--- page 1 --- BAIWANG CO., LTD. / 百望股份有限公司 ANNOUNCEMENT OF FINAL OFFER PRICE AND ALLOTMENT RESULTS Unless otherwise defined herein, capitalised terms used in this announcement shall have the same meanings as those defined in the prospectus dated June 28, 2024 (the “Prospectus”) issued by Baiwang Co., Ltd. (the “Company”). Warning: In view of high concentration of shareholding in a small number of H Shareholders, H Shareholders and prospective investors should be aware that the price of the H Shares could move substantially even with a small number of H Shares traded and should exercise extreme caution when dealing in the H Shares. SUMMARY Company information Stock code 6657 Stock short name BAIWANG CO Dealings commencement date July 9, 2024* *see note at the end of the announcement Price Information Final Offer Price HK$36.00 Offer Price Range HK$36.00 - HK$40.00 Offer Price Adjustment exercised No Offer Shares and Share Capital Number of Offer Shares 9,262,000 Number of Offer Shares in Public Offer 926,200 Number of offer shares in International Offer 8,335,800 Number of issued shares upon Listing 225,906,754 Over-allocation No. of Offer Shares over-allocated 0 Note: There has been no over-allocation of Offer Shares in the Placing. Therefore, the Over-allotment Option will not be exercised and will lapse upon Listing. Proceeds Gross proceeds (Note) HK$ 333.43 million Less: Estimated listing expenses payable based on Final Offer Price HK$ (104.56) million Net proceeds HK$ 228.87 million Note: Gross proceeds refers to the amount to which the issuer is entitled receive. For details of the use of proceeds, please refer to the Prospectus dated June 28, 2024. ALLOTMENT RESULTS DETAILS PUBLIC OFFER No. of valid applications 3,809 No. of successful applications 2,338 Subscription level 6.58 times Claw-back triggered No No. of Offer Shares initially available under the Public Offer 926,200 --- page 2 --- Final no. of Offer Shares under the Public Offer 926,200 % of Offer Shares under the Public Offer to the Global Offering 10% Note: For details of the final allocation of shares to the Public Offer , investors can refer to www.eipo.com.hk/eIPOAllotment to perform a search by name or identification number or www.eipo.com.hk/eIPOAllotment for the full list of allottees. INTERNATIONAL OFFER No. of placees 132 Subscription Level 1.04 times No. of Offer Shares initially available under the International Offer 8,335,800 Final no. of Offer Shares under the International Offer 8,335,800 % of Offer Shares under the International Offer to the Global Offering 90.0% The Directors confirm that, to the best of their knowledge, information and belief, (i) none of the Offer Shares subscribed by the placees and the public have been financed directly or indirectly by the Company, any of the Directors, supervisors, chief executive of the Company, controlling shareholders, substantial shareholders, existing shareholders of the Company or any of its subsidiaries or their respective close associates; and (ii) none of the placees and the public who have purchased the Offer Shares are accustomed to taking instructions from the Company, any of the Directors, supervisors, chief executive of the Company, controlling shareholders, substantial shareholders, existing shareholders of the Company or any of its subsidiaries or their respective close associates in relation to the acquisition, disposal, voting or other disposition of H Shares registered in his/her/its name or otherwise held by him/her/it. The placees in the International Offer include the following: Cornerstone Investor Investor No. of Offer Shares allocated % of Offer Shares % of total issued H Shares after the Global Offering % of total issued share capital after the Global Offering Existing shareholders or their close associates Jiangsu Yuanli Industrial Investment Co., Ltd. / 江蘇原力 產業投資有限公 司 7,222,200 77.98% 7.95% 3.20% No Total 7,222,200 77.98% 7.95% 3.20% LOCK-UP UNDERTAKINGS According to the PRC Company Law, all the Shares held by existing Shareholders (which consists of the Controlling Shareholders and the Pre-IPO Investors) prior to the Global Offering are subject to a lock-up period of one year from the Listing Date. --- page 3 --- Controlling Shareholders Name Number of Shares held in the Company subject to lock-up undertakings upon listing % of total issued H Shares after the Global Offering subject to lock-up undertakings upon Listing % of shareholding in the Company subject to lock-up undertakings upon listing Last day subject to the lock-up undertakings Ms. Chen Jie / 陳杰 女士 58,700,000 N/A 25.98% July 8, 2025 Ningbo Xiu’an Enterprise Management Partnership (Limited Partnership) / 寧波修 安企業管理合夥企 業（有限合夥） 20,000,000 (including 6,000,000 H Shares) 6.60% 8.85% July 8, 2025 Tianjin Duoying Technology Center (Limited Partnership) / 天津多盈科技中心 （有限合夥） 14,922,174 (including 4,476,652 H Shares) 4.93% 6.61% July 8, 2025 Subtotal 93,622,174 11.53% 41.44% Note: The expiry date of the lock-up period shown in the table above is pursuant to the PRC Company Law. Pre-IPO Investors (As defined in the History and Corporate Structure section of the Prospectus) Name Number of Shares held in the Company subject to lock-up undertakings upon Listing % of total issued H Shares after the Global Offering subject to lock-up undertakings upon Listing % of shareholding in the Company subject to lock-up undertakings upon listing Last day subject to the lock-up undertakings Alibaba (China) Technology Co., Ltd. / 阿里巴巴(中國)網 絡科技有限公司 25,724,721 (including 16,386,647 H Shares) 18.04% 11.39% July 8, 2025 Beijing Watertek Information Technology Co., Ltd. / 北京旋極信息技術 股份有限公司 21,463,466 (including 6,439,040 H Shares) 7.09% 9.50% July 8, 2025 Fosun Group(1) / 復 星集團(1) 11,512,873 (including 7,333,700 H Shares) 8.07% 5.10% July 8, 2025 Oriental Fortune Group(2) /東方富海 集團(2) 10,426,011 (including 6,641,369 H Shares) 7.31% 4.62% July 8, 2025 --- page 4 --- Name Number of Shares held in the Company subject to lock-up undertakings upon Listing % of total issued H Shares after the Global Offering subject to lock-up undertakings upon Listing % of shareholding in the Company subject to lock-up undertakings upon listing Last day subject to the lock-up undertakings SCGC Group(3) / 深 圳市創新投資集團 (3) 7,819,508 (including 4,981,027 H Shares) 5.48% 3.46% July 8, 2025 Shanghai Dazhong Public Utilities (Group) Co., Ltd. / 上海大眾公用事業 (集團)股份有限公司 7,000,000 (including 4,459,000 H Shares) 4.91% 3.10% July 8, 2025 Shanghai Guoxin Venture Capital Investment Co., Ltd. / 上海國鑫創業投資 有限公司 5,564,786 (including 3,544,769 H Shares) 3.90% 2.46% July 8, 2025 Jiuzhao Group(4) / 玖 兆集團(4) 5,297,690 (including 3,374,629 H Shares) 3.71% 2.35% July 8, 2025 Hongzheng Junfang Investment Co., Ltd. / 紅正均方投資有限 公司 4,687,500 (including 2,985,938 H Shares) 3.29% 2.07% July 8, 2025 Shenzhen Gongtong Jiayuan Management Co., Ltd. / 深圳市共 同家園管理有限公 司) 3,926,774 (including 2,501,355 H Shares) 2.75% 1.74% July 8, 2025 Tongxiang Zhongrun Enterprise Management Co., Ltd. / 桐鄉市眾潤企 業管理有限公司 2,007,008 (including 1,278,464 H Shares) 1.41% 0.89% July 8, 2025 Jinjiang Fangzhou No. 2 Equity Investment Partnership (Limited Partnership) / 晉江方 舟二號股權投資合 夥企業(有限合夥) 1,939,314 (including 1,235,343 H Shares) 1.36% 0.86% July 8, 2025 Yancheng Yannan Unicorn Investment Fund Partnership (Limited Partnership) / 鹽城市鹽南獨角獸 投資基金合夥企業 (有限合夥) 1,907,470 (including 1,215,058 H Shares) 1.34% 0.84% July 8, 2025 --- page 5 --- Name Number of Shares held in the Company subject to lock-up undertakings upon Listing % of total issued H Shares after the Global Offering subject to lock-up undertakings upon Listing % of shareholding in the Company subject to lock-up undertakings upon listing Last day subject to the lock-up undertakings Suzhou Wanjia Venture Capital Partnership (Limited Partnership) / (蘇州 萬佳創業投資合夥 企業(有限合夥) 1,700,854 (including 1,083,444 H Shares) 1.19% 0.75% July 8, 2025 Mr. Zhang Lianwen / 張連文先生 1,442,308 (including 918,750 H Shares) 1.01% 0.64% July 8, 2025 Mr. Guo Xixing / 郭 夕興先生 1,154,606 (including 735,484 H Shares) 0.81% 0.51% July 8, 2025 Yinhe Yuanhui Investment Co., Ltd. / 銀河源匯投資有限 公司 1,150,000 (including 732,550 H Shares) 0.81% 0.51% July 8, 2025 Gongqingcheng Henghui Ruicheng Equity Investment Management Partnership (Limited Partnership) /共青城 恆匯瑞誠股權投資 管理合夥企業(有限 合夥) 1,100,000 (including 700,700 H Shares) 0.77% 0.49% July 8, 2025 Jinan Haiwang Equity Investment Partnership (Limited partnership) / 濟南海 望股權投資合夥企 業(有限合夥) 1,000,000 (including 637,000 H Shares) 0.70% 0.44% July 8, 2025 Beijing Cuihu Original Innovation No. 1 Venture Capital Fund (Limited Partnership) / 北京翠湖原始創新 一號創業投資基金 (有限合夥) 800,000 (including 509,600 H Shares) 0.56% 0.35% July 8, 2025 Changzhou Tianning Hongya Industrial Investment Partnership (Limited Partnership) /常州市 769,230 (including 490,000 H Shares) 0.54% 0.34% July 8, 2025 --- page 6 --- Name Number of Shares held in the Company subject to lock-up undertakings upon Listing % of total issued H Shares after the Global Offering subject to lock-up undertakings upon Listing % of shareholding in the Company subject to lock-up undertakings upon listing Last day subject to the lock-up undertakings 天寧弘亞實業投資 合夥企業(有限合夥) Ms. Yan Xia / 顏霞 女士 769,230 (including 490,000 H Shares) 0.54% 0.34% July 8, 2025 Tianjin Jinxintong Technology Center (Limited Partnership) / 天津金鑫通科技中 心(有限合夥) 730,000 (including 465,010 H Shares) 0.51% 0.32% July 8, 2025 Qingdao Hongma Shengshi Private Equity Investment Fund Partnership (Limited Partnership) / 青島紅馬盛世私募 股權投資基金合夥 企業（有限合夥） 421,052 (including 268,210 H Shares) 0.30% 0.19% July 8, 2025 Chongqing Liangjiang Zhongxin Jialiang Financial Technology RMB Equity Investment Fund Partnership (Limited Partnership) / 重慶兩江中新嘉量 金融科技人民幣股 權投資基金合夥企 業(有限合夥) 400,000 (including 254,800 H Shares) 0.28% 0.18% July 8, 2025 Qingdao Ruibeita Equity Investment Partnership (Limited Partnership) / 青島睿 貝塔股權投資合夥 企業(有限合夥) 346,153 (including 220,499 H Shares) 0.24% 0.15% July 8, 2025 Changzhou Xinxing No. 1 Investment Partnership Enterprise (Limited Partnership) / 常州市 新興壹號投資合夥 企業(有限合夥) 340,171 (including 216,689 H Shares) 0.24% 0.15% July 8, 2025 Suzhou Muhua Equity Investment Partnership (Limited 340,171 (including 216,689 H Shares) 0.24% 0.15% July 8, 2025 --- page 7 --- Name Number of Shares held in the Company subject to lock-up undertakings upon Listing % of total issued H Shares after the Global Offering subject to lock-up undertakings upon Listing % of shareholding in the Company subject to lock-up undertakings upon listing Last day subject to the lock-up undertakings Partnership) / 蘇州慕 華股權投資合夥企 業(有限合夥) Mr. Wen Xiaoming / 文曉鳴先生 340,171 (including 216,689 H Shares) 0.24% 0.15% July 8, 2025 Ms. Zhu Liping / 朱 莉萍女士 236,762 (including 150,817 H Shares) 0.17% 0.10% July 8, 2025 Suqian Qianshan Xinzhuo Equity Investment Partnership (Limited Partnership) / 宿遷千 山信卓股權投資合 夥企業(有限合夥) 200,000 (including 127,400 H Shares) 0.14% 0.09% July 8, 2025 Chuanjiang Investment Co., Ltd. / 川江投資有限公司 192,307 (including 122,500 H Shares) 0.13% 0.09% July 8, 2025 Mr. Huang Shanfan / 黃善繁先生 110,580 (including 70,439 H Shares) 0.08% 0.05% July 8, 2025 Mr. Chen Xin / 陳欣 先生 61,538 (including 39,200 H Shares) 0.04% 0.03% July 8, 2025 Mr. Ma Jingping / 麻 靜平先生 57,692 (including 36,750 H Shares) 0.04% 0.03% July 8, 2025 Mr. Huang Miao / 黃 淼先生 45,215 N/A 0.02% July 8, 2025 Mr. Liu Ning / 劉寧 先生 13,607 (including 8,668 H Shares) 0.010% 0.006% July 8, 2025 Ms. Yu Xiao / 餘曉 女士 13,607 (including 8,668 H Shares) 0.010% 0.006% July 8, 2025 Mr. Shi Zhenyi / 石 振毅先生 10,205 (including 6,501 H Shares) 0.007% 0.005% July 8, 2025 Subtotal 123,022,580 78.27% 54.46% --- page 8 --- Name Number of Shares held in the Company subject to lock-up undertakings upon Listing % of total issued H Shares after the Global Offering subject to lock-up undertakings upon Listing % of shareholding in the Company subject to lock-up undertakings upon listing Last day subject to the lock-up undertakings Note: The expiry date of the lock-up period shown in the table above is pursuant to the PRC Company Law (1) Fosun Group includes Shanghai Fosun High Technology (Group) Co., Ltd., Shanghai Fosun Weishi Fund, Beijing Xingshi Investment Management Center (Limited Partnership) and Wuxi Fosun Venture Capital Investment Partnership. (2) Oriental Fortune Group includes Shenzhen Fortune Gutoubang No. 6 Investment Enterprise (Limited Partnership) and Small and Medium-sized Enterprises Development Fund (Shenzhen Nanshan Limited Partnership). (3) SCGC Group includes Shenzhen Capital Group Co., Ltd., Shenzhen Hongtu Intelligent Equity Investment Fund Partnership (Limited Partnership) and Dongguan Hongtu Venture Capital Fund Partnership (Limited Partnership). (4) Jiuzhao Group includes Suqian Jiuzhao Fengya Equity Investment Partnership (Limited Partnership), Pingxiang Jiuzhao Hongxin Equity Investment Partnership (Limited Partnership), Suqian Jiuzhao Yunlian Equity Investment Partnership (Limited Partnership), Jiaxing Jiuzhao Hexuan Equity Investment Partnership (Limited Partnership) and Pingxiang Jiuzhao Anyuan Equity Investment Partnership (Limited Partnership) --- page 9 --- Cornerstone Investor Name Number of H shares held in the Company subject to lock-up undertakings upon listing % of total issued H- shares after the Global Offering subject to lock-up undertakings upon listing % of shareholding in the Company subject to lock-up undertakings upon listing Last day subject to the lock-up undertakings Jiangsu Yuanli Industrial Investment Co., Ltd. / 江蘇原力 產業投資有限公司 7,222,200 7.95% 3.20% January 8, 2025 Subtotal 7,222,200 7.95% 3.20% Note: In accordance with Chapter 4.15 (Placing -related Matters) of the Guide, the required lock -up ends on January 8, 2025. --- page 10 --- PLACEE CONCENTRATION ANALYSIS Placees Number of H Shares allotted Allotment as % of International Offering Allotment as % of total Offer Shares Number of Shares held upon Listing % of total issued share capital upon Listing Top 1 7,222,200 86.64% 77.98% 7,222,200 3.20% Top 5 8,315,500 99.76% 89.78% 8,315,500 3.68% Top 10 8,318,100 99.79% 89.81% 8,318,100 3.68% Top 25 8,323,400 99.85% 89.87% 8,323,400 3.68% Notes * Ranking of placees is based on the number of H Shares allotted to the placees. --- page 11 --- H SHAREHOLDERS CONCENTRATION ANALYSIS H Shareholders* Number of H Shares allotted Allotment as % of International Offering Allotment as % of total Offer Shares Number of H Shares held upon Listing % of total issued H Shares capital upon Listing Number of Shares held upon Listing Top 1 0 0.00% 0.00% 16,386,647 18.04% 25,724,721 Top 5 7,222,200 86.64% 77.98% 48,060,568 52.91% 148,507,979 Top 10 7,222,200 86.64% 77.98% 70,859,033 78.00% 195,653,429 Top 25 8,073,300 96.85% 87.17% 87,223,819 96.02% 220,858,823 Notes * Ranking of H Shareholders is based on the number of H Shares held by the H Shareholders upon Listing. SHAREHOLDERS CONCENTRATION ANALYSIS Shareholders Number of H Shares allotted Allotment as % of International Offering Allotment as % of total Offer Shares Number of H Shares held upon Listing Number of Shares held upon Listing % of total issued share capital upon Listing Top 1 0 0.00% 0.00% 10,476,652 93,622,174 41.44% Top 5 0 0.00% 0.00% 47,277,408 162,749,245 72.04% Top 10 7,222,200 86.64% 77.98% 70,859,033 195,653,429 86.61% Top 25 8,073,300 96.85% 87.17% 87,223,819 220,858,823 97.77% Notes * Ranking of Shareholders is based on the number of Shares (of all classes) held by the Shareholder upon Listing. BASIS OF ALLOCATION UNDER THE HONG KONG PUBLIC OFFERING Subject to the satisfaction of the conditions set out in the Prospectus, 3,809 valid applications made by the public will be conditionally allocated on the basis set out belo w: No. of H Shares applied for No. of valid application Basis of allotment / ballot Approximate percentage allotted of the total no. of H Shares applied for POOL A 100 2,007 803 out of 2,007 to receive 100 Shares 40.01% 200 528 317 out of 528 to receive 100 Shares 30.02% 300 116 87 out of 116 to receive 100 Shares 25.00% --- page 12 --- 400 49 39 out of 49 to receive 100 Shares 19.90% 500 162 146 out of 162 to receive 100 Shares 18.02% 600 24 23 out of 24 to receive 100 Shares 15.97% 700 30 100 Shares 14.29% 800 21 100 Shares plus 2 out of 21 to receive additional 100 Shares 13.69% 900 50 100 Shares plus 9 out of 50 to receive additional 100 Shares 13.11% 1,000 352 100 Shares plus 84 out of 352 to receive additional 100 Shares 12.39% 1,500 58 100 Shares plus 38 out of 58 to receive additional 100 Shares 11.03% 2,000 104 200 Shares 10.00% 2,500 21 200 Shares plus 8 out of 21 to receive additional 100 Shares 9.52% 3,000 29 200 Shares plus 20 out of 29 to receive additional 100 Shares 8.97% 3,500 6 300 Shares 8.57% 4,000 16 300 Shares plus 6 out of 16 to receive additional 100 Shares 8.44% 4,500 16 300 Shares plus 12 out of 16 to receive additional 100 Shares 8.33% 5,000 60 400 Shares 8.00% 6,000 15 400 Shares plus 8 out of 15 to receive additional 100 Shares 7.56% 7,000 9 500 Shares 7.14% 8,000 4 500 Shares plus 2 out of 4 to receive additional 100 Shares 6.88% 9,000 3 600 Shares 6.67% 10,000 53 600 Shares plus 21 out of 53 to receive additional 100 Shares 6.40% 20,000 22 1,200 Shares 6.00% 30,000 27 1,600 Shares 5.33% 40,000 2 2,000 Shares 5.00% 50,000 1 2,400 Shares 4.80% 60,000 12 2,800 Shares 4.67% 70,000 2 3,200 Shares 4.57% 80,000 1 3,600 Shares 4.50% 100,000 4 4,400 Shares 4.40% 3,804 Total number of Pool A successful applicants: 2,333 POOL B 150,000 4 81,800 Shares 54.53% 250,000 1 135,900 Shares 54.36% 5 Total number of Pool B successful applicants: 5 --- page 13 --- As of the date of this announcement, the relevant subscription monies previously deposited in the designated nominee accounts have been remitted back to the accounts of all HKSCC participants . Investors should contact their relevant brokers for any inquiries. COMPLIANCE WITH LISTING RULES AND GUIDANCE The Directors confirm that , except for the Listing Rules that have been waived and/or in respect of which consent has been obtained, the Company has complied with the Listing Rules and guidance materials in relation to the placing, allotment and listing of the Company’s shares. The Directors confirm that, to the best of their knowledge, the consideration paid by the placees or the public (as the case may be) directly or indirectly for each Offer Share subscribed for or purchased by them was the same as the final Offer Price in addition to any brokerage, AFRC transaction levy, SFC transaction levy and trading fee payable. DISCLAIMERS Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) and Hong Kong Securities Clearing Company Limited (“HKSCC”) take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. This announcement is not for release, publication, distribution, directly or indirectly, in or into the United States (including its territories and possessions, any state of the United States and the District of Columbia). This announcement does not constitute or form a part of any offer or s olicitation to purchase or subscribe for securities in the United States. The securities mentioned herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”). The securities ma y not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the U.S. Securities Act and in compliance with any applicable state securities laws, or outside the United States unless in compliance with Regulation S under the U.S. Securities Act. There will be no public offer of securities in the United States. This announcement is for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for securities. This announcement is not a prospectus. Potential investors should read the Prospectus dated June 28, 2024 issued by the Company for detailed information about the Global Offering described below before deciding whether or not to invest in the H Shares thereby being offered. Any investment decision in relation to the Offer Shares should be taken solely in reliance on the information in the Prospectus. *Potential investors of the Offer Shares should note that the Sponsor-OC (for itself and on behalf of the Hong Kong Underwriters) shall be entitled to terminate their obligations under the Hong Kong Underwriting Agreement with immediate effect upon the occurrence of any of the events set out in the paragraph headed “Underwriting – Underwriting Arrangements and Expenses – Hong Kong Public Offering – Hong Kong Underwriting Agreement – Grounds for Termination ” in the Prospectus at any time prior to 8:00 a.m. (Hong Kong time) on the Listing Date (which is currently expected to be on July 9, 2024). PUBLIC FLOAT Immediately following the completion of the Global Offering, (i) at least 25% of the total issued Shares will be held by the public in accordance with Rule 8.08(1)(a) of the Listing Rules; (ii) the three largest public Shareholders will not hold more than 50% of the Shares held in the public hands at the time of Listing in compliance with Rules 8.08(3) and 8.24 of the Listing Rules; and (iii) there will be at least 300 Shareholders at the time of Listing in compliance with Rule 8.08(2) of the Listing Rules. --- page 14 --- The Directors confirm that immediately after the completion of the Global Offering, (i) no placee will, individually, be placed more than 10% of the enlarged issued share capital of the Company; and (ii) there will not be any new substantial shareholder (as defined in the Listing Rules) of the Company. COMMENCEMENT OF DEALINGS Share certificates will only become valid evidence of title at 8:00 a.m. on Tuesday, July 9, 2024, provided that the Global Offering has become unconditional in all respects at or before that time. Investors who trade Shares on the basis of publicly available allocation details or prior to the receipt of Share certificates or prior to the Share certificates becoming valid evidence of title do so entirely at their own risk. Assuming that the Global Offering becomes unconditional at or before 8:00 a.m. (Hong Kong time) on Tuesday, July 9, 2024, it is expected that dealings in the Shares on the Stock Exchange will commence at 9:00 a.m. on Tuesday, July 9, 2024. The Shares will be traded in board lots of 100 Shares each and the stock code of the Shares will be 6657. By order of the Board Baiwang Co., Ltd. Ms. Chen Jie Chairlady of the Board and Executive Director Hong Kong, July 8, 2024 As at the date of this announcement, the Executive Directors are Ms. Chen Jie, Mr. Yang Zhengdao, Mr. Zou Yan and Ms. Jin Xin ; the Non -executive Directors are Mr. Huang Miao and Mr. Diao Juanhuan; and the proposed Independent non-executive Directors are Mr. Tian Lixin, Dr. Wu Changhai, Dr. Song Hua and Mr. Ng Kwok Yin.