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ANNOUNCEMENT OF OFFER PRICE AND ALLOTMENT RESULTS
SUMMARY
Offer Price
. The final Offer Price has been determine d at HK$1.10 per Offer Share (excluding
brokerage of 1%, SFC transaction levy of 0.0027%, Stock Exchange trading fee of
0.00565% and AFRC transact ion levy of 0.00015%).
Net Proceeds From The Global Offering
. Based on the final Offer Price of HK$1.10 per Offer Share, the net proceeds from
the Global Offering to be received b y the Company, after deduction of the
underwriting commissions and other esti mated expenses payable by the Company
in connection with the Global Offering, a nd given that the Over-allotment Option
is not exercised, are estimated to be approximately HK$28.8 million. The
Company intends to use such net proceeds in accordance with the purposes as
set out in the section headed ‘‘Net procee ds from the Global Offering’’ in this
announcement.
Applications and Indicati ons of Interest Received
Hong Kong Public Offering
. The Hong Kong Offer Shares initially offered under the Hong Kong Public
Offering have been significantly over-subscribed. A total of 6,337 valid
applications have been received pursuant to the Hong Kong Public Offering
(being applications made through the White Form eIPO service and the CCASS
EIPO service) for a total of 151,735,000 Hong Kong Offer Shares, representing
approximately 14.71 times of the total number of 10,312,500 Hong Kong Offer
Shares initially available for subscripti on under the Hong Kong Public Offering.
. As the over-subscription in the Hong Kong Public Offering is less than 15 times,
the reallocation procedures as describe di nt h es e c t i o nh e a d e d‘ ‘ S t r u c t u r ea n d
Conditions of the Global Offering — The Hong Kong Public Offering —
Reallocation’’ in the Prospectus have not been applied. The final number of Offer
Shares under the Hong Kong Public Offering remains to be 10,312,500 Offer
Shares, representing 10% of the total num ber of Offer Shares initially available
under the Global Offering, which have been allocated to 1,316 successful
applicants under the Hong Kong P ublic Offering, among which, 1,089
Shareholders, representi ng approximately 82.8% of the Shareholders who were
allocated Offer Shares under the Hong K ong Public Offering, were allocated with
one board lot of the Offer Shares, totaling 2,722,500 Shares, representing
approximately 26.4% of the total Offer Shares under the Hong Kong Public
Offering.
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International Placing
. The International Placing Shares initially offered under the International Placing
have been just sufficiently subscribed, r epresenting approximately 1.007 times the
number of International Placing Shares ini tially available under the International
Placing. The reallocation procedures as de scribed in the section headed ‘‘Structure
and Conditions of the Global Offerin g — The Hong Kong Public Offering —
Reallocation’’ in the Prospectus have not been applied. The final number of
International Placing Shares under the International Placing remains to be
92,812,500 Offer Shares, representing 90% of the total number of Offer Shares
initially available under the Global Offering.
. No over-allocation of Offer Shares has been made and there are a total of 110
placees under the International Pla cing, among which 64 placees have been
allotted five or fewer board lots of Offe r Shares, representing approximately
58.2% of the 110 placees under the Internat ional Placing and 64 placees have been
allotted one board lot of Offer Shares, re presenting approximately 58.2% of the
110 placees under the International Placing.
. The International Placing has been co nducted in compliance with the Placing
Guidelines for Equity Securities in A ppendix 6 to the Listing Rules (the ‘‘ Placing
Guidelines ’’). None of the Sole Sponsor, the Sole Overall Coordinator, the Sole
Global Coordinator, the Joint Bookrunners, the Joint Lead Managers, the
Underwriters and their respective affili ated companies and connected clients of the
lead broker or of any distributors (as defi ned in the Placing Guidelines) has taken
up any Offer Shares for its own benefit under the Global Offering.
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Confirmations of Public Shareholders in th e Hong Kong Public Offering and Placees in
the International Placing
. To the best knowledge of the Company, ( i) none of the Offer Shares subscribed for
by public Shareholders in the Hong Kong Public Offering and placees in the
International Placing has been finance d directly, or indirectly by the Company,
the Directors, the chief executive of the Company, the single largest Shareholder,
the substantial share holders (as defined in the Listing Rules) of the Company,
existing Shareholders, or any of their s ubsidiaries or their respective close
associates; (ii) none of the public Share holders in the Hong Kong Public Offering
and placees in the International Placing who has subscribed for the Offer Shares is
accustomed to taking instructions from the Company, the Directors, the chief
executive of the Company, the single la rgest Shareholder, the substantial
shareholders (as defined in the Listi ng Rules) of the Company, existing
Shareholders, or any of their subsidiaries or their respective close associates in
relation to the acquisition, disposal, v oting or other disposition of the Shares
registered in their name or otherwise held by them; (iii) no rebate has been,
directly or indirectly, provided by the Co mpany, the Directors, the chief executive
of the Company, the single largest Sharehol der, the substantial shareholders (as
defined in the Listing Rules) of the Compa ny, the existing Shareholders, or any of
their subsidiaries or their respective close associates, or syndicate members or any
brokers or underwriters to any public Shareholders in the Hong Kong Public
Offering or placees in the International P lacing; (iv) the consideration payable by
the public Shareholders in the Hong Kong Public Offering and placees in the
International Placing for each Offer Share subscribed for or purchased by them is
the same as the final Offer Price as determined by the Company, in additional to
brokerage of 1.0%, SFC transaction levy o f 0.0027%, Stock Exchange trading fee
of 0.00565% and AFRC transaction levy of 0.00015%; and (v) there is no side
agreement or arrangement between the Com pany, any of the Directors, the chief
executive of the Company, the single la rgest Shareholder, the substantial
shareholders (as defined in the Listi ng Rules) of the Company, the existing
Shareholders, or any of their subsidiaries or their respective close associates or
syndicate members or any other brokers or underwriters, on one hand, and the
public Shareholder or the placee who has s ubscribed for the Offer Shares, on the
other hand.
. The Directors confirm that, to the best o f their knowledge, information and belief,
no Offer Shares under the International Placing placed by or through the Sole
Overall Coordinator, the Sole Global Coor dinator, the Joint Bookrunners, the
Joint Lead Managers or the Underwrite rs under the Global Offering have been
placed with any core connected persons (a s defined in the Listing Rules) of the
Company, or to any connected clients (as se t out in paragraph 5(1) of the Placing
Guidelines), or persons set out in par agraph 5(2) of the Placing Guidelines,
whether in their own names or through nominees.
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Over-allotment Option
. The Sole Overall Coordinator confirme dt h a tn oo v e r - a l l o c a t i o no ft h eO f f e r
Shares under the International Placing has been made. Accordingly, the Stock
Borrowing Agreement has not been and will not be entered into, and the
Over-allotment Option has not been and will not be exercised. In view of the fact
that there has been no over-allocation of t he Offer Shares under the International
Placing, no stabilising actions as describe d in the Prospectus will take place during
the stabilising period.
Lock-up Undertakings
. The Company and the single largest Shareholder are subject to certain lock-up
undertakings as set out in the section headed ‘‘Lock-up Undertakings’’ in this
announcement.
Results of Allocations
. The final Offer Price, the level of indic ations of interest in the International
Placing, the level of applications in th e Hong Kong Public Offering and the basis
of allocation of the Hong Kong Offer Sha res are also published on the Company’s
website at
www.xxfqc.com and the Stock Exchange’s website at www.hkexnews.hk
on Wednesday, 8 November 2023.
. The results of allocations in the Hong Kong Public Offering (with successful
applicants’ identification document num bers, where appropriate) will be available
at the times and dates and in the manner set out below:
(i) in the announcement to be poste d on the Company’s website at
www.xxfqc.com and the Stock Exchange’s website at www.hkexnews.hk by
no later than 9 : 00 a.m. on W ednesday, 8 November 2023;
(ii) from the designated results of allocations websites at
www.iporesults.com.hk (alternatively: English https://www.eipo.com.hk/en/Allotment;
Chinese https://www.eipo.com.hk/zh-hk/Allotment) with a ‘‘search by ID’’ function
from 8 : 00 a.m. on Wednesday, 8 November 2023 to 12 : 00 midnight on
Tuesday, 14 November 2023; and
(iii) by telephone enquiry line by calling +852 2862 8555 between 9 : 00 a.m. and
6 : 00 p.m. from Wednesday, 8 November 2023 to Monday, 13 November 2023
(excluding Saturday, Sunday and public holiday in Hong Kong).
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. This announcement contains a list of i dentification document numbers.
Identification document numbers shown in the section headed ‘‘Results of
Applications Made by White Form eIPO service’’ in this announcement refer to
Hong Kong identity card numbers/passport numbers/Hong Kong business
registration numbers/certificate of in corporation numbers/beneficial owner
identification codes (if such applicat ions are made by nominees as agent for the
benefit of another person) whereas those d isplayed 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 documen t numbers shown in the two sections are
different in nature. Please note that the li st of identification document numbers set
out in this announcement may not be a complet e list of successful applicants since
only successful applicants whose identific ation document numbers are provided to
HKSCC by CCASS Participants are disclos ed. Applicants with beneficial names
only but not identificatio n document numbers are not disclosed due to personal
privacy issue as elaborated below. Ap plicants who applied for the Hong Kong
Offer Shares through their brokers can c onsult their brokers to enquire about their
application results.
. Since applications are subject to persona l information collection statements,
beneficial owner identification codes displ ayed in the sections headed ‘‘Results of
Applications Made by White Form eIPO service’’ and ‘‘Results of Applications
Made by Giving Electronic Application Instructions to HKSCC via CCASS’’ are
redacted and not all details of applicat ions are disclosed in this announcement.
Despatch/Collection of Share Certificat es/e-Refund Payment In structions/Refund
Cheques
. Applicants who have applied 1,000,000 Hong Kong Offer Shares or more through
the White Form eIPO service and who have been successfully or partially
successfully allocated Hong Kong Offer Sha res may collect Share certificate(s)
and/or refund cheque(s) (where applicab le) personally from the Hong Kong Share
Registrar, Computershare Hong Kong In vestor Services Limited at Shops
1712–1716, 17th Floor, Hopewell Centre, 183 Queen’s Road East, Wan Chai,
Hong Kong, from 9 : 00 a.m. to 1 : 00 p.m. on Wednesday, 8 November 2023, or
such other date as notified by the Company in the newspapers as the date of
despatch/collection of Sha re certificates/e-Refund p ayment instructions/refund
cheques.
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. Applicants being individuals who are eli gible for personal collection may not
authorise any other person to collect on their behalf. Applicants being
corporations who are eligible for person al collection must attend through their
authorised representatives bearing letter s of authorisation from their corporation
stamped with the corporation’s c hop. Both individuals and authorised
representatives must produce evidence o f identity acceptable to the Hong Kong
Share Registrar at the time of collection.
. If an applicant who does not collect his/her /its Share certificate(s) and/or refund
cheque(s) (where applicable) personally w ithin the time specified for collection,
they will be sent to the address specified i n his/her/its application instructions on
or before Wednesday, 8 November 2023 by ordinary post at his/her/its own risk.
. Share certificate(s) for applicants who have applied less than 1,000,000 Hong
Kong Offer Shares through the White Form eIPO service will be sent to the
address specified in his/her/its applica tion instructions on or before Wednesday, 8
November 2023 by ordinary post at his/her/its own risk.
. If an applicant has applied for the Hong Kong Offer Shares through the White
Form eIPO service and paid the application monies from a single bank account,
any refund monies will be despatched to that bank account in the form of
e-Refund payment instruc tions. If an applicant has applied for and paid the
application monies from multiple b ank accounts, any refund monies will be
despatched to the address as specified in hi s/her/its applicatio n instructions in the
form of refund cheque(s) in his/her/its name (or, in case of joint applicants, the
first-named applicant) by ordinary post at his/her/its own risk. No interest will be
paid thereon.
. Wholly or partially successful applicants who have applied by giving electronic
application instructions to HKSCC via CCASS will have their Share certificate(s)
issued in the name of HKSCC Nominees and deposited into CCASS for the credit
of the applicant’s designated CCASS Partic ipant’s stock account or the applicant’s
CCASS Investor Participant stock ac count on Wednesday, 8 November 2023, or,
on any other date determined by HKSCC or HKSCC Nominees.
. Applicants who have applied through a desi gnated CCASS Participant (other than
a CCASS Investor Participant) shou ld check the number of Hong Kong Offer
Shares allotted to them and the amount of refund monies (if any) payable to them
with that CCASS Participant.
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. Applicants who have 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 Wednesday, 8 November 2023 or
such other date as determined by HKS CC or HKSCC Nominees. Applicants who
have applied as a CCASS Investor Participant by giving electronic application
instructions to HKSCC via CCASS can also check the number of Hong Kong
Offer Shares allocated to them and the amount of refund monies (if any) 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) on Wednesday, 8 November 2023.
Immediately following the credit of the Hong Kong Offer Shares to the CCASS
Investor Participants stock accounts a nd the credit of refund monies to the
CCASS Investor Participants bank acco unts, HKSCC will also make available to
the CCASS Investor Participant an act ivity statement showing the number of
Hong Kong Offer Shares credited to the ir CCASS Investor Participant stock
accounts and the amount of refund monies (if any) credited to their respective
designated bank accounts.
. Refund monies (if any) for applic ants who have applied by giving electronic
application instructions to HKSCC via CCASS will be credited to their respective
designated bank accounts or the design ated bank accounts of their respective
brokers or custodians on Wednesday, 8 November 2023.
. Share certificates will only become val id at 8 : 00 a.m. on Thursday, 9 November
2023, provided that (i) the Global Off ering has become unconditional in all
respects; and (ii) the right of termination as described in the section headed
‘‘Underwriting — Underwriting Arr angements and Expenses — Hong Kong
Public Offering — Grounds for termina tion’’ of the Prospectus has not been
exercised. Investors who trade Shares pri or to the receipt of Share certificates or
prior to the Share certificates being valid evidence of title do so entirely at their
own risk.
. No temporary evidence of title will be is sued in respect of the Shares. No receipt
will be issued for sums paid on application.
Public Float
. Immediately after completion of the Global Offering and the Capitalisation Issue,
(i) 331,970,140 Shares, representing appr oximately 64.38% of the issued Shares
will be held in the public hands, satisfyi ng the minimum percentage requirement
under Rule 8.08(1) of the Listing Rules; (i i) 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.
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. 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.
C o m m e n c e m e n to fD e a l i n g s
. Assuming that the Global Offering become s unconditional in all respects at or
before 8 : 00 a.m. on Thursday, 9 November 2023, it is expected that dealings in the
Shares on the Stock Exchange will c ommence at 9 : 00 a.m. on Thursday, 9
November 2023. The Shares will be traded in board lots of 2,500 Shares each. The
stock code of the Shares is 2473.
In view of the high concentration of shareholding in a small number of Shareholders,
Shareholders and prospective investors sh ould be aware that the price of the Shares could
move substantially even with a small num ber of Shares traded, and should exercise
extreme caution when dealing in the Shares.
OFFER PRICE
The final Offer Price has been determined at HK$1.10 per Offer Share (exclusive of
brokerage of 1%, SFC transa ction levy of 0.0027%, Stock Exchange trading fee of
0.00565% and AFRC transact ion levy of 0.00015%).
NET PROCEEDS FROM THE GLOBAL OFFERING
Based on the final Offer Price of HK$1.10 pe r Offer Share, the net proceeds from the
Global Offering to be received by the Compa ny, after deduction of the underwriting
commissions and other estima ted expenses payable by the Company in connection with
the Global Offering, and given that the Ove r-allotment Option i s not exercised, are
estimated to be approximately HK$28.8 mil lion. The Company intends to use such net
proceeds as follows:
. HK$17.5 million (equivalent to RMB16.5 mil lion or approximately 60.8% of the
estimated net proceeds) for purchasing automobiles, so as to increase the Group’s
revenue; and
. HK$11.3 million (equivalent to RMB10.7 m illion or approximately 39.2% of our
estimated net proceeds) for expanding the G roup’s sales network to increase market
penetration.
Please refer to the section headed ‘‘Future P lans and Use of Proceeds’’ in the Prospectus
for further information.
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APPLICATIONS AND INDICATIONS OF INTEREST RECEIVED
The Hong Kong Offer Shares initially offere d under the Hong Kong Public Offering have
been significantly over-subscribed. A total o f 6,337 valid applications have been received
pursuant to the Hong Kong Public Offering (being applications made through the White
Form eIPO service and the CCASS EIPO service) for a total of 151,735,000 Hong Kong
Offer Shares, representing approximately 14.71 times of the total number of 10,312,500
Hong Kong Offer Shares initially available for subscription under the Hong Kong Public
Offering, among which:
. 6,326 valid applications in respect of a tota l of 107,235,000 Hong Kong Offer Shares
were for the Hong Kong Public Offering with an aggregate subscription amount
based on the maximum Offer Price of HK$1. 36 per Offer Share (excluding brokerage
of 1%, SFC transaction levy of 0.0027%, Stock Exchange trading fee of 0.00565%
and AFRC transaction levy of 0.00015%) of HK$5 million or below, representing
approximately 20.79 times of the 5,157 ,500 Hong Kong Offer Shares initially
comprised in pool A; and
. 11 valid applications in respect of a to tal of 44,500,000 Hong Kong Offer Shares
were for the Hong Kong Public Offering with an aggregate subscription amount
based on the maximum Offer Price of HK$1. 36 per Offer Share (excluding brokerage
of 1%, SFC transaction levy of 0.0027%, Stock Exchange trading fee of 0.00565%
and AFRC transaction levy of 0.00015%) of over HK$5 million, representing
approximately 8.63 times of the 5,155, 000 Hong Kong Offer Shares initially
comprised in pool B.
No application has been rejected due to inval id application. 6 multiple or suspected
multiple applications were identified an d rejected. No dishonoured payment has been
identified and rejected. No application fo r more than 5,155,000 Hong Kong Offer Shares
(being the maximum number of Hong Kong Offe r Shares an applicant may apply for) has
been identified.
As the over-subscription in the Hong Kong P ublic Offering is less than 15 times, the
reallocation procedures as described in the se ction headed ‘‘Structure and Conditions of
the Global Offering — Hong Kong Public Offe ring — Reallocation’’ in the Prospectus
have not been applied. The final number of Offer Shares under the Hong Kong Public
Offering remains to be 10,312,500 Offer Share s, representing 10% of the total number of
Offer Shares initially available under the Gl obal Offering, which have been allocated to
1,316 successful applicants under the Hong Kong Public Offering, among which, 1,089
Shareholders, representing a pproximately 82.8% of the Shareholders who were allocated
Offer Shares under the Hong Kong Public Offering, were allocated with one board lot of
the Offer Shares, totaling 2,722,500 Shares, r epresenting approximately 26.4% of the
total Offer Shares under the Hong Kong Public Offering.
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The Offer Shares offered in the Hong Kong Publ ic Offering were conditionally allocated
on the basis set out in the section headed ‘ ‘Basis of Allocation under the Hong Kong
Public Offering’’ below.
THE INTERNATIONAL PLACING
The International Placing Shares initially o ffered under the International Placing have
been just sufficiently subscribed, represent ing approximately 1.007 times the number of
International Placing Shares initially avai lable under the International Placing. The
reallocation procedures as described in the se ction headed ‘‘Structure and Conditions of
the Global Offering — The Hong Kong Public Offering — Reallocation’’ in the
Prospectus have not been applied. The final number of International Placing Shares
under the International Placing remains to b e 92,812,500 Offer Shares, representing 90%
of the total number of Offer Shares initial ly available under the Global Offering.
No over-allocation of Offer Shares has be en made and there are a total of 110 placees
under the International Placing, among which 64 placees have been allotted five or fewer
board lots of Offer Shares, representing ap proximately 58.2% of the 110 placees under
the International Placing and 64 placees ha ve been allotted one board lot of Offer Shares,
representing approximately 58.2% of the 110 placees under t he International Placing.
CONFIRMATIONS OF PUBLIC SHAREHOLDERS IN THE HONG KONG PUBLIC
OFFERING AND PLACEES IN THE INTERNATIONAL PLACING
The International Placing has been conducted i n compliance with the Placing Guidelines
for Equity Securities in Appendix 6 to the Li sting Rules. None of the Sole Sponsor, the
Sole Overall Coordinator, the Sole Global Coor dinator, the Joint Bookrunners, the Joint
Lead Managers, the Underwriters and the ir respective affiliated companies and
connected clients of the lead broker or of any distributors (as defined in the Placing
Guidelines) has taken up any Offer Shares f or its own benefit under the Global Offering.
To the best knowledge of the Company, (i) none of the Offer Shares subscribed for by
public Shareholders in the Hong Kong Public Offering and placees in the International
Placing has been financed directly, or indire ctly by the Company, the Directors, the chief
executive of the Company, the single largest Sha reholder, the substanti al shareholders (as
defined in the Listing Rules) of the Compan y, existing Shareholders, or any of their
subsidiaries or their respective close associ ates; (ii) none of the public Shareholders in the
Hong Kong Public Offering and placees in the International Placing who has subscribed
f o rt h eO f f e rS h a r e si sa c c u s t o m e dt ot a king instructions from the Company, the
Directors, the chief executive of the Compa ny, the single largest Shareholder, the
substantial shareholders (as defined in t he Listing Rules) of the Company, existing
Shareholders, or any of their subsidiaries or th eir respective close associates in relation to
the acquisition, disposal, voting or other di sposition of the Share sr e g i s t e r e di nt h e i r
name or otherwise held by them; (iii) no rebate has been, directly or indirectly, provided
by the Company, the Directors, the chief ex ecutive of the Company, the single largest
Shareholder, the substantial shareholders (as defined in the Listing Rules) of the
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Company, the existing Sharehold ers, or any of their subsidiaries or their respective close
associates, or syndicate members or any brokers or underwriters to any public
Shareholders in the Hong Kong Public O ffering or placees in the International
Placing; (iv) the consideration payable by the public Shareholders in the Hong Kong
Public Offering and placees in the Internati onal Placing for each Offer Share subscribed
for or purchased by them is the same as the final Offer Price as determined by the
Company, in additional to brokerage of 1.0% , SFC transaction levy of 0.0027%, Stock
Exchange trading fee of 0.00565% and AFRC transaction levy of 0.00015%; and (v)
there is no side agreement or arrangement be tween the Company, any of the Directors,
the chief executive of the Company, the sing le largest Shareholder, the substantial
shareholders (as defined in the Listing Rule s) of the Company, the existing Shareholders,
or any of their subsidiaries or their respect ive close associates or syndicate members or
any other brokers or underwriters, on one h and, and the public Shar eholder or the placee
who has subscribed for the Offer Shares, on the other hand.
The Directors confirm that, to the best of t heir knowledge, information and belief, no
Offer Shares under the International Placi ng placed by or through the Sole Overall
Coordinator, the Sole Global Coordinator , the Joint Bookrunners, the Joint Lead
Managers or the Underwriters under the Glob al Offering have been placed with any core
connected persons (as defined in the Listing Rules) 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 Guideline s, whether in their own names or through
nominees.
OVER-ALLOTMENT OPTION
In connection with the Global Offering, the Company has granted the Over-allotment
Option to the International Underwriters, e xercisable by the Sole Overall Coordinator
(for itself and on behalf of the Internationa l Underwriters), at any time from the Listing
Date until Saturday, 2 December 2023, bein g the 30th day after the last day for lodging
applications under the Hong Kong Public Offe ring, pursuant to which the Company may
b er e q u i r e dt oa l l o ta n di s s u eu pt oa na g g regate of 15,468,750 additional new Shares,
representing 15% of the initial number o f Offer Shares offered under the Global
Offering, at the Offer Price to cover the over -allocation in the International Placing.
The Sole Overall Coordinator confirmed tha t no over-allocation of the Offer Shares
under the International Placing has been made. Accordingly, the Stock Borrowing
Agreement has not been and will not be entere d into, and the Over-allotment Option has
not been and will not be exercised. In view of the fact that there has been no
over-allocation of the Offer Shares under the In ternational Placing, no stabilising actions
as described in the Prospectus will take place during the stabilising period.
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BASIS OF ALLOCATION UNDER THE HONG KONG PUBLIC OFFERING
Subject to the satisfaction of the conditions s et out in the paragraph headed ‘‘Structure
and Conditions of the Global Offering — Condi tions of the Global Offering’’ in the
Prospectus, 6,337 valid applicat ions made by the public through the White Form eIPO
service and the CCASS EIPO service will be conditionally allocated on the basis set out
below:
NO. OF SHARES
APPLIED FOR
NO. OF VALID
APPLICATIONS BASIS O F ALLOTMENT/BALLOT
APPROXIMATE
PERCENTAGE
ALLOTTED OF
THE TOTAL NO.
OF SHARES
APPLIED FOR
POOL A
2,500 3,788 256 out of 3,788 to receive 2,500 Shares 6.76%
5,000 1,205 163 out of 1,205 to receive 2,500 Shares 6.76%
7,500 138 28 out of 138 to receive 2,500 Shares 6.76%
10,000 105 28 out of 105 to receive 2,500 Shares 6.67%
12,500 68 22 out of 68 to receive 2,500 Shares 6.47%
15,000 50 19 out of 50 to receive 2,500 Shares 6.33%
17,500 21 9 out of 21 to receive 2,500 Shares 6.12%
20,000 41 20 out of 41 to receive 2,500 Shares 6.10%
22,500 11 6 out of 11 to receive 2,500 Shares 6.06%
25,000 43 26 out of 43 to receive 2,500 Shares 6.05%
30,000 29 20 out of 29 to receive 2,500 Shares 5.75%
35,000 557 439 out of 557 to receive 2,500 Shares 5.63%
40,000 10 9 out of 10 to receive 2,500 Shares 5.63%
45,000 8 2,500 Shares 5.56%
50,000 11 2,500 Shares plus 1 out of 11 to receive
additional 2,500 Shares
5.45%
60,000 7 2,500 Shares plus 2 out of 7 to receive
additional 2,500 Shares
5.36%
70,000 28 2,500 Shares plus 14 out of 28 to receive
additional 2,500 Shares
5.36%
80,000 15 2,500 Shares plus 10 out of 15 to receive
additional 2,500 Shares
5.21%
90,000 11 2,500 Shares plus 9 out of 11 to receive
additional 2,500 Shares
5.05%
100,000 83 5,000 Shares 5.00%
150,000 22 7,500 Shares 5.00%
200,000 9 7,500 Shares plus 7 out of 9 to receive
additional 2,500 Shares
4.72%
250,000 20 10,000 Shares plus 13 out of 20 to receive
additional 2,500 Shares
4.65%
300,000 9 12,500 Shares plus 5 out of 9 to receive
additional 2,500 Shares
4.63%
–1 4–


--- page 13 ---
NO. OF SHARES
APPLIED FOR
NO. OF VALID
APPLICATIONS BASIS O F ALLOTMENT/BALLOT
APPROXIMATE
PERCENTAGE
ALLOTTED OF
THE TOTAL NO.
OF SHARES
APPLIED FOR
350,000 7 15,000 Shares plus 3 out of 7 to receive
additional 2,500 Shares
4.59%
400,000 4 17,500 Shares plus 1 out of 4 to receive
additional 2,500 Shares
4.53%
450,000 1 20,000 Shares 4.44%
500,000 3 20,000 Shares plus 1 out of 3 to receive
additional 2,500 Shares
4.17%
600,000 3 22,500 Shares plus 1 out of 3 to receive
additional 2,500 Shares
3.89%
700,000 3 25,000 Shares plus 2 out of 3 to receive
additional 2,500 Shares
3.81%
800,000 1 27,500 Shares 3.44%
1,000,000 8 32,500 Shares 3.25%
1,500,000 1 47,500 Shares 3.17%
2,000,000 1 62,500 Shares 3.13%
2,500,000 1 70,000 Shares 2.80%
3,000,000 1 77,500 Shares 2.58%
3,500,000 3 90,000 Shares 2.57%
6,326 Total number of Pool A successful
applicants: 1,305
POOL B
4,000,000 10 465,000 Shares 11.63%
4,500,000 1 505,000 Shares 11.22%
11 Total number of Pool B successful
applicants: 11
The final number of Offer Shares compris ing the Hong Kong Public Offering is
10,312,500 Offer Shares, representing 10% o f the total number of the Offer Shares
initially available under the Global Offering.
–1 5–


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LOCK-UP UNDERTAKINGS
The Company and the single largest Shareholder are subject to certain lock-up
undertakings (the ‘‘ Lock-up Undertakings ’’) in respect of the Shares. The major terms
of the Lock-up Undertakings are set out as follows:
Name
Number of Shares
subject to the
Lock-up
Undertakings
after Listing
Approximate
percentage of the total
issued share capital of
the Company
following the
completion of the
Global Offering which
are subject to the
Lock-up Undertakings
upon Listings
Last day of the
lock-up period
The Company (1)
(subject to lock-up
obligations
pursuant to the
Listing Rules and
the Underwriting
Agreements)
N/A N/A 8 May 2024
(First Six-Month
Period);
8N o v e m b e r2 0 2 4
(Second Six-Month
Period)
Mr. Huang
(2)
(subject to lock-up
obligations
pursuant to the
Underwriting
Agreements)
128,610,355 24.94% 8 May 2024
(First Six-Month
Period);
8N o v e m b e r2 0 2 4
(Second Six-Month
Period)
Total 128,610,355 24.94%
Notes:
1. The Company may not, among others, issue or agr ee to issue or publicly announce its intention to
issue Shares or securities of the Company during th e First Six-Month Period except for the issue of
the Shares pursuant to the Global Offering, th e Capitalisation Issue, the exercise of the
Over-allotment Option, the grant of options under the Share Option Scheme and the allotment and
issue of Shares on the exercise thereof or the exercise of any option granted under the Pre-IPO Share
Option Scheme or as otherwise with the prior written consent of the Sole Sponsor and the Sole
Overall Coordinator, and unless in compliance wit h the Listing Rules. In the event the Company does
so by virtue of the aforesaid exceptions or during the Second Six-Month Period, the Company will
take all reasonable steps to ensure that such action will not create a disorderly or false market in any
of the Shares or other securities of the Company. For details of the lock-up arrangements of the
–1 6–


--- page 15 ---
Company, please refer to the paragraphs head ed ‘‘Underwriting — Hong Kong Underwriting
Agreement — Undertakings given to the Hong Kong Underwriters — Undertakings by our
Company’’ in the Prospectus.
2. Mr. Huang, the single largest Shareholder, may not, among others, transfer or dispose of or agree to
transfer or dispose of or publicly announce any intention to transfer or dispose of any Shares or
securities of the Company during the First Six-Month Period. Mr. Huang may not, among others,
enter into or agree to or publicly announce any intention to enter into transfer or disposal of any
Shares or securities of the Company during the Second Six-Month Period except with the prior
written consent of the Sole Sponsor and the Sole Ov erall Coordinator, and unless in compliance with
the Listing Rules, if, immediately following such transfer or disposal, he will cease to be the single
largest Shareholder. For details of the lock-up arrangement of Mr. Huang, please refer to the
paragraph headed ‘‘Underwriting — Hong Kong Und erwriting Agreement — Undertakings given to
the Hong Kong Underwriters — By Mr. Huang’’.
RESULTS OF ALLOCATIONS
The final Offer Price, the level of indications of interest in the International Placing, the
level of applications in the Hong Kong Public Offering and the basis of allocation of the
Hong Kong Offer Shares are also publ ished on the Company’s website at www.xxfqc.com
and the Stock Exchange’s website at www.hkexnews.hk on Wednesday, 8 November 2023.
The results of allocations in the Hong Kong Pub lic Offering (with successful applicants’
identification document numbers, where a ppropriate) will be available at the times and
dates and in the manner set out below:
(i) in the announcement to be posted on the Company’s website at www.xxfqc.com and
the Stock Exchange’s website at www.hkexnews.hk by no later than 9 : 00 a.m. on
Wednesday, 8 November 2023;
(ii) from the designated resul ts of allocations websites at www.iporesults.com.hk
(alternatively: English https://www.eipo.com.hk/en/Allotment ; Chinese
https://www.eipo.com. hk/zh-hk/Allotment ) with a ‘‘search by ID’’ function from
8 : 00 a.m. on Wednesday, 8 November 2023 to 12 : 00 midnight on Tuesday, 14
November 2023; and
(iii) by telephone enquiry line by calli ng +852 2862 8555 between 9 : 00 a.m. and
6 : 00 p.m. from Wednesday, 8 November 2023 to Monday, 13 November 2023
(excluding Saturday, Sunday and public holiday in Hong Kong).
This announcement contains a list of identific ation document numbers. Identification
document numbers shown in the section he aded ‘‘Results of Applications Made by White
Form eIPO service’’ in this announcement refer to Hong Kong identity card
numbers/passport numbers/Hong Kong busines s registration numbers/certificate of
incorporation numbers/benefi cial owner identification codes (if such applications are
made by nominees as agent for the benefit of a nother 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
–1 7–


--- page 16 ---
Participants via CCASS. Therefore, the ide ntification document numbers shown in the
two sections are different in nature. Please note that the list of identification document
numbers set out in this announcement may not b e a complete list of successful applicants
since only successful applicants whose identif ication document numbers are provided to
HKSCC by CCASS Participants are disclosed. A pplicants with beneficial names only but
not identification document numbers are not disclosed due to personal privacy issue as
elaborated below. Applicants who applied f or the Hong Kong Offer Shares through their
brokers can consult their brokers to enqui re about their application results.
Since applications are subject to personal infor mation collection statements, beneficial
owner identification codes displayed in the se ctions headed ‘‘Results of Applications
Made by White Form eIPO service’’ 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.
SHAREHOLDING CONCENTRATION ANALYSIS
We set out below an analysis of shareholding co ncentration in the International Placing:
. subscription and number of Shares held by the top 1, 5, 10, 20 and 25 of the placees
out of the International Placing, total Offe r Shares and total issued share capital of
the Company upon Listing:
Placee
Number of
Shares
subscribed
for
Number of
Shares held
upon Listing
Subscription
as % of
International
Placing
Subscription
as % of total
Offer Shares
Total
shareholding
as % of total
issued share
capital upon
Listing
Top 1 13,397,500 13,397,500 14.4% 13.0% 2.6%
Top 5 36,080,000 36,080,000 38.9% 35.0% 7.0%
Top 10 59,060,000 59,060,000 63.6% 57.3% 11.5%
Top 20 77,402,500 77,402,500 83.4% 75.1% 15.0%
Top 25 81,740,000 81,740,000 88.1% 79.3% 15.9%
–1 8–


--- page 17 ---
. subscription and numbers of Shares held by the top 1, 5, 10, 20 and 25 of all
Shareholders out of the International Pla cing, total Offer Shares and total issued
share capital of the Company upon Listing:
Shareholder
Number of
Shares
subscribed
for
Number of
Shares held
upon Listing
Subscription
as % of
International
Placing
Subscription
as % of total
Offer Shares
Total
shareholding
as % of total
issued share
capital upon
Listing
Top 1 — 128,610,355 0 0 24.9%
Top 5 — 317,141,699 0 0 61.5%
Top 10 13,397,500 391,907,848 14.4% 13.0% 76.0%
Top 20 50,642,500 448,582,551 54.6% 49.1% 87.0%
Top 25 61,767,500 468,061,470 66.6% 59.9% 90.8%
In view of the high concentration of sharehol ding in a small number of Shareholders,
Shareholders and prospective investors sh ould 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.
–1 9–