hk-ipo/data/extracted_text/02476/allotment_results_2026-04-20_2026042001650.txt

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Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited (the “Stock Exchange ”,
or the “Hong Kong Stock Exchange ”) and Hong Kong Securities Clearing Company Limited ( “HKSCC ”) take no
responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and
expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any
part of the contents of this announcement.
Unless otherwise defined herein, capitalized terms used in this announcement shall have the same meanings as those
defined in the prospectus dated April 13, 2026 (the “Prospectus ”) of Victory Giant Technology (HuiZhou) Co.,
Ltd. (Ҧ (౉ψ)ʮ̡ ) (the “Company ”). This announcement is made by the order of the board (the
“Board ”) of directors (the “Directors ”) of the Company. The Board collectively and individually accept responsibility
for the accuracy of this announcement.
This announcement is for information purposes only and does not constitute an invitation or offer to acquire, purchase
or subscribe for any securities. This announcement is not a prospectus. Potential investors should read the Prospectus
for detailed information about the Global Offering described below before deciding whether or not to invest in
the Offer Shares. Any investment decision in relation to the Offer Shares should be taken solely in reliance on the
information provided in the Prospectus.
This announcement is not for release, publication or distribution, directly or indirectly, in or into the United States
(including its territories and possessions, any state of the United States and the District of Columbia or any other
jurisdiction where such distribution is prohibited by laws). This announcement does not constitute or form a part of
any offer or solicitation to purchase or subscribe for securities in the United States or in any other jurisdictions. The
securities mentioned herein have not been, and will not be, registered under the United States Securities Act of 1933
as amended from time to time (the “U.S. Securities Act ”) or securities law of any state or other jurisdiction of the
United States. The securities may not be offered, sold, pledged or otherwise transferred within 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.
In connection with the Global Offering, J.P. Morgan Securities (Asia Pacific) Limited as stabilizing manager (the
“Stabilizing Manager ”) (or its affiliates or any person acting for it), on behalf of the Underwriters, to the extent
permitted by the applicable laws and regulatory requirements of Hong Kong or elsewhere, may over-allocate or effect
transactions with a view to stabilizing or supporting the market price of the H Shares at such price, in such amounts
and in such manners as the Stabilizing Manager, its affiliates or any person acting for it may determine and at a
level higher than that which might otherwise prevail for a limited period after the Listing Date. However, there is
no obligation on the Stabilizing Manager (or its affiliates or any person acting for it) to conduct any such stabilizing
action. Such stabilizing action, if taken, (a) will be conducted at the absolute discretion of the Stabilizing Manager (or
its affiliates or any person acting for it) and in what the Stabilizing Manager reasonably regards as the best interest
of the Company, (b) may be discontinued at any time and (c) is required to be brought to an end within 30 days
of the last day for lodging applications under the Hong Kong Public Offering (which is Saturday, May 16, 2026).
Such Stabilizing action, if taken, may be effected in all jurisdictions where it is permissible to do so, in each case in
compliance with all applicable laws, rules and regulatory requirements, including the Securities and Futures (Price
Stabilizing) Rules (Chapter 571W of the Laws of Hong Kong), as amended, made under the Securities and Futures
Ordinance (Chapter 571 of the Laws of Hong Kong).
Potential investors should be aware that no stabilizing action can be taken to support the price of the H Shares for
longer than the stabilization period, which will begin on the Listing Date, and is expected to expire on the 30th day
after the last day for lodging applications under the Hong Kong Public Offering (which is Saturday, May 16, 2026).
After this date, when no further stabilizing action may be taken, demand for the H Shares, and therefore the price of
the H Shares, could fall.
The Hong Kong Offer Shares will be offered to the public in Hong Kong subject to terms and conditions set out
in the Prospectus. The Hong Kong Offer Shares will not be offered to any person who is outside Hong Kong and/
or not resident in Hong Kong. Potential investors of the Offer Shares should note that the Joint Sponsors and the
Sponsor-Overall Coordinators (for themselves and on behalf of the Hong Kong Underwriters) shall be entitled to
terminate the Hong Kong Underwriting Agreement with immediate effect upon the occurrence of any of the events set
out in the section headed “Underwriting – Underwriting Arrangements and Expenses – Hong Kong Public Offering –
Grounds for Termination ” in the Prospectus at any time prior to 8:00 a.m. on the Listing Date.


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Victory Giant Technology (HuiZhou) Co., Ltd.
Ҧ ( ౉ψ )ʮ̡
(A joint stock company incorporated in the People ’s Republic of China with limited liability)
GLOBAL OFFERING
Number of Offer Shares under the
Global Offering
: 95,850,000 H Shares (taking into account
the full exercise of the Offer Size
Adjustment Option and subject to the
Over-allotment Option)
Number of Hong Kong Offer Shares : 8,334,800 H Shares (including 482,000
Overseas Employee Reserved Shares)
Number of International Offer Shares : 87,515,200 H Shares (including 7,501,300
PRC Employee Reserved Shares, taking
into account the full exercise of the Offer
Size Adjustment Option and subject to
the Over-allotment Option)
Final Offer Price : HK$209.88 per H Share, plus brokerage of
1.0%, SFC transaction levy of 0.0027%,
Stock Exchange trading fee of 0.00565%
and AFRC transaction levy of 0.00015%
Nominal value : RMB1.00 per H Share
Stock code : 2476
Joint Sponsors, Sponsor-Overall Coordinators, Overall Coordinators,
Joint Global Coordinators, Joint Bookrunners and Joint Lead Managers
Overall Coordinators, Joint Global Coordinators, Joint Bookrunners and
Joint Lead Managers
Joint Global Coordinator, Joint Bookrunner and Joint Lead Manager


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Victory Giant Technology (HuiZhou) Co., Ltd. / 勝宏科技（惠州）股份有限公司
ANNOUNCEMENT OF FINAL OFFER PRICE AND ALLOTMENT RESULTS
Warning: In view of high concentration of shareholding in a small number of Shareholders,
Shareholders and prospective investors should be aware that the price of the H Shares could move
substantially even with a small number of the H Shares traded and should exercise extreme caution
when dealing in the H Shares.
SUMMARY
Company information
Stock code  2476
Stock short name  VGT
Dealings commencement date April 21, 2026*
*see note at the end of the announcement
Price Information
Final Offer Price HK$209.88
Maximum Offer Price HK$209.88
Offer Shares and Share Capital
Number of Offer Shares (after taking into account the full
exercise of the Offer Size Adjustment Option)
95,850,000
Final Number of Offer Shares in Hong Kong Public Offering
Note 1
8,334,800
Final Number of Offer Shares in International Offering
(after taking into account the full exercise of the Offer Size
Adjustment Option) Note 2
87,515,200
Number of issued Shares upon Listing (before exercise of the
Over-allotment Option) Note 3
968,407,313
Notes:
1. Including 482,000 Overseas Employee Reserved Shares under the Overseas Employee Preferential
Offering.
2. Including 7,501,300 PRC Employee Reserved Shares under the PRC Employee Preferential Offering.
3. Including 217,443 A Shares held by the Company as treasury shares.
Offer Size Adjustment Option (Upsize option)
Number of additional shares issued under the option 12,502,000
- Hong Kong Public Offering N/A
- International Offering 12,502,000
The Offer Size Adjustment Option has been exercised in full by the Sponsor-Overall Coordinators,
pursuant to which the Company is issuing and allotting 12,502,000 additional Offer Shares, representing
approximately 15.00% of the total number of Offer Shares initially available under the Global Offering,
at the final Offer Price.
Over-allocation


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No. of Offer Shares over-allocated 14,377,500
Such over-allocation may be covered by exercising the Over-allotment Option or by making purchases
in the secondary market at prices that do not exceed the Offer Price or through deferred delivery or a
combination of these means. In the event the Over-allotment Option is exercised, an announcement will
be made on the Stock Exchange’s website.
Proceeds
Gross proceeds (Note)  HK$20,117.00 million
Less: Estimated listing expenses payable based on final
Offer Price
HK$227.60 million
Net proceeds  HK$19,889.40 million
Note: Gross proceeds refers to the amount which the Company is entitled to receive. For details of the use
of proceeds, please refer to the section headed “Future Plans and Use of Proceeds” of the Prospectus. The
Company will adjust the allocation of the net proceeds from the exercise of the Offer Size Adjustment Option
and the Over-allotment Option (if any) for the purposes as set out in the section headed “Future Plans and
Use of Proceeds” of the Prospectus on a pro rata basis.
ALLOTMENT RESULTS DETAILS
HONG KONG PUBLIC OFFERING (Excluding the Overseas Employee Preferential Offering)
No. of valid applications  250,606
No. of successful applications  57,137
Subscription level 431.15 times
Claw-back triggered  N/A
No. of Offer Shares excluded Overseas Employee Reserved Shares
initially available under the Hong Kong Public Offering
7,501,400
Final no. of Offer Shares excluded Overseas Employee Reserved
Shares under the Hong Kong Public Offering (after reallocation
from Overseas Employee Preferential Offering)
7,852,800
% of Offer Shares excluded Overseas Employee Reserved Shares
under the Hong Kong Public Offering to the Global Offering (after
taking into account the full exercise of the Offer Size Adjustment
Option)
8.19%
Note: For details of the final allocation of H Shares to the Hong Kong Public Offering, investors can refer to
www.eipo.com.hk/eIPOAllotment to perform a search by identification number or
www.eipo.com.hk/eIPOAllotment for the full list of allottees.
Overseas Employee Preferential Offering
No. of valid applications  46
Subscription level 0.58 times
No. of Overseas Employee Reserved Shares initially available under
the Overseas Employee Preferential Offering
833,400
Final no. of Overseas Employee Reserved Shares under the
Overseas Employee Preferential Offering
482,000


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Under-subscription of Overseas Employee Reserved Shares and
made available to the Hong Kong Public Offering
351,400
Note: The 351,400 under-subscribed Overseas Employee Reserved Shares were reallocated to the Hong Kong
Public Offering for subscription by the public in Hong Kong. For details of the final allocation of shares to
the Overseas Employee Preferential Offering, Overseas Eligible Employees can refer to
www.eipo.com.hk/eIPOAllotment to perform a search by identification number or
www.eipo.com.hk/eIPOAllotment for the full list of allottees. For details of the Overseas Employee Preferential
Offering, please refer to the section headed “Structure of the Global Offering – The Overseas Employee
Preferential Offering” of the Prospectus and the section headed “Others / Additional Information –
Allocations under the Overseas Employee Preferential Offering” in this announcement.
INTERNATIONAL OFFERING (Excluding the PRC Employee Preferential Offering)
No. of placees (excluding the PRC Employee Preferential Offering) 341
Subscription level (excluding the PRC Employee Reserved Shares
under the PRC Employee Preferential Offering)
18.5 times
No. of Offer Shares initially available under the International
Offering (excluding the PRC Employee Reserved Shares under the
PRC Employee Preferential Offering)
67,511,900
Final no. of Offer Shares under the International Offering
(excluding the PRC Employee Reserved Shares under the PRC
Employee Preferential Offering and after taking into account the
full exercise of the Offer Size Adjustment Option)
80,013,900
% of Offer Shares under the International Offering to the Global
Offering (excluding the PRC Employee Reserved Shares under the
PRC Employee Preferential Offering and after taking into account
the full exercise of the Offer Size Adjustment Option)
83.48%
The Directors confirm that, to the best of their knowledge, information and belief, save for (a) a waiver from
strict compliance with Rule 10.04 of the Listing Rules and a consent under paragraph 1C(2) of Appendix F1
to the Listing Rules (the “Placing Guidelines”) granted by the Stock Exchange to permit H Shares in the
International Offering to be placed to certain Existing Minority Shareholders and/or their close associates;
(b) a consent under Chapter 4.15 of the Guide for New Listing Applicants to permit the Company to, among
other things, allocate further H Shares in the International Offering to certain existing Shareholders and
Cornerstone Investors and/or their respective close associates; and (c) a waiver from strict compliance with
Rules 10.03, 10.04 and 9.09(b) of the Listing Rules and a consent under paragraph 1C(2) of the Placing
Guidelines granted by the Stock Exchange to permit the Company to allocate certain Offer Shares to the
Eligible Core Connected Person Participants on a preferential basis under the PRC Employee Preferential
Offering, (i) none of the Offer Shares subscribed by the placees and the public have been financed directly or
indirectly by the Company, any of the Directors, chief executive of the Company, the Largest Group of
Shareholders, substantial Shareholders, existing Shareholders of the Company or any of its subsidiaries or
their respective close associates; and (ii) none of the placees and the public who have purchased the Offer
Shares are accustomed to taking instructions from the Company, any of the Directors, chief executive of the
Company, the Largest Group of Shareholders, substantial Shareholders, existing Shareholders of the Company
or any of its subsidiaries or their respective close associates in relation to the acquisition, disposal, voting or
other disposition of the H Shares registered in his/her/its name or otherwise held by him/her/it.
PRC Employee Preferential Offering


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No. of valid applications  1*
Subscription level 1.00 time
No. of PRC Employee Reserved Shares initially available under the
PRC Employee Preferential Offering
7,501,300
Final no. of PRC Employee Reserved Shares under the PRC
Employee Preferential Offering
7,501,300
* The number of PRC Eligible Employees participated in the PRC Employee Preferential Offering is 145.
For details of the PRC Employee Preferential Offering, please refer to the section headed “Structure of the
Global Offering – The PRC Employee Preferential Offering” of the Prospectus and the section headed “Others
/ Additional Information – Allocations under the PRC Employee Preferential Offering” in this announcement.
The placees in the International Offering include the following:
Cornerstone Investors
Investor
No. of Offer
Shares
allocated
% of H Shares
(after taking
into account the
full exercise of
the Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised) Note 1
% of total issued
share capital after
the Global Offering
(after taking into
account the full
exercise of the
Offer Size
Adjustment Option
and assuming the
Over-allotment
Option is not
exercised)
Existing
shareholders or
their close
associates Note 2
CPE Rosewood Investment
Limited (“CPE Rosewood”)2,800,700 2.92% 0.29% No
Janchor Partners Pan-Asian
Master Fund (“Janchor
Fund”) 2,800,700 2.92% 0.29% No
Yunfeng Capital
New Alternative Limited
(“New Alternative”) 1,493,700 1.56% 0.15% No
New Golden Future Limited 746,800 0.78% 0.08% No
Deliante Holdings Co., Ltd.
(“Deliante”) 1,979,200 2.06% 0.20% No
Hong Kong Mason
Electronics Co., Ltd. (香港麥
遜電子有限公司) (“Hong
Kong Mason”) 1,867,100 1.95% 0.19% No
Morgan Stanley & Co.
International plc (“MSIP”) 1,307,000 1.36% 0.13% Yes
Foresight Global Superior
Choice SPC – Global Superior
Choice Fund 1 SP, Foresight 1,120,300 1.17% 0.12% Yes


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Investor
No. of Offer
Shares
allocated
% of H Shares
(after taking
into account the
full exercise of
the Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised) Note 1
% of total issued
share capital after
the Global Offering
(after taking into
account the full
exercise of the
Offer Size
Adjustment Option
and assuming the
Over-allotment
Option is not
exercised)
Existing
shareholders or
their close
associates Note 2
Global Superior Choice SPC –
Vision Fund 1 SP, and
Foresight Global Superior
Choice SPC – Horizon Fund 1
SP (“Foresight”)
HHLR Advisors, Ltd.
(“HHLRA”) 1,120,300 1.17% 0.12% No
Pinpoint Asset Management
Limited (“Pinpoint”) 1,120,300 1.17% 0.12% Yes
Sunshine Life Insurance
Corporation Limited
(“Sunshine Life”) 1,120,300 1.17% 0.12% Yes
Tanwan Inc. (“Tanwan”) 1,120,300 1.17% 0.12% No
Tropical Terrain Limited 1,120,300 1.17% 0.12% No
Yong Rong (HK) Asset
Management Limited (涌容
(香港)資產管理有限公司)
(“YR Asset Management”)1,120,300 1.17% 0.12% No
Huizhou Huilian Investment
Partnership (Limited
Partnership) (惠州市惠聯投
資合夥企業(有限合夥))
(“Huizhou Huilian”) 1,073,500 1.12% 0.11% No
Greenwoods Asset
Management Hong Kong
Limited (“HK Greenwoods”)933,500 0.97% 0.10% No
Bosera Asset Management
(International) Co., Limited
(“Bosera International”) 746,800 0.78% 0.08% Yes
Cloudview Capital Limited
(“Cloudview”) 746,800 0.78% 0.08% No
CNCB (Hong Kong)
Investment Limited (信銀(香
港)投資有限公司) (“CNCB
Investment”) 746,800 0.78% 0.08% No
Greater Bay Area Homeland Investments Limited (“GBAHIL”)
Mega Prime Development
Limited (“Mega Prime”) 466,700 0.49% 0.05% No


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Investor
No. of Offer
Shares
allocated
% of H Shares
(after taking
into account the
full exercise of
the Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised) Note 1
% of total issued
share capital after
the Global Offering
(after taking into
account the full
exercise of the
Offer Size
Adjustment Option
and assuming the
Over-allotment
Option is not
exercised)
Existing
shareholders or
their close
associates Note 2
Poly Platinum Enterprises
Limited (“Poly Platinum”)280,000 0.29% 0.03% No
Golden K2 Falcon Open-
ended Fund Company
(“Golden K2 Falcon”) 746,800 0.78% 0.08% No
Infore Funds Series 1 Open-
ended Fund Company
(“Infore Capital”) 746,800 0.78% 0.08% No
Metazone Link (HK) Limited
(“Metazone”) 746,800 0.78% 0.08% No
MY Asian Opportunities
Master Fund, L.P. (“MY
Asian”) 746,800 0.78% 0.08% No
Ovata Capital Management
Limited (“Ovata Capital”)746,800 0.78% 0.08% No
SR Wealth Securities Limited
(“SR Wealth”) 746,800 0.78% 0.08% No
Ruihua (International)
Investment Limited (“Ruihua
Investment”) 746,800 0.78% 0.08% No
Tianhong Asset Management
Co., Ltd. (天弘基金管理有限
公司) (“Tianhong Fund”) 746,800 0.78% 0.08% Yes
Ye Guofu (葉國富) 746,800 0.78% 0.08% No
CloudAlpha Capital
Management Limited
(“CloudAlpha Capital”) 560,100 0.58% 0.06% No
Everbright Wealth
Management Co., Ltd.
(“Everbright Wealth
Management”) 560,100 0.58% 0.06% Yes
Jump Trading Pacific Pte. Ltd.
(“Jump Trading”) 560,100 0.58% 0.06% Yes
Luhua Daosheng (Beijing)
Enterprise Management &
Development Co., Ltd. (魯花
道生(北京)企業管理發展有
限公司) (“Luhua Daosheng”)560,100 0.58% 0.06% No


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Investor
No. of Offer
Shares
allocated
% of H Shares
(after taking
into account the
full exercise of
the Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised) Note 1
% of total issued
share capital after
the Global Offering
(after taking into
account the full
exercise of the
Offer Size
Adjustment Option
and assuming the
Over-allotment
Option is not
exercised)
Existing
shareholders or
their close
associates Note 2
Mirae Asset Securities Co.,
Ltd. (“Mirae Asset”) 560,100 0.58% 0.06% No
Panjing Harbourview
Investment Fund (盤京港景投
資基金) (“Panjing Fund”) 560,100 0.58% 0.06% No
Wind Sabre Fund SPC
(“WSOF”) 560,100 0.58% 0.06% No
Black Dragon AP SPV1
(“Black Dragon”) 373,400 0.39% 0.04% No
HQ TELECOM SINGAPORE
PTE. LTD. (“Huaqin
Singapore”) 373,400 0.39% 0.04% No
Total 37,220,100 38.83% 3.84%
Notes:
1. The number of H Shares immediately after the Global Offering is the same as the number of Offer Shares to be issued under the
Global Offering.
2. In addition to the Offer Shares subscribed for as Cornerstone Investors, certain Cornerstone Investors and/or their close associates
were allocated further Offer Shares as placees in the International Offering. Please refer to the section headed “Allotment Results
Details – International Offering – Allottees with Waivers / Consents Obtained” in this announcement for details. Only the Offer
Shares subscribed for as Cornerstone Investors are subject to lock-up restrictions as indicated below. For details, please refer to
the section headed “Lock-up Undertakings –Cornerstone Investors” in this announcement.


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Allottees with Waivers / Consents Obtained
Investor
No. of
Offer
Shares
allocated
% of H Shares
(after taking into
account the full
exercise of the
Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised) Note 1
% of total issued
share capital after
the Global Offering
(after taking into
account the full
exercise of the
Offer Size
Adjustment Option
and assuming the
Over-allotment
Option is not
exercised) Relationship
Allottees with waiver from strict compliance with Rule 10.04 of the Listing Rules and consent under
paragraph 1C(2) of the Placing Guidelines in relation to subscription for H Shares by Existing Minority
Shareholders holding more than 1% of the issued share capital of the Company immediately prior to the
completion of the Global Offering and/or their close associates
E Fund Management Co.,
Ltd. (“E Fund”) 102,300 0.11% 0.01%
E Fund also manages
other fund products,
each holding less than
1% of the issued share
capital but in
aggregate holding
more than 1% of the
issued share capital of
the Company.
E Fund Management
(Hong Kong) Co., Ltd.
(“E Fund HK”) 17,700 0.02% 0.002%
E Fund HK is wholly
owned by E Fund,
which also manages
other fund products,
each holding less than
1% of the issued share
capital but in
aggregate holding
more than 1% of the
issued share capital of
the Company.
Allottees with consent under paragraph 18 of Chapter 4.15 of the Guide for New Listing Applicants in
relation to allocations of further H Shares to existing Shareholders and Cornerstone Investors and/or
their close associates Note 2
Janchor Partners Limited 2,800,700 2.92% 0.29%
Close associate of
Janchor Fund, one of
the Cornerstone
Investors
New Golden Future
Limited 1,867,100 1.95% 0.19%
Same entity as the
Cornerstone Investor
MSIP 660,000 0.69% 0.07%
Same entity as the
Cornerstone Investor


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Investor
No. of
Offer
Shares
allocated
% of H Shares
(after taking into
account the full
exercise of the
Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised) Note 1
% of total issued
share capital after
the Global Offering
(after taking into
account the full
exercise of the
Offer Size
Adjustment Option
and assuming the
Over-allotment
Option is not
exercised) Relationship
Foresight Fund (Hong
Kong) Limited 500,000 0.52% 0.05%
Close associate of
Foresight, one of the
Cornerstone Investors
HHLRA 522,800 0.55% 0.05%
Same entity as the
Cornerstone Investor
Pinpoint 522,800 0.55% 0.05%
Same entity as the
Cornerstone Investor
Sunshine Life 522,800 0.55% 0.05%
Same entity as the
Cornerstone Investor
Boyu Capital
Management (Singapore)
Pte. Ltd. 522,800 0.55% 0.05%
Close associate of
Tropical Terrain
Limited, one of the
Cornerstone Investors
YR Asset Management 522,800 0.55% 0.05%
Same entity as the
Cornerstone Investor
HK Greenwoods 396,600 0.41% 0.04%
Same entity as the
Cornerstone Investor
Shanghai Greenwoods
Asset Management Co.,
Ltd. (上海景林資產管理
有限公司, “Shanghai
Greenwoods”) and
Huatai Capital
Investment Limited
(“HTCI”) (in connection
with the OTC swap) 44,000 0.05% 0.005%
Shanghai Greenwoods
is a close associate of
HK Greenwoods, one
of the Cornerstone
Investors
Bosera International 746,800 0.78% 0.08%
Same entity as the
Cornerstone Investor
Cloudview 351,000 0.37% 0.04%
Same entity as the
Cornerstone Investor
CNCB Investment 351,000 0.37% 0.04%
Same entity as the
Cornerstone Investor
China Asset Management
(Hong Kong) Limited 120,000 0.13% 0.01% Close associate of
CNCB Investment,


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Investor
No. of
Offer
Shares
allocated
% of H Shares
(after taking into
account the full
exercise of the
Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised) Note 1
% of total issued
share capital after
the Global Offering
(after taking into
account the full
exercise of the
Offer Size
Adjustment Option
and assuming the
Over-allotment
Option is not
exercised) Relationship
one of the Cornerstone
Investors
Mega Prime 219,400 0.23% 0.02%
Same entity as the
Cornerstone Investor
Poly Platinum 131,600 0.14% 0.01%
Same entity as the
Cornerstone Investor
Infore Capital 133,600 0.14% 0.01%
Same entity as the
Cornerstone Investor
Infore Capital
Management Co., Ltd.
(盈峰資本管理有限公
司, “Infore Capital
Management”) and
CITIC Securities Asset
Management Company
Limited (in connection
with the OTC swap) 70,000 0.07% 0.01%
Infore Capital
Management is a close
associate of Infore
Capital, one of the
Cornerstone Investors
Infore Capital
Management and GF
Global Capital Limited
(“GFGC”) (in
connection with the OTC
swap) 147,400 0.15% 0.02%
Infore Capital
Management is a close
associate of Infore
Capital, one of the
Cornerstone Investors
Li Dongsheng (李東生) 351,000 0.37% 0.04%
A close associate of
Metazone, one of the
Cornerstone Investors
MY Asian 351,000 0.37% 0.04%
Same entity as the
Cornerstone Investor
Ovata Equity Strategies
Master Fund 300,000 0.31% 0.03%
A close associate of
Ovata Capital, one of
the Cornerstone
Investors
SR Wealth 351,000 0.37% 0.04% Same entity as the
Cornerstone Investor


--- page 13 ---
13
Investor
No. of
Offer
Shares
allocated
% of H Shares
(after taking into
account the full
exercise of the
Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised) Note 1
% of total issued
share capital after
the Global Offering
(after taking into
account the full
exercise of the
Offer Size
Adjustment Option
and assuming the
Over-allotment
Option is not
exercised) Relationship
Ruihua Investment 313,600 0.33% 0.03% Same entity as the
Cornerstone Investor
CloudAlpha Capital 186,700 0.19% 0.02% Same entity as the
Cornerstone Investor
Everbright Wealth
Management 186,700 0.19% 0.02% Same entity as the
Cornerstone Investor
ICBC Wealth
Management Co., Ltd.
(through EPF
GUANGYING
OVERSEAS NO.38
QDII SMA as an asset
manager) 11,000 0.01% 0.001%
The asset manager is a
close associate of
Everbright Wealth
Management, one of
the Cornerstone
Investors
Jump Trading 261,000 0.27% 0.03% Same entity as the
Cornerstone Investor
Luhua Daosheng 149,300 0.16% 0.02% Same entity as the
Cornerstone Investor
Mirae Asset 223,700 0.23% 0.02% Same entity as the
Cornerstone Investor
Mirae Asset Securities
(HK) Limited 37,300 0.04% 0.004%
A close associate of
Mirae Asset, one of
the Cornerstone
Investors
Panjing Fund 186,700 0.19% 0.02% Same entity as the
Cornerstone Investor
WSOF 186,700 0.19% 0.02% Same entity as the
Cornerstone Investor
Black Dragon 373,400 0.39% 0.04% Same entity as the
Cornerstone Investor
Allottees with consent under paragraph 1C(1) of the Placing Guidelines and Chapter 4.15 of the Guide
for New Listing Applicants in relation to allocations to connected clients Note 3
China Securities
(International)
Investment Company
Limited (“CSII”) 3,700 0.004% 0.0004%
Connected client as a
placee
GF International
Investment Management 45,000 0.05% 0.005%
Connected client as a
placee


--- page 14 ---
14
Investor
No. of
Offer
Shares
allocated
% of H Shares
(after taking into
account the full
exercise of the
Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised) Note 1
% of total issued
share capital after
the Global Offering
(after taking into
account the full
exercise of the
Offer Size
Adjustment Option
and assuming the
Over-allotment
Option is not
exercised) Relationship
Limited (“GF
International”)
Value Partners Hong
Kong Limited
(“VPHKL”) 38,800 0.04% 0.004%
Connected client as a
placee
Value Partners Limited
(“VPL”) 6,200 0.01% 0.001%
Connected client as a
placee
E Fund 102,300 0.11% 0.01%
Connected client as a
placee
E Fund HK 17,700 0.02% 0.002%
Connected client as a
placee
GF Securities Asset
Management
(Guangdong) Co., Ltd.
(“GF Securities AM”) 2,529,700 2.64% 0.26%
Connected client
investing as an asset
manager of certain
cornerstone investors
(being Huizhou
Huilian, Everbright
Wealth Management
and Luhua Daosheng)
and placees
GFGC 166,100 0.17% 0.02%
Connected client as a
placee
CICC Financial Trading
Limited (“CICC FT”) 3,651,000 3.81% 0.38%
Connected client as a
placee
ABCI Asset Management
Limited (“ABCI AM”) 55,000 0.06% 0.01%
Connected client as a
placee
HTCI  4,428,000 4.62% 0.46%
Connected client as a
placee
China Southern Asset
Management Co., Ltd.
(“China Southern”)  45,000 0.05% 0.005%
Connected client as a
placee
Bosera International 1,493,600 1.56% 0.15%
Connected client as a
cornerstone investor
and a placee


--- page 15 ---
15
Investor
No. of
Offer
Shares
allocated
% of H Shares
(after taking into
account the full
exercise of the
Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised) Note 1
% of total issued
share capital after
the Global Offering
(after taking into
account the full
exercise of the
Offer Size
Adjustment Option
and assuming the
Over-allotment
Option is not
exercised) Relationship
Guotai Junan Financial
Products Limited
(“GTJA FP”) 9,405,800 9.81% 0.97%
Connected client as a
placee
HuaAn Fund
Management Co., Ltd
(“HuaAn”) 3,700 0.004% 0.0004%
Connected client as a
placee
Fullgoal Fund
Management Co., Ltd.
(“Fullgoal Fund”) 107,000 0.11% 0.01%
Connected client as a
placee
Fullgoal Asset
Management (HK)
Limited (“Fullgoal HK”) 19,300 0.02% 0.002%
Connected client as a
placee
ICBC UBS Asset
Management Co., Ltd.
(“ICBC UBS”) and
ICBC UBS Asset
Management
(International) Company
Limited (“ICBC UBS
(International)”) 20,000 0.02% 0.002%
Connected client as a
placee
UBS Asset Management
(Singapore) Limited
(“UBS AM Singapore”) 180,000 0.19% 0.02%
Connected client as a
placee
BOCHK Asset
Management Limited
(“BOC AM”) 25,000 0.03% 0.003%
Connected client as a
placee
JPMorgan Asset
Management (Asia
Pacific) Limited (“JPM
AM”) 240,000 0.25% 0.02%
Connected client as a
placee
SR Wealth
1,097,800 1.15% 0.11%
Connected client as a
cornerstone investor
and a placee
China Galaxy
International Investment 1,317,800 1.37% 0.14%
Connected client as a
placee


--- page 16 ---
16
Investor
No. of
Offer
Shares
allocated
% of H Shares
(after taking into
account the full
exercise of the
Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised) Note 1
% of total issued
share capital after
the Global Offering
(after taking into
account the full
exercise of the
Offer Size
Adjustment Option
and assuming the
Over-allotment
Option is not
exercised) Relationship
Company Limited
(“CGII”)
Shenwan Hongyuan
Group Co., Ltd.
(“SWHY”) (through GF
Securities AM as the
asset manager) 15,000 0.02% 0.002%
Connected client as a
placee
Allottees with waiver from strict compliance with Rules 10.03, 10.04 and 9.09(b) of the Listing Rules and
consent under paragraph 1C(2) of the Placing Guidelines in relation to allocations to the Eligible Core
Connected Person Participants under the Employee Preferential Offering Note 4
Eligible Core Connected
Person Participants 445,032 0.46% 0.05%
Eligible Employees
who are directors,
supervisors or chief
executives of the
Company’s
subsidiaries and/or
their close associates
Notes:
1. The number of H Shares immediately after the Global Offering is the same as the number of Offer Shares to be issued under the
Global Offering.
2. The number of Offer Shares allocated to the relevant investors listed in this subsection only represents the number of Offer Shares
allocated to the investors as placees in the International Offering. For allocations of Offer Shares to the relevant investors and/or
their close associates as Cornerstone Investors, please refer to the section headed “Allotment Results Details – International
Offering – Cornerstone Investors” in this announcement. For details of the consent under paragraph 18 of Chapter 4.15 of the
Guide for New Listing Applicants in relation to allocations of further H Shares to the existing Shareholders and Cornerstone
Investors and/or their close associates, please refer to the section headed “Others / Additional Information – Allocations of Offer
Shares to the existing Shareholders and Cornerstone Investors and/or their close associates with a consent under paragraph 18 of
Chapter 4.15 of the Guide for New Listing Applicants” in this announcement.
3. For details of the consent under paragraph 1C(1) of the Placing Guidelines and Chapter 4.15 of the Guide for New Listing
Applicants in relation to allocations to connected clients, please refer to the sections headed “Others / Additional Information –
Placing to connected clients with a consent under paragraph 1C(1) of the Placing Guidelines” and “Others / Additional
Information – Allocations of Offer Shares to the existing Shareholders and the Cornerstone Investors and/or their close associates
with a consent under paragraph 18 of Chapter 4.15 of the Guide for New Listing Applicants” in this announcement.
4. For details of the waiver from strict compliance with Rules 10.03, 10.04 and 9.09(b) of the Listing Rules and consent under
paragraph 1C(2) of the Placing Guidelines in relation to allocations to Eligible Core Connected Person Participants and the
Employee Preferential Offering, please refer to the sections headed “Waivers – Waiver in respect of Allocations to Eligible Director
Participants, Existing Shareholder Employee Participants and Restrictions on Dealings in Securities by Core Connected Persons
during the Listing Application Process”, “Structure of the Global Offering – The Overseas Employee Preferential Offering” and
“Structure of the Global Offering – The PRC Employee Preferential Offering” of the Prospectus. For details of the allocations
under the PRC Employee Preferential Offering, please refer to the section headed “Others / Additional Information – Allocations
under the PRC Employee Preferential Offering” in this announcement.


--- page 17 ---
17
Allottees who are customer(s) and/or supplier(s) of the Company
Investor
No. of Offer
Shares
allocated
% of H Shares
(after taking
into account the
full exercise of
the Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised) Note 1
% of total issued
share capital after
the Global Offering
(after taking into
account the full
exercise of the
Offer Size
Adjustment Option
and assuming the
Over-allotment
Option is not
exercised) Relationship
Hong Kong Mason 1,867,100 1.95% 0.19%
Subsidiary of a
supplier of the
Group
Huaqin Singapore 373,400 0.39% 0.04%
Subsidiary of a
customer of the
Group
Note:
1. The number of H Shares immediately after the Global Offering is the same as the number of Offer Shares to be issued under the
Global Offering.


--- page 18 ---
18
LOCK-UP UNDERTAKINGS
Largest Group of Shareholders
Name Note 1
Number and
description 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
(after taking into
account the full
exercise of the Offer
Size Adjustment Option
and assuming the Over-
allotment Option is not
exercised) Note 2
% of shareholding in
the Company subject
to lock-up
undertakings (after
taking into account
the full exercise of the
Offer Size Adjustment
Option and assuming
the Over-allotment
Option is not
exercised)
Last day subject to
the lock-up
undertakings Note 3
Shenghua
Xinye
134,837,190 A
Shares
- 13.92% October 20, 2026 Note
4
Hong Kong
Victory
Giant
131,432,001 A
Shares
- 13.57% October 20, 2026 Note
4
Ms. Liu
Chunlan
3,791,642 A
Shares
- 0.39% October 20, 2026 Note
4
Notes:
1. For illustrative purposes only, this subsection lists only those members of the Largest Group of Shareholders who hold Shares
directly in the Company. Pursuant to Rule 10.07 of the Listing Rules, each member of the Largest Group of Shareholders
(namely, Mr. Chen Tao, Ms. Liu Chunlan, Shenghua Xinye, Hongda Investment and Hong Kong Victory Giant) has undertaken
to the Stock Exchange and the Company that, except in connection with the Global Offering (including the Offer Size Adjustment
Option and the Over-allotment Option), he, she or it shall, and shall procure that the relevant registered holders of the Shares
in which he, she or it is beneficially interested shall, comply with the applicable lock-up requirements. For further details,
please refer to the section headed “Underwriting – Underwriting Arrangements and Expenses – Hong Kong Public Offering –
Undertakings to the Stock Exchange pursuant to the Listing Rules – Undertakings by the Largest Group of Shareholders” in
the Prospectus.
2. The number of H Shares immediately after the Global Offering is the same as the number of Offer Shares to be issued under
the Global Offering.
3. In accordance with the applicable Listing Rules, the required lock-up for the six-month period will end on October 20, 2026.
4. The Largest Group of Shareholders will cease to be prohibited from disposing of or transferring Shares after the indicated date.


--- page 19 ---
19
Cornerstone Investors
Name
Number and
description 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 (after
taking into account
the full exercise of
the Offer Size
Adjustment Option
and assuming the
Over-allotment
Option is not
exercised) Note 1
% of shareholding in
the Company subject
to lock-up
undertakings (after
taking into account
the full exercise of the
Offer Size Adjustment
Option and assuming
the Over-allotment
Option is not
exercised)
Last day
subject to the
lock-up
undertakings
Note 2
CPE Rosewood 2,800,700 H Shares 2.92% 0.29%
October 20,
2026
Janchor Fund 2,800,700 H Shares 2.92% 0.29%
October 20,
2026
Yunfeng Capital
New Alternative 1,493,700 H Shares 1.56% 0.15%
October 20,
2026
New Golden
Future Limited 746,800 H Shares 0.78% 0.08%
October 20,
2026
Deliante 1,979,200 H Shares 2.06% 0.20%
October 20,
2026
Hong Kong Mason 1,867,100 H Shares 1.95% 0.19%
October 20,
2026
MSIP 1,307,000 H Shares 1.36% 0.13%
October 20,
2026
Foresight 1,120,300 H Shares 1.17% 0.12%
October 20,
2026
HHLRA 1,120,300 H Shares 1.17% 0.12%
October 20,
2026
Pinpoint 1,120,300 H Shares 1.17% 0.12%
October 20,
2026
Sunshine Life 1,120,300 H Shares 1.17% 0.12%
October 20,
2026
Tanwan 1,120,300 H Shares 1.17% 0.12%
October 20,
2026
Tropical Terrain
Limited 1,120,300 H Shares 1.17% 0.12%
October 20,
2026
YR Asset
Management 1,120,300 H Shares 1.17% 0.12%
October 20,
2026
Huizhou Huilian 1,073,500 H Shares 1.12% 0.11%
October 20,
2026
HK Greenwoods 933,500 H Shares 0.97% 0.10%
October 20,
2026
Bosera
International 746,800 H Shares 0.78% 0.08%
October 20,
2026


--- page 20 ---
20
Name
Number and
description 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 (after
taking into account
the full exercise of
the Offer Size
Adjustment Option
and assuming the
Over-allotment
Option is not
exercised) Note 1
% of shareholding in
the Company subject
to lock-up
undertakings (after
taking into account
the full exercise of the
Offer Size Adjustment
Option and assuming
the Over-allotment
Option is not
exercised)
Last day
subject to the
lock-up
undertakings
Note 2
Cloudview 746,800 H Shares 0.78% 0.08%
October 20,
2026
CNCB Investment 746,800 H Shares 0.78% 0.08%
October 20,
2026
GBAHIL
Mega Prime 466,700 H Shares 0.49% 0.05%
October 20,
2026
Poly Platinum 280,000 H Shares 0.29% 0.03%
October 20,
2026
Golden K2 Falcon 746,800 H Shares 0.78% 0.08%
October 20,
2026
Infore Capital 746,800 H Shares 0.78% 0.08%
October 20,
2026
Metazone 746,800 H Shares 0.78% 0.08%
October 20,
2026
MY Asian 746,800 H Shares 0.78% 0.08%
October 20,
2026
Ovata Capital 746,800 H Shares 0.78% 0.08%
October 20,
2026
SR Wealth 746,800 H Shares 0.78% 0.08%
October 20,
2026
Ruihua Investment 746,800 H Shares 0.78% 0.08%
October 20,
2026
Tianhong Fund 746,800 H Shares 0.78% 0.08%
October 20,
2026
Ye Guofu 746,800 H Shares 0.78% 0.08%
October 20,
2026
CloudAlpha
Capital 560,100 H Shares 0.58% 0.06%
October 20,
2026
Everbright Wealth
Management 560,100 H Shares 0.58% 0.06%
October 20,
2026
Jump Trading
Pacific 560,100 H Shares 0.58% 0.06%
October 20,
2026
Luhua Daosheng 560,100 H Shares 0.58% 0.06%
October 20,
2026
Mirae Asset 560,100 H Shares 0.58% 0.06%
October 20,
2026


--- page 21 ---
21
Name
Number and
description 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 (after
taking into account
the full exercise of
the Offer Size
Adjustment Option
and assuming the
Over-allotment
Option is not
exercised) Note 1
% of shareholding in
the Company subject
to lock-up
undertakings (after
taking into account
the full exercise of the
Offer Size Adjustment
Option and assuming
the Over-allotment
Option is not
exercised)
Last day
subject to the
lock-up
undertakings
Note 2
Panjing Fund 560,100 H Shares 0.58% 0.06%
October 20,
2026
WSOF 560,100 H Shares 0.58% 0.06%
October 20,
2026
Black Dragon 373,400 H Shares 0.39% 0.04%
October 20,
2026
Huaqin Singapore 373,400 H Shares 0.39% 0.04%
October 20,
2026
Notes:
1. The number of H Shares immediately after the Global Offering is the same as the number of Offer Shares to be issued under the Global
Offering.
2. In accordance with the relevant cornerstone investment agreements, the required lock-up periods will end on October 20, 2026. The
Cornerstone Investors will cease to be prohibited from disposing of or transferring the H Shares subscribed for pursuant to the relevant
cornerstone investment agreements after the indicated date.


--- page 22 ---
22
PLACEE CONCENTRATION ANALYSIS
Placees*
Number of H
Shares allotted
Allotment
as % of the
International
Offering
(assuming no
exercise of the
Over-allotment
Option)**
Allotment
as % of the
International
Offering
(assuming the
Over-allotment
Option is fully
exercised)**
Allotment
as % of
total Offer
Shares
(assuming
no exercise
of the Over-
allotment
Option)
Allotment
as % of
total Offer
Shares
(assuming
the Over-
allotment
Option is
fully
exercised)
Number of H
Shares held upon
Listing
% of total
issued share
capital upon
Listing
(assuming no
exercise of
the Over-
allotment
Option)
% of total
issued share
capital upon
Listing
(assuming
the Over-
allotment
Option is
fully
exercised)
Top 1 5,601,400 6.40% 5.50% 5.84% 5.08% 5,601,400 0.58% 0.57%
Top 5 20,673,900 23.62% 20.29% 21.57% 18.76% 20,673,900 2.13% 2.10%
Top 10 31,192,400 35.64% 30.61% 32.54% 28.30% 31,192,400 3.22% 3.17%
Top 25 53,711,900 61.37% 52.71% 56.04% 48.73% 53,711,900 5.55% 5.47%
Notes:
* Ranking of placees is based on the number of H Shares allotted to the placees.
** The International Offering includes the PRC Employee Preferential Offering.


--- page 23 ---
23
H SHAREHOLDERS CONCENTRATION ANALYSIS
H
Shareholders*
Number of H
Shares
allotted
Allotment as %
of the
International
Offering
(assuming no
exercise of the
Over-allotment
Option)**
Allotment as %
of the
International
Offering
(assuming the
Over-allotment
Option is fully
exercised)**
Allotment
as % of
total Offer
Shares
(assuming
no exercise
of the Over-
allotment
Option)
Allotment
as % of total
Offer Shares
(assuming
the Over-
allotment
Option is
fully
exercised)
Number of H
Shares held
upon Listing
% of total
issued share
capital upon
Listing
(assuming no
exercise of the
Over-
allotment
Option)
% of total
issued share
capital upon
Listing
(assuming the
Over-
allotment
Option is fully
exercised)
Top 1 5,601,400 6.40% 5.50% 5.84% 5.08% 5,601,400 0.58% 0.57%
Top 5 20,673,900 23.62% 20.29% 21.57% 18.76% 20,673,900 2.13% 2.10%
Top 10 31,192,400 35.64% 30.61% 32.54% 28.30% 31,192,400 3.22% 3.17%
Top 25 53,711,900 61.37% 52.71% 56.04% 48.73% 53,711,900 5.55% 5.47%
Notes:
* Ranking of H Shareholders is based on the number of H Shares held by the Shareholders upon Listing.
** The International Offering includes the PRC Employee Preferential Offering.


--- page 24 ---
24
SHAREHOLDERS CONCENTRATION ANALYSIS
Shareholders*
Number of H
Shares
allotted
Allotment
as % of the
International
Offering
(assuming no
exercise of
the Over-
allotment
Option)**
Allotment
as % of the
International
Offering
(assuming
the Over-
allotment
Option is
fully
exercised)**
Allotment
as % of
total Offer
Shares
(assuming
no exercise
of the Over-
allotment
Option)
Allotment
as % of
total Offer
Shares
(assuming
the Over-
allotment
Option is
fully
exercised)
Number of H
Shares held
upon Listing
Number of
Shares held
upon Listing
% of total
issued
share
capital
upon
Listing
(assuming
no exercise
of the
Over-
allotment
Option)
% of total
issued
share
capital
upon
Listing
(assuming
the Over-
allotment
Option is
fully
exercised)
Top 1 0 0 0 0 0 0 270,060,833 27.89% 27.48%
Top 5 6,547,800 7.48% 6.43% 6.83% 5.94% 6,547,800 332,074,128 34.29% 33.79%
Top 10 15,800,200 18.05% 15.51% 16.48% 14.33% 15,800,200 365,977,549 37.79% 37.24%
Top 25 27,048,200 30.91% 26.55% 28.22% 24.54% 27,048,200 413,756,441 42.73% 42.10%
Notes:
* Ranking of Shareholders is based on the number of Shares held by the Shareholders upon Listing.
** The International Offering includes the PRC Employee Preferential Offering.


--- page 25 ---
25
BASIS OF ALLOCATION UNDER THE HONG KONG PUBLIC OFFERING
Subject to the satisfaction of the conditions set out in the Prospectus, valid applications made by
the public will be conditionally allocated on the basis set out below:
NO. OF H
SHARES
APPLIED
FOR
NO. OF VALID
APPLICATIONS
BASIS OF ALLOTMENT /
BALLOT
APPROXIMATE
PERCENTAGE
ALLOTTED OF THE
TOTAL NO. OF H
SHARES APPLIED
FOR
POOL A
100 77,460
553 out of 77,460 to receive 100
Shares 0.71%
200 22,437
320 out of 22,437 to receive 100
Shares 0.71%
300 7,527
161 out of 7,527 to receive 100
Shares 0.71%
400 9,223
263 out of 9,223 to receive 100
Shares 0.71%
500 7,281
260 out of 7,281 to receive 100
Shares 0.71%
600 3,720
159 out of 3,720 to receive 100
Shares 0.71%
700 3,178
159 out of 3,178 to receive 100
Shares 0.71%
800 2,839
162 out of 2,839 to receive 100
Shares 0.71%
900 3,787
243 out of 3,787 to receive 100
Shares 0.71%
1,000 14,124
1,008 out of 14,124 to receive
100 Shares 0.71%
1,500 7,563
809 out of 7,563 to receive 100
Shares 0.71%
2,000 6,427
917 out of 6,427 to receive 100
Shares 0.71%
2,500 4,150
740 out of 4,150 to receive 100
Shares 0.71%
3,000 4,046
866 out of 4,046 to receive 100
Shares 0.71%
3,500 2,628
656 out of 2,628 to receive 100
Shares 0.71%
4,000 2,867
818 out of 2,867 to receive 100
Shares 0.71%
4,500 2,549
818 out of 2,549 to receive 100
Shares 0.71%
5,000 4,691
1,673 out of 4,691 to receive
100 Shares 0.71%


--- page 26 ---
26
6,000 3,029
1,296 out of 3,029 to receive
100 Shares 0.71%
7,000 2,679
1,338 out of 2,679 to receive
100 Shares 0.71%
8,000 2,121
1,210 out of 2,121 to receive
100 Shares 0.71%
9,000 2,177
1,398 out of 2,177 to receive
100 Shares 0.71%
10,000 13,030
9,295 out of 13,030 to receive
100 Shares 0.71%
20,000 9,913
100 Shares plus 4,229 out of
9,913 to receive additional 100
Shares 0.71%
Total 219,446
Total number of Pool A
successful applicants: 35,035
POOL B
30,000 10,843
4,759 out of 10,843 to receive
100 Shares 0.15%
40,000 4,543
2,659 out of 4,543 to receive 100
Shares 0.15%
50,000 3,098
2,266 out of 3,098 to receive 100
Shares 0.15%
60,000 2,114
1,856 out of 2,114 to receive 100
Shares 0.15%
70,000 1,561
100 Shares plus 38 out of 1,561
to receive additional 100 Shares 0.15%
80,000 1,247
100 Shares plus 212 out of 1,247
to receive additional 100 Shares 0.15%
90,000 982
100 Shares plus 311 out of 982 to
receive additional 100 Shares 0.15%
100,000 3,924
100 Shares plus 1,817 out of
3,924 to receive additional 100
Shares 0.15%
200,000 1,380
200 Shares plus 1,278 out of
1,380 to receive additional 100
Shares 0.15%
300,000 539
400 Shares plus 210 out of 539 to
receive additional 100 Shares 0.15%
400,000 265
500 Shares plus 226 out of 265 to
receive additional 100 Shares 0.15%
500,000 366
700 Shares plus 115 out of 366 to
receive additional 100 Shares 0.15%
1,000,000 167
1,400 Shares plus 105 out of 167
to receive additional 100 Shares 0.15%
1,500,000 41
2,100 Shares plus 39 out of 41 to
receive additional 100 Shares 0.15%
2,000,000 50
2,900 Shares plus 13 out of 50 to
receive additional 100 Shares 0.15%


--- page 27 ---
27
3,750,700 40
5,400 Shares plus 34 out of 40 to
receive additional 100 Shares 0.15%
Total 31,160
Total number of Pool B
successful applicants: 22,102
BASIS OF ALLOCATION UNDER THE OVERSEAS EMPLOYEE PREFERENTIAL
OFFERING
Subject to the satisfaction of the conditions set out in the Prospectus, a total of 46 valid applications
via Pink Form eIPO service will be conditionally allocated on the basis set out below. No preferential
treatment was given to any of the Overseas Eligible Employees in the allocation of the Shares applied
for by them under the Overseas Employee Preferential Offering and such allocation of Shares under
the Overseas Employee Preferential Offering was made in accordance with the allocation basis
described in the Prospectus. The 482,000 Overseas Employees Reserved Shares validly applied for
will be allocated to Overseas Eligible Employees who have applied pursuant to the Overseas Employee
Preferential Offering. The 351,400 under-subscribed Overseas Employee Reserved Shares were
reallocated to the Hong Kong Public Offering for subscription by the public in Hong Kong.
Number of
Overseas
Employee
Reserved
Shares
Applied for
Number of
Valid
Applications Basis of Allotment/Ballot
Total
Number
of
Overseas
Employee
Reserved
Shares
Allotted
Approximate
Percentage
Allocation
Based on the
Total
Number of
Employee
Reserved
Shares
Applied for
100 1
Allot Overseas Employee Reserved
Shares applied for in full 100 100%
300 2
Allot Overseas Employee Reserved
Shares applied for in full 600 100%
500 2
Allot Overseas Employee Reserved
Shares applied for in full 1,000 100%
700 2
Allot Overseas Employee Reserved
Shares applied for in full 1,400 100%
900 1
Allot Overseas Employee Reserved
Shares applied for in full 900 100%
1,000 6
Allot Overseas Employee Reserved
Shares applied for in full 6,000 100%
2,000 3
Allot Overseas Employee Reserved
Shares applied for in full 6,000 100%
3,000 8
Allot Overseas Employee Reserved
Shares applied for in full 24,000 100%
4,000 4
Allot Overseas Employee Reserved
Shares applied for in full 16,000 100%
5,000 2
Allot Overseas Employee Reserved
Shares applied for in full 10,000 100%


--- page 28 ---
28
6,000 3
Allot Overseas Employee Reserved
Shares applied for in full 18,000 100%
8,000 1
Allot Overseas Employee Reserved
Shares applied for in full 8,000 100%
10,000 3
Allot Overseas Employee Reserved
Shares applied for in full 30,000 100%
20,000 4
Allot Overseas Employee Reserved
Shares applied for in full 80,000 100%
30,000 1
Allot Overseas Employee Reserved
Shares applied for in full 30,000 100%
40,000 1
Allot Overseas Employee Reserved
Shares applied for in full 40,000 100%
60,000 1
Allot Overseas Employee Reserved
Shares applied for in full 60,000 100%
150,000 1
Allot Overseas Employee Reserved
Shares applied for in full 150,000 100%
Total 46
Total number of successful
applicants: 46 482,000
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 H Shares.
The Directors confirm that, to the best of their knowledge, the consideration paid by the placees or the
public (as the case may be) directly or indirectly for each Offer Share subscribed for or purchased by
them is the same as the final Offer Price in addition to any brokerage, AFRC transaction levy, SFC
transaction levy and trading fee payable.
OTHERS / ADDITIONAL INFORMATION
Offer Size Adjustment Option
The Offer Size Adjustment Option has been exercised by the Sponsor-Overall Coordinators in full,
pursuant to which the Company is issuing and allotting 12,502,000 additional H Shares, representing
approximately 15.0% of the total number of H Shares initially available under the Global Offering, at
the final Offer Price. All of the additional H Shares that would be allotted and issued by the Company
pursuant to the full exercise of the Offer Size Adjustment Option will be allocated to the International
Offering.
Accordingly, the total number of Offer Shares finally available under the Global Offering (after taking
into account the full exercise of the Offer Size Adjustment Option and before any exercise of the Over-
allotment Option) that would be allotted and issued by the Company is 95,850,000 H Shares and the
total issued share capital of the Company upon Listing (after taking into account the full exercise of
the Offer Size Adjustment Option and before any exercise of the Over-allotment Option) will be
968,407,313 Shares.
Allocation of H Shares to Existing Minority Shareholders and their close associates


--- page 29 ---
29
The Company has applied for, and the Stock Exchange has granted, a waiver from strict compliance
with Rule 10.04 of, and a consent under paragraph 1C(2) of Appendix F1 to, the Listing Rules to
permit H Shares in the International Offering to be placed to certain existing minority Shareholders
who (i) hold less than 5% of the total number of A Shares in issue of the Company prior to the
completion of the Global Offering and (ii) are not and will not become (upon the completion of the
Global Offering) core connected persons of the Company or the close associates of any such core
connected person (together, the “Existing Minority Shareholders”), on the following conditions:
(i) each Existing Minority Shareholder to whom the Company may allocate the H Shares in
the International Offering holds less than 5% of the total number of A Shares in issue of
the Company prior to the completion of the Global Offering;
(ii) each Existing Minority Shareholder is not, and will not be, a core connected person of the
Company or any close associate of any such core connected person immediately prior to or
following the Global Offering;
(iii) none of the Existing Minority Shareholders has the right to appoint a Director and/or have
any other special rights;
(iv) allocation to the Existing Minority Shareholders or their close associates will not affect the
Company’s ability to satisfy the public float requirement as prescribed under Rule 8.08 (as
amended and replaced by Rule 19A.13A) of the Listing Rules;
(v) no preferential treatment is given to the Existing Minority Shareholders or their respective
close associates (other than the assured entitlement for a cornerstone investor); and
(vi) details of the allocation to the Existing Minority Shareholders and/or their respective close
associates holding more than 1% of the issued share capital of the Company immediately
prior to the completion of the Global Offering have been disclosed in this announcement.
Please refer to the section headed “Waivers – Allocation of H Shares to Existing Minority Shareholders
and Their Close Associates” in the Prospectus for further details of the waiver and consent. As the A
Shares are listed on the ChiNext Market of Shenzhen Stock Exchange since June 11, 2015, the
Company has a highly extensive base of existing Shareholders and disclosure of details of allocations
to all Existing Minority Shareholders and/or their respective close associates will not be meaningful
to investors, the proposed disclosure threshold, i.e. condition (vi) of the waiver and consent which
provides that details of the allocation to the Existing Minority Shareholders and/or their respective
close associates holding more than 1% of the issued share capital of the Company immediately prior
to the completion of the Global Offering will be disclosed in this announcement, is appropriate.
Allocations of Offer Shares to existing Shareholders and Cornerstone Investors and/or their
close associates with a consent under Chapter 4.15 of the Guide for New Listing Applicants
The Company has applied to, and the Stock Exchange has granted, a consent under Chapter 4.15 of
the Guide for New Listing Applicants to permit the Company to allocate further Offer Shares in the
International Offering to certain existing Shareholders and Cornerstone Investors and/or their close
associates as placees, subject to the following conditions (the “Allocation to Size-based Exemption
Participants”):


--- page 30 ---
30
(a) the final offering size of the Global Offering, excluding any over-allocation, will be of a total
value of at least HK$1 billion;
(b)  the Offer Shares allocated to all existing Shareholders (whether as Cornerstone Investors and/or
as placees) as permitted under this exemption do not exceed 30% of the total number of Offer
Shares offered under the Global Offering;
(c)  the Allocation to Size-based Exemption Participants will not affect the Company’s ability to
satisfy its public float requirement under Rule 8.08(1) (as amended and replaced by Rule
19A.13A) of the Listing Rules;
(d) each of the Directors and chief executive of the Company confirms that no securities have been
allocated to them or their respective close associates under this exemption; and
(e) details of the Cornerstone Investors and/or their close associates under this exemption will be
disclosed in this announcement.
Such allocations of Offer Shares are in compliance with all the conditions under the consent granted
by the Stock Exchange.
For details of the allocations of Offer Shares to Cornerstone Investors, please refer to the section
headed “Allotment Results Details – International Offering – Allottees with Waivers / Consents
Obtained” in this announcement.
Placing to connected clients with a consent under paragraph 1C(1) of the Placing Guidelines
The Company has applied to the Stock Exchange for, and the Stock Exchange has granted, a consent
under paragraph 1C(1) of the Placing Guidelines to permit each of Huizhou Huilian, Everbright Wealth
Management and Luhua Daosheng and Huizhou Huilian (through GF Securities AM as the asset
manager) to participate in the Global Offering as a cornerstone investor. For details of the consent
granted, please refer to “Waivers – Consent in respect of the Proposed Subscription of H Shares by
Everbright Wealth Management, Luhua Daosheng and Huizhou Huilian through GF Securities AM”
in the Prospectus.
In addition, under the International Offering, certain Offer Shares were placed to connected clients of
their connected distributors pursuant to the Placing Guidelines as placees. Please refer to the section
headed “Allotment Results Details – International Offering – Allottees with Waivers / Consents
Obtained” in this announcement for details. The Company has applied to the Stock Exchange for, and
the Stock Exchange has granted, a consent under paragraph 1C(1) of the Placing Guidelines to permit
the Company to allocate such Offer Shares in the International Offering to the connected clients as
placees. The allocation of Offer Shares to such connected clients is in compliance with all the
conditions under the consent granted by the Stock Exchange. Details of the placement to connected
clients as placees are set out below:


--- page 31 ---
31
No. Connected
Distributor
Connected
Client
Relationship Whether the
connected client
is a collective
investment
scheme which is
not authorised by
the SFC or is
expected to hold
the Offer Shares
on behalf of such
scheme
Whether the
connected client will
hold the beneficial
interests of the Offer
Shares on a non-
discretionary basis
or discretionary
basis for
independent third
parties
Number of Offer
Shares to be
allocated to the
Connected Client
Approximate percentage
of total number of Offer
Shares under the Global
Offering (after taking into
account the full exercise of
the Offer Size Adjustment
Option and assuming no
exercise of the Over-
allotment Option)
Approximate percentage of
total issued share capital
immediately following the
Global Offering (after taking
into account the full exercise
of the Offer Size Adjustment
Option and assuming the
Over-allotment Option is not
exercised)
1. China Securities
(International)
Corporate
Finance
Company
Limited
(“CSCI”)
CSII Note 1 CSII is a member
of the same
group of CSCI.
N Non-discretionary
basis
3,700 0.004% 0.0004%
2. GF Securities
(Hong Kong)
Brokerage
Limited (“GF
Securities
(Hong Kong)
Brokerage”)
GF International
Note 2
GF International
is a member of
the same group
of companies as
GF Securities
(Hong Kong)
Brokerage.
Y Discretionary basis 45,000 0.05% 0.005%
3. VPHKL and
VPL Note 3
GF Securities
(Hong Kong)
Brokerage is an
indirect wholly-
owned subsidiary
of GF Securities
Co., Ltd. (“GF
Securities”).
Each of VPHKL
and VPL is a
wholly-owned
subsidiary of
Y Discretionary basis VPHKL: 38,800 0.04% 0.004%
VPL: 6,200 0.01% 0.001%


--- page 32 ---
32
No. Connected
Distributor
Connected
Client
Relationship Whether the
connected client
is a collective
investment
scheme which is
not authorised by
the SFC or is
expected to hold
the Offer Shares
on behalf of such
scheme
Whether the
connected client will
hold the beneficial
interests of the Offer
Shares on a non-
discretionary basis
or discretionary
basis for
independent third
parties
Number of Offer
Shares to be
allocated to the
Connected Client
Approximate percentage
of total number of Offer
Shares under the Global
Offering (after taking into
account the full exercise of
the Offer Size Adjustment
Option and assuming no
exercise of the Over-
allotment Option)
Approximate percentage of
total issued share capital
immediately following the
Global Offering (after taking
into account the full exercise
of the Offer Size Adjustment
Option and assuming the
Over-allotment Option is not
exercised)
Value Partners
Group Limited, a
company listed
on the Stock
Exchange (stock
code: 806)
(“Value
Partners
Group”). Since
GF Securities is
interested in
20.04% of the
issued share
capital of Value
Partners Group,
it renders each of
VPHKL and
VPL an associate
of GF Securities.
Each of VPHKL
and VPL is
therefore a
member of the
same group
companies as GF
Securities (Hong
Kong)
Brokerage.


--- page 33 ---
33
No. Connected
Distributor
Connected
Client
Relationship Whether the
connected client
is a collective
investment
scheme which is
not authorised by
the SFC or is
expected to hold
the Offer Shares
on behalf of such
scheme
Whether the
connected client will
hold the beneficial
interests of the Offer
Shares on a non-
discretionary basis
or discretionary
basis for
independent third
parties
Number of Offer
Shares to be
allocated to the
Connected Client
Approximate percentage
of total number of Offer
Shares under the Global
Offering (after taking into
account the full exercise of
the Offer Size Adjustment
Option and assuming no
exercise of the Over-
allotment Option)
Approximate percentage of
total issued share capital
immediately following the
Global Offering (after taking
into account the full exercise
of the Offer Size Adjustment
Option and assuming the
Over-allotment Option is not
exercised)
4. E Fund Note 4 E Fund is a
member of the
same group of
companies as GF
Securities (Hong
Kong)
Brokerage.
N Discretionary basis 102,300 0.11% 0.01%
5. E Fund HK Note 5 E Fund HK is a
member of the
same group of
companies as GF
Securities (Hong
Kong)
Brokerage.
N Discretionary basis 17,700 0.02% 0.002%
6. GF Securities
AM Note 6
GF Securities
AM is a member
of the same
group of
companies as GF
Securities (Hong
Kong)
Brokerage.
N Non-discretionary
basis
2,529,700 2.64% 0.26%
7. GFGC Note 7 GFGC is a
member of the
same group of
companies as GF
Securities (Hong
Kong)
Brokerage.
N Non-discretionary
basis
166,100 0.17% 0.02%


--- page 34 ---
34
No. Connected
Distributor
Connected
Client
Relationship Whether the
connected client
is a collective
investment
scheme which is
not authorised by
the SFC or is
expected to hold
the Offer Shares
on behalf of such
scheme
Whether the
connected client will
hold the beneficial
interests of the Offer
Shares on a non-
discretionary basis
or discretionary
basis for
independent third
parties
Number of Offer
Shares to be
allocated to the
Connected Client
Approximate percentage
of total number of Offer
Shares under the Global
Offering (after taking into
account the full exercise of
the Offer Size Adjustment
Option and assuming no
exercise of the Over-
allotment Option)
Approximate percentage of
total issued share capital
immediately following the
Global Offering (after taking
into account the full exercise
of the Offer Size Adjustment
Option and assuming the
Over-allotment Option is not
exercised)
8. China
International
Capital
Corporation
Hong Kong
Securities
Limited
(“CICC”)
CICC FT Note 8 CICC FT is a
member of the
same group of
companies as
CICC.
N Non-discretionary
basis
3,651,000 3.81% 0.38%
9. ABCI Capital
Limited and
ABCI Securities
Company
Limited
(collectively,
“ABCI”)
ABCI AM Note 9 ABCI AM is a
member of the
same group as
ABCI.
N Discretionary basis 55,000 0.06% 0.01%
10. Huatai Financial
Holdings (Hong
Kong) Limited
(“HTFH”)
HTCI HTCI is a
member of the
same group of
HTFH.
N Non-discretionary
basis
Huatai Offshore
Ultimate Client Note
10: 1,482,100
1.55% 0.15%
11. Huatai Onshore
Ultimate Clients Note
11: 2,945,900
3.07% 0.30%
12. China Southern
Note 12
China Southern
is held by Huatai
Securities Co.,
Ltd. as to
41.16%, which
N Discretionary basis 45,000 0.05% 0.005%


--- page 35 ---
35
No. Connected
Distributor
Connected
Client
Relationship Whether the
connected client
is a collective
investment
scheme which is
not authorised by
the SFC or is
expected to hold
the Offer Shares
on behalf of such
scheme
Whether the
connected client will
hold the beneficial
interests of the Offer
Shares on a non-
discretionary basis
or discretionary
basis for
independent third
parties
Number of Offer
Shares to be
allocated to the
Connected Client
Approximate percentage
of total number of Offer
Shares under the Global
Offering (after taking into
account the full exercise of
the Offer Size Adjustment
Option and assuming no
exercise of the Over-
allotment Option)
Approximate percentage of
total issued share capital
immediately following the
Global Offering (after taking
into account the full exercise
of the Offer Size Adjustment
Option and assuming the
Over-allotment Option is not
exercised)
wholly owns
HTFH.
As such, China
Southern and
HTFH is a
member of the
same group of
companies.
13. CMB
International
Securities
Limited
(“CMBI”) and
China Merchants
Securities (HK)
Co., Limited
(“CMS HK”)
Bosera
International Note
13
Bosera
International is a
member of the
same group of
CMBI and CMS
HK.
N Discretionary basis 1,493,600 1.56% 0.15%
14. Guotai Junan
Securities (Hong
Kong) Limited
(“GTJA HK”)
and Haitong
International
Securities
Company
Limited (“HTI”)
GTJA FP Note 14 GTJA FP is a
member of the
same group as
GTJA HK and
HTI.
N Non-discretionary
basis
9,405,800 9.81% 0.97%
15. HuaAn Note 15 HuaAn is a
member of the
same group as
GTJA HK and
HTI.
N Discretionary basis 3,700 0.004% 0.0004%


--- page 36 ---
36
No. Connected
Distributor
Connected
Client
Relationship Whether the
connected client
is a collective
investment
scheme which is
not authorised by
the SFC or is
expected to hold
the Offer Shares
on behalf of such
scheme
Whether the
connected client will
hold the beneficial
interests of the Offer
Shares on a non-
discretionary basis
or discretionary
basis for
independent third
parties
Number of Offer
Shares to be
allocated to the
Connected Client
Approximate percentage
of total number of Offer
Shares under the Global
Offering (after taking into
account the full exercise of
the Offer Size Adjustment
Option and assuming no
exercise of the Over-
allotment Option)
Approximate percentage of
total issued share capital
immediately following the
Global Offering (after taking
into account the full exercise
of the Offer Size Adjustment
Option and assuming the
Over-allotment Option is not
exercised)
16. GTJA HK, HTI
and Shenwan
Hongyuan
Securities (H.K.)
Limited
(“SWHY HK”)
Fullgoal Fund
and Fullgoal HK
Note 16
Fullgoal HK is a
wholly owned
subsidiary of
Fullgoal Fund.
Each of Guotai
Haitong
Securities Co.,
Ltd. and
Shenwan
Hongyuan
Securities Co.,
Ltd. holds
approximately
27.775% in
Fullgoal Fund.
Accordingly,
Fullgoal Fund
and Fullgoal HK
are members of
the same group
companies as
GTJA HK, HTI
and SWHY HK.
N Discretionary basis Fullgoal Fund:
107,000
0.11% 0.01%
Fullgoal HK: 19,300 0.02% 0.002%
17. UBS AG Hong
Kong Branch
(“UBS HK”) and
UBS AG
Singapore
ICBC UBS and
ICBC UBS
(International)
Note 17
ICBC UBS and
ICBC UBS
(International)
are members of
the same group
N Discretionary basis ICBC UBS: 15,500 0.02% 0.002%
ICBC UBS
(International): 4,500
0.005% 0.0005%


--- page 37 ---
37
No. Connected
Distributor
Connected
Client
Relationship Whether the
connected client
is a collective
investment
scheme which is
not authorised by
the SFC or is
expected to hold
the Offer Shares
on behalf of such
scheme
Whether the
connected client will
hold the beneficial
interests of the Offer
Shares on a non-
discretionary basis
or discretionary
basis for
independent third
parties
Number of Offer
Shares to be
allocated to the
Connected Client
Approximate percentage
of total number of Offer
Shares under the Global
Offering (after taking into
account the full exercise of
the Offer Size Adjustment
Option and assuming no
exercise of the Over-
allotment Option)
Approximate percentage of
total issued share capital
immediately following the
Global Offering (after taking
into account the full exercise
of the Offer Size Adjustment
Option and assuming the
Over-allotment Option is not
exercised)
Branch (“UBS
SG”)
of UBS HK and
UBS SG.
18. UBS AM
Singapore Note 18
UBS AM
Singapore is a
member of the
same group of
UBS HK and
UBS SG.
N Discretionary basis 180,000 0.19% 0.02%
19. BOCI Securities
Limited
(“BOCI”)
BOC AM Note 19 BOC AM is a
member of the
same group of
BOCI.
N Discretionary basis 25,000 0.03% 0.003%
20. J.P. Morgan
Securities (Asia
Pacific) Limited
(“JPM SAPL”)
and JPMorgan
Chase Bank,
N.A. (“JPM
Chase”)
JPM AM Note 20 JPM AM is a
member of the
same group of
companies as
JPM SAPL and
JPM Chase.
N Discretionary basis 240,000 0.25% 0.02%
21. SR Wealth (in
the capacity of
SFO Type 1
license holder)
SR Wealth (in
the capacity of
SFO Type 9
license holder)
Note 21
N/A N Discretionary basis 1,097,800 1.15% 0.11%
22. China Galaxy
International
Securities (Hong
CGII Note 22 CGII is a
member of the
N Non-discretionary
basis
1,317,800 1.37% 0.14%


--- page 38 ---
38
__________
Notes:
1. CSII will enter into OTC total return swaps (TRS) with its end client (the “CSII Ultimate Client”), pursuant to which CSII will hold the allocated Offer Shares for the
CSII Ultimate Client on a non-discretionary basis, and all the economic exposure will be passed to the CSII Ultimate Client through OTC total return swaps (TRS).
Details of the CSII Ultimate Client are set out as below:
Name of the CSII Ultimate Client Ultimate beneficial owner(s) holding 30% or more interest (if any)
Shifeng Asset Daqiao No. 8 Private Securities Investment Fund ( 石鋒資產大巧
8 號私募證券投資基金)
Guo Feng (郭鋒)
To best of knowledge of CSII after making all reasonable enquiries, the CSII Ultimate Client is an independent third party of CSII, CSCI and the companies which are
members of the same group of CSCI.
2. GF International will hold the Offer Shares in its capacity as the discretionary fund manager managing the funds on behalf of its investors, each of which is, to the best
knowledge of GF International, an independent third party of GF International, GF Securities (Hong Kong) Brokerage and the companies which are members of the same
group of GF Securities (Hong Kong) Brokerage.
GF International is investing on behalf of certain collective investment schemes which are not authorized by the SFC, details of which are as follow:
No. Connected
Distributor
Connected
Client
Relationship Whether the
connected client
is a collective
investment
scheme which is
not authorised by
the SFC or is
expected to hold
the Offer Shares
on behalf of such
scheme
Whether the
connected client will
hold the beneficial
interests of the Offer
Shares on a non-
discretionary basis
or discretionary
basis for
independent third
parties
Number of Offer
Shares to be
allocated to the
Connected Client
Approximate percentage
of total number of Offer
Shares under the Global
Offering (after taking into
account the full exercise of
the Offer Size Adjustment
Option and assuming no
exercise of the Over-
allotment Option)
Approximate percentage of
total issued share capital
immediately following the
Global Offering (after taking
into account the full exercise
of the Offer Size Adjustment
Option and assuming the
Over-allotment Option is not
exercised)
Kong) Co.,
Limited
(“CGIS”)
same group as
CGIS.
23. SWHY HK SWHY (through
GF Securities
AM as the asset
manager) Note 23
SWHY is a
member of the
same group as
SWHY HK.
N Discretionary basis 15,000 0.02% 0.002%


--- page 39 ---
39
No. Fund name
Types and values of
assets under
management
Whether the
scheme is
publicly markets
Scheme
establishment
date
Identities of the
general partners
and the 20
largest limited
partners of the
scheme where
applicable
Identity of the
scheme
administrator
Relationships
among the
scheme, the
ultimate
beneficial
owner(s), GF
Securities (Hong
Kong)
Brokerage and
the Company
1. GF Luminous Fund Private fund
HK$229 million as of
March 2026
No November 2025 Not applicable as
it is not in
partnership
structure and does
not have any
general partner or
limited partner
NuBright Fund
Services Limited
The scheme and
ultimate
beneficial owners
are independent
third parties of GF
Securities (Hong
Kong) Brokerage
and the Company.
2.  GF Vision Fund Private fund
HK$81 million as of
March 2026
No March 2026 Not applicable as
it is not in
partnership
structure and does
not have any
general partner or
limited partner
NuBright Fund
Services Limited
The scheme and
ultimate
beneficial owners
are independent
third parties of GF
Securities (Hong
Kong) Brokerage
and the Company.
3. Golden Stone Fund Private fund
HK$49 million as of
March 2026
No November 2025 Not applicable as
it is not in
partnership
structure and does
not have any
general partner or
limited partner
NuBright Fund
Services Limited
The scheme and
ultimate
beneficial owners
are independent
third parties of GF
Securities (Hong
Kong) Brokerage
and the Company.
4. Golden Fortune
Opportunity Fund
Private fund
US$5 million as of
March 2026
No November 2013 Not applicable as
it is not in
partnership
structure and does
ICBC (Asia)
Trustee Company
Limited
The scheme and
ultimate
beneficial owners
are independent


--- page 40 ---
40
not have any
general partner or
limited partner
third parties of GF
Securities (Hong
Kong) Brokerage
and the Company.
5. GF Bonanza Fund Private fund
HK$80 million as of
April 2026
No April 2026 Not applicable as
it is not in
partnership
structure and does
not have any
general partner or
limited partner
NuBright Fund
Services Limited
The scheme and
ultimate
beneficial owners
are independent
third parties of GF
Securities (Hong
Kong) Brokerage
and the Company.
3. Each of VPHKL and VPL will hold the beneficial interests of the Offer Shares on a discretionary basis for and on behalf of its ultimate clients, each of whom is, to the
best knowledge of VPHKL and VPL, an independent third party of VPHKL, VPL, GF Securities (Hong Kong) Brokerage and the companies which are members of the
same group of GF Securities (Hong Kong) Brokerage.
VPHKL and VPL are investing on behalf of certain collective investment schemes which are not authorized by the SFC, details of which are as follow:
No. Fund name
Types and values of
assets under
management
Whether the
scheme is
publicly markets
Scheme
establishment
date
Identities of the
general partners
and the 20
largest limited
partners of the
scheme where
applicable
Identity of the
scheme
administrator
Relationships
among the
scheme, the
ultimate
beneficial
owner(s), GF
Securities (Hong
Kong)
Brokerage and
the Company
1. Value Partners Funds
SPC – Value Partners
China A-Share
Innovation Fund SP
Private fund
US$18 million as of
December 31, 2025
N March 2002 Not applicable as
it is not in
partnership
structure and does
not have any
general partner or
limited partner
HSBC Trustee
(Cayman) Limited
The scheme and
ultimate
beneficial owners
are independent
third parties of GF
Securities (Hong
Kong) Brokerage
and the Company.


--- page 41 ---
41
2. Value Partners Ireland
Fund ICAV – Value
Partners Asia Ex-Japan
Equity Fund
ICAV public fund
US$21 million as of
December 31, 2025
Y September 2018 Not applicable as
it is not in
partnership
structure and does
not have any
general partner or
limited partner
HSBC Securities
Services (Ireland)
DAC
The scheme and
ultimate
beneficial owners
are independent
third parties of GF
Securities (Hong
Kong) Brokerage
and the Company.
3. Value Partners
Intelligent Funds - JA-
VP China New Century
Fund
Private fund
US$6 million as of
December 31, 2025
N March 2002 Not applicable as
it is not in
partnership
structure and does
not have any
general partner or
limited partner
HSBC Trustee
(Cayman)
Limited
The scheme and
ultimate
beneficial owners
are independent
third parties of GF
Securities (Hong
Kong) Brokerage
and the Company.
4. E Fund will hold the Offer Shares in its capacity as the discretionary fund manager managing the funds on behalf of its investors, each of which is, to the best knowledge
of E Fund, an independent third party of E Fund, GF Securities (Hong Kong) Brokerage and the companies which are members of the same group of GF Securities (Hong
Kong) Brokerage.
5. E Fund HK will hold the Offer Shares in its capacity as the discretionary fund manager managing the funds on behalf of its investors, each of which is, to the best
knowledge of E Fund HK, an independent third party of E Fund HK, GF Securities (Hong Kong) Brokerage and the companies which are members of the same group of
GF Securities (Hong Kong) Brokerage.
6. Each of the ultimate clients of GF Securities AM (the “GF Securities AM Ultimate Clients”) have engaged GF Securities AM, an asset manager that is qualified domestic
institutional investor as approved by the relevant PRC authority to subscribe for and hold the Offer Shares as a placee under the International Offering on behalf of the
GF Securities AM Ultimate Client on a non-discretionary basis.
Details of the GF Securities AM Ultimate Clients are set out as below:
Name of the GF Securities AM Ultimate Clients Name of the asset management plan
Huizhou Huilian Investment Partnership (Limited Partnership) ( 惠州市惠聯投
資合夥企業(有限合夥))
GF Asset Management Hong Kong Equity Diversified Strategy No. 9 Single
Asset Management Plan (廣發資管港股多元策略 9 號單一資產管理計劃)
Everbright Wealth Management Co., Ltd. GF Asset Management Guangshi Selective Strategy No. 1 Collective Asset
Management Plan (廣發資管光石精選策略 1 號集合資 產管理計劃)
Luhua Daosheng (Beijing) Enterprise Management & Development Co., Ltd.
(魯花道生(北京)企業管理發展有限公司)
GF Asset Management Hong Kong Equity Diversified Strategy No. 16 Single
Asset Management Plan (廣發資管港股多元策略 16 號單一資產管理計劃)


--- page 42 ---
42
Shenwan Hongyuan Group Co., Ltd. (申萬宏源集團股份有限公司) GF Asset Management Wanxiang No. 1 Single Asset Management Plan ( 廣發
資管萬享 1 號單一資產管理計劃)
ICBC WM GF Asset Management ICBC Selected Strategy No. 1 Collective Asset
Management Plan (廣發資管工銀精選策略 1 號集合資產管理計劃)
7. GFGC proposes to subscribe for and hold the Offer Shares as a placee under the International Offering on a non-discretionary basis. GFGC and GF Securities Co., Ltd.
will enter into a series of cross border delta one OTC swap transactions (the “OTC Swaps”) with each other and the ultimate clients (the “GFGC Ultimate Clients ”),
pursuant to which GFGC will hold the Offer Shares on a non-discretionary basis to hedge the OTC Swaps while the economic risks and returns of the underlying Offer
Shares are passed to the GFGC Ultimate Clients, subject to customary fees and commissions. The OTC swaps will be fully funded by the GFGC Ultimate Clients. During
the terms of the OTC Swaps, all economic returns of the Offer Shares subscribed by GFGC will be passed to the GFGC Ultimate Clients and all economic loss shall be
borne by the GFGC Ultimate Clients through the OTC Swaps, and GFGC will not take part in any economic return or bear any economic loss in relation to the Offer
Shares. The OTC Swaps are linked to the Offer Shares and the GFGC Ultimate Clients may request GFGC to redeem it at their own discretions, upon which GFGC shall
dispose of the Offer Shares and settle OTC Swaps in cash in accordance with the terms and conditions of the OTC Swap. Despite that GFGC will hold the legal title of
the Offer Shares by itself, it will not exercise the voting rights attaching to the relevant Offer Shares during the terms of the OTC Swaps according to its internal policy.
Details of the GFGC Ultimate Clients are set out as below:
Name of the GFGC Ultimate Clients Ultimate beneficial owner(s) holding 30% or more interest (if any)
Yuemintou Xinxuan Opportunity No. 1 Private Securities Investment Fund ( 粵
民投新選機遇 1 號私募證券投資基金)
Liu Wei (劉偉)
Infore Yingqi Private Securities Investment Fund (盈峰盈齊私募證券投資基
金)
Xu Suying (許素英) and He Jianfeng (何劍鋒)
Sichuan Puxin Industrial-Finance Investment Co., Ltd. ( 四川璞信產融投資有
限責任公司)
Luzhou State-owned Assets Supervision and Administration Commission ( 瀘州
市國有資產監督管理委員會)
To best of knowledge of GFGC after making all reasonable enquiries, each of the GFGC Ultimate Clients is an independent third party of GFGC, GF Securities (Hong
Kong) Brokerage and the companies which are members of the same group of GF Securities (Hong Kong) Brokerage.
8. CICC FT and China International Capital Corporation Limited will enter into a series of cross border delta-one OTC swap transactions (the “OTC Swaps”) with each
other and the ultimate clients (the “CICC FT Ultimate Clients”), pursuant to which CICC FT will hold the Offer Shares on a non-discretionary basis to hedge the OTC
Swaps while the economic risks and returns of the underlying Offer Shares are passed to the CICC FT Ultimate Clients, subject to customary fees and commissions. The
OTC Swaps will be fully funded by the CICC FT Ultimate Clients. During the terms of the OTC Swaps, all economic returns of the Offer Shares subscribed by CICC FT
will be passed to the CICC FT Ultimate Clients and all economic loss shall be borne by the CICC FT Ultimate Clients through the OTC Swaps, and CICC FT will not
take part in any economic return or bear any economic loss in relation to the Offer Shares. The OTC Swaps are linked to the Offer Shares and the CICC FT Ultimate
Clients may request CICC FT to redeem it at their own discretions, upon which CICC FT shall dispose of the Offer Shares and settle OTC Swaps in cash in accordance
with the terms and conditions of the OTC Swap. Despite that CICC FT will hold the legal title of the Offer Shares by itself, it will not exercise the voting rights attaching
to the relevant Offer Shares during the terms of the OTC Swaps according to its internal policy. The CICC FT Ultimate Clients for purpose of this placee subscription
include Changjiang Jin (金長江), Chengyi Liu (劉承毅), Yashuang Chen (陳亞雙), Peiwu Shan (單佩武), Hongyun Lin (林紅雲) and Gangqiang Zhang (張剛強), each
of which is an independent third party of CICC FT, CICC and the companies which are members of the same group of companies as each of the Underwriters.


--- page 43 ---
43
9. ABCI AM intends to hold the Offer Shares in its capacity as manager managing investment portfolios on behalf of underlying investors on a discretionary basis. To best
of knowledge of ABCI AM after making all reasonable enquiries, each of the underlying investors is an independent third party of ABCI AM, ABCI and the companies
which are members of the same group of ABCI.
10. HTFH is an Underwriter in connection with the Global Offering. Pursuant to an ISDA Agreement (the “ISDA Agreement”), HTCI, which intends to participate in the
Global Offering as a placee, will hold the beneficial interest of the Offer Shares on a non-discretionary basis as the single underlying holder under a back-to-back total
return swap (the “Back-to-back TRS”) to be entered by HTCI in connection with a Client TRS (as defined below) placed by and fully funded (i.e. with no financing
provided by HTCI) by the Huatai Offshore Ultimate Clients (as defined below), by which, HTCI will, subject to customary fees and commissions, pass the full
economic exposure of the Offer Shares to the Huatai Offshore Ultimate Clients, which in effect, HTCI will hold the beneficial interest of the Offer Shares on behalf
of the Huatai Offshore Ultimate Clients. Accordingly, HTCI is considered as a “connected client” of HTFH pursuant to paragraph 1B(7) of the Placing Guidelines.
Each of the offshore investors (the “Huatai Offshore Ultimate Clients ”), through its investment manager, will place a total return swap order (the “Client TRS”)
with HTCI in connection with the Global Offering. In order to hedge its exposure under the Client TRS, HTCI participates in the Global Offering and subscribes the
Offer Shares through placing order with HTFH during the International Offering.
To the best of HTCI’s knowledge and after making all reasonable enquiries, each of the Huatai Offshore Ultimate Clients is an independent third party of HTCI, HTFH
and the companies which are members of the same group of HTCI.
The purpose of HTCI to subscribe for the Offer Shares is for hedging the Client TRS order placed by the Huatai Offshore Ultimate Clients. Pursuant to the terms of
the Client TRS, during the tenor of the Client TRS, subject to customary fees and commissions, all economic returns of the Offer Shares will be passed to the Huatai
Offshore Ultimate Clients through the Client TRS and all economic loss shall be borne by the Huatai Offshore Ultimate Clients. HTCI will not take any economic
return or bear any economic loss in relation to the Offer Shares.
The Huatai Offshore Ultimate Clients may exercise an early termination right to terminate the Client TRS at any time from the issue date of the Client TRS which
should be on or after the date on which the Offer Shares are listed on the Stock Exchange at its own discretion. Upon the termination upon maturity or early termination
of the Client TRS by the Huatai Offshore Ultimate Clients, HTCI will dispose the Offer Shares on the secondary market and the Huatai Offshore Ultimate Clients will
receive a final settlement amount of the Client TRS in cash in accordance with the terms and conditions of the Client TRS which should have taken into account all
the economic returns or economic loss in relation to the Offer Shares. If upon the maturity of the Client TRS, the Huatai Offshore Ultimate Clients intend to extend
the investment period, subject to further agreement between HTCI and the relevant Huatai Offshore Ultimate Clients, the term of the Client TRS could be extended
by way of a new issuance or a tenor extension.
It is proposed that HTCI will hold the legal title and the voting right of the Offer Shares by itself, and pass through the economic exposure to each of the Huatai
Offshore Ultimate Clients, being a client who places a Client TRS order with HTCI in connection with the Global Offering. HTCI will not exercise the voting right of
the Offer Shares during the tenor of the Client TRS.
During the life of the Client TRS, HTCI may continue to hold the Offer Shares in its custodian account, or to hold some or all of the Offer Shares in a prime brokerage
account for stock borrowing purposes, where HTCI will lend out its holding of underlying Offer Shares in the form of stock borrowing loans consistent with market
practice to lower its finance costs, provided that HTCI has the ability to call back the Offer Shares on loan at any time in order to satisfy its obligations under the Client
TRS to ensure the economic interests are ultimately passed to the Huatai Offshore Ultimate Clients.


--- page 44 ---
44
Details of the Huatai Offshore Ultimate Clients are set out as below:
Name of the Huatai Offshore Ultimate Clients Ultimate beneficial owner(s) holding 30% or more interest (if any)
ZHONG HENG CAPITAL LIMITED Lan Dong (藍棟)
KSICN SP2 Zhu Lei (朱磊)
CHEN HAN (陳晗) CHEN HAN (陳晗)
Jindan Ocean No. 6 Private Securities Investment Fund (金澹遠洋 6 號私募證
券投資基金)
Ding Hai (丁海)
11. PRC investors are currently not permitted under applicable PRC laws to participate directly in initial public offerings (“IPOs”) in Hong Kong. However, PRC investors
are permitted to invest in products issued by appropriate domestic securities firms licensed to undertake cross-border derivatives trading activities. In connection with
such products, the licensed domestic securities firms, through their Hong Kong affiliates, may participate in Hong Kong IPOs either as placees or cornerstone investors
(the “Cross-border Derivatives Trading Regime”).
Huatai Securities Co., Ltd. (“Huatai Securities”), the shares of which are listed on both the Shanghai Stock Exchange (stock code: 601688) and the Stock Exchange
(stock code: 6886), is one of the domestic securities firms licensed to undertake cross-border derivatives trading activities. Huatai Securities entered into an ISDA
agreement (the “ISDA Agreement”) with its indirectly wholly-owned subsidiary, HTCI to set out the principal terms of any future total return swap between Huatai
Securities and HTCI.
HTFH is an Underwriter in connection with the Global Offering. Pursuant to the ISDA Agreement, HTCI, which intends to participate in the Global Offering as a placee,
will hold the beneficial interest of the Offer Shares on a non-discretionary basis as the single underlying holder under a back-to-back total return swap (the “Back-to-
back TRS”) to be entered by HTCI in connection with a Client TRS (as defined below) placed by and fully funded (i.e. with no financing provided by HTCI) by the
Huatai Onshore Ultimate Clients (as defined below), by which, HTCI will, subject to customary fees and commissions, pass the full economic exposure of the Offer
Shares ultimately to the Huatai Onshore Ultimate Clients, which in effect, HTCI will hold the beneficial interest of the Offer Shares on behalf of the Huatai Onshore
Ultimate Clients. HTFH and HTCI are indirectly wholly-owned subsidiaries of Huatai Securities. Accordingly, HTCI is considered as a “connected client” of HTFH
pursuant to paragraph 1B(7) of the Placing Guidelines.
Pursuant to the Cross-border Derivatives Trading Regime, the onshore investors (the “Huatai Onshore Ultimate Clients”) cannot directly subscribe for the Offer Shares
but may invest in derivative products issued by domestic securities firms licenced to undertake cross-border derivatives trading activities, such as Huatai Securities, with
the Offer Shares as the underlying assets. Instead of directly subscribing for the Offer Shares, each of the Huatai Onshore Ultimate Clients, through its investment manager,
will place a total return swap order (the “Client TRS”) with Huatai Securities in connection with the Company’s IPO and Huatai Securities will place a Back-to-back
TRS order to HTCI on the terms of the ISDA Agreement. In order to hedge its exposure under the Back-to-back TRS, HTCI participates in the Company’s IPO and
subscribes the Offer Shares through placing order with HTFH during the International Offering. The Huatai Onshore Ultimate Clients for purpose of this placee
subscription include the investment fund.
To the best of HTCI’s knowledge and after making all reasonable enquiries, each of the Huatai Onshore Ultimate Clients is an independent third party of HTCI, HTFH
and the companies which are members of the same group of HTCI.
The purpose of HTCI to subscribe for the Offer Shares is for hedging the Back-to-back TRS in connection with the Client TRS order placed by the Huatai Onshore
Ultimate Clients. Pursuant to the terms of the contracts of the Back-to-back TRS and the Client TRS, during the tenor of the Back-to-back TRS and the Client TRS, subject


--- page 45 ---
45
to customary fees and commissions, all economic returns of the Offer Shares will be ultimately passed to the Huatai Onshore Ultimate Clients through the Back-to-back
TRS and the Client TRS and all economic loss shall be ultimately borne by the Huatai Onshore Ultimate Clients. HTCI will not take any economic return or bear any
economic loss in relation to the Offer Shares.
Investment in the Back-to-back TRS and the Client TRS is similar to the investment in a qualified domestic institutional investor fund (“QDII”) in the way that the Huatai
Onshore Ultimate Clients would reap all the economic benefits of the underlying Offer Shares, except that a QDII fund would pass through the exchange rate exposure
on both the notional value of the investment and the profit and loss of the investment. In contrast, the profit and loss of the Back-to-back TRS and the Client TRS factor
into account the fluctuation in RMB exchange rate upon termination of the Client TRS by converting the profit and loss using the current exchange rate at the time of
termination. As such, the Huatai Onshore Ultimate Clients would bear the exchange rate exposure of the profit and loss on settlement date.
The Huatai Onshore Ultimate Clients may exercise an early termination right to terminate the Client TRS at any time from the issue date of the Client TRS which should
be on or after the date on which the Offer Shares are listed on the Stock Exchange at their own discretion. Upon the termination upon maturity or early termination of the
Client TRS by the Huatai Onshore Ultimate Clients, HTCI will dispose the Offer Shares on the secondary market and the Huatai Onshore Ultimate Clients will receive a
final settlement amount in cash in accordance with the terms and conditions of the Back-to-back TRS and the Client TRS which should have taken into account all the
economic returns or economic loss in relation to the Offer Shares. If upon the maturity of the Client TRS, the Huatai Onshore Ultimate Clients intend to extend the
investment period, subject to further agreement between Huatai Securities and the relevant Huatai Onshore Ultimate Clients, the term of the Client TRS could be extended
by way of a new issuance or a tenor extension. Accordingly, Huatai Securities will extend the term of the Back-to-back TRS by way of a new issuance or a tenor extension.
It is proposed that HTCI will hold the legal title and the voting right of the Offer Shares by itself, and pass through the economic exposure to the Huatai Onshore Ultimate
Clients, each being an onshore client who places a Client TRS order with Huatai Securities in connection with the IPO of the Company. HTCI will not exercise the voting
right of the Offer Shares during the tenor of the Back-to-back TRS.
During the life of the Client TRS and Back-to-back TRS, HTCI may continue to hold the Offer Shares in its custodian account, or to hold some or all of the Offer Shares
in a prime brokerage account for stock borrowing purposes, where HTCI will lend out its holding of underlying Offer Shares in the form of stock borrowing loans
consistent with market practice to lower its finance costs, provided that HTCI has the ability to call back the Offer Shares on loan at any time in order to satisfy its
obligations under the Back-to-back TRS to ensure the economic interests are ultimately passed to the Huatai Onshore Ultimate Clients.
Details of the Huatai Onshore Ultimate Clients are set out as below:
Name of the Huatai Onshore Ultimate Clients Ultimate beneficial owner(s) holding 30% or more interest (if any)
Greenwoods Harvest No. 2 Fund (景林豐收 2 號基金) N/A
Greenwoods Harvest No. 3 Private Equity Fund (景林豐收 3 號私募基金) N/A
Greenwoods Harvest No. 6 Private Securities Investment Fund ( 景林豐收 6 號
私募證券投資基金)
N/A
Greenwoods Jingtai Harvest Private Securities Investment Fund ( 景林景泰豐收
私募證券投資基金)
N/A
Roadshow Red Deer No. 4 Private Securities Investment Fund ( 鹿秀馬鹿 4 號
私募證券投資基金)
N/A


--- page 46 ---
46
Gaoyi Guolu Xinyuan Private Securities Investment Fund (高毅國鷺信遠私募
證券投資基金)
N/A
Gaoyi Qingrui No. 6 Ruixing Fund (高毅慶瑞 6 號瑞行基金) N/A
Gaoyi Qingrui Selected Fengyuan Private Securities Investment Fund ( 高毅慶
瑞臻選灃源私募證券投資基金)
N/A
Gaoyi Renhao Premium Zhifu Private Securities Investment Fund ( 高毅任昊優
選致福私募證券投資基金)
N/A
Gaoyi Renhao Long-term Value Langrun Private Securities Investment Fund
(高毅任昊長期價值朗潤私募證券投資基金)
N/A
Gaoyi Renhao Selected Chunhe Private Securities Investment Fund ( 高毅任昊
臻选春和私募证券投资基金)
N/A
Gaoyi Renhao Choice Chengze Private Securities Investment Fund ( 高毅任昊
精選承澤私募證券投資基金)
N/A
Gaoyi-Xiaofeng No. 1 Ruiyuan Securities Investment Fund (高毅-曉峰 1 號睿
遠證券投資基金)
N/A
Gaoyi Xiaofeng No. 2 Zhixin Fund (高毅曉峰 2 號致信基金) N/A
Jintaiyang Gaoyi Guolu No. 1 Chongyuan Fund (金太陽高毅國鷺 1 號崇遠基
金)
N/A
12. China Southern, a qualified domestic institutional investor as approved by the relevant PRC authority to conduct asset management business, will hold the Offer Shares
as the independent agent and discretionary manager of certain QDII funds. China Southern has confirmed that, to the best of their knowledge, each of such underlying
clients are independent third parties of China Southern, HTFH and the companies which are members of the same group of companies as HTFH.
13. Each of CMBI and CMS HK is a distributor of the Global Offering. Bosera International intends to subscribe and hold the Offer Shares in its capacity as the discretionary
fund manager on behalf of its sub-funds, which are all independent third parties. To the best knowledge of Bosera International after due enquiry, each of the sub-funds
and their respective ultimate beneficial owner holding 30% or more interest is an independent third party of Bosera International, CMBI and CMS HK, and the companies
which are members of the same group of CMBI and CMS HK.
Details of the sub-funds are set out as below:
Name of the sub-funds Ultimate beneficial owner(s) holding 30% or more interest (if any)
Bosera Global Select Equity Fund SP Zhang Lei (張雷)
Bosera China New Opportunities Fund SP N/A
Bosera Growth Premium Global Equity Strategy Fund SP Guo Feng (郭峰)
KB CHINA MAINLAND FD BOSERA N/A
Bosera Growth Premium Global Equity Strategy Fund SP2 N/A
Bosera Growth Premium Global Equity Strategy Fund SP3 Huang Liya (黃麗亞)


--- page 47 ---
47
14. GTJA FP shall hold the Offer Shares on a non-discretionary basis for hedging purposes as the single underlying asset of a delta one back-to-back total return swap
transaction (the “GTJA Back-to-back TRS1 ”) to be entered into between GTJA FP and Guotai Junan Investments (Hong Kong) Limited (“GTJA INV”), and GTJA
INV shall for hedging purposes enter into a cross-border delta one back-to-back total return swap transaction (the “GTJA Back-to-back TRS2 ”) with Guotai Haitong
Securities Co., Ltd. (“GTHTS”), in connection with a total return swap order (the “GTHT Client TRS”) to be entered into by GTHTS and the GTHTS onshore clients
(the “GTHT Onshore Clients”). Such GTHT Client TRS is to be fully funded by the GTHT Onshore Clients. The full economic exposure of the Offer Shares will be
passed from GTJA FP to GTJA INV under the GTJA Back-to-back TRS1, from GTJA INV to GTHTS under the GTJA Back-to-back TRS2, and ultimately from GTHTS
to the GTHT Onshore Clients under the GTHT Client TRS. The GTHT Onshore Clients may exercise an early termination right to early terminate the GTHT Client TRS
at any time from the trade date of the GTHT Client TRS, which should be on or after the date on which the Offer Shares are listed on the Stock Exchange. Accordingly,
(i) GTHTS may exercise an early termination right to early terminate the GTJA Back-to-back TRS2 at any time from the trade date of the GTJA Back-to-back TRS2, and
(ii) GTJA INV may exercise an early termination right to early terminate the GTJA Back-to-back TRS1 at any time from the trade date of the GTJA Back-to-back TRS1,
which in each case should be on or after the date on which the Offer Shares are listed on the Stock Exchange. Upon the final maturity or early termination of (i) the GTHT
Client TRS by the GTHT Onshore Clients, (ii) the GTJA Back-to-back TRS2 by GTHTS, and (iii) the GTJA Back-to-back TRS1 by GTJA INV, GTJA FP will dispose
the Offer Shares on the secondary market and the GTHT Onshore Clients ultimately will receive a final termination amount of the GTHT Client TRS, which should have
taken into account all the economic returns or economic loss in relation to the Offer Shares, the fixed amount in relation to the GTJA Back-to-back TRS1, the GTJA Back-
to-back TRS2 and the GTHT Client TRS. GTJA FP will hold the legal title and the voting right of the Offer Shares by itself and pass through the economic exposure to
GTJA INV, GTHTS and ultimately the GTHT Onshore Clients. Due to its internal policy, GTJA FP will not exercise the voting right of the Offer Shares during the tenor
of the GTJA Back-to-back TRS1 and GTJA Back-to-back TRS2. To the best of GTJA FP’s knowledge having made all reasonable inquiries, each of the GTHT Onshore
Clients is an independent third party of GTJA FP, GTJA INV and GTHTS and the companies which are members of the same group of each of them.
Details of the GTHT Onshore Clients are set out as below:
Name of the GTHT Onshore Clients Ultimate beneficial owner(s) holding 30% or more interest (if any)
Roadshow Giraffe No. 5 Private Securities Investment Fund ( 鹿秀長頸鹿 5 號
私募證券投資基金)
N/A
Roadshow Reindeer No. 15 Private Securities Investment Fund ( 鹿秀馴鹿 15 號
私募證券投資基金)
N/A
Roadshow Reindeer No. 65 Private Securities Investment Fund ( 鹿秀馴鹿 65 號
私募證券投資基金)
N/A
Yongguan Xinrui No. 1 Private Securities Investment Fund (永冠新瑞 1 號私募
證券投資基金)
Luo Chanfang (羅嬋芳)
Among the GTHT Onshore Clients, the ultimate beneficial owners of Roadshow Giraffe No. 5 Private Securities Investment Fund, Roadshow Reindeer No. 15 Private
Securities Investment Fund and Roadshow Reindeer No. 65 Private Securities Investment Fund are the 145 PRC Eligible Employees under the PRC Employee Preferential
Offering. 7,501,300 Offer Shares have been placed to the PRC Eligible Employees pursuant to the PRC Employee Preferential Offering, and the maximum subscription
amount of the Offer Shares that each individual PRC Eligible Employee applied for under the PRC Employee Preferential Offering is not more than RMB20 million
(excluding the brokerage, SFC transaction levy, Stock Exchange trading fee and AFRC transaction levy).
15. HuaAn will hold the Offer Shares in its capacity as the discretionary fund manager managing the funds on behalf of its underlying client. The underlying client is an
independent third party of HuaAn, GTJA HK, HTI and the companies which are members of the same group of companies as GTJA HK and HTI.


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16. Fullgoal Fund and Fullgoal HK will hold the Offer Shares on a discretionary basis on behalf of its underlying clients. To the best of their knowledge, each of the underlying
clients are independent third parties of Fullgoal Fund, Fullgoal HK, GTJA HK, HTI, SWHY HK and the companies which are members of the same group of companies
as GTJA HK, HTI and SWHY HK.
17. ICBC UBS and ICBC UBS (International) will hold the Offer Shares in its capacity as the discretionary fund manager on behalf of certain funds, who are independent
third parties of ICBC UBS, ICBC UBS (International), UBS HK, UBS SG and the companies which are members of the same group of UBS HK and UBS SG.
18. UBS AM Singapore will hold the beneficial interests of the Offer Shares on a discretionary basis for and on behalf of the underlying clients. To the best knowledge of
UBS AM Singapore, each of the underlying clients is an independent third party of UBS AM Singapore, UBS HK, UBS SG and the companies which are members of the
same group of UBS HK and UBS SG.
19. BOC AM proposed to subscribe for and hold the Offer Shares as a placee under the International Offering in its capacity as the investment manager for and on behalf of
the underlying clients. To the best knowledge of BOC AM, each of the underlying clients is an independent third party of BOC AM, BOCI and the companies which are
members of the same group of BOCI.
20. JPM AM will hold the Offer Shares in its capacity as the discretionary fund manager managing assets on behalf of its underlying clients. Each of the underlying clients
of JPM AM is an independent third party of JPM AM, JPM SAPL, JPM Chase and the companies which are members of the same group of JPM SAPL and JPM Chase.
21. SR Wealth is a distributor of the Global Offering in the capacity of a licence holder of Type 1 (dealing in securities) regulated activities under the SFO. SR Wealth acts
as the investment manager for and on behalf of retail clients and professional investors on discretionary basis in the capacity of a licence holder of Type 9 (asset
management) regulated activities under the SFO. Each of the aforementioned retail clients and professional investors of SR Wealth is an independent third party of SR
Wealth and the companies which are members of the same group of companies as SR Wealth.
22. CGII and China Galaxy Securities (“CGS”) will enter into a series of cross border total return swap (TRS) transactions (collectively, the “CGII TRS”) with each other
and the ultimate clients (“CGII Ultimate Clients ”), pursuant to which CGII will hold the Offer Shares on a non-discretionary basis to hedge the CGII TRS while the
economic risks and returns of the underlying Offer Shares are ultimately borne by the CGII Ultimate Clients, subject to customary fees and commissions. The CGII TRS
will be fully funded by the CGII Ultimate Clients. During the terms of the CGII TRS, all economic returns of the Offer Shares subscribed by CGII will be passed to CGII
Ultimate Clients and all economic loss shall be borne by CGII Ultimate Clients through the CGII TRS, and CGII will not take part in any economic return or bear any
economic loss in relation to the Offer Shares. The CGII TRS are linked to the Offer Shares and CGII Ultimate Clients may, after expiration of the lock-up period beginning
from the date of the relevant cornerstone agreements and ending on the date which is six months from the Listing Date, request to early terminate the CGII TRS at its own
discretion, upon which CGII may dispose of the Offer Shares on the secondary market and CGII Ultimate Clients will receive a final settlement amount of the CGII TRS
in cash in accordance with the terms and conditions of the CGII TRS.
To the best of CGII’ s knowledge after having made all reasonable inquiries, each of the CGII Ultimate Clients is an independent third party of CGII, CGIS and the
companies which are members of the same group of CGIS.
Details of the CGII Ultimate Clients are set out as below:
Name of the CGII Ultimate Clients Ultimate beneficial owner(s) holding 30% or more interest (if any)


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Yuanfeng Value Private Securities Investment Fund ( 源峰價值私募證券投資
基金)
N/A
Yuanfeng Wenjian Private Securities Investment Fund ( 源峰穩健私募證券投
資基金)
N/A
Yuanfeng Hongyu Private Securities Investment Fund (源峰泓聿私募證券投資
基金)
Zhou Yong (周勇)
23. SWHY will hold the Offer Shares on a discretionary basis on behalf of its underlying clients. To the best knowledge of SWHY after due enquiry, each of the underlying
clients of SWHY is an independent third party of SWHY, SWHY HK and the companies which are members of the same group of companies as SWHY HK.


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Allocations under the Overseas Employee Preferential Offering
Of the 8,334,800 Offer Shares initially being offered under the Hong Kong Public Offering, no more
than 833,400 Offer Shares, representing approximately 10% of the Offer Shares initially available for
subscription under the Hong Kong Public Offering, are available for subscription as Overseas
Employee Reserved Shares by the Overseas Eligible Employees on a preferential basis under the
Overseas Employee Preferential Offering according to Rule 10.01 of the Listing Rules. For details,
please refer to the section headed “Structure of the Global Offering – The Overseas Employee
Preferential Offering” of the Prospectus.
482,000 Offer Shares have been allocated to 46 Overseas Eligible Employees pursuant to the Overseas
Employee Preferential Offering, representing approximately 0.50% of the total number of Offer Shares
available under the Global Offering (after taking into account the full exercise of the Offer Size
Adjustment Option and before exercise of the Over-allotment Option). Of the 482,000 Offer Shares
allocated to the Overseas Eligible Employees, 270,000 Offer Shares were placed to six Eligible Core
Connected Person Participants, representing approximately 0.28% of the total number of Offer Shares
available under the Global Offering (after taking into account the full exercise of the Offer Size
Adjustment Option and before exercise of the Over-allotment Option).
Allocations under the PRC Employee Preferential Offering
Of the 75,013,200 Offer Shares initially being offered under the International Offering, no more than
7,501,300 Offer Shares, representing approximately 10% of the Offer Shares initially available for
subscription under the International Offering, are available for subscription as PRC Employee
Reserved Shares by the PRC Eligible Employees on a preferential basis under the PRC Employee
Preferential Offering according to Rule 10.01 of the Listing Rules. For details, please refer to the
section headed “Structure of the Global Offering – The PRC Employee Preferential Offering” of the
Prospectus.
7,501,300 Offer Shares have been placed to 145 PRC Eligible Employees pursuant to the PRC
Employee Preferential Offering, representing approximately 7.83% of the total number of Offer Shares
available under the Global Offering (after taking into account the full exercise of the Offer Size
Adjustment Option and before exercise of the Over-allotment Option). Of the 7,501,300 Offer Shares
placed to the PRC Eligible Employees, 175,032 Offer Shares were placed to two Eligible Core
Connected Person Participants, representing approximately 0.18% of the total number of Offer Shares
available under the Global Offering (after taking into account the full exercise of the Offer Size
Adjustment Option and before exercise of the Over-allotment Option), respectively.


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DISCLAIMERS
Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited and Hong
Kong Securities Clearing Company Limited take no responsibility for the contents of this
announcement, make no representation as to its accuracy or completeness and expressly disclaim
any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any
part of the contents of this announcement.
This announcement is not for release, publication or distribution, directly or indirectly, in or into the
United States (including its territories and possessions, any state of the United States and the District
of Columbia or any other jurisdiction where such distribution is prohibited by laws). This
announcement does not constitute or form a part of any offer or solicitation to purchase or subscribe
for securities in the United States or in any other jurisdictions. The securities mentioned herein have
not been, and will not be, registered under the United States Securities Act of 1933 as amended from
time to time (the “U.S. Securities Act ”) or securities law of any state or other jurisdiction of the
United States. The securities may not be offered, sold, pledged or otherwise transferred within 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. The Offer Shares may be offered, sold
or delivered (a) in the United States solely to QIBs in reliance on Rule 144A or another exemption
from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act or (b)
outside the United States in offshore transactions in reliance on Regulation S.
This announcement is for information purposes only and does not constitute an invitation or offer to
acquire, purchase or subscribe for securities. This announcement is not a prospectus. Potential
investors should read the Prospectus dated April 13, 2026 issued by Victory Giant Technology
(HuiZhou) Co., Ltd. for detailed information about the Global Offering described below before
deciding whether or not to invest in the Offer Shares thereby being offered.
*Potential investors of the Offer Shares should note that the Sole Sponsor and the Sponsor-Overall
Coordinator (for itself and on behalf of the Hong Kong Underwriters) shall be entitled to terminate
their obligations under the Hong Kong Underwriting Agreement with immediate effect upon the
occurrence of any of the events set out in the section headed “Underwriting – Underwriting
Arrangements and Expenses – Hong Kong Public Offering – Grounds for Termination ” in the
Prospectus at any time prior to 8:00 a.m. (Hong Kong time) on the Listing Date (which is currently
expected to be on April 21, 2026).


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PUBLIC FLOAT AND FREE FLOAT
Immediately after the completion of the Global Offering (after taking into account the full exercise of
the Offer Size Adjustment Option and before any exercise of the Over-allotment Option), the total
market value of the H Shares expected to be held by the public is expected to be approximately
HK$20,023.59 million, calculated based on the final Offer Price of HK$209.88, which is higher than
the prescribed expected market value of H Shares required to be held in public hands of not less than
HK$3,000,000,000 under Rule 19A.13A(2)(b) of the Listing Rules, thereby satisfying Rule
19A.13A(2) of the Listing Rules.
Each of the Cornerstone Investors has agreed to a lock-up period of six months following the Listing
Date. As such, H Shares held by the Cornerstone Investors upon the Listing shall not be counted
towards the free float of the H Shares of the Company at the time of Listing. Based on the final Offer
Price of HK$209.88 per H Share, the Company confirmed that it complies with the free float
requirement under Rule 19A.13C(2)(b) of the Listing Rules.
The Directors confirm that, immediately following completion of the Global Offering (after taking
into account the full exercise of the Offer Size Adjustment Option and before any exercise of the Over-
allotment Option): (i) the Shares will be held by at least 300 Shareholders at the time of Listing, in
compliance with Rule 8.08(2) of the Listing Rules; (ii) the three largest public Shareholders will not
hold more than 50% of the H Shares held in public hands at the time of Listing, in compliance with
Rules 8.08(3) and 8.24 of the Listing Rules; (iii) no placee will, individually, be placed more than 10%
of the enlarged issued share capital of the Company immediately after the Global Offering; and (iv)
there will not be any new substantial Shareholder (as defined in the Listing Rules) immediately after
the Global Offering.
COMMENCEMENT OF DEALINGS
The H Share certificates will only become valid evidence of title at 8:00 a.m. on Tuesday, April 21,
2026 (Hong Kong time), provided that the Global Offering has become unconditional and the right of
termination described in the section headed “Underwriting – Underwriting Arrangements and
Expenses – Hong Kong Public Offering – Grounds for Termination” in the Prospectus has not been
exercised. Investors who trade the H Shares on the basis of publicly available allocation details prior
to the receipt of H Share certificates or prior to the H Share certificates becoming valid evidence of
title do so entirely at their own risk.
Assuming that the Global Offering becomes unconditional at or before 8:00 a.m. on Tuesday, April
21, 2026 (Hong Kong time), it is expected that dealings in the H Shares on the Stock Exchange will
commence at 9:00 a.m. on Tuesday, April 21, 2026 (Hong Kong time). The H Shares will be traded in
board lots of 100 H Shares each, and the stock code of the H Shares will be 2476.
By order of the Board
Victory Giant Technology (HuiZhou) Co., Ltd.
Mr. Chen Tao
Chairman of the Board and Executive Director
Hong Kong, April 20, 2026
As of the date of this announcement, the Board comprises: (i) Mr. Chen Tao, Mr. Zhao Qixiang, Mr.
Chen Yong and Ms. Wang Haiyan as executive Directors; (ii) Ms. Liu Chunlan as a non-executive


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Director; (iii) Mr. Xie Lanjun, Dr. Xie Lingmin and Dr. Zhang Jihai as independent non-executive
Directors; and (iv) Mr. Wong Ting Chung as a proposed independent non-executive Director.