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hk-ipo/data/extracted_text/01519/allotment_results_summary_2023-10-26_2023102600030.txt
T
geometrybase 6d05056609 Backfill structured T1 demand from archived text 
Request:
- Use archivist to close the 137 T1 ipo_demand source-only gaps using extracted PDF text.

Changes:
- Add an incremental T1 demand text backfill script.
- Parse existing allotment-result extracted text into ipo_demand.
- Archive linked Summary PDFs from old HKEX HTML allotment-result pages.
- Correct allotment-result selection to prefer primary result announcements over clarification or supplemental notices.
- Add robust line-aware allotment parsing and document the workflow in archivist and README.
- Record the backfill result in a report.

Execution:
- Selected 137 source-only T1 demand gaps.
- Wrote 137 ipo_demand rows, increasing ipo_demand from 154 to 291 rows.
- Archived 38 new HKEX allotment-result PDFs and extracted their text.
- Confirmed an incremental rerun selects 0 gaps and writes 0 rows.

Verification:
- Ran git diff --cached --check.
- Ran py_compile for archive_hkex_documents.py and backfill_t1_demand_from_text.py.
- Checked SQLite integrity and foreign keys.
- Confirmed DB row counts match CSV snapshots.
- Verified no T1 complete row is missing ipo_demand.
- Verified source_refs paths/files/hashes and PDF extracted-text manifest hashes.

Next useful context:
- T1 demand structure is complete for listed rows; 06106 and 06675 remain pending_not_due.
- T2 grey-market and due price-performance gaps remain separate archivist priorities.
- Analyst output should be regenerated before using the new T1 demand facts for scoring.
2026-06-15 13:59:06 +00:00

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--- page 1 ---
3
ANNOUNCEMENT OF ALLOTMENT RESULTS
SUMMARY
NET PROCEEDS FROM THE GLOBAL OFFERING
• Based on the Offer Price of HK$12.0 per Offer Share (exclusive of brokerage of 1%,
AFRC transaction levy of 0.00015%, SFC transaction levy of 0.0027% and Stock Exchange
trading fee of 0.00565%), the net proceeds from the Global Offering to be received by the
Company, after deduction of the underwriting commissions, fees and estimated expenses
payable by the Company in connection with the Global Offering, are estimated to be
approximately HK$3,527.9 million (assuming the Over-allotment Option is not exercised).
The Company intends to apply such net proceeds in accordance with the purposes as set
out in the section headed “Net Proceeds from the Global Offering ” in this announcement.
• If the Over-allotment Option is exercised in full, the Company will receive additional net
proceeds of approximately HK$567.2 million for 48,982,400 additional Class B Shares to
be issued and allotted upon the exercise of the Over-allotment Option after deduction of
the underwriting fees and commissions and estimated expenses payable by the Company
in connection with the Global Offering. The allocation of the additional net proceeds will
be adjusted on a pro rata basis according to the use of proceeds as set out in the section
headed “Net Proceeds from the Global Offering ” in this announcement in the event that the
Over-allotment Option is exercised.
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 slightly over-subscribed. At the close of the application lists at 12:00 noon
on Thursday, October 19, 2023, a total of 10,887 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 44,357,200 Hong Kong Offer Shares,
representing approximately 1.36 times of the total number of 32,655,200 Hong Kong Offer
Shares initially available for subscription under the Hong Kong Public Offering.
• As the over-subscription in the Hong Kong Public Offering represents 15 times or less of
the total number of Offer Shares initially available under the Hong Kong Public Offering,
the reallocation procedures as described in the section headed “Structure of the Global
Offering – The Hong Kong Public Offering – Reallocation ” in the Prospectus have not
been applied and no International Offer Shares have been reallocated from the International
Offering to the Hong Kong Public Offering. The final number of Offer Shares allocated to
the Hong Kong Public Offering is 32,655,200 Class B Shares, representing approximately
10% of the total number of Offer Shares initially available under the Global Offering
(before any exercise of the Over-allotment Option), which have been allocated to 10,887
successful applicants under the Hong Kong Public Offering, among which 4,787 applicants
have been allotted with one board lot of Offer Shares.
--- page 2 ---
4
INTERNATIONAL OFFERING
• The Offer Shares initially offered under the International Offering have been moderately
over-subscribed. A total of 560,639,540 Offer Shares under the International Offering
(including the subscription by the Cornerstone investors) have been subscribed,
representing approximately 1.91 times of the total number of Offer Shares initially
available under the International Offering. The final number of Offer Shares under the
International Offering is 293,895,200 Class B Shares, representing approximately 90% of
the total number of Offer Shares initially available under the Global Offering (before any
exercise of the Over-allotment Option). There has been an over-allocation of 48,982,400
Offer Shares in the International Offering.
• There are a total of 114 placees under the International Offering, among which 51 placees,
representing approximately 44.74% of the total number of placees under the International
Offering, have been allotted five or fewer board lots of Offer Shares, totaling 10,200 Class
B Shares, representing approximately 0.003% of the total number of Offer Shares available
under the International Offering (before any exercise of the Over-allotment Option).
Cornerstone Investors
• Based on the Offer Price of HK$12.0 per Offer Share (exclusive of brokerage of 1%,
AFRC transaction levy of 0.00015%, SFC transaction levy of 0.0027% and Stock
Exchange trading fee of 0.00565%), and pursuant to the relevant cornerstone investment
agreements as disclosed in the section headed “Cornerstone Investors ” in the Prospectus
(the “Cornerstone Investment Agreements ”), the Cornerstone Investors have subscribed
for a total of 130,231,000 Offer Shares, representing (i) approximately 39.88% of the Offer
Shares under the Global Offering; and (ii) approximately 1.48% of the total issued share
capital of the Company upon Listing (before any exercise of the Over-allotment Option).
Please refer to the section headed “Cornerstone Investors ” in the Prospectus for further
details of the Cornerstone Investors.
• All the Cornerstone Investors are existing Shareholders of the Company or their close
associates. See the section headed “International Offering – Placing of Offer Shares to
the Existing Shareholders and their Close Associates ” below for the waivers and consents
granted to permit the allocation of Class B Shares to the Cornerstone Investors under
paragraph 5(2) of Appendix 6 to the Listing Rules (the “Placing Guidelines ”).
• In addition, Dahlia Investments Pte. Ltd. ( “Dahlia ”) is an indirect wholly-owned subsidiary
of Temasek Holdings (Private) Limited ( “Temasek Holdings ”). Temasek Holdings holds
approximately 29% equity interest in DBS Group Holdings Limited which indirectly
wholly owns DBS Asia Capital Limited ( “DBS Asia ”). Accordingly, Dahlia is a connected
client of DBS Asia (one of the Joint Bookrunners and the Joint Lead Managers) within the
meaning of the Placing Guidelines. Accordingly, the Company has applied to the Stock
Exchange for, and the Stock Exchange has granted, its consent under paragraph 5(1) of the
Placing Guideline to allow the Offer shares to be allocated to Dahlia (or a wholly-owned
subsidiary of Temasek Holdings) as a connected client of DBS Asia. Please refer to the
section headed “International Offering – Placing of Offer Shares to Connected Clients ” in
this announcement for further details.
--- page 3 ---
5
Placing of Offer Shares to the Existing Shareholders and their Close Associates
• Each of the Cornerstone Investors is an existing Shareholder or its close associate. In
addition to the subscription by the Cornerstone Investors, under the International Offering,
a total of 25,790,600 Offer Shares, representing approximately 7.90% of the total number
of Offer Shares initially available under the Global Offering and approximately 0.29%
of the total issued share capital of the Company upon Listing (before any exercise of the
Over-allotment Option), were placed to our other existing Shareholders or their close
associates as placees. Please refer to the section headed “International Offering – Placing of
Offer Shares to the Existing Shareholders and their Close Associates ” in this announcement
for further details.
• The Company has applied to the Stock Exchange for, and the Stock Exchange has granted
the Company, a waiver from strict compliance with the requirements under Rule 10.04 of
the Listing Rules, and its consent under paragraph 5(2) of the Placing Guidelines to permit
allocation of Class B Shares to (i) certain pre-IPO Investors pursuant to the exercise of
Anti-Dilution Rights as cornerstone investors or placees; and (ii) certain pre-IPO Investors
and/or their close associates who currently hold less than 5% of the Company ’s voting
rights and will subscribe Class B Shares in addition to their Anti-Dilution Rights as
cornerstone investors or placees in the Global Offering. The Offer Shares allocated to the
Pre-IPO Investors are in compliance with all the conditions under the consent granted by
the Stock Exchange. Please refer to the section headed “Waivers ” in the Prospectus for
further details of the waiver application.
Placing of Offer Shares to Connected Clients
• Under the International Offering, (i) 6,527,000 Offer Shares, representing approximately
2.00% of the total number of Offer Shares initially available under the Global Offering and
approximately 0.07% of the total issued share capital of the Company upon Listing (before
any exercise of the Over-allotment Option), were allocated to Dahlia (or a wholly-owned
subsidiary of Temasek Holdings) as a cornerstone investor who is a connected client of
DBS Asia within the meaning of the Placing Guidelines; and (ii) 6,527,000 Offer Shares,
representing approximately 2.00% of the total number of Offer Shares initially available
under the Global Offering and approximately 0.07% of the total issued share capital of the
Company upon Listing (before any exercise of the Over-allotment Option), were placed to
Galaxy Jinhui Securities Asset Management Co., Ltd. ( “Galaxy Jinhui ”) as placees who
is a connected client of China Galaxy International Securities (Hong Kong) Co., Limited
(“CGIS”) within the meaning of the Placing Guidelines. The Shares to be placed to Galaxy
Jinhui will be held by it on discretionary basis, and on behalf of an independent third party
who is not connected to the Company for the purpose of the Listing Rules.
• 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 Galaxy Jinhui and Dahlia
(or a wholly-owned subsidiary of Temasek Holdings). The Offer Shares allocated to Galaxy
Jinhui and Dahlia (or a wholly-owned subsidiary of Temasek Holdings) are in compliance
with all the conditions under the consent granted by the Stock Exchange. Please refer to the
section headed “International Offering – Placing of Offer Shares to Connected Clients ” in
this announcement for further details.
--- page 4 ---
6
Confirmations Regarding Public Shareholders in the Hong Kong Public Offering and
Placees in the International Offering
• Save as disclosed the sections headed “International Offering – Cornerstone Investors ”,
“International Offering – Placing of Offer Shares to the Existing Shareholders and their
Close Associates ” and “International Offering – Placing of Offer Shares to Connected
Clients ”, the Directors confirmed that, to their best knowledge, information and belief, no
Offer Shares placed by or through the Overall Coordinators, Joint Global Coordinators,
the Joint Bookrunners or the Underwriters under the Global Offering have been placed to
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. The International Offering is in compliance with the
Placing Guidelines.
• Save as disclosed the sections headed “International Offering – Cornerstone Investors ”,
“International Offering – Placing of Offer Shares to the Existing Shareholders and their
Close Associates ” and “International Offering – Placing of Offer Shares to Connected
Clients ”, the Directors further confirm that, to their best knowledge, information and
belief, all placees under the International Offering and their ultimate beneficial owners are
independent of and are not (a) the core connected persons (as defined in the Listing Rules)
of the Company, (b) the directors or existing shareholders of the Company or any of the
Company ’s subsidiaries, or (c) the close associates (as defined in the Listing Rules) of (a)
and/or (b) above whether in their own names or through nominees.
• Save as disclosed the sections headed “International Offering – Cornerstone Investors ”,
“International Offering – Placing of Offer Shares to the Existing Shareholders and their
Close Associates ” and “International Offering – Placing of Offer Shares to Connected
Clients ”, the Directors confirm that, to their best knowledge, information and belief, (i)
none of the Offer Shares subscribed by public Shareholders in the Hong Kong Public
Offering and placees in the International Offering has been financed directly or indirectly
by the Company, any of the Directors, chief executive, the Controlling Shareholders,
substantial Shareholders or existing Shareholders of the Company or any of its subsidiaries
or their respective close associates; (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, chief
executive, the Controlling Shareholders, substantial Shareholders or existing Shareholders
of the Company or any of its subsidiaries or their respective close associates in relation to
the acquisition, disposal, voting or other disposition of the Offer Shares registered in his/
her/its name or otherwise held by him/her/it; (iii) there is no side agreement or arrangement
between the Company, any of the Directors, chief executive, the Controlling Shareholders,
substantial shareholders, existing Shareholders of the Company or any of its subsidiaries or
their respective close associates, on one hand, and the public subscribers or the placees who
have subscribed for the Offer Shares, on the other hand; (iv) no rebate has been, directly or
indirectly, provided by the Company, any of the Directors, chief executive of the Company,
the Controlling Shareholders, substantial Shareholders or existing Shareholders, or any of
their subsidiaries or their respective close associates, or syndicate members, or any other
brokers involved in the Global Offering, to any public investors in the Hong Kong Public
Offering or placees in the International Offering; and (v) the consideration payable by the
public investors in the Hong Kong Public Offering and placees in the International Offering
for each Offer Share subscribed for, or purchased by them, is the same as the Offer Price,
as determined by the Company, plus brokerage of 1%, AFRC transaction levy of 0.00015%,
SFC transaction levy of 0.0027% and Hong Kong Stock Exchange trading fee of 0.00565%.
--- page 5 ---
7
Over-allotment Option
• In connection with the Global Offering, the Company has granted to the International
Underwriters the Over-allotment Option, exercisable by the Overall Coordinators on behalf
of the International Underwriters at any time from the Listing Date to the 30th day after
the last day for lodging applications under the Hong Kong Public Offering (the last day
for exercise of the Over-allotment Option being Saturday, November 18, 2023) to require
the Company to allot and issue up to 48,982,400 additional Class B Shares, representing
approximately 15% of the Offer Shares initially available under the Global Offering, at the
Offer Price, to cover over-allocations in the International Offering, if any.
• There has been an over-allocation of 48,982,400 Offer Shares in the International Offering
and such over-allocation will be settled by Class B Shares to be borrowed under the Stock
Borrowing Agreement. Such borrowed Class B Shares will be covered by exercising the
Over-allotment Option or by using Class B Shares purchased by the Stabilization Manager
(or through its affiliates or any person acting for it) in the secondary market at prices that
do not exceed the Offer Price or a combination of these means. In the event the Over-
allotment Option is exercised, an announcement will be made on the Stock Exchange ’s
website at www.hkexnews.hk and the Company ’s website at www.jtexpress.com. As of
the date of this announcement, the Over-allotment Option has not been exercised.
LOCK -UP UNDERTAKINGS
• The Company, the Controlling Shareholders, the Cornerstone Investors, all other existing
Shareholders and certain placees of the International Offering are subject to certain
lock-up undertakings as set out in the section headed “Lock-up Undertakings ” in this
announcement.
RESULTS OF ALLOCATIONS
• The level of indications of interests 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 are also made available on the Company ’s website at www.jtexpress.com and the
website of the Stock Exchange at www.hkexnews.hk.
• 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.jtexpress.com
and the Stock Exchange ’s website at www.hkexnews.hk by no later than 9:00 a.m. on
Thursday, October 26, 2023;
• from the “IPO Results ” function in the IPO App and 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 26, 2023 to 12:00 midnight on Wednesday, November 1, 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 26, 2023 to Tuesday, October 31,
2023 (excluding Saturday, Sunday and Hong Kong public holiday).
--- page 6 ---
8
• 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.
• 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 or via
the HK eIPO White From service 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 or nominees can consult their brokers or nominees to enquire about their
application results.
• 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.
DESPATCH/COLLECTION OF SHARE CERTIFICATES/e-AUTO REFUND PAYMENT
INSTRUCTIONS/REFUND CHECKS
• Applicants who have applied for 1,000,000 Hong Kong Offer Shares or more through the
HK eIPO White Form service and whose application is wholly or partially successful may
collect Share certificate(s) and/or refund check(s) (where applicable) in person from the
Hong Kong 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
26, 2023, or any other place or date notified by the Company.
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 the Hong Kong Share Registrar.
If Share certificate(s) and/or refund check(s) (where applicable) are not collected personally
within the time specified for collection, they will be sent to the address specified in the
application instructions by ordinary post and at the applicant ’s own risk.
• For applicants who have applied for less than 1,000,000 Hong Kong Offer Shares through
the HK eIPO White Form service, the Share certificate(s) and/or refund check(s) (where
applicable) will be sent to the address specified in the application instructions on or before
Thursday, October 26, 2023 by ordinary post and at the applicant ’s own risk.
--- page 7 ---
9
• Wholly or partially successful applicants who applied by giving electronic application
instructions to HKSCC will have their Share certificate(s) issued in the name of HKSCC
Nominees Limited and deposited directly into CCASS to be credited to their CCASS
Investor Participant stock accounts or the stock accounts of their designated CCASS
Participant who gave electronic application instructions on their behalf on Thursday,
October 26, 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.
• Applicants who applied as a CCASS Investor Participant by giving electronic application
instructions to HKSCC via CCASS may 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). Immediately after the crediting of the Hong Kong Offer Shares to the CCASS
Investor Participant stock accounts and the credit of refund monies to the CCASS Investor
Participants ’ bank accounts, HKSCC will also make available to the CCASS Investor
Participants an activity statement showing the amount of Hong Kong Offer Shares credited
to their CCASS Investor Participant stock accounts and the refund amount credited to their
respective designated bank accounts (if any).
• For applicants who have applied for the Hong Kong Offer Shares through the HK eIPO
White Form service and paid the application monies through a single bank account,
refund monies (if any) will be despatched to that bank account in the form of e-Auto
Refund payment instructions. For applicants who have applied for the Hong Kong Offer
Shares through the HK eIPO White Form service and paid the application monies
through multiple bank accounts, refund monies (if any) will be despatched to the addresses
specified in your application instructions 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
and at their own risk on or before Thursday, October 26, 2023.
• Refund monies (if any) for applicants who 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 broker or custodian on
Thursday, October 26, 2023.
• Share certificates will only become valid at 8:00 a.m. on Friday, October 27, 2023,
provided that the Global Offering has become unconditional in all respects and neither the
Hong Kong Underwriting Agreement nor the International Underwriting Agreements have
been terminated in accordance with their respective terms at or before that time. Investors
who trade Shares on the basis of publicly available allocation details or prior to the receipt
of the Share certificates or prior to the Share certificates becoming valid do so entirely at
their own risk.
• No temporary document of title will be issued in respect of the Hong Kong Offer Shares.
No receipt will be issued for sums paid on application.
--- page 8 ---
10
PUBLIC FLOAT
• Upon Listing, approximately 83.54% of the total issued share capital of the Company
(before any exercise of the Over-allotment Option) will be counted towards the public
float, satisfying the minimum percentage prescribed under by 8.08 of the Listing Rules.
The free float of the Company upon listing is approximately 1.77% of the total issued share
capital of the Company (before any exercise of the Over-allotment Option).
• The Directors also confirm that (i) no placee will, individually, be placed more than 10%
of the enlarged issued share capital of the Company immediately after the Global Offering;
(ii) there will not be any new substantial Shareholder of the Company upon Listing (before
any exercise of the Over-allotment Option); (iii) the three largest public Shareholders do
not hold more than 50% of the Shares held in public hands at the time of the Listing in
compliance with Rules 8.08(3) and 8.24 of the Listing Rules; and (iv) there will be at least
300 Shareholders at the time of the Listing in compliance with Rule 8.08(2) of the Listing
Rules.
COMMENCEMENT OF DEALINGS
• Assuming that the Global Offering becomes unconditional in all aspects at or before 8:00
a.m. on Friday, October 27, 2023 (Hong Kong time), dealings in the Class B Shares on
the Main Board of the Stock Exchange are expected to commence at 9:00 a.m. on Friday,
October 27, 2023 (Hong Kong time). The Class B Shares will be traded in board lots of
200 Class B Shares each. The stock code of the Class B Shares is 1519.
--- page 9 ---
11
NET PROCEEDS FROM THE GLOBAL OFFERING
Based on the Offer Price of HK$12.0 per Offer Share, the net proceeds from the Global Offering to
be received by the Company, after deduction of the underwriting commissions, fees and estimated
expenses payable by the Company in connection with the Global Offering, are estimated to be
approximately HK$3,527.9 million (assuming the Over-allotment Option is not exercised).
The Company intends to apply such net proceeds for the following purposes:
• approximately 30%, or HK$1,058.4 million, will be used to expand our logistics networks,
improve our infrastructure, and strengthen our sorting and warehouse capacity and
capabilities in Southeast Asia and other existing markets;
• approximately 30%, or HK$1,058.4 million, will be used to expand in new markets and
diverse our service offering;
• approximately 30%, or HK$1,058.4 million, will be used for research and development and
technology innovations; and
• approximately 10%, or HK$352.8 million, will be used for general corporate purposes and
working capital needs.
If the Over-allotment Option is exercised in full, the Company will receive additional net proceeds
of approximately HK$567.2 million for 48,982,400 additional Class B Shares to be issued and
allotted upon the exercise of the Over-allotment Option after deduction of the underwriting fees
and commissions and estimated expenses payable by the Company in connection with the Global
Offering. In the event that the Over-allotment Option is exercised in full, the Company intends to
adjust its allocation of the net proceeds for the above purposes on a pro rata basis.
For further information, please refer to the section headed “Future Plans and Use of Proceeds ” in
the Prospectus.
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
slightly over-subscribed. At the close of the application lists at 12:00 noon on Thursday, October
19, 2023, a total of 10,887 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 44,357,200 Hong Kong Offer Shares, representing approximately 1.36 times of the total
number of 32,655,200 Hong Kong Offer Shares initially available for subscription under the Hong
Kong Public Offering, among which:
• 10,873 valid applications in respect of a total of 22,957,200 Hong Kong Offer Shares were
for the Hong Kong Public Offering with an aggregate subscription amount based on the Offer
Price of HK$12.0 per Offer Share (excluding brokerage of 1%, AFRC transaction levy of
0.00015%, SFC transaction levy of 0.0027% and Stock Exchange trading fee of 0.00565%)
of HK$5 million or less, representing approximately 1.41 times of the 16,327,600 Hong Kong
Offer Shares initially comprised in Pool A of the Hong Kong Public Offering; and
--- page 10 ---
12
• 14 valid applications in respect of a total of 21,400,000 Hong Kong Offer Shares were for
the Hong Kong Public Offering with an aggregate subscription amount based on the Offer
Price of HK$12.0 per Offer Share (excluding brokerage of 1%, AFRC transaction levy of
0.00015%, SFC transaction levy of 0.0027% and Stock Exchange trading fee of 0.00565%)
of more than HK$5 million, representing approximately 1.31 times of the 16,327,600 Hong
Kong Offer Shares initially comprised in Pool B of the Hong Kong Public Offering.
No multiple or suspected multiple applications have been identified and rejected. No applications
have been rejected due to dishonored payments. No application has been rejected due to invalid
application. No applications for more than 50% of the Hong Kong Offer Shares initially available
under the Hong Kong Public Offering (that is, more than 16,327,600 Hong Kong Offer Shares)
have been identified.
As the number of Offer Shares validly applied for under the Hong Kong Public Offering represents
15 times or less of the number of Offer Shares initially available for subscription under the Hong
Kong Public Offering, the reallocation procedure as described in the section headed “Structure
of the Global Offering – The Hong Kong Public Offering – Reallocation ” in the Prospectus has
not been have not been applied and no International Offer Shares have been reallocated from the
International Offering to the Hong Kong Public Offering.
The final number of Offer Shares under the Hong Kong Public Offering is 32,655,200 Class B
Shares, representing approximately 10% of the total number of Offer Shares initially available
under the Global Offering (before any exercise of the Over-allotment Option), and being allocated
to 10,887 successful applicants under the Hong Kong Public Offering. A total number of 4,787
applicants have been allotted with one board lot of Offer Shares, representing approximately
43.97% of the Shareholders who were allocated the Offer Shares under the Hong Kong Public
Offering, totaling 957,400 Class B Shares, representing approximately 2.93% of total Offer Shares
under the Hong Kong Public Offering.
The Hong Kong Offer Shares offered in the Hong Kong Public Offering were conditionally
allocated on the basis set out in the section headed “Basis of Allocation under the Hong Kong
Public Offering ” below.
INTERNATIONAL OFFERING
The Offer Shares initially offered under the International Offering have been moderately over-
subscribed. A total of 560,639,540 Offer Shares under the International Offering (including the
subscription by the Cornerstone investors) have been subscribed, representing approximately 1.91
times of the total number of Offer Shares initially available under the International Offering. The
final number of Offer Shares under the International Offering is 293,895,200 Class B Shares,
representing approximately 90% of the total number of Offer Shares initially available under the
Global Offering (before any exercise of the Over-allotment Option). There has been an over-
allocation of 48,982,400 Offer Shares in the International Offering.
There are a total of 114 placees under the International Offering, among which 51 placees,
representing approximately 44.74% of the total number of placees under the International Offering,
have been allotted five or fewer board lots of Offer Shares, totaling 10,200 Class B Shares,
representing approximately 0.003% of the total number of Offer Shares available under the
International Offering.
--- page 11 ---
13
Cornerstone Investors
Based on the Offer Price of HK$12.0 per Offer Share (exclusive of brokerage of 1%, AFRC
transaction levy of 0.00015%, SFC transaction levy of 0.0027% and Stock Exchange trading fee
of 0.00565%), and pursuant to the relevant Cornerstone Investment Agreements as disclosed in
the section headed “Cornerstone Investors ” in the Prospectus, the Cornerstone Investors have
subscribed for a total of 130,231,000 Offer Shares, representing (i) approximately 39.88% of the
Offer Shares under the Global Offering; and (ii) approximately 1.48% of the total issued share
capital of the Company upon Listing (before any exercise of the Over-allotment Option).
The number of Offer Shares subscribed for by the Cornerstone Investors is set out below:
Assuming Over-allotment
Option is not exercised
Assuming Over-allotment
Option is exercised
Cornerstone Investor
Investment
amount
(US$)
Number of
Offer Shares
subscribed
(rounded down
to the nearest
whole board
lot of 200
Offer Shares)
Approximate
percentage
of the
Offer Shares
initially
available
under the
Global
Offering
Approximate
percentage
of the total
issued share
capital of the
Company
immediately
following the
completion
of the Global
Offering (1)
Approximate
percentage
of the
Offer Shares
initially
available
under the
Global
Offering
Approximate
percentage
of the total
issued share
capital of the
Company
immediately
following the
completion
of the Global
Offering (1)
Aspex Master Fund 10,000,000 6,527,000 2.00% 0.07% 1.74% 0.07%
Boyu
Jallion Global Limited 11,000,000 7,179,800 2.20% 0.08% 1.91% 0.08%
Joyous Tempinis Limited 16,261,530 10,614,000 3.25% 0.12% 2.83% 0.12%
Sub-total 27,261,530 17,793,800 5.45% 0.20% 4.74% 0.20%
D1
D1 SPV Jupiter (Hong Kong)
Limited 10,766,491.65 7,027,400 2.15% 0.08% 1.87% 0.08%
D1 SPV Master Holdco I
(Hong Kong) Limited 29,496,008.35 19,252,400 5.90% 0.22% 5.13% 0.22%
Sub-total 40,262,500 26,279,800 8.05% 0.30% 7.00% 0.30%
Hidden Hill SPV VIII 5,000,000 3,263,400 1.00% 0.04% 0.87% 0.04%
SC GGF III Holdco, Ltd. 5,000,000 3,263,400 1.00% 0.04% 0.87% 0.04%
CELESTIAL OCEAN
INVESTMENTS LIMITED 30,000,000 19,581,400 6.00% 0.22% 5.21% 0.22%
Dahlia 10,000,000 6,527,000 2.00% 0.07% 1.74% 0.07%
--- page 12 ---
14
Assuming Over-allotment
Option is not exercised
Assuming Over-allotment
Option is exercised
Cornerstone Investor
Investment
amount
(US$)
Number of
Offer Shares
subscribed
(rounded down
to the nearest
whole board
lot of 200
Offer Shares)
Approximate
percentage
of the
Offer Shares
initially
available
under the
Global
Offering
Approximate
percentage
of the total
issued share
capital of the
Company
immediately
following the
completion
of the Global
Offering (1)
Approximate
percentage
of the
Offer Shares
initially
available
under the
Global
Offering
Approximate
percentage
of the total
issued share
capital of the
Company
immediately
following the
completion
of the Global
Offering (1)
Tencent
Parallel Cluster Investment
Limited 12,000,000 7,832,600 2.40% 0.09% 2.09% 0.09%
Eternal Earn Holding Limited 15,000,000 9,790,600 3.00% 0.11% 2.61% 0.11%
Huang River Investment
Limited 35,000,000 22,845,000 7.00% 0.26% 6.08% 0.26%
Sub-total 62,000,000 40,468,200 12.39% 0.46% 10.78% 0.46%
JNRY III HOLDINGS
LIMITED 10,000,000 6,527,000 2.00% 0.07% 1.74% 0.07%
Total 199,524,030 130,231,000 39.88% 1.48% 34.68% 1.47%
Note:
(1) Assuming the Reclassification, Redesignation and Share Subdivision are completed.
All the Cornerstone Investors are existing Shareholders of the Company or their close associates.
See the sections headed “International Offering – Placing of Offer Shares to the Existing
Shareholders and their Close Associates ” below for the waivers and consents granted to permit the
allocation of Class B Shares to the Cornerstone Investors.
--- page 13 ---
15
In addition, Dahlia is an indirect wholly-owned subsidiary of Temasek Holdings. Temasek
Holdings holds approximately 29% equity interest in DBS Group Holdings Limited which
indirectly wholly owns DBS Asia. Accordingly, Dahlia is a connected client of DBS Asia (one of
the Joint Bookrunners and the Joint Lead Managers) within the meaning of the Placing Guidelines.
Please refer to the section headed “International Offering – Placing of Offer Shares to Connected
Clients ” in this announcement for further details.
To the best knowledge of the Company, each of the Cornerstone Investors is (i) not accustomed
to take instructions from our Company, our Directors, chief executive of our Company, our
Controlling Shareholders, substantial Shareholders of our Company or other existing Shareholders
of our Company 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; (ii) not financed by us, our Directors, chief executive, our Controlling Shareholders,
substantial Shareholders or other existing Shareholders of our Company or any of its subsidiaries
or their respective close associates; (iii) independent of the other Cornerstone Investors, our
Group, our connected persons and their respective associates, and is not a close associate of our
Group. Further, immediately after the completion of the Global Offering, none of the Cornerstone
Investors will have any Board representation in our Company, and none of the Cornerstone
Investors will become a substantial shareholder of our Company. As confirmed by each of the
Cornerstone Investors, its subscription under the Cornerstone Placing would be financed by its own
internal financial resources or financial resources of its controlling shareholders.
There will be no delayed delivery or all Cornerstone Investors do not have deferred settlement of
Offer Shares to be subscribed by the Cornerstone Investors and the consideration will be settled by
the Cornerstone Investors before the Listing Date.
The subscriptions by the Cornerstone Investors 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. Immediately following the completion
of the Global Offering, none of the Cornerstone Investors will become a substantial shareholder
(as defined in the Listing Rules) of our Company and will not have any Board representation in
our Company. The Offer Shares to be subscribed by the Cornerstone Investors will rank pari passu
in all respect with the fully paid Class B Shares in issue and will be counted towards the public
float of the Company under Rule 8.08 of the Listing Rules. The Cornerstone Investors do not have
any preferential rights under the Cornerstone Investment Agreements compared with other public
Shareholders, other than a guaranteed allocation of the Offer Shares at the Offer Price.
Each Cornerstone Investor has agreed that without the prior written consent of the Company, the
Joint Sponsors and the Overall Coordinators, it will not, whether directly or indirectly, at any
time during the period of six months following the Listing Date (the “Lock-up Period ”), directly
or indirectly dispose of, in any way, any of the Offer Shares it has purchased, pursuant to the
respective Cornerstone Investment Agreement and/or the deed of lock-up undertaking, save for
certain limited circumstances, such as transfers to any of its wholly-owned subsidiaries who will
be bound by the same obligations of such Cornerstone Investor, including the Lock-up Period
restriction.
Please refer to the section headed “Cornerstone Investors ” in the Prospectus for further details
relating to the Cornerstone Investors.
--- page 14 ---
16
Placing of Offer Shares to the Existing Shareholders and their Close Associates
Each of the Cornerstone Investors is an existing Shareholder or its close associate. In addition
to the subscription by the Cornerstone Investors, under the International Offering, a total of
25,790,600 Offer Shares, representing approximately 7.90% of the total number of Offer and
approximately 0.29% of the total issued share capital of the Company upon Listing (before any
exercise of the Over-allotment Option), Shares initially available under the Global Offering, were
placed to our other existing Shareholders or their close associates as placees, details of which are
set out below:
Assuming Over-allotment
Option is not exercised
Assuming Over-allotment
Option is exercised
Placees
Relationship
with Existing
Shareholder(s)
Number
of Offer
Shares
Placed
Approximate
percentage
of the
Offer Shares
initially
available
under the
Global
Offering
Approximate
percentage
of the total
issued share
capital of the
Company
immediately
following the
completion
of the Global
Offering (1)
Approximate
percentage
of the Offer
Shares
initially
available
under the
Global
Offering
Approximate
percentage
of the total
issued share
capital of the
Company
immediately
following the
completion
of the Global
Offering (1)
Focustar Capital Investment
Fund L.P Existing shareholder 6,439,400 1.97% 0.07% 1.71% 0.07%
Hidden Hill Investment 123 Existing shareholder 2,284,400 0.70% 0.03% 0.61% 0.03%
Sai Growth Fund I, LLLP Existing shareholder 4,569,000 1.40% 0.05% 1.22% 0.05%
Ultra Height Fund L.P. Existing shareholder 1,728,000 0.53% 0.02% 0.46% 0.02%
GCM Grosvenor JT SPV, LLC Existing shareholder 10,769,800 3.30% 0.12% 2.87% 0.12%
Total 25,790,600 7.90% 0.29% 6.87% 0.29%
Note:
(1) Assuming the Reclassification, Redesignation and Share Subdivision are completed.
A total number of 160,887,200 Class B Shares were allocated to Subscription Pre-IPO Shareholders
and/or their designated entities, representing approximately 49.27% of total Offer Shares initially
available under the Global Offering and approximately 1.83% of the total issued share capital of
the Company upon Listing (before any exercise of the Over-allotment Option).
The Company has applied to the Stock Exchange for, and the Stock Exchange has granted, to the
Company, a waiver from strict compliance with the requirements under Rule 10.04 of the Listing
Rules, and its consent under Paragraph 5(2) of the Placing Guidelines to permit allocation of
Class B Shares to (i) certain pre-IPO investors pursuant to the exercise of Anti-Dilution Rights as
cornerstone investors or placees; and (ii) certain pre-IPO investors and/or their close associates
who currently hold less than 5% of the Company ’s voting rights and will subscribe Class B Shares
in addition to their Anti-Dilution Rights as cornerstone investors or placees in the Global Offering.
The Offer Shares allocated to the Pre-IPO Investors are in compliance with all the conditions under
the consent granted by the Stock Exchange. Please refer to the section headed “Waivers ” in the
Prospectus for further details of the waiver application.
--- page 15 ---
17
Placing of Offer Shares to Connected Clients
Under the International Offering, (i) 6,527,000 Offer Shares, representing approximately 2.00% of
the total number of Offer Shares initially available under the Global Offering and approximately
0.07% of the total issued share capital of the Company upon Listing (before any exercise of the
Over-allotment Option), were allocated to Dahlia (or a wholly-owned subsidiary of Temasek
Holdings) as a cornerstone investor who is a connected client of DBS Asia within the meaning
of the Placing Guidelines; and (ii) 6,527,000 Offer Shares, representing approximately 2.00% of
the total number of Offer Shares initially available under the Global Offering and approximately
0.07% of the total issued share capital of the Company upon Listing (before any exercise of the
Over-allotment Option), were placed to Galaxy Jinhui as a placee who is a connected client of
a CGIS within the meaning of the Placing Guidelines. The Shares to be placed to Galaxy Jinhui
will be held by it on discretionary basis, and on behalf of an independent third party who are not
connected to the Company for the purpose of the Listing Rules. Set out below the details of the
Offer Shares placed to connected clients:
Investor
Connected
syndicate
member or
distributor
Relationship
with the
connected
syndicate
member 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 Global
Offering (2)
Galaxy Jinhui (3) CGIS Each of Galaxy Jinhui and
CGIS is a wholly-owned
subsidiary of China Galaxy
Securities Co., Ltd.
6,527,000 2.00% 0.07%
Dahlia (or a wholly-owned
subsidiary of Temasek
Holdings)
DBS Asia Dahlia is an indirect wholly-
owned subsidiary of
Temasek Holdings.
Temasek Holdings holds
approximately 29% equity
interest in DBS Group
Holdings Limited which
indirectly wholly owns
DBS Asia.
6,527,000 2.00% 0.07%
Notes:
(1) Assuming that the Over-allotment Option is not exercised.
(2) Assuming the Over-allotment Option is not exercised, and the Reclassification, Redesignation and Share
Subdivision are completed.
(3) Galaxy Jinhui was engaged by Huitongda Network Co., Ltd. (stock code: 9878) as an asset manager that is a
qualified domestic institutional investor (QDII) as approved by the relevant PRC authority, to subscribe for and
hold such number of Offer Shares as set out herein on a discretionary basis on behalf of Huitongda Network
Co., Ltd..
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 Galaxy Jinhui and Dahlia (or a wholly-owned
subsidiary of Temasek Holdings). The Offer Shares allocated to Galaxy Jinhui and Dahlia (or a
wholly-owned subsidiary of Temasek Holdings) are in compliance with all the conditions under the
consent granted by the Stock Exchange.
--- page 16 ---
18
Confirmations regarding Public Shareholders in the Hong Kong Public Offering and Placees
in the International Offering
Save as disclosed the sections headed “International Offering – Cornerstone Investors ”,
“International Offering – Placing of Offer Shares to the Existing Shareholders and their Close
Associates ” and “International Offering – Placing of Offer Shares to Connected Clients ”, the
Directors confirmed that, to the best knowledge, information and belief, no Offer Shares placed
by or through the Overall Coordinators, Joint Global Coordinators, the Joint Bookrunners or he
Underwriters under the Global Offering have been placed to 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. The International Offering is
in compliance with the Placing Guidelines.
Save as disclosed the sections headed “International Offering – Cornerstone Investors ”,
“International Offering – Placing of Offer Shares to the Existing Shareholders and their Close
Associates ” and “International Offering – Placing of Offer Shares to Connected Clients ”, the
Directors further confirm that, to their best knowledge, information and belief, all placees under
the International Offering and their ultimate beneficial owners are independent of and are not (a)
the core connected persons (as defined in the Listing Rules) of the Company, (b) the directors
or existing shareholders of the Company or any of the Company ’s subsidiaries, or (c) the close
associates (as defined in the Listing Rules) of (a) and/or (b) above whether in their own names or
through nominees.
Save as disclosed the sections headed “International Offering – Cornerstone Investors ”,
“International Offering – Placing of Offer Shares to the Existing Shareholders and their Close
Associates ” and “International Offering – Placing of Offer Shares to Connected Clients ”, the
Directors confirm that, to the best knowledge, information and belief, (i) none of the Offer
Shares subscribed by public Shareholders in the Hong Kong Public Offering and placees in
the International Offering has been financed directly or indirectly by the Company, any of the
Directors, chief executive, the Controlling Shareholders, substantial Shareholders or existing
Shareholders of the Company or any of its subsidiaries or their respective close associates; (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, chief executive, the Controlling Shareholders, substantial
Shareholders or existing Shareholders of the Company or any of its subsidiaries or their
respective close associates in relation to the acquisition, disposal, voting or other disposition of
the Offer Shares registered in his/her/its name or otherwise held by him/her/it; (iii) there is no
side agreement or arrangement between the Company, any of the Directors, chief executive, the
Controlling Shareholders, substantial shareholders, existing Shareholders of the Company or any
of its subsidiaries or their respective close associates, on one hand, and the public subscribers
or the placees who have subscribed for the Offer Shares, on the other hand; (iv) no rebate has
been, directly or indirectly, provided by the Company, any of the Directors, chief executive of
the Company, the Controlling Shareholders, substantial Shareholders or existing Shareholders,
or any of their subsidiaries or their respective close associates, or syndicate members, or any
other brokers involved in the Global Offering, to any public investors in the Hong Kong Public
Offering or placees in the International Offering; and (v) the consideration payable by the public
investors in the Hong Kong Public Offering and placees in the International Offering for each
Offer Share subscribed for, or purchased by them, is the same as the Offer Price as determined by
the Company, plus brokerage of 1%, AFRC transaction levy of 0.00015%, SFC transaction levy of
0.0027% and Hong Kong Stock Exchange trading fee of 0.00565%.
--- page 17 ---
19
Over-allotment Option
In connection with the Global Offering, the Company has granted to the International Underwriters
the Over-allotment Option, exercisable by the Overall Coordinators on behalf of the International
Underwriters at any time from the Listing Date to the 30th day after the last day for lodging
applications under the Hong Kong Public Offering (the last day for exercise of the Over-allotment
Option being Saturday, November 18, 2023) to require the Company to allot and issue up to
48,982,400 additional Class B Shares, representing approximately 15% of the Offer Shares
initially available under the Global Offering, at the Offer Price, to cover over-allocations in the
International Offering, if any.
There has been an over-allocation of 48,982,400 Offer Shares in the International Offering
and such over-allocation will be settled by Shares to be borrowed under the Stock Borrowing
Agreement. Such borrowed Shares will be covered by exercising the Over-allotment Option or
by using Class B Shares purchased by the Stabilization Manager (or through its affiliates or any
person acting for it) in the secondary market at prices that do not exceed the Offer Price or a
combination of these means. In the event the Over-allotment Option is exercised, an announcement
will be made on the Stock Exchange ’s website at www.hkexnews.hk and the Company ’s website
at www.jtexpress.com. As of the date of this announcement, the Over-allotment Option has not
been exercised.
LOCK-UP UNDERTAKINGS
The Company, the Controlling Shareholders, the Cornerstone Investors, all existing Shareholders
and certain placees of the International Offering have provided 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
upon Listing (1)
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
Listing (1)
Last day of the
lock-up period
The Company
(subject to lock-up obligations
pursuant to the Listing
Rules and the Hong Kong
Underwriting Agreement)
N/A N/A April 26, 2024 (2)
Controlling Shareholders
(subject to lock-up obligations
pursuant to the Listing
Rules and the lock-up
undertakings in favour of the
Company, the Joint Sponsors and
the Overall Coordinators)
979,333,410
Class A Shares
11.11% April 26, 2024
(First Six-Month
Period)
October 26, 2024
(Second Six-Month
Period) (3)
--- page 18 ---
20
Name
Number of Shares
subject to the
Lock-up
Undertakings
upon Listing (1)
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
Listing (1)
Last day of the
lock-up period
All existing Shareholders
(except Controlling
Shareholders and Offer
Shares allocated to existing
Shareholders as Cornerstone
Investors) (subject to lock-up
obligations pursuant to their
respective lock-up undertakings
in favour of the Company, the
Joint Sponsors and the Overall
Coordinators)
7,532,073,025
Class B
Shares (9)
85.47% April 26, 2024 (4)
The Cornerstone Investors (5)
(subject to lock-up obligations
pursuant to their respective
Cornerstone Investment
Agreement and/or lock-up
undertakings in favour of the
Company, the Joint Sponsors
and the Overall Coordinators)
130,231,000
Class B
Shares
1.48% April 26, 2024 (6)
Certain placees of
International Offering
– Entities designated by
Ultra Height Fund L.P. to
subscribe for Offer Shares
(i.e. Kings Court Capital
Pte. Ltd., Welight Assets
Limited, Hongshan Limited,
WT Asset Management
Limited) (collectively, the
“ATM Designated Entities ”)
(subject to lock-up obligations
pursuant to its lock-up
undertaking in favour of the
Company, the Joint Sponsors
and the Overall Coordinators)
4,865,600
Class B
Shares
0.06% April 26, 2024 (7)
--- page 19 ---
21
Name
Number of Shares
subject to the
Lock-up
Undertakings
upon Listing (1)
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
Listing (1)
Last day of the
lock-up period
– Inceptio Group Limited
(“Inceptio Technology ”)
(subject to lock-up obligations
pursuant to its lock-up
undertaking in favour of the
Company, the Joint Sponsors and
the Overall Coordinators)
9,564,200
Class B
Shares
0.11% April 26, 2024 (8)
Total 979,333,410
Class A
Shares and
7,676,733,825
Class B shares
98.23%
Notes:
1. Assuming the Over-allotment Option is not exercised, and the Reclassification, Redesignation and Share
Subdivision are completed.
2. The Company may not issue Shares on or before the indicated date except otherwise permitted by the Listing
Rules.
3. The Controlling Shareholders stated herein shall not (a) dispose of any of the relevant securities of the Company
in the First Six-Month Period; (b) dispose of any of the relevant securities of the Company in the Second Six-
Month Period if immediately following such disposal the Controlling Shareholders would cease to be a group of
controlling shareholders (as defined in the Listing Rules) of the Company.
4. All the Company ’s existing Shareholders have entered into deeds of lock-up undertakings in favor of the
Company, the Joint Sponsors and the Overall Coordinators pursuant to which they shall not dispose of its
locked-up Shares on or before the indicated date.
5. Calculated based on the number of Offer Shares subscribed pursuant to the relevant Cornerstone Investment
Agreements only and without taking into account the existing Class B Shares held by the Cornerstone Investors.
6. The Cornerstone Investors shall not dispose of any of the Offer Shares subscribed pursuant to the Cornerstone
Investment Agreements and/or the lock-up undertakings on or before the indicated date.
7. The ATM Designated Entities are entities designated by Ultra Height Fund L.P., a Subscription Commitment
Shareholder, to subscribe for the Offer Shares. Each of the ATM Designated Entities are limited partners of
Ultra Height Fund L.P. holding less than 30% limited partnership interest, and is not a close associate of Ultra
Height Fund L.P.. To the best knowledge of the Company, the ultimate beneficial owner(s) of each of the ATM
Designated Entities are independent of the Company, the Controlling Shareholders and the Directors. The ATM
Designated Entities have entered into deeds of lock-up undertakings in favor of the Company, the Joint Sponsors
and the Overall Coordinators pursuant to which they shall not dispose of its locked-up Shares on or before the
indicated date. The number of Offer Shares allocated to the ATM Designated Entities represents approximately
1.49% of the total number of Offer Shares initially available under the Global Offering and approximately
0.06% of the total issued share capital of the Company upon Listing (before any exercise of the Over-allotment
Option).
--- page 20 ---
22
8. See “Further details in respect of placing of Offer Shares to Inceptio Technology and the lock up arrangement ”
below.
9. Calculated based on (i) 7,506,282,425 existing Class B Shares held by the existing Shareholders (except the
Controlling Shareholders) prior to the Global Offering (assuming the Reclassification, Redesignation and Share
Subdivision are completed), and (ii) 25,790,600 Class B Shares placed to the existing Shareholders (except
Controlling Shareholders and Offer Shares allocated to existing Shareholders as cornerstone investors) as
placees pursuant to the Global Offering.
Further details in respect of placing of Offer Shares to Inceptio Technology and the lock up
arrangement
The Company has placed 9,564,200 Offer Shares to Inceptio Technology, representing
approximately 2.93% of the Offer Shares initially available under the Global Offering and 0.11%
of the total issued share capital of the Company immediately following the completion of the
Global Offering.
Inceptio Technology is China ’s leading developer of autonomous driving technologies for heavy-
duty trucks. Its flagship technology is the Inceptio Autonomous Driving System, a proprietary
L3 and L4 full-stack solution. Inceptio partners with leading OEMs to roll out mass-produced L3
autonomous truck. These trucks have been operated nationwide for line-haul logistics in China.
Inceptio Technology has undertaken that, without the prior written consent of the Company,
it will not, at any time during the period of six months following the Listing Date, directly or
indirectly dispose of, in any way, any of the Offer Shares it has purchased, save for certain limited
circumstances, such as transfer to any of its wholly-owned subsidiaries who will be bound by the
same obligations of Inceptio Technology.
BASIS OF ALLOCATION UNDER THE HONG KONG PUBLIC OFFERING
Subject to the satisfaction of the conditions set out in the section headed “Structure of the Global
Offering – Conditions of the Global Offering ” in the Prospectus, 10,887 valid applications made
by the public through the HK eIPO White Form service and the CCASS EIPO service will be
conditionally allocated on the basis set out below:
Number of
Hong Kong Offer
Shares applied for
No. of valid
applications
Basis of
allotment/ballot
Approximate
percentage allotted
of the total number
of Hong Kong Offer
Shares applied for
POOL A
200 4,787 200 Shares 100.00%
400 1,752 400 Shares 100.00%
600 1,093 600 Shares 100.00%
800 424 800 Shares 100.00%
1,000 622 1,000 Shares 100.00%
1,200 161 1,200 Shares 100.00%
1,400 116 1,400 Shares 100.00%
1,600 168 1,600 Shares 100.00%
1,800 82 1,800 Shares 100.00%
2,000 552 2,000 Shares 100.00%
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23
Number of
Hong Kong Offer
Shares applied for
No. of valid
applications
Basis of
allotment/ballot
Approximate
percentage allotted
of the total number
of Hong Kong Offer
Shares applied for
3,000 178 3,000 Shares 100.00%
4,000 184 4,000 Shares 100.00%
5,000 133 5,000 Shares 100.00%
6,000 77 6,000 Shares 100.00%
7,000 34 7,000 Shares 100.00%
8,000 64 8,000 Shares 100.00%
9,000 31 9,000 Shares 100.00%
10,000 191 10,000 Shares 100.00%
20,000 87 13,400 Shares 67.00%
30,000 26 16,800 Shares 56.00%
40,000 27 20,200 Shares 50.50%
50,000 19 23,600 Shares 47.20%
60,000 11 27,000 Shares 45.00%
70,000 5 30,400 Shares 43.43%
80,000 12 33,800 Shares 42.25%
90,000 5 37,200 Shares 41.33%
100,000 19 40,600 Shares 40.60%
200,000 5 80,000 Shares 40.00%
300,000 6 119,200 Shares 39.73%
400,000 2 158,400 Shares 39.60%
TOTAL: 10,873
Total number of
Pool A successful
applicants: 10,873
POOL B
500,000 7 382,000 Shares 76.40%
600,000 1 458,200 Shares 76.37%
700,000 1 534,400 Shares 76.34%
800,000 2 610,600 Shares 76.33%
1,000,000 1 763,200 Shares 76.32%
2,000,000 1 1,525,400 Shares 76.27%
12,000,000 1 9,151,200 Shares 76.26%
TOTAL: 14
Total number of
Pool B successful
applicants: 14
The final number of Offer Shares comprising the Hong Kong Public Offering is 32,655,200
Class B Shares, representing approximately 10% of the total number of the Offer Shares initially
available under the Global Offering (before any exercise of the Over-allotment Option).
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24
RESULTS OF ALLOCATIONS
The level of indications of interests 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 are also
made available on the Company ’s website at www.jtexpress.com and the website of the Stock
Exchange at www.hkexnews.hk.
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.jtexpress.com and the
Stock Exchange ’s website at www.hkexnews.hk by no later than 9:00 a.m. on Thursday,
October 26, 2023;
• from the “IPO Results ” function in the IPO App and 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 26, 2023 to 12:00
midnight on Wednesday, November 1, 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 26, 2023 to Tuesday, October 31, 2023 (excluding
Saturday, Sunday and Hong Kong public holiday).
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.
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 or via the HK eIPO White
Form service 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 or nominees can consult their
brokers or nominees to enquire about their application results.
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.
--- page 23 ---
25
SHAREHOLDING CONCENTRATION ANALYSIS
The tables below set out the analysis of shareholding concentration in the International Offering:
• subscription of Class B Shares held by the top 1, 5, 10, 20 and 25 of the placees out of the
International Offer Shares, total Offer Shares and total issued share capital of the Company
upon Listing:
Assuming the Over-Allotment Option
is not exercised
Assuming the Over-Allotment Option
is fully exercised
Placee
Number of
Class B Shares
subscribed for
Total
number of
Shares held
upon
Listing (1)
Number of
Class B Shares
subscribed for
as % of the
total number
of the
International
Offer Shares
Number of
Class B Shares
subscribed for
as % of the
Offer Shares
Under the
Global
Offering
Number of
Shares held
upon Listing
as % of the
total issued
share capital of
the Company
upon Listing
Number of
Class B Shares
subscribed for
as % of the
total number
of the
International
Offer Shares
Number of
Class B Shares
subscribed for
as % of the
Offer Shares
Under the
Global
Offering
Number of
Shares held
upon Listing
as % of the
total issued
share capital
of the
Company
upon Listing
Top 1 58,744,400 58,744,400 19.99% 17.99% 0.67% 17.13% 15.64% 0.66%
Top 5 179,681,800 1,109,496,375 61.14% 55.02% 12.59% 52.40% 47.85% 12.52%
Top 10 254,044,200 1,809,570,855 86.44% 77.80% 20.53% 74.09% 67.65% 20.42%
Top 20 319,573,000 2,390,734,600 108.74% 97.86% 27.13% 93.20% 85.10% 26.98%
Top 25 330,994,800 2,562,282,565 112.62% 101.36% 29.08% 96.53% 88.14% 28.92%
Note:
(1) The total number of Shares held upon Listing by the top 25 placees is grouped based on their ultimate beneficial
owner.
• For the total number of Shares held by the top 1, 5, 10, 20 and 25 of the Shareholders upon
Listing:
Assuming the Over-Allotment Option
is not exercised
Assuming the Over-Allotment Option
is fully exercised
Shareholders
Number of
Class B Shares
subscribed for
Total number
of Shares
held upon
Listing (1)
Number of
Class B Shares
subscribed for
as % of the
total number
of the
International
Offer Shares
Number of
Class B Shares
subscribed for
as % of the
Offer Shares
Under the
Global
Offering
Number of
Shares held
upon Listing
as% of the
total issued
share capital
of the
Company
upon Listing
Number of
Class B Shares
subscribed for
as % of the
total number
of the
International
Offer Shares
Number of
Class B Shares
subscribed for
as % of the
Offer Shares
Under the
Global
Offering
Number of
Shares held
upon Listing
as % of the
total issued
share capital
of the
Company
upon Listing
Top 1 – 979,333,410 – – 11.11% – – 11.05%
Top 5 59,990,000 2,939,184,925 20.41% 18.37% 33.35% 17.50% 15.97% 33.17%
Top 10 59,990,000 4,637,501,730 20.41% 18.37% 52.63% 17.50% 15.97% 52.34%
Top 20 115,641,600 6,810,018,470 39.35% 35.41% 77.28% 33.73% 30.79% 76.85%
Top 25 129,674,800 7,431,673,440 44.12% 39.71% 84.33% 37.82% 34.53% 83.87%
Note:
(1) The total number of Shares held upon Listing by the top 25 shareholders is grouped based on their ultimate
beneficial owner.
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