --- page 2 ---
 2
 WeRide Inc.
 Б *
 (A company controlled through weighted voting rights and incorporated in
 the Cayman Islands with limited liability)
 Global Offering
 Number of Offer Shares under the
 Global Offering
 : 88,250,000 Offer Shares (subject to the
 Over-allotment Option)
 Number of Hong Kong Offer Shares : 17,650,000 Offer Shares (as adjusted after
 the reallocation)
 Number of International Offer Shares : 70,600,000 Offer Shares (as adjusted after
 the reallocation and subject to the Over-
 allotment Option)
 Final Public Offer Price : HK$27.10 per Offer Share, plus brokerage
 of 1.0%, AFRC transaction levy of
 0.00015%, SFC transaction levy of
 0.0027%, and Stock Exchange trading fee
 of 0.00565%
 Nominal Value : US$0.0001 per Offer Share
 Stock Code : 0800
 Joint Sponsors, Overall Coordinators, Joint Global Coordinators,
 Joint Bookrunners and Joint Lead Managers
 (in alphabetical order)
 Overall Coordinator, Joint Global Coordinator, Joint Bookrunner, and Joint Lead Manager
 Joint Bookrunners and Joint Lead Managers
 * For identification purpose only
 --- page 3 ---
 3
 WeRide Inc./Б *
 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 Class A
 Ordinary Shares could move substantially even with a small number of the Class A Ordinary
 Shares traded and should exercise extreme caution when dealing in the Class A Ordinary
 Shares.
 SUMMARY
 Company information
 Stock code 0800
 Stock short name WERIDE-W
 Dealings commencement date November 6, 2025 #
 # see note at the end of the announcement
 Price Information
 Final Public Offer Price and International Offer Price (the
 “Offer Price ”)
 HK$27.1
 Maximum Public Offer Price HK$35.0
 Offer Shares and Share Capital
 Number of Offer Shares (assuming the Over-allotment
 Option is not exercised)
 88,250,000
 Number of Offer Shares in Hong Kong Public Offering
 (after reallocation)
 17,650,000
 Number of Offer Shares in International Offering (after
 reallocation and assuming the Over-allotment Option is not
 exercised)
 70,600,000
 Number of issued shares upon Listing (assuming the Over-
 allotment Option is not exercised)
 1,026,616,330
 * For identification purpose only
 --- page 4 ---
 4
 Over-allocation
 No. of Offer Shares over-allocated 13,237,500
 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 the
 stock borrowing arrangement or a combination of these means. In the event the Over-allotment
 Option is exercised, an announcement will be made on the Stock Exchange ’s website.
 Proceeds
 Gross proceeds (Note) HK$2,391.58 million
 Less: Estimated listing expenses payable based on Final
 Offer Price
 HK$(127.24) million
 Net proceeds HK$2,264.34 million
 Note: Gross proceeds refers to the amount to which the issuer 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.
 ALLOTMENT RESULTS DETAILS
 HONG KONG PUBLIC OFFERING
 No. of valid applications 64,949
 No. of successful applications 19,609
 Subscription level 73.44 times
 Claw-back triggered Yes
 No. of Offer Shares initially available under the Hong Kong
 Public Offering
 4,412,500
 No. of Offer Shares reallocated from the International
 Offering (claw-back)
 13,237,500
 Final no. of Offer Shares under the Hong Kong Public
 Offering (after reallocation)
 17,650,000
 % of Offer Shares under the Hong Kong Public Offering to
 the Global Offering
 20%
 Note: For details of the final allocation of Shares to the Hong Kong Public Offering, investors can refer to
 www.eipo.com.hk/eIPOAllotment  to perform a search by identification number or www.eipo.com.hk/eIPOAllotment
 for the full list of allottees.
 --- page 5 ---
 5
 INTERNATIONAL OFFERING
 No. of placees 154
 Subscription Level 9.85 times
 No. of Offer Shares initially available under the
 International Offering
 83,837,500
 No. of Offer Shares reallocated to Hong Kong Public
 Offering (claw-back)
 13,237,500
 Final no. of Offer Shares under the International Offering
 (after reallocation)
 70,600,000
 % of Offer Shares under the International Offering to the
 Global Offering
 80%
 The Directors confirm that, to the best of their knowledge, information and belief, save for a waiver from
 strict compliance with Rule 10.04 of the Listing Rules and a consent under paragraph 1C(2) of Appendix
 F1 to the Listing Rules (the “Placing Guidelines ”) granted by the Stock Exchange to permit Offer
 Shares in the International Offering to be placed to 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, chief executive of the Company, single largest group of
 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, single largest group of 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 the Class A Ordinary Shares registered in his/her/its name or
 otherwise held by him/her/it.
 --- page 6 ---
 6
 The placees in the International Offering include the following:
 Allotee with Consent Obtained
 Investor
 No. of
 Offer
 Shares
 allocated
 % of Offer
 Shares
 (assuming
 the Over-
 allotment
 Option
 is not
 exercised)
 % of total
 issued
 Class A
 Ordinary
 Shares
 (assuming
 the Over-
 allotment
 Option
 is not
 exercised)
 % of total
 issued
 share
 capital
 after the
 Global
 Offering
 (assuming
 the Over-
 allotment
 Option
 is not
 exercised) Relationship
 Allotee with consent under paragraph 1C(1) of the Placing Guidelines and Chapter 4.15 of
 the Guide for New Listing Applicants in relation to allocation to a connected client Note 1
 Morgan Stanley
 Investment
 Management Inc.
 ( “MSIM Inc. ”)
 on behalf of
 its underlying
 discretionary
 clients and funds.
 8,599,000 9.7% 0.9% 0.8% Connected client
 Notes:
 1. 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 allocation to a connected client, please refer to the section headed
 “Allotee with consent obtained – allotee with consent under paragraph 1C(1) of the Placing Guidelines and
 Chapter 4.15 of the Guide for New Listing Applicants in relation to allocation to a connected client of this
 announcement.
 --- page 7 ---
 7
 LOCK-UP UNDERTAKINGS
 Key Persons (as defined under Rule 18C.14 of the Listing Rules)
 Name Capacity
 Number of
 Shares held in the
 Company subject to
 lock-up undertakings
 upon Listing
 % of total
 issued
 Shares after
 the Global
 Offering
 upon Listing
 (assuming
 the Over-
 allotment
 Option is not
 exercised)
 Last day
 subject to the
 lock-up undertakings
 Tony Xu Han ( ᒵϛ) Founder, chairman of
 our Board, executive
 Director and CEO
 41,249,590 Class B
 Ordinary Shares Note 1
 4.0% October 27, 2028  Note 6
 Yan Li (֧Co-founder, executive
 Director, CTO
 27,129,666 Class A
 Ordinary Shares Note 2
 2.6% November 5, 2026 Note 4
 Yan Li (֧Co-founder, executive
 Director, CTO
 13,564,833 Class B
 Ordinary Shares Note 3
 1.3% November 5, 2026 Note 4
 Hua Zhong ( ᒤശ) Senior vice president 16,573,442 Class A
 Ordinary Shares
 1.6% November 5, 2026 Note 4
 Notes:
 1. Represents the 24,850,000 Class B Ordinary Shares held by Xu Han Limited ( “XHL”) and the 16,399,590 Class B Ordinary Shares held
 by Tonyhan Limited ( “THL”). XHL is wholly owned by Tony Xu Han ( ᒵϛ) ( “Dr. Han ”). THL is owned as to 51% by XHL and as
 to 49% by Trident Trust Company (South Dakota) Inc. ( “Trident ”). Trident is the trustee of the Han Family Trust where Dr. Han is the
 protector and his descendants are the beneficiaries.
 2. Represents the 11,129,666 Class A Ordinary Shares held by Humber Partners Limited ( “Humber Partners ”) and the 16,000,000 Class
 A Ordinary Shares held by Yanli Holdings Limited ( “Yanli ”). Humber Partners is wholly owned by Yan Li (֧“( ) Dr. Li ”). Yanli
 is owned as to 51% by Humber Partners and as to 49% by Trident. Trident is the trustee of the Li Family Trust where Dr. Li is the
 protector and his descendants are the beneficiaries.
 3. Represents the 13,564,823 Class B Ordinary Shares held by Humber Partners and the 10 Class B Ordinary Shares held by Yanli.
 4. The lock-up period commencing on the date by reference to which disclosure of its shareholding is made in the Prospectus and ending on
 the date which is 12 months from the Listing Date, i.e. November 5, 2026.
 5. Dr. Han and Dr. Li are entitled to receive 27,595,520 Class A Ordinary Shares and 10,513,974 Class A Ordinary Shares, respectively,
 pursuant to the share options granted to them under the 2018 Share Plan, subject to the relevant conditions (including vesting conditions)
 thereunder. The Class A Ordinary Shares to be allotted and issued upon exercise of the share options by Dr. Han and Dr. Li during the
 period commencing on the date of this prospectus and ending on the date which is 12 months from the Listing Date will also be subject
 to lock-up during such period.
 6. Dr. Han has voluntarily committed to a three-year lock-up, effective as of October 28, 2025, covering all Shares of the share capital of
 the Company or securities convertible into, exchangeable, or exercisable for any Share of the share capital of the Company, directly or
 indirectly owned or controlled by him. During this lock-up period, Dr. Han will not sell, transfer, pledge, or otherwise dispose of any of
 such securities, subject to customary exceptions.
 --- page 8 ---
 8
 Single Largest Group of Shareholders
 Name
 Number of Shares
 held in the Company
 subject to lock-up
 undertakings upon
 Listing
 % of total issued
 Shares after the
 Global Offering
 upon Listing
 (assuming the
 Over-allotment
 Option is not
 exercised)
 Last day subject to the
 lock-up undertakings
 Tony Xu Han
 ( ᒵϛ), through
 Xu Han Limited
 and Tonyhan
 Limited
 41,249,590 Class B
 Ordinary Shares Note 1
 4.0% October 27, 2028 Note 2
 Notes:
 1. Represents the 24,850,000 Class B Ordinary Shares held by Xu Han Limited and the 16,399,590 Class B
 Ordinary Shares held by Tonyhan Limited. Xu Han Limited is wholly owned by Dr. Han. Tonyhan Limited is
 owned as to 51% by XHL and as to 49% by Trident. Trident is the trustee of the Han Family Trust where Dr.
 Han is the protector and his descendants are the beneficiaries.
 2. Dr. Han has voluntarily committed to a three-year lock-up, effective as of October 28, 2025, covering all
 Shares of the share capital of the Company or securities convertible into, exchangeable, or exercisable for
 any Share of the share capital of the Company, directly or indirectly owned or controlled by him. During this
 lock-up period, Dr. Han will not sell, transfer, pledge, or otherwise dispose of any of such securities, subject
 to customary exceptions.
 --- page 9 ---
 9
 PLACEE CONCENTRATION ANALYSIS
 Placees*
 Number
 of Class A
 Ordinary
 Shares
 allotted
 Allotment
 as % of the
 International
 Offering
 (assuming
 no exercise
 of the Over-
 allotment
 Option)
 Allotment
 as % of the
 International
 Offering
 (assuming
 the Over-
 allotment
 Option
 is fully
 exercised and
 new Class
 A Ordinary
 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 Class
 A Ordinary
 Shares are
 issued)
 Number
 of Class A
 Ordinary
 Shares
 held upon
 Listing**
 % of total
 issued Class
 A Ordinary
 Shares upon
 Listing
 (assuming
 no exercise
 of the Over-
 allotment
 Option)
 % of total
 issued Class
 A Ordinary
 Shares upon
 Listing
 (assuming
 the Over-
 allotment
 Option
 is fully
 exercised and
 new Class
 A Ordinary
 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 Class
 A Ordinary
 Shares are
 issued)
 Top 1 21,499,000 30.45% 25.64% 24.36% 21.18% 21,499,000 2.21% 2.18% 2.09% 2.07%
 Top 5 52,884,000 74.91% 63.08% 59.93% 52.11% 65,228,352 6.71% 6.62% 6.35% 6.27%
 Top 10 64,241,500 90.99% 76.63% 72.79% 63.30% 76,585,852 7.88% 7.77% 7.46% 7.37%
 Top 25 75,906,000 107.52% 90.54% 86.01% 74.79% 88,250,352 9.08% 8.96% 8.60% 8.49%
 * Ranking of placees is based on the number of Offer Shares allotted to the placees.** Representing the number of Class A Ordinary Shares held by the relevant placees upon Listing to the best knowledge of the Company after due enquiry.
 --- page 10 ---
 10
 BASIS OF ALLOCATION UNDER THE HONG KONG PUBLIC OFFERING
 Subject to the satisfaction of the conditions set out in the Prospectus, a total of 64,949 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 32,160 2,135 out of 32,160 to receive 100 Shares 6.64%
 200 8,553 1,135 out of 8,553 to receive 100 Shares 6.64%
 300 3,230 643 out of 3,230 to receive 100 Shares 6.64%
 400 1,247 331 out of 1,247 to receive 100 Shares 6.64%
 500 1,904 632 out of 1,904 to receive 100 Shares 6.64%
 600 806 321 out of 806 to receive 100 Shares 6.64%
 700 527 245 out of 527 to receive 100 Shares 6.64%
 800 552 293 out of 552 to receive 100 Shares 6.63%
 900 382 228 out of 382 to receive 100 Shares 6.63%
 1,000 5,739 3,803 out of 5,739 to receive 100 Shares 6.63%
 1,500 1,117 1,111 out of 1,117 to receive 100 Shares 6.63%
 2,000 1,147 100 Shares plus 374 out of 1,147 to receive
 additional 100 Shares
 6.63%
 2,500 568 100 Shares plus 374 out of 568 to receive
 additional 100 Shares
 6.63%
 3,000 1,253 100 Shares plus 1,238 out of 1,253 to receive
 additional 100 Shares
 6.63%
 3,500 337 200 Shares plus 108 out of 337 to receive
 additional 100 Shares
 6.63%
 4,000 304 200 Shares plus 198 out of 304 to receive
 additional 100 Shares
 6.63%
 4,500 182 200 Shares plus 179 out of 182 to receive
 additional 100 Shares
 6.63%
 5,000 654 300 Shares plus 206 out of 654 to receive
 additional 100 Shares
 6.63%
 6,000 349 300 Shares plus 342 out of 349 to receive
 additional 100 Shares
 6.63%
 --- page 11 ---
 11
 NO. OF
 SHARES
 APPLIED FOR
 NO. OF
 VALID
 APPLICATIONS BASIS OF ALLOTMENT/BALLOT
 APPROXIMATE
 PERCENTAGE
 ALLOTTED OF
 THE TOTAL
 NO. OF SHARES
 APPLIED FOR
 7,000 221 400 Shares plus 142 out of 221 to receive
 additional 100 Shares
 6.63%
 8,000 241 500 Shares plus 73 out of 241 to receive
 additional 100 Shares
 6.63%
 9,000 137 500 Shares plus 133 out of 137 to receive
 additional 100 Shares
 6.63%
 10,000 1,124 600 Shares plus 708 out of 1,124 to receive
 additional 100 Shares
 6.63%
 20,000 552 1,300 Shares plus 145 out of 552 to receive
 additional 100 Shares
 6.63%
 30,000 388 1,900 Shares plus 346 out of 388 to receive
 additional 100 Shares
 6.63%
 40,000 154 2,600 Shares plus 81 out of 154 to receive
 additional 100 Shares
 6.63%
 50,000 176 3,300 Shares plus 27 out of 176 to receive
 additional 100 Shares
 6.63%
 60,000 98 3,900 Shares plus 77 out of 98 to receive
 additional 100 Shares
 6.63%
 70,000 51 4,600 Shares plus 21 out of 51 to receive
 additional 100 Shares
 6.63%
 80,000 68 5,300 Shares plus 3 out of 68 to receive
 additional 100 Shares
 6.63%
 90,000 34 5,900 Shares plus 23 out of 34 to receive
 additional 100 Shares
 6.63%
 100,000 291 6,600 Shares plus 90 out of 291 to receive
 additional 100 Shares
 6.63%
 64,546 Total number of Pool A successful
 applicants: 19,206
 --- page 12 ---
 12
 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
 200,000 211 9,200 Shares plus 92 out of 211 to receive
 additional 100 Shares
 4.62%
 300,000 54 13,800 Shares plus 35 out of 54 to receive
 additional 100 Shares
 4.62%
 400,000 29 18,400 Shares plus 25 out of 29 to receive
 additional 100 Shares
 4.62%
 500,000 50 23,100 Shares plus 4 out of 50 to receive
 additional 100 Shares
 4.62%
 1,000,000 22 46,200 Shares plus 4 out of 22 to receive
 additional 100 Shares
 4.62%
 1,500,000 10 69,300 Shares plus 2 out of 10 to receive
 additional 100 Shares
 4.62%
 2,000,000 3 92,400 Shares plus 1 out of 3 to receive
 additional 100 Shares
 4.62%
 2,206,200 24 101,900 Shares plus 15 out of 24 to receive
 additional 100 Shares
 4.62%
 403 Total number of Pool B successful
 applicants: 403
 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 13 ---
 13
 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 Class A Ordinary 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 is the same as the final Offer Price in addition to any brokerage, AFRC
 transaction levy, SFC transaction levy and Stock Exchange trading fee payable.
 The Directors and the Overall Coordinators confirm that at least 50% of the total number of
 the Offer Shares have been allocated to and taken up by independent price setting investors in
 compliance with Rule 18C.08 of the Listing Rules.
 OTHERS/ADDITIONAL INFORMATION
 Placing to a connected client with a prior consent under paragraph 1C(1) of the Placing
 Guidelines
 Under the International Offering, certain Offer Shares were placed to a connected client of its
 connected distributor pursuant to the Placing Guidelines.
 --- page 14 ---
 14
 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. The allocation of Offer
 Shares to such connected client is in compliance with all the conditions under the consent granted by the Stock Exchange. Details of the
 placement to connected client are set out below:
 No.
 Connected
 Distributor Connected Client Relationship
 Whether the
 connected
 client will hold
 the beneficial
 interests of the
 Offer Shares
 on a non-
 discretionary
 basis or
 discretionary
 basis for
 independent
 third parties
 Number
 of Offer
 Shares to
 be allocated
 to the
 Connected
 Client
 Approximate
 percentage of
 total number
 of Offer
 Shares under
 the Global
 Offering
 (assuming
 no exercise
 of the Over-
 allotment
 Option)
 Approximate
 percentage of
 total issued
 share capital
 immediately
 following
 the Global
 Offering
 (assuming
 the Over-
 allotment
 Option is not
 exercised)
 1. Morgan Stanley
 Asia Limited
 (“MSAL”)
 Morgan Stanley
 Investment
 Management Inc.
 (“MSIM Inc. ”)
 on behalf of
 its underlying
 discretionary
 clients and
 funds
 (Note)
 MSIM Inc. and
 MSAL are
 entities within the
 Morgan Stanley
 group.
 Discretionary
 basis
 8,599,000 9.7% 0.8%
 Note:
 MSIM Inc. will hold the Offer Shares in its capacity as the fund manager acting as agent on behalf of its underlying discretionary clients and funds. Each of the
 underlying discretionary clients and funds of MSIM Inc. is an independent third party of MSIM Inc. and MSAL and the other companies that are members of the same
 group as MSAL.
 --- page 15 ---
 15
 DISCLAIMERS
 Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited and
 Hong Kong Securities Clearing Company Limited take no responsibility for the contents of this
 announcement, make no representation as to its accuracy or completeness and expressly disclaim
 any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or
 any part of the contents of this announcement.
 This announcement is not for release, publication, distribution, directly or indirectly, in or
 into the United States (including its territories and possessions, any state of the United States
 and the District of Columbia). This announcement does not constitute or form a part of any
 offer or solicitation to purchase or subscribe for securities in the United States or in any other
 jurisdiction. Securities may not be offered or sold in the United States absent registration or an
 exemption from registration under the U.S. Securities Act. Any public offering of our securities
 to be made in the United States will be made by means of a prospectus that may be obtained
 from us and that will contain detailed information about us and our management, as well as
 financial statements. The public offering of securities described herein in the United States is
 being made only by means of a prospectus supplement and the accompanying prospectus. The
 accompanying prospectus is included in an automatic shelf registration statement on Form F-3
 filed with the U.S. Securities and Exchange Commission on November 3, 2025 (New York
 time), which automatically became effective upon filing.
 This announcement is for information purposes only and does not constitute an invitation or
 offer to acquire, purchase or subscribe for securities. This announcement is not a prospectus.
 Potential investors should read the Prospectus dated October 28, 2025 issued by WeRide Inc. for
 detailed information about the Global Offering described below before deciding whether or not
 to invest in the Offer 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 section headed “Underwriting
 { 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 November 6, 2025).
 PUBLIC FLOAT AND FREE FLOAT
 Immediately following the completion of the Global Offering (before any exercise of the
 Over-allotment Option), the total number of the Class A Ordinary Shares held by the public
 represents approximately 97.2% of the total issued Class A Ordinary Shares of the Company,
 which is higher than the prescribed percentage of Class A Ordinary Shares required to be held in
 public hands of 15% under Rule 8.08(1) of the Listing Rules calculated based on the final Offer
 Price of HK$27.10 per Offer Share, thereby satisfying the public float requirement under Rule
 8.08(1) of the Listing Rules.
 --- page 16 ---
 16
 Each of the Key Persons and the members of the Single Largest Group of Shareholders has agreed
 to a lock-up of twelve months following the Listing Date. As such, Class A Ordinary Shares
 held by these shareholders upon Listing shall not be counted towards the free float of the Class
 A Ordinary Shares. Based on the final Offer Price of HK$27.10 per Offer Share, the Company
 satisfies the free float requirement under Rule 8.08A of the Listing Rules.
 The Directors confirm that, immediately following the completion of the Global Offering (before
 any exercise of the Over-allotment Option), (i) no placee will, individually, be placed more than
 10% of the enlarged total issued Class A Ordinary Shares 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 Class A Ordinary Shareholders of the Company do
 not hold more than 50% of the Class A Ordinary 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
 Class A Ordinary Shareholders at the time of the Listing in compliance with Rule 8.08(2) of the
 Listing Rules.
 COMMENCEMENT OF DEALINGS
 The Share certificates will only become valid evidence of title at 8:00 a.m. on Thursday, November
 6, 2025 (Hong Kong time), provided that the Global Offering has become unconditional and the
 right of termination described in the section headed “Underwriting {  Underwriting Arrangements
 { Hong Kong Public Offering {  Hong Kong Underwriting Agreement {  Grounds for
 Termination ” in the Prospectus has not been exercised. Investors who trade the Class A Ordinary
 Shares on the basis of publicly available allocation details prior to the receipt of Share certificates
 or prior to the 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,
 November 6, 2025 (Hong Kong time), it is expected that dealings in the Class A Ordinary Shares
 on the Stock Exchange will commence at 9:00 a.m. on Thursday, November 6, 2025 (Hong Kong
 time). The Class A Ordinary Shares will be traded in board lots of 100 Class A Ordinary Shares
 each, and the stock code of the Class A Ordinary Shares will be 0800.
 By order of the Board
 WeRide Inc.
 Dr. Tony Xu Han
 Chairman of the Board, Executive Director and Chief Executive Officer
 Hong Kong, November 5, 2025
 As at the date of this announcement, Directors and proposed Director of the Company are: (i) Dr.
 Tony Xu Han and Dr. Yan Li as executive Directors; (ii) Mr. Kazuhiro Doi and Mr. Jean-François
 Salles as non-executive Directors; and (iii) Ms. Huiping Yan, Mr. David Zhang and Dr. Tony Fan-
 cheong Chan as independent non-executive Directors.
@@ -0,0 +1,526 @@
 --- page 1 ---
 Hong Kong Exchanges and Clearing Limite d, The Stock Exchange of Hong Kong Limited
 (the ‘‘Stock Exchange ’’) and Hong Kong Securities Clearing Company Limited (the
 ‘‘HKSCC ’’) take no responsibility for the c ontents of this announcement, make no
 representation as to its accuracy or complet eness 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.
 Unless otherwise defined herein, capitaliz ed terms in this announcement shall have the same
 meanings as those defined in the prospectus dated December 31, 2024 (the ‘‘ Prospectus ’’)
 issued by New Gonow Recreational Vehicles Inc. (the ‘‘ Company ’’).
 This announcement is for information purposes only and does not consti tute an invitation or
 an offer to acquire, purchase or subscribe f or any securities. This announcement is not a
 prospectus. Potential investors should read t he Prospectus for detailed information about
 the Global Offering described below before deciding whether or not to invest in the Offer
 Shares. Any investment decisi on in relation to the Offer Shares should be taken solely in
 reliance on the information p rovided in the Prospectus.
 This announcement does not constitute an offer t o sell or the solicitation of an offer to buy
 nor shall there be any sale of Offer Shares in any jurisdiction in which such offer,
 solicitation or sales would be unlawful. This announcement is not for release, publication or
 distribution, directly or indi rectly, in or into the United States or any other jurisdiction
 where such distribution is prohibited by la w, nor is this announcement an offer for sale or
 solicitation to purchase or subscribe for se curities in the United States or any other
 jurisdictions. The Offer Shares have not been , and will not be, registered under the United
 States Securities Act of 1933, as am ended from time to time (the ‘‘ U.S. Securities Act ’’), or
 any applicable state securities laws, and may not be offered, sold, pledged or transferred
 within the United States or to, or for the acc ount or benefit of, U.S. persons (as defined in
 Regulation S under the U.S. Securities Act (the ‘‘ Regulation S ’’)) except in transactions
 exempt from, or not subject to, the registratio n requirements of the U.S. Securities Act. The
 Offer Shares are being offered and sold outside the United States in offshore transactions in
 accordance with Regulation S. There will be no public offering of the Offer Shares in the
 United States.
 The Hong Kong Offer Shares will be offered to the public in Hong Kong subject to the terms
 and conditions set out in the Prospectus. The Hong Kong Offer Shares will not be offered to
 any person who is outside Hong Kong and/or not re sident in Hong Kong. Potential investors
 of the Offer Shares should note that the Overall Coordinators (for themselves and on behalf
 of the Underwriters) shall be entitled to termi nate 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 — The Hong Kong Public
 Offering — Grounds for Termination’’ in the Prospectus at any time prior to 8 : 00 a.m. on
 the Listing Date.
 No stabilizing manager will be appointed, and it is anticipated that no stabilization
 activities will be carried out in relation to the Global Offering.
 –1–
 --- page 2 ---
 New Gonow Recreational Vehicles Inc.
 新 吉 奥 房 车 有 限 公 司
 (Incorporated in the Cayman Islands with limited liability)
 GLOBAL OFFERING
 Number of Offer Shares under the
 Global Offering
 : 240,000,000 Shares
 Number of Hong Kong Offer Shares : 24,000,000 Shares
 Number of International Offer Shares : 216,000,000 Shares
 Final Offer Price : HK$1.27 pe r Offer Share (payable in full
 in Hong Kong dollars on application
 plus brokerage of 1%, SFC transaction
 levy of 0.0027%, AFRC transaction levy
 of 0.00015% and Stock Exchange
 trading fee of 0.00565%, subject to
 refund)
 Nominal value : US$0.0001 per Share
 Stock code : 0805
 Sole Sponsor, Sponsor-Overall Coordinator, Overall Coordinator,
 Joint Global Coordinator, Joint Bookrunner and Joint Lead Manager
 Overall Coordinators, Joint Global Coordinators, Joint Bookrunners and Joint Lead Managers
 (in alphabetical order)
 Joint Global Coordinators, Join t Bookrunners and Joint Lead Managers
 (in alphabetical order)
 Joint Bookrunners and Joint Lead Managers
 (in alphabetical order)
 –2–
 --- page 3 ---
 – 3 –
 New Gonow Recreational Vehicles Inc./ʮ̡
 ANNOUNCEMENT OF FINAL OFFER PRICE AND
 ALLOTMENT RESULTS
 Unless otherwise defined herein, capitalised terms used in this announcement shall have
 the same meanings as those defined in the prospectus dated December 31, 2024 (the
 “Prospectus”) issued by New Gonow Recreational Vehicles Inc. (the “ Company”).
 Warning: In view of high concentration of shareholding in a small number of Shareholders,
 Shareholders and prospective investors should be aware that the price of the Shares could
 move substantially even with a small number of Shares traded and should exercise extreme
 caution when dealing in the Shares.
 SUMMARY
 Company Information
 Stock code 0805
 Stock short name NEW GONOW RV
 Dealings commencement date January 13, 2025*
 * see note at the end of the announcement
 Price Information
 Final Offer Price HK$1.27
 Offer Price Range HK$1.24–HK$1.64
 Offer Price Adjustment exercised No
 Offer Shares and Share Capital
 Number of Offer Shares 240,000,000
 Number of Offer Shares in Hong Kong Public Offering 24,000,000
 Number of Offer Shares in International Offering 216,000,000
 Number of issued Shares upon Listing 960,000,000
 Over-allocation
 No. of Offer Shares over-allocated —
 Proceeds
 Gross proceeds (Note) HK$304.80 million
 Less: Estimated listing expenses payable based on
 Final Offer Price
 HK$ (51.39) million
 Net proceeds HK$253.41 million
 Note: Gross proceeds refer to the amount to which the issuer is entitled receive. For
 details of the use of proceeds, please refer to the Prospectus.
 --- page 4 ---
 – 4 –
 ALLOTMENT RESULTS DETAILS
 HONG KONG PUBLIC OFFERING
 No. of valid applications 2,336
 No. of successful applications 2,044
 Subscription level 2.52 times
 Claw-back triggered No
 No. of Offer Shares initially available under the Hong
 Kong Public Offering
 24,000,000
 Final no. of Offer Shares under the Hong Kong Public
 Offering
 24,000,000
 % of Offer Shares under the Hong Kong Public
 Offering to the Global Offering
 10%
 Note: For details of the final allocation of shares to the Hong Kong Public Offering,
 investors can refer to https://www.hkeipo.hk/iporesult to perform a search by name or
 identification number or https://www.hkeipo.hk/iporesult for the full list of allottees.
 INTERNATIONAL OFFERING
 No. of placees 120
 Subscription Level 1.01 times
 No. of Offer Shares initially available under the
 International Offering
 216,000,000
 Final no. of Offer Shares under the International
 Offering
 216,000,000
 % 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, (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 Shares registered in his/her/its
 name or otherwise held by him/her/it.
 --- page 5 ---
 – 5 –
 LOCK-UP UNDERTAKINGS
 Controlling Shareholders
 Name
 Number of Shares held
 in the Company 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
 Miao Xuezhong/Wang
 Danhong/Miao Wanyi/Snowy.
 M Holdings Limited/M.X.Z
 Holdings Limited/MIAO
 Wanyi Holdings Limited/Miao
 Wanyi Trust/WDH Holdings
 Limited/MWY Holdings
 Limited
 714,049,200 74.38% July 12, 2025
 (First Six-Month
 Period)Note 1
 January 12, 2026
 (Second Six-Month
 Period)Note 2
 Subtotal 714,049,200 74.38%
 In accordance with the undertaking given by the Controlling Shareholders pursuant to
 the relevant Listing Rule and the Hong Kong Underwriting Agreement, the lock-up
 for the first six-month period ends on July 12, 2025 and for the second six-month
 period, on January 12, 2026.
 Notes:
 1. Each member of 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. Each member of the Controlling Shareholders will cease to be prohibited from
 disposing of or transferring Shares after the indicated date.
 --- page 6 ---
 – 6 –
 PLACEE CONCENTRATION ANALYSIS
 Placees*
 Number of 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 32,356,000 14.98% 13.48% 32,356,000 3.37%
 Top 5 126,648,000 58.63% 52.77% 126,648,000 13.19%
 Top 10 188,230,000 87.14% 78.43% 188,230,000 19.61%
 Top 25 215,810,000 99.91% 89.92% 215,810,000 22.48%
 Notes
 *
 Ranking of placees is based on the number of Shares allotted to the placees.
 SHAREHOLDER CONCENTRATION ANALYSIS
 Shareholders *
 Number of Shares
 allotted
 Allotment as % of
 Hong Kong Public
 Offering
 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 — 0.00% 0.00% 0.00% 714,049,200 74.38%
 Top 5 111,058,000 0.00% 51.42% 46.27% 825,107,200 85.95%
 Top 10 181,932,000 0.00% 84.23% 75.81% 895,981,200 93.33%
 Top 25 227,780,000 50.00% 99.90% 94.91% 947,780,000 98.73%
 Notes
 *
 Ranking of Shareholders is based on the number of Shares (of all classes) held by the Shareholder upon Listing.
 #
 Exclusive of 12,000,000 Shares allotted to certain of the top 25 Shareholders under the Hong Kong Public Offering.
 --- page 7 ---
 BASIS OF ALLOCATION UNDER THE HONG KONG PUBLIC OFFERING
 Subject to the satisfaction of t he 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
 Application Basis of Allocation
 Approx. %
 Allotted of the
 Total No. of
 Hong Kong
 Offer Shares
 Applied For
 2,000 1,463 1,171 out of 1,463 applicants to receive
 2,000 shares
 80.04%
 4,000 210 2,000 shares plus 70 out of 210 applicants
 to receive an additional 2,000 shares
 66.67%
 6,000 169 2,000 shares plus 135 out of 169 applicants
 to receive an additional 2,000 shares
 59.96%
 8,000 55 4,000 shares plus 12 out of 55 applicants to
 receive an additional 2,000 shares
 55.45%
 10,000 95 4,000 shares plus 59 out of 95 applicants to
 receive an additional 2,000 shares
 52.42%
 12,000 30 6,000 shares 50.00%
 14,000 14 6,000 shares plu s 5 out of 14 applicants to
 receive an additional 2,000 shares
 47.96%
 16,000 10 6,000 shares plu s 7 out of 10 applicants to
 receive an additional 2,000 shares
 46.25%
 18,000 19 8,000 shares plu s 1 out of 19 applicants to
 receive an additional 2,000 shares
 45.03%
 20,000 68 8,000 shares plus 24 out of 68 applicants to
 receive an additional 2,000 shares
 43.53%
 30,000 44 10,000 shares plus 38 out of 44 applicants
 to receive an additional 2,000 shares
 39.09%
 40,000 32 14,000 shares plus 8 out of 32 applicants to
 receive an additional 2,000 shares
 36.25%
 50,000 18 16,000 shares plus 10 out of 18 applicants
 to receive an additional 2,000 shares
 34.22%
 60,000 15 18,000 shares plus 12 out of 15 applicants
 to receive an additional 2,000 shares
 32.67%
 70,000 11 22,000 shares 31.43%
 80,000 5 24,000 shares plus 1 out of 5 applicants to
 receive an additional 2,000 shares
 30.50%
 90,000 3 26,000 shares plus 1 out of 3 applicants to
 receive an additional 2,000 shares
 29.63%
 –7–
 --- page 8 ---
 No. of
 Shares
 Applied For
 No. of Valid
 Application Basis of Allocation
 Approx. %
 Allotted of the
 Total No. of
 Hong Kong
 Offer Shares
 Applied For
 100,000 19 28,000 shares plus 4 out of 19 applicants to
 receive an additional 2,000 shares
 28.42%
 120,000 12 32,000 shares plus 3 out of 12 applicants to
 receive an additional 2,000 shares
 27.08%
 140,000 5 36,000 shares 25.71%
 160,000 4 40,000 shares 25.00%
 180,000 4 44,000 shares 24.44%
 200,000 7 48,000 shares 24.00%
 300,000 4 64,000 shares 21.33%
 400,000 5 78,000 shares 19.50%
 500,000 1 94,000 shares 18.80%
 700,000 5 120,000 shares 17.14%
 1,000,000 3 156,000 shares 15.60%
 3,000,000 3 346,000 shares 11.53%
 Total: 2,333 Total number of successful applications in
 Pool A: 2,041
 No. of Valid
 Application Basis of Allocation
 Approx. %
 Allotted of the
 Total No. of
 Hong Kong
 Offer Shares
 Applied For
 2 2,400,000 shares 60.00%
 1 7,200,000 shares 60.00%
 3 Total number of successf ul applications in Pool B: 3
 As of the date of this announcement, the relevant subscription monies previously deposited
 in the designated nominee accounts have been r emitted back to the accounts of all HKSCC
 participants. Investors should contact the ir relevant brokers for any inquiries.
 –8–
 --- page 9 ---
 COMPLIANCE WITH LISTING RULES AND GUIDANCE
 The Directors confirm that, except for the L isting Rules that have been waived and/or in
 respect of which consent has been obtained, the Company has complied with the Listing
 Rules and guidance materials in relation t o the placing, allotment and listing of the
 Company’s Shares.
 The Directors confirm that, to the best of the ir knowledge, the consideration paid by the
 placees or the public (as the case may be) di rectly 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.
 ADDITIONAL INFORMATION
 Placing to connected clients with a prior c onsent under paragraph 5(1) of the Placing
 Guidelines
 The Company has applied to the Stock Exchange for, and the Stock Exchange has
 granted, a consent under paragraph 5(1) o f the Placing Guidelines to permit CITIC
 Securities International C apital Management Limited t o participate in the Global
 Offering as a placee. Details of the placem ent to connected clients are set out below.
 Connected
 distributor Connected client Relationship
 Whether the
 connected client
 will hold the
 beneficial interests
 of the Offer
 Shares on a
 non-discretionary
 basis or
 discretionary basis
 for independent
 third partis
 Number of
 O f f e rS h a r e st o
 be allocated to
 the connected
 client
 Approximate
 percentage of
 Offer Shares
 a l l o c a t e dt ot h e
 connected client
 Approximate
 percentage of
 total issued
 share capital
 after the Global
 Offering
 CLSA Limited
 (‘‘CLSA ’’)
 CITIC Securities
 International
 Capital
 Management
 Limited
 (‘‘CSI ’’)
 (Note 1)
 CSI is a member
 of the same
 group of
 CLSA
 Non-discretionary
 basis
 8,514,000 3.55% 0.89%
 –9–
 --- page 10 ---
 Note:
 1. CSI will act as the single counterparty of a back -to-back total return swap transaction (the ‘‘ CSI
 Back-to-back TRS ’ ’ )t ob ee n t e r e di n t ob yC S Ii nc o n n e c t i o nw i t hat o t a lr e t u r ns w a po r d e r( t h e‘ ‘CSI
 Client TRS ’’) placed by its ultimate client (the ‘‘ CSI Ultimate Client ’’), by which CSI will pass the full
 economic exposure of the Offer Shares placed to CS I to the CSI Ultimate Client. CSI will hold the
 beneficial interest of the Offer Shares on behalf o f the CSI Ultimate Client on a non-discretionary
 basis. The CSI Ultimate Client may exercise an ear ly termination right to early terminate the CSI
 Client TRS at any time from the trade date of the CSI Client TRS which should be on or after the date
 on which the Offer Shares are listed on the Stock Exc hange. Upon the final maturity or termination of
 the CSI Client TRS by the CSI Ultimate Client, CSI w ill dispose of the Offer Shares on the secondary
 market and the CSI Ultimate Client will receive a f inal termination amount of the CSI Back-to-back
 TRS which should have taken into account all the economic returns or economic loss in relation to
 the Offer Shares and the fixed amount of transac tion fees of the CSI Back-to-back TRS and the CSI
 Client TRS. CSI will not exercise the voting right of the Offer Shares during the terms of the CSI
 Back-to-back TRS.
 The Company has applied to the Stock Exchange for, and the Stock Exchange has
 granted, a consent under paragraph 5(1) o f the Placing Guidelines to permit the
 Company to allocate such Offer Shares in the International Offering to the connected
 client listed above. The allocation of O ffer Shares to such connected client is in
 compliance with all the conditions under the consent granted by the Stock Exchange.
 PUBLIC FLOAT
 Immediately following the completio n of the Global Offering, 240,000,000 Shares,
 representing approximatel y 25.0% of the issued share capital of the Company will be
 held in the public hands, satisfying the minimum percentage as prescribed in the waiver
 granted by the Stock Exchange from strict com pliance with the requirements under Rule
 8.08(1)(a) of the Listing Rules.
 The Directors confirm that, immediatel y following the completion of the Global
 Offering, (i) no placee will, individually, b e placed more than 10% of the enlarged issued
 share capital of the Company immediately aft er the Global Offering; (ii) there will not be
 any new substantial Shareholder immediately a fter the Global Offering; (iii) the three
 largest public Shareholders do not hold more than 50% of the Shares held in the public
 hands at the time of the Listing in compliance with Rules 8.08(3) and 8.24 of the Listing
 Rules; and (iv) there will be at least 300 Sh areholders at the time of the Listing in
 compliance with Rule 8.08(2) of the Listing Rules.
 –1 0–
 --- page 11 ---
 DISCLAIMERS
 Hong Kong Exchanges and Clearing Li mited, 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 complet eness and expressly d isclaim any liability
 whatsoever for any loss howsoever arising f rom or in reliance upon the whole or any part
 of the contents of this announcement.
 This announcement is not for relea se, publication, distribution, directly or indirectly, in or
 into the United States (including its terri tories and possessions, any state of the United
 States and the District of Columbia). This announcement does not constitute or form a
 part of any offer or solicitation to purchas e or subscribe for securities in the United
 States. The securities mentioned herein hav e not been, and will not be, registered under
 the United States Securities Act of 1933, as amended (the ‘‘ U.S. Securities Act ’’). The
 s e c u r i t i e sm a yn o tb eo f f e r e do rs o l di nt h eU nited States except pursuant to an exemption
 from the registration requirements of the U. S. Securities Act and in compliance with any
 applicable state securities laws, or outside the United States unless in compliance with
 Regulation S under the U.S. Securities Act. The re will be no public offer of securities in
 the United States.
 The Offer Shares are being offered and so ld outside the United States in offshore
 transactions in reliance on Regulat ion S under the U.S. Securities Act.
 This announcement is for information purposes only and does not constitute an invitation
 or offer to acquire, purchase or subscrib e for securities. This announcement is not a
 prospectus. Potential investors shoul d read the Prospectus dated December 31, 2024
 issued by New Gonow Recreational Vehicles In c. for detailed information about the
 Global Offering described below before deci ding whether or not to invest in the Shares
 thereby being offered.
 * Potential investors of the Offer Shares sh ould note that the Overall Coordinators (for
 themselves and on behalf of the Hong Ko ng Underwriters) shall be entitled to
 terminate their obligations under the H ong 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 — The 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 January 13, 2025).
 –1 1–
 --- page 12 ---
 COMMENCEMENT OF DEALINGS
 Share certificates will only become valid evidence of title at 8 : 00 a.m. on Monday,
 January 13, 2025 (Hong Kong time), provid ed that the Global Offering has become
 unconditional in all respects and the right of ter mination described in the section headed
 ‘‘Underwriting’’ in the Prospectus has not been exercised. Investors who trade Shares
 prior to the receipt of Share certificates or the Share certificates becoming valid evidence
 of title do so entirely at their own risk.
 Assuming that the Global Offering become s unconditional at or before 8 : 00 a.m. on
 Monday, January 13, 2025 (Hong Kong time), i t is expected that dealings in the Shares
 on the Stock Exchange will commence at 9 : 00 a.m. on Monday, January 13, 2025 (Hong
 Kong time). The Shares will be traded in board lots of 2,000 Shares each and the stock
 code of the Shares will be 0805.
 By order of the Board
 New Gonow Recreational Vehicles Inc.
 Miao Xuezhong
 Chairman and Executive Director
 Hong Kong, January 10, 2025
 As of the date of this announcement, the Board of Directors comprises: (i) Mr. Miao
 Xuezhong, Mr. Liu Tao, Ms. Liu Qin and Mr. Andrew Robert Crank as executive
 Directors; and (ii) Mr. Yu Mingyang, Ms. He Jie and Ms. Ng Weng Sin as independent
 non-executive Directors.
 –1 2–
@@ -0,0 +1,810 @@
 --- 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.
 Unless otherwise defined herein, capitalised terms used in this announcement shall have the same meanings as those
 defined in the prospectus dated May 17, 2024 (the “Prospectus ”) issued by Qunabox Group Limited (ණྠ ) (the
 “Company ”).
 This announcement is for information purposes only and does not constitute an offer or an invitation to induce an
 offer by any person to acquire, purchase or subscribe for any securities of the Company. This announcement is not a
 prospectus. Potential investors should read the Prospectus for detailed information about the Company and the Global
 Offering described below before deciding whether or not to invest in the Offer Shares.
 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) or to any person
 (as defined in Regulation S under the U.S. Securities Act of 1933, as amended from time to time, (the “U.S. Securities
 Act”)) or any other jurisdiction where such distribution is prohibited by law. This announcement does not constitute
 or form a part of any offer to sell or solicitation to purchase or subscribe for securities in the United States or in any
 other jurisdictions.
 The Offer Shares have not been, and will not be, registered under the U.S. Securities Act or any state securities law of
 the United States and may not be offered, sold, pledged or transferred within the United States, except pursuant to an
 exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act. 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. There will be no public offer of securities in the United States.
 No stabilizing manager will be appointed, and it is anticipated that no stabilization activities will be carried out in
 relation to the Global Offering.
 The Hong Kong Offer Shares will be offered to the public in Hong Kong subject to the terms and conditions set out
 in the Prospectus. The Hong Kong Offer Shares will not be offered to any person who is outside Hong Kong and/
 or not resident in Hong Kong. Potential investors of the Offer Shares should note that the Sole Overall Coordinator
 (for itself and on behalf of the Hong Kong Underwriters) shall be entitled to terminate 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,
 May 27, 2024.
 --- page 2 ---
 2
 Qunabox Group Limited
 ණྠ
 (Incorporated in the Cayman Islands with limited liability)
 GLOBAL OFFERING
 Number of Offer Shares under
 the Global Offering
 j 19,704,000 Shares
 Number of Hong Kong Offer Shares j 1,970,400 Shares
 Number of International Offer Shares j 17,733,600 Shares
 Final Offer Price j HK$25.00 per Offer Share, plus
 brokerage of 1.0%, SFC transaction
 levy of 0.0027%, Stock Exchange
 trading fee of 0.00565% and AFRC
 transaction levy of 0.00015%
 Nominal value j US$0.00001 per Share
 Stock code j 0917
 Sole Sponsor, Sole Overall Coordinator,
 Sole Global Coordinator, Joint Bookrunner and Joint Lead Manager
 Joint Bookrunners and Joint Lead Managers
 ⳪暲@:9)
 Joint Lead Managers
 --- page 3 ---
 QUNABOX GROUP LIMITED / 趣致集團
 ANNOUNCEMENT OF FINAL OFFER PRICE AND
 ALLOTMENT RESULTS
 Unless otherwise defined herein, capitalised terms used in this announcement shall have the same meanings
 as those defined in the prospectus dated 17 May 2024 (the “Prospectus”) issued by Qunabox Group (趣致集
 團) Limited (the “Company”).
 Warning:  In view of high concentration of shareholding in a small number of Shareholders,
 Shareholders and prospective investors should be aware that the price of the Shares could move
 substantially even with a small number of Shares traded and should exercise extreme caution when
 dealing in the Shares.
 SUMMARY
 Company information
 Stock code  0917
 Stock short name  QUNABOX GROUP
 Dealings commencement date  27 May 2024*
 *see note at the end of the announcement
 Price Information
 Final Offer Price  HK$25.00
 Offer Price Range HK$25.00 - HK$29.70
 Offer Price Adjustment exercised  No
 Offer Shares and Share Capital
 Number of Offer Shares  19,704,000
 Number of Offer Shares in Public Offer 1,970,400
 Number of offer shares in International Offer 17,733,600
 Number of issued shares upon Listing 262,705,446
 Proceeds
 Gross proceeds (Note)  HK$492.60 million
 Less: Estimated listing expenses payable based on Final
 Offer Price
 HK$(72.09) million
 Net proceeds  HK$420.51 million
 Note: Gross proceeds refers to the amount to which the issuer is entitled to receive. For details of the use
 of proceeds, please refer to the Prospectus dated 17 May 2024.
 ALLOTMENT RESULTS DETAILS
 PUBLIC OFFER
 --- page 4 ---
 No. of valid applications  5,765
 No. of successful applications  4,206
 Subscription level  12.05 times
 Claw-back triggered  No
 No. of Offer Shares initially available under the Public Offer  1,970,400
 Final no. of Offer Shares under the Public Offer 1,970,400
 % of final no. of Offer Shares under the Public Offer to the Global
 Offering
 10.0%
 Note: For details of the final allocation of shares to the Public Offer , investors can refer to
 www.eipo.com.hk/eIPOAllotment to perform a search by name or identification number or
 www.eipo.com.hk/eIPOAllotment for the full list of allottees.
 INTERNATIONAL OFFER
 No. of placees  243
 Subscription Level  1.11 times
 No. of Offer Shares initially available under the International Offer  17,733,600
 Final no. of Offer Shares under the International Offer 17,733,600
 % of final no. of Offer Shares under the International Offer to the
 Global Offering
 90.0%
 The Directors confirm that, to the best of their knowledge, information and belief, (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 Shares registered in his/her/its
 name or otherwise held by him/her/it.
 The placees in the International Offer include the following:
 Cornerstone Investor
 Investor
 No. of
 Offer
 Shares
 allocated
 % of Offer
 Shares
 % of total
 issued share
 capital after the
 Global Offering
 (assuming no
 exercise of any
 options granted
 under the Stock
 Incentive Plan)
 Existing
 shareholders or
 their close
 associates
 Golden Future LPF
 (金利富通有限合夥
 基金) (“Golden
 Future”) 3,127,600 15.87% 1.19% No
 Total 3,127,600 15.87% 1.19%
 --- page 5 ---
 Allottees who are customer(s) or client(s) / supplier(s) of the issuer
 Investor
 No. of
 Offer
 Shares
 allocated
 % of Offer
 Shares
 % of total
 issued share
 capital after the
 Global Offering
 (assuming no
 exercise of any
 options granted
 under the Stock
 Incentive Plan) Relationship
 Golden Future 3,127,600 15.87% 1.19%
 The limited partner
 of Golden Future is
 the beneficial
 owner of the
 customer of the
 issuer
 Total 3,127,600 15.87% 1.19%
 Allottees with waivers/consents obtained
 Investor
 No. of
 Offer
 Shares
 allocated
 % of Offer
 Shares
 % of total
 issued share
 capital after the
 Global Offering
 (assuming no
 exercise of any
 options under Stock
 Incentive Plan) Relationship
 Golden Future Note 1 3,127,600 15.87% 1.19%
 CNI Securities
 Group Limited (中國
 北方證券集團有限
 公司 ), a distributor,
 is the sole general
 partner of Golden
 Future Note 1
 Total 3,127,600 15.87% 1.19%
 Note:
 (1) The sole general partner of Golden Future is CNI Securities Group Limited (中國北方證券集團有限公司). The Company
 has applied to the Stock Exchange for, and the Stock Exchange has granted, a consent under paragraph 5(1) of the Placing
 Guidelines (as defined below) to permit the Company to allocate such Offer Shares in the International Offering to Golden
 Future. The allocation of Offer Shares to Golden Future is in compliance with all the conditions under the consent granted
 by the Stock Exchange. For details, please refer to the section headed “OTHERS / ADDITIONAL INFORMATION” below.
 LOCK-UP UNDERTAKINGS
 Controlling Shareholders
 --- page 6 ---
 Name
 Number of
 Shares held in
 the Company
 subject to
 lock-up
 undertakings
 upon Listing
 % of shareholding in the
 Company subject to lock-up
 undertakings upon Listing
 (assuming no exercise of any
 options granted under the
 Stock Incentive Plan)
 Last day subject to the lock-up
 undertakings
 Beyond Branding
 Limited
 (“Beyond
 Branding”)Note 1
 72,294,252 27.52% 26 November 2024 (First Six-
 Month Period)Note 2
   26 May 2025 (Second Six-Month
 Period)Note 3
 Q-robot Holding
 Limited (“Q-
 robot”)Note 1
 8,819,184 3.36% 26 November 2024 (First Six-
 Month Period)Note 2
   26 May 2025 (Second Six-Month
 Period)Note 3
 Kiosk Joy
 Holding Limited
 (“Kiosk Joy”)Note
 1
 8,819,184 3.36% 26 November 2024 (First Six-
 Month Period)Note 2
   26 May 2025 (Second Six-Month
 Period)Note 3
 INSIGMA
 Limited
 (“INSIGMA”)Note
 1
 4,409,592 1.68% 26 November 2024 (First Six-
 Month Period)Note 2
   26 May 2025 (Second Six-Month
 Period)Note 3
 NeoBox Holding
 Limited
 (“NeoBox”)Note 1
 4,409,592 1.68% 26 November 2024 (First Six-
 Month Period)Note 2
   26 May 2025 (Second Six-Month
 Period)Note 3
 Q-robot shop
 Limited (“Q-
 robot shop”)Note 1
 4,409,592 1.68% 26 November 2024 (First Six-
 Month Period)Note 2
   26 May 2025 (Second Six-Month
 Period)Note 3
 Subtotal 103,161,396 39.27%
 In accordance with the relevant Listing Rules/guidance materials, the required lock -up for the first six -
 month period ends on 26 November 2024 and for the second six-month period, on 26 May 2025.
 Notes:
 (1) Immediately following completion of the Global Offering (assuming no exercise of any options granted under the Stock
 Incentive Plan), (i) Ms. Yin, through Jovie Trust and its holding vehicles Jovie Holding Limited and Beyond Branding, will be
 able to exercise 27.52% of the voting rights in the Company; (ii) YIN Juelian (殷珏蓮), through Helena Trust and its holding
 vehicles Helenatest Holding Limited and Q -robot, will be able to exercise 3.36% of the voting rights in the Company; (iii)
 CAO Liwen ( 曹理文), through Liwen Trust and its holding vehicles Iwan Holding Limited and Kiosk Joy, will be able to
 exercise 3.36% of the voting rights in the Company; (iv) WU Wenhong ( 吳文洪), through his holding vehicle INSIGMA, will
 be able to exercise 1.68% of the voting rights in the Company; (v) HUANG Aihua ( 黃愛華), through his holding vehicles
 --- page 7 ---
 Name
 Number of
 Shares held in
 the Company
 subject to
 lock-up
 undertakings
 upon Listing
 % of shareholding in the
 Company subject to lock-up
 undertakings upon Listing
 (assuming no exercise of any
 options granted under the
 Stock Incentive Plan)
 Last day subject to the lock-up
 undertakings
 NeoWay Holding Limited and NeoBox, will be able to exercise 1.68% of the voting rights in the Company; and (vi) QIAN Jun
 (錢俊), through his holding vehicle Q-robot shop, will be able to exercise 1.68% of the voting rights in the Company.
 On 27 June 2023, the Concert Parties (namely Ms. Yin, YIN Juelian (殷珏蓮), CAO Liwen (曹理文), WU Wenhong (吳文洪),
 HUANG Aihua (黃愛華) and QIAN Jun ( 錢俊)) entered into an acting -in-concert agreement to confirm that they have been
 acting in concert by aligning their votes and following Ms. Yin’s directions when exercising their voting rights at the
 shareholders’ meetings in the Group since they became interested in Shanghai Quna, respectively, and they also acknowledged
 and agreed that they had and would continue to, for so long as they remain interested in the Shares, defer their voting powers
 through their respective holding vehicles and family trusts to Ms. Yin. For details, please refer to the paragraphs headed
 “History, Reorganization and Corporate Structure – Acting-in-Concert Agreement” in the Prospectus. Immediately upon
 completion of the Global Offering (assuming no exercise of any options granted under the Stock Incentive Plan), the Concert
 Parties will be entitled to exercise approximately 39.27% of the voting power at general meetings of the Company. Therefore,
 the Concert Parties together with the relevant holding vehicles (i.e. Jovie Holding Limited, Beyond Branding, Helenatest
 Holding Limited, Q-robot, Iwan Holding Limited, Kiosk Joy, INSIGMA, NeoWay Holding Limited, NeoBox and Q-robot shop),
 are considered as a group of the Controlling Shareholders upon Listing.
 (2) The Controlling Shareholder may dispose of or transfer Shares after the indicated date subject to the condition that the
 Controlling Shareholder will not cease to be a Controlling Shareholder.
 (3) The Controlling Shareholder will cease to be prohibited from disposing of or transferring Shares after the indicated date.
 Pre-IPO Investors
 Name
 Number of Shares held
 in the Company subject
 to lock-up
 undertakings upon
 Listing
 % of shareholding in the
 Company subject to
 lock-up undertakings
 upon Listing (assuming
 no exercise of any
 options granted under
 the Stock Incentive
 Plan)
 Last day subject to the
 lock-up undertakings
 Banyan Pacific
 Technology Investment
 Limited (“Banyan
 Pacific”)Note 4
 22,610,668 8.61% 22 November 2024Note 1
 Shanghai Junna
 Enterprise Management
 Partnership (Limited
 Partnership) / 上海君拿
 企業管理合夥企業(有
 限合夥)
 21,999,948 8.37% 22 November 2024Note 1
 Shanghai Yuanyuqu
 Enterprise Management,
 L.P. / 上海源與趣企業
 管理合夥企業(有限合
 夥) (“Shanghai
 Yuanyuqu”)Note 2
 21,301,836 8.11% 22 November 2024Note 1
 --- page 8 ---
 Name
 Number of Shares held
 in the Company subject
 to lock-up
 undertakings upon
 Listing
 % of shareholding in the
 Company subject to
 lock-up undertakings
 upon Listing (assuming
 no exercise of any
 options granted under
 the Stock Incentive
 Plan)
 Last day subject to the
 lock-up undertakings
 Xiamen C&D Emerging
 Industry Equity
 Investment No. 1
 Partnership (Limited
 Partnership) / 廈門建發
 新興產業股權投資壹號
 合夥企業(有限合夥)
 18,000,036 6.85% 22 November 2024Note 1
 Shanghai Hongjiuqu
 Enterprise Management
 Partnership (Limited
 Partnership) / 上海弘玖
 趣企業管理合夥企業
 (有限合夥)
 8,470,588 3.22% 22 November 2024Note 1
 LAU, Siu Ying / 劉小鷹 7,805,712 2.97% 22 November 2024Note 1
 BPC Alpha Limited
 (“BPC”)Note 4
 7,688,450 2.93% 22 November 2024Note 1
 Shanghai Yuanqu
 Enterprise Management,
 L.P. / 上海源趣叁期企
 業管理合夥企業(有限
 合夥) (Ferry Phase
 III)Note 2
 6,999,954 2.66% 22 November 2024Note 1
 Ai Liang Shan Holdings
 Limited
 6,166,528 2.35% 22 November 2024Note 1
 Shanghai Yuanjizhi
 Enterprise Management,
 L.P. / 上海源及致企業
 管理合夥企業(有限合
 夥) (“Shanghai
 Yuanjizhi”)Note 2
 4,000,020 1.52% 22 November 2024Note 1
 Shanghai Yingmaisheng
 Enterprise Management
 Partnership (Limited
 Partnership) / 上海鷹脈
 升企業管理合夥企業
 (有限合夥) (“Shanghai
 Yingmaisheng”)Note 3
 3,386,663 1.29% 22 November 2024Note 1
 QFUN Tech Group LTD 2,864,472 1.09% 22 November 2024Note 1
 QFUN Holding Limited 2,599,941 0.99% 22 November 2024Note 1
 Sinoace Holdings
 Limited
 2,545,307 0.97% 22 November 2024Note 1
 Yuanzhan Equity
 Investment Management
 1,399,968 0.53% 22 November 2024Note 1
 --- page 9 ---
 Name
 Number of Shares held
 in the Company subject
 to lock-up
 undertakings upon
 Listing
 % of shareholding in the
 Company subject to
 lock-up undertakings
 upon Listing (assuming
 no exercise of any
 options granted under
 the Stock Incentive
 Plan)
 Last day subject to the
 lock-up undertakings
 (Shanghai) Co., Ltd. / 遠
 瞻股權投資管理(上海)
 有限公司
 Shanghai Eaglespeed
 Enterprise Management
 Partnership (Limited
 Partnership) / 上海鷹之
 速企業管理合夥企業
 (有限合夥) (“Shanghai
 Eaglespeed”)Note 3
 799,983 0.30% 22 November 2024Note 1
 Shanghai Xiangyiqu
 Business Management
 Partnership (Limited
 Partnership) / 上海湘宜
 趣企業管理合夥企業
 (有限合夥) (“Shanghai
 Xiangyiqu”)Note 3
 599,988 0.23% 22 November 2024Note 1
 Beyond Marketing
 Holding Limited
 599,988 0.23% 22 November 2024Note 1
 Subtotal 139,840,050 53.23%
 Note:
 (1)The expiry date of the lock-up period shown in the table above is pursuant to the shareholders’ agreement entered into among
 the Company and the Shareholders on 29 June 2023 and the shareholders’ resolutions of the Company dated 5 May 2024,
 under which each Pre-IPO Investor will not sell or otherwise transfer or dispose of any Shares (other than those permitted
 to be included in the Global Offering and other transfers to affiliates permitted by law) without prior wri tten consent of the
 Company and the Underwriters, for a period of time specified by the Underwriters of 180 days from the Listing Date.
 (2) Shanghai Yuanjizhi is a limited partnership established in the PRC on 1 November 2021 and it is owned as to approximately
 0.1% by Wuxi Ferry Phase II Investment Co., Ltd. ( 無錫源渡二期投資有限公司 ) as its general partner and as to
 approximately 99.9% by Ferry Phase II. Wuxi Ferry Phase II Investment Co., Ltd. (無錫源渡二期投資有限公司) is owned
 as to 86.5% by Shanghai Chuiying Enterprise Management Partnership ( 上海垂穎企業管理合夥企業 (有限合夥 ))
 (“Shanghai Chuiying”), which is in turn owned as to 35.0%, 33.0% and 32.0%, respectively, by ZHAN G Yuying (張裕英),
 WANG Xuefeng ( 王學峰) and HUANG Qinghua ( 黃清華), each an Independent Third Party. Pursuant to a voting proxy
 agreement dated 1 January 2021 entered into by WANG Xuefeng with ZHANG Yuying and HUANG Qinghua, respectively,
 each of ZHANG Yuying and HUANG Qinghua entrusted their respective voting power in Shanghai Chuiying to WANG
 Xuefeng. As such, WANG Xuefeng controls 100% voting power in Shanghai Chuiying. The general partner of Ferry Phase II
 is Wuxi Ferry Phase II Investment Co., Ltd. ( 無錫源渡二期投資有限公司), and Ferry Phase II has seven limited partners,
 each with less than one-third partnership interest in Ferry Phase II. Lighthouse is one of the limited partners of Ferry Phase
 II. Shanghai Yuanyuqu is a limited partnership established in the PRC on 1 November 2021 and it is owned as to
 approximately 0.09% by Wuxi Ferry Venture Capital Investment Management Limited ( 無錫源渡股權投資管理有限公司)
 (“Wuxi Ferry”) as its general partner and as to 99.91% by Ferry Phase I as its limited partner. Wuxi Ferry is owned as to
 44.17% by Ferry Equity Investment Management (Shanghai) Co., Ltd. (源渡股權投資管理(上海)有限公司) as the single
 largest shareholder. Ferry Equity Investment Management (Shanghai) Co., Ltd. ( 源渡股權投資管理(上海)有限公司) is in
 turn owned as to 35.0%, 33.0% and 32.0%, respectively, by DAI Yanjuan ( 戴燕娟), WANG Xuefeng (王學峰) and HUANG
 Qinghua (黃清華). Pursuant to a voting proxy agreement dated 1 January 2021 entered into by WANG Xuefeng with DAI
 Yanjuan and HUANG Qinghua, respectively, each of DAI Yanjuan and HUANG Qinghua entrusted their respective voting
 --- page 10 ---
 Name
 Number of Shares held
 in the Company subject
 to lock-up
 undertakings upon
 Listing
 % of shareholding in the
 Company subject to
 lock-up undertakings
 upon Listing (assuming
 no exercise of any
 options granted under
 the Stock Incentive
 Plan)
 Last day subject to the
 lock-up undertakings
 power in Ferry Equity Investment Management (Shanghai) Co., Ltd. ( 源渡股權投資管理 (上海)有限公司 ) to WANG
 Xuefeng. As such, WANG Xuefeng controls 100% voting power in Ferry Equity Investment Management (Shanghai) Co., Ltd.
 (源渡股權投資管理(上海)有限公司). The general partner of Ferry Phase I is Wuxi Ferry and Ferry Phase I has five limited
 partners, including Mr. JIN Yong (金勇) being the largest limited partner with 39.60% partnership interest and the remaining
 four limited partners each holding less than one-third partnership interest. Ferry Phase III is a limited partnership established
 in the PRC on 25 October 2021 and it is owned as to approximately 0.03% by Wuxi Ferry Weilun Enterprise Management
 Partnership (Limited Partnership) (無錫源渡偉倫企業管理合夥企業(有限合夥)) (“Ferry Weilun”) as its general partner
 and as to approximately 99.97% by Suzhou Ferry as its limited partner. Ferry Weilun is owned as to 7.01% by Wuxi Ferry
 Growth Enterprise Management Co., Ltd. (無錫源渡成長企業管理有限公司) (“Ferry Growth”) as its general partner and
 92.98% by Shanghai Chuiying. Ferry Growth is wholly owned by Ferry Equity Investment Management (Shanghai) Co., Ltd.
 (源渡股權投資管理(上海)有限公司), which is in turn owned as to 35.0%, 33.0% and 32.0%, respectively, by DAI Yanjuan
 (戴燕娟), WANG Xuefeng (王學峰) and HUANG Qinghua (黃清華). Shanghai Chuiying is owned as to 35.0%, 33.0% and
 32.0%, respectively, by ZHANG Yuying ( 張裕英), WANG Xuefeng ( 王學峰) and HUANG Qinghua ( 黃清華), each an
 Independent Third Party. The general partner of Suzhou Ferry is Ferry Weilun and Suzhou Ferry has 12 limited partners,
 including an affiliate of Xiamen C&D and Mr. ZHANG Fan ( 張帆). None of the 12 limited partners of Suzhou Ferry held
 more than 30% limited partnership interests in Suzhou Ferry.
 (3) Shanghai Eaglespeed is a limited partnership established in the PRC on 20 October 2021 and as of the Latest Practicable
 Date, it is owned as to 0.2494% by Beijing Eagles Fund Management Co., Ltd. (北京老鷹投資基金管理有限公司) (“Beijing
 Eagles”), a company owned as to 70.0% by Shanghai Eagles Investment Management Co., Ltd. (上海長鷹投資管理有限公
 司) which is wholly owned by Mr. ZHAO Keming ( 趙克明 ), as its general partner. Shanghai Xiangyiqu is a limited
 partnership established in the PRC on 27 October 2021 and as of the Latest Pr acticable Date, it was owned as to 0.3322%
 by Beijing Eagles as its general partner. Shanghai Yingmaisheng is a limited partnership established in the PRC on 20
 October 2021 and as of the Latest Practicable Date, it was owned as to 0.0238% by Shanghai Eagles Investment Management
 Co., Ltd. ( 上海長鷹投資管理有限公司) and as to 99.9762% by Nanjing Eagles Innovation Investment Center (Limited
 Partnership) (南京老鷹創新投資中心 (有限合夥)). Shanghai Eagles Investment Management Co., Ltd. ( 上海長鷹投資管
 理有限公司) is wholly owned by Mr. ZHAO Keming (趙克明).
 (4) Banyan Pacific is a limited liability company incorporated in the BVI and is wholly owned by Mr. Yeung Man. BPC is a limited
 liability company incorporated in the BVI and is owned as to 95.0% by Mr. Yeung Man.
 Cornerstone Investor
 Name
 Number of Shares held
 in the Company subject
 to lock-up
 undertakings upon
 Listing
 % of shareholding in the
 Company subject to
 lock-up undertakings
 upon Listing (assuming
 no exercise of any
 options granted under
 the Stock Incentive
 Plan)
 Last day subject to the
 lock-up undertakings
 Golden FutureNote 1 3,127,600 1.19% 26 November 2024
 Subtotal 3,127,600 1.19%
 In accordance with the relevant Listing Rules/guidance materials, the required lock-up ends on 26 November 2024.
 Note: The Cornerstone Investor will cease to be prohibited from disposing of or transferring Shares after the indicated date.
 --- page 11 ---
 PLACEE CONCENTRATION ANALYSIS
 Placees Number of 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 3,127,600 17.64% 15.87% 3,127,600 1.19%
 Top 5  8,060,200 45.45% 40.91% 8,060,200 3.07%
 Top 10  11,733,800 66.17% 59.55% 11,733,800 4.47%
 Top 25  15,855,000 89.41% 80.47% 15,855,000 6.04%
 Notes
 * Ranking of placees is based on the number of Shares allotted to the placees.
 --- page 12 ---
 SHAREHOLDER CONCENTRATION ANALYSIS
 Shareholders*
 Number of Shares
 allotted
 Allotment as % of
 International Offering
 Allotment as % of total
 Offer Shares
 Number of Shares held
 upon Listing
 % of total issued
 Shares capital upon
 Listing
 Top 1  0 0.00% 0.00% 103,161,396 39.27%
 Top 5  0 0.00% 0.00% 205,762,308 78.32%
 Top 10  3,127,600 17.64% 15.87% 236,119,370 89.88%
 Top 25  12,232,600 68.98% 62.08% 255,234,046 97.16%
 Notes
 * Ranking of Shareholders is based on the number of Shares (of all classes) held by the Shareholder upon Listing.
 BASIS OF ALLOCATION UNDER THE HONG KONG PUBLIC OFFERING
 Subject to the satisfaction of the conditions set out in the Prospectus, 5,765 valid applications made
 by the public will be conditionally allocated on the basis set out below:
   APPROXIMATE
   PERCENTAGE
 ALLOTTED
 NO. OF
 SHARES NO. OF VALID  OF THE TOTAL NO.
 OF
 APPLIED
 FOR APPLICATIONS BASIS OF ALLOTMENT / BALLOT SHARES APPLIED
 FOR
  POOL A
 200 2,636 1,582 out of 2,636 to receive 200 Shares 60.02%
 400 357 245 out of 357 to receive 200 Shares 34.31%
 600 164 118 out of 164 to receive 200 Shares 23.98%
 800 147 106 out of 147 to receive 200 Shares 18.03%
 1,000 257 193 out of 257 to receive 200 Shares 15.02%
 1,200 76 59 out of 76 to receive 200 Shares 12.94%
 1,400 29 23 out of 29 to receive 200 Shares 11.33%
 1,600 877 702 out of 877 to receive 200 Shares 10.01%
 --- page 13 ---
 1,800 19 16 out of 19 to receive 200 Shares 9.36%
 2,000 204 184 out of 204 to receive 200 Shares 9.02%
 3,000 338 321 out of 338 to receive 200 Shares 6.33%
 4,000 88 84 out of 88 to receive 200 Shares 4.77%
 5,000 42 200 Shares 4.00%
 6,000 76 200 Shares plus 14 out of 76 to receive
 additional 200 Shares 3.95%
 7,000 43 200 Shares plus 16 out of 43 to receive
 additional 200 Shares 3.92%
 8,000 35 200 Shares plus 19 out of 35 to receive
 additional 200 Shares 3.86%
 9,000 19 200 Shares plus 13 out of 19 to receive
 additional 200 Shares 3.74%
 10,000 85 200 Shares plus 73 out of 85 to receive
 additional 200 Shares 3.72%
 12,000 29 400 Shares 3.33%
 14,000 16 400 Shares plus 5 out of 16 to receive
 additional 200 Shares 3.30%
 16,000 27 400 Shares plus 17 out of 27 to receive
 additional 200 Shares 3.29%
 18,000 20 400 Shares plus 18 out of 20 to receive
 additional 200 Shares 3.22%
 20,000 55 600 Shares 3.00%
 30,000 27 800 Shares 2.67%
 40,000 17 1,000 Shares 2.50%
 50,000 5 1,200 Shares 2.40%
 60,000 7 1,400 Shares 2.33%
 70,000 2 1,600 Shares 2.29%
 80,000 5 1,800 Shares 2.25%
 90,000 1 2,000 Shares 2.22%
 100,000 1 2,200 Shares 2.20%
 140,000 2 3,000 Shares 2.14%
 160,000 5 3,400 Shares 2.13%
 --- page 14 ---
 5,711 Total number of Pool A successful
 applicants: 4,152
  POOL B
 180,000 42 17,000 Shares 9.44%
 200,000 8 18,200 Shares 9.10%
 300,000 3 27,000 Shares 9.00%
 500,000 1 44,600 Shares 8.92%
 54 Total number of Pool B successful
 applicants: 54
 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 with a prior consent under paragraph 5(1) of the Appendix F1 to the Listing Rules (" Placing
 Guidelines")
 As part of the International Offering, the Company has entered into a cornerstone investment agreement
 with Golden Future, pursuant to which Golden Future has agreed to, subject to certain conditions,
 subscribe, or cause its designated entities to subscribe, at the Offer Price for such number of Offer Shares
 (rounded down to the nearest whole board lot of 200 Shares) as may be purchased for an aggregate amount
 of US$10.0 million (equivalent to approximately HK$78.2 million, calculated based on the currency
 translation of US$1.00 to HK$7.81909) (the “ Cornerstone Placing”). Under the International Offering,
 Golden Future has been placed with 3,127,600 Offer Shares at the Offer Price, representing approximately
 15.87% of the total number of Offer Shares initially available under the Global Offering and approximately
 1.19% of the total issued Shares of the Company upon completion of the Global Offering (assuming no
 exercise of any options under the Stock Incentive Plan).
 Golden Future is a limited partnership fund registered in Hong Kong on 10 November 2023 under the
 Limited Partnership Fund Ordinance (Chapter 637 of the Laws of Hong Kong) and is principally engaged
 in equity investment. The sole general partner of Golden Future is CNI Securities Group Limited.
 --- page 15 ---
 As part of the placing under the international tranche of the Global Offering, CNI Securities Group Limited
 acts as a distributor. Due to (i) CNI Securities Group Limited, which is held as to 98.75% by Ms. BAO
 Quan (包全), is the sole general partner of Golden Future, and its capacity as a distributor in the Global
 Offering, and (ii) the sole investment manager and fund administrator of Golden Future is CNI Global
 Assets Management Limited ( 中國北方環球資產管理有限公司), which is licensed to conduct Type 9
 (asset management) of the regulated activities as defined under the SFO, and is wholly owned by Ms. BAO
 Quan (包全), allocation of the relevant Offer Shares under the Cornerstone Placing technically constitutes
 an allocation to a connected client of a distributor.
 The Company has applied to the Stock Exchange for, and the Stock Exchange has granted, a consent under
 paragraph 5(1) of the Placing Guidelines to permit the Company to allocate such Offer Shares in the
 International Offering to Golden Future. The allocation of Offer Shares to Golden Future is in compliance
 with all the conditions under the consent granted by the Stock Exchange.
 DISCLAIMERS
 Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited (the “ Stock
 Exchange”) and Hong Kong Securities Clearing Company Limited (“ HKSCC”) take no responsibility
 for the contents of this announcement, make no representation as to its accuracy or completeness and
 expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the
 whole or any part of the contents of this announcement.
 This announcement is not for release, publication, distribution, directly or indirectly, in or into the United
 States (including its territories and possessions, any state of the United States and the District of
 Columbia). This announcement does not constitute or form a part of any offer or solicitation to purchase
 or subscribe for securities in the United States. The securities mentioned herein have not been, and will
 not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”).
 The securities may not be offered or sold in the United States except pursuant to an exemption from the
 registration requirements of the U.S. Securities Act and in compliance with any applicable state securities
 laws, or outside the Unit ed 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 17 May 2024 issued by Qunabox Group Limited (趣致集團) 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 Sole Overall Coordinator (for itself 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 – Grounds for Termination” in the Prospectus at any time prior to 8:00 a.m. (Hong Kong time)
 on the Listing Date (which is currently expected to be on 27 May 2024).
 --- page 16 ---
 PUBLIC FLOAT
 Immediately following the completion of the Global Offering, an aggregate of 96,943,122 Shares
 or approximately 36.90% of the issued share capital of the Company (assuming no exercise of
 any options granted under the Stock Incentive Plan) will be held in the public hands. Therefore,
 the number of Shares in the public hands represents no less than 25% of the total issued share
 capital of the Company, satisfying the minimum percentage requirement in compliance with Rule
 8.08(1) of the Listing Rules. The Directors also confirm that (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 do not hold more than 50% of the
 Shares held in the public hands at the time of the Listing in compliance with Rules 8.08(3) and 8.24
 of the Listing Rules; and (iv) there will be at least 300 Shareholders at the time of the Listing in
 compliance with Rule 8.08(2) of the Listing Rules.
 COMMENCEMENT OF DEALINGS
 Share certificates will only become valid evidence of title at 8:00 a.m. on Monday, May 27, 2024
 (Hong Kong time), provided that the Global Offering has become unconditional and the right
 of termination described in the section headed “Underwriting ” in the Prospectus has not been
 exercised. Investors who trade the Shares on the basis of publicly available allocation details prior
 to the receipt of Share certificates or prior to the Share certificates becoming valid evidence of title
 do so entirely at their own risk.
 Assuming that the Hong Kong Public Offering becomes unconditional at or before 8:00 a.m. in
 Hong Kong on Monday, May 27, 2024, it is expected that dealings in the Shares on the Stock
 Exchange will commence at 9:00 a.m. on Monday, May 27, 2024 (Hong Kong time).
 The Shares will be traded in board lots of 200 Shares each, and the stock code of the Shares will
 be 0917.
 By Order of the Board
 Qunabox Group Limited
 (ණྠ )
 Ms. YIN Juehui
 Chairwoman and Executive Director
 Hong Kong, May 24, 2024
 As of the date of this announcement, the board of directors of the Company comprises (i) Ms. YIN
 Juehui, Mr. CAO Liwen and Mr. HUANG Aihua as executive directors; (ii) Mr. DAI Jianchun and
 Mr. CHEN Rui as non-executive directors; and (iii) Dr. CHE Lufeng, Mr. ZHU Lin and Dr. YANG
 Bo as proposed independent non-executive directors.
@@ -0,0 +1,645 @@
 --- 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.
 Unless otherwise defined herein, capitalized terms used in this announcement shall have the same meanings as those
 defined in the prospectus dated Thursday, December 12, 2024 (the “Prospectus ”) of Xiaocaiyuan International
 Holding Ltd. (the “Company ”).
 This announcement is for information purposes only and does not constitute an offer or an invitation to induce an offer
 by any person to acquire, purchase or subscribe for any of the securities of the Company. This announcement is not a
 prospectus. Potential investors should read the Prospectus for detailed information about the Global Offering described
 below before deciding whether or not to invest in the Offer Shares. Any investment decision in relation to the Offer
 Shares should be taken solely in reliance on the information provided in the Prospectus.
 This announcement does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale
 of Offer Shares in any jurisdiction in which such offer, solicitation or sales would be unlawful. This announcement is
 not for release, publication or distribution, directly or indirectly, in or into the United States or any other jurisdiction
 where such distribution is prohibited by law, nor is this announcement an offer for sale or solicitation to purchase or
 subscribe for securities in the United States or any other jurisdictions. The Offer Shares have not been, and will not
 be, registered under the United States Securities Act of 1933, as amended from time to time (the “U.S. Securities
 Act”), or any applicable state securities laws, and 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
 (the “Regulation S ”)) except in transactions exempt from, or not subject to, the registration requirements of the
 U.S. Securities Act. The Offer Shares are being offered and sold outside the United States in offshore transactions in
 accordance with Regulation S. There will be no public offering of the Offer Shares in the United States.
 In connection with the Global Offering, UBS AG Hong Kong Branch, as the stabilizing manager (the “Stabilizing
 Manager ”) (or any person acting for it), on behalf of the Underwriters, may, to the extent permitted by applicable laws
 of Hong Kong or elsewhere, effect transactions with a view to stabilizing or maintaining the market price of the Shares
 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 any person acting for it) to conduct any such stabilizing action, which, if
 taken, (a) will be conducted at the sole and absolute discretion of the Stabilizing Manager (or any person acting for it)
 and in what the Stabilizing Manager reasonably regards as the best interest of the Company, (b) may be discontinued
 at any time, and (c) is required to be brought to an end within 30 days after the last day for lodging applications under
 the Hong Kong Public Offering. Such stabilization 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 Shares for longer
 than the stabilization period which begins on the Listing Date, and is expected to expire on Thursday, January 16,
 2025, the 30th day after the last day for the lodging of applications under the Hong Kong Public Offering. After this
 date, when no further stabilizing action may be taken, demand for the Shares, and therefore the price of the Shares,
 could fall.
 The Hong Kong Offer Shares will be offered to the public in Hong Kong subject to the terms and conditions set out
 in the Prospectus. The Hong Kong Offer Shares will not be offered to any person who is outside Hong Kong and/
 or not resident in Hong Kong. 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.
 --- page 2 ---
 2
 XIAOCAIYUAN INTERNATIONAL HOLDING LTD.
 ʮ̡
 (Incorporated in the Cayman Islands with limited liability)
 GLOBAL OFFERING
 Number of Offer Shares under
 the Global Offering
 : 101,180,800 Offer Shares
 Number of Hong Kong Offer Shares : 10,118,400 Offer Shares
 Number of International Offer Shares : 91,062,400 Offer Shares
 Final Offer Price : HK$8.50 per Offer 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 : US$0.00001 per Share
 Stock code : 0999
 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 Bookrunners and Joint Lead Managers
 Joint Lead Managers
 --- page 3 ---
 XIAOCAIYUAN INTERNATIONAL HOLDING LTD. / 小菜園國際控股有限公司
 ANNOUNCEMENT OF ALLOTMENT RESULTS
 Unless otherwise defined herein, capitalised terms used in this announcement shall have the same meanings as those
 defined in the prospectus dated December 12, 2024 (the “Prospectus”) issued by Xiaocaiyuan International Holding
 Ltd. (the “Company”).
 Warning: In view of high concentration of shareholding in a small number of Shareholders, Shareholders
 and prospective investors should be aware that the price of the Shares could move substantially even with a
 small number of Shares traded and should exercise extreme caution when dealing in the Shares.
 SUMMARY
 Company information
 Stock code 0999
 Stock short name XIAOCAIYUAN
 Dealings commencement date December 20, 2024*
 *see note at the end of the announcement
 Price Information
 Final Offer Price HK$8.50
 Offer Price Adjustment exercised No
 Offer Shares and Share Capital
 Number of Offer Shares 101,180,800
 Number of Offer Shares in Hong Kong Public Offering 10,118,400
 Number of Offer Shares in International Offer 91,062,400
 Number of issued Shares upon Listing 1,176,518,800
 Over-allocation
 No. of Offer Shares over-allocated 0
 The Overall Coordinators confirmed that there has been no over -allocation of the Offer Shares in the International
 Offering. Therefore, it is expected that the Over -Allotment Option will not be exercised  and the Stock Borrowing
 Agreement will not be entered into for the purpose of covering over-allocations in the International Offering.
 Proceeds
 Gross proceeds Note 1 HK$ 860.0 million
 Less: Estimated listing expenses payable based on Final
 Offer Price Note 2
 HK$ (65.3) million
 Net proceeds HK$794.8 million
 --- page 4 ---
 Notes:
 1. 1. Gross proceeds refers to the amount to which the issuer is entitled receive. For details of the use of proceeds,
 please refer to the section headed “Future Plans and Use of Proceeds” of the Prospectus.
 2. 2. Assuming no incentive fee is paid.
 ALLOTMENT RESULTS DETAILS
 HONG KONG PUBLIC OFFERING
 No. of valid applications 2,488
 No. of successful applications 2,488
 Subscription level 1.44 times
 Claw-back triggered No
 No. of Offer Shares initially available under the Hong Kong Public
 Offering
 10,118,400
 Final no. of Offer Shares under the Hong Kong Public Offering 10,118,400
 % of Offer Shares under the Hong Kong Public Offering to the
 Global Offering
 10%
 Note: For details of the final allocation of Shares to the Hong Kong Public Offering, investors can refer to
 https://www.hkeipo.hk/iporesult to perform a search by name or identification number or
 https://www.hkeipo.hk/iporesult for the full list of allottees.
 INTERNATIONAL OFFER
 No. of placees 131
 Subscription Level 1.29 times
 No. of Offer Shares initially available under the International Offer 91,062,400
 Final no. of Offer Shares under the International Offer 91,062,400
 % of Offer Shares under the International Offer to the Global
 Offering
 90%
 The Directors confirm that, to the best of their knowledge, information and belief, (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 Shares registered in his/her/its name or otherwise held by
 him/her/it.
 --- page 5 ---
 The placees in the International Offer include the following:
 Allottees with waivers/consents obtained
 Investor
 No. of
 shares
 allocated
 % of offer
 shares
 % of total issued
 share capital after
 the Global
 Offering  Relationship
 Allotees with consent under paragraph 5(1) of the Placing Guidelines and Chapter 4.15 of the
 Guide for New Listing Applicants in relation to allocations to connected client Note 1
 Huatai Capital
 Investment Limited 6,064,800 6.0% 0.5% Connected Client
 Total 6,064,800 6.0% 0.5%
 Note:
 1. For details of the consent under paragraph 5(1) of the Placing Guidelines and Chapter 4.15 of the Guide for
 New Listing Applicants in relation to allocations to connected client, please refer to the section headed “Other
 Information – Placing to connected client with a prior consent under paragraph 5(1) of the Placing Guidelines”
 in this announcement.
 LOCK-UP UNDERTAKINGS
 Controlling Shareholders
 Name
 Number of shares held
 in the Company subject
 to lock-up
 undertakings upon
 Listing
 % of shareholding in
 the Company subject to
 lock-up undertakings
 upon Listing
 Last day subject to the lock-up
 undertakings
 XCY Yongqing Limited
 Note 1 and Note 2 429,714,000 36.52% 20 June 2025
 (First Six-Month Period) Note 3
   20 December 2025
 (Second Six-Month Period) Note 4
   20 June 2026 Note 5
 XCY Xuyuan Limited
 Note 1 275,429,000 23.41% 20 June 2025
 (First Six-Month Period) Note 3
   20 December 2025
 (Second Six-Month Period) Note 4
   20 June 2026 Note 5
 XCY Zhiyuan Limited
 Note 1 69,714,000 5.93% 20 June 2025
 (First Six-Month Period) Note 3
   20 December 2025
 (Second Six-Month Period) Note 4
   20 June 2026 Note 5
 --- page 6 ---
 Name
 Number of shares held
 in the Company 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
 XCY Huiming Limited
 Note 1 56,000,000 4.76% 20 June 2025
 (First Six-Month Period) Note 3
   20 December 2025
 (Second Six-Month Period) Note 4
   20 June 2026 Note 5
 XCY Weiyuan Limited
 Note 1 26,857,000 2.28% 20 June 2025
 (First Six-Month Period) Note 3
   20 December 2025
 (Second Six-Month Period) Note 4
   20 June 2026 Note 5
 XCY Liyuan Limited
 Note 1
 20,571,000
 1.75% 20 June 2025
 (First Six-Month Period) Note 3
   20 December 2025
 (Second Six-Month Period) Note 4
   20 June 2026 Note 5
 XCY Future Limited
 Note 1 121,715,000 10.35% 20 June 2025
 (First Six-Month Period) Note 3
   20 December 2025
 (Second Six-Month Period) Note 4
   20 June 2026 Note 5
 Subtotal 1,000,000,000 85.00%
 Notes:
 1. Mr. Wang is the sole director of each of the BVI Entities and therefore entitled to control the voting power of
 each of the BVI Entities. In light of the above, Mr. Wang is deemed to be interested in 85.00% of the Shares of
 the Company upon Listing, including the equity interest held by XCY Yongqing Limited, XCY Xuyuan Limited,
 XCY Zhiyuan Limited, XCY Huiming Limited, XCY Weiyuan Limited, XCY Liyuan Limited and XCY Future
 Limited.
 2. Mr. Wang, Mr. Li Daoqing, Mr. Tian Chunyong, Mr. Zhou Bin, Mr. Tao Xu’an, Mr. Ye Hongli, Mr. Fang
 Zhiguo, Ms. Wang Weifang and Mr. Chen Haiyan held 29.26%, 9.84%, 9.84%, 9.84%, 9.84%, 8.51%, 8.51%,
 7.18% and 7.18% of the equity interests in XCY Yongqing Li mited. Since the incorporation of the Company in
 2021, Mr. Wang and the Other Individual Shareholders have been acting in concert by aligning their votes of
 XCY Yongqing Limited. On October 10, 2023, Mr. Wang entered into the Acting in Concert Agreement with the
 Other Individual Shareholders, pursuant to which they confirmed that they have been acting in concert since
 the incorporation of Company in 2021 and will continue to act in concert by aligning their votes of XCY
 Yongqing Limited, and that the Other Individual Shareholders will follow Mr. Wang’s decisions in relation to
 the exercise of the voting rights by XCY Yongqing Limited. In light of above, each of the Other Individual
 Shareholders also constitutes a Controlling Shareholder of the Company upon c ompletion of the Global
 Offering.
 3. In accordance with the relevant Listing Rule/guidance materials , the required lock-up for the First Six -Month
 Period ends on 20 June 2025.
 4.  In accordance with the relevant Listing Rule/guidance materials, the required lock-up for the Second Six-Month
 Period ends on 20 December 2025.
 --- page 7 ---
 Name
 Number of shares held
 in the Company 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
 5. Each of the shareholders of the BVI entities (excluding Ms. Wang Yuan and Mr. Wang Fuxiang) agrees that (a)
 during the period of 18 months from the Listing Date, he/she shall not dispose of any of the Shares he/she held,
 directly or indirectly, in the Company; (b)  upon the expiration of the 18 months period after the Listing Date,
 the shareholders of the BVI entities, in total, shall decrease their shareholding in the Company at the time of
 Listing to the extent no more than 45%, subject to the condition that durin g the period of 18 months to 30
 months, 30 months to 42 months, 42 months to 54 months, 54 months to 66 months from the Listing Date and
 upon the expiration of the 66 months period after the Listing Date, they shall decrease their shareholdings in
 the Comp any at the time of Listing to the extent no more than 27%, 4.5%, 4.5%, 4.5% and 4.5% at each
 respective period. Furthermore, each of Mr. Wang Fuxiang and Ms. Wang Yuan agrees not to dispose of any of
 the Shares he/she held, directly or indirectly, in the C ompany within 12 months after the  Listing Date. For
 details of the voluntary lock-up, please refer to the section headed “ History, Reorganization and Corporate
 Structure - Voluntary Lock-Up of the Shareholders” of the Prospectus.
 Pre-IPO Investor
 Name
 Number of shares held
 in the Company 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
 Harvest Delicacy
 Infinite Corporation
 75,338,000 6.40% 20 June 2025Note 1
   20 December 2025Note 1
 Subtotal 75,338,000 6.40%
 Notes:
 1. Harvest Delicacy agrees that (a) during the period of six months from the Listing Date, it shall not dispose of
 any of Shares it held in the Company; and (b) during the period from the expiration of six months after the
 Listing Date and ending on the 12th months after the Listing Date, it shall decrease its shareholding in the
 Company to the extent no more than 4% of the total issued share capital of the Company at the time of Listing.
 For details of the voluntary lock -up of Harvest Delicacy , please refer to the section headed “History,
 Reorganization and Corporate Structure - Voluntary Lock-Up of the Shareholders” of the Prospectus.
 --- page 8 ---
 PLACEE CONCENTRATION ANALYSIS
 Placees* Number of 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 6,395,200 7.02% 6.32% 6,395,200 0.54%
 Top 5 31,603,200 34.71% 31.23% 31,603,200 2.69%
 Top 10 60,544,800 66.49% 59.84% 60,544,800 5.15%
 Top 25 89,247,200 98.01% 88.21% 89,247,200 7.59%
 Notes
 * Ranking of placees is based on the number of Offer Shares allotted to the placees.
 SHAREHOLDER CONCENTRATION ANALYSIS
 Shareholders*
 Number of Offer Shares
 allotted
 Allotment as % of Hong Kong
 Public Offering
 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 0 0.00% 0.00% 0.00% 1,000,000,000 85.00%
 Top 5 19,036,800 0.00% 20.91% 18.81% 1,094,374,800 93.02%
 Top 10 49,487,200 0.00% 54.34% 48.91% 1,124,825,200 95.61%
 Top 25 92,156,800 45.15% 96.18% 91.08% 1,167,494,800
 99.23%
 Notes
 * Ranking of Shareholders is based on the number of Shares (of all classes) held by the Shareholder upon Listing.
 # Exclusive of 4,568,800 Shares allotted to certain of the top 25 Shareholders under the Hong Kong Public Offering.
 --- page 9 ---
 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
 800 1,591 800 shares 100.00%
 1,600 262 800 shares plus 190 out of 262 applicants to receive
 an additional 800 shares
 86.26%
 2,400 138 1,600 shares plus 52 out of 138 applicants to receive
 an additional 800 shares
 79.23%
 3,200 53 2,400 shares 75.00%
 4,000 106 2,400 shares plus 58 out of 106 applicants to receive
 an additional 800 shares
 70.94%
 4,800 29 3,200 shares 66.67%
 5,600 58 3,200 shares plus 36 out of 58 applicants to receive an
 additional 800 shares
 66.01%
 6,400 16 4,000 shares 62.50%
 7,200 13 4,000 shares plus 8 out of 13 applicants to receive an
 additional 800 shares
 62.39%
 8,000 69 4,800 shares 60.00%
 12,000 50 6,400 shares plus 26 out of 50 applicants to receive an
 additional 800 shares
 56.80%
 16,000 24 8,000 shares plus 15 out of 24 applicants to receive an
 additional 800 shares
 53.13%
 20,000 17 9,600 shares plus 9 out of 17 applicants to receive an
 additional 800 shares
 50.12%
 24,000 9 12,000 shares 50.00%
 28,000 9 12,800 shares plus 3 out of 9 applicants to receive an
 additional 800 shares
 46.67%
 32,000 3 14,400 shares 45.00%
 36,000 6 16,000 shares 44.44%
 40,000 10 17,600 shares 44.00%
 60,000 10 24,000 shares 40.00%
 80,000 1 30,400 shares 38.00%
 100,000 2 35,200 shares 35.20%
 120,000 3 40,800 shares 34.00%
 140,000 1 46,400 shares 33.14%
 200,000 2 61,600 shares 30.80%
 300,000 1 84,800 shares 28.27%
 2,483 Total number of Pool A successful applicants:
 2,483
 POOL B
 600,000   1  490,400 shares 81.73%
 800,000   1  653,600 shares 81.70%
 900,000   2  734,400 shares 81.60%
 3,000,000   1  2,446,400 shares 81.55%
 5 Total number of Pool B successful applicants: 5
 --- page 10 ---
 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 Stock Exchange trading fee payable.
 OTHER INFORMATION
 Placing to connected client with a prior consent under paragraph 5(1) of the Placing Guidelines
 The Company has applied to the Stock Exchange for, and the Stock Exchange has granted, a consent under
 paragraph 5(1) of the Placing Guidelines to permit the connected client listed below to participate in the Global
 Offering. Details of the placement to the connected client are set out below.
 --- page 11 ---
 No. Connected
 distributor
 Connected
 client
 Relationship Whether the connected
 client will hold the
 beneficial interests of the
 Offer Shares on a non-
 discretionary basis or
 discretionary basis for
 independent third parties
 Number of
 Offer Shares
 to be
 allocated to
 the connected
 client
 Approximate
 percentage of
 Offer Shares
 allocated to the
 connected client
 Approximate
 percentage of
 total issued
 share capital
 after the Global
 Offering
 1.  Huatai
 Financial
 Holdings
 (Hong Kong)
 Limited
 (“HTFH”)
 Huatai
 Capital
 Investment
 Limited
 (“HTCI”)
 HTCI is a member
 of the same group of
 companies as HTFH
 non-discretionary basis Note 1 6,064,800 6.0% 0.5%
 Note
 1. PRC investors are currently not permitted under applicable PRC laws to participate directly in initial public offerings (“IPOs”) in Hong Kong. However,
 PRC investors are permitted to invest in products issued by appropriate domestic securities firms licensed to undertake cross-border derivatives trading
 activities. In connection with such products, the licensed domestic securities firms, through their Hong Kong affiliates, may participate in Hong Kong
 IPOs either as placees or cornerstone investors (the “Cross-border Derivatives Trading Regime”). 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. Pursuant to the ISDA Agreement, HTCI, which intends to participate in the Global Offering as a placee, will hold the Offer Shares on a non-
 --- page 12 ---
 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 Client
 (as defined below), by which, HTCI will pass the full economic exposure of the Offer Shares to the Huatai Ultimate Client, which in effect, HTCI will
 hold the beneficial interest of the Offer Shares on behalf of the Huatai U ltimate Client. Pursuant to the Cross -border Derivatives Trading Regime, the
 onshore investor (the “Huatai Ultimate Client”) 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 Client 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. To the best knowledge of HTCI after making all reasonable  enquiries, the Huatai
 Ultimate Client is an independent third party of the Company  and its associates. 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 Client. Pursuant to the terms of the contracts of the Back-
 to-back TRS and the Client TRS, during the tenor of the Back-to-back TRS and the Client TRS, all economic returns of the Offer Shares will be passed
 to the Huatai Ultimate Client through the Back -to-back TRS and the Client TRS and all economic loss shall be borne by the Huatai Ultimate Client.
 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 Client would reap all
 the economic benefits of t he 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 Client would bear the exchange rate exposure of the profit and loss on settlement date. The Huatai
 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 Offer Shares are listed on the Stock Exchange. Upon the termination upon maturity or early termination of the Client
 TRS by the Huatai Ultimate Client, HTCI will dispose the Offer Shares on the secondary  market and the Huatai Ultimate Client will receive a final
 termination amount of the Back-to-back TRS which should have taken into account all the economic returns or economic loss  in relation to the Offer
 Shares. If upon the maturity of the Client TRS, the Huatai Ultimate Client intend to extend the investment period, subject to further agreement between
 Huatai Securities and the relevant Huatai Ultimate Client, 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 Client, being
 an onshore client who places a Client TRS order with Huatai Securities in connection with the IPO of the  Company. Due to its internal policy, HTCI
 will not exercise the voting right of the Offer Shares  during the tenor of the Back -to-back TRS. During the life of the Cl ient 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
 --- page 13 ---
 stock borrowing purposes. As permitted under the contractual arrangement with the Huatai Ultimate Client, HTCI will lend out its holding of underlying
 Offer Shares in the form of stock borrowing loans consistent with  market practice to lower its finance costs, provided that HTCI has the ability to call
 back the Offer Shares on loan at any time in order to satisfy its obligations under the Back -to-back TRS to ensure the economic interests to be passed
 to the Huatai Ultimate Client will remain unchanged. To the best knowledge of HTCI after making all reasonable inquiries, the Huatai Ultimate Client
 is an independent third party of HTCI, HTFH and the companies which are members of the same group of HTFH.
 The Company has applied to the Stock Exchange for, and the Stock Exchange has granted, a consent under paragraph 5(1) of the Placing Guidelines to permit
 the Company to allocate such Offer Shares in the International Offering to the connected clients listed 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.
 --- page 14 ---
 DISCLAIMERS
 Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited (the “ Stock
 Exchange”) and Hong Kong Securities Clearing Company Limited (“ HKSCC”) take no responsibility
 for the contents of this announcement, make no representation as to its accuracy or completeness and
 expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the
 whole or any part of the contents of  this announcement.
 This announcement is not for release, publication, distribution, directly or indirectly, in or into the
 United States (including its territories and possessions, any state of the United States and the District
 of Columbia). This announcement does not constitute or form a part of any offer or solicitation to
 purchase or subscribe for securities in the United States. The securities mentioned herein have not
 been, and will not be, registered under the United States Securities Act of 1933, as amended (the “ U.S.
 Securities Act ”). The securities may not be offered or sold in the United States except pursuant to an
 exemption from the registration requirements of the U.S. Securities Act and in compliance with any
 applicable state securities laws, or outside the United States unless in compliance with Regulation S
 under the U.S. Securities Act. There will be no public offer of securities in the United States.
 The Offer Shares are being offered and sold 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, 2024 issued by Xiaocaiyuan International Holding Ltd. for detailed
 information about the Global Offering described below before deciding whether or not to invest in the
 Shares thereby being offered.
 *Potential investors of the Offer Shares should note that the Joint Sponsors and 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 – 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  20,
 2024).
 --- page 15 ---
 PUBLIC FLOAT
 The Company has applied for, and the Stock Exchange has granted, a waiver from strict compliance with Rule
 8.08(1) of the Listing Rules to reduce the minimum public float of the Company to the higher of (a) 15.00%,
 and (b) such percentage of Shares to be held by the public immediately after completion of the Global Offering
 (the Public Float Waiver).
 Immediately following the completion of the Global Offering, 176,518,800 Shares, representing approximately
 15.00% of the issued share capital of the Company , will be held in the public hands, satisfying the minimum
 percentage as prescribed by the Public Float Waiver.
 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 no t be any new substantial shareholder (as defined in the Listing
 Rules) immediately after the Global Offering; (iii) the three largest public Shareholders do not hold more
 than 50% of the Shares held in the public hands at the time of the Listing in complia nce 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
 Share certificates for the Offer Shares will only become valid evidence of title at 8:00 a.m. on Friday, December
 20, 2024, provided that (i) the Global Offering has become unconditional in all respects, and (ii) the right of
 termination as described in the paragraph headed “Underwriting – Underwriting Arrangements and Expenses –
 Hong Kong Public Offering – Grounds for Termination” in the Prospectus has not been exercised. Investors
 who trade Shares on the basis of publicly available allocation details before the receipt of Share certificates or
 before the Share certificates become valid evidence of title do so entirely at their own risk.
 Assuming that the Hong Kong Public Offering becomes unconditional at or before 8:00 a.m. in Hong Kong on
 Friday, December 20, 2024, it is expected that dealings in the Shares on the Stock Exchange will commence at
 9:00 a.m. on Friday, December 20, 2024. Th e Shares will be traded in board lots of 800 Shares each and the
 stock code of the Shares will be 0999.
 By order of the board
 Xiaocaiyuan International Holding Ltd.
 Mr. Wang Shugao
 Chairman of the Board and Executive Director
 Hong Kong, December 19, 2024
 As of the date of this announcement, the Board comprises Mr. Wang Shugao, Mr. Li Daoqing, Mr. Tian
 Chunyong, Mr. Zhou Bin, Ms. Wang Weifang and Mr. Tao Xu’an as executive directors; Mr. Law Wing
 Cheung Ryan as the non-executive director; and Mr. Qian Mingxing, Mr. Zhu Nanjun, Mr. Zeng Xiaosong
 and Ms. Fang Xuan as independent non-executive directors.
@@ -0,0 +1,588 @@
 --- 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.
 Unless otherwise defined herein, capitalized terms used in this announcement shall have the
 same meanings as those defined in the prospectus dated Friday, 28 June 2024 (the
 “Prospectus ”) issued by RUICHANG INTERNATIONAL HOLDINGS LIMITED (਷ყછ
 ʮ̡) (the “ Company ”).
 This announcement is for information purposes only and does not constitute an invitation or
 offer to acquire, purchase or subscribe for any securities. This announcement is not a
 prospectus. Potential investors should read the Prospectus for detailed information about the
 Company and the Global Offering described below before deciding whether or not to invest in
 the Offer Shares.
 This announcement does not constitute an offer to sell or the solicitation of an offer to buy nor
 shall there be any sale of Offer Shares in any jurisdiction in which such offer, solicitation or
 sales would be unlawful. This announcement is not for release, publication, distribution,
 directly or indirectly, in or into the United States for sale or solicitation to purchase or
 subscribe for securities in the United States or any other jurisdictions. The Offer Shares have
 not been, and will not be, registered under the United States Securities Act 1933, as amended
 or supplemented from time to time (the “ U.S. Securities Act ”) or any state securities law of
 the United States and may not be offered, sold, pledged, transferred or delivered within the
 United States, except pursuant to an exemption from, or in a transaction not subject to, the
 registration requirements of the U.S. Securities Act and state securities laws of the United
 States. The Offer Shares are being offered and sold outside of the United States as offshore
 transactions in accordance with Regulation S under the U.S. Securities Act and the applicable
 laws of each jurisdiction where those offers and sales occur. There will not be and is not
 currently intended to be any public offering of securities of the Company in the United States.
 The Sponsor-Overall Coordinator confirms that there has been no over-allocation of the
 Shares under the International Placing. Therefore, the Stock Borrowing Agreement will not be
 entered into and the Over-allotment Option will not be exercised. In view of the fact that there
 has been no over-allocation of the Shares under the International Placing, no stabilising
 action as described in the Prospectus will be taken during the stabilisation period.
 --- page 2 ---
 – 2 –
 RUICHANG INTERNATIONAL HOLDINGS LIMITED
 ʮ ̡
 (Incorporated in the Cayman Islands with limited liability)
 GLOBAL OFFERING
 Number of Offer Shares
 under the Global Offering
 : 125,000,000
 Number of Hong Kong Offer Shares : 15,675,000 Shares (as adjusted after reallocation)
 Number of International Placing Shares : 109,325,000 Shares (as adjusted after reallocation)
 Final Offer Price : HK$1.05 per Offer Share plus brokerage of 1%,
 SFC transaction levy of 0.0027%, Stock
 Exchange trading fee of 0.00565% and AFRC
 transaction levy of 0.00015%
 Nominal Value : US$0.00001 per Share
 Stock Code : 1334
 Sole Sponsor
 Overall Coordinators, Joint Global Coordinators, Joint Bookrunners and Joint Lead Managers
 Joint Bookrunners and Joint Lead Managers
 ⳪暲@:9)
 --- page 3 ---
 – 3 –
 RUICHANG INTERNATIONAL HOLDINGS LIMITED/ʮ̡
 ANNOUNCEMENT OF FINAL OFFER PRICE AND
 ALLOTMENT RESULTS
 Unless otherwise defined herein, capitalised terms used in this announcement shall have the
 same meanings as those defined in the prospectus dated 28 June 2024 (the “ Prospectus ”)
 issued by RUICHANG INTERNATIONAL HOLDINGS LIMITED (ʮ̡)
 (the “ Company ”).
 Warning: In view of high concentration of shareholding in a small number of
 Shareholders, Shareholders and prospective investors should be aware that the price
 of the Shares could move substantially even with a small number of Shares traded and
 should exercise extreme caution when dealing in the Shares.
 SUMMARY
 Company information
 Stock code 1334
 Stock short name RUICHANG INTL
 Dealings commencement date 10 July 2024*
 * see note at the end of the announcement
 Price Information
 Final Offer Price HK$1.05
 Offer Price Range HK$1.05–HK$1.39
 Offer Price Adjustment exercised No
 Offer Shares and Share Capital
 Initial number of Offer Shares (before over-
 allocation)
 125,000,000
 No. of Offer Shares in Hong Kong Public Offering
 (after reallocation)
 15,675,000
 No. of offer shares in International Placing (after
 reallocation)
 109,325,000
 No. of issued shares upon Listing 500,000,000
 Over-allocation
 No. of Offer Shares over-allocated 0
 Proceeds
 Gross proceeds (Note) HK$131.3 million
 Less: Estimated listing expenses payable based on
 Final Offer Price
 HK$(69.3) million
 Net proceeds HK$62.0 million
 Note: Gross proceeds refers to the amount to which the issuer is entitled receive. For details of the use of
 proceeds, please refer to the Prospectus dated 28 June 2024.
 --- page 4 ---
 – 4 –
 ALLOTMENT RESULTS DETAILS
 HONG KONG PUBLIC OFFERING
 No. of valid applications 5,537
 No. of successful applications 2,317
 Subscription level 19.24 times
 Re-allocation Yes
 No. of Offer Shares initially available under the Hong Kong
 Public Offering
 12,500,000
 No. of Offer Shares reallocated from the International Placing 3,175,000
 Final no. of Offer Shares under the Hong Kong Public Offering
 (after reallocation)
 15,675,000
 % of final no. Offer Shares under the Hong Kong Public
 Offering to the Global Offering (after reallocation)
 12.54%
 Note: For details of the final allocation of shares to the Hong Kong Public Offering, investors can
 refer to www.eipo.com.hk/eIPOAllotment  to perform a search by name or identification number or
 www.eipo.com.hk/eIPOAllotment  for the full list of allottees.
 INTERNATIONAL PLACING
 No. of placees 142
 Subscription level 0.97 times
 No. of Offer Shares initially available under the International
 Placing
 112,500,000
 No. of Offer Shares reallocated to the Hong Kong Public
 Offering
 3,175,000
 Final no. of Offer Shares under the International Placing (after
 reallocation)
 109,325,000
 % of final no. Offer Shares under the International Placing to
 the Global Offering (after reallocation)
 87.46%
 Since the International Placing are undersubscribed and the Hong Kong Public Offering are
 oversubscribed, the reallocation procedure as described in the section headed “Structure and
 Conditions of the Global Offering — The Hong Kong Public Offering — Reallocation” in the
 Prospectus have been applied, the Overall Coordinators and each of the Directors confirm
 that the maximum total number of offer shares that may be allocated to the Hong Kong Public
 Offering following the reallocation (“ the Allocation Cap ”) has not been exceeded.
 The Directors confirm that, to the best of their knowledge, information and belief, (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 Shares registered in his/her/its name or otherwise held by him/her/it.
 --- page 5 ---
 – 5 –
 The placees in the International Placing include the following:
 Cornerstone Investors
 Investor
 Number of Offer
 Shares allocated % of Offer Shares
 % of total issued
 share capital after
 the Global
 Offering
 Existing
 shareholders or
 their close
 associates
 Huangshan City Investment
 Private Equity Fund
 Management Co., Ltd./
 ၍ଣ
 ʮ̡
 28,570,000 22.86% 5.71% No
 Huangshan Chenghe Xinye
 Equity Investment
 Partnership (Limited
 Partnership)/ රʆ̹༐
 ᛆҳ༟Υྫ
 Άุ(Υྫ)
 19,047,500 15.24% 3.81% No
 Emsdom Limited 7,427,500 5.94% 1.49% No
 Subtotal 55,045,000 44.04% 11.01%
 --- page 6 ---
 – 6 –
 LOCK-UP UNDERTAKINGS
 Controlling Shareholders
 Name
 Number of shares held
 in the Company 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
 One Ideal Limited (1) 164,171,263 32.83% 9 January 2025
 (First Six-Month Period) (3)
 9 July 2025
 (Second Six-Month Period) (4)
 Riches Development
 Holdings Limited (1)
 5,598,240 1.12% 9 January 2025
 (First Six-Month Period) (3)
 9 July 2025
 (Second Six-Month Period) (4)
 Lady Jing Limited (2) 164,171,263 32.83% 9 January 2025
 (First Six-Month Period) (3)
 9 July 2025
 (Second Six-Month Period) (4)
 Richen Development
 Holdings Limited (2)
 5,598,240 1.12% 9 January 2025
 (First Six-Month Period) (3)
 9 July 2025
 (Second Six-Month Period) (4)
 Subtotal 339,539,006 67.90%
 In accordance with the relevant Listing Rule/guidance materials, the required lock-up for
 the first six-month period ends on 9 January 2025 and for the second six-month period, on
 9 July 2025.
 Notes:
 1. One Ideal Limited is held as to 99.00% by Now Wealth Limited, which is in turn wholly-owned by The LB
 Personal Trust, being a family trust to which Mr. Lu Bo is a beneficiary. Riches Development Holdings
 Limited is wholly-owned by Mr. Lu Bo. As such, under the SFO, Mr. Lu Bo is deemed to be interested in the
 Shares held by One Ideal Limited and Riches Development Holdings Limited. Mr. Lu Bo (together with
 Riches Development, One Ideal Limited and Now Wealth Limited) is subject to required lock-up for the first
 six-month period ends on 9 January 2025 and for the second six-month period, on 9 July 2025. Details of
 which are set out in the section headed “Substantial Shareholders” in the Prospectus.
 2. Lady Jing Limited is held as to 99.00% by LXJ Limited, which is in turn wholly-owned by The LXJ Personal
 Trust, being a family trust to which Ms. Lu Xiaojing is a beneficiary. Richen Development Holdings Limited
 is wholly-owned by Ms. Lu Xiaojing. As such, under the SFO, Ms. Lu Xiaojing is deemed to be interested in
 the Shares held by Lady Jing Limited and Richen Development Holdings Limited. Ms. Lu Xiaojing (together
 with Richen Development, Lady Jing Limited and LXJ Limited) is subject to required lock-up for the first
 six-month period ends on 9 January 2025 and for the second six-month period, on 9 July 2025. Details of
 which are set out in the section headed “Substantial Shareholders” in the Prospectus.
 3. The Controlling Shareholders may dispose of or transfer Shares after the indicated date subject to that the
 Controlling Shareholder will not cease to be a Controlling Shareholder.
 4. The Controlling Shareholders will cease to be prohibited from disposing of or transferring Shares after the
 indicated date.
 --- page 7 ---
 – 7 –
 Pre-IPO Investors (as defined in the “History, Reorganisation and Corporate Structure”
 section of the Prospectus)
 Name
 Number of shares held
 in the Company 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
 Tang Yinsheng 14,906,751 2.98% 9 January 2025  (1)
 Li Yijun 9,160,757 1.83% 9 January 2025  (1)
 Subtotal 24,067,508 4.81%
 Note:
 1. The expiry date of the lock-up period shown in the table above is pursuant to the disclosure in the
 Prospectus. For details, please see section headed “History, Reorganisation and Corporate Structure” in
 the Prospectus.
 Cornerstone Investors
 Name
 Number of shares held
 in the Company 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
 Huangshan City Investment
 Private Equity Fund
 Management Co., Ltd./
 ၍ଣ
 ʮ̡
 28,570,000 5.71% 9 January 2025
 Huangshan Chenghe Xinye
 Equity Investment
 Partnership (Limited
 Partnership)/ රʆ̹༐Υ
 ᛆҳ༟ΥྫΆุ
 (Υྫ)
 19,047,500 3.81% 9 January 2025
 Emsdom Limited 7,427,500 1.49% 9 January 2025
 Subtotal 55,045,000 11.01%
 The Cornerstone Investors shall not dispose of any of the Offer Shares subscribed pursuant to the Cornerstone
 Investment Agreement on or before the indicated date.
 --- page 8 ---
 – 8 –
 PLACEE CONCENTRATION ANALYSIS
 Placees (1)
 Number of
 International
 Placing Shares
 allotted
 Allotment as %
 of International
 Placing
 Allotment
 as % of total
 Offer Shares
 Number of
 Shares held
 upon Listing
 % of total
 issued share
 capital upon
 Listing
 Top 1(2) 47,617,500 43.56% 38.09% 47,617,500 9.52%
 Top 5(2) 86,480,000 79.10% 69.18% 86,480,000 17.30%
 Top 10 (2) 98,822,500 90.39% 79.06% 98,822,500 19.76%
 Top 25 (2) 108,790,000 99.51% 87.03% 108,790,000 21.76%
 Notes:
 1. Ranking of placees is based on the number of Shares allotted to the placees.
 2. The number of Shares of the top 1, top 5, top 10 and top 25 placees upon Listing has taken into account (i) the Offer Shares allocated to Huangshan City
 Investment Private Equity Fund Management Co., Ltd.; and (ii) the Offer Shares allocated to Huangshan Chenghe Xinye Equity Investment Partnership
 (Limited Partnership), which have been aggregated for the purpose of this analysis, as Huangshan City Investment Private Equity Fund Management Co.,
 Ltd. and Huangshan Chenghe Xinye Equity Investment Partnership (Limited Partnership) are ultimately controlled by the State-owned Assets Supervision
 and Administration Commission of the People’s Government of Huangshan City. For details, please see section headed “Cornerstone Investors — Our
 Cornerstone Investors” in the Prospectus.
 --- page 9 ---
 – 9 –
 SHAREHOLDER CONCENTRATION ANALYSIS
 Shareholders (1)
 Number of
 International
 Placing Shares
 allotted
 Number of
 Hong Kong
 Offer Shares
 allotted
 Total
 Number of
 Shares
 allotted
 Allotment as %
 of International
 Placing
 Allotment as %
 of Hong Kong
 Public
 Offering
 Allotment
 as % of total
 Offer Shares
 Number of
 Shares held
 upon Listing
 % of total
 issued share
 capital upon
 Listing
 Top 1(2) N/A N/A N/A N/A N/A N/A 169,769,503 33.95%
 Top 5(2) 59,520,000 N/A 59,520,000 54.44% N/A 47.62% 413,965,757 82.79%
 Top 10 (2) 86,480,000 N/A 86,480,000 79.10% N/A 69.18% 461,480,000 92.30%
 Top 25 (2) 102,895,000 7,837,500 110,732,500 94.12% 50.00% 88.59% 485,732,500 97.15%
 Notes:
 1. Ranking of Shareholders is based on the number of Shares (of all classes) held by the Shareholder upon Listing.
 2. The Offer Shares allocated to Huangshan City Investment Private Equity Fund Management Co., Ltd. and the Offer Shares allocated to Huangshan
 Chenghe Xinye Equity Investment Partnership (Limited Partnership) have been aggregated for the purpose of this analysis, as Huangshan City Investment
 Private Equity Fund Management Co., Ltd., and Huangshan Chenghe Xinye Equity Investment Partnership (Limited Partnership) are ultimately controlled
 by the State-owned Assets Supervision and Administration Commission of the People’s Government of Huangshan City. For details, please see section
 headed “Cornerstone Investors — Our Cornerstone Investors” in the Prospectus.
 --- page 10 ---
 – 10 –
 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:
 Pool A
 Number
 of shares
 applied for
 Number
 of valid
 applications Basis of allocations/ballot
 Approximate
 percentage
 allotted of the
 total number
 of shares
 applied for
 2,500 2,739 548 out of 2,739 to receive 2,500 Shares 20.01%
 5,000 705 178 out of 705 to receive 2,500 Shares 12.62%
 7,500 180 54 out of 180 to receive 2,500 Shares 10.00%
 10,000 128 46 out of 128 to receive 2,500 Shares 8.98%
 12,500 109 46 out of 109 to receive 2,500 Shares 8.44%
 15,000 81 39 out of 81 to receive 2,500 Shares 8.02%
 17,500 30 16 out of 30 to receive 2,500 Shares 7.62%
 20,000 83 48 out of 83 to receive 2,500 Shares 7.23%
 25,000 209 146 out of 209 to receive 2,500 Shares 6.99%
 30,000 83 65 out of 83 to receive 2,500 Shares 6.53%
 35,000 310 260 out of 310 to receive 2,500 Shares 5.99%
 40,000 73 65 out of 73 to receive 2,500 Shares 5.57%
 45,000 29 28 out of 29 to receive 2,500 Shares 5.36%
 50,000 139 2,500 Shares 5.00%
 60,000 40 2,500 Shares plus 6 out of 40 to receive additional
 2,500 Shares
 4.79%
 70,000 83 2,500 Shares plus 24 out of 83 to receive additional
 2,500 Shares
 4.60%
 80,000 36 2,500 Shares plus 15 out of 36 to receive additional
 2,500 Shares
 4.43%
 90,000 25 2,500 Shares plus 13 out of 25 to receive additional
 2,500 Shares
 4.22%
 100,000 159 2,500 Shares plus 95 out of 159 to receive additional
 2,500 Shares
 3.99%
 200,000 121 5,000 Shares 2.50%
 300,000 61 5,000 Shares plus 39 out of 61 to receive additional
 2,500 Shares
 2.20%
 400,000 23 7,500 Shares 1.88%
 500,000 23 7,500 Shares plus 14 out of 23 to receive additional
 2,500 Shares
 1.80%
 --- page 11 ---
 – 11 –
 Number
 of shares
 applied for
 Number
 of valid
 applications Basis of allocations/ballot
 Approximate
 percentage
 allotted of the
 total number
 of shares
 applied for
 600,000 17 10,000 Shares 1.67%
 700,000 6 10,000 Shares plus 3 out of 6 to receive additional
 2,500 Shares
 1.61%
 800,000 4 12,500 Shares 1.56%
 900,000 6 12,500 Shares plus 3 out of 6 to receive additional
 2,500 Shares
 1.53%
 1,000,000 11 15,000 Shares 1.50%
 1,250,000 3 17,500 Shares 1.40%
 1,500,000 4 20,000 Shares 1.33%
 1,750,000 2 22,500 Shares 1.29%
 2,000,000 1 25,000 Shares 1.25%
 2,250,000 1 27,500 Shares 1.22%
 2,500,000 1 30,000 Shares 1.20%
 2,750,000 2 32,500 Shares 1.18%
 3,000,000 1 35,000 Shares 1.17%
 3,500,000 3 40,000 Shares 1.14%
 Total 5,531 Total number of Pool A successful applicants: 2,311
 Pool B
 Number
 of shares
 applied for
 Number
 of valid
 applications Basis of allocations/ballot
 Approximate
 percentage
 allotted of the
 total number
 of shares
 applied for
 3,750,000 4 1,067,500 Shares plus 2 out of 4 to receive additional
 2,500 Shares
 28.50%
 6,250,000 2 1,780,000 Shares plus 1 out of 2 to receive additional
 2,500 Shares
 28.50%
 Total 6 Total number of Pool B successful applicants: 6
 --- page 12 ---
 – 12 –
 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.
 DISCLAIMERS
 Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited
 (the “ Stock Exchange ”) and Hong Kong Securities Clearing Company Limited (“ HKSCC”)
 take no responsibility for the contents of this announcement, make no representation as to
 its accuracy or completeness and expressly disclaim any liability whatsoever for any loss
 howsoever arising from or in reliance upon the whole or any part of the contents of this
 announcement.
 This announcement is not for release, publication, distribution, directly or indirectly, in or
 into the United States (including its territories and possessions, any state of the United
 States and the District of Columbia). This announcement does not constitute or form a part
 of any offer or solicitation to purchase or subscribe for securities in the United States. The
 securities mentioned herein have not been, and will not be, registered under the United
 States Securities Act of 1933, as amended (the “ U.S. Securities Act ”). The securities may
 not be offered or sold in the United States except pursuant to an exemption from the
 registration requirements of the U.S. Securities Act and in compliance with any applicable
 state securities laws, or outside the United States unless in compliance with Regulation S
 under the U.S. Securities Act. There will be no public offer of securities in the United States.
 The Offer Shares are being offered and sold outside the United States in offshore
 transactions in reliance on Regulation S under the U.S. Securities Act.
 --- page 13 ---
 – 13 –
 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 28 June 2024 issued by
 the Company for detailed information about the Global Offering described in the Prospectus
 and in this announcement before deciding whether or not to invest in the Offer Shares.
 * Potential investors of the Offer Shares should note that the Overall Coordinators and the Joint Global
 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 10 July 2024).
 --- page 14 ---
 – 14 –
 PUBLIC FLOAT
 The Directors confirm that, immediately following completion of the Global Offering: (i) at
 least 25% of the total number of issued Shares of the Company will be held by the public, in
 compliance with Rule 8.08(1) of the Listing Rules; (ii) the three largest public Shareholders
 do not hold more than 50% of the Shares held in the public hands at the time of the Listing in
 compliance with Rules 8.08(3) and 8.24 of the Listing Rules; (iii) no placee will, individually,
 be placed more than 10% of the enlarged issued share capital of the Company immediately
 after the Global Offering; (iv) there will not be any new substantial Shareholder (as defined in
 the Listing Rules) of the Company; and (v) 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
 Share certificates will only become valid evidence of title at 8:00 a.m. on Wednesday, 10 July
 2024 (Hong Kong time), provided that the Global Offering has become unconditional and the
 right of termination described in the section headed “Underwriting” in the Prospectus has not
 been exercised. Investors who trade the Shares on the basis of publicly available allocation
 details prior to the receipt of Share certificates or prior to the 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. in Hong Kong on Wednesday, 10 July 2024, it is
 expected that dealings in the Shares on the Stock Exchange will commence at 9:00 a.m. on
 Wednesday, 10 July 2024 (Hong Kong time).
 The Shares will be traded in board lots of 2,500 Shares each, and the stock code of the Shares
 will be 1334.
 By order of the Board
 RUICHANG INTERNATIONAL HOLDINGS LIMITED
 Mr. LU Bo
 Chairman of the Board, chief executive officer
 and executive Director
 Hong Kong, 9 July 2024
 As at the date of this announcement, the Board comprises Mr. LU Bo, Ms. LU Xiaojing,
 Ms. BAI Wei, Mr. SHAO Song and Ms. WU Rui as executive directors; and Mr. TU Shenwei,
 Mr. ZHANG Shengjie and Mr. BAU Siu Fung as independent non-executive directors.
@@ -0,0 +1,716 @@
 --- 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.
 Unless otherwise defined in this announcement, capitalized terms used herein shall have the same meanings as those
 defined in the prospectus dated October 20, 2025 (the “Prospectus ”) issued by Deepexi Technology Co., Ltd. (߅
 ʮ̡ ) (the “Company ”).
 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
 Hong Kong, the United States or in any other jurisdictions. The Offer Shares have not been, and will not be, registered
 under the United States Securities Act of 1933 as amended from time to time (the “U.S. Securities Act ”). 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
 outside the United States in offshore transactions in reliance on Regulation S under the U.S. Securities Act.
 In connection with the Global Offering, CITIC Securities (Hong Kong) Limited, CMBC International Capital Limited,
 Guotai Junan Capital Limited, SPDB International Capital Limited and BOCOM International (Asia) Limited act as the
 Joint Sponsors; CLSA Limited, CMBC Securities Company Limited, Guotai Junan Securities (Hong Kong) Limited,
 SPDB International Capital Limited and BOCOM International Securities Limited act as the Overall Coordinators.
 The Hong Kong Offer Shares will be offered to the public in Hong Kong subject to term and conditions set out in
 the Prospectus. The Hong Kong Offer Shares will not be offered to any person who is outside Hong Kong and/or not
 resident in Hong Kong.
 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 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 Tuesday, October 28, 2025).
 --- page 2 ---
 2
 Deepexi 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
 : 26,632,000 H Shares
 Number of Hong Kong Offer Shares : 5,326,400 H Shares (as adjusted after
 reallocation)
 Number of International Offer Shares : 21,305,600 H Shares (as adjusted after
 reallocation)
 Offer Price : HK$26.66 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 : 1384
 Joint Sponsors, Overall Coordinators, Joint Global Coordinators,
 Joint Bookrunners and Joint Lead Managers
 --- page 3 ---
 3
 DEEPEXI TECHNOLOGY CO., LTD.
 ʮ̡
 ANNOUNCEMENT OF ALLOTMENT RESULTS
 Unless otherwise defined herein, capitalised terms used in this announcement shall have the same
 meanings as those defined in the prospectus dated October 20, 2025 (the “Prospectus ”) issued by
 Deepexi Technology Co., Ltd. (ʮ̡ ) (the “Company ”).
 Warning: In view of high concentration of shareholding in a small number of Shareholders,
 Shareholders and prospective investors should be aware that the price of the H Shares
 could move substantially even with a small number of H Shares traded and should exercise
 extreme caution when dealing in the H Shares.
 SUMMARY
 Company information
 Stock code 1384
 Stock short name DEEPEXI TECH
 Dealings commencement date October 28, 2025*
 * see note at the end of the announcement
 Price Information
 Offer Price HK$26.66
 Offer Price Adjustment exercised N/A
 Offer Shares and Share Capital
 Number of Offer Shares 26,632,000
 Number of Offer Shares in Public Offer (after reallocation) 5,326,400
 Number of Offer Shares in International Offer (after
 reallocation)
 21,305,600
 Number of issued shares upon Listing 326,632,000
 Proceeds
 Gross proceeds (Note) HK$710.01 million
 Less: Estimated listing expenses payable based on Offer
 Price
 HK$(100.24) million
 Net proceeds HK$609.77 million
 Note: Gross proceeds refers to the amount to which the issuer is entitled to receive. Net proceeds represent the
 estimated net proceeds calculated by the gross proceeds deducted by the estimated listing expenses payable
 based on Offer Price. For details of the use of proceeds, please refer to the Prospectus dated October 20,
 2025.
 --- page 4 ---
 4
 ALLOTMENT RESULTS DETAILS
 PUBLIC OFFER
 No. of valid applications 236,934
 No. of successful applications 25,192
 Subscription level 7,569.83 times
 Claw-back triggered Yes
 No. of Offer Shares initially available under the Public Offer 1,331,600
 Final no. of Offer Shares under the Public Offer (after
 reallocation)
 5,326,400
 % of Offer Shares under the Public Offer to the Global
 Offering
 20.00%
 Note: For details of the final allocation of shares to the Public Offer, investors can refer to https://www.hkeipo.hk/
 iporesult to perform a search by name or identification number or https://www.hkeipo.hk/iporesult for the full
 list of allottees.
 INTERNATIONAL OFFER
 No. of placees 159
 Subscription Level 16.61 times
 No. of Offer Shares initially available under the International
 Offer
 25,300,400
 Final no. of Offer Shares under the International Offer (after
 reallocation)
 21,305,600
 % of Offer Shares under the International Offer to the Global
 Offering
 80.00%
 --- page 5 ---
 5
 The Directors confirm that, to the best of their knowledge, information and belief, (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; (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 Shares registered in his/her/its
 name or otherwise held by him/her/it; (iii) there is no side agreement or arrangement between the
 Company, any of the Directors, chief executive of the Company, the Controlling Shareholders,
 substantial Shareholders, existing Shareholders of the Company or any of its subsidiaries or
 their respective close associates, on one hand, and the public subscribers or the placees who
 have subscribed for the Offer Shares, on the other hand; and (iv) no rebate has been, directly or
 indirectly, provided by the Company, any of the Directors, chief executive of the Company, the
 Controlling Shareholders, substantial Shareholders or existing Shareholders of the Company, or
 any of their subsidiaries or their respective close associates, or syndicate members, or any other
 brokers involved in the Global Offering, to any public investors in the Hong Kong Public Offering
 or placees in the International Offering.
 --- page 6 ---
 6
 The placees in the International Offering include the following:
 Allottees with consents obtained:
 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 consents under paragraph 1C(1) of the Placing Guidelines in relation to allocations to connected clients and Chapter
 4.15 of the Guide for New Listing Applicants
 China Asset Management (Hong Kong)
 Limited ( “China AMC HK ”) (Note 1)
 3,600 H Shares 0.01% 0.001% 0.001% Connected client
 as a placee
 CITIC Securities International Capital
 Management Limited ( “CSI CM ”) (Note 1)
 186,400 H Shares 0.70% 0.06% 0.06% Connected client
 as a placee
 Note
 1. 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 China AMC HK and CSI CM, please refer to the
 section headed “Others/Additional Information – Placing to Connected Clients with a Prior Consent under
 Paragraph 1C(1) of the Placing Guidelines and Chapter 4.15 of the Guide for New Listing Applicants ” in this
 announcement.
 --- page 7 ---
 7
 LOCK-UP UNDERTAKINGS
 Key Persons (as defined under Rule 18C.14 of the Listing Rules)
 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
 % of shareholding
 in the Company
 subject to lock-up
 undertakings upon
 listing
 Last day subject
 to the lock-up
 undertakings (Notes 1&2)
 Mr. Zhao Jiehui ( “Mr. Zhao ”) (Note 3) 49,468,200 H Shares 15.14% 15.14% October 27, 2026
 Mr. Yang Lei ( “Mr. Yang ”) (Note 4) 11,711,400 H Shares 3.59% 3.59% October 27, 2026
 Tianjin Deepexi Huachuang Enterprise
 Management Consulting Partnership
 (Limited Partnership) ( “Deepexi
 Huachuang ”) (Note 5)
 37,299,300 H Shares 11.42% 11.42% October 27, 2026
 Guangzhou Deepexi Huaying Enterprise
 Management Consulting Partnership
 (Limited Partnership)( “Deepexi
 Huaying ”) (Note 5)
 6,364,500 H Shares 1.95% 1.95% October 27, 2026
 Subtotal 104,843,400 H Shares 32.10% 32.10%
 Notes
 1. In addition to the lock-up requirements under PRC Company law and Rule 18C.14 of the Listing Rules, pursuant
 to the shareholders agreement dated February 6, 2025, as long as any of Tianjin Dehui, Pleasure Focus Limited,
 HH AUT, CHH AUT, Zhuhai Songheng Enterprise Management Partnership (Limited Partnership) ( मऎ੩㛬Ά
 ุ၍ଣΥྫΆุ (Υྫ )), Zhuhai Gaoling Zhike Equity Investment Partnership (Limited Partnership) ( मऎ
 ᛆҳ༟ΥྫΆุ (Υྫ )), 5Y Evolution Holding II, Jiequan Fund, Xinyuan Fund and Youxuan
 Fund holds the Shares of the Company, neither Mr. Zhao nor Mr. Yang shall dispose of more than 15% of the
 Shares they held as at the Listing Date without the written consent of such investors. Such lock-up requirement
 will be released upon the date on which such investors received 100% or more of their respective investment
 return.
 2. All existing Shareholders shall not dispose of any of the Shares held by them within the 12 months following
 the Listing Date as required under the applicable PRC laws. In accordance with Rule 18C.14(1) of the Listing
 Rules, the required lock-up period commences on the date by reference to which disclosure of its shareholding
 is made in the Prospectus and end on the date which is 12 months from the Listing Date, being the same date on
 which the restriction against disposal of Shares under the applicable PRC laws ends.
 3. Mr. Zhao is a member of the Controlling Shareholders Group, the founder, executive Director, chairman of the
 Board and chief executive officer of the Group.
 4. Mr. Yang is a member of the Controlling Shareholders Group, the co-founder, executive Director and president
 of the product and solution staff team (PSST) of the Group.
 5. Deepexi Huachuang and Deepexi Huaying are a member of the Controlling Shareholders Group, respectively,
 and are employee shareholding platforms controlled by Mr. Zhao.
 --- page 8 ---
 8
 Pathfinder SIIs
 Name (Note 2)
 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
 % of shareholding
 in the Company
 subject to lock-up
 undertakings upon
 listing
 Last day subject to
 the lock-up
 undertakings (Notes 1)
 CHH AUT-XV HK Holdings Limited
 (“CHH AUT ”) and HH AUT-XV HK
 Holdings Limited ( “HH AUT ”)
 17,343,900 H Shares 5.31% 5.31% October 27, 2026
 Evolution Holding II Limited ( “5Y
 Evolution Holding II ”)
 17,714,700 H Shares 5.42% 5.42% October 27, 2026
 Tianjin Dehui Investment Management
 Partnership (Limited Partnership)
 (“Tianjin Dehui ”)
 19,815,600 H Shares 6.07% 6.07% October 27, 2026
 Jiangsu Jiequan Green Industry Equity
 Investment Fund (Limited Partnership)
 (“Jiequan Fund ”), Jiangsu Xingtou
 Xinyuan Equity Investment Fund
 (Limited Partnership) ( “Xinyuan
 Fund”) and Beijing Xingtou Youxuan
 Entrepreneurship Investment Fund
 (Limited Partnership) ( “Youxuan Fund ”)
 17,745,300 H Shares 5.43% 5.43% October 27, 2026
 Subtotal 72,619,500 H Shares 22.23% 22.23%
 Notes
 1. All existing Shareholders shall not dispose of any of the Shares held by them within the 12 months following
 the Listing Date as required under the applicable PRC laws. In accordance with Rule 18C.14(2) of the Listing
 Rules, the required lock-up period commences on the date by reference to which disclosure of its shareholding
 is made in the Prospectus and ends on the date which is six months from the Listing Date.
 2. Each of the Shareholders listed in the above table is a pathfinder SII of the Company as defined under Chapter
 2.5 of the Guide for New Listing Applicants.
 --- page 9 ---
 9
 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
 % of shareholding
 in the Company
 subject to lock-up
 undertakings upon
 listing
 Last day subject to
 the lock-up
 undertakings (Notes 1&2)
 Mr. Zhao 49,468,200 H Shares 15.14% 15.14% October 27, 2026
 Mr. Yang 11,711,400 H Shares 3.59% 3.59% October 27, 2026
 Deepexi Huachuang 37,299,300 H Shares 11.42% 11.42% October 27, 2026
 Deepexi Huaying 6,364,500 H Shares 1.95% 1.95% October 27, 2026
 Subtotal 104,843,400 H Shares 32.10% 32.10%
 Notes
 1. In addition to the lock-up requirements under PRC Company law and Rule 18C.14 of the Listing Rules, pursuant
 to the shareholders agreement dated February 6, 2025, as long as any of Tianjin Dehui, Pleasure Focus Limited,
 HH AUT, CHH AUT, Zhuhai Songheng Enterprise Management Partnership (Limited Partnership) ( मऎ੩㛬Ά
 ุ၍ଣΥྫΆุ (Υྫ )), Zhuhai Gaoling Zhike Equity Investment Partnership (Limited Partnership) ( मऎ
 ᛆҳ༟ΥྫΆุ (Υྫ )), 5Y Evolution Holding II, Jiequan Fund, Xinyuan Fund and Youxuan
 Fund holds the Shares of the Company, neither Mr. Zhao nor Mr. Yang shall dispose of more than 15% of the
 Shares they held as at the Listing Date without the written consent of such investors. Such lock-up requirement
 will be released upon the date on which such investors received 100% or more of their respective investment
 return.
 2. All existing Shareholders (including the Controlling Shareholders) shall not dispose of any of the Shares held by
 them within the 12 months following the Listing Date as required under the applicable PRC laws. In accordance
 with Rule 18C.13(1) of the Listing Rules, the required lock-up period commences on the date by reference to
 which disclosure of its shareholding is made in the Prospectus and end on the date which is 12 months from the
 Listing Date, being the same date on which the restriction against disposal of Shares under the applicable PRC
 laws ends.
 --- page 10 ---
 10
 Pre-IPO Investors (as defined in the Prospectus)
 Name (Note 1)
 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
 % of shareholding
 in the Company
 subject to lock-up
 undertakings upon
 listing
 Last day subject to
 the lock-up
 undertakings (Note 2)
 All Pre-IPO Investors (except for
 Pathfinder SIIs as set out in the above)
 122,537,100 H Shares 37.52% 37.52% October 27, 2026
 Subtotal 122,537,100 H Shares 37.52% 37.52%
 Notes
 1. Please see “History, Development and Corporate Structure – Pre-IPO Investments ” in the Prospectus for the
 identities of the Pre-IPO Investors other than the Pathfinder SIIs.
 2. All existing Shareholders (including the Controlling Shareholders) shall not dispose of any of the Shares held
 by them within the 12 months following the Listing Date as required under the applicable PRC laws.
 PLACEE CONCENTRATION ANALYSIS
 Placees*
 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 6,001,400 28.17% 22.53% 6,001,400 1.84%
 Top 5 15,359,600 72.09% 57.67% 15,359,600 4.70%
 Top 10 16,978,600 79.69% 63.75% 16,978,600 5.20%
 Top 25 19,742,400 92.66% 74.13% 19,742,400 6.04%
 Note
 * Ranking of placees is based on the number of H Shares allotted to the placees.
 H SHAREHOLDERS CONCENTRATION ANALYSIS
 H Shareholders*
 Number
 of H
 Shares
 allotted
 Allotment as % 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 0 0.00% 0.00% 104,843,400 32.10% 104,843,400
 Top 5 0 0.00% 0.00% 189,016,800 57.87% 189,016,800
 Top 10 0 0.00% 0.00% 258,256,500 79.07% 258,256,500
 Top 25 14,722,000 69.10% 55.28% 312,940,000 95.81% 312,940,000
 Note
 * Ranking of H Shareholders is based on the number of H Shares held by the H Shareholders upon Listing.
 --- page 11 ---
 11
 SHAREHOLDER CONCENTRATION ANALYSIS
 Shareholders*
 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 0 0.00% 0.00% 104,843,400 104,843,400 32.10%
 Top 5 0 0.00% 0.00% 189,016,800 189,016,800 57.87%
 Top 10 0 0.00% 0.00% 258,256,500 258,256,500 79.07%
 Top 25 14,722,000 69.10% 55.28% 312,940,000 312,940,000 95.81%
 Note
 * Ranking of Shareholders is based on the number of Shares (of all classes) held by the Shareholder upon Listing.
 --- page 12 ---
 12
 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
 H SHARES
 APPLIED FOR
 NO. OF
 VALID
 APPLICATIONS
 BASIS OF
 ALLOTMENT/BALLOT
 APPROXIMATE
 PERCENTAGE
 ALLOTTED OF
 THE TOTAL NO.
 OF H SHARES
 APPLIED FOR
 POOL A
 200 108,817 3,265 out of 108,817 applicants to receive 200 H Shares 3.00%
 400 14,151 518 out of 14,151 applicants to receive 200 H Shares 1.83%
 600 6,269 258 out of 6,269 applicants to receive 200 H Shares 1.37%
 800 4,167 186 out of 4,167 applicants to receive 200 H Shares 1.12%
 1,000 5,818 277 out of 5,818 applicants to receive 200 H Shares 0.95%
 1,200 2,310 116 out of 2,310 applicants to receive 200 H Shares 0.84%
 1,400 1,594 84 out of 1,594 applicants to receive 200 H Shares 0.75%
 1,600 1,789 98 out of 1,789 applicants to receive 200 H Shares 0.68%
 1,800 5,700 321 out of 5,700 applicants to receive 200 H Shares 0.63%
 2,000 9,376 543 out of 9,376 applicants to receive 200 H Shares 0.58%
 3,000 4,246 277 out of 4,246 applicants to receive 200 H Shares 0.43%
 4,000 4,048 286 out of 4,048 applicants to receive 200 H Shares 0.35%
 5,000 2,482 187 out of 2,482 applicants to receive 200 H Shares 0.30%
 6,000 1,840 146 out of 1,840 applicants to receive 200 H Shares 0.26%
 7,000 1,375 114 out of 1,375 applicants to receive 200 H Shares 0.24%
 8,000 1,552 134 out of 1,552 applicants to receive 200 H Shares 0.22%
 9,000 1,000 89 out of 1,000 applicants to receive 200 H Shares 0.20%
 10,000 7,925 727 out of 7,925 applicants to receive 200 H Shares 0.18%
 20,000 5,940 665 out of 5,940 applicants to receive 200 H Shares 0.11%
 30,000 3,752 471 out of 3,752 applicants to receive 200 H Shares 0.08%
 40,000 3,452 471 out of 3,452 applicants to receive 200 H Shares 0.07%
 50,000 2,356 343 out of 2,356 applicants to receive 200 H Shares 0.06%
 60,000 1,889 290 out of 1,889 applicants to receive 200 H Shares 0.05%
 70,000 1,502 241 out of 1,502 applicants to receive 200 H Shares 0.05%
 80,000 1,657 276 out of 1,657 applicants to receive 200 H Shares 0.04%
 90,000 1,154 199 out of 1,154 applicants to receive 200 H Shares 0.04%
 100,000 2,536 450 out of 2,536 applicants to receive 200 H Shares 0.04%
 120,000 1,912 357 out of 1,912 applicants to receive 200 H Shares 0.03%
 140,000 1,504 294 out of 1,504 applicants to receive 200 H Shares 0.03%
 160,000 1,682 341 out of 1,682 applicants to receive 200 H Shares 0.03%
 180,000 6,166 1,292 out of 6,166 applicants to receive 200 H Shares 0.02%
 Total 219,961 Total number of Pool A successful applicants: 13,316
 --- page 13 ---
 13
 NO. OF
 H SHARES
 APPLIED FOR
 NO. OF
 VALID
 APPLICATIONS
 BASIS OF
 ALLOTMENT/BALLOT
 APPROXIMATE
 PERCENTAGE
 ALLOTTED OF
 THE TOTAL NO.
 OF H SHARES
 APPLIED FOR
 POOL B
 200,000 6,261 2,505 out of 6,261 applicants to receive 200 H Shares 0.04%
 300,000 2,264 1,342 out of 2,264 applicants to receive 200 H Shares 0.04%
 400,000 1,728 1,354 out of 1,728 applicants to receive 200 H Shares 0.04%
 500,000 1,637 1,592 out of 1,637 applicants to receive 200 H Shares 0.04%
 665,800 5,083 200 H Shares plus 1,440 out of 5,083 applicants to receive an
 additional 200 H Shares
 0.04%
 Total 16,973 Total number of Pool B successful applicants: 11,876
 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 Offer Price in addition to any brokerage, AFRC transaction
 levy, SFC transaction levy and trading fee payable.
 The Directors and the Overall Coordinators confirm that at least 50% of the total number of
 the Offer Shares have been allocated to and taken up by independent price setting investors in
 compliance with Rule 18C.08 of the Listing Rules.
 The Directors further confirm that at least 20% of the issued share capital of the Company will be
 held by sophisticated independent investors at the time of Listing in compliance with Chapter 2.5
 of the Guide for New Listing Applicants.
 --- page 14 ---
 14
 OTHERS/ADDITIONAL INFORMATION
 Placing to Connected Clients with a Prior Consent under Paragraph 1C(1) of the Placing
 Guidelines and Chapter 4.15 of the Guide for New Listing Applicants
 Under the International Offering, certain Offer Shares were placed to connected clients of a
 distributor pursuant to the Placing Guidelines.
 Details of the placement to connected clients are set out below.
 Placee
 Connected
 distributor Relationship
 Whether the
 connected client
 will hold beneficial
 interests of Offer
 Shares on a
 nondiscretionary or
 discretionary basis
 for independent third
 parties  (Note 3)
 Number
 of Offer
 Shares to be
 allocated to
 the connected
 client
 % of Offer
 Shares
 % of total
 issued
 Shares after
 the Global
 Offering
 China AMC HK (Note 1) CLSA Limited
 (“CLSA”)
 China AMC HK is a member of
 the same group of companies as
 CLSA.
 Discretionary basis 3,600
 H Shares
 0.01% 0.001%
 CSI CM (Note 2) CLSA CSI CM is a member of the
 same group of companies as
 CLSA.
 Non-discretionary basis 186,400
 H Shares
 0.70% 0.06%
 Notes
 1. China AM HK is a delegate of the investment manager of its underlying clients ( “China AM HK Ultimate
 Clients ”) and manages assets (in its capacity as an investment advisor of the China AM HK Ultimate Clients)
 and executes trades (in its capacity as a delegate of the investment manager of China AM HK Ultimate
 Clients) on behalf of China AM HK Ultimate Clients. To the best knowledge of China AM HK after making
 all reasonable enquiries, (i) each of the China AM HK Ultimate Clients is an independent third party of the
 Company, the Company ’s subsidiaries, substantial shareholders and Controlling Shareholders, CLSA, China AM
 HK and the companies which are members of the same group of companies as CLSA; and (ii) China AM HK is
 not a collective investment scheme which is not authorised by the SFC.
 2. CSI CM will act as the single counterparty of a back-to-back total return swap transaction (the “CSI CM
 Back-to-back TRS ”) to be entered into by CSI CM in connection with a total return swap order (the “CSI CM
 Client TRS ”) placed and fully funded by its ultimate clients (the “CSI CM Ultimate Client(s) ”), by which
 CSI CM will pass the full economic exposure of the Offer Shares placed to CSI CM to the CSI CM Ultimate
 Clients. CSI CM will hold the beneficial interest of the Offer Shares on behalf of the CSI CM Ultimate Client
 on a non-discretionary basis. The CSI CM Ultimate Client may exercise an early termination right to early
 terminate the CSI CM Client TRS at any time from the trade date of the CSI CM Client TRS which should
 be on or after the date on which the Offer Shares are listed on the Stock Exchange. Upon the final maturity
 or termination of the CSI CM Client TRS by the CSI CM Ultimate Client, CSI CM will dispose of the Offer
 Shares on the secondary market and the CSI CM Ultimate Client will receive a final termination amount of the
 CSI CM Back-to-back TRS which should have taken into account all the economic returns or economic loss in
 relation to the Offer Shares and the fixed amount of transaction fees of the CSI CM Back-to-back TRS and the
 CSI CM Client TRS. CSI CM will not exercise the voting right of the Offer Shares during the terms of the CSI
 CM Back-to-back TRS. To the best knowledge of CSI CM after making all reasonable enquiries, (i) each of the
 CSI CM Ultimate Clients is an independent third party of the Company, the Company ’s subsidiaries, substantial
 shareholders and Controlling Shareholders, CLSA, CSI CM  and the companies which are members of the same
 group of companies as CLSA; and (ii) CSI CM is not a collective investment scheme which is not authorised by
 the SFC.
 --- page 15 ---
 15
 3.  For the avoidance of doubt, the “independent third parties ” referred to in this announcement have been assessed
 with reference to footnote 6 to paragraph 6 of Chapter 4.15 of the Guide for New Listing Applicants, and
 the Overall Coordinators have confirmed that each of the abovementioned underlying clients/funds and their
 respective ultimate beneficial owners meet the relevant definition of independent third parties.
 The Company has applied to the Stock Exchange for, and the Stock Exchange has granted, a
 consent under paragraph 1C(1) of the Placing Guidelines to permit the Company to allocate such
 Offer Shares in the International Offering to the connected clients listed above. The allocation of
 Offer Shares to such connected clients is in compliance with all the conditions under the consent
 granted by the Stock Exchange.
 DISCLAIMERS
 Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited (the
 “Stock Exchange ”) and Hong Kong Securities Clearing Company Limited ( “HKSCC ”) take no
 responsibility for the contents of this announcement, make no representation as to its accuracy
 or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising
 from or in reliance upon the whole or any part of the contents of this announcement.
 This announcement is not for release, publication, distribution, directly or indirectly, in or into
 the United States (including its territories and possessions, any state of the United States and
 the District of Columbia). This announcement does not constitute or form a part of any offer or
 solicitation to purchase or subscribe for securities in the United States. The securities mentioned
 herein have not been, and will not be, registered under the United States Securities Act of 1933,
 as amended (the “U.S. Securities Act ”). The securities may not be offered or sold in the United
 States except pursuant to an exemption from the registration requirements of the U.S. Securities
 Act and in compliance with any applicable state securities laws, or outside the United States
 unless in compliance with Regulation S under the U.S. Securities Act. There will be no public
 offer of securities in the United States.
 The Offer Shares are being offered and sold outside the United States in offshore transactions in
 reliance on Regulation S under the U.S. Securities Act.
 This announcement is for information purposes only and does not constitute an invitation or offer
 to acquire, purchase or subscribe for securities. This announcement is not a prospectus. Potential
 investors should read the Prospectus dated October 20, 2025 issued by Deepexi Technology
 Co., Ltd. (ʮ̡ ) 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 Overall Coordinators (for
 themselves and on behalf of the Hong Kong Underwriters) shall be entitled to terminate
 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 Tuesday, October 28, 2025).
 --- page 16 ---
 16
 PUBLIC FLOAT AND FREE FLOAT
 Immediately following the completion of the Global Offering, an aggregate of 221,788,600 H
 Shares, representing approximately 67.90% of the total number of shares in the class to which H
 Shares belong of our Company will be counted towards the public float. 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 of 17.23% of the total number of shares in the class to which H Shares belong
 under Rule 19A.13A(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 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 an Offer Price of HK$26.66 per Offer Share, the Company will satisfy the free float
 requirement under Rule 19A.13C(1) of the Listing Rules.
 COMMENCEMENT OF DEALINGS
 H Share certificates will only become valid at 8:00 a.m. on Tuesday, October 28, 2025 (Hong Kong
 time), provided that the Global Offering has become unconditional and the right of termination
 described in the section headed “Underwriting ” in the Prospectus has not been exercised. Investors
 who trade H Shares prior to the receipt of H Share certificates or the H Share certificates becoming
 valid do so entirely at their own risk. Assuming that the Global Offering becomes unconditional at
 or before 8:00 a.m. on Tuesday, October 28, 2025 (Hong Kong time), it is expected that dealings
 in our H Shares on the Stock Exchange will commence at 9:00 a.m. on Tuesday, October 28, 2025
 (Hong Kong time). The H Shares will be traded in board lots of 200 H Shares each. The stock code
 of the H Shares will be 1384.
 By order of the Board
 Deepexi Technology Co., Ltd.
 Mr. Zhao Jiehui
 Chairman of the Board, Executive Director and Chief Executive Officer
 Beijing, October 27, 2025
 As at the date of this announcement, the board of directors of the Company comprises: (i) Mr.
 Zhao Jiehui, Mr. Yang Lei, Dr. Li Qiang, Mr. Cao Lianfei and Ms. Shi Yi as executive Directors;
 (ii) Mr. Wang Zhenghao as non-executive Director; and (iii) Dr. Yang Hongxia, Dr. Kong
 Xianguang and Mr. Zhang Jielong as independent non-executive Directors.
@@ -0,0 +1,686 @@
 --- page 1 ---
 Hong Kong Exchanges and Clearing Limite d, 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 complet eness 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 relea se, publication, distribution, directly or indirectly, in or
 into the United States (including its territo ries and possessions, any state of the United
 States and the District of Columbia) or any oth er jurisdiction where such distribution is
 prohibited by law. This announcement does not constitute or form a part of any offer to sell
 or solicitation of an offer to buy, to purchas e or subscribe for securities nor shall there be
 any sale of Offer Shares in the United States or in any other jurisdictions in which such offer
 or solicitation would be unlawful. The securiti es mentioned herein have not been, and will
 not be, registered under the United States S ecurities 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, o r 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 pursuant to an exemption from, or in a transaction
 not subject to, the registration requirements of the U.S. Securities Act and in compliance
 with any applicable state secur ities laws. There will be no public offering of securities in the
 United States. The Offer Shares are being of fered and sold outside the United States in
 offshore transactions in reliance on Re gulation S under the U.S. Securities Act.
 This announcement is for information purposes only and does not consti tute an invitation or
 offer to acquire, purchase or subscribe for securities of the Company. This announcement is
 not a prospectus. Potential in vestors should read the prospectus dated 29 July 2024 (the
 ‘‘Prospectus ’’) issued by Zhongmiao Hol dings (Qingdao) Co., Ltd. (
 眾淼控股（青島）股份
 有限公司)( t h e‘ ‘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 S hares 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.
 The Hong Kong Offer Shares will be offered to the public in Hong Kong subject to the terms
 and conditions set out in the Prospectus. The Hong Kong Offer Shares will not be offered to
 any person who is outside Hong Kong and/or not resident in Hong Kong.
 –1–
 --- page 2 ---
 Potential investors of the Offer Shares shoul d note that the Joint Sponsors and the Overall
 Coordinators (for themselves and on beha lf of the Hong Kong Underwriters) shall be
 entitled to terminate their obligations under t he Hong Kong Underwriting Agreement with
 immediate effect upon the occurrence of any of the events set out in the paragraph headed
 ‘‘Underwriting — Underwriting Arrangem ents and Expenses — Hong Kong Public Offering
 — Grounds for Termination’’ in the Prospect us at any time prior to 8 : 00 a.m. (Hong Kong
 time) on the Listing Date.
 Potential investors should be aware that st abilising action cannot be taken to support the
 price of the H Shares for longer than the stabi lisation period which begins on the Listing
 Date and is expected to expire on Saturday, 31 August 2024, being the 30th day after the
 last day for the lodging of applications unde r the Hong Kong Public Offering. After this
 date, no further stabilising action may be tak en, demand for the H Shares, and therefore the
 price of the H Shares, could fall.
 –2–
 --- page 3 ---
 Zhongmiao Holdings (Qingdao) Co., Ltd.
 眾 淼 控 股（ 青 島 ）股 份 有 限 公 司
 (A joint stock company incorporated in the Peopl e’s Republic of China with limited liability)
 GLOBAL OFFERING
 N u m b e ro fO f f e rS h a r e su n d e r
 the Global Offering
 : 35,300,000 H Shares
 Number of Hong Kong Offer Shares : 4,357,000 H Shares
 Number of International Offer Shares : 30,943,000 H Shares
 Maximum Offer Price : HK$10.2 per H Share plus brokerage of 1.0%, SFC
 transaction levy of 0.0027%, Stock Exchange trading
 fee of 0.00565% and AFRC transaction levy of
 0.00015% (payable in full on application in Hong Kong
 dollars and subject to refund)
 Nominal value : RMB1.00 per H Share
 Stock Code : 1471
 Joint Sponsors
 (in alphabetical order)
 Overall Coordinators, Joint Global Coordinators
 (in alphabetical order)
 PA SECURITIES (HK)
 Joint Bookrunners and Joint Lead Managers
 (in alphabetical order)
 PA SECURITIES (HK)
 Joint Lead Managers
 (in alphabetical order)
 –3–
 --- page 4 ---
 ZHONGMIAO HOLDINGS (QINGDAO) CO., LTD. / 眾淼控股(青島)股份有限公司
 ANNOUNCEMENT OF FINAL OFFER PRICE AND
 ALLOTMENT RESULTS
 Unless otherwise defined herein, capitalised terms used in this announcement shall have the same meanings
 as those defined in the prospectus dated  29 July 2024  (the “Prospectus”) issued by  Zhongmiao Holdings
 (Qingdao) Co., Ltd. (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  1471
 Stock short name  ZHONGMIAO
 Dealings commencement date  6 August 2024*
 *see note at the end of the announcement
 Price Information
 Final Offer Price  HK$7.000
 Offer Price Range HK$7.000 - HK$10.200
 Offer Price Adjustment exercised  No
 Offer Shares and Share Capital
 Number of Offer Shares  35,300,000
 Number of Offer Shares in Hong Kong Public Offering
 (after reallocation)
 4,357,000
 Number of offer shares in International Offering (after
 reallocation)
 30,943,000
 Number of issued shares upon Listing  141,195,600
 Over-allocation
 No. of Offer Shares over-allocated  0
 Proceeds
 Gross proceeds (Note)  HK$ 247.10 million
 Less: Estimated listing expenses payable based on Final
 Offer Price
 HK$ (51.27) million
 Net proceeds  HK$ 195.83 million
 Note: Gross proceeds refers to the amount to which the issuer is entitled  to receive. For details of the use
 of proceeds, please refer to the Prospectus dated 29 July 2024.
 --- page 5 ---
 ALLOTMENT RESULTS DETAILS
 HONG KONG PUBLIC OFFERING
 No. of valid applications  4,677
 No. of successful applications  3,569
 Subscription level  16.07 times
 Claw-back triggered  No
 No. of Offer Shares initially available under the Hong Kong Public
 Offering
 3,530,000
 No. of Offer Shares reallocated from the International Offering 827,000
 Final no. of Offer Shares under the Hong Kong Public Offering
 (after reallocation)
 4,357,000
 % of Offer Shares under the Hong Kong Public Offering to the
 Global Offering
 12.34%
 Note: For details of the final allocation of shares to the Hong Kong Public Offering, investors can refer to
 http://www.tricor.com.hk/ipo/result to perform a search by name or identification number or
 http://www.hkeipo.hk/IPOResult for the full list of allottees.
 INTERNATIONAL OFFERING
 No. of placees  112
 Subscription Level  0.98 times
 No. of Offer Shares initially available under the International
 Offering
 31,770,000
 No. of Offer Shares reallocated to the Hong Kong Public Offering
 (claw-back)
 827,000
 Final no. of Offer Shares under the International Offering (after
 reallocation)
 30,943,000
 % of Offer Shares under the International Offering to the Global
 Offering
 87.66%
 The Directors confirm that, to the best of their knowledge, information and belief, (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 o f Shares registered in
 his/her/its name or otherwise held by him/her/it.
 --- page 6 ---
 The placees in the International Offering include the following:
 Cornerstone Investors
 Investor
 No. of
 Offer
 Shares
 allocated
 % of Offer
 Shares
 % of total
 issued H
 Shares after
 the Global
 Offering
 % of total
 issued share
 capital after the
 Global Offering
 Existing
 shareholders or
 their close
 associates
 The Reynold
 Lemkins Group
 (Asia) Limited
 1,428,500 4.05% 4.05% 1.01% No
 Hong Tai
 International III
 LPF
 5,176,000 14.66% 14.66% 3.67% No
 Total 6,604,500 18.71% 18.71% 4.68%
 Note:
 To the knowledge of the Company, the Group, the Directors, the Supervisors, existing Shareholders or any
 of their respective close associates has not entered into any side agreements or arrangements with each
 of the Cornerstone Investors , their respective directors, existing shareholders or any of their respective
 close associates apart from the cornerstone investment agreement s dated 25 July 2024 entered into with
 The Reynold Lemkins Group (Asia) Limited and Hong Tai International III LPF respectively.
 Allottees with waivers/consents obtained
 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*
 Hong Tai
 International III
 LPF
 5,176,000 14.66% 14.66% 3.67% Connected client
 Total 5,176,000 14.66% 14.66% 3.67%
 Note:
 The Company has applied for, and the Stock Exchange has granted the Company, its consent pursuant to
 paragraph 5(1) of Appendix F1 to the Listing Rules for Hong Tai International III LPF to participate as a
 cornerstone investor in the Global Offering. The allocation of Offer Shares to Hong Tai International III
 LPF is in compliance with all the conditions under the consent granted by the Stock Exchange. Please
 refer to the section headed “Waivers from Strict Compliance with the Listing Rules” in the Prospectus for
 further details.
 #The H Shares placed to the above allottees are held on behalf of independent third parties (as defined in
 Chapter 4.15 of the Guide ) and are in compliance with all the conditions under the consent granted by the
 Stock Exchange.
 --- page 7 ---
 LOCK-UP UNDERTAKINGS
 According to the PRC Company Law, all the Shares held by the existing Shareholders (which consists of the
 Controlling Shareholders and the Pre-IPO Investors) prior to the Global Offering are subject to a lock-up period
 of one year from the Listing Date.
 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
 % of shareholding
 in  the Company
 subject to lock-up
 undertakings  upon
 listing
 Last day
 subject  to the
 lock-up
 undertakings
 Haier Group
 Corporation / 海爾集
 團公司(1)
 64,000,000 0.00% 45.33% 5 February
 2025 (First
 Six-Month
 Period) (2)
    5 August 2025
 (Second Six-
 Month Period)
 (2)
 Subtotal 64,000,000 0.00% 45.33%
 Notes:
 1. Haier Group Corporation is entitled to exercise the voting rights attached to approximately
 45.33% of the total issued share capital of our Company immediately after the completion of the
 Global Offering through Qingdao Haichuanghui IoT, Qingdao Haichuanghui Investment,
 Haichuanghui Holding, Ningbo Meishan, Qingdao Haichuanghui Venture, Qingdao Haiyinghui
 and Qingdao Haichuanghui. For further details, please refer to the section headed “History and
 Development” in the Prospectus.
 2. In accordance with the relevant Listing Rule/guidance materials, the required lock-up for the first
 six-month period ends on 5 February 2025 and for the second six-month period, on 5 August 2025.
 --- page 8 ---
 Pre-IPO Investors (as defined in the Prospectus)
 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
 % of shareholding
 in the Company
 subject to lock-up
 undertakings upon
 listing
 Last day
 subject  to the
 lock-up
 undertakings
 Qingdao Haizhongjie
 Management
 Consulting Enterprise
 (Limited Partnership)
 /青島海眾捷管理諮
 詢企業（有限合
 夥）
 2,933,300 0.00% 2.08% 5 August
 2025
 Qingdao Haixinsheng
 Management
 Consulting Enterprise
 (Limited Partnership)
 /青島海欣盛管理諮
 詢企業（有限合
 夥）
 568,300 0.00% 0.40% 5 August
 2025
 Qingdao
 Haichuangying
 Equity Investment
 Partnership (Limited
 Partnership) / 青島海
 創贏股權投資合夥
 企業（有限合夥）
 14,394,000 0.00% 10.19% 5 August
 2025
 Subtotal 17,895,600 0.00% 12.67%
 The expiry date of the lock-up period shown in the table above is pursuant to the PRC Company Law.
 --- page 9 ---
 Existing Shareholders (other than the Pre-IPO Investors as defined in the Prospectus)
 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
 % of shareholding
 in the Company
 subject to lock-up
 undertakings upon
 listing
 Last day
 subject to the
 lock-up
 undertakings
 Lu Yao / 鹿遙(1) 27,501,600 0.00% 19.48% 5 August
 2025(2)
 Subtotal 27,501,600 0.00% 19.48%
 Note:
 1. Immediately following the completion of the Global Offering, our Company will be owned as to
 17.00%, 2.08% and 0.40% by Shanghai Zhaoqi, Qingdao Haizhongjie and Qingdao Haixinsheng,
 each of them is a limited partnership with Qingdao Haichuang (wholly owned  by Lu Yao) as its
 general partner. Therefore, Lu Yao is deemed to be interested in the Shares held by Shanghai
 Zhaoqi, Qingdao Haizhongjie and Qingdao Haixinsheng under the SFO.
 2. The expiry date of the lock-up period shown in the table above is pursuant to the PRC Company
 Law.
 --- page 10 ---
 Cornerstone Investors
 Name
 Number of
 shares held in the
 Company subject
 to lock-up
 undertakings
 upon listing
 % of total issued H-
 shares after the
 Global Offering
 subject to lock-up
 undertakings upon
 listing
 % of shareholding
 in the Company
 subject to lock-up
 undertakings  upon
 listing
 Last day
 subject  to
 the lock-up
 undertakings
 Hong Tai International
 III LPF / 洪泰國際三
 號有限合夥基金
 5,176,000 14.66% 3.67% 5 February
 2025
 The Reynold Lemkins
 Group (Asia) Limited
 1,428,500 4.05% 1.01% 5 February
 2025
 Subtotal 6,604,500 18.71% 4.68%
 Note:
 In accordance with Chapter 4.15 (Placing -related Matters) of the Guide, the required lock -up ends on 5
 February 2025.
 Notes
 1. The Controlling Shareholder may dispose of or transfer H Shares  after the indicated  date subject  to that the
 Controlling  Shareholder  will not cease to be a Controlling  Shareholder.
 2. The Controlling Shareholder  and Cornerstone Investors  will cease to be prohibited from  disposing of or transfer ring
 H Shares  after the indicated  date.
 --- page 11 ---
 PLACEE CONCENTRATION ANALYSIS
 Placees 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 5,176,000 16.73% 14.66% 5,176,000 3.67%
 Top 5 19,628,000 63.43% 55.60% 19,628,000 13.90%
 Top 10 28,658,500 92.62% 81.19% 28,658,500 20.30%
 Top 25 30,899,500 99.86% 87.53% 30,899,500 21.88%
 Notes
 * Ranking of placees is based on the number of H Shares allotted to the placees.
 --- page 12 ---
 H SHAREHOLDERS CONCENTRATION ANALYSIS
 H
 Shareholders*
 Number of H Shares
 allotted
 Allotment as
 % of Hong
 Kong Public
 Offering
 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 5,176,000 0.00% 16.73% 14.66% 5,176,000 14.66% 5,176,000
 Top 5 19,628,000 0.00% 63.43% 55.60% 19,628,000 55.60% 19,628,000
 Top 10 28,658,500 0.00% 92.62% 81.19% 28,658,500 81.19% 28,658,000
 Top 25 33,076,000 50.14% 99.83% 93.70% 33,076,000 93.70% 33,076,000
 Notes
 * Ranking of H Shareholders is based on the number of H Shares held by the H Shareholders upon Listing.
 #  Exclusive of 2,184,500 H Shares allotted to certain of the top 25 H Shareholders under the Hong Kong Public Offering
 SHAREHOLDER CONCENTRATION ANALYSIS
 Shareholders Number of H Shares allotted
 Allotment as % of
 Hong Kong Public
 Offering
 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 0 0.00% 0.00% 0.00% 0 64,000,000 45.33%
 Top 5 9,828,500 0.00% 31.76% 27.84% 9,828,500 115,724,100 81.96%
 Top 10 24,273,000 0.00% 78.44% 68.76% 24,273,000 130,168,600 92.19%
 Top 25 33,070,000 50.00% 99.83% 93.68% 33,070,500 138,965,600 98.42%
 Notes
 * Ranking of Shareholders is based on the number of Shares (of all classes) held by the Shareholders upon Listing.
 ##  Exclusive of 2,178,500 H Shares allotted to certain of the top 25 Shareholders under the Hong Kong Public Offering.
 --- page 13 ---
 BASIS OF ALLOCATION UNDER THE HONG KONG PUBLIC OFFERING
 Subject to the satisfaction of the conditions set out in the Prospectus, valid applications made by
 the public will be conditionally allocated on the basis set out below:
 NO. OF H SHARES APPLIED
 FOR
 NO. OF VALID
 APPLICATIONS
 BASIS OF
 ALLOTMENT/BALLOT
 APPROXIMATE
 PERCENTAGE ALLOTTED
 OF THE TOTAL NO. OF H
 SHARES APPLIED FOR
 500 869 0 H Shares 50.00% 500 869 500 H Shares
 1,000 139 0 H Shares 31.32% 1,000 233 500 H Shares
 1,500 42 0 H Shares 23.74% 1,500 104 500 H Shares
 2,000 22 0 H Shares 20.05% 2,000 89 500 H Shares
 2,500 15 0 H Shares 16.88% 2,500 81 500 H Shares
 3,000 9 0 H Shares 14.67% 3,000 66 500 H Shares
 3,500 2 0 H Shares 13.45% 3,500 32 500 H Shares
 4,000 3 0 H Shares 12.01% 4,000 73 500 H Shares
 4,500 7 0 H Shares 11.01% 4,500 752 500 H Shares
 5,000 152 500 H Shares 10.00%
 6,000 18 500 H Shares 9.17% 6,000 2 1,000 H Shares
 7,000 16 500 H Shares 8.27% 7,000 3 1,000 H Shares
 8,000 21 500 H Shares 7.45% 8,000 5 1,000 H Shares
 9,000 135 500 H Shares 6.83% 9,000 40 1,000 H Shares
 10,000 92 500 H Shares 6.41% 10,000 36 1,000 H Shares
 15,000 71 500 H Shares 4.80% 15,000 56 1,000 H Shares
 20,000 74 500 H Shares 3.94% 20,000 100 1,000 H Shares
 25,000 34 500 H Shares 3.39% 25,000 77 1,000 H Shares
 30,000 9 500 H Shares 3.01% 30,000 37 1,000 H Shares
 --- page 14 ---
 35,000 1 500 H Shares 2.76% 35,000 13 1,000 H Shares
 40,000 1 500 H Shares 2.45% 40,000 26 1,000 H Shares
 45,000 16 1,000 H Shares 2.22%
 50,000 77 1,000 H Shares 2.10% 50,000 9 1,500 H Shares
 60,000 8 1,000 H Shares 1.89% 60,000 3 1,500 H Shares
 70,000 9 1,000 H Shares 1.68% 70,000 5 1,500 H Shares
 80,000 9 1,000 H Shares 1.54% 80,000 8 1,500 H Shares
 90,000 3 1,000 H Shares 1.43% 90,000 4 1,500 H Shares
 100,000 13 1,000 H Shares 1.31% 100,000 21 1,500 H Shares
 200,000 12 1,500 H Shares 0.75%
 300,000 4 1,500 H Shares 0.61% 300,000 8 2,000 H Shares
 400,000 36 2,000 H Shares 0.50%
 500,000 5 351,500 H Shares 70.30%
 600,000 1 421,000 H Shares 70.17%
 Total 4,677 4,357,000 H Shares
 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.
 REALLOCATION AND ALLOTMENT TO CORNERSTONE INVESTORS
 As the Hong Kong Public Offering has been oversubscribed but the International Offering was slightly
 undersubscribed, the reallocation procedure pursuant to paragraph 8 and 9 of Chapter 4.14 (Offering-
 related Mechanisms) of the Guide and as disclosed in the Prospectus has been applied. Pursuant to the
 aforementioned reallocation procedure, 827,000 Offer Shares were reallocated from the International
 Offering to the Hong Kong Public Offering and the final number of Offer Shares under the Hong Kong
 Public Offering is adjusted to 4,357,000 H Shares, representing approximately 12.3% of the total
 number of Offer Shares initially available under the Global Offering.
 Taking into consideration that, among others, the cornerstone investments are long-term in scope and
 the Company is of the view that the confidence from Cornerstone Investors may influence the market's
 perception, the Company exercised its discretion and d ecided not to deduct the number of H Shares
 subscribed by the Cornerstone Investors on a pro rata basis in accordance with the mechanism as
 disclosed in the Prospectus.
 PUBLIC FLOAT
 The Directors confirm that immediately after the Global Offering, (i) the total number of H Shares
 held by the public represents 25.00% of the total number of issued H Shares of the Company and will
 --- page 15 ---
 satisfy the minimum percentage as prescribed by Rule 8.08(1) of the Listing Rules; (ii) the three largest
 public Shareholders do not hold more than 50% of the Shares held in public hands at the time of the
 Listing in compliance with Rule 8.08(3) and Rule 8.24 of the Listing Rules; (iii) there will not be any
 new substantial shareholder (as defined in the Listing Rules) of the Company; 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.
 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 trading fee payable.
 DISCLAIMERS
 Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited (the “Stock
 Exchange”) and Hong Kong Securities Clearing Company Limited (“HKSCC”) take no
 responsibility for the contents of this announcement, make no representation as to its accuracy or
 completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from
 or in reliance upon the whole or any part of the contents of this announcement.
 This announcement is not for release, publication, distribution, directly or indirectly, in or into the
 United States (including its territories and possessions, any state of the United States and the District
 of Columbia). This announcement does not constitute or form a part of any offer or solicitation to
 purchase or subscribe for securities in the United States.  The securities mentioned herein have not
 been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S.
 Securities Act”). The securities may not be offered or sold in the United States except pursuant to an
 exemption from the registration requirements of the U.S. Securities Act and in compliance with any
 applicable state securities laws, or outside the United States unless in compliance with Regulation S
 under the U.S. Securities Act. There will be no public offer o f 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 29 July 2024 issued by Zhongmiao Holdings (Qingdao) Co.,
 Ltd. for detailed information about the Global Offering described below before deciding whether or
 not to invest in the H 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 6 August 2024).
 --- page 16 ---
 COMMENCEMENT OF DEALINGS
 H Share certificates will only become valid evidence of title at 8 : 00 a.m. on Tuesday, 6
 August 2024 provided that (i) the Global O ffering has become unconditional in all
 respects and (ii) the right of termination as described in ‘‘Underwriting — Underwriting
 Arrangements and Expenses — Hong Kong Public Offering — Grounds for
 Termination’’ in the Prospectus has not b een exercised. Investors who trade H Shares
 on the basis of publicly available allocati on details or prior to the receipt of H Share
 certificates or prior to the H Share certific ates becoming valid evidence of title do so
 entirely at their own risk.
 Assuming that the Hong Kong Public Offering becomes unconditional at or before 8 : 00
 a.m. in Hong Kong on Tuesday, 6 August 2024, it is expected that dealings in the H
 Shares on the Stock Exchange will commenc e at 9 : 00 a.m. on Tuesday, 6 August 2024.
 The H Shares will be traded in board lots of 500 H Shares each and the stock code of the
 H Shares will be 1471.
 By order of the Board
 Zhongmiao Holdings (Qingdao) Co., Ltd.
 Lu Yao
 Chairman and Executive Director
 Hong Kong, 5 August 2024
 As at the date of this announcement, the Boa rd comprises Mr. Lu Yao, Mr. Zhang Zhiquan,
 Ms. Li Tian and Mr. Wang Heping as executiv e Directors; and Ms. Fang Qiaoling, Mr.
 Chung Wai Man and Ms. Ng Sin Kiu as ind ependent non-executive Directors.
 –4–
@@ -0,0 +1,734 @@
 --- 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
 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 31, 2025 (the “Prospectus”) issued by Hongxing Coldchain (Hunan)
 Co., Ltd. (紅星冷鏈（湖南）股份有限公司 ) (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.
 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 paragraph 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 Tuesday, January 13, 2026).
 --- page 2 ---
 – 2 –
 Hongxing Coldchain (Hunan) 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
 : 23,263,000 H Shares
 Number of Hong Kong Offer Shares : 2,326,500 H Shares (subject to
 reallocation)
 Number of International Offer Shares : 20,936,500 H Shares (subject to reallocation)
 Offer Price : HK$12.26 per H Share, plus brokerage of
 1%, SFC transaction levy of 0.0027%,
 AFRC transaction levy of 0.00015% and
 Stock Exchange trading fee of 0.00565%
 (payable in full on application and subject
 to refund)
 Nominal value : RMB1.0 per H Share
 Stock code : 01641
 Joint Sponsors, Overall Coordinators, Joint Global Coordinators,
 Joint Bookrunners and Joint Lead Managers
 Joint Bookrunners and Joint Lead Managers
 (in alphabetical order)
 Ruibang
 --- page 3 ---
 – 3 –
 HONGXING COLDCHAIN (HUNAN) CO., LTD.
 ANNOUNCEMENT OF FINAL OFFER PRICE AND
 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 31, 2025 (the
 “Prospectus”) issued by Hongxing Coldchain (Hunan) Co., Ltd. ( 紅星冷鏈（湖南）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 1641
 Stock short name HX COLDCHAIN
 Dealings commencement date January 13, 2026*
 *see note at the end of the announcement
 Price Information
 Offer Price HK$12.26
 Offer Shares and Share Capital
 Number of Offer Shares 23,263,000 H Shares
 Final Number of Offer Shares in Hong Kong Public
 Offering
 2,326,500 H Shares
 Final Number of Offer Shares in International
 Offering
 20,936,500 H Shares
 Number of issued Shares upon Listing 98,263,000 Shares
 --- page 4 ---
 – 4 –
 Proceeds
 Gross proceeds (Note) HK$285.20 million
 Less: Estimated listing expenses payable based on
 Offer Price
 HK$(32.87) million
 Net proceeds HK$252.33 million
 Note: Gross proceeds refers to the amount to which the Company is entitled receive. For details of the use
 of proceeds, please refer to the section headed “Future Plans and Use of Proceeds” of the Prospectus.
 --- page 5 ---
 – 5 –
 ALLOTMENT RESULTS DETAILS
 HONG KONG PUBLIC OFFERING
 No. of valid applications 103,102
 No. of successful applications 4,653
 Subscription level 2,309.25 times
 Claw-back triggered No
 No. of Offer Shares initially available under the Hong
 Kong Public Offering
 2,326,500
 H Shares
 No. of Offer Shares reallocated from the International
 Offering (claw-back)
 N/A
 Final no. of Offer Shares under the Hong Kong Public
 Offering
 2,326,500
 H Shares
 % of Offer Shares under the Hong Kong Public Offering to
 the Global Offering
 10%
 Note: For details of the final allocation of the H Shares to the Hong Kong Public Offering, investors
 can refer to https://www.hkeipo.hk/iporesult  to perform a search by identification number or
 https://www.hkeipo.hk/iporesult for the full list of allottees.
 INTERNATIONAL OFFERING
 No. of placees 106
 Subscription level 1.65 times
 No. of Offer Shares initially available under the
 International Offering
 20,936,500 H Shares
 No. of Offer Shares reallocated to the Hong Kong Public
 Offering (claw-back)
 No
 Final no. of Offer Shares under the International Offering 20,936,500
 H Shares
 % 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, (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
 --- page 6 ---
 – 6 –
 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.
 The placees in the International Offering include the following:
 Cornerstone Investor
 Investor Note 1
 No. of Offer
 Shares
 allocated
 % of Offer
 Shares
 % of total
 issued H
 Shares after
 the Global
 Offering
 % of total
 issued share
 capital after
 the Global
 Offering
 Existing
 shareholders
 or their close
 associates
 FUHUIDA (HK) LIMITED
 (“FUHUIDA HK”)
 1,781,000 7.66% 7.25% 1.81% No
 Total 1,781,000 7.66% 7.25% 1.81%
 Note:
 (1) For further details of the Cornerstone Investor, please refer to the section headed “Cornerstone
 Investors” in the Prospectus.
 Allottee with Consent Obtained
 Investor
 No. of Offer
 Shares
 allocated
 % of Offer
 Shares
 % of total
 issued H
 Shares after
 the Global
 Offering
 % of total
 issued share
 capital after
 the Global
 Offering Relationship
 Allottee with consent under paragraph 1C(1) of the Placing Guidelines and Chapter 4.15 of the Listing Guide in relation to
 allocations to connected client Note 1
 Orient Asset Management
 (Hong Kong) Limited (“Orient
 AM”)
 4,359,000 18.74% 17.74% 4.44% A connected
 client
 Note:
 (1) 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 “Others/Additional Information — Placing to a connected client with prior consent under
 paragraph 1C(1) of the Placing Guidelines” in this announcement.
 --- page 7 ---
 – 7 –
 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 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 1
 Hongxing Shiye Industrial
 Group Co., Ltd. (紅星實業
 集團有限公司)
 43,690,535 — — 44.46% January 12, 2027
 Changsha Hongri Jingming
 Equity Investment
 Partnership (Limited
 Partnership) (長沙紅日景明
 股權投資合夥企業(有限
 合夥))
 6,045,039 — — 6.15% January 12, 2027
 Changsha Hongri Mingsheng
 Enterprise Management
 Partnership (Limited
 Partnership) 長沙紅日明升
 企業管理合夥企業(有限
 合夥)
 3,491,905 — — 3.56% January 12, 2027
 Changsha Hongxing
 Investment Management
 Center (長沙紅星投資經營
 管理中心) Note 2
 53,227,479 — — 54.17% January 12, 2027
 Subtotal 53,227,479 — — 54.17%
 Note:
 (1) The expiry date of the lock-up period shown in the table above is pursuant to the PRC Company Laws. The required lock-up for the Controlling
 Shareholders ends on January 12, 2027, being 12 months following the Listing Date.
 (2) For illustrative purposes only, this subsection lists only those members of the Controlling Shareholders who hold Shares directly in the
 Company. Pursuant to Rule 10.07 of the Listing Rules, each of the Controlling Shareholders (namely, Hongxing Shiye, Hongri Jingming,
 Hongri Mingsheng and Hongxing Center) has undertaken to the Company and the Stock Exchange that it shall, and shall procure that the
 relevant registered holders of the Shares in which it is beneficially interested shall, comply with the applicable lock-up requirements. For
 further details, please refer to the section headed “Underwriting — Underwriting Arrangements and Expenses -Undertakings to the Stock
 Exchange pursuant to the Listing Rules” in the Prospectus.
 --- page 8 ---
 – 8 –
 Cornerstone Investor
 Investor Note 1
 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
 undertaking Note 1
 FUHUIDA HK — 1,781,000 7.25% 1.81% July 12, 2026
 Subtotal — 1,781,000 7.25% 1.81%
 Note:
 1. In accordance with the relevant cornerstone investment agreements, the required lock-up ends on
 July 12, 2026, being six months following the Listing Date. The Cornerstone Investor will cease to
 be prohibited from disposing of or transferring H Shares subscribed for pursuant to the relevant
 cornerstone investment agreement after the indicated date.
 --- page 9 ---
 – 9 –
 Other Existing 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 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 1
 Hunan Food Industry Co. Ltd.
 (湖南省食品產業有限公司)
 3,637,401 — — 3.7% January 12, 2027
 Xie Longgui (謝龍貴) 1,813,512 — — 1.85% January 12, 2027
 Chen Ai (陳愛) 1,360,134 — — 1.38% January 12, 2027
 Huang Fusheng (黃福生) 1,020,100 340,034 1.38% 1.38% January 12, 2027
 Dai Mingzhi (戴明智) 906,756 — — 0.92% January 12, 2027
 Wu Ruiqi (吳瑞棋) 906,756 — — 0.92% January 12, 2027
 Li Wenjing (黎雯靜) 906,756 — — 0.92% January 12, 2027
 Luo Qinli (羅勤立) 906,756 — — 0.92% January 12, 2027
 Song Deying (宋德映) 906,756 — — 0.92% January 12, 2027
 Chen Xinglong (陳興隆) 634,729 — — 0.65% January 12, 2027
 Cheng Yan (成燕) 340,033 113,345 0.46% 0.46% January 12, 2027
 Lu Yuanhong (呂元紅) 453,378 — — 0.46% January 12, 2027
 Wu Jun (吳軍) 453,378 — — 0.46% January 12, 2027
 Peng Wenzhao (彭文釗) 453,378 — — 0.46% January 12, 2027
 Luo Tiexing (羅鐵興) 340,033 113,345 0.46% 0.46% January 12, 2027
 Yi Guangyue (易光躍) 453,378 — — 0.46% January 12, 2027
 Zeng Wei (曾維) 453,378 — — 0.46% January 12, 2027
 Zeng Ya (曾亞) 453,378 — — 0.46% January 12, 2027
 Li Changxiao (李昌孝) 340,033 113,345 0.46% 0.46% January 12, 2027
 Kong Yu (孔昱) 340,033 113,345 0.46% 0.46% January 12, 2027
 Song Liwen (宋利文) 453,378 — — 0.46% January 12, 2027
 Zou Songqiu (鄒松球) 226,689 226,689 0.92% 0.46% January 12, 2027
 Sun Ping (孫萍) 453,378 — — 0.46% January 12, 2027
 Li Zhenbin (李振斌) 340,033 113,345 0.46% 0.46% January 12, 2027
 Li Gang (李剛) 453,378 — — 0.46% January 12, 2027
 Liu Xinming (柳新明) 272,027 — — 0.28% January 12, 2027
 Wu Yong (吳勇) 241,802 — — 0.25% January 12, 2027
 Zhang Mingsheng (張明生) 226,689 — — 0.23% January 12, 2027
 Li Zhenwu (李振武) 170,017 56,672 0.23% 0.23% January 12, 2027
 Li Dengyun (李登雲) 170,017 56,672 0.23% 0.23% January 12, 2027
 Zhang Ying (張穎) 170,017 56,672 0.23% 0.23% January 12, 2027
 Liu Xiaolian (劉小連) 211,576 — — 0.22% January 12, 2027
 Subtotal 20,469,057 1,303,464 5.29% 22.13%
 Note:
 (1) The expiry date of the lock-up period shown in the table above is pursuant to the PRC Company
 Laws. The required lock-up for existing Shareholders ends on January 12, 2027 being 12 months
 following the Listing Date.
 --- page 10 ---
 – 10 –
 PLACEE CONCENTRATION ANALYSIS
 Placees
 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 4,359,000 20.8% 18.7% 4,359,000 4.4%
 Top 5 15,465,000 73.9% 66.5% 15,465,000 15.7%
 Top 10 20,229,500 96.6% 87.0% 20,229,500 20.6%
 Top 25 20,888,000 99.8% 89.8% 20,888,000 21.3%
 Note:
 * Ranking of placees is based on the number of H Shares allotted to the placees.
 H SHAREHOLDERS CONCENTRATION ANALYSIS
 H Shareholders*
 Number of
 H Shares
 allotted
 Allotment as %
 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 4,359,000 20.8% 18.7% 4,359,000 17.7% 4,359,000
 Top 5 15,465,000 73.9% 66.5% 15,465,000 63.0% 15,465,000
 Top 10 20,229,500 96.6% 87.0% 20,229,500 82.3% 20,229,500
 Top 25 20,806,000 99.4% 89.4% 22,109,464 90.0% 25,566,469
 Note:
 * Ranking of H Shareholders is based on the number of H Shares held by the H Shareholders upon Listing.
 --- page 11 ---
 – 11 –
 SHAREHOLDERS CONCENTRATION ANALYSIS
 Shareholders
 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 – N/A N/A – 53,227,479 54.2%
 Top 5 11,946,000 57.1% 51.4% 11,946,000 68,810,880 70.0%
 Top 10 15,465,000 73.9% 66.5% 15,805,034 76,863,660 78.2%
 Top 25 20,229,500 96.6% 87.0% 21,136,258 88,610,181 90.2%
 Note:
 * Ranking of Shareholders is based on the number of Shares (of all classes) held by the Shareholder upon
 Listing.
 --- page 12 ---
 – 12 –
 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
 POOL A
 APPROXIMATE
 PERCENTAGE
 ALLOTTED OF
 THE TOTAL
 NO. OF SHARES
 APPLIED FOR
 500 65,757 658 out of 65,757 applicants to receive 500 H Shares 1.00%
 1,000 5,105 71 out of 5,105 applicants to receive 500 H Shares 0.70%
 1,500 2,063 35 out of 2,063 applicants to receive 500 H Shares 0.57%
 2,000 1,413 27 out of 1,413 applicants to receive 500 H Shares 0.48%
 2,500 1,360 29 out of 1,360 applicants to receive 500 H Shares 0.43%
 3,000 751 17 out of 751 applicants to receive 500 H Shares 0.38%
 3,500 575 14 out of 575 applicants to receive 500 H Shares 0.35%
 4,000 2,102 55 out of 2,102 applicants to receive 500 H Shares 0.33%
 4,500 597 17 out of 597 applicants to receive 500 H Shares 0.32%
 5,000 2,783 80 out of 2,783 applicants to receive 500 H Shares 0.29%
 6,000 719 23 out of 719 applicants to receive 500 H Shares 0.27%
 7,000 503 17 out of 503 applicants to receive 500 H Shares 0.24%
 8,000 805 29 out of 805 applicants to receive 500 H Shares 0.23%
 9,000 719 27 out of 719 applicants to receive 500 H Shares 0.21%
 10,000 1,819 72 out of 1,819 applicants to receive 500 H Shares 0.20%
 15,000 1,029 49 out of 1,029 applicants to receive 500 H Shares 0.16%
 20,000 767 42 out of 767 applicants to receive 500 H Shares 0.14%
 25,000 689 42 out of 689 applicants to receive 500 H Shares 0.12%
 30,000 439 29 out of 439 applicants to receive 500 H Shares 0.11%
 35,000 358 25 out of 358 applicants to receive 500 H Shares 0.10%
 40,000 414 31 out of 414 applicants to receive 500 H Shares 0.09%
 45,000 256 20 out of 256 applicants to receive 500 H Shares 0.09%
 50,000 787 65 out of 787 applicants to receive 500 H Shares 0.08%
 60,000 476 43 out of 476 applicants to receive 500 H Shares 0.08%
 70,000 375 36 out of 375 applicants to receive 500 H Shares 0.07%
 80,000 450 46 out of 450 applicants to receive 500 H Shares 0.06%
 90,000 395 43 out of 395 applicants to receive 500 H Shares 0.06%
 100,000 1,931 217 out of 1,931 applicants to receive 500 H Shares 0.06%
 200,000 987 152 out of 987 applicants to receive 500 H Shares 0.04%
 300,000 690 128 out of 690 applicants to receive 500 H Shares 0.03%
 400,000 891 188 out of 891 applicants to receive 500 H Shares 0.03%
 98,005 Total number of Pool A successful applicants: 2,327
 NO. OF SHARES
 APPLIED FOR
 NO. OF VALID
 APPLICATIONS
 BASIS OF ALLOTMENT/BALLOT
 POOL B
 APPROXIMATE
 PERCENTAGE
 ALLOTTED OF
 THE TOTAL
 NO. OF SHARES
 APPLIED FOR
 500,000 1,982 793 out of 1,982 applicants to receive 500 H Shares 0.04%
 600,000 425 181 out of 425 applicants to receive 500 H Shares 0.04%
 700,000 296 132 out of 296 applicants to receive 500 H Shares 0.03%
 800,000 264 123 out of 264 applicants to receive 500 H Shares 0.03%
 900,000 242 117 out of 242 applicants to receive 500 H Shares 0.03%
 1,000,000 260 130 out of 260 applicants to receive 500 H Shares 0.03%
 1,163,000 1,628 850 out of 1,628 applicants to receive 500 H Shares 0.02%
 5,097 Total number of Pool B successful applicants: 2,326
 --- page 13 ---
 – 13 –
 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 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 Offer Price in addition to any
 brokerage, AFRC transaction levy, SFC transaction levy and trading fee payable.
 OTHERS/ADDITIONAL INFORMATION
 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.
 --- page 14 ---
 – 14 –
 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
 Approximate
 percentage of
 total number of
 Offer Shares
 Approximate
 percentage
 of total H
 Shares in issue
 immediately
 following the
 completion of
 Global Offering
 Orient AM Note 1 Orient Securities (Hong Kong)
 Limited (“Orient Securities”)
 Orient AM and Orient Securities are members of the same
 group of companies.
 Orient AM is therefore considered a connected client of
 Orient Securities pursuant to paragraph 1B(7) of Appendix
 F1 to the Listing Rules.
 Discretionary basis 4,359,000 18.74% 4.44%
 Note:
 1. Orient AM will hold the Offer Shares on a discretionary basis on behalf of the scheme (i.e., Orient Asset Mgt (HK) Ltd-OSR Navigator No.13). The
 only shareholder in the fund is Invincible Investment SPC-Invincible Stable Growth Segregated Portfolio (the “Portfolio”). There is no general partner
 of limited partner in the Portfolio. The Portfolio is an investment fund controlled as to 59% by XSP Capital Limited, 29% by Haixiangyun Consulting
 Services (HK) Ltd and 12% by MM24 Management Consulting Limited. The shareholders of the Porfolio are independent from each other. XPS Capital
 Limited is wholly owned by Mr. Hu Xiangjuan, who is, the ultimate beneficial owner of the Portfolio.
 To the best knowledge of Orient AM after due enquiry, (i) Orient AM has confirmed that, each of the underlying clients and the ultimate beneficial
 owner of the scheme is an independent third party of Orient AM and Orient Securities and the companies which are members of the same group of
 companies as Orient Securities; and (ii) Orient AM is a collective investment scheme which is not authorized by the SFC.
 --- page 15 ---
 – 15 –
 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 listed 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.
 DISCLAIMERS
 Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong
 Limited (the “Stock Exchange”) and Hong Kong Securities Clearing Company Limited
 (“HKSCC”) take no responsibility for the contents of this announcement, make no
 representation as to its accuracy or completeness and expressly disclaim any liability
 whatsoever for any loss howsoever arising from or in reliance upon the whole or any part
 of the contents of this announcement.
 This announcement is not for release, publication, distribution, directly or indirectly, in
 or into the United States (including its territories and possessions, any state of the United
 States and the District of Columbia). This announcement does not constitute or form
 a part of any offer or solicitation to purchase or subscribe for securities in the United
 States. The securities mentioned herein have not been, and will not be, registered under
 the United States Securities Act of 1933, as amended (the “U.S. Securities Act”). The
 securities may not be offered or sold in the United States except pursuant to an exemption
 from the registration requirements of the U.S. Securities Act and in compliance with any
 applicable state securities laws, or outside the United States unless in compliance with
 Regulation S under the U.S. Securities Act. There will be no public offer of securities in
 the United States.
 The Offer Shares are being offered and sold solely 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 31, 2025
 issued by Hongxing Coldchain (Hunan) Co., Ltd. ( 紅星冷鏈(湖南)股份有限公司 ) for
 detailed information about the Global Offering described below before deciding whether
 or not to invest in the H Shares thereby being offered.
 * 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 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 January 13, 2026).
 --- page 16 ---
 – 16 –
 PUBLIC FLOAT AND FREE FLOAT
 Upon Listing, 24,566,464 H Shares, equivalent to 25.00% 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 Company’s H Shares
 upon Listing does not exceed HK$6 billion, at least 25% of the total issued H Shares must
 be held by the public upon Listing. Therefore, the number of H Shares held in public hands
 fulfill the prescribed percentage of H Shares required to be held in public hands under Rule
 19A.13A(1) of the Listing Rules.
 Excluding the Offer Shares to be allocated to the cornerstone investor that are subject to a
 lock-up period of six months following the Listing Date and the H Shares to be converted
 from Unlisted Shares that are subjected to a lockup period of 12 months following the
 Listing Date, the Company’s H Shares to be counted towards the free float upon Listing will
 be 21,482,000 Shares. Based on the Offer Price of HK$12.26 per H Share, the Company
 will satisfy the free float requirement under Rule 19A.13C(1)(a) 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 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.
 --- page 17 ---
 – 17 –
 COMMENCEMENT OF DEALINGS
 The H Share certificates will only become valid evidence of title at 8:00 a.m. on Tuesday,
 January 13, 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
 Tuesday, January 13, 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 Tuesday, January 13, 2026 (Hong Kong
 time). The H Shares will be traded in board lots of 500 H Shares each, and the stock code of
 the H Shares will be 01641.
 By order of the Board
 Hongxing Coldchain (Hunan) Co., Ltd.
 ʮ̡
 LUO Yue
 Chairman of the Board and non-executive director
 Hong Kong, January 12, 2026
 As of the date of this announcement, the board of directors of the Company comprises: (i) Mr. ZHANG
 Mingsheng and Ms. XU Qunying as executive directors; (ii) Mr. LUO Yue, Mr. LI Jun, Ms. LU Fenfang and
 Mr. ZHANG Zhong as non-executive directors; and (iii) Ms. LI Zhenzhu, Ms. CAI Yanping and Mr. HOW Sze
 Ming as independent non-executive directors.
@@ -0,0 +1,767 @@
 --- page 1 ---
 Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited (the “Stock Exchange ”)
 and Hong Kong Securities Clearing Company Limited (the “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.
 Unless otherwise defined herein, capitalised terms used in this announcement shall have the same meanings as those
 defined in the prospectus dated 26 June 2025 (the “Prospectus ”) issued by FWD Group Holdings Limited (the
 “Company ”).
 This announcement is for information purposes only and does not constitute an offer or an invitation to induce an
 offer by any person to acquire, purchase or subscribe for any securities or any Shares under the Global Offering. This
 announcement is not a prospectus. Potential investors should read the Prospectus for detailed information about the
 Company and the Global Offering described below before deciding whether or not to invest in the Offer Shares.
 This announcement does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale
 of Offer Shares in any jurisdiction in which such offer, solicitation or sales would be unlawful. 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) or any other jurisdiction where such release,
 publication or distribution is prohibited by law. This announcement does not constitute or form a part of any offer to
 sell or solicitation to purchase or subscribe for securities in the United States or in any other jurisdiction. The Offer
 Shares have not been, and will not be, registered under the U.S. Securities Act or any states securities laws of the
 United States and may not be offered or sold within or to the United States, except in transactions exempt from, or 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 (i) in the United States solely to qualified institutional
 buyers in reliance on Rule 144A under the U.S. Securities Act or another exemption from, or in a transaction not
 subject to, the registration requirements of the U.S. Securities Act, and (ii) to persons outside the United States in
 offshore transactions in accordance with Regulation S under the U.S. Securities Act.
 In connection with the Global Offering, Morgan Stanley Asia Limited, as stabilising manager (the “Stabilising
 Manager ”), its affiliates or any person acting for it, on behalf of the Underwriters, may effect transactions with a view
 to stabilising or supporting the market price of the Shares 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 Stabilising Manager, its affiliates or any
 person acting for it, to conduct any such stabilising action. Such Stabilising action, if taken, (a) will be conducted at
 the absolute discretion of the Stabilising Manager, its affiliates or any person acting for it, and in what the Stabilising
 Manager reasonably regards as the best interest of the Company, (b) may be discontinued at any time and (c) is
 required to be brought to an end within 30 days after the last day for the lodging of applications under the Hong Kong
 Public Offering. Such stabilising action, if commenced, 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 Stabilising) 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 stabilising action cannot be taken to support the price of the Shares for longer
 than the stabilisation period which begins on the Listing Date, and is expected to expire on 1 August 2025 being the
 30th day after the last day for the lodging of applications under the Hong Kong Public Offering. After this date, no
 further stabilising action may be taken, and demand for the Shares and the price of the Shares, could fall.
 The Hong Kong Offer Shares will be offered to the public in Hong Kong subject to the terms and conditions set out
 in the Prospectus. The Hong Kong Offer Shares will not be offered to any person who is outside Hong Kong and/or
 not resident in Hong Kong. Potential investors of the Offer Shares should note that the Joint Global Coordinators (for
 themselves and on behalf of the other Hong Kong Underwriters) may, after prior consultation where practicable, by a
 joint notice in writing to the Company, terminate 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 or at any time prior to 8:00
 a.m. on the Listing Date.
 --- page 2 ---
 FWD GROUP HOLDINGS LIMITED
 ʮ̡
 (Incorporated in the Cayman Islands with limited liability)
 GLOBAL OFFERING
 Number of Offer Shares under
 the Global Offering
 : 91,342,100 Offer Shares
 (subject to Over-allotment Option)
 Number of Hong Kong Offer Shares : 27,402,700 Offer Shares (as adjusted after
 reallocation)
 Number of International Offer Shares : 63,939,400 Offer Shares
 (as adjusted after reallocation and
 subject to Over-allotment Option)
 Final Offer Price : HK$38.00 per Offer Share plus brokerage
 of 1.0%, SFC transaction levy of
 0.0027%, AFRC transaction levy of
 0.00015% and Stock Exchange trading
 fee of 0.00565% (payable in full on
 application in Hong Kong dollars, subject
 to refund)
 Nominal value : US$0.03 per Share
 Stock code : 1828
 Joint Sponsors, Joint Global Coordinators, Joint Bookrunners,
 Joint Lead Managers and Overall Coordinators
 Joint Global Coordinators, Joint Bookrunners,
 Joint Lead Managers and Overall Coordinators
 Senior Joint Lead Managers
 (in alphabetical order)
 Joint Lead Managers
 (in alphabetical order)
 Financial Adviser
 --- page 3 ---
 FWD GROUP HOLDINGS LIMITED / 富衛集團有限公司
 ANNOUNCEMENT OF ALLOTMENT RESULTS
 Unless otherwise defined herein, capitalised terms used in this announcement shall have the same meanings
 as those defined in the prospectus dated 26 June 2025 (the “Prospectus”) issued by  FWD Group Holdings
 Limited (the “Company”).
 Warning: In view of high concentration of shareholding in a small number of Shareholders,
 Shareholders and prospective investors should be aware that the price of the Shares could move
 substantially even with a small number of Shares traded and should exercise extreme caution when
 dealing in the Shares.
 SUMMARY
 Company information
 Stock code  1828
 Stock short name  FWD
 Dealings commencement date  7 July 2025*
 *see note at the end of the announcement
 Price Information
 Final Offer Price  HK$38.00
 Offer Shares and Share Capital
 Number of Offer Shares  91,342,100
 Number of Offer Shares in the Hong Kong Public Offering
 (as adjusted after reallocation)
 27,402,700
 Number of Offer Shares in International Offering (as
 adjusted after reallocation and before exercise of the Over-
 allotment Option)
 63,939,400
 Number of issued Shares upon Listing (before exercise of
 the Over-allotment Option)
 1,271,003,877
 Over-allocation
 No. of Offer Shares over-allocated  13,701,300
 - International Offering 13,701,300
 Such over-allocation may be covered by exercising the Over-allotment Option or by making purchases in
 the secondary market at prices that do not exceed the Offer Price or a combination of these means. In the
 event the Over-allotment Option is exercised, an announcement will be made on the Stock Exchange’s
 website.
 Proceeds
 Gross proceeds (Note)  HK$ 3,471.0 million
 Less: Estimated listing expenses payable based on Final
 Offer Price
 HK$ (517.6) million
 Net proceeds  HK$ 2,953.4 million
 Note: Gross proceeds refer to the amount to which the issuer is entitled to receive. For details of the use
 of proceeds, please refer to the Prospectus dated 26 June 2025.
 --- page 4 ---
 ALLOTMENT RESULTS DETAILS
 HONG KONG PUBLIC OFFERING
 No. of valid applications  61,689
 No. of successful applications  38,388
 Subscription level  37.13 times
 Claw-back triggered  Yes
 No. of Offer Shares initially available under the Hong Kong Public
 Offering
 9,134,300
 No. of Offer Shares reallocated from the International Offering
 (claw-back)
 18,268,400
 Final no. of Offer Shares under the Hong Kong Public Offering (as
 adjusted after reallocation)
 27,402,700
 % of Offer Shares under the Hong Kong Public Offering to the
 Global Offering
 30.00%
 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  129
 Subscription Level  2.32 times
 No. of Offer Shares initially available under the International
 Offering
 82,207,800
 No. of Offer Shares reallocated to the Hong Kong Public Offering
 (claw-back)
 18,268,400
 Final no. of Offer Shares under the International Offering (as
 adjusted after reallocation and before exercise of the Over-
 allotment Option)
 63,939,400
 % of Offer Shares under the International Offering to the Global
 Offering
 70.00%
 The Directors confirm that, to the best of their knowledge, information and belief, (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 Shares registered in his/her/its
 name or otherwise held by him/her/it.
 --- page 5 ---
 The placees in the International Offering include the following:
 Cornerstone Investors
 Investor(1)
 No. of
 Offer
 Shares
 allocated
 % of Offer
 Shares(2)
 % of total
 issued share
 capital after the
 Global Offering(2)
 Existing
 shareholders or
 their close
 associates
 MC Management 10
 RSC Ltd 30,789,400 33.7% 2.42% No
 T&D United Capital
 Co., Ltd. 20,526,300 22.5% 1.61% No
 Total 51,315,700 56.2% 4.03%
 Notes:
 1. For further details of the Cornerstone Investors, please refer to the section headed
 “Cornerstone Investors” in the Prospectus.
 2. Before any exercise of the Over-allotment Option.
 LOCK-UP UNDERTAKINGS
 Controlling Shareholders
 Name
 Number of Shares held
 in the Company subject
 to lock-up
 undertakings upon
 Listing
 % 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
 PCGI Holdings
 Limited(1)
 416,631,903 32.78% 6 January 2026 (First
 Six-Month Period)(2)
   6 July 2026 (Second
 Six-Month Period)(3)
 Spring Achiever
 Limited(1)
 113,788,273 8.95% 6 January 2026 (First
 Six-Month Period)(2)
   6 July 2026 (Second
 Six-Month Period)(3)
 Spring Achiever (Hong
 Kong) Limited(1)
 314,146,078 24.72% 6 January 2026 (First
 Six-Month Period)(2)
   6 July 2026 (Second
 Six-Month Period)(3)
 Subtotal 844,566,254 66.45%
 In accordance with the relevant Listing Rule/guidance materials, the required lock-up for the first six-month
 period ends on 6 January 2026 and for the second six-month period, on 6 July 2026.
 --- page 6 ---
 Name
 Number of Shares held
 in the Company subject
 to lock-up
 undertakings upon
 Listing
 % 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
 Notes:
 1. PCGI Holdings Limited is wholly -owned by Mr. Li.  Spring Achiever (Hong Kong) Limited  is
 directly wholly -owned by Spring Achiever Limited, which in turn is directly wholly -owned by
 Creative Knight Limited. Creative Knight Limited is directly wholly -owned by Mr. Li. Each of
 the Controlling Shareholders, being Mr. Li, PCGI Holdings Limited, Creative Knight Limited,
 Spring Achiever Limited and Spring Achiever (Hong Kong) Limited, has provided a lock -up
 undertaking pursuant to Rule 10.07 of the Listing Rules.
 2. The Controlling Shareh olders may dispose of or transfer Shares aft er the indicated  date during
 the second six-month period, provided that  any such Controlling  Shareholder  will not cease to
 be a Controlling Shareholder.
 3. The Controlling Shareholder s will cease to be prohibited from disposing of or transferring
 Shares after the indicated date.
 Cornerstone Investors
 Name
 Number of Shares held
 in the Company subject
 to lock-up
 undertakings upon
 Listing
 % 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
 MC Management 10
 RSC Ltd
 30,789,400 2.42% 6 January 2026
 T&D United Capital Co.,
 Ltd.
 20,526,300 1.61% 6 January 2026
 Subtotal 51,315,700 4.03%
 In accordance with the respective Cornerstone Investment Agreement, the required lock -up ends on 6
 January 2026. The Cornerstone Investors will cease to be prohibited from disposing of or transferring
 Shares after the indicated date.
 --- page 7 ---
 Lock-up Investors (other than the Controlling Shareholders)
 Name
 Number of Shares held
 in the Company subject
 to lock-up
 undertakings upon
 Listing
 % 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
 Crimson White
 Investment Pte. Ltd. 68,193,948 5.37% 6 January 2026(1)
 Future Financial
 Investment Company Ltd 80,089,944 6.30% 6 January 2026(1)(2)
 Swiss Re Principal
 Investments Company
 Asia Pte. Ltd.
 72,017,205 5.67% 6 January 2026(1)
 Fornax Investment
 Global Company Limited 46,857,220 3.69% 6 January 2026(1)(2)
 Apollo Principal
 Holdings C, L.P. 21,265,284 1.67% 6 January 2026(1)
 SCB X Public Company
 Limited 9,569,377 0.75% 6 January 2026(1)
 Canada Pension Plan
 Investment Board 7,974,481 0.63% 6 January 2026(1)
 Metro Pacific
 Investments Corporation 531,632 0.04% 6 January 2026(1)
 DGA Capital (Master)
 Fund I LP 15,948,963 1.25% 6 January 2026(1)
 ORIX Asia Capital
 Limited 5,316,321 0.42% 6 January 2026(1)
 Huatai Growth Focus
 Limited 5,316,321 0.42% 6 January 2026(1)
 Subtotal 333,080,696 26.21%
 Notes:
 1. Each of the Lock-up Investors (other than the Controlling Shareholders, the lock-up undertakings
 of which are set out above) has agreed to be subject to a lock -up period of six months from the
 Listing Date in respect of the Shares held by it, subject to the terms of their respective lock -up
 undertakings. Such Lock-up Investors will cease to be prohibited from disposing of or transferring
 Shares after the indicated date, unless specified otherwise.
 2. A portion of the Shares held by such Lock -up Investor will be subject to a further lock -up period
 of six months from the expiry of the initial lock -up period, subject to the terms of its lock -up
 undertaking.
 --- page 8 ---
 PLACEE CONCENTRATION ANALYSIS
 Placees
 Number of
 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 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
 Shares are issued)
 Number of
 Shares held
 upon Listing
 % of total issued
 share capital
 upon Listing
 (assuming no
 exercise of the
 Over-allotment
 Option)
 % of total issued
 share capital up
 on Listing (assu
 ming the Over-a
 llotment Option
 is fully exercised
 and new Shares
 are issued)
 Top 1 30,789,400 48.15% 39.66% 33.71% 29.31% 30,789,400 2.42% 2.40%
 Top 5 69,789,100 109.15% 89.89% 76.40% 66.44% 69,789,100 5.49% 5.43%
 Top 10 75,059,100 117.39% 96.67% 82.17% 71.46% 75,059,100 5.91% 5.84%
 Top 25 77,487,100 121.19% 99.80% 84.83% 73.77% 77,487,100 6.10% 6.03%
 Notes:
 * Ranking of placees is based on the number of Shares allotted to the placees.
 SHAREHOLDER CONCENTRATION ANALYSIS
 Shareholders(1)
 Number of
 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
 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
 Shares are issued)
 Number of
 Shares held
 upon Listing
 % of total
 issued share
 capital upon
 Listing
 (assuming no
 exercise of the
 Over-allotment
 Option)
 % of total issued
 share capital upon
 Listing (assuming
 the Over-
 allotment Option
 is fully exercised
 and new Shares
 are issued)
 Top 1 0 0.00% 0.00% 0.00% 0.00% 844,566,254 66.45% 65.74%
 Top 5 30,789,400 48.15% 39.66% 33.71% 29.31% 1,142,513,971 89.89% 88.93%
 Top 10 61,578,800 96.31% 79.31% 67.42% 58.62% 1,220,086,995 95.99% 94.97%
 Top 25 76,557,900 118.81%(2) 97.85%(2) 83.81% 72.88% 1,254,763,807 98.72% 97.67%
 Notes:
 1. Ranking of Shareholders is based on the number of Shares (of all classes)  held by the Shareholder upon
 Listing.
 2. Representing Sh ares allotted to the top 25 Shareholders (e xcluding Shares allotted under the Hong K ong
 Public Offering), as a percentage of the International Offering.
 --- page 9 ---
 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 17,952 3,591 out of 17,952 applicants to receive 100 Shares 20.00%
 200 7,003 2,366 out of 7,003 applicants to receive 100 Shares 16.89%
 300 4,145 1,903 out of 4,145 applicants to receive 100 Shares 15.30%
 400 1,485 848 out of 1,485 applicants to receive 100 Shares 14.28%
 500 3,472 2,345 out of 3,472 applicants to receive 100 Shares 13.51%
 600 904 701 out of 904 applicants to receive 100 Shares 12.92%
 700 506 441 out of 506 applicants to receive 100 Shares 12.45%
 800 801 772 out of 801 applicants to receive 100 Shares 12.05%
 900 404 100 Shares 11.11%
 1,000 7,178
 100 Shares plus 718 out of 7,178 applicants to receive an additional
 100 Shares 11.00%
 1,500 1,587
 100 Shares plus 873 out of 1,587 applicants to receive an additional
 100 Shares 10.33%
 2,000 2,313
 100 Shares plus 2,142 out of 2,313 applicants to receive an
 additional 100 Shares 9.63%
 2,500 1,865
 200 Shares plus 522 out of 1,865 applicants to receive an additional
 100 Shares 9.12%
 3,000 1,722
 200 Shares plus 1,063 out of 1,722 applicants to receive an
 additional 100 Shares 8.72%
 3,500 386 300 Shares 8.57%
 4,000 604
 300 Shares plus 153 out of 604 applicants to receive an additional
 100 Shares 8.13%
 4,500 279
 300 Shares plus 155 out of 279 applicants to receive an additional
 100 Shares 7.90%
 5,000 1,493
 300 Shares plus 1,270 out of 1,493 applicants to receive an
 additional 100 Shares 7.70%
 6,000 589
 400 Shares plus 247 out of 589 applicants to receive an additional
 100 Shares 7.37%
 7,000 332
 400 Shares plus 321 out of 332 applicants to receive an additional
 100 Shares 7.10%
 8,000 456
 500 Shares plus 225 out of 456 applicants to receive an additional
 100 Shares 6.87%
 9,000 259 600 Shares 6.67%
 10,000 2,420
 600 Shares plus 1,216 out of 2,420 applicants to receive an
 additional 100 Shares 6.50%
 20,000 1,073
 1,000 Shares plus 1,054 out of 1,073 applicants to receive an
 additional 100 Shares 5.49%
 30,000 614
 1,400 Shares plus 539 out of 614 applicants to receive an additional
 100 Shares 4.96%
 40,000 227
 1,800 Shares plus 91 out of 227 applicants to receive an additional
 100 Shares 4.60%
 50,000 344 2,100 Shares plus 224 out of 344 applicants to receive an additional 4.33%
 --- page 10 ---
 100 Shares
 60,000 151
 2,500 Shares plus 13 out of 151 applicants to receive an additional
 100 Shares 4.18%
 70,000 98 2,800 Shares 4.00%
 80,000 120
 3,100 Shares plus 24 out of 120 applicants to receive an additional
 100 Shares 3.90%
 90,000 59
 3,400 Shares plus 18 out of 59 applicants to receive an additional
 100 Shares 3.81%
 100,000 561 3,800 Shares 3.80%
 Total 61,402 Total number of Pool A successful applicants: 38,101
  POOL B
 200,000 194 26,300 Shares 13.15%
 300,000 31
 39,300 Shares plus 15 out of 31 applicants to receive an additional
 100 Shares 13.12%
 400,000 13
 52,300 Shares plus 9 out of 13 applicants to receive an additional
 100 Shares 13.09%
 500,000 14
 65,300 Shares plus 9 out of 14 applicants to receive an additional
 100 Shares 13.07%
 600,000 6
 78,300 Shares plus 3 out of 6 applicants to receive an additional 100
 Shares 13.06%
 700,000 1 91,300 Shares 13.04%
 800,000 6
 104,200 Shares plus 3 out of 6 applicants to receive an additional
 100 Shares 13.03%
 900,000 1 117,200 Shares 13.02%
 1,000,000 13 130,100 Shares 13.01%
 2,000,000 4 259,100 Shares 12.96%
 3,000,000 3 387,600 Shares 12.92%
 4,567,100 1 588,800 Shares 12.89%
 Total 287 Total number of Pool B successful applicants: 287
 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 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 Offer Price in addition to any brokerage, A FRC transaction levy, SFC
 transaction levy and Stock Exchange trading fee payable.
 --- page 11 ---
 DISCLAIMERS
 Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited (the “Stock
 Exchange”) and Hong Kong Securities Clearing Company Limited (“HKSCC”) take no
 responsibility for the contents of this announcement, make no representation as to its accuracy or
 completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from
 or in reliance upon the whole or any part of the contents of this announcement.
 This announcement is not for release, publication, distribution, directly or indirectly, in or into the
 United States (including its territories and possessions, any state of the United States and the District
 of Columbia). This announcement does not constitute or form a part of any offer or solicitation to
 purchase or subscribe fo r securities in   the United States. The securities mentioned herein have not
 been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S.
 Securities Act”). The securities may not be offered or sold in the United States except pursuant to an
 exemption from the registration requirements of the U.S. Securities Act and in compliance with any
 applicable state securities laws, or outside the United States unless in compliance with Regulation S
 under the U.S. Securities Act. There will be no public offer of s ecurities in the United States.
 The Offer Shares are being offered and sold (1) solely to qualified institutional buyers as defined in Rule
 144A under the U.S. Securities Act pursuant to an exemption from registration under the U.S. Securities
 Act and (2) outside the United States in offshore transactions in reliance on Regulation S under the U.S.
 Securities Act.
 This announcement is for information purposes only and does not constitute an invitation or offer to
 acquire, purchase or subscribe for securities. This announcement is not a prospectus. Potential
 investors should read the Prospectus dated 26 June 2025 issued by FWD Group Holdings  Limited for
 detailed information about the Global Offering described above before deciding whether or not to
 invest in the Shares thereby being offered.
 *Potential investors of  the Offer Shares should note that the Joint Global Coordinators  (for themselves
 and on behalf of  the Hong Kong Underwriters) may, after prior consultation where applicable, by a
 joint notice in writing to the Company, terminate 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 or at any time prior to  8:00 a.m. on  the  Listing  Date (which
 is currently  expected  to be on 7 July 2025).
 OTHERS/ ADDITIONAL INFORMATION
 Reallocation
 As the Hong Kong Public Offering has been oversubscribed by 15 times or more but less than 50 times,
 the reallocation as described in the section headed “Structure of the Global Offering – The Hong Kong
 Public Offering – Reallocation and Clawback” of the Prospectus has been applied.
 As a result of the above, the final number of Offer Shares under the Hong Kong Public Offering is
 adjusted to 27,402,700 Shares, representing approximately 30.00% of the total number of Offer Shares
 available under the Global Offering (assuming the Over -allotment Option is not exercised), and the
 final number of Offer Shares under the International Offering is adjusted to 63,939,400 Shares,
 representing approximately 70.00% of the total number of Offer Shares  under the Global Offering
 (assuming the Over-allotment Option is not exercised).
 --- page 12 ---
 PUBLIC FLOAT
 Immediately following the completion of the Global Offering (before any exercise of the Over -
 allotment Option), 426,437,623 Shares, representing approximately 33.6% of the issued share capital
 of the Company will be held in the public hands, in compliance with  Rule 8.08(1)(a) of the Listing
 Rules.
 The Stock Exchange has granted the Company a waiver from strict compliance with Rule 8.08(3) of
 the Listing Rules to allow the three largest public Shareholders to hold no more than 62.6% of the
 Shares to be held in public hands at the time of the Listing (before any exercise of the Over-allotment
 Option). Immediately following the completion of the Global  Offering (before any exercise of the
 Over-allotment Option), 267,158,317 S hares, representing approximately 62.6% of the Shares to be
 held in public hands , will be held by the three largest public S hareholders, and 40,585,357 Shares,
 representing approximately 3.2% of the issued share capital of the Company, will be held by public
 Shareholders not subject to lock up.
 The following table sets out (i) the total number of Shares held by public Shareholders; (ii) the number
 of Shares held by public Shareholders other than the three largest public Shareholders; (iii) the number
 of Shares held by public Shareholders other than (A) those held by the three largest public Shareholders
 and (B) those which are the subject of lock-up undertakings:
 Shares in public
 hands
 Shares in public
 hands
 (excluding the three
 largest public
 Shareholders)
 Shares in public
 hands not subject
 to any lock-up
 Number of Sha res and number of
 board lots of 100 Shares each
 426,437,623
 (4,264,376
 board lots)
 159,279,306
 (1,592,793
 board lots)
 40,585,357
 (405,853
 board lots)
 HK$ value of the Shares HK$16,204,629,674 HK$6,052,613,628 HK$1,542,243,566
 Percentage of total issued Shares
 immediately following completion
 of the Global Offering 33.6% 12.5% 3.2%
 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; and (iii) there will be at least 300
 Shareholders at the time of the Listing in compliance with Rule 8.08(2) of the Listing Rules.
 --- page 13 ---
 COMMENCEMENT OF DEALINGS
 Share certificates will only become valid at 8:00 a.m. on Monday, 7 July 2025, provided that (i) the
 Global Offering has become unconditional in all respects at or before that time, and (ii) the right of
 termination as described in the section headed “ Underwriting – Underwriting Arrangements and
 Expenses – Hong Kong Public Offering  – Grounds for Termination” in the Prospectu s has not been
 exercised. Investors who trade Shares prior to the receipt of Share certificates or the Share certificates
 becoming valid evidence of title do so entirely at their own risk.
 Assuming that the Hong Kong Public Offering becomes unconditional at or before 8:00 a.m. in Hong
 Kong on Monday, 7 July 2025, it is expected that dealings in the Shares on the Stock Exchange will
 commence at 9:00 a.m. on Monday, 7 July 2025. The Shares will be traded in board lots of 100 Shares
 each and the stock code of the Shares will be 1828.
 By order of the Board
 FWD Group Holdings Limited
 Professor Ma Si Hang, Frederick
 Chairman
 Hong Kong, 4 July 2025
 As at the date of this announcement, the directors of the Company are: Professor MA Si Hang,
 Frederick as Chairman and independent non- executive director; Mr. LI Tzar Kai, Richard and Mr.
 HUYNH Thanh Phong (Group Chief Executive Officer) as executive directors; Mr. Walter KIELHOLZ
 and Mr. John DACEY as non- executive directors; and Ms. CHUNG Kit Hung, Martina, Mr. John
 BAIRD, Mr. Dirk SLUIMERS, Ms. Laura DEAL-LACEY, Ms. Kyoko HATTORI, Ms. Yijia TIONG, Mr.
 LEUNG Ka Kui, Dominic and Mr. Andrew WEIR as independent non-executive directors.
@@ -0,0 +1,815 @@
 --- 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.
 Unless otherwise defined herein, capitalized terms used in this announcement shall have the same meanings as those
 defined in the prospectus dated Tuesday, October 28, 2025 (the “Prospectus ”) of Pony AI Inc. (the “Company ”).
 This announcement is for information purposes only and does not constitute an offer or an invitation to induce an offer
 by any person to acquire, purchase or subscribe for any of the securities of the Company. This announcement is not a
 prospectus. Potential investors should read the Prospectus for detailed information about the Global Offering described
 below before deciding whether or not to invest in the Offer Shares. Any investment decision in relation to the Offer
 Shares should be taken solely in reliance on the information provided in the Prospectus.
 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 jurisdiction. The Offer Shares have not been and will not be registered under the
 U.S. Securities Act or any state securities law in the United States and may not be offered, sold, pledged or transferred
 within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration
 requirements of the U.S. Securities Act and applicable U.S. state securities laws. The Offer Shares are being offered
 and sold (i) outside the United States in offshore transactions in accordance with Regulation S and (ii) not to “U.S.
 persons ” (as defined in Rule 902(k) of Regulation S ( “Regulation S ”) under the U.S. Securities Act of 1933, as
 amended (the “Securities Act ”)) and not for the account or benefit of U.S. persons. The Offer Shares are not being
 offered to individuals who hold solely a U.S. passport without also holding a valid Hong Kong identification card.
 During the forty (40)-day period, commencing from 8:00 a.m. on November 6, 2025, Hong Kong time (7:00 p.m.
 Eastern Time on November 5, 2025) and ending at 0:00 a.m. on December 17, 2025, Hong Kong time (11:00 a.m.
 Eastern Time on December 16, 2025), both dates inclusive, (the “Distribution Compliance Period ”), no Shares issued
 in the Global Offering will be accepted by the depositary for deposit in the existing ADR facility of the Company and
 no such Shares can be offered or sold into the United States or to any U.S. persons or for the account or benefit of U.S.
 persons. Investors participating in the Global Offering will need to agree and confirm that, in respect of their interest
 in the Shares that they are purchasing in the Global Offering, that in the United States (as defined in Regulation S)
 they have not engaged in, and will not prior to the expiration of the Distribution Compliance Period engage in, any
 hedging transaction (whether executed through a sale of the Shares and/or American Depositary Shares representing
 interests in the Company ’s Class A ordinary shares or any derivative instruments), whether such hedging transaction is
 or was engaged in directly by the investors or any person having a beneficial interest in such Shares, or by any person
 acting on the investors ’ or their behalf.
 Investors may continue to trade the Company ’s Class A ordinary shares, including the Offer Shares, on the Hong Kong
 Stock Exchange prior to the expiration of the Distribution Compliance Period, pursuant to Rule 904 of Regulation S
 or any other applicable exemption from the registration requirements under the U.S. Securities Act, including Section
 4(a)(1) of the Securities Act, but transactions that do not comply with these restrictions could cause the investor
 conducting such non-compliant transaction to violate the Securities Act. Investors should seek independent legal
 advice before undertaking any such transaction. See the section headed “How to Apply for Hong Kong Offer Shares –
 A. Application for Hong Kong Offer Shares – 6. Terms and Conditions of an Application ” in the Prospectus.
 --- page 2 ---
 2
 Because the Company has equity securities listed and traded in the United States and the Global Offering will not
 be registered under the Securities Act, the measure implemented to ensure the Global Offering ’s compliance with
 Regulation S are more extensive than those applied to most offerings and listings on The Stock Exchange of Hong
 Kong. For a description of these measures, see the section headed “Structure of the Global Offering – The Global
 Offering ” in the Prospectus.
 In connection with the Global Offering, Goldman Sachs (Asia) L.L.C., as the stabilizing manager (the “Stabilizing
 Manager ”) (or any person acting for it), on behalf of the Underwriters, may over-allocate or effect transactions with
 a view to stabilizing or supporting the market price of the Class A Ordinary Shares 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 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 Stabilizing Manager (or any person acting for it) and in what the
 Stabilizing Manager (or any person acting for it) 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 after the last day for lodging
 applications under the Hong Kong Public Offering (which is Wednesday, December 3, 2025). Such stabilization
 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 Class A
 Ordinary Shares for longer than the stabilization period which begins on the Listing Date, and is expected to expire on
 Wednesday, December 3, 2025, the 30th day after the last day for the lodging of applications under the Hong Kong
 Public Offering. After this date, when no further stabilizing action may be taken, demand for the Class A Ordinary
 Shares and therefore the price of the Class A Ordinary 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 Thursday, November 6, 2025).
 The Company is controlled through weighted voting rights. Prospective investors should be aware of the potential risks
 of investing in a company with a WVR structure, in particular that the WVR Beneficiaries, whose interests may not
 necessarily be aligned with those of our Shareholders as a whole, will be in a position to exert significant influence
 over the outcome of Shareholders ’ resolution. For further information about the risks associated with the Company ’s
 WVR structure, please refer to the section headed “Risk Factors {  Risks Related to the Global Offering and the
 Dual Listing. ” Prospective investors should make the decision to invest in the Company only after due and careful
 consideration.
 --- page 3 ---
 3
 Pony AI Inc.
 ʃ৵౽Б *
 (A company controlled through weighted voting rights and incorporated in the Cayman Islands with limited liability)
 GLOBAL OFFERING
 Number of Offer Shares under
 the Global Offering
 : 48,249,000 Offer Shares (taking into
 account the full exercise of the Offer
 Size Adjustment Option and subject to
 the Over-allotment Option)
 Number of Hong Kong Offer Shares : 4,195,600 Offer Shares
 Number of International Offer Shares : 44,053,400 Offer Shares (taking into
 account the full exercise of the Offer
 Size Adjustment Option and subject to
 the Over-allotment Option)
 Final Offer Price : HK$139.00 per Offer Share, plus brokerage
 of 1.0%, SFC transaction levy of
 0.0027%, AFRC transaction levy of
 0.00015% and Stock Exchange trading
 fee of 0.00565% (payable in full on
 application in Hong Kong dollars and
 subject to refund)
 Nominal Value : US$0.0005 per Offer Share
 Stock Code : 2026
 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 Coordinators, Joint Bookrunners and Joint Lead Managers
 Joint Bookrunners and Joint Lead Managers
 * For identification purpose only
 --- page 4 ---
 4
 Pony AI Inc./ ʃ৵౽Б *
 ANNOUNCEMENT OF 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 Class A
 Ordinary Shares could move substantially even with a small number of the Class A
 Ordinary Shares traded and should exercise extreme caution when dealing in the Class A
 Ordinary Shares.
 SUMMARY
 Company information
 Stock code 2026
 Stock short name PONY-W
 Dealings commencement date November 6, 2025*
 * see note at the end of the announcement
 Price Information
 Final Public Offer Price and International Offer Price (the
 “Offer Price ”)
 HK$139.00
 Maximum Public Offer Price HK$180.00
 Offer Shares and Share Capital*
 Number of Offer Shares (taking into account the full exercise
 of the Offer Size Adjustment Option)
 48,249,000
 Final Number of Offer Shares in Hong Kong Public Offering 4,195,600
 Final Number of Offer Shares in International Offering
 (taking into account the full exercise of the Offer Size
 Adjustment Option)
 44,053,400
 Number of issued Shares upon Listing (before exercise of the
 Over-allotment Option)
 433,541,553
 * without taking into account any exercise of the Over-allotment Option.
 The number of Offer Shares above is determined after taking into account the additional Offer
 Shares issued under the following Offer Size Adjustment Option.
 * For identification purpose only
 --- page 5 ---
 5
 Offer Size Adjustment Option (Upsize option)
 Number of additional shares issued under the option 6,293,300
 – Hong Kong Public Offering N/A
 – International Offering 6,293,300
 The Offer Size Adjustment Option has been exercised in full, pursuant to which the Company
 is issuing and allotting 6,293,300 additional Offer Shares, representing approximately 15% of
 the total number of Offer Shares initially available under the Global Offering, at the final Offer
 Price.
 Over-allocation
 No. of Offer Shares over-allocated 7,237,300
 Such over-allocation may be covered by exercising the Over-allotment Option or by making
 purchases in the secondary market at prices that do not exceed the Offer Price or through
 deferred delivery or a combination of these means. In the event the Over-allotment Option is
 exercised, an announcement will be made on the Stock Exchange ’s website.
 Proceeds
 Gross proceeds (Note) HK$6,706.61 million
 Less:  Estimated listing expenses payable based on Final
 Offer Price
 HK$252.25 million
 Net proceeds HK$6,454.36 million
 Note: Gross proceeds refers to the amount which the Company is entitled to receive. For details of the use of
 proceeds, please refer to the section headed “Future Plans and Use of Proceeds ” of the Prospectus. In the
 event that the Over-allotment Option is exercised, the Company will adjust the allocation of the net proceeds
 on a pro rata basis.
 --- page 6 ---
 6
 ALLOTMENT RESULTS DETAILS
 PUBLIC OFFER
 No. of valid applications 37,062
 No. of successful applications 21,421
 Subscription level 15.88 times
 Claw-back triggered N/A
 No. of Offer Shares initially available under the Hong Kong
 Public Offering
 4,195,600
 No. of Offer Shares reallocated from the International Offering
 (claw-back)
 N/A
 Final no. of Offer Shares under the Hong Kong Public
 Offering (after reallocation)
 4,195,600
 % of Offer Shares under the Hong Kong Public Offering to
 the Global Offering
 8.70%
 Note: For details of the final allocation of 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 7 ---
 7
 INTERNATIONAL OFFER
 No. of placees 122
 Subscription level (before taking into account the Offer Size
 Adjustment Option)
 7.72 times
 No. of Offer Shares initially available under the International
 Offering
 37,760,100
 No. of Offer Shares reallocated to the Hong Kong Public
 Offering (claw-back)
 N/A
 Final no. of Offer Shares under the International Offering
 (after the full exercise of the Offer Size Adjustment Option)
 44,053,400
 % of Offer Shares under the International Offer to the Global
 Offering
 91.30%
 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 Offer Shares in the International Offering to be placed to certain
 Permitted Existing 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 Offer Shares in the International Offering to Cornerstone Investors,
 (i) none of the Offer Shares subscribed by the placees and the public have been financed
 directly or indirectly by the Company, any of the Directors, chief executive of the Company, the
 controlling shareholder, 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, the controlling shareholder, 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 the Class A
 Ordinary Shares registered in his/her/its name or otherwise held by him/her/it.
 --- page 8 ---
 8
 The placees in the International Offering include the following:
 Cornerstone Investors
 Investor Note 1
 No. of Offer
 Shares allocated
 % of Offer Shares
 (after taking into
 account the full
 exercise of the
 Offer Size
 Adjustment
 Option and
 assuming the
 Over-allotment
 Option is not
 exercised)
 % of total issued
 Class A
 Ordinary Shares
 (after taking into
 account the full
 exercise of the
 Offer Size
 Adjustment
 Option and
 assuming the
 Over-allotment
 Option is not
 exercised)
 % of total issued
 share capital
 after the
 Global Offering
 (after taking into
 account the full
 exercise of the
 Offer Size
 Adjustment
 Option and
 assuming the
 Over-allotment
 Option is not
 exercised) Note 2
 Existing
 shareholders
 or their close
 associates
 Eastspring Investments (Singapore) Limited
 (“Eastspring ”)
 1,117,800 2.32% 0.32% 0.26% No
 Ghisallo Fund Master Ltd ( “Ghisallo ”) 2,794,600 5.79% 0.79% 0.64% Yes
 Athos Capital Limited ( “Athos”) 1,397,300 2.90% 0.40% 0.32% No
 Hel Ved Master Fund ( “Hel Ved ”) 838,400 1.74% 0.24% 0.19% Yes
 Ocean Arete Limited ( “Ocean Arete ”) 558,900 1.16% 0.16% 0.13% No
 Notes:
 1. In addition to the Offer Shares subscribed for as Cornerstone Investors, Ghisallo, Athos, Hel Ved, and Ocean Arete were allocated further Offer Shares as placees in the International
 Offering. Please refer to the section headed “Allotment Results Details – International Offer – Allotees with Waivers/Consents Obtained ” in this announcement for details. Only the
 Offer Shares subscribed for as Cornerstone Investors are subject to lock-up as indicated below. For details, please refer to the section headed “Lock-up Undertakings – Cornerstone
 Investors ” in this announcement.
 2. Only taking into account the Offer Shares allocated to the relevant investors under the Global Offering.
 --- page 9 ---
 9
 Allotees with Waivers/Consents Obtained
 Investor
 No. of Offer
 Shares allocated
 % of Offer Shares
 (after taking into
 account the full
 exercise of the
 Offer Size
 Adjustment
 Option and
 assuming the
 Over-allotment
 Option is not
 exercised)
 % of total issued
 Class A
 Ordinary Shares
 (after taking into
 account the full
 exercise of the
 Offer Size
 Adjustment
 Option and
 assuming the
 Over-allotment
 Option is not
 exercised)
 % of total issued
 share capital
 after the
 Global Offering
 (after taking into
 account the full
 exercise of the
 Offer Size
 Adjustment
 Option and
 assuming the
 Over-allotment
 Option is not
 exercised) Note 3 Relationship
 Allotees with consent under paragraph 18 of Chapter 4.15 of the Guide for New Listing Applicants in relation to allocations of further Offer Shares to
 Cornerstone Investors Note 1
 Ghisallo 1,125,000 2.33% 0.32% 0.26% The investor is one
 of the Cornerstone
 Investors
 Athos 1,000,000 2.07% 0.28% 0.23% The investor is one
 of the Cornerstone
 Investors
 Hel Ved 450,000 0.93% 0.13% 0.10% The investor is one
 of the Cornerstone
 Investors
 Ocean Arete 280,000 0.58% 0.08% 0.06% The investor is one
 of the Cornerstone
 Investors
 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 2
 CITIC Securities International Capital
 Management Limited
 165,000 0.34% 0.05% 0.04% Connected client
 Notes:
 1. 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
 bookbuilding placing tranche in the International Offering. For allocations of Offer Shares to the relevant investors as Cornerstone Investors, please refer to the section headed
 “Allotment Results Details – International Offer – Cornerstone Investors ” in this announcement. For details of the consent under Chapter 4.15 of the Guide for New Listing Applicants
 in relation to allocations of further Offer Shares to Cornerstone Investors and/or their respective close associates, please refer to the section headed “Others/Additional Information –
 Allocations of Offer Shares to Cornerstone Investors and/or their close associates with consent under Chapter 4.15 of the Guide for New Listing Applicants ” in this announcement.
 2. 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 prior consent under paragraph 1C(1) of the Placing Guidelines ” in this
 announcement.
 3. Only taking into account the Offer Shares allocated to the relevant investors under the Global Offering.
 --- page 10 ---
 10
 LOCK-UP UNDERTAKINGS
 Controlling Shareholder
 Name
 Number of Shares
 held in the Company
 subject to lock-up
 undertakings upon
 Listing
 % of total issued Shares
 after the Global Offering
 upon Listing (after
 taking into account the
 full exercise of the Offer
 Size Adjustment Option
 and assuming the Over-
 allotment Option is not
 exercised)
 Last day subject
 to the lock-up
 undertakings Note 2
 Dr. Jun Peng
 ( “Dr. Peng ”)
 60,000,000 Class B
 Ordinary Shares Note 1
 13.84% May 5, 2026 (First
 Six-month Period) Note 3
 November 5, 2026
 (Second Six-month
 Period)Note 4
 Notes:
 1. The Class B Ordinary Shares are held (i) by Dr. Peng, (ii) under each of the Alicia Peng Irrevocable Trust
 and Selena Peng Irrevocable Trust, and (iii) under the Voting Trust. Dr. Peng and his spouse are the settlors
 of both Alicia Peng Irrevocable Trust and Selena Peng Irrevocable Trust, and family member of Dr. Peng
 is the beneficiary. Both Alicia Peng Irrevocable Trust and Selena Peng Irrevocable Trust are controlled by
 Dr. Peng as the sole investment advisor who is entitled to exercise his sole power to direct the exercise of
 any voting and other rights attached to the trust funds held under the trusts (including the Class B Ordinary
 Shares held thereunder). The Voting Trust was set up by Dr. Peng as its sole trustee, with Dr. Peng and his
 family member being the beneficiaries.
 2. In accordance with the relevant Listing Rule/guidance materials, the required lock-up for the first six-month
 period ends on May 5, 2026 and for the second six-month period ends on November 5, 2026.
 3. The Controlling Shareholder may dispose of or transfer Shares after the indicated date subject to that the
 Controlling Shareholder will not cease to be a Controlling Shareholder.
 4. The Controlling Shareholder will cease to be prohibited from disposing of or transferring Shares after the
 indicated date.
 --- page 11 ---
 11
 Cornerstone Investors
 Name
 Number of
 Shares held in
 the Company
 subject to lock-up
 undertakings
 upon Listing
 % of total issued
 Class A Ordinary
 Shares (after
 taking into account
 the full exercise
 of the Offer Size
 Adjustment
 Option and
 assuming the Over-
 allotment Option is
 not exercised)
 % of total issued
 Shares after the
 Global Offering
 upon Listing (after
 taking into account
 the full exercise
 of the Offer Size
 Adjustment Option
 and assuming the
 Over-allotment
 Option is not
 exercised)
 Last day subject
 to the lock-up
 undertakings Note 1
 Eastspring 1,117,800 0.32% 0.26% May 5, 2026
 Ghisallo 2,794,600 0.79% 0.64% May 5, 2026
 Athos 1,397,300 0.40% 0.32% May 5, 2026
 Hel Ved 838,400 0.24% 0.19% May 5, 2026
 Ocean Arete 558,900 0.16% 0.13% May 5, 2026
 Total 6,707,000 1.90% 1.55%
 Note:
 1. In accordance with the relevant cornerstone investment agreements, the required lock-up ends on May 5, 2026. The
 Cornerstone Investors will cease to be prohibited from disposing of or transferring the Class A Ordinary Shares
 subscribed for pursuant to the relevant cornerstone investment agreements after the indicated date.
 --- page 12 ---
 12
 PLACEE CONCENTRATION ANALYSIS** Placees*
 Number of
 Class A Ordinary
 Shares allotted
 Allotment as % of the International
 Offering (assuming no exercise of the Over-
 allotment Option)
 Allotment as % of the International
 Offering (assuming the Over-allotment
 Option is fully exercised and new Class A
 Ordinary 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 Class A Ordinary Shares are
 issued)
 Number of Class A Ordinary Shares held
 upon
 Listing ***
 % of total issued Class A Ordinary Shares upon
 Listing
 (assuming no exercise of the Over-
 allotment Option)
 % of total issued Class A Ordinary Shares upon
 Listing
 (assuming the Over-allotment Option is
 fully
 exercised and new Class A Ordinary 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 Class A Ordinary Shares are
 issued)
 Top 1 6,150,000 13.96% 11.99% 12.75% 11.08% 6,150,000 1.74% 1.71% 1.42% 1.40%
 Top 5 23,016,900 52.25% 44.88% 47.70% 41.48% 26,915,361 7.64% 7.48% 6.21% 6.11%
 Top 10 30,960,300 70.28% 60.36% 64.17% 55.80% 35,386,740 10.04% 9.84% 8.16% 8.03%
 Top 25 42,497,000 96.47% 82.86% 88.08% 76.59% 47,042,059 13.35% 13.08% 10.85% 10.67%
 Notes:* Ranking of placees is based on the number of Offer Shares allotted to the placees.** Taking into account the full exercise of the Offer Size Adjustment Option.*** Representing the number of Class A Ordinary Shares held by the relevant placees upon Listing to the best knowledge of the Company after due enquiry considering the Class A Ordinary Shares have been listed on the Nasdaq.
 --- page 13 ---
 13
 BASIS OF ALLOCATION UNDER THE HONG KONG PUBLIC OFFERING
 Subject to the satisfaction of the conditions set out in the Prospectus, valid applications made by
 the public will be conditionally allocated on the basis set out below:
 POOL A
 NO. OF OFFER
 SHARES
 APPLIED FOR
 NO. OF VALID
 APPLICATIONS BASIS OF ALLOTMENT/BALLOT
 APPROXIMATE
 PERCENTAGE
 ALLOTTED OF
 THE TOTAL
 NO. OF OFFER
 SHARES
 APPLIED FOR
 100 20,756 11,416 out of 20,756 to receive 100 Shares 55.00%
 200 5,195 3,073 out of 5,195 to receive 100 Shares 29.58%
 300 1,397 828 out of 1,397 to receive 100 Shares 19.76%
 400 540 321 out of 540 to receive 100 Shares 14.86%
 500 1,252 745 out of 1,252 to receive 100 Shares 11.90%
 600 673 401 out of 673 to receive 100 Shares 9.93%
 700 249 149 out of 249 to receive 100 Shares 8.55%
 800 236 142 out of 236 to receive 100 Shares 7.52%
 900 145 88 out of 145 to receive 100 Shares 6.74%
 1,000 2,516 1,527 out of 2,516 to receive 100 Shares 6.07%
 1,500 582 354 out of 582 to receive 100 Shares 4.05%
 2,000 604 368 out of 604 to receive 100 Shares 3.05%
 2,500 207 127 out of 207 to receive 100 Shares 2.45%
 3,000 320 197 out of 320 to receive 100 Shares 2.05%
 3,500 129 80 out of 129 to receive 100 Shares 1.77%
 4,000 172 107 out of 172 to receive 100 Shares 1.56%
 4,500 149 93 out of 149 to receive 100 Shares 1.39%
 5,000 336 210 out of 336 to receive 100 Shares 1.25%
 6,000 232 146 out of 232 to receive 100 Shares 1.05%
 7,000 107 68 out of 107 to receive 100 Shares 0.91%
 8,000 93 60 out of 93 to receive 100 Shares 0.81%
 9,000 49 32 out of 49 to receive 100 Shares 0.73%
 10,000 478 313 out of 478 to receive 100 Shares 0.65%
 20,000 202 133 out of 202 to receive 100 Shares 0.33%
 Total 36,619 Total number of Pool A successful applicants: 20,978
 --- page 14 ---
 14
 POOL B
 NO. OF OFFER
 SHARES
 APPLIED FOR
 NO. OF VALID
 APPLICATIONS BASIS OF ALLOTMENT/BALLOT
 APPROXIMATE
 PERCENTAGE
 ALLOTTED OF
 THE TOTAL
 NO. OF OFFER
 SHARES
 APPLIED FOR
 30,000 202 4,400 Shares plus 118 out of 202 to receive additional 100
 Shares
 14.86%
 40,000 45 4,600 Shares 11.50%
 50,000 40 4,700 Shares 9.40%
 60,000 28 4,800 Shares 8.00%
 70,000 23 4,900 Shares 7.00%
 80,000 13 5,000 Shares 6.25%
 90,000 3 5,100 Shares 5.67%
 100,000 48 5,200 Shares 5.20%
 200,000 17 5,300 Shares 2.65%
 300,000 10 5,400 Shares 1.80%
 400,000 3 5,500 Shares 1.38%
 500,000 2 5,600 Shares 1.12%
 600,000 1 5,700 Shares 0.95%
 700,000 2 5,800 Shares 0.83%
 1,000,000 2 5,900 Shares 0.59%
 1,500,000 1 6,000 Shares 0.40%
 2,097,800 3 6,100 Shares 0.29%
 Total 443 Total number of Pool B successful applicants: 443
 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 Class A Ordinary 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 is the same as the final Offer Price in addition to any brokerage, AFRC
 transaction levy, SFC transaction levy and trading fee payable.
 --- page 15 ---
 15
 OTHERS/ADDITIONAL INFORMATION
 Offer Size Adjustment Option
 The Offer Size Adjustment Option has been exercised by the Overall Coordinators in full, pursuant
 to which the Company is issuing and allotting 6,293,300 additional Offer Shares, representing
 approximately 15% of the total number of Offer Shares initially available under the Global
 Offering, at the final Offer Price.
 Accordingly, the total number of Offer Shares finally available under the Global Offering (after
 taking into account the full exercise of the Offer Size Adjustment Option and before any exercise
 of the Over-allotment Option) that would be allotted and issued by the Company is 48,249,000
 Offer Shares and the total issued share capital of the Company upon Listing (after taking into
 account the full exercise of the Offer Size Adjustment Option and before any exercise of the Over-
 allotment Option) will be 433,541,553 Shares (assuming that (i) no further Shares are issued
 pursuant to the 2016 Share Plan between the Latest Practicable Date and the completion of the
 Global Offering, and (ii) no Class B Ordinary Shares are converted into Class A Ordinary Shares
 between the Latest Practicable Date and the Listing Date).
 Allocations of Offer Shares to Cornerstone Investors and/or their close associates with
 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 Chapter 4.15
 of the Guide for New Listing Applicants to permit the Company to allocate further Offer Shares in
 the International Offering to certain Cornerstone Investors as placees (the “Size-based Exemption
 Participants ”), subject to the following conditions (the “Size-based Exemption ”):
 (a) the final offering size of the Global Offering, excluding any over-allocation, will be of a total
 value of at least HK$1 billion;
 (b) the Offer Shares allocated to the Size-based Exemption Participants who are existing
 shareholders and/or their close associates (whether as Cornerstone Investors and/or as
 placees) as permitted under this exemption do not exceed 30% of the total number of Offer
 Shares offered under the Global Offering;
 (c) each Director, chief executive and Controlling Shareholder of the Company confirms that
 no securities have been allocated to them or their respective close associates under the Size-
 based Exemption;
 (d) the allocation to Size-based Exemption Participants will not affect the Company ’s ability to
 satisfy its public float requirement under Rule 8.08(1) of the Listing Rules; and
 (e) details of the allocation to Size-based Exemption Participants under the Size-based Exemption
 will be disclosed in this announcement.
 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 16 ---
 16
 Placing to connected clients with a prior consent under paragraph 1C(1) of the Placing Guidelines
 Under the International Offering, certain Offer Shares were placed to connected clients of their connected distributors pursuant to the
 Placing Guidelines.
 The Company has applied to the Stock Exchange for, and the Stock Exchange has granted, a consent under paragraph 1C(1) of the Placing
 Guidelines to permit the Company to allocate such Offer Shares in the International Offering to the connected clients. The allocation of
 Offer Shares to such connected clients is in compliance with all the conditions under the consent granted by the Stock Exchange. Details of
 the placement to connected clients are set out below:No.
 Connected Distributor
 Connected Client
 Relationship
 Whether the connected clients will hold the beneficial interests of the Offer Shares on a non-discretionary basis or discretionary basis for independent third parties
 Number of Offer Shares to be allocated to the Connected Client
 Approximate percentage of total number of Offer Shares under the Global Offering (after taking into account the full exercise of the Offer Size Adjustment Option and assuming no exercise of the Over-allotment Option)
 Approximate percentage of total issued share capital immediately following the completion of the Global Offering (after taking into account the full exercise of the Offer Size Adjustment Option and assuming the Over-allotment Option is not
 exercised)
 1. CLSA Limited
 (“CLSA”)1
 CITIC
 Securities
 International
 Capital
 Management
 Limited
 (“CSICM”)
 Both CLSA and CSICM are indirect wholly-
 owned subsidiaries of CITIC Securities Company
 Limited ( “CITIC Securities ”), the A shares of
 which are listed on the Shanghai Stock Exchange
 (stock code: 600030), the H shares of which are
 listed on the Stock Exchange (stock code: 6030).
 Therefore, CSICM is a member of the same group
 of companies as CLSA.
 Non-discretionary basis 165,000 0.34% 0.04%
 Note:1. CSICM will enter into a series of cross border OTC swap transactions (the
 “OTC Swaps
 ”) with the investment managers (collectively, the
 “CSICM 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 CSICM Investment Managers 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 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.To the best of CSICM
 ’s knowledge and after making all reasonable enquiries, each of the CSICM Investment Managers and their ultimate beneficial owner is
 independent from each of the Company, its subsidiaries, the controlling shareholder, and substantial shareholders.
 --- page 17 ---
 17
 DISCLAIMERS
 Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited and
 Hong Kong Securities Clearing Company Limited take no responsibility for the contents of this
 announcement, make no representation as to its accuracy or completeness and expressly disclaim
 any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any
 part of the contents of this announcement.
 This announcement is not for release, publication, distribution, directly or indirectly, in or into
 the United States (including its territories and possessions, any state of the United States and
 the District of Columbia). This announcement does not constitute or form a part of any offer or
 solicitation to purchase or subscribe for securities in the United States or in any other jurisdiction.
 The Offer Shares are being offered and sold (i) outside the United States in offshore transactions
 in accordance with Regulation S and (ii) not to “U.S. persons ” (as defined in Rule 902(k) of
 Regulation S ( “Regulation S ”) under the U.S. Securities Act of 1933, as amended (the “Securities
 Act”)) and not for the account or benefit of U.S. persons. The Offer Shares are not being offered to
 individuals who hold solely a U.S. passport without also holding a valid Hong Kong identification
 card. During the forty (40)-day period, commencing from 8:00 a.m. on November 6, 2025, Hong
 Kong time (7:00 p.m. Eastern Time on November 5, 2025) and ending at 0:00 a.m. on December
 17, 2025, Hong Kong time (11:00 a.m. Eastern Time on December 16, 2025), both dates inclusive,
 (the “Distribution Compliance Period ”), no Shares issued in the Global Offering will be accepted
 by the depositary for deposit in the existing ADR facility of the Company and no such Shares can
 be offered or sold into the United States or to any U.S. persons or for the account or benefit of
 U.S. persons. Investors participating in the Global Offering will need to agree and confirm that,
 in respect of their interest in the Shares that they are purchasing in the Global Offering, that in
 the United States (as defined in Regulation S) they have not engaged in, and will not prior to the
 expiration of the Distribution Compliance Period engage in, any hedging transaction (whether
 executed through a sale of the Shares and/or American Depositary Shares representing interests
 in the Company ’s Class A ordinary shares or any derivative instruments), whether such hedging
 transaction is or was engaged in directly by the investors or any person having a beneficial interest
 in such Shares, or by any person acting on the investors ’ or their behalf.
 This announcement is for information purposes only and does not constitute an invitation or offer
 to acquire, purchase or subscribe for securities. This announcement is not a prospectus. Potential
 investors should read the Prospectus dated October 28, 2025 issued by Pony AI Inc. for detailed
 information about the Global Offering described below before deciding whether or not to invest in
 the Offer 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 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 November 6, 2025).
 --- page 18 ---
 18
 PUBLIC FLOAT AND FREE FLOAT
 Immediately following the completion of the Global Offering (after taking into account
 the full exercise of the Offer Size Adjustment Option and before any exercise of the Over-
 allotment Option), the total number of the Class A Ordinary Shares held by the public represents
 approximately 98.71% of the total issued Class A Ordinary Shares of the Company, which is
 higher than the minimum prescribed percentage of Class A Ordinary Shares required to be held in
 public hands of 10% under Rule 8.08(1) of the Listing Rules calculated based on the final Offer
 Price of HK$139.00 per Offer Share, thereby satisfying the public float requirement under Rule
 8.08(1) of the Listing Rules.
 Each of the Cornerstone Investors has agreed to a lock-up period of six months following the
 Listing Date. As such, Class A Ordinary Shares held by the Cornerstone Investors upon the Listing
 shall not be counted towards the free float of the Class A Ordinary Shares of the Company at
 the time of Listing. Based on the final Offer Price of HK$139.00 per Offer Share, the Company
 satisfies the free float requirement under Rule 8.08A(2) of the Listing Rules.
 The Directors confirm that, immediately following the completion of the Global Offering (after
 taking into account the full exercise of the Offer Size Adjustment Option and before any exercise
 of the Over-allotment Option), (i) no placee will, individually, be placed more than 10% of the
 enlarged total issued Class A Ordinary Shares 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 Class A Ordinary Shareholders of the Company do not
 hold more than 50% of the Class A Ordinary 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
 Class A Ordinary Shareholders at the time of the Listing in compliance with Rule 8.08(2) of the
 Listing Rules.
 COMMENCEMENT OF DEALINGS
 The Share certificates will only become valid evidence of title at 8:00 a.m. on Thursday, November
 6, 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 – Grounds for Termination ” in the Prospectus has
 not been exercised. Investors who trade the Class A Ordinary Shares on the basis of publicly
 available allocation details prior to the receipt of Share certificates or prior to the 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,
 November 6, 2025 (Hong Kong time), it is expected that dealings in the Class A Ordinary Shares
 on the Stock Exchange will commence at 9:00 a.m. on Thursday, November 6, 2025 (Hong Kong
 time). The Class A Ordinary Shares will be traded in board lots of 100 Class A Ordinary Shares
 each, and the stock code of the Class A Ordinary Shares will be 2026.
 By order of the Board
 Pony AI Inc.
 Dr. Jun Peng
 Chairman of the Board and Chief Executive Officer
 Hong Kong, November 5, 2025
 As of the date of this announcement, the Board comprises: (i) Dr. Jun Peng and Dr. Tiancheng Lou
 as executive Directors; (ii) Mr. Fei Zhang and Mr. Takeo Hamada as non-executive Directors; and
 (iii) Mr. Jackson Peter Tai, Dr. Mark Qiu, and Ms. Asmau Ahmed as independent non-executive
 Directors.
@@ -0,0 +1,871 @@
 --- 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.
 Unless otherwise defined herein, capitalized terms used in this announcement shall have the same meanings as those
 defined in the prospectus dated December 18, 2023 (the “Prospectus ”) issued by BaTeLab Co., Ltd. ( ᘽψԎдฆཥɿ
 ʮ̡ ) (the “Company ”).
 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 for
 detailed information about the Company and the Global Offering described below before deciding whether or not to
 invest in the Offer Shares. Any investment decision in relation to the Offer Shares should be taken solely in reliance
 on the information provided in the Prospectus.
 This announcement does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale
 of Offer Shares in any jurisdiction in which such offer, solicitation or sales would be unlawful. This announcement is
 not for release, publication or distribution, directly or indirectly, in or into the United States or any other jurisdiction
 where such distribution is prohibited by law, nor is this announcement an offer for sale or solicitation to purchase or
 subscribe for securities in the United States or any other jurisdictions. The Offer Shares have not been, and will not be,
 registered under the United States Securities Act of 1933, as amended from time to time (the “U.S. Securities Act ”), or
 any applicable state securities laws in the United States, and 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 (the “Regulation S ”)) except in transactions exempt from, or not subject to, the registration requirements of the
 U.S. Securities Act. The Offer Shares are being offered and sold outside the United States in offshore transactions in
 accordance with Regulation S. There will be no public offering of the securities of the Company in the United States.
 In connection with the Global Offering, China International Capital Corporation Hong Kong Securities Limited,
 as stabilizing manager (the “Stabilizing Manager ”), its affiliates or any person acting for it, on behalf of the
 Underwriters, may over-allocate or effect transactions with a view to stabilizing or supporting the market price of
 the H Shares 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, its affiliates or any person acting for it, to conduct any
 such stabilizing action, which, if commenced, will be conducted at the sole and absolute discretion of the Stabilizing
 Manager, its affiliates or any person acting for it, and may be discontinued at any time. Any such stabilizing activity
 is required to be brought to an end on the 30th day after the last date for lodging applications under the Hong Kong
 Public Offering. Any market purchases of the H Shares will be effected in compliance with all applicable laws and
 regulatory requirement. Such stabilization action, if commenced, 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, as amended, made under the Securities and Futures Ordinance
 (Cap. 571 of the Laws of Hong Kong).
 In connection with the Global Offering, China International Capital Corporation Hong Kong Securities Limited acts
 as the Sole Sponsor; China International Capital Corporation Hong Kong Securities Limited acts as the Sole Overall
 Coordinator; China International Capital Corporation Hong Kong Securities Limited, China Galaxy International
 Securities (Hong Kong) Co., Limited, CMB International Capital Limited, GF Securities (Hong Kong) Brokerage
 Limited and Guotai Junan Securities (Hong Kong) Limited together act as the Joint Global Coordinators; and China
 International Capital Corporation Hong Kong Securities Limited, China Galaxy International Securities (Hong Kong)
 Co., Limited, CMB International Capital Limited, GF Securities (Hong Kong) Brokerage Limited, Guotai Junan
 Securities (Hong Kong) Limited, ABCI Capital Limited, ABCI Securities Company Limited, ICBC International
 Securities Limited, Soochow Securities International Brokerage Limited, Tiger Brokers (HK) Global Limited, Futu
 Securities International (Hong Kong) Limited (in relation to the Hong Kong Public Offering only), Silverbricks
 Securities Company Limited, Valuable Capital Limited and Livermore Holdings Limited together act as the Capital
 Market Intermediaries.
 --- page 2 ---
 2
 Potential investors should be aware that stabilizing actions cannot be taken to support the price of the H Shares for
 longer than the stabilization period which will begin on the Listing Date and expire on Saturday, January 20, 2024,
 being the 30th day after the last date for lodging applications under the Hong Kong Public Offering. After this date, no
 further stabilizing action may be taken and demand for the H Shares and the price of the H Shares could fall.
 The Hong Kong Offer Shares will be offered to the public in Hong Kong subject to the terms and conditions set out
 in the Prospectus. The Hong Kong Offer Shares will not be offered to any person who is outside Hong Kong and/
 or not resident in Hong Kong. Potential investors of the Offer Shares should note that the Sole Sponsor and the Sole
 Overall Coordinator (for itself and on behalf of the Hong Kong Underwriters) shall be entitled to terminate 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 – The Hong Kong Public Offering – Grounds for
 Termination ” in the Prospectus at any time prior to 8.00 a.m. on the Listing Date.
 In connection with the Global Offering, the Company is expected to grant the Over-allotment Option to the
 International Underwriters, exercisable at the discretion of the Sole Overall Coordinator (for itself and on behalf
 of the International Underwriters). Pursuant to the Over-allotment Option, the Sole Overall Coordinator (for itself
 and on behalf of the International Underwriters) have the right, exercisable at any time from the Listing Date until
 Saturday, January 20, 2024, being the 30th day after the last day for lodging applications under the Hong Kong Public
 Offering, to require the Company to issue up to an aggregate of 2,250,000 H Shares, representing 15% of the number
 of the Offer Shares initially available under the Global Offering, at the Offer Price to cover over-allocations in the
 International Offering, if any.
 --- page 3 ---
 3
 BaTeLab 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
 : 15,000,000 H Shares (subject to the
 Over-allotment Option)
 Number of Hong Kong Offer Shares : 1,500,000 H Shares
 Number of International Offer Shares : 13,500,000 H Shares
 Final Offer Price : HK$27.47 per H Share, plus brokerage
 of 1.0%, AFRC transaction levy of
 0.00015%, SFC transaction levy of
 0.0027% and Stock Exchange trading fee
 of 0.00565%
 Nominal value : RMB1.00 per H Share
 Stock Code : 2149
 Sole Sponsor, Sole Overall Coordinator, Joint Global Coordinator,
 Joint Bookrunner and Joint Lead Manager
 Joint Global Coordinators, Joint Bookrunners and Joint Lead Managers
 Joint Bookrunners and Joint Lead Managers
 Joint Lead Managers
 --- page 4 ---
 BATELAB CO., LTD. / 蘇州貝克微電子股份有限公司
 ANNOUNCEMENT OF FINAL OFFER PRICE AND
 ALLOTMENT RESULTS
 Unless otherwise defined herein, capitalised terms used in this announcement shall have the same meanings
 as those defined in the prospectus dated 18 December 2023 (the “Prospectus”) issued by BaTeLab Co., Ltd.
 (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  2149
 Stock short name  BATELAB
 Dealings commencement date  28 December 2023*
 *see note at the end of the announcement
 Price Information
 Final Offer Price  HK$27.470
 Offer Price Range HK$27.470 - HK$38.450
 Offer Price Adjustment exercised  No
 Offer Shares and Share Capital
 Number of Offer Shares  15,000,000
 Number of Offer Shares in Public Offer 1,500,000
 Number of offer shares in International Offer  13,500,000
 Number of issued shares upon Listing  60,000,000
 The number of offer shares above is determined after taking into account the additional shares issued
 under the following Offer Size Adjustment Option
 Offer Size Adjustment Option (Upsize option)
 Number of additional shares issued under the option  -
 - Public Offer  -
 - International Offer  -
 Over-allocation
 No. of Offer Shares over-allocated  0
 Such over-allocation may be covered by exercising the Over-allotment Option or by making purchases in the
 secondary market at prices that do not exceed the Offer Price or through deferred delivery or a combination of these
 means. In the event the Over-allotment Option is exercised, an announcement will be made on the Stock
 Exchange’s website.
 Proceeds
 Gross proceeds (Note)  HK$ 412.05 million
 --- page 5 ---
 Less: Estimated listing expenses payable based on Final
 Offer Price
 HK$ (61.08) million
 Net proceeds  HK$ 350.97 million
 Note: Gross proceeds refers to the amount to which the issuer is entitled receive. For details of the use of
 proceeds, please refer to the Prospectus dated 18 December 2023.
 ALLOTMENT RESULTS DETAILS
 PUBLIC OFFER
 No. of valid applications  2,965
 No. of successful applications  2,475
 Subscription level  1.34 times
 Claw-back triggered  No
 No. of Offer Shares initially available under the Public Offer  1,500,000
 Final no. of Offer Shares under the Public Offer (after exercise of
 Offer Size Adjustment Option and reallocation)
 1,500,000
 % of Offer Shares under the Public Offer to the Global Offering 10.00%
 Note: For details of the final allocation of shares to the Public Offer, investors can refer to
 https://www.eipo.com.hk/eIPOAllotment/ to perform a search by name or identification number or
 https://www.eipo.com.hk/eIPOAllotment/ for the full list of allottees.
 INTERNATIONAL OFFER
 No. of placees  110
 Subscription Level  1.36 times
 No. of Offer Shares initially available under the International
 Offer
 13,500,000
 Final no. of Offer Shares under the International Offer (after
 reallocation)
 13,500,000
 % of Offer Shares under the International Offer to the Global
 Offering
 90.00%
 The Directors confirm that, to the best of their knowledge, information and belief, (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 and Supervisors, chief executive of the Company, single largest group of 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 and Supervisors, chief executive of
 the Company, single largest group of shareholders, substantial shareholders, existing shareholders of the
 Company or any of its subsidiaries or their respective close associates in relation to the acquisition, disposal,
 voting or other disposition of Shares registered in his/her/its name or otherwise held by him/her/it.
 Allottees with waivers/consents obtained
 --- page 6 ---
 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*
 Jing Yufei 557,000 3.71% 3.71% 0.93%(Note)
 Close associate
 of Existing
 shareholders
 CICC
 FINANCIAL
 TRADING
 LIMITED 2,260,000 15.07% 15.07% 3.77%
 Connected
 Client of the
 Sponsor and
 Overall
 Coordinator, and
 Non-SFC
 authorised
 fund
 Total 2,817,000 18.78% 18.78% 4.70%
 Note: The existing minority shareholders and Mr. Jing will hold approximately 2.96% of the total issued
 share capital of the Company immediately  following the Global Offering (assuming the Over-allotment
 Option is not exercised).
 For details, please refer to the section headed "OTHERS / ADDITIONAL INFORMATION" below.
 LOCK-UP UNDERTAKINGS
 Pre-IPO Investors (as defined in the “History and Corporate Structure” section of the Prospectus)
 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
 % 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
 Suzhou Rongxiang
 Beiying Venture
 Capital Partnership
 (Limited Partnership) /
 蘇州融享貝贏創業投
 資合夥企業(有限合
 夥)
 2,846,352 N/A 4.74% 27 December
 2024
 Jiangsu Jiequan
 Yuanhe Puhua Equity
 Investment
 Partnership (Limited
 Partnership) / 江蘇疌
 泉元禾璞華股權投資
 合夥企業(有限合夥)
 2,718,339 N/A 4.53% 27 December
 2024
 Runke (Shanghai)
 Equity Investment
 Fund Partnership
 2,718,339 N/A 4.53% 27 December
 2024
 --- page 7 ---
 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
 % 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
 (Limited Partnership) /
 潤科(上海)股權投資
 基金合夥企業(有限
 合夥)
 Zhuhai Guangfa
 Xinde Intelligent
 Innovation and
 Upgrade Equity
 Investment Fund / 珠
 海廣發信德智能創新
 升級股權投資基金
 (有限合夥)
 2,265,399 N/A 3.78% 27 December
 2024
 BYD Company
 Limited / 比亞迪股份
 有限公司
 2,163,462 N/A 3.61% 27 December
 2024
 Suzhou New District
 Venture Technology
 Investment
 Management Co., Ltd.
 / 蘇州高新區創業科
 技投資管理有限公司
 2,059,740 N/A 3.43% 27 December
 2024
 Shenzhen Zhongke
 Quantum Investment
 Partnership (Limited
 Partnership) / 深圳中
 科量子投資合夥企業
 (有限合夥)
 2,041,553 N/A 3.40% 27 December
 2024
 Jiangsu Minyi
 Intelligent
 Manufacturing
 Industry Fund
 (Limited Partnership) /
 江蘇敏一智能製造產
 業基金(有限合夥)
 1,807,563 N/A 3.01% 27 December
 2024
 Shanghai Yucheng
 Enterprise
 Management
 Consulting Partnership
 (Limited Partner / 上
 海嶼丞企業管理諮詢
 合夥企業(有限合夥)
 1,359,170 N/A 2.27% 27 December
 2024
 Nantong Zhouzhou 1,270,680 N/A 2.12% 27 December
 --- page 8 ---
 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
 % 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
 Investment Center
 (Limited Partnership) /
 南通周宙投資中心
 (有限合夥)
 2024
 Beijing Taiyou
 Venture Capital
 Partnership (Limited
 Partnership) / 北京泰
 有創業投資合夥企業
 (有限合夥)
 1,180,792 N/A 1.97% 27 December
 2024
 Pingtan Fengyuan
 Juxin Equity
 Investment
 Partnership (Limited
 Partnership) / 平潭馮
 源聚芯股權投資合夥
 企業(有限合夥)
 865,385 N/A 1.44% 27 December
 2024
 Anji Chenfeng
 Enterprise
 Management
 Partnership (Limited
 Partnership) / 安吉辰
 豐企業管理合夥企業
 (有限合夥)
 815,474 N/A 1.36% 27 December
 2024
 Zhuhai Guangfa
 Xinde Environmental
 Industry Investment
 Fund Partnership
 (Limited / 珠海廣發
 信德環保產業投資基
 金合夥企業(有限合
 夥)
 747,438 N/A 1.25% 27 December
 2024
 Suzhou Huiyi Ruijin
 Venture Capital
 Partnership (Limited
 Partnership) / 蘇州匯
 毅瑞錦創業投資合夥
 企業(有限合夥)
 724,704 N/A 1.21% 27 December
 2024
 Suzhou Hejiuxin
 Enterprise
 Management
 Consulting Partnership
 672,939 N/A 1.12% 27 December
 2024
 --- page 9 ---
 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
 % 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
 (Limited Partner / 蘇
 州合久鑫企業管理諮
 詢合夥企業(有限合
 夥)
 Suzhou Heyuanxin
 Venture Capital
 Partnership (Limited
 Partnership) / 蘇州合
 遠芯創業投資合夥企
 業(有限合夥)
 543,178 N/A 0.91% 27 December
 2024
 Jiangsu Huate
 Integrated Circuit Co.,
 Ltd. / 江蘇華特集成
 電路股份有限公司
 452,940 N/A 0.75% 27 December
 2024
 Nanjing Turing Phase
 I Venture Capital
 Partnership (Limited
 Partnership) / 南京圖
 靈一期創業投資合夥
 企業(有限合 夥)
 452,940 N/A 0.75% 27 December
 2024
 Tsinghua University
 Education Foundation
 / 清華大學教育基金
 會
 432,692 N/A 0.72% 27 December
 2024
 Hangzhou Taizhiyou
 Venture Capital
 Partnership (Limited
 Partnership) / 杭州泰
 之有創業投資合夥企
 業(有限合夥)
 299,045 N/A 0.50% 27 December
 2024
 Xinyu Taiyi
 Investment
 Management Center
 (Limited Partnership) /
 新余泰益投資管理中
 心(有限合夥)
 299,045 N/A 0.50% 27 December
 2024
 Xinyu Jimu Ruiyuan
 Investment Consulting
 Center (Limited
 Partnership) / 新余極
 目睿遠投資諮詢中心
 (有限合夥)
 271,841 N/A 0.45% 27 December
 2024
 --- page 10 ---
 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
 % 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
 Tibet Taisheng
 Information
 Technology
 Partnership (Limited
 Partnership) / 西藏泰
 升信息科技合夥企業
 (有限合夥)
 271,764 N/A 0.45% 27 December
 2024
 Tianjin Huahui Taiyou
 Electronic Information
 Investment
 Partnership (Limited /
 天津華慧泰有電子信
 息投資合夥企業(有
 限合夥)
 271,764 N/A 0.45% 27 December
 2024
 Shenzhen Chuangqi
 Kaiying Venture
 Capital Partnership
 (Limited partnership) /
 深圳市創啟開盈創業
 投資合夥企業(有限
 合夥)
 10,817 N/A 0.02% 27 December
 2024
 Subtotal 29,563,355 N/A 49.27%
 The expiry date of the lock-up period shown in the table above is pursuant to the PRC Company Law.
 Directors
 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
 % 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
 Li Zhen / 李真 1,049,632 N/A 1.75% 27 December
 2024
 Li Yi / 李一 252,800 N/A 0.42% 27 December
 2024
 Subtotal 1,302,432 N/A 2.17%
 The expiry date of the lock-up period shown in the table above is pursuant to the PRC Company Law.
 --- page 11 ---
 Existing Shareholders (other than the Pre-IPO Investors as defined in the “History and Corporate
 Structure” section of the Prospectus)
 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
 % 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
 Suzhou Backward
 Electronic Co., Ltd. /
 蘇州貝克瓦特電子有
 限公司
 8,753,678 N/A 14.59% 27 December
 2024
 Suzhou Backward
 Investment Partnership
 (Limited Partnership) /
 蘇州貝克瓦特投資合
 夥企業(有限合夥)
 5,380,535 N/A 8.97% 27 December
 2024
 Subtotal 14,134,213 N/A 23.56%
 The expiry date of the lock-up period shown in the table above is pursuant to the PRC Company Law.
 --- page 12 ---
 PLACEE CONCENTRATION ANALYSIS
 Placees Number of H Shares allotted Allotment as % of International Offering (assuming no exercise of the Over-allotment Option)  Allotment as % of total Offer Shares (assuming no exercise of the Over- allotment Option) Number of  Shares held upon Listing  % of total issued share capital upon Listing (assuming no exercise of the Over-allotment Option) Top 1 2,260,000 16.74% 15.07% 2,260,000 3.77% Top 5 7,876,000 58.34% 52.51% 7,876,000 13.13% Top 10 11,885,700 88.04% 79.24% 11,885,700 19.81% Top 25 13,491,500 99.94% 89.94% 14,707,617 24.51%
 Notes
 * Ranking of placees is based on the number of H Shares allotted to the placees.
 --- page 13 ---
 H SHAREHOLDERS CONCENTRATION ANALYSIS
 H Shareholders*
 Number of H Shares allotted Allotment as % of International Offering (assuming no exercise of the Over-allotment Option)  Allotment as % of total Offer Shares (assuming no exercise of the Over- allotment Option) Number of H Shares held upon Listing % of total issued H Shares capital upon Listing (assuming no exercise of the Over-allotment Option) Number of Shares held upon Listing   Top 1 2,260,000 16.74% 15.07% 2,260,000 15.07% 2,260,000  Top 5 7,876,000 58.34% 52.51% 7,876,000 52.51% 7,876,000  Top 10 11,855,700 88.04% 79.24% 11,855,700 79.24% 11,885,700  Top 25 14,000,700 103.71% 93.34% 14,000,700 93.34% 15,216,817
 Notes
 * Ranking of H Shareholders is based on the number of H Shares held by the H Shareholders upon Listing.
 SHAREHOLDER CONCENTRATION ANALYSIS
 Shareholders Number of  H Shares allotted Allotment as % of International Offering (assuming no exercise of the Over-allotment Option) Allotment as % of total Offer Shares (assuming no exercise of the Over- allotment Option)  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) Top 1 0 0.00% 0.00% 0 15,436,645 25.73% Top 5 0 0.00% 0.00% 0 28,792,252 47.99% Top 10 2,817,000 20.87% 18.78% 2,817,000 38,837,947 64.73% Top 25 12,442,700 92.17% 82.95% 12,442,700 54,679,852 91.13%
 Notes
 * Ranking of Shareholders is based on the number of Shares (of all classes) held by the Shareholder upon Listing.
 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 H SHARES APPLIED FOR
 NO. OF VALID APPLICATIONS
 BASIS OF ALLOTMENT/BALLOT
 APPROXIMATE PERCENTAGE ALLOTTED OF THE TOTAL NO. OF H SHARES APPLIED FOR  100 1,363 100 H Shares 73.56%
 200 235 100 H Shares 73.54%
 --- page 14 ---
 200 209 200 H Shares 300 112 200 H Shares 73.52% 300 29 300 H Shares 400 3 200 H Shares 73.50% 400 47 300 H Shares 500 28 300 H Shares 73.09% 500 53 400 H Shares 600 26 400 H Shares 73.02% 600 16 500 H Shares 700 17 500 H Shares 72.93% 700 2 600 H Shares 800 3 500 H Shares 72.79% 800 14 600 H Shares 900 3 600 H Shares 72.22% 900 3 700 H Shares 1,000 136 700 H Shares 70.42% 1,000 6 800 H Shares 1,500 13 1,000 H Shares 70.12% 1,500 14 1,100 H Shares 2,000 19 1,400 H Shares 70.00%
 2,500 15 1,700 H Shares 70.00% 2,500 15 1,800 H Shares 3,000 17 2,100 H Shares 70.00%
 3,500 5 2,400 H Shares 69.84% 3,500 4 2,500 H Shares 4,000 1 2,700 H Shares 69.58% 4,000 5 2,800 H Shares 4,500 3 3,100 H Shares 69.44% 4,500 1 3,200 H Shares 5,000 5 3,400 H Shares 69.44% 5,000 13 3,500 H Shares 6,000 1 4,100 H Shares 69.44% 6,000 2 4,200 H Shares 7,000 1 4,800 H Shares 69.29% 7,000 1 4,900 H Shares 8,000 2 5,500 H Shares 68.75%
 9,000 2 6,100 H Shares 68.15% 9,000 1 6,200 H Shares 10,000 15 6,800 H Shares 68.00%
 15,000 2 10,200 H Shares 68.00%
 20,000 2 13,600 H Shares 68.00%
 25,000 1 17,000 H Shares 68.00%
 30,000 2 20,400 H Shares 68.00%
 40,000 2 27,200 H Shares 68.00%
 50,000 3 34,000 H Shares 68.00%
 60,000 1 40,800 H Shares 68.00%
 100,000 1 68,000 H Shares 68.00%
 300,000 1 300,000 H Shares 100.00%
 --- page 15 ---
 Total number of successful applicants 2,475 1,500,000 H Shares
 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 of Offer Shares to a Connected Client
 Under the International Offering, 2,260,000 Offer Shares, representing approximately 15.07% of the
 total number of Offer Shares available under the Global Offering and approximately 3.77% of the
 total issued share capital of the Company immediately following the Global Offering (assuming the
 Over-allotment Option is not exercised), were placed to CICC Financial Trading Limited (“CICC
 FT”) as a placee, which is a connected client (the “Connected Client”) of China International
 Capital Corporation Hong Kong Securities Limited (the “Sole Overall Coordinator”) as it is a
 wholly-owned subsidiary of China International Capital Corporation Limited (“CICC Corporation”,
 which wholly owns the Sole Overall Coordinator), and hence a member of the same group of
 companies as the Sole Overall Coordinator, pursuant to paragraph 13(7) of Appendix 6 to the Listing
 Rules (the “Placing Guidelines”).
 The Connected Client and CICC Corporation will enter into a series of cross border delta-one OTC
 swap transactions (the “OTC Swaps”) with each other and with the ultimate clients (the “CICC FT
 Ultimate Clients”), pursuant to which the Connected Client will hold the CICC FT Offer Shares on
 a non-discretionary basis to hedge the OTC Swaps while the economic risks and returns of the
 underlying H Shares are passed to the CICC FT Ultimate Clients, subject to customary fees and
 commissions. The OTC Swaps will be fully funded by the CICC FT Ultimate Clients. During the
 tenor of the OTC Swaps, all economic returns of the CICC FT Offer Shares will be passed to the
 CICC FT Ultimate Clients and all economic loss shall be borne by the CICC FT Ultimate Clients
 through the OTC Swaps, and the Connected Client will not take part in any economic return or bear
 any economic loss in relation to the price of the CICC FT Offer Shares. The OTC Swaps are linked
 to the CICC FT Offer Shares and the CICC Ultimate Clients may request the Connected Client to
 redeem it at their own discretions, upon which the Connected Client shall dispose of the CICC FT
 Offer Shares and settle OTC Swaps in cash in accordance with the terms and conditions of the OTC
 Swap documents. Despite that the Connected Client will hold the legal title of the CICC FT Offer
 Shares by itself, it will not exercise the voting rights attaching to the relevant H Shares during the
 terms of the OTC Swaps as per its internal policy. To the best of the Connected Client’s knowledge
 having made all reasonable inquiries, the CICC FT Ultimate Clients are third parties independent
 from each of the Company, the Connected Client and the Sole Overall Coordinator.
 --- page 16 ---
 The Company has applied to the Stock Exchange for, and the Stock Exchange has granted to the
 Company, its consent under paragraph 5(1) of the Placing Guidelines to permit the Company to
 allocate Offer Shares in the International Offering to CICC FT.  The Offer Shares allocated to CICC
 FT is in compliance with all the conditions under the consent granted by the Stock Exchange.
 Placing of Offer Shares to the close associate of Existing Minority Shareholders
 Under the International Offering, 557,000 Offer Shares, representing approximately 3.71% of the
 total number of Offer Shares available under the Global Offering and approximately 0.93% of the
 total issued share capital of the Company immediately following the Global Offering (assuming the
 Over-allotment Option is not exercised), were placed to Mr. Jing Yufei (景雨霏) (“Mr. Jing”) as a
 placee, who is a close associate of Hejiuxin and Heyuanxin, both of which are existing shareholders
 of the Company holding a total of 2.03% equity interest in the Company before the Listing.
 The Company has applied to the Stock Exchange for, and the Stock Exchange has granted to the
 Company, a waiver from strict compliance with Rule 10.04 of the Listing Rules and its consent
 under paragraph 5(2) of the Placing Guidelines to permit the Company to allocate Offer Shares in the
 International Offering to Mr. Jing. The Offer Shares allocated to Mr. Jing is in compliance with all
 the conditions under the consent granted by the Stock Exchange.
 DISCLAIMERS
 Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited (the
 “Stock Exchange”) and Hong Kong Securities Clearing Company Limited (“HKSCC”) take no
 responsibility for the contents of this announcement, make no representation as to its accuracy or
 completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from
 or in reliance upon the whole or any part of the contents of this announcement.
 This announcement does not constitute an offer to sell or the solicitation of an offer to buy nor
 shall there be any sale of Offer Shares in any jurisdiction in which such offer, solicitation or sales
 would be unlawful. This announcement is not for release, publication or distribution, directly or
 indirectly, in or into the United States or any other jurisdiction where such distribution is prohibited
 by law, nor is this announcement an offer for sale or solicitation to purchase or subscribe for securities
 in the United States or any other jurisdictions. The Offer Shares have not been, and will not be,
 registered under the United States Securities Act of 1933, as amended from time to time (the “U.S.
 Securities Act”), or any applicable state securities laws in the United States, and 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 (the “Regulation S”)) except in
 transactions exempt from, or not subject to, the registration requirements of the U.S. Securities Act.
 The Offer Shares are being offered and sold outside the United States in offshore transactions in
 accordance with Regulation S. There will be no public offering of the securities of the Company in
 the United States.
 This announcement is for information purposes only and does not constitute an invitation or offer to
 acquire, purchase or subscribe for securities. This announcement is not a prospectus. Potential
 investors should read the Prospectus dated 18 December 2023 issued by BaTeLab Co., Ltd. for
 --- page 17 ---
 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 Sole Sponsor and the Sole Overall
 Coordinator (for itself and on behalf of the Hong Kong Underwriters) shall be entitled to terminate
 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 –
 The Hong Kong Public Offering – Grounds for Termination” in the Prospectus at any time prior to
 8.00 a.m. on the Listing Date.
 --- page 18 ---
 4
 PUBLIC FLOAT
 Immediately after completion of the Global Offering, (i) 25% of the total issued Shares will be
 held by the public in accordance with Rule 8.08(1)(a) of the Listing Rules; (ii) the three largest
 public Shareholders will not hold more than 50% of the Shares held in the public hands at the time
 of Listing in compliance with Rules 8.08(3) and 8.24 of the Listing Rules; and (iii) there will be at
 least 300 Shareholders at the time of Listing in compliance with Rule 8.08(2) of the Listing Rules.
 The Directors confirm that immediately after 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;
 and (ii) there will not be any new substantial shareholder (as defined in the Listing Rules) of the
 Company.
 COMMENCEMENT OF DEALINGS
 H Share certificates will only become valid evidence of title at 8:00 a.m. on Thursday, December
 28, 2023 (Hong Kong time), provided that the Global Offering has become unconditional and the
 right of termination described in the “Underwriting – Underwriting Arrangements and Expenses
 – The Hong Kong Public Offering – Grounds for Termination ” section in the Prospectus has not
 been exercised.
 Assuming the Hong Kong Public Offering becomes unconditional at or before 8:00 a.m. on
 Thursday, December 28, 2023 (Hong Kong time), dealings in the H Shares are expected to
 commence at 9:00 a.m. on Thursday, December 28, 2023 (Hong Kong time). The H Shares will be
 traded in board lots of 100 H Shares each. The stock code of the H Shares is 2149.
 By order of the Board
 BaTeLab Co., Ltd.
 Mr. Li Zhen
 Chairman
 Hong Kong, December 27, 2023
 As at the date of this announcement, the Board of Directors comprises Mr. Li Zhen, Mr. Zhang
 Guangping and Mr. Li Yi as executive Directors; Mr. Kong Jianhua and Mr. Zhou Yufeng as
 non-executive Directors; and Mr. Zhao Heming, Mr. Wen Chengge, Mr. Ma Ming and Ms. Kang
 Yuanshu as independent non-executive Directors.
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