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ANNOUNCEMENT OF OFFER PRICE AND ALLOTMENT RESULTS
SUMMARY
Offer Price
• The Offer Price has been determined at HK$6.50 per Offer Share (excluding brokerage
of 1.0%, SFC transaction levy of 0.0027%, Hong Kong Stock Exchange trading fee of
0.00565% and AFRC transaction levy of 0.00015%).
Net Proceeds from the Global Offering
• Based on the Offer Price of HK$6.50 per Offer Share, the net proceeds from the Global
Offering to be received by the Company, after deduction of the underwriting fees and
commissions and estimated expenses payable by the Company in connection with the
Global Offering, are estimated to be approximately HK$1,008.5 million. The Company
intends to apply the net proceeds from the Global Offering in the manner as set out in the
paragraph headed “Net Proceeds from the Global Offering ” in this announcement.
• As no over-allocation of International Offer Shares has been made, the Over-allotment
Option has not been and will not be exercised, and no additional proceeds are expected to
be received by the Company in this connection.
Applications and Indications of Interest Received
Hong Kong Public Offering
• The Hong Kong Offer Shares initially offered under the Hong Kong Public Offering have
been under-subscribed. A total of 1,469 valid applications have been received pursuant to
the Hong Kong Public Offering through the HK eIPO White Form service and through
the CCASS EIPO service for a total of 4,549,600 Hong Kong Offer Shares, representing
approximately 0.26 times of the total number of 17,326,000 Hong Kong Offer Shares
initially available for subscription under the Hong Kong Public Offering.


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• As the Hong Kong Offer Shares initially offered under the Hong Kong Public Offering
have been under-subscribed, the reallocation procedures as described in the section headed
“Structure of the Global Offering – The Hong Kong Public Offering – Reallocation
and Clawback ” in the Prospectus have been applied, and a total number of 12,776,400
unsubscribed Hong Kong Offer Shares have been reallocated to the International Offering.
• As a result of such reallocation, the final number of Offer Shares under the Hong Kong
Public Offering is 4,549,600 Offer Shares, representing approximately 2.63% of the total
number of Offer Shares initially available under the Global Offering, and being allocated
to 1,469 successful applicants under the Hong Kong Public Offering, among which 949
applicants (representing approximately 64.60% of the 1,469 Shareholders who were
allocated the Offer Shares under the Hong Kong Public Offering) have been allotted one
board lot of Offer Shares totalling 379,600 H Shares (representing approximately 8.34% of
the total Offer Shares under the Hong Kong Public Offering after reallocation).
International Offering
• The Offer Shares initially offered under the International Offering have been slightly
over-subscribed, representing approximately 1.28 times of the total number of International
Offer Shares initially available under the International Offering. The Overall Coordinators
have exercised their discretion to reallocate the unsubscribed Offer Shares under the Hong
Kong Public Offering to the International Offering as described in the section headed
“Structure of the Global Offering – The Hong Kong Public Offering – Reallocation and
Clawback ” in the Prospectus. A total number of 12,776,400 Offer Shares initially available
for subscription under the Hong Kong Public Offering have been reallocated to the
International Offering. As a result of such reallocation, the final number of Offer Shares
under the International Offering is 168,708,400 Offer Shares, representing approximately
97.37% of the total number of Offer Shares initially available under the Global Offering
(given that the Over-allotment Option has not been and will not be exercised). There has
not been an over-allocation of Offer Shares under the International Offering and there
are a total of 180 placees under the International Offering, among which 85 placees
have been allotted one board lot of Offer Shares, totalling 34,000 H Shares, representing
approximately 0.02% of the Offer Shares initially available under the International
Offering.
Cornerstone Investors
• Based on the final Offer Price of HK$6.50 per Offer Share (exclusive of brokerage of 1%,
SFC transaction levy of 0.0027%, Hong Kong Stock Exchange trading fee of 0.00565%
and AFRC transaction levy of 0.00015%), pursuant to the relevant Cornerstone Investment
Agreements, the Cornerstone Investors have subscribed for a total of 74,560,000 H
Shares, representing in aggregate (a) approximately 10.76% of the issued share capital of
the Company immediately upon completion of the Global Offering (given that the Over-
allotment Option has not been and will not be exercised); and (b) approximately 43.03%
of the H Shares in issue immediately following the completion of the Global Offering
(given that the Over-allotment Option has not been and will not be exercised). Please refer
to the section headed “Cornerstone Investment ” in the Prospectus for further details of the
Cornerstone Investors.


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• Qingdao Hainuo, an Independent Third Party and one of the Cornerstone Investors in
the Global Offering, has agreed to subscribe for 11,300,000 Offer Shares (the “Qingdao
Hainuo Cornerstone Investment ”). For the purpose of the Qingdao Hainuo Cornerstone
Investment, Qingdao Hainuo has engaged Galaxy Jinhui Security Asset Management
Corporation Limited (ʮ̡ )(“Galaxy Jinhui ”), an asset
manager that is a qualified domestic institutional investor ( “QDII”) as approved by the
relevant PRC authority, to subscribe for the H Shares under the cornerstone investment
in the name of its financial product, Galaxy Dehui No. 37 Single Asset Management
Plan (ᅃි 37ྌ )( “Galaxy Asset Management Plan ”) on a
non-discretionary basis on behalf of Qingdao Hainuo under the International Offering. As
Galaxy Jinhui and China Galaxy International Securities (Hong Kong) Co., Limited ( ʕ
਷ყᗇՎ (ಥ)ʮ̡ )(“Galaxy Securities ”) (as one of the capital market
intermediaries, Joint Global Coordinators, Joint Bookrunners and Joint Lead Managers in
the Global Offering) are members of a group of companies controlled by China Galaxy
Securities Co., Ltd. (ʮ̡ ), Galaxy Jinhui is a “connected client ”
of Galaxy Securities for the purpose of paragraph 13(7) of Appendix 6 to the Listing Rules
(the “Placing Guidelines ”). The Company has applied to the Stock Exchange for, and the
Stock Exchange has granted, its consent under paragraph 5(1) of the Placing Guidelines to
permit Qingdao Hainuo to participate in the Global Offering through Galaxy Jinhui as the
asset manager in the name of Galaxy Asset Management Plan.
Placees with the Consent under Paragraph 5(1) of Placing Guidelines, Paragraph 5(2) of
the Placing Guidelines and Rule 10.04 of the Listing Rules
• Apart from the Qingdao Hainuo Cornerstone Investment, 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 the placees set out in the section headed “International
Offering { Placees with the Consent under Paragraph 5(1) of Placing Guidelines ” in this
announcement.
• The Company has applied to the Stock Exchange for, and the Stock Exchange has granted,
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 H Shares
under the International Offering to the existing holders of the Company ’s Shares quoted
on the NEEQ and their close associates, including the placees set out in the section headed
“International Offering {  Placees with the Consent under Paragraph 5(2) of Placing
Guidelines and Rule 10.04 of the Listing Rules ” in this announcement.
• To the best knowledge of the Company, save for Marvel Horizon Limited, a close associate
of an existing holder of the Company ’s Shares quoted on the NEEQ, (i) none of the Offer
Shares subscribed by public Shareholders in the Hong Kong Public Offering and placees
in the International Offering has been directly or indirectly financed by the Company, any
of the Directors, the Supervisors, chief executive, the Controlling Shareholders, substantial
Shareholders, existing Shareholders or any of their subsidiaries or their respective close
associates; and (ii) none of the public Shareholders in the Hong Kong Public Offering and
placees in the International Offering who has subscribed for the Offer Shares is accustomed
to taking instructions from the Company, any of the Directors, the Supervisors, chief
executive, the Controlling Shareholders, substantial Shareholders, existing Shareholders or
any of their subsidiaries or their respective close associates in relation to the acquisition,
disposal, voting or other disposition of the H Shares registered in their name or otherwise
held by them.


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• Save as disclosed in the sections headed “International Offering {  Cornerstone Investors ”,
“International Offering {  Placees with the Consent under Paragraph 5(1) of Placing
Guidelines ” and “International Offering {  Placees with the Consent under Paragraph
5(2) of Placing Guidelines and Rule 10.04 of the Listing Rules ” of this announcement, to
the best knowledge, information and belief of the Directors, no Offer Shares placed by or
through the Overall Coordinators, the Joint Global Coordinators, the Joint Bookrunners,
the Joint Lead Managers or the Underwriters under the Global Offering have been placed
with applicants who are core connected persons (as defined in the Listing Rules), or to any
connected clients (as set out in paragraph 5(1) of the Placing Guidelines), or persons set
out in paragraph 5(2) of the Placing Guidelines, whether in their own names or through
nominees. The International Offering is in compliance with the Placing Guidelines.
Over-allotment Option
There has been no over-allocation of International Offer Shares. Accordingly, the Over-allotment
Option has not been and will not be exercised. In view of the fact that there has been no over-
allocation in the International Offering, there has been no delayed delivery arrangement with
any investor under the International Offering, and no stabilization activities as described in the
Prospectus are expected to take place during the stabilizing period (which will begin on the
Listing Date and end on the 30th day after the last day for the lodging of applications under the
Hong Kong Public Offering, i.e. Saturday, October 28, 2023).
Lock-up Obligations
The Company, the Controlling Shareholders and the Cornerstone Investors of the Company are
subject to certain lock-up obligations in respect of the Shares as set out in the paragraph headed
“Lock-up Obligations ” in this announcement.
Public Float
The Directors confirm that immediately following the completion of the Global Offering, (a)
no placee will, individually, be placed more than 10% of the enlarged issued share capital of
the Company immediately after the Global Offering; (b) there will not be any new substantial
shareholder (as defined in the Listing Rules) of the Company immediately after the Global
Offering; (c) the total number of H Shares of the Company held by the public represents at least
25% of the Company ’s total number of issued Shares; (d) 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 Listing
in compliance with Rules 8.08(3) and 8.24 of the Listing Rules; and (e) there will be at least 300
Shareholders at the time of Listing in compliance with Rule 8.08(2) of the Listing Rules.


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Results of Allocations
The results of allocations and the Hong Kong identity card/passport/Hong Kong business
registration/certificate of incorporation numbers of successful applicants under the Hong Kong
Public Offering will be available at the times and date and in the manner specified below:
• in the announcement to be posted on the Company ’s website at www.tiantucapital.com
and the Stock Exchange ’s website at www.hkexnews.hk  by no later than 8:00 a.m. on
Thursday, October 5, 2023. Please note that the list of identification document numbers
set out in this announcement may not be a complete list of successful applicants since
only successful applicants whose identification document numbers are provided to
HKSCC by CCASS Participants are disclosed. Applicants with beneficial names only but
not identification document numbers are not disclosed due to personal privacy issue as
elaborated below. Applicants who applied for the Hong Kong Offer Shares through their
brokers can consult their brokers to enquire about their application results;
• from the “IPO Results ” function in the IPO App or the designated results of allocations
website at www.tricor.com.hk/ipo/result  or www.hkeipo.hk/IPOResult  with a “search
by ID ” function on a 24 hour basis from 8:00 a.m. on Thursday, October 5, 2023 to 12:00
midnight on Wednesday, October 11, 2023; and
• from the allocation results telephone enquiry line by calling +852 3691 8488 between
9:00 a.m. and 6:00 p.m. from Thursday, October 5, 2023 to Wednesday, October 11, 2023
(exclude Saturday, Sunday and public holiday in Hong Kong).
This announcement contains a list of identification document numbers. Identification document
numbers shown in the section headed “Results of Applications Made by HK eIPO White
Form ” in this announcement refer to Hong Kong identity card numbers/passport numbers/
Hong Kong business registration numbers/certificate of incorporation numbers/beneficial owner
identification codes (if such applications are made by nominees as agent for the benefit of
another person) whereas those displayed in the section headed “Results of Applications Made by
Giving Electronic Application Instructions to HKSCC via CCASS ” in this announcement are
provided by CCASS Participants via CCASS. Therefore, the identification document numbers
shown in the two sections are different in nature.
Since applications are subject to personal information collection statements, beneficial owner
identification codes displayed in the sections headed “Results of Applications Made by HK
eIPO White Form ” and “Results of Applications Made by Giving Electronic Application
Instructions  to HKSCC via CCASS ” are redacted and not all details of applications are
disclosed in this announcement.


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Despatch/Collection of H Share Certificates/e-Auto Refund Payment Instructions/Refund
Cheques
• Applicants who applied for 1,000,000 Hong Kong Offer Shares or more through the HK
eIPO White Form service and who have been wholly successfully or partially successfully
allocated Hong Kong Offer Shares and are eligible to collect H Share certificates in person
may collect H Share certificates from the H Share Registrar, Tricor Investor Services
Limited, at 17/F, Far East Finance Centre, 16 Harcourt Road, Hong Kong from 9:00 a.m.
to 1:00 p.m. on Thursday, October 5, 2023, or such other place or date as notified by the
Company as the place or date of despatch/collection of H Share certificates/e-Auto Refund
payment instructions/refund cheques.
• Applicants being individuals who are eligible for personal collection cannot authorize any
other person to make collection on their behalf. Corporate applicants which are eligible
for personal collection must attend by their authorised representatives bearing letters
of authorisation from their corporations stamped with the corporations ’ chops. Both
individuals and authorised representatives (if applicable) must produce, at the time of
collection, evidence of identity acceptable to Tricor Investor Services Limited.
• H Share certificates for the Hong Kong Offer Shares allocated to applicants who applied
for less than 1,000,000 Hong Kong Offer Shares through the HK eIPO White Form
service are expected to be despatched to those entitled to the address specified in the
relevant application instructions through the HK eIPO White Form service by ordinary
post at their own risk on or before Thursday, October 5, 2023.
• H Share certificates for the Hong Kong Offer Shares allocated to applicants who applied
through the HK eIPO White Form service which are either not eligible for personal
collection or which are eligible but are not collected in person by 1:00 p.m. on Thursday,
October 5, 2023, are expected to be despatched by ordinary post to those entitled to them
at their own risk on or before Thursday, October 5, 2023.
• Wholly or partially successful applicants who applied by giving electronic application
instructions to HKSCC via CCASS will have their H Share certificates issued in the
name of HKSCC Nominees Limited and deposited into CCASS for credit to their CCASS
Investor Participant stock accounts or the stock accounts of their designated CCASS
Participants who gave electronic application instructions on their behalf on Thursday,
October 5, 2023.
• Applicants who applied through a designated CCASS Participant (other than a CCASS
Investor Participant) should check the number of Hong Kong Offer Shares allocated to
them with that CCASS Participant.


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• Applicants who applied as a CCASS Investor Participant by giving electronic application
instructions to HKSCC via CCASS should check and report any discrepancies to HKSCC
before 5:00 p.m. on Thursday, October 5, 2023 or such other date as shall be determined
by HKSCC or HKSCC Nominees. Applicants who applied as a CCASS Investor Participant
by giving electronic application instructions  to HKSCC via CCASS may also check
the results of their applications and the amount of refund monies payable to them via the
CCASS Phone System and the CCASS Internet System (under the procedures contained
in HKSCC ’s “An Operating Guide for Investor Participants ” in effect from time to time)
immediately after the crediting of the Hong Kong Offer Shares to the CCASS Investor
Participants stock accounts and the crediting of the refund monies to the CCASS Investor
Participants bank accounts. HKSCC will also make available to the CCASS Investor
Participants an activity statement showing the number of Hong Kong Offer Shares credited
to their stock accounts and the refund amount credited to their respective designated bank
accounts (if any).
• Applicants who applied through the HK eIPO White Form  service and paid the
application monies from a single bank account will have refund monies (if any) despatched
to their application payment accounts in the form of e-Auto Refund payment instructions
on Thursday, October 5, 2023. Applicants who applied through the HK eIPO White Form
service and paid the application monies from multiple bank accounts will have refund
monies (if any) despatched to the addresses specified on their HK eIPO White Form
applications in the form of refund check(s) in favour of the applicant (or, in the case of
joint applications, the first-named applicant) by ordinary post at their own risk on or before
Thursday, October 5, 2023.
• Refund monies for applicants who have applied by giving electronic application
instructions to HKSCC via CCASS are expected to be credited to the relevant applicants ’
designated bank accounts or the designated bank accounts of their brokers or custodians on
Thursday, October 5, 2023.
• H Share certificates will only become valid certificates of title at 8:00 a.m. on the Listing
Date which is expected to be Friday, October 6, 2023, provided that the Global Offering
has become unconditional in all respects at or before that time and the right of termination
described in the section headed “Underwriting – Hong Kong Underwriting Arrangements
{ Hong Kong Public Offering {  Grounds for Termination ” in the Prospectus has not been
exercised.
• The Company will not issue any temporary documents of title in respect of the Offer
Shares and will not issue any receipt for application monies received.
Commencement of Dealings
H Share certificates for the Hong Kong Offer Shares will only become valid evidence of title
provided that (i) the Global Offering has become unconditional in all respects; and (ii) neither
of the Underwriting Agreements has been terminated in accordance with their terms prior to
8:00 a.m. on the Listing Date. Investors who trade 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 do so at their own risk.


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Assuming that the Global Offering becomes unconditional in all respects at or before 8:00 a.m.
on Friday, October 6, 2023 (Hong Kong time), dealings in the H Shares on the Main Board of
the Stock Exchange are expected to commence at 9:00 a.m. on Friday, October 6, 2023 (Hong
Kong time). The H Shares will be traded in board lots of 400 H Shares each. The stock code of
the H Shares is 1973.
In view of the 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 H Shares.
OFFER PRICE
The Offer Price has been determined at HK$6.50 per Offer Share (excluding brokerage of 1.0%,
SFC transaction levy of 0.0027%, Hong Kong Stock Exchange trading fee of 0.00565% and AFRC
transaction levy of 0.00015%).
NET PROCEEDS FROM THE GLOBAL OFFERING
Based on the Offer Price of HK$6.50 per Offer Share, the net proceeds from the Global Offering to
be received by the Company, after deduction of underwriting fees and commissions and estimated
expenses payable by the Company in connection with the Global Offering, are estimated to be
approximately HK$1,008.5 million.
The Company intends to apply the net proceeds as follows:
• 65.0%, or approximately HK$655.5 million, will be allocated to further expand the
Company ’s private equity fund management business;
• 25.0%, or approximately HK$252.1 million, will be allocated to further develop and
strengthen the Company ’s direct investment business; and
• 10.0%, or approximately HK$100.9 million, will be allocated to the Company ’s general
corporate purposes.
For further information, please refer to the section headed “Future Plans and Use of Proceeds ” in
the Prospectus.
As no over-allocation of International Offer Shares has been made, the Over-allotment Option has
not been and will not be exercised, and no additional proceeds are expected to be received by the
Company in this connection.


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APPLICATIONS AND INDICATIONS OF INTEREST RECEIVED IN THE HONG KONG
PUBLIC OFFERING
The Hong Kong Offer Shares initially available under the Hong Kong Public Offering have been
under-subscribed. At the close of the application lists at 12:00 noon on Thursday, September
28, 2023, a total of 1,469 valid applications have been received pursuant to the Hong Kong
Public Offering through the HK eIPO White Form service and giving electronic application
instructions  to HKSCC for a total of 4,549,600 Hong Kong Offer Shares, representing
approximately 0.26 times of the total number of 17,326,000 Hong Kong Offer Shares initially
available for subscription under the Hong Kong Public Offering, among which:
• 1,468 valid applications in respect of a total of 2,549,600 Hong Kong Offer Shares were
for the Hong Kong Public Offering with an aggregate subscription amount based on the
maximum Offer Price of HK$11.40 per Offer Share (excluding brokerage of 1%, SFC
transaction levy of 0.0027%, Hong Kong Stock Exchange trading fee of 0.00565% and AFRC
transaction levy of 0.00015%) of HK$5 million or less, representing approximately 0.29
times of the 8,663,200 Hong Kong Offer Shares initially comprised in Pool A; and
• 1 valid application in respect of a total of 2,000,000 Hong Kong Offer Shares was for the
Hong Kong Public Offering with an aggregate subscription amount based on the maximum
Offer Price of HK$11.40 per Offer Share (excluding brokerage of 1%, SFC transaction levy
of 0.0027%, Hong Kong Stock Exchange trading fee of 0.00565% and AFRC transaction
levy of 0.00015%) of more than HK$5 million, representing approximately 0.23 times of the
8,662,800 Hong Kong Offer Shares initially comprised in Pool B.
No application was rejected due to invalid application. Two multiple or suspected multiple
applications were identified and rejected. No application was rejected due to dishonored payments.
No application for more than 8,662,800 Hong Kong Offer Shares (being approximately 50% of the
Hong Kong Offer Shares initially available under the Hong Kong Public Offering) was identified.
As the Hong Kong Offer Shares initially offered under the Hong Kong Public Offering have been
under-subscribed, the reallocation procedures as described in the section headed “Structure of the
Global Offering – The Hong Kong Public Offering – Reallocation and Clawback ” in the Prospectus
have been applied, and a total number of 12,776,400 unsubscribed Hong Kong Offer Shares have
been reallocated to the International Offering.


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As a result of such reallocation, the final number of Offer Shares under the Hong Kong Public
Offering is 4,549,600 Offer Shares, representing approximately 2.63% of the total number of
Offer Shares initially available under the Global Offering, and being allocated to 1,469 successful
applicants under the Hong Kong Public Offering, among which 949 applicants (representing
approximately 64.60% of the 1,469 Shareholders who were allocated the Offer Shares under the
Hong Kong Public Offering) have been allotted one board lot of Offer Shares totalling 379,600 H
Shares (representing approximately 8.34% of the total Offer Shares under the Hong Kong Public
Offering after reallocation).
The Offer Shares offered in the Hong Kong Public Offering were conditionally allocated on the
basis set out in the paragraph headed “Basis of Allocation under the Hong Kong Public Offering ”
below.
INTERNATIONAL OFFERING
The Offer Shares initially offered under the International Offering have been slightly
over-subscribed, representing approximately 1.28 times of the total number of Offer Shares
initially available under the International Offering. The Overall Coordinators have exercised their
discretion to reallocate the unsubscribed Offer Shares under the Hong Kong Public Offering to the
International Offering as described in the section headed “Structure of the Global Offering – The
Hong Kong Public Offering – Reallocation and Clawback ” in the Prospectus. A total number of
12,776,400 Offer Shares initially available for subscription under the Hong Kong Public Offering
have been reallocated to the International Offering. As a result of such reallocation, the final
number of Offer Shares under the International Offering is 168,708,400 Offer Shares, representing
approximately 97.37% of the total number of Offer Shares initially available under the Global
Offering (given that the Over-allotment Option has not been and will not be exercised). There has
not been an over-allocation of Offer Shares under the International Offering and there are a total of
180 placees under the International Offering, among which 85 placees have been allotted one board
lot of Offer Shares, totalling 34,000 H Shares, representing approximately 0.02% of the Offer
Shares initially available under the International Offering (after reallocation).


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Cornerstone Investors
Based on the final Offer Price of HK$6.50 per Offer Share (exclusive of brokerage of 1%, SFC
transaction levy of 0.0027%, Hong Kong Stock Exchange trading fee of 0.00565% and AFRC
transaction levy of 0.00015%) and pursuant to the relevant Cornerstone Investment Agreements as
disclosed in the section headed “Cornerstone Investment ” in the Prospectus, the number of Offer
Shares subscribed for by the Cornerstone Investors is determined as set out below:
Cornerstone Investors
Total
Investment
Amount
Number of
H Shares
subscribed
(rounded down
to nearest
whole board
lot of 400
H Shares) (1)
Approximate
% of
H Shares
in issue
immediately
following
the completion
of Global
Offering (2)
Approximate
% of
total issued
share capital
immediately
following
the completion
of Global
Offering (2)
(US$ in million)
Futian Guiding Fund 30.9 37,260,000 21.51% 5.38%
Qingdao Haiming (3) 9.1 11,000,000 6.35% 1.59%
Qingdao Hainuo (3) 9.4 11,300,000 6.52% 1.63%
Qingdao Financial (3) 12.5 15,000,000 8.66% 2.16%
Total(4) 61.9 74,560,000 43.03% 10.76%
Notes:
(1) The final number of the Offer Shares allotted to each of the Cornerstone Investors was calculated with reference
to the actual Hong Kong dollar amount of their respective investment remitted and the exchange rate at the
actual date of their payment/remittance, if applicable. Due to the currency exchange difference, the final number
of Offer Shares allotted may be different from the illustrative number of Offer Shares to be subscribed by
certain Cornerstone Investors as disclosed in the Prospectus.
(2) The Overall Coordinators and the Joint Global Coordinators confirm that no over-allocation of International
Offer Shares has been made and the Over-allotment Option has not been and will not be exercised.
(3) Each of Qingdao Haiming, Qingdao Hainuo and Qingdao Financial is ultimately controlled by Qingdao
Municipal People ’s Government (ִ݁As the Offer Price is finally determined to be HK$6.50, the
LR8.08(3) Adjustment set out on page 371 of the Prospectus under the section headed “Cornerstone Investment ”
has been triggered. The total investment amounts of the Cornerstone Investors have been reduced to US$61.9
million, while the aggregate investment amounts of the three largest public Shareholders (including the
Cornerstone Investors) have been reduced by US$71.9 million, in which case the total Offer Shares allocated to
the three largest public Shareholders would represent approximately 49.99% of the Shares in public hands.
(4) Any discrepancies in the tables above between the amounts identified as total amounts and the sum of the
amounts listed therein are due to rounding.


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11,300,000 Offer Shares, representing approximately 1.63% of the Shares in issue immediately
upon the completion of the Global Offering (given that the Over-allotment Option has not been
and will not be exercised), were placed to Qingdao Hainuo as a Cornerstone Investor. For the
purpose of the Qingdao Hainuo Cornerstone Investment, Qingdao Hainuo has engaged Galaxy
Jinhui, an asset manager that is a QDII as approved by the relevant PRC authority, to subscribe
for the H Shares under the cornerstone investment in the name of its financial product, Galaxy
Asset Management Plan, on a non-discretionary basis on behalf of Qingdao Hainuo under the
International Offering. As Galaxy Jinhui and Galaxy Securities (as one of the capital market
intermediaries, Joint Global Coordinators, Joint Bookrunners and Joint Lead Managers in the
Global Offering) are members of a group of companies controlled by China Galaxy Securities Co.,
Ltd. (ʮ̡ ), Galaxy Jinhui is a “connected client ” of Galaxy Securities
for the purpose of paragraph 13(7) of Appendix 6 to the Listing Rules. The Company has applied
to the Stock Exchange for, and the Stock Exchange has granted, its consent under paragraph 5(1)
of the Placing Guidelines to permit Qingdao Hainuo to participate in the Global Offering through
Galaxy Jinhui as the asset manager in the name of Galaxy Asset Management Plan. Please refer to
the section headed “Waivers from Strict Compliance with the Listing Rules ” in the Prospectus.
To the best knowledge of the Directors, (i) each of the Cornerstone Investors is an Independent
Third Party and is not our connected person (as defined in the Listing Rule); (ii) the Cornerstone
Investors are not accustomed to take instructions from our Company, the Directors, the
Supervisors, chief executive, the Controlling Shareholders, the substantial Shareholders, other
existing Shareholders 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 their name or otherwise
held by them; and (iii) none of the subscription of the relevant Offer Shares by the Cornerstone
Investors is financed by the Company, the Directors, the Supervisors, chief executive, substantial
Shareholders, other existing Shareholders or any of its subsidiaries or their respective close
associates.
The Cornerstone Placing will form part of the International Offering and the Cornerstone Investors
will not subscribe for any Offer Shares under the Global Offering (other than pursuant to the
Cornerstone Investment Agreements). The Offer Shares to be subscribed by the Cornerstone
Investors will rank pari passu  in all respect with the fully paid Shares in issue and will be counted
towards the public float of our Company under Rule 8.08 of the Listing Rules. Immediately
following the completion of the Global Offering, none of the Cornerstone Investors will become
a substantial Shareholder of our Company. The Cornerstone Investors or their close associates
will not, by virtue of their cornerstone investments, have any Board representation in our
Company. Other than a guaranteed allocation of the relevant Offer Shares at the final Offer Price,
the Cornerstone Investors do not have any preferential rights in the Cornerstone Investment
Agreements compared with other public Shareholders. As confirmed by the Cornerstone Investors,
(i) their subscription under the Cornerstone Placing would be financed by their internal resources
and/or the financial resources of their shareholders; and (ii) there are no side arrangements or
agreements between the Company and the Cornerstone Investors for the purpose of the Cornerstone
Investments.
Each of the Cornerstone Investors has agreed that it will not, whether directly or indirectly, at
any time during the period of six (6) months following the Listing Date (the “Lock-up Period ”),
dispose of any of the Offer Shares it has purchased pursuant to the relevant Cornerstone Investment
Agreement, save for certain limited circumstances, such as transfers to any of its wholly-owned
subsidiaries which will be bound by the same obligations of such Cornerstone Investor, including
the Lock-up Period restriction.


--- page 13 ---
15
Please refer to the section headed “Cornerstone Investment ” in the Prospectus for further details
relating to the Cornerstone Investors.
Placees with the Consent under Paragraph 5(1) of Placing Guidelines
Certain Offer Shares were placed to the following placees who are connected clients of certain lead
brokers or distributor within the meaning of the Placing Guidelines. The Company has applied to
the Stock Exchange for, and the Stock Exchange has granted, its consent under paragraph 5(1) of
the Placing Guidelines to permit the Company to allocate such Offer Shares as set out below.
Placee
Connected
Underwriters or
Distributor
Relationship with
the Connected Underwriters
or Distributor
Number of
Offer Shares
placed
Approximate %
of the Offer
Shares initially
available under
the Global
Offering (1)
Approximate %
of the total issued
share capital
immediately
following the
completion of the
Global Offering (1)
Connected Clients holding H Shares on a non-discretionary basis
Galaxy Asset Management Plan
(subscribing for and holding the
Offer Shares on behalf of Qingdao
Hainuo, a Cornerstone Investor)
Galaxy Securities Both Galaxy Jinhui, the asset
manager of Galaxy Asset
Management Plan, and Galaxy
Securities are members of a group
of companies controlled by China
Galaxy Securities Co., Ltd. ( ʕ਷
ʮ̡ )
11,300,000 6.52% 1.63%
Note:
(1) The Overall Coordinators and the Joint Global Coordinators confirm that no over-allocation of International
Offer Shares has been made and the Over-allotment Option has not been and will not be exercised.


--- page 14 ---
16
Placees with the Consent under Paragraph 5(2) of Placing Guidelines and Rule 10.04 of the
Listing Rules
Certain Offer Shares were placed to Marvel Horizon Limited, a close associate of an existing
holder of the Company ’s Shares quoted on the NEEQ. The Company has applied to the Stock
Exchange for, and the Stock Exchange has granted, 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 such H Shares to Marvel Horizon Limited as set out below.
Placee
Relationship with
the Company
Number of
Offer Shares
placed
Approximate %
of the total Offer
Shares initially
available under
the Global
Offering  (1)
Approximate %
of the Company ’s
issued share
capital
immediately
following the
completion of the
Global Offering (1)
Marvel Horizon Limited A close associate of Mr. Cao
Minghui, an existing holder
of the Company ’s Shares
quoted on the NEEQ
10,710,000 6.18% 1.55%
Note:
(1) The Overall Coordinators and the Joint Global Coordinators confirm that no over-allocation of International
Offer Shares has been made and the Over-allotment Option has not been and will not be exercised.
To the best knowledge of the Company, save for Marvel Horizon Limited, a close associate
of an existing holder of the Company ’s Shares quoted on the NEEQ, (i) none of the Offer
Shares subscribed by public shareholders in the Hong Kong Public Offering and placees in the
International Offering has been directly or indirectly financed by the Company, the Directors,
the Supervisors, chief executive, the Controlling Shareholders, substantial Shareholders, existing
Shareholders or any of its subsidiaries or their respective close associates; and (ii) none of the
public shareholders in the Hong Kong Public Offering and placees in the International Offering
who has subscribed for the Offer Shares is accustomed to taking instructions from the Company,
the Directors, the Supervisors, chief executive, the Controlling Shareholders, substantial
Shareholders, existing Shareholders or any of its subsidiaries or their respective close associates
in relation to the acquisition, disposal, voting or other disposition of the Shares registered in their
name or otherwise held by them. The International Offering is in compliance with the Placing
Guidelines.
Save as disclosed in the above sections headed “International Offering {  Cornerstone Investors ”,
“International Offering {  Placees with the Consent under Paragraph 5(1) of Placing Guidelines ”
and “International Offering {  Placees with the Consent under Paragraph 5(2) of Placing
Guidelines and Rule 10.04 of the Listing Rules ” of this announcement, to the best knowledge,
information and belief of the Directors, no Offer Shares placed by or through the Overall
Coordinators, the Joint Global Coordinators, the Joint Bookrunners, the Joint Lead Managers or the
Underwriters under the Global Offering have been placed with applicants who are core connected
persons (as defined in the Listing Rules) or directors of the Company, or to any connected clients
(as set out in paragraph 5(1) of the Placing Guidelines), or persons set out in paragraph 5(2) of the
Placing Guidelines, whether in their own names or through nominees.


--- page 15 ---
17
Over-allotment Option
In connection with the Global Offering, the Company has granted the Over-allotment Option to the
International Underwriters, exercisable by the Overall Coordinators (for themselves and on behalf
of the International Underwriters), at any time from the Listing Date to Saturday, October 28,
2023, being the 30th day after the last day for lodging applications under the Hong Kong Public
Offering, to require the Company to allot and issue up to an aggregate of 25,988,000 additional H
Shares, representing approximately 15.0% of the total number of Offer Shares initially available
under the Global Offering, at the Offer Price to cover the over-allocations in the International
Offering. There has been no over-allocation of International Offer Shares. Accordingly, the Over-
allotment Option has not been and will not be exercised. In view of the fact that there has been no
over-allocation in the International Offering, there has been no delayed delivery arrangement with
any investor under the International Offering, and no stabilization activities as described in the
Prospectus are expected to take place during the stabilizing period (which will begin on the Listing
Date and end on the 30th day after the last day for the lodging of applications under the Hong
Kong Public Offering, i.e. Saturday, October 28, 2023). The Company will ensure or procure that
a public announcement in compliance with the Securities and Futures (Price Stabilizing) Rules will
be issued within seven days after the end of the stabilizing period.
LOCK-UP OBLIGATIONS
The Company, the Controlling Shareholders, the other existing Shareholders and the Cornerstone
Investors are subject to lock-up obligations (the “Lock-up Obligations ”) in respect of the Shares.
The major terms of the Lock-up Obligations are as follows:
Name Type of Shares
Number of
Shares held in
the Company
subject to the
Lock-up
Obligations
upon the
Listing
Percentage of
shareholding in
the Company
subject to
the Lock-up
Obligations
after Listing (1)
Last day
subject to the
Lock-up
Obligations
The Company (subject to lock-
up obligations pursuant to the
Listing Rules and the Hong Kong
Underwriting Agreement) N/A N/A N/A April 6, 2024 (2)
The Controlling Shareholders (subject
to lock-up obligations pursuant to the
Listing Rules and the Underwriting
Agreements)
Mr. Wang Unlisted Shares 209,748,220 30.27% April 6, 2024 (3)
October 6, 2024 (3)
Tiantu Xinghe Unlisted Shares 8,750,000 1.26% April 6, 2024 (3)
October 6, 2024 (3)
Tiantu Xingzhi Unlisted Shares 8,750,000 1.26% April 6, 2024 (3)
October 6, 2024 (3)


--- page 16 ---
18
Name Type of Shares
Number of
Shares held in
the Company
subject to the
Lock-up
Obligations
upon the
Listing
Percentage of
shareholding in
the Company
subject to
the Lock-up
Obligations
after Listing (1)
Last day
subject to the
Lock-up
Obligations
Cornerstone Investors (subject to lock-up
obligations pursuant to their respective
Cornerstone Investment Agreements)
Futian Guiding Fund H Shares 37,260,000 5.38% April 6, 2024 (4)
Qingdao Haiming H Shares 11,000,000 1.59% April 6, 2024 (4)
Qingdao Hainuo H Shares 11,300,000 1.63% April 6, 2024 (4)
Qingdao Financial H Shares 15,000,000 2.16% April 6, 2024 (4)
Notes:
(1) The Overall Coordinators and the Joint Global Coordinators confirm that no over-allocation of International
Offer Shares has been made and the Over-allotment Option has not been and will not be exercised.
(2) The Company may not issue Shares prior to the indicated date in accordance with Rule 10.08 of the Listing
Rules.
(3) The Controlling Shareholders shall not (a) dispose of any of the relevant securities of the Company in the First
Six-Month Period; and (b) dispose of any of the relevant securities of the Company in the Second Six-Month
Period, respectively, if immediately following such disposal the Controlling Shareholder would cease to be a
controlling shareholder (as defined in the Listing Rules) of the Company. For further details, please refer to
the paragraphs headed “Underwriting {  Undertakings to the Stock Exchange pursuant to the Listing Rules {
Undertakings by our Controlling Shareholders ” in the Prospectus.
(4) Save for certain limited circumstances (such as transfer to its wholly-owned subsidiaries) as set out in the
Cornerstone Investment Agreements, each of the Cornerstone Investors shall not dispose of any of the Offer
Shares acquired in the Global Offering pursuant to the relevant Cornerstone Investment Agreement on or before
the indicated date.
PUBLIC FLOAT
The Directors confirm that immediately following the completion of the Global Offering, (a)
no placee will, individually, be placed more than 10% of the enlarged issued share capital of
the Company immediately after the Global Offering; (b) there will not be any new substantial
shareholder (as defined in the Listing Rules) of the Company immediately after the Global
Offering; (c) the total number of H Shares of the Company held by the public represents at least
25% of the Company ’s total number of issued Shares; (d) 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 Listing
in compliance with Rules 8.08(3) and 8.24 of the Listing Rules; and (e) there will be at least 300
Shareholders at the time of Listing in compliance with Rule 8.08(2) of the Listing Rules.


--- page 17 ---
19
BASIS OF ALLOCATION UNDER THE HONG KONG PUBLIC OFFERING
Subject to the satisfaction of the conditions set out in the paragraph headed “Structure of the
Global Offering {  Conditions of the Global Offering ” in the Prospectus, valid applications made
by the public through giving electronic applications instructions to HKSCC via CCASS and
through the HK eIPO White Form service will be conditionally allocated on the basis set out
below:
NO. OF
H SHARES
APPLIED
FOR
NO. OF VALID
APPLICATIONS BASIS OF ALLOTMENT/BALLOT
PERCENTAGE
ALLOTTED OF
THE TOTAL NO.
OF H SHARES
APPLIED FOR
POOL A
400 949 400 shares 100.00%
800 167 800 shares 100.00%
1,200 67 1,200 shares 100.00%
1,600 46 1,600 shares 100.00%
2,000 75 2,000 shares 100.00%
2,400 14 2,400 shares 100.00%
2,800 18 2,800 shares 100.00%
3,200 13 3,200 shares 100.00%
3,600 3 3,600 shares 100.00%
4,000 36 4,000 shares 100.00%
6,000 19 6,000 shares 100.00%
8,000 16 8,000 shares 100.00%
10,000 23 10,000 shares 100.00%
20,000 10 20,000 shares 100.00%
30,000 5 30,000 shares 100.00%
40,000 2 40,000 shares 100.00%
50,000 1 50,000 shares 100.00%
100,000 3 100,000 shares 100.00%
200,000 1 200,000 shares 100.00%
Total: 1,468 Total number of Pool A successful applicants: 1,468
NO. OF
H SHARES
APPLIED
FOR
NO. OF VALID
APPLICATIONS BASIS OF ALLOTMENT/BALLOT
PERCENTAGE
ALLOTTED OF
THE TOTAL NO.
OF H SHARES
APPLIED FOR
POOL B
2,000,000 1 2,000,000 shares 100.00%
Total: 1 Total number of Pool B successful applicants: 1
The final number of Offer Shares under the Hong Kong Public Offering is 4,549,600 Offer Shares,
representing approximately 2.63% of the total number of Offer Shares initially available under the
Global Offering.


--- page 18 ---
20
RESULTS OF ALLOCATIONS
The results of allocations and the Hong Kong identity card/passport/Hong Kong business
registration/certificate of incorporation numbers of successful applicants under the Hong Kong
Public Offering will be available at the times and date and in the manner specified below:
• in the announcement to be posted on the Company ’s website at www.tiantucapital.com  and
the Stock Exchange ’s website at www.hkexnews.hk  by no later than 8:00 a.m. on Thursday,
October 5, 2023. Please note that the list of identification document numbers set out in this
announcement may not be a complete list of successful applicants since only successful
applicants whose identification document numbers are provided to HKSCC by CCASS
Participants are disclosed. Applicants with beneficial names only but not identification
document numbers are not disclosed due to personal privacy issue as elaborated below.
Applicants who applied for the Hong Kong Offer Shares through their brokers can consult
their brokers to enquire about their application results;
• from the “IPO Results ” function in the IPO App or the designated results of allocations
website at www.tricor.com.hk/ipo/result  or www.hkeipo.hk/IPOResult  with a “search
by ID ” function on a 24 hour basis from 8:00 a.m. on Thursday, October 5, 2023 to 12:00
midnight on Wednesday, October 11, 2023; and
• from the allocation results telephone enquiry line by calling +852 3691 8488 between 9:00
a.m. and 6:00 p.m. from Thursday, October 5, 2023 to Wednesday, October 11, 2023 (exclude
Saturday, Sunday and public holiday in Hong Kong).
This announcement contains a list of identification document numbers. Identification document
numbers shown in the section headed “Results of Applications Made by HK eIPO White Form ”
in this announcement refer to Hong Kong identity card numbers/passport numbers/Hong Kong
business registration numbers/certificate of incorporation numbers/beneficial owner identification
codes (if such applications are made by nominees as agent for the benefit of another person)
whereas those displayed in the section headed “Results of Applications Made by Giving Electronic
Application Instructions to HKSCC via CCASS ” in this announcement are provided by CCASS
Participants via CCASS. Therefore, the identification document numbers shown in the two sections
are different in nature.
Since applications are subject to personal information collection statements, beneficial owner
identification codes displayed in the sections headed “Results of Applications Made by HK eIPO
White Form ” and “Results of Applications Made by Giving Electronic Application Instructions
to HKSCC via CCASS ” are redacted and not all details of applications are disclosed in this
announcement.
The final Offer Price, the level of indication of interest in the International Offering, the level
of applications in the Hong Kong Public Offering and the basis of allocation of the Hong Kong
Offer Shares will be announced on Thursday, October 5, 2023 on the Company ’s website at
www.tiantucapital.com  and the Stock Exchange ’s website at www.hkexnews.hk .


--- page 19 ---
21
SHAREHOLDING CONCENTRATION ANALYSIS
A summary of allotment results under the International Offering is set out below:
• Top 1, 5, 10, 20 and 25 of the placees in the International Offering:
Placee Subscription
Number of
H Shares
held upon
Listing
Number of
Shares held
upon Listing
Subscription
as % of
International
Offer Shares
Subscription
as % of total
Offer Shares
Number of
H Shares as
% of total
H Shares
Number of
Shares as
% of total
Shares
upon Listing
Top 1 37,300,000 37,300,000 37,300,000 22.11% 21.53% 21.53% 5.38%
Top 5 110,158,800 110,158,800 110,158,800 65.30% 63.58% 63.58% 15.90%
Top 10 147,296,800 147,296,800 148,005,600 87.31% 85.02% 85.02% 21.36%
Top 20 168,421,200 168,421,200 169,130,000 99.83% 97.21% 97.21% 24.40%
Top 25 168,606,400 168,606,400 169,315,200 99.94% 97.32% 97.32% 24.43%
• Top 1, 5, 10, 20 and 25 of the Shareholders upon Listing:
Shareholder Subscription
Number of
H Shares held
upon Listing
Number of
Shares held
upon Listing
Subscription
as % of
International
Offer Shares
Subscription
as % of total
Offer Shares
Number of
H Shares as
% of total
H Shares
Number of
Shares as
% of total
 Shares
upon Listing
Top 1 – – 209,748,220 – – – 30.27%
Top 5 74,560,000 74,560,000 389,453,857 44.19% 43.03% 43.03% 56.20%
Top 10 110,158,800 110,158,800 453,993,251 65.30% 63.58% 63.58% 65.51%
Top 20 153,266,800 153,266,800 530,317,086 90.85% 88.46% 88.46% 76.52%
Top 25 153,266,800 153,266,800 554,362,108 90.85% 88.46% 88.46% 79.99%
• Top 1, 5, 10, 20 and 25 of all the holders of the H Shares of the Company upon Listing:
H Shareholder Subscription
Number of
H Shares held
upon Listing
Number of
Shares held
upon Listing
Subscription
as % of
International
Offer Shares (3)
Subscription
as % of total
Offer Shares
Number of
H Shares as
% of total
H Shares
Number of
Shares as
% of total
Shares
upon Listing
Top 1 37,300,000 37,300,000 37,300,000 22.11% 21.53% 21.53% 5.38%
Top 5 110,158,800 110,158,800 110,158,800 65.30% 63.58% 63.58% 15.90%
Top 10 147,296,800 147,296,800 148,005,600 87.31% 85.02% 85.02% 21.36%
Top 20 169,521,200 169,521,200 170,230,000 100.48% (4) 97.84% 97.84% 24.56%
Top 25 170,921,200 170,921,200 171,630,000 101.31% (4) 98.65% 98.65% 24.77%
Notes:
(1) Top Shareholders are determined by reference to the aggregate of the Unlisted Shares held by registered
Shareholders upon Listing and the H Shares subscribed in the Global Offering.
(2) The number of Shares is determined by reference to the aggregate of the Unlisted Shares held by the relevant
Shareholders upon Listing and the H Shares subscribed in the Global Offering.
(3) Represents the subscription level as a percentage of the total number of Shares under the International Offering
after reallocation.
(4) Includes the H Shares subscribed under the Hong Kong Public Offering.


--- page 20 ---
22
In view of the 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 H Shares.