hk-ipo/data/extracted_text/02619/allotment_results_2025-06-24_2025062401168.txt

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Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited (the “ Stock
Exchange”) and Hong Kong Securities Clearing Company Limited (“HKSCC”) take no responsibility for the
contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim
any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the
contents of this announcement.
This announcement is not for release, publication, distribution, directly or indirectly, in or into the United
States (including its territories and possessions, any state of the United States and the District of Columbia).
This announcement does not constitute or form a part of any offer or 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.
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 17 June 2025 (the “Prospectus”) issued by X.J. Electrics (Hu Bei) Co., Ltd (Ϫཥ
ʮ̡)  (the “Company”) 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 in the Prospectus. The Company has not been and will not
be registered under the U.S. Investment Company Act of 1940, as amended.
Unless otherwise defined in this announcement, capitalised terms used herein shall have the same meanings as
those defined in the Prospectus.
Potential investors of the Offer Shares should note that the Sole 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 – Hong Kong Public Offering – Grounds for Termination
of the Hong Kong Underwriting Agreement” 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 Wednesday, 25 June 2025).


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X.J. ELECTRICS (HU BEI) CO., LTD
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
: 68,220,000 H Shares
Number of Hong Kong Offer Shares : 34,110,000 H Shares (as adjusted after
reallocation)
Number of International Offer Shares : 34,110,000 H Shares (as adjusted after
reallocation)
Final Offer Price : HK$2.86 per Offer Share, plus brokerage
of 1.0%, SFC transaction levy of
0.0027%, AFRC transaction levy of
0.00015% and Stock Exchange trading
fee of 0.00565% (payable in full on
application in Hong Kong dollars and
subject to refund)
Nominal value : RMB1.00 per H Share
Stock code : 2619
Sole Sponsor and Sole Sponsor-Overall Coordinator
Overall Coordinators, Joint Global Coordinators, Joint Bookrunners and Joint Lead Managers
Joint Bookrunners and Joint Lead Managers
(in alphabetical order)


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X.J. Electrics (Hu Bei) Co., Ltd/ʮ̡
ANNOUNCEMENT OF FINAL OFFER PRICE AND
ALLOTMENT RESULTS
Unless otherwise defined herein, capitalised terms used in this announcement shall have the
same meanings as those defined in the prospectus dated 17 June 2025 (the “Prospectus”)
issued by X.J. Electrics (Hu Bei) Co., Ltd (the “Company”).
Warning: In view of high concentration of shareholding in a small number of H Shareholders, H Shareholders
and prospective investors should be aware that the price of the H Shares could move substantially even with
a small number of H Shares traded and should exercise extreme caution when dealing in the H Shares.
SUMMARY
Company Information
Stock code 2619
Stock short name XJ ELECTRICS
Dealings commencement date 25 June 2025*
* see note at the end of the announcement
Price Information
Final Offer Price HK$2.860
Offer Price range HK$2.860 – HK$3.350
Offer Shares and Share Capital
Number of Offer Shares 68,220,000
Final Number of Offer Shares in Hong Kong Public Offering (after
reallocation) 34,110,000
Final Number of Offer Shares in International Offering (after
reallocation) 34,110,000
Number of issued shares upon Listing 272,879,509
Over-allocation
Number of Offer Shares over-allocated 0
The Sole Sponsor-Overall Coordinator confirmed that there has been no over-allocation of the Offer Shares
in the International Offering. Therefore, it is expected that the Over-allotment Option will not be exercised.
Proceeds
Gross proceeds (Note 1) HK$195.11 million
Less: Estimated listing expenses payable based on Final Offer Price HK$(39.54) million
Net proceeds (Note 2) HK$155.57 million
Notes:
1.  Gross proceeds refer to the amount to which the issuer 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.
2.  Net proceeds refer to the amount to which the issuer is entitled to receive from the Global Offering
after deducting the estimated listing expenses payable based on Final Offer Price.


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ALLOTMENT RESULTS DETAILS
HONG KONG PUBLIC OFFERING
No. of valid applications 48,554
No. of successful applications 16,585
Subscription level 852.38 times
Claw-back triggered Yes
No. of Offer Shares initially available under the Hong Kong Public Offering 6,822,000
No. of Offer Shares reallocated from the International Offering (claw-back) 27,288,000
Final no. of Offer Shares under the Hong Kong Public Offering (after reallocation) 34,110,000
% of Offer Shares under the Hong Kong Public Offering to the Global Offering 50.00%
Note: For details of the final allocation of shares to the Hong Kong Public Offering, investors can
refer to https://www.hkeipo.hk/iporesult to perform a search by name or identification number or
https://www.hkeipo.hk/iporesult for the full list of allottees.
INTERNATIONAL OFFERING
No. of placees 292
Subscription Level 1.08 times
No. of Offer Shares initially available under the International Offering 61,398,000
No. of Offer Shares reallocated to the Hong Kong Public Offering (claw-back) 27,288,000
Final no. of Offer Shares under the International Offering (after reallocation) 34,110,000
% of Offer Shares under the International Offering to the Global Offering 50.00%
The Directors confirm that, to the best of their knowledge, information and belief, (i) none of the Offer Shares
subscribed by the placees and the public have been financed directly or indirectly by the Company, any of the
Directors, supervisors, chief executive of the Company, controlling shareholders, substantial shareholders,
existing shareholders of the Company or any of its subsidiaries or their respective close associates; and (ii)
none of the placees and the public who have purchased the Offer Shares are accustomed to taking instructions
from the Company, any of the Directors, supervisors, chief executive of the Company, controlling shareholders,
substantial shareholders, existing shareholders of the Company or any of its subsidiaries or their respective
close associates in relation to the acquisition, disposal, voting or other disposition of Shares registered in his/
her/its name or otherwise held by him/her/it.


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CORNERSTONE INVESTORS
Name
Number of Offer
Shares allocated % of Offer Shares
% of total issued
share capital
after the Global
Offering
Existing
shareholders
of their close
associate
Hubei Shunjie Investment (Hong Kong) Co., Limited/
ಳ̏නઠҳ༟(ಥ)ʮ̡
15,008,000 22.00% 5.50% No
Hong Kong Xinghuang Holdings Limited/
ʮ̡
11,256,000 16.50% 4.12% No
Hong Kong Yunxing Technology Trade Management Co.,
Limited/ʮ̡
3,752,000 5.50% 1.37% No
Total 30,016,000 44.00% 11.00%
Note:
1. For further details of the Cornerstone Investors, please refer to the section headed “Cornerstone Investors”
in the Prospectus.
LOCK-UP UNDERTAKINGS
Controlling Shareholders
Name
Number of shares
held in the Company
subject to lock-up
undertakings upon
listing
Number of H Shares
held in the Company
subject to lock-up
undertakings upon
listing
% of total issued
H Shares after the
Global Offering
subject to lock-up
undertakings upon
listing
% of shareholding
in the Company subject
to lock-up undertakings
upon listing
Last day subject
to the lock-up
undertakings
Pan Yun (Note 1) 204,659,509 – – 75.00% 24 June 2026 Note 2
Guangshe Pan (Note 1) 204,659,509 – – 75.00% 24 June 2026 Note 2
X.J. Management
(Qichun) Limited
Partnership
(“X.J. Management
(Qichun)”) (Note 1)
204,659,509 – – 75.00% 24 June 2026 Note 2
Qichun Hengxing
Technology Management
Centre (Limited
Partnership) (“Qichun
Hengxing”) (Note 1)
204,659,509 – – 75.00% 24 June 2026 Note 2
Subtotal 204,659,509 – – 75.00%
Notes:
1. Immediately following the completion of the Global Offering, Mr. Pan Yun, Mr. Guangshe Pan, X.J.
Management (Qichun) and Qichun Hengxing will collectively hold approximately 75.00% of our total
issued Shares. Accordingly, Mr. Pan Yun, Mr. Guangshe Pan, X.J. Management (Qichun) and Qichun
Hengxing will remain as a group of Controlling Shareholders upon Listing and each of them is subject
to the lock-up understanding by the Controlling Shareholders. X.J. Management (Qichun) is owned as
to 70.37% and 29.63% by Mr. Pan Yun and Mr. Guangshe Pan, respectively. Qichun Hengxing is an
employee shareholding platform of our Group, which is owned as to 47.50% by Mr. Pan Yun. Mr. Pan
Yun is the sole general partner of each of X.J. Management (Qichun) and Qichun Hengxing.
2. The expiry day of the lock-up period shown in the table above is pursuant to the PRC Company Law.


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Cornerstone Investors
Name
Number of
shares held in
the Company
subject to lock-up
undertakings upon
listing
Number of H
Shares held in
the Company
subject to lock-up
undertakings upon
listing
% of total issued
H Shares after the
Global Offering
subject to lock-up
undertakings upon
listing
% of shareholding
in the Company
subject to lock-up
undertakings upon
listing
Last day subject
to the lock-up
undertakings
Hubei Shunjie Investment
(Hong Kong) Co., Limited/
ಳ̏නઠҳ༟(ಥ)ʮ̡
15,008,000 15,008,000 22.00% 5.50% 24 June 2030 (Note)
Hong Kong Xinghuang
Holdings Limited/
ʮ̡
11,256,000 11,256,000 16.50% 4.12% 24 June 2028 (Note)
Hong Kong Yunxing Technology
Trade Management
Co., Limited/
၍ଣ
ʮ̡
3,752,000 3,752,000 5.50% 1.37% 24 June 2028 (Note)
Subtotal 30,016,000 30,016,000 44.00% 11.00%
Note:
1. The expiry date of the lock-up period shown in the table above is pursuant to the disclosure in the
Prospectus. For details, please refer to the section headed “Cornerstone Investors” in the Prospectus.


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PLACEE CONCENTRATION ANALYSIS
Placees
Number of
H Shares allotted
Allotment as
% of International
Offering
Allotment as % of
total Offer Shares
Number of
Shares held
upon Listing
% of total
issued share capital
upon Listing
Top 1 26,264,000 77.00% 38.50% 26,264,000 9.62%
Top 5 30,980,000 90.82% 45.41% 30,980,000 11.35%
Top 10 31,787,000 93.19% 46.59% 31,787,000 11.65%
Top 25 33,384,000 97.87% 48.94% 33,384,000 12.23%
Note
* Ranking of placees is based on the number of H Shares allotted to the placees.
# For the purpose of the shareholder concentration analysis, all Shares owned by Hubei Shunjie Investment
(Hong Kong) Co., Limited and Hong Kong Xinghuang Holdings Limited are aggregated.
H SHAREHOLDERS CONCENTRATION ANALYSIS
H Shareholders*
Number of
H Shares allotted
Allotment as
% of International
Offering
Allotment as %
of total Offer
Shares
Number of
H Shares held
upon Listing
% of total issued
H Shares capital
upon Listing
Number of
Shares held
upon Listing
Top 1 26,264,000 77.00% 38.50% 26,264,000 38.50% 26,264,000
Top 5 30,980,000 90.82% 45.41% 30,980,000 45.41% 30,980,000
Top 10 31,787,000 93.19% 46.59% 31,787,000 46.59% 31,787,000
Top 25 33,384,000 97.87% 48.94% 33,384,000 48.94% 33,384,000
Note
* Ranking of H Shareholders is based on the number of H Shares held by the H Shareholders upon Listing.
# For the purpose of the shareholder concentration analysis, all Shares owned by Hubei Shunjie Investment
(Hong Kong) Co., Limited and Hong Kong Xinghuang Holdings Limited are aggregated.
SHAREHOLDER CONCENTRATION ANALYSIS
Shareholders
Number of
H Shares allotted
Allotment as
% of International
Offering
Allotment as %
of total Offer
Shares
Number of
H Shares held
upon Listing
Number of
Shares held
upon Listing
% of total
issued share capital
upon Listing
Top 1 0 0.00% 0.00% 0 204,659,509 75.00%
Top 5 30,783,000 90.25% 45.12% 30,783,000 235,442,509 86.28%
Top 10 31,657,000 92.81% 46.40% 31,657,000 236,316,509 86.60%
Top 25 33,314,000 97.67% 48.83% 33,314,000 237,973,509 87.21%
Note
* Ranking of Shareholders is based on the number of Shares (of all classes) held by the Shareholder upon
Listing.
# For the purpose of the shareholder concentration analysis, all Shares owned by Hubei Shunjie Investment
(Hong Kong) Co., Limited and Hong Kong Xinghuang Holdings Limited are aggregated.


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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 NUMBER
OF H SHARES
APPLIED FOR
POOL A
1,000 16,805 1,681 out of 16,805 applicants to receive 1,000 H Shares 10.00%
2,000 6,379 957 out of 6,379 applicants to receive 1,000 H Shares 7.50%
3,000 1,934 349 out of 1,934 applicants to receive 1,000 H Shares 6.02%
4,000 757 149 out of 757 applicants to receive 1,000 H Shares 4.92%
5,000 1,365 285 out of 1,365 applicants to receive 1,000 H Shares 4.18%
6,000 613 139 out of 613 applicants to receive 1,000 H Shares 3.78%
7,000 325 79 out of 325 applicants to receive 1,000 H Shares 3.47%
8,000 383 99 out of 383 applicants to receive 1,000 H Shares 3.23%
9,000 367 101 out of 367 applicants to receive 1,000 H Shares 3.06%
10,000 3,591 1,027 out of 3,591 applicants to receive 1,000 H Shares 2.86%
15,000 890 307 out of 890 applicants to receive 1,000 H Shares 2.30%
20,000 1,152 453 out of 1,152 applicants to receive 1,000 H Shares 1.97%
25,000 1,172 510 out of 1,172 applicants to receive 1,000 H Shares 1.74%
30,000 1,106 523 out of 1,106 applicants to receive 1,000 H Shares 1.58%
35,000 355 180 out of 355 applicants to receive 1,000 H Shares 1.45%
40,000 482 260 out of 482 applicants to receive 1,000 H Shares 1.35%
45,000 297 169 out of 297 applicants to receive 1,000 H Shares 1.26%
50,000 857 511 out of 857 applicants to receive 1,000 H Shares 1.19%
60,000 600 389 out of 600 applicants to receive 1,000 H Shares 1.08%
70,000 373 260 out of 373 applicants to receive 1,000 H Shares 1.00%
80,000 357 264 out of 357 applicants to receive 1,000 H Shares 0.92%
90,000 335 262 out of 335 applicants to receive 1,000 H Shares 0.87%
100,000 2,354 1,926 out of 2,354 applicants to receive 1,000 H Shares 0.82%
200,000 1,335 1,000 H Shares 0.50%
300,000 914 1,000 H Shares plus 350 out of 914 applicants to receive an additional 1,000 H Shares 0.46%
400,000 333 1,000 H Shares plus 193 out of 333 applicants to receive an additional 1,000 H Shares 0.39%
500,000 313 1,000 H Shares plus 237 out of 313 applicants to receive an additional 1,000 H Shares 0.35%
600,000 213 1,000 H Shares plus 182 out of 213 applicants to receive an additional 1,000 H Shares 0.31%
700,000 120 1,000 H Shares plus 119 out of 120 applicants to receive an additional 1,000 H Shares 0.28%
800,000 110 2,000 H Shares 0.25%
900,000 97 2,000 H Shares plus 19 out of 97 applicants to receive an additional 1,000 H Shares 0.24%
1,000,000 610 2,000 H Shares plus 213 out of 610 applicants to receive an additional 1,000 H Shares 0.23%
Total 46,894 Total number of Pool A successful applicants: 14,925


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NO. OF
H SHARES
APPLIED
FOR
NO. OF
VALID
APPLICATIONS BASIS OF ALLOTMENT/BALLOT
APPROXIMATE
PERCENTAGE
ALLOTTED OF THE
TOTAL NUMBER
OF H SHARES
APPLIED FOR
POOL B
1,500,000 912 8,000 H Shares plus 507 out of 912 applicants to receive an additional 1,000 H Shares 0.57%
2,000,000 332 10,000 H Shares 0.50%
2,500,000 81 12,000 H Shares 0.48%
3,000,000 65 14,000 H Shares 0.47%
3,411,000 270 15,000 H Shares 0.44%
Total 1,660 Total number of Pool B successful applicants: 1,660
As of the date of this announcement, the relevant subscription monies previously deposited in the designated
nominee accounts have been remitted back to the accounts of all HKSCC participants. Investors should contact
their relevant brokers for any inquiries.


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COMPLIANCE WITH LISTING RULES AND GUIDANCE
The Directors confirm that, except for the Listing Rules that have been waived, the Company has complied with
the Listing Rules and guidance materials in relation to the placing, allotment and listing of the Company’s shares.
The Directors confirm that, to the best of their knowledge, no rebate has been, directly or indirectly, provided by
the issuer, its controlling shareholder(s), directors or syndicate members to any placees or the public (as the case
may be) and the consideration payable by them for each share (or, where applicable, each unit of other equity
securities or interests (which include equity securities, interests in a REIT, stapled securities and securities of
an investment company (as defined in rule 21.01)) of the issuer subscribed for or purchased by them is the same
as the final offer price determined by the issuer, in addition to any brokerage, AFRC transaction levy, SFC
transaction levy and trading fee payable.
OTHERS/ADDITIONAL INFORMATION
Reallocation
As the Hong Kong Public Offering has been oversubscribed by more than 100 times of the total number of
Offer Shares initially available under the Hong Kong Public Offering, the reallocation procedure as disclosed in
the section headed “Structure of the Global Offering – The Hong Kong Public Offering – Reallocation” of the
Prospectus has been applied. As a result of such reallocation, the final number of Offer Shares under the Hong
Kong Public Offering is adjusted to 34,110,000 H Shares, representing 50.00% of the total number of Offer
Shares available under the Global Offering.
DISCLAIMERS
Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited (the “Stock
Exchange”) and Hong Kong Securities Clearing Company Limited (“HKSCC”) take no responsibility for
the contents of this announcement, make no representation as to its accuracy or completeness and expressly
disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any
part of the contents of this announcement.
This announcement is not for release, publication, distribution, directly or indirectly, in or into the United
States (including its territories and possessions, any state of the United States and the District of Columbia).
This announcement does not constitute or form a part of any offer or solicitation to purchase or subscribe
for securities in the United States. The securities mentioned herein have not been, and will not be, registered
under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”). The securities may
not be offered or sold in the United States except pursuant to an exemption from the registration requirements
of the U.S. Securities Act and in compliance with any applicable state securities laws, or outside the United
States unless in compliance with Regulation S under the U.S. Securities Act. There will be no public offer of
securities in the United States.
The Offer Shares are being offered and sold outside the United States in offshore transactions in reliance on
Regulation S under the U.S. Securities Act.
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 17 June 2025 issued by X.J. Electrics (Hu Bei) Co., Ltd (ʮ̡)
for detailed information about the Global Offering described below before deciding whether or not to invest in
the Offer Shares.
* Potential investors of the Offer Shares should note that the Sole 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
paragraph headed “Underwriting – Underwriting Arrangements – Hong Kong Public Offering – Grounds for
Termination of the Hong Kong Underwriting Agreement” 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 Wednesday, 25 June 2025).


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PUBLIC FLOAT
Immediately following completion of the Global Offering, an aggregate of 68,220,000 H Shares or approximately
25.00% of the total issued share capital of the Company will be held in public hands. Therefore, the number
of H Shares held in public hands represents no less than 25% of the total issued share capital of the Company,
satisfying the minimum percentage requirement in compliance with Rule 8.08(1) of the Listing Rules.
The Directors confirm that, immediately following completion of the Global Offering, (i) no placee will,
individually, be placed more than 10% of the enlarged issued share capital of the Company immediately after the
Global Offering; (ii) there will not be any new substantial Shareholder immediately after the Global Offering;
(iii) the three largest public Shareholders do not hold more than 50% of the H Shares in public hands at the time
of Listing in compliance with Rules 8.08(3) and 8.24 of the Listing Rules; and (iv) there will be at least 300
Shareholders at the time of Listing in compliance with Rule 8.08(2) of the Listing Rules.
COMMENCEMENT OF DEALINGS
The H Share certificates will only become valid evidence of title at 8:00 a.m. on Wednesday, 25 June 2025,
provided that the Global Offering has become unconditional in all respects and the right of termination described
in the section headed “Underwriting” in the Prospectus has not been exercised. Investors who trade H Shares on
the basis of publicly available allocation details prior to the receipt of H Share certificates or prior to the H Share
certificates becoming valid 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 Wednesday, 25 June 2025, it
is expected that dealings in the H Shares on the Stock Exchange will commence at 9:00 a.m. on Wednesday, 25
June 2025. The H Shares will be traded in board lots of 1,000 H Shares each and the stock code of the H Shares
will be 2619.
By Order of the Board
X.J. Electrics (Hu Bei) Co., Ltd
Mr. Pan Yun
Chairman and Executive Director
Hong Kong, 24 June 2025
As at the date of this announcement, the executive Directors are Mr. Pan Yun, Mr. Guangshe Pan, Ms. Ji Ying,
Ms. Li Youxiang, Mr. Xu Xiping and Ms. Hu Yan; and the independent non-executive Directors are Dr. Huang
Hanxiong, Dr. Li Jiannan and Dr. Gu Zhaoyang.