hk-ipo/data/extracted_text/03277/allotment_results_2026-04-16_2026041602158.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.
Unless otherwise defined herein, capitalized terms used in this announcement shall have the same
meanings as those defined in the prospectus dated April 9, 2026 (the “Prospectus”) of Gpixel Changchun
Microelectronics Inc. (ʮ̡) (the “Company”).
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, 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, and is not intended to, constitute or form a part of any offer to sell or
solicitation to purchase or subscribe for any securities in the United States or in any other jurisdiction. The
Offer Shares have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended
from time to time (the “U.S. Securities Act”) or any securities law of any state or other jurisdiction of the
United States and may not be offered, sold, pledged, or otherwise transferred within the United States, except
pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S.
Securities Act and in compliance with any applicable state securities laws. There will be no public offer of
the Offer Shares in the United States. The Offer Shares are being offered and sold solely outside the United
States in offshore transactions in reliance on Regulation S under the U.S. Securities Act.
In connection with the Global Offering, CLSA Limited as stabilizing manager (the “Stabilizing Manager”),
its affiliates or any person acting for it, on behalf of the Underwriters, may effect transactions with a view
to stabilizing or supporting the market price of the Shares 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,
its affiliates or any person acting for it to conduct any such stabilizing action, which, if commenced, will
be done at the sole and absolute discretion of the Stabilizing Manager, its affiliates or any person acting
for it and may be discontinued at any time. Any such stabilization activity is required to be brought to an
end on Thursday, May 14, 2026, being the 30th day after the last date for lodging of applications under the
Hong Kong Public Offering. Such stabilization 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 stabilizing action cannot be taken to support the price of the H
Shares for longer than the stabilisation period which begins on the Listing Date, and is expected to expire on
Thursday, May 14, 2026, the 30th day after the last day for the lodging of applications under the Hong Kong
Public Offering. After this date, 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 the 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 Overall-Coordinators (for themselves and on behalf of the Hong Kong Underwriters)
in their sole and absolute discretion may, by notice in writing to the Company, terminate the Hong
Kong Underwriting Agreement with immediate effect upon the occurrence of any of the events set out in
“Underwriting — Underwriting Arrangements and Expenses — the Hong Kong Public Offering — Grounds
for Termination” in the Prospectus at any time at or prior to 8:00 a.m. on the Listing Date.


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Gpixel Changchun Microelectronics Inc.
長春長光辰芯微電子股份有限公司
(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
: 65,294,200 H Shares (subject to the
Over-allotment Option)
Number of Hong Kong Offer Shares : 6,529,500 H Shares
Number of International Offer Shares : 58,764,700 H Shares (subject to the
Over-allotment Option)
Offer Price : HK$39.88 per H Share plus brokerage
of 1.0%, SFC transaction levy of
0.0027%, AFRC transaction levy
of 0.00015% and Hong Kong 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 : 3277
Joint Sponsors, Overall Coordinators, Joint Global Coordinators,
Joint Bookrunners and Joint Lead Managers


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Gpixel Changchun Microelectronics Inc.
長春長光辰芯微電子股份有限公司
ANNOUNCEMENT OF ALLOTMENT RESULTS
Unless otherwise defined herein, capitalised terms used in this announcement shall have the
same meanings as those defined in the prospectus dated April 9, 2026 (the “Prospectus”)
issued by Gpixel Changchun Microelectronics Inc. (the “Company”).
Warning: In view of high concentration of shareholding in a small number of
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 3277
Stock short name GPIXEL
Dealings commencement date April 17, 2026*
* see note at the end of the announcement
Price Information
Offer Price HK$39.88
Offer Shares and Share Capital
Number of Offer Shares (before exercise of Over-
allotment Option)
65,294,200
Final Number of Offer Shares in Hong Kong Public
Offering
6,529,500
Final Number of Offer Shares in International Offering
(before exercise of the Over-allotment Option)
58,764,700
Number of issued shares upon Listing (before exercise of
Over-allotment Option)
435,294,200


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Over-allocation
Number of Offer Shares over-allocated 9,794,100
— International Offering 9,794,100
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$2,603.9 million
Less: Estimated listing expenses payable based on
Offer Price
HK$(100.4) million
Net proceeds HK$2,503.6 million
Note: Gross proceeds refers to the amount to which the Company is entitled to receive assuming the
Over-allotment Option is not exercised. 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 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.


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ALLOTMENT RESULTS DETAILS
HONG KONG PUBLIC OFFERING
Number of valid applications 266,501
Number of successful applications 45,516
Subscription level 1,138.21 times
Claw-back triggered No
Number of Offer Shares initially available under the Hong
Kong Public Offering
6,529,500
Final number of Offer Shares under the Hong Kong Public
Offering
6,529,500
% of Offer Shares under the Hong Kong Public Offering to
the Global Offering
10.00%
Note: For details of the final allocation of H Shares to the Hong Kong Public Offering, investors can
refer to http://www.hkeipo.hk/iporesult to perform a search by name or identification number or
http://www.hkeipo.hk/iporesult for the full list of allottees.


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INTERNATIONAL OFFERING
Number of placees 172
Subscription Level 22.69 times
Number of Offer Shares initially available under the
International Offering
58,764,700
Final number of Offer Shares under the International
Offering (before exercise of the Over-allotment Option)
58,764,700
% of Offer Shares under the International Offering to the
Global Offering
90.00%
The Directors confirm that, to the best of their knowledge, information and belief,
save for a waiver from strict compliance with Rule 10.04 of the Listing Rules, consents
under paragraphs 1C(1) and 1C(2) of Appendix F1 to the Listing Rules (the “Placing
Guidelines”) and Chapter 4.15 of the Guide for New Listing Applicants (“Listing Guide”)
granted by the Stock Exchange to permit the Company to, among other things, place
certain H Shares in the International Offering to close associates of existing Shareholders,
Cornerstone Investors and/or their close associates, and connected clients, (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, 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, 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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The placees in the International Offering include the following:
Cornerstone Investors
Investor Note 1
Number of
Offer
Shares
allocated
% of Offer
Shares Note 2
% of total H
Shares after
the Global
Offering Note 2
% of total
issued share
capital after
the Global
Offering Note 2
Existing
shareholders
or their close
associates
CPE Peepal Investment Limited
(“CPE Peepal”) Note 3
2,945,900 4.51% 1.01% 0.68% No
HHLR Advisors, Ltd.
(“HHLRA”) Note 3
2,945,900 4.51% 1.01% 0.68% No
UBS Asset Management
(Singapore) Ltd. (“UBS AM
Singapore”) Note 3
2,945,900 4.51% 1.01% 0.68% No
Arc Avenue Asset Management
Pte. Ltd. (“Arc Avenue”) Note 3
1,963,900 3.01% 0.67% 0.45% No
Boyu Capital Management
(Singapore) Pte. Ltd.
(“Boyu”) Note 3&4
1,963,900 3.01% 0.67% 0.45% No
Fullgoal Asset Management (HK)
Limited (“Fullgoal HK”) Notes 3&5
655,900 1.00% 0.23% 0.15% No
Fullgoal Fund Management Co.,
Ltd. (“Fullgoal Fund”) Notes 3&5
1,308,000 2.00% 0.45% 0.30% No
GF International Investment
Management Limited (“GF Fund
HK”) Note 3
785,500 1.20% 0.27% 0.18% No
GF Fund Management Co., Ltd.
(“GF Fund Management”) Note 3
1,178,300 1.80% 0.40% 0.27% No
Shanghai Greenwoods Asset
Management Co., Ltd. (“Shanghai
Greenwoods”) and Huatai Capital
Investment Limited (“HTCI”)
(in connection with Greenwoods
OTC Swaps) Notes 3&7
1,112,000 1.70% 0.38% 0.26% No


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Investor Note 1
Number of
Offer
Shares
allocated
% of Offer
Shares Note 2
% of total H
Shares after
the Global
Offering Note 2
% of total
issued share
capital after
the Global
Offering Note 2
Existing
shareholders
or their close
associates
Greenwoods Asset Management
Hong Kong Limited (“HK
Greenwoods”) Note 3
851,900 1.30% 0.29% 0.20% No
Mirae Asset Securities (HK)
Limited (“Mirae HK”) Note 3
1,963,900 3.01% 0.67% 0.45% No
Perseverance Asset Management
International (Singapore) Pte.
Ltd. (“Perseverance Asset
Management”) Note 3
1,963,900 3.01% 0.67% 0.45% No
Yield Royal Investment Holding
(Singapore) PTE. LTD. (“Yield
Royal Investment”) Note 3
1,472,900 2.26% 0.51% 0.34% No
3W Fund Management Limited
(“3W Fund”) Note 3
981,900 1.50% 0.34% 0.23% No
Eastern Bell Capital VIII
Investment Limited (“Eastern
Bell Capital VIII”) Note 3
981,900 1.50% 0.34% 0.23% No
ICBC Wealth Management Co.,
Ltd. (“ICBC Wealth”) Notes 3 & 8
981,900 1.50% 0.34% 0.23% No
Protium Capital Limited Note 3 981,900 1.50% 0.34% 0.23% No
SCC Foresight Ventures Ltd. Note 3 314,200 0.48% 0.11% 0.07% No
Voyage42 Master Fund Note 3 667,700 1.02% 0.23% 0.15% No
WT Asset Management Limited
(“WT Asset Management”) Note 3
981,900 1.50% 0.34% 0.23% No
E Fund Management (Hong Kong)
Co., Ltd. (“E Fund HK”) Note 3
490,900 0.75% 0.17% 0.11% No
E Fund Management Co., Ltd.
(“E Fund Management”) Note 3
98,100 0.15% 0.03% 0.02% No
China Asset Management Co.,
Ltd. (“China AMC”) Notes 3&6
392,700 0.60% 0.13% 0.09% No


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Investor Note 1
Number of
Offer
Shares
allocated
% of Offer
Shares Note 2
% of total H
Shares after
the Global
Offering Note 2
% of total
issued share
capital after
the Global
Offering Note 2
Existing
shareholders
or their close
associates
Cithara Global Multi-Strategy
SPC — Disruptive Innovation
Investment Fund SP (“Cithara
Fund”) Note 3
392,700 0.60% 0.13% 0.09% No
Panjing Harbourview Investment
Fund (“Panjing Fund”) Note 3
392,700 0.60% 0.13% 0.09% No
Value Partners Hong Kong
Limited Note 3
343,600 0.53% 0.12% 0.08% No
Value Partners Limited Note 3 49,000 0.08% 0.02% 0.01% No
China Orient International Asset
Management Limited — China
Orient Multi-Strategy Master Fund
(“China Orient Multi-Strategy
Master Fund”) Note 3
340,000 0.52% 0.12% 0.08% No
China Merchants Securities
Investment Management (Hong
Kong) Company Limited
(“CMSIM”) Note 3
196,300 0.30% 0.07% 0.05% No
Total 32,645,200 50.0% 11.21% 7.50%
Notes:
1. For further details of the Cornerstone Investors, please refer to the section headed “Cornerstone
Investors” of the Prospectus.
2. Assuming the Over-allotment Option is not exercised.
3. Only taking into account the Offer Shares allocated to the relevant investors as cornerstone investors
under the Global Offering. In addition to the Offer Shares subscribed for as Cornerstone Investors,
each of such investors and/or their respective close associates was allocated further Offer Shares
as a placee in the International Offering. Please refer to the section headed “Allotment Results
Details — International Offering Allotees with Waivers/Consents Obtained” in this announcement
for details. Only the Offer Shares subscribed for as Cornerstone Investors are subject to lock-
up as indicated below. For details, please refer to the section headed “Lock-up Undertakings —
Cornerstone Investors” in this announcement.


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4. Supercluster Universe Limited, the entity entering into a cornerstone investment agreement with
the Company, the Joint Sponsors and the Overall Coordinators to subscribe for the Offer Shares,
is a controlled subsidiary of Boyu Capital Opportunities Master Fund. Boyu Capital Opportunities
Master Fund is an investment fund managed by Boyu.
5. Each of Fullgoal HK and Fullgoal Fund has entered into a cornerstone investment agreement
with the Company, the Joint Sponsors and the Overall Coordinators to subscribe for the Offer
Shares. Fullgoal HK is a wholly owned subsidiary of Fullgoal Fund, which is owned by Guotai
Haitong Securities Co., Ltd. (stock code: 2611.HK/601211.SH) (“Guotai Haitong”) as to 27.775%.
Guotai Junan Securities (Hong Kong) Limited (“GTJAS”), one of the Overall Coordinators and
Underwriters of the Global Offering, is a subsidiary of Guotai Haitong. Haitong International
Securities Company Limited (“HTIS”), a non-syndicate sub-broker in connection with the Global
Offering, is also a subsidiary of Guotai Haitong. As advised by Fullgoal HK and Fullgoal Fund,
each of Fullgoal HK and Fullgoal Fund is considered as a member of the same group of companies
as GTJAS and HTIS and therefore is a “connected client” of GTJAS and HTIS for the purpose of
paragraph 1B of the Placing Guidelines. For the consent under paragraph 1C(1) of the Placing
Guidelines granted by the Stock Exchange for the subscription of Offer Shares by a connected client
of GTJAS, please refer to the section headed “Waivers from Strict Compliance with the Listing
Rules - Consent in respect of the Proposed Subscription of Offer Shares by Connected Clients” of
the Prospectus. The Company has also applied to the Stock Exchange, and the Stock Exchange has
granted consent under paragraph 1C(1) of the Placing Guidelines in respect of the subscription of
Offer Shares by a connected client of HTIS.
6. China Asset Management (Hong Kong) Limited (“China AMC (HK)”), a wholly-owned subsidiary
of China AMC, has entered into a cornerstone investment agreement with the Company, the Joint
Sponsors, and the Overall Coordinators to subscribe for the Offer Shares. CLSA Limited, one of
the Overall Coordinators and Underwriters of the Global Offering, is an indirect wholly-owned
subsidiary of CITIC Securities Company Limited. China AMC (HK) is a member of the same group
of companies as CLSA Limited and therefore is a “connected client” of CLSA Limited for the
purpose of paragraph 1B of the Placing Guidelines. For the consent under paragraph 1C(1) of the
Placing Guidelines granted by the Stock Exchange, please refer to the section headed “Waivers from
Strict Compliance with the Listing Rules - Consent in respect of the Proposed Subscription of Offer
Shares by Connected Clients” of the Prospectus.
7. HTCI, an indirectly wholly-owned subsidiary of Huatai Securities Co., Ltd. (“Huatai Securities”),
has entered into a cornerstone investment agreement with the Company, the Joint Sponsors, and the
Overall Coordinators to subscribe for the Offer Shares in connection with the Greenwoods OTC
Swaps. Huatai Financial Holdings (Hong Kong) Limited (“HTFH”), a non-syndicate sub-broker
in connection with the Global Offering, is also a subsidiary of Huatai Securities. HTCI is a member
of the same group of companies as HTFH, and therefore is a “connected client” of HTFH for
the purpose of paragraph 1B of the Placing Guidelines. The Company has applied to the Stock
Exchange, and the Stock Exchange has granted consent under paragraph 1C(1) of the Placing
Guidelines.
8. For the purpose of participation in the International Offering as a cornerstone, ICBC Wealth, has
engaged GF Securities Asset Management (Guangdong) Co., Ltd. ( ᄿ೯ᗇՎ༟ପ၍ଣ(؇)Ϟ
ʮ̡ ) (“GF Securities”), to subscribe for and hold such Offer Shares on a non-discretionary
basis on behalf of ICBC Wealth. GF Securities is an independent third party of ICBC Wealth. GF
Securities is also a close associate of two Cornerstone Investors, namely, GF Fund Management
and GF Fund HK, as they are all subsidiaries of GF Securities Co., Ltd.


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Allotees with Waivers/Consents Obtained
Investor
Number of
Offer Shares
allocated
% of Offer
SharesNote 1
% of total H
Shares after
the Global
OfferingNote 1
% of total
issued share
capital after
the Global
OfferingNote 1 Relationship
Allotees with waiver from strict compliance with Rule 10.04 of the Listing Rules and consent under paragraph 1C(2)
of the Placing Guidelines and Chapter 4.15 of the Guide for New Listing Applicants in relation to subscription for H
Shares by existing Shareholders and/or their close associates Note 2
HTI FINANCIAL
SOLUTIONS
LIMITED (“HTIF”)
98,100 0.15% 0.03% 0.02% To subscribe for and hold the Offer
Shares under the International
Offering on behalf of Zhongke
Chuangxing Technology Investment
Co., Ltd. (Ҧҳ༟Ϟ
ʮ̡), a close associate of an
existing Shareholder, i.e. Zhongke
Chuangxing.
HTCI 1,374,700 2.11% 0.47% 0.32% To subscribe for and hold the Offer
Shares under the International
Offering on behalf of Ji’ao Qianheng
No.3 Private Equity Investment Fund
( ΛጬᑹЖɧ໮ӷ෍ᗇՎҳ༟ਿ
ږwhose fund manager is a close
associate of an existing Shareholder,
i.e. Jilin Yuanheng.


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Investor
Number of
Offer Shares
allocated
% of Offer
SharesNote 1
% of total H
Shares after
the Global
OfferingNote 1
% of total
issued share
capital after
the Global
OfferingNote 1 Relationship
Allotees with consent under paragraph 18 of Chapter 4.15 of the Guide for New Listing Applicants in relation to
allocation of further H Shares to Cornerstone Investors and/or their close associates Note 3
Fullgoal HK 510,600 0.78% 0.18% 0.12% A Cornerstone Investor
Fullgoal Fund 864,100 1.32% 0.30% 0.20% A Cornerstone Investor
China AMC (HK) 274,900 0.42% 0.09% 0.06% A Cornerstone Investor
CITIC Securities
International Capital
Management Limited
(“CSI”)
115,400 0.18% 0.04% 0.03% To subscribe and hold the Offer
Shares for a close associate of
Perseverance Asset Management, a
Cornerstone Investor Note 5
Perseverance Asset
Management
670,100 1.03% 0.23% 0.15% A Cornerstone Investor
HTCI 371,500 0.57% 0.13% 0.09% To subscribe and hold the Offer
Shares for Shanghai Greenwoods, a
Cornerstone Investor Note 6
HK Greenwoods 414,000 0.63% 0.14% 0.10% A Cornerstone Investor
3W Fund 196,300 0.30% 0.07% 0.05% A Cornerstone Investor
Boyu 785,500 1.20% 0.27% 0.18% Close associate of a Cornerstone
Investor Note 7
China Orient
International Asset
Management Limited
— China Orient
Enhanced Income
Fund
196,300 0.30% 0.07% 0.05% Close associate of a Cornerstone
Investor Note 8
Cithara Fund 98,100 0.15% 0.03% 0.02% A Cornerstone Investor
HHLRA 2,945,900 4.51% 1.01% 0.68% A Cornerstone Investor
ICBC Wealth 196,300 0.30% 0.07% 0.05% A Cornerstone Investor Note 9
Protium Capital
Limited
196,300 0.30% 0.07% 0.05% A Cornerstone Investor


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Investor
Number of
Offer Shares
allocated
% of Offer
SharesNote 1
% of total H
Shares after
the Global
OfferingNote 1
% of total
issued share
capital after
the Global
OfferingNote 1 Relationship
SCC Foresight
Ventures Ltd.
196,300 0.30% 0.07% 0.05% A Cornerstone Investor
Voyage42 Master
Fund
196,400 0.30% 0.07% 0.05% A Cornerstone Investor
WT Asset
Management
196,300 0.30% 0.07% 0.05% A Cornerstone Investor
Richapple Resources
Limited
442,300 0.68% 0.15% 0.10% Close associate of a Cornerstone
Investor Note 10
Arc Avenue 785,500 1.20% 0.27% 0.18% A Cornerstone Investor
GF Fund HK 1,108,100 1.70% 0.38% 0.25% A Cornerstone Investor
GF Fund Management 266,600 0.41% 0.09% 0.06% A Cornerstone Investor
CSI 49,000 0.08% 0.02% 0.01% To subscribe and hold the Offer
Shares for a close associate of GF
Fund HK and GF Fund Management,
the Cornerstone Investors Note 11
GF Securities
Asset Management
(Guangdong) Co.,
Ltd. (ᄿ೯ᗇՎ༟ପ
၍ଣ(؇)ʮ̡)
(“GF Securities”)
5,000 0.01% 0.00% 0.00% Close associate of a Cornerstone
Investor Note11
Panjing Fund 98,100 0.15% 0.03% 0.02% A Cornerstone Investor
E Fund Management 68,700 0.11% 0.02% 0.02% A Cornerstone Investor
E Fund HK 343,700 0.53% 0.12% 0.08% A Cornerstone Investor
CPE Peepal 2,356,700 3.61% 0.81% 0.54% A Cornerstone Investor
Eastern Bell Capital
VIII
392,700 0.60% 0.13% 0.09% A Cornerstone Investor
Value Partners
Limited
98,100 0.15% 0.03% 0.02% A Cornerstone Investor
UBS AM Singapore 1,472,900 2.26% 0.51% 0.34% A Cornerstone Investor


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Investor
Number of
Offer Shares
allocated
% of Offer
SharesNote 1
% of total H
Shares after
the Global
OfferingNote 1
% of total
issued share
capital after
the Global
OfferingNote 1 Relationship
Mirae HK 785,500 1.20% 0.27% 0.18% A Cornerstone Investor
Bosera Asset
Management
(International) Co.,
Limited (“Bosera
AM”)
196,300 0.30% 0.07% 0.05% Close associate of a Cornerstone
Investor Note 12
Allotees 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 4
Part A — Connected Clients holding securities on a Discretionary Basis on behalf of Independent Third Parties
China AMC 274,900 0.42% 0.09% 0.06% A connected client of CLSA Limited
(“CLSA”)
CITIC Securities
Asset Management
Company Limited
(“CITIC Asset
Management”)
1,000 0.00% 0.00% 0.00% A connected client of CLSA
CITIC Securities
Asset Management
(HK) Limited
(“CITIC Asset
Management HK”)
1,000 0.00% 0.00% 0.00% A connected client of CLSA
Fullgoal HK 1,166,500
Note 13
1.78%
Note 13
0.41%
Note 13
0.27%
Note 13
Guotai Junan Securities (Hong
Kong) Limited (“GTJAS”) and
Haitong International Securities
Company Limited (“HTIS”)
Fullgoal Fund 2,172,100
Note 13
3.32%
Note 13
0.75%
Note 13
0.50%
Note 13
A connected client of GTJAS and
HTIS


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Investor
Number of
Offer Shares
allocated
% of Offer
SharesNote 1
% of total H
Shares after
the Global
OfferingNote 1
% of total
issued share
capital after
the Global
OfferingNote 1 Relationship
China Southern Asset
Management Co., Ltd.
(“China Southern”)
294,500 0.45% 0.10% 0.07% A connected client of HTFH
Bosera AM 196,300 0.30% 0.07% 0.05% A connected client of CMB
International Securities Limited
(“CMBI”)
Part B — Connected Clients holding securities on a Non-Discretionary Basis on behalf of Independent Third Parties
CSI 566,800 0.87% 0.19% 0.13% A connected client of CLSA
HTIF 1,215,100 1.86% 0.42% 0.28% A connected client of GTJAS and
HTIS
HTCI 2,858,200
Note 14
4.38%
Note 14
0.98%
Note 14
0.66%
Note 14
A connected client of HTFH
Notes:
1. Assuming the Over-allotment Option is not exercised.
2. The Stock Exchange has granted a waiver from strict compliance with the requirements under Rule
10.04 of the Listing Rules and consent under paragraph 1C(2) of the Placing Guidelines to permit
Offer Shares be placed the above placees who are close associates of certain existing Shareholders.
Please refer to the section headed “Others/Additional Information — Placing to close associates of
existing Shareholders with a waiver from the strict compliance with Rule 10.04 of the Listing Rules
and a prior consent under paragraph 1C(2) of the Placing Guidelines” in this announcement.
3. 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 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 Chapter 4.15 of the Guide for New
Listing Applicants in relation to allocations of further Shares to Cornerstone investors and/or their
close associates, please refer to the section headed “Others/Additional Information — Allocations
of Offer Shares to Cornerstone Investors and/or their close associates with consent under Chapter
4.15 of the Guide for New Listing Applicants” in this announcement.


--- page 16 ---
– 16 –
4. For details of the consent under paragraph 1C(1) of the Placing Guidelines in relation to allocations
to connected clients, please refer to the section headed “Others/Additional Information — Placing
to connected clients with a prior consent under paragraph 1C(1) of the Placing Guidelines” in this
announcement.
5. CSI proposes to subscribe for and hold the Offer Shares as a placee under the International
Offering on behalf of certain ultimate clients, including certain funds where Shanghai Gaoyi
Asset Management Partnership (Limited Partnership) ( ɪऎ৷ᆇ༟ପ၍ଣΥྫΆุ(Υྫ) )
(“Shanghai Gaoyi”) acts as the fund manager for such funds. Shanghai Gaoyi is a close associate
of a Cornerstone Investor, namely, Perseverance Asset Management.
6. HTCI proposes to subscribe for and hold the Offer Shares as a placee under the International
Offering on behalf of certain ultimate clients, including certain funds where Shanghai Greenwoods
acts as the fund manager for such funds. Shanghai Greenwoods also in its capacity is the fund
manager of certain investment funds as a Cornerstone Investor through the TRS mechanism.
7. Boyu acts as a fund manager of Boyu Capital Opportunities Master Fund, which is a controlling
entity of Supercluster Universe Limited, a Cornerstone Investor. Boyu is a close associate of
Supercluster Universe Limited.
8. China Orient International Asset Management Limited as the fund manager of the Cornerstone
Investor, namely China Orient Multi-Strategy Master Fund, acts as the fund manager of the placee.
9. For the purpose of participation in the International Offering as a placee, ICBC Wealth, a
Cornerstone Investor, has engaged various asset managers that are qualified domestic international
investors as approved by the relevant PRC authority, to subscribe for and hold such Offer Shares on
a non-discretionary basis on behalf of ICBC Wealth. Each of such asset managers is an independent
third party of ICBC Wealth.
Among these asset managers which are qualified domestic international investors subscribing for
Offer Shares for ICBC Wealth, GF Securities is a close associate of two Cornerstone Investors,
namely, GF Fund Management and GF Fund HK, as they are all subsidiaries of GF Securities
Co., Ltd. The Company has applied to the Stock Exchange, and the Stock Exchange has granted
consent under paragraph 18 of Chapter 4.15 of the Guide for New Listing Applicants in relation to
allocation of further H Shares to Cornerstone Investors and/or their close associates.
10. Richapple Resources Limited is wholly owned by Chang Hongna (ࢆߎYield Royal Investment,
a Cornerstone Investor, is wholly owned by Gallantlion Resources PTE. LTD., which is also in turn
wholly owned by Chang Hongna (ࢆߎ.)
11. CSI proposes to subscribe for and hold the Offer Shares as a placee under the International Offering
on behalf of certain ultimate clients, including a fund where GF Securities acts as the fund manager
for such funds. Further, GF Securities, in an agency capacity, subscribed for Offer Shares on behalf
of Shenwan Hongyuan Securities Co., Ltd., an independent third party. GF Securities is a close
associate of Cornerstone Investors, namely, GF Fund HK and GF Fund Management (the “GF
Cornerstone Investors”), as GF Securities and the GF Cornerstone Investors are all subsidiaries of
GF Securities Co., Ltd.


--- page 17 ---
– 17 –
12. CMSIM is a wholly-owned subsidiary of China Merchants Securities International Company Limited
(“CMSI”). CMSI is a wholly-owned subsidiary of China Merchants Securities Co., Ltd.(“CMS”).
Bosera AM is owned by Bosera Asset Management Co., Limited (“Bosera”) and China Merchants
Fund Management Co., Ltd. (“China Merchants Fund”) as to 55% and 45%, respectively. CMS
is a controlling shareholder of Bosera holding 49% equity interests. CMS is also a controlling
shareholder of China Merchants Fund holding 45% equity interests. Bosera AM is considered as a
close associate of CMSIM.
13. Including all Offer Shares allocated to Fullgoal HK and Fullgoal Fund, being the connected clients
of CTJAS and HTIS, as placees and cornerstone investors.
14. Including all Offer Shares allocated to HTCI, being the connected client of HTFH, as a placee and
a cornerstone investor.


--- page 18 ---
– 18 –
LOCK-UP UNDERTAKINGS
Controlling Shareholders
Name
Number of
Unlisted
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
shareholding
in the
Company
subject to
lock-up upon
Listing Note 1
Last day subject
to the lock-up
undertakings Note 2
WANG Xinyang (“Dr. Wang”) Note 3 35,425,950 65,791,050 23.25% April 16, 2029
ZHANG Yanxia (“Dr. Zhang”) Notes 3&4 2,467,500 4,582,500 1.62% April 16, 2029
Zhuhai Yunchen Qixin Investment
Partnership (Limited Partnership)
(“Zhuhai Yunchen”) Note 5
18,480,000 34,320,000 12.13% April 16, 2027
Zhuhai Xuchen Qixin Investment
Partnership (Limited Partnership)
(“Zhuhai Xuchen”) Note 6
7,770,000 14,430,000 5.10% April 16, 2027
Total 64,143,450 119,123,550 42.10%
Notes:
1. Assuming the Over-allotment Option is not exercised.
2. Unless otherwise stated, the expiry date of the lock-up period shown in the table above is pursuant
to the PRC Company Law. The required lock-up for the Controlling Shareholders ends on April 16,
2027, being one year following the Listing Date.
3. The expiry date of the lock-up period for Dr. Wang and Dr. Zhang is pursuant to a separate
undertaking from the same to have their Shares locked up for a period of 36 months following the
Listing Date. The required lock-up for Dr. Wang and Dr. Zhang ends on April 16, 2029.
4. Dr. Zhang is the spouse of Dr. Wang.
5. As of the Latest Practicable Date, Zhuhai Yunchen was held as to (i) approximately 0.01% by
Hangzhou Qixin Management Consulting Co., Ltd., as its general partner, an entity solely owned
and controlled by Dr. Wang, (ii) approximately 62.22% by Dr. Wang as its limited partner, and
(iii) approximately 37.77% by the remaining limited partners, each of them holding less than 30%
interest in Zhuhai Yunchen.
6. As of the Latest Practicable Date, Zhuhai Xuchen was held as to (i) 0.0045% by Hangzhou Qixin
Management Consulting Co., Ltd., as its general partner, an entity solely owned and controlled
by Dr. Wang, (ii) 95.94% by Dr. Wang as its limited partner, and (iii) 4.05% by a remaining single
limited partner.


--- page 19 ---
– 19 –
Cornerstone Investor
Name
Number of
H Shares
held in the
Company
subject to
lock-up
undertakings
upon Listing
% of
total issued
H Shares in
the Company
subject to
lock-up
undertakings
upon Listing
Note 1
% of
shareholding
in the
Company
subject to
lock-up upon
Listing Note 1
Last day subject
to the lock-up
undertakings Note 2
CPE Peepal 2,945,900 1.01% 0.68% October 16, 2026
HHLRA 2,945,900 1.01% 0.68% October 16, 2026
UBS AM Singapore 2,945,900 1.01% 0.68% October 16, 2026
Arc Avenue 1,963,900 0.67% 0.45% October 16, 2026
Boyu 1,963,900 0.67% 0.45% October 16, 2026
Fullgoal HK 655,900 0.23% 0.15% October 16, 2026
Fullgoal Fund 1,308,000 0.45% 0.30% October 16, 2026
GF Fund HK 785,500 0.27% 0.18% October 16, 2026
GF Fund Management 1,178,300 0.40% 0.27% October 16, 2026
Shanghai Greenwoods and HTCI (in
connection with Greenwoods OTC
Swaps)
1,112,000 0.38% 0.26% October 16, 2026
HK Greenwoods 851,900 0.29% 0.20% October 16, 2026
Mirae HK 1,963,900 0.67% 0.45% October 16, 2026
Perseverance Asset Management 1,963,900 0.67% 0.45% October 16, 2026
Yield Royal Investment 1,472,900 0.51% 0.34% October 16, 2026
3W Fund 981,900 0.34% 0.23% October 16, 2026
Eastern Bell Capital VIII 981,900 0.34% 0.23% October 16, 2026
ICBC Wealth 981,900 0.34% 0.23% October 16, 2026
Protium Capital Limited 981,900 0.34% 0.23% October 16, 2026
SCC Foresight Ventures Ltd. 314,200 0.11% 0.07% October 16, 2026


--- page 20 ---
– 20 –
Name
Number of
H Shares
held in the
Company
subject to
lock-up
undertakings
upon Listing
% of
total issued
H Shares in
the Company
subject to
lock-up
undertakings
upon Listing
Note 1
% of
shareholding
in the
Company
subject to
lock-up upon
Listing Note 1
Last day subject
to the lock-up
undertakings Note 2
Voyage42 Master Fund 667,700 0.23% 0.15% October 16, 2026
WT Asset Management 981,900 0.34% 0.23% October 16, 2026
E Fund HK 490,900 0.17% 0.11% October 16, 2026
E Fund Management 98,100 0.03% 0.02% October 16, 2026
China AMC 392,700 0.13% 0.09% October 16, 2026
Cithara Fund 392,700 0.13% 0.09% October 16, 2026
Panjing Fund 392,700 0.13% 0.09% October 16, 2026
Value Partners Hong Kong Limited 343,600 0.12% 0.08% October 16, 2026
Value Partners Limited 49,000 0.02% 0.01% October 16, 2026
China Orient Multi-Strategy Master
Fund
340,000 0.12% 0.08% October 16, 2026
CMSIM 196,300 0.07% 0.05% October 16, 2026
Total 32,645,200 11.21% 7.50%
Notes:
1. Assuming the Over-allotment Option is not exercised.
2. In accordance with each of the respective Cornerstone Investment Agreements, the required lock-up
period of six months from the Listing Date ends on October 16, 2026. The Cornerstone Investors
will cease to be prohibited from disposing of or transferring H Shares after the indicated date. For
further details, please see “Cornerstone Investors — Restrictions on the Cornerstone Investors” in
the Prospectus.


--- page 21 ---
– 21 –
Other Existing Shareholders (including the Pre-IPO Investors in the “History,
Development and Corporate Structure” section of the Prospectus)
Name
Number of
Unlisted
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
shareholding
in the
Company
subject to
lock-up upon
Listing Note 1
Last day subject
to the lock-up
undertakings Note 2
Changchun UP Optotech Co., Ltd. 33,099,850 61,471,150 21.73% April 16, 2027
LUSTER LightTech Co., Ltd. 13,240,150 24,588,850 8.69% April 16, 2027
MA Cheng 3,405,500 6,324,500 2.24% April 16, 2027
LIU Yang 786,625 1,460,875 0.52% April 16, 2027
LI Yang 786,625 1,460,875 0.52% April 16, 2027
Zhuhai Qixin Investment Center, L.P 5,550,000 0 1.27% April 16, 2027
Beijing Gaoling Yurun Equity
Investment Fund, L.P.
5,550,000 0 1.27% April 16, 2027
Xianjin Zhizao Industry Investment
Fund II (Limited Partnership)
1,554,000 2,886,000 1.02% April 16, 2027
Shanghai Guoce Xiangchi Venture
Capital Partnership (Limited
Partnership)
4,070,000 0 0.94% April 16, 2027
Xiamen Yuanfeng Xinguang Enterprise
Management Partnership (Limited
Partnership)
2,590,000 1,110,000 0.85% April 16, 2027
Huashun (Guangzhou) Enterprise
Management Partnership (Limited
Partnership)
3,700,000 0 0.85% April 16, 2027
Shenzhen Jiusi Investment Management
Co., Ltd.
0 2,220,000 0.51% April 16, 2027
QIN Hao 0 1,480,000 0.34% April 16, 2027


--- page 22 ---
– 22 –
Name
Number of
Unlisted
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
shareholding
in the
Company
subject to
lock-up upon
Listing Note 1
Last day subject
to the lock-up
undertakings Note 2
Juyuan Xincheng (Jiaxing) Venture
Capital Partnership (Limited
Partnership)
1,850,000 0 0.43% April 16, 2027
Wuhu Tuochen Private Equity
Investment Center (Limited
Partnership)
1,480,000 0 0.34% April 16, 2027
Suzhou Fangguang Phase III
Venture Capital Partnership (Limited
Partnership)
463,029 859,911 0.30% April 16, 2027
Changzhou Fangguang Phase III
Equity Investment Partnership (Limited
Partnership)
184,471 342,589 0.12% April 16, 2027
Yibin Chendao New Energy Industry
Equity Investment Partnership (Limited
Partnership)
0 999,000 0.23% April 16, 2027
Jiangsu Shengyu Huatian Venture
Capital Partnership (Limited
Partnership)
740,000 0 0.17% April 16, 2027
Beijing Phase II Zhongke Chuangxing
Hard Technology Venture Capital
Partnership (Limited Partnership)
740,000 0 0.17% April 16, 2027
Pingyang Yuanxin No. 6 Venture
Capital Partnership (Limited
Partnership)
0 370,000 0.09% April 16, 2027
Jilin Zhongke Xiandao Investment
Partnership (Limited Partnership)
0 370,000 0.09% April 16, 2027
Jilin Zhongke Technology Achievement
Transfer Venture Capital Partnership
Enterprise (Limited Partnership)
0 185,000 0.04% April 16, 2027


--- page 23 ---
– 23 –
Name
Number of
Unlisted
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
shareholding
in the
Company
subject to
lock-up upon
Listing Note 1
Last day subject
to the lock-up
undertakings Note 2
Wuhan Donghu Guolong Shibei No.
2 Equity Investment Fund Partnership
(Limited Partnership)
0 370,000 0.09% April 16, 2027
Ningbo Yuxi Venture Capital
Partnership (Limited Partnership)
222,000 0 0.05% April 16, 2027
Ningbo Meishan Bonded Port Area
Thriving Venture Capital Partnership
(Limited Partnership)
0 111,000 0.03% April 16, 2027
Jilin Yuanheng Equity Investment
Partnership (Limited Partnership)
0 111,000 0.03% April 16, 2027
Total 80,012,250 106,720,750 42.90%
Notes:
1. Assuming the Over-allotment Option is not exercised.
2. The expiry date of the lock-up period shown in the table above is pursuant to the PRC Company
Law. The required lock-up ends on April 16, 2027, being one year following the Listing Date.


--- page 24 ---
– 24 –
PLACEE CONCENTRATION ANALYSIS
Placees
Number of
H Shares
allotted
Allotment
as % of
International
Offering
(assuming
no exercise
of the Over-
allotment
Option)
Allotment
as % of
International
Offering
(assuming
the Over-
allotment
Option is
exercised
and new H
Shares are
issued)
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
exercised
and new H
Shares are
issued)
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
exercised
and new H
Shares are
issued)
Top 1 5,891,800 10.03% 8.59% 9.02% 7.85% 5,891,800 1.35% 1.32%
Top 5 22,339,300 38.01% 32.58% 34.21% 29.75% 22,339,300 5.13% 5.02%
Top 10 36,086,300 61.41% 52.64% 55.27% 48.06% 36,086,300 8.29% 8.11%
Top 25 55,186,500 93.91% 80.50% 84.52% 73.50% 55,186,500 12.68% 12.40%
Notes
* Ranking of placees is based on the number of H Shares allotted to the placees.
H SHAREHOLDERS CONCENTRATION ANALYSIS
H Shareholders*
Number of
H Shares
allotted
Allotment
as % of
International
Offering
(assuming no
exercise of the
Over-allotment
Option)
Allotment
as % of
International
Offering
(assuming the
Over-allotment
Option is
exercised and
new H Shares
are issued)
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
exercised and
new H Shares
are issued)
Number of H
Shares held
upon Listing
% of total
issued H
Shares capital
upon Listing
(assuming no
exercise of the
Over-allotment
Option)
% of total
issued H
Shares capital
upon Listing
(assuming
the Over-
allotment
Option is
exercised and
new H Shares
are issued)
Number of
Shares held
upon Listing
Top 1 0 0.00% 0.00% 0.00% 0.00% 119,123,550 40.92% 39.58% 183,267,000
Top 5 5,891,800 10.03% 8.59% 9.02% 7.85% 217,399,850 74.67% 72.24% 331,288,800
Top 10 22,339,300 38.01% 32.58% 34.21% 29.75% 236,733,350 81.31% 78.67% 352,176,300
Top 25 45,022,400 76.61% 65.67% 68.95% 59.96% 266,038,200 91.38% 88.40% 383,054,400
Notes
* Ranking of H Shareholders is based on the number of H Shares held by the H Shareholders upon Listing.


--- page 25 ---
– 25 –
SHAREHOLDER CONCENTRATION ANALYSIS
Shareholders
Number of
H Shares
allotted
Allotment
as % of
International
Offering
(assuming no
exercise of the
Over-allotment
Option)
Allotment
as % of
International
Offering
(assuming the
Over-allotment
Option is
exercised and
new H Shares
are issued)
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
exercised and
new H Shares
are issued)
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
exercised and
new H Shares
are issued)
Top 1 0 0.00% 0.00% 0.00% 0.00% 119,123,550 183,267,000 42.10% 41.18%
Top 5 5,891,800 10.03% 8.59% 9.02% 7.85% 217,399,850 331,288,800 76.11% 74.43%
Top 10 15,613,200 26.57% 22.77% 23.91% 20.79% 230,007,250 356,550,200 81.91% 80.11%
Top 25 39,523,600 67.26% 57.65% 60.53% 52.64% 258,647,300 398,973,500 91.66% 89.64%
Notes
* Ranking of Shareholders is based on the number of Shares (of all classes) held by the Shareholder
upon Listing.


--- page 26 ---
– 26 –
BASIS OF ALLOCATION UNDER THE HONG KONG PUBLIC OFFERING
Subject to the satisfaction of the conditions set out in the Prospectus, 266,501 valid
applications made by the public will be conditionally allocated on the basis set out below:
Pool A:
NUMBER OF
H SHARES
APPLIED
FOR
NUMBER
OF VALID
APPLICATIONS BASIS OF ALLOTMENT/BALLOT
APPROXIMATE
PERCENTAGE
ALLOTTED OF
THE TOTAL
NUMBER OF
H SHARES
APPLIED FOR
100 95,625 957 out of 95,625 applicants to receive 100 H Shares 1.00%
200 23,363 370 out of 23,363 applicants to receive 100 H Shares 0.79%
300 8,064 167 out of 8,064 applicants to receive 100 H Shares 0.69%
400 4,992 125 out of 4,992 applicants to receive 100 H Shares 0.63%
500 6,880 200 out of 6,880 applicants to receive 100 H Shares 0.58%
600 2,880 95 out of 2,880 applicants to receive 100 H Shares 0.55%
700 2,424 88 out of 2,424 applicants to receive 100 H Shares 0.52%
800 2,113 84 out of 2,113 applicants to receive 100 H Shares 0.50%
900 1,380 59 out of 1,380 applicants to receive 100 H Shares 0.48%
1,000 19,951 914 out of 19,951 applicants to receive 100 H Shares 0.46%
1,500 5,280 317 out of 5,280 applicants to receive 100 H Shares 0.40%
2,000 8,778 636 out of 8,778 applicants to receive 100 H Shares 0.36%
2,500 3,905 328 out of 3,905 applicants to receive 100 H Shares 0.34%
3,000 3,217 305 out of 3,217 applicants to receive 100 H Shares 0.32%
3,500 2,189 230 out of 2,189 applicants to receive 100 H Shares 0.30%
4,000 2,283 262 out of 2,283 applicants to receive 100 H Shares 0.29%
4,500 1,830 227 out of 1,830 applicants to receive 100 H Shares 0.28%
5,000 4,279 568 out of 4,279 applicants to receive 100 H Shares 0.27%
6,000 2,611 391 out of 2,611 applicants to receive 100 H Shares 0.25%
7,000 2,153 357 out of 2,153 applicants to receive 100 H Shares 0.24%


--- page 27 ---
– 27 –
NUMBER OF
H SHARES
APPLIED
FOR
NUMBER
OF VALID
APPLICATIONS BASIS OF ALLOTMENT/BALLOT
APPROXIMATE
PERCENTAGE
ALLOTTED OF
THE TOTAL
NUMBER OF
H SHARES
APPLIED FOR
8,000 2,121 384 out of 2,121 applicants to receive 100 H Shares 0.23%
9,000 1,715 336 out of 1,715 applicants to receive 100 H Shares 0.22%
10,000 10,177 2,134 out of 10,177 applicants to receive 100 H Shares 0.21%
20,000 6,848 2,270 out of 6,848 applicants to receive 100 H Shares 0.17%
30,000 4,650 2,015 out of 4,650 applicants to receive 100 H Shares 0.14%
40,000 3,547 1,859 out of 3,547 applicants to receive 100 H Shares 0.13%
50,000 3,537 2,148 out of 3,537 applicants to receive 100 H Shares 0.12%
60,000 2,375 1,627 out of 2,375 applicants to receive 100 H Shares 0.11%
70,000 1,943 1,474 out of 1,943 applicants to receive 100 H Shares 0.11%
80,000 1,711 1,418 out of 1,711 applicants to receive 100 H Shares 0.10%
90,000 1,211 1,085 out of 1,211 applicants to receive 100 H Shares 0.10%
100,000 9,601 9,218 out of 9,601 applicants to receive 100 H Shares 0.10%
Total 253,633 Total number of Pool A successful applicants: 32,648


--- page 28 ---
– 28 –
Pool B
NO. OF SHARES
APPLIED
FOR
NO. OF VALID
APPLICATIONS BASIS OF ALLOTMENT/BALLOT
APPROXIMATE
PERCENTAGE
ALLOTTED OF
THE TOTAL
NO. OF SHARES
APPLIED FOR
200,000 7,763 200 H Shares 0.10%
300,000 1,606 200 H Shares plus 739 out of 1,606 applicants to receive
an additional 100 H Shares
0.08%
400,000 1,030 200 H Shares plus 771 out of 1,030 applicants to receive
an additional 100 H Shares
0.07%
500,000 646 200 H Shares plus 535 out of 646 applicants to receive an
additional 100 H Shares
0.06%
600,000 392 300 H Shares 0.05%
700,000 234 300 H Shares plus 85 out of 234 applicants to receive an
additional 100 H Shares
0.05%
800,000 183 300 H Shares plus 81 out of 183 applicants to receive an
additional 100 H Shares
0.04%
900,000 130 300 H Shares plus 114 out of 130 applicants to receive an
additional 100 H Shares
0.04%
1,000,000 462 400 H Shares plus 185 out of 462 applicants to receive an
additional 100 H Shares
0.04%
2,000,000 177 600 H Shares 0.03%
3,264,700 245 900 H Shares plus 115 out of 245 applicants to receive an
additional 100 H Shares
0.03%
Total 12,868 Total number of Pool B successful applicants: 12,868
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.


--- page 29 ---
– 29 –
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, no rebate has been, directly or
indirectly, provided by the Company, 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 directly or indirectly for each Offer Share subscribed for or purchased by them
is the same as the Offer Price in addition to any brokerage, AFRC transaction levy, SFC
transaction levy and trading fee payable.
OTHERS/ADDITIONAL INFORMATION
Placing to close associates of existing Shareholders with a waiver from the strict
compliance with Rule 10.04 of the Listing Rules and a prior consent under paragraph
1C(2) of the Placing Guidelines
The Company has applied to the Stock Exchange, and the Stock Exchange has granted, the
waivers from the strict compliance with Rule 10.04 of the Listing Rules and consents under
paragraph 1C(2) of the Placing Guidelines to permit the Company to allocate such Offer
Shares in the International Offering to close associates (the “Placees”) of Existing Minority
Shareholders (as defined below) on the following grounds which are consistent with the
conditions as set out in the Chapter 4.15 of the Guide for New Listing Applicant:
(a) The Joint Sponsors confirm that:
(i) each of Beijing Phase II Zhongke Chuangxing Hard Technology Venture Capital
Partnership (Limited Partnership) (Ҧ௴ุҳ༟Υྫ
Άุ(Υྫ)), and Jilin Yuanheng Equity Investment Partnership (Limited
Partnership) (ᛆҳ༟ΥྫΆุ(Υྫ)) (the “Existing
Minority Shareholders”) is interested in less than 5% of the Company’s voting
rights before the Listing;
(ii) none of the Existing Minority Shareholders or their close associates is a core
connected person of the Company or its close associate;
(iii) none of the Existing Minority Shareholders or their close associates has the
power to appoint any Directors to the Board or any other special rights upon the
Listing;


--- page 30 ---
– 30 –
(iv) as none of the Existing Minority Shareholders or their close associates is a core
connected person of the Company or its close associate, allocation to the Placees
will not affect the Company’s ability to satisfy the public float requirement under
Rule 8.08(1)(as amended and replaced by 19A.13A(1) for PRC issuers with no
other listed shares) of the Listing Rules; and
(v) to the best of their knowledge and belief, no preferential treatment has been, nor
will be, given to the Existing Minority Shareholders or their close associates by
virtue of their relationship with the Company in any allocation in the placing
tranche;
(b) the Company confirms that no preferential treatment has been, nor will be, given to the
Existing Minority Shareholders or their close associates by virtue of their relationship
with the Company in any allocation of the placing tranche;
(c) the Overall Coordinators confirm that, to the best of their knowledge and belief,
no preferential treatment has been, nor will be, given to the Existing Minority
Shareholders or their close associates by virtue of their relationship with the Company
in any allocation in the placing tranche; and
(d) details of the allocation of H Shares to the Existing Minority Shareholders and their
close associates will be disclosed in this allotment results announcement
The allocation of Offer Shares to such existing Shareholders and/or close associates of
existing Shareholders is in compliance with all the conditions under the waivers/consents
granted by the Stock Exchange.
For details of the allocations of Offer Shares to existing Shareholders, please refer to the
section headed “Allotment Results Details — International Offering — Allottees with
Waivers/Consents Obtained” in this announcement.
Allocations of Offer Shares to Cornerstone Investors and/or their close associates with
consent under Chapter 4.15 of the Guide for New Listing Applicants


--- page 31 ---
– 31 –
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 Cornerstone Investors and/or their close
associates as placees, subject to the following conditions:
(a) the final offering size of the Global Offering (excluding any additional Shares which
may be issued upon exercise of the Over-allotment Option) will be of a total value of
at least HK$1 billion as required by paragraph 18(i) of Chapter 4.15 of the Guide for
New Listing Applicants;
(b) each Director, chief executive and Controlling Shareholder of the Company has
confirmed that no securities have been allocated to them or their respective close
associates under the Size-based Exemption as required by paragraph 18(iii) of Chapter
4.15 of the Guide for New Listing Applicants;
(c) the Company will comply with the public float requirement under Rule 8.08(1) of the
Listing Rules (as amended and replaced by 19A.13A(1) for PRC issuers with no other
listed shares); and
(d) details of the allocation to Cornerstone Investors and/or their close associates 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 the Cornerstone Investors and/or their close associates, please refer to the section
headed “Allotment Results Details — Allottees with Waivers/Consents Obtained” in this
announcement.


--- page 32 ---
– 32 –
Placing to connected clients with a prior 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 the Company to allocate
such Offer Shares in the International Offering to the connected clients. 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 are set
out below:
No.
Connected
Distributor Connected Client
Relationship between the
Connected Distributor and
the Connected Client
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
Number of
Offer Shares
intended to be
allocated to
the Connected
Client
Approximate
percentage of
Offer Shares
allocated to
the Connected
Client under
the Global
Offering(1)
Approximate
percentage of
the total share
capital of the
Company upon
completion
of the Global
Offering(1)
Part A — Connected Clients holding securities on a Discretionary Basis on behalf of Independent Third Parties
1. CLSA China AMC (HK) (11) China AMC (HK) is a
member of the same group of
companies as CLSA(2)
No 274,900 0.42% 0.06%
2. CITIC Asset Management CITIC Asset Management is a
member of the same group of
companies as CLSA(2)
Yes, CITIC Asset
Management is expected
to hold the Offer Shares
on behalf of such scheme.
Please refer to note (12)
for background and
details of such schemes.
1,000 0.00% 0.00%
3. CITIC Asset Management HK CITIC Asset Management HK
is a member of the same group
of companies as CLSA(2)
No 1,000 0.00% 0.00%
4. GTJAS and HTIS(4) Fullgoal HK(11) Fullgoal HK is a member of
the same group of companies
as GTJAS and HTIS(10)
No 1,166,50016 1.78%16 0.27%16
5. Fullgoal Fund(11) Fullgoal Fund is a member of
the same group of companies
as GTJAS and HTIS(10)
No 2,172,10016 3.32%16 0.50%16


--- page 33 ---
– 33 –
No.
Connected
Distributor Connected Client
Relationship between the
Connected Distributor and
the Connected Client
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
Number of
Offer Shares
intended to be
allocated to
the Connected
Client
Approximate
percentage of
Offer Shares
allocated to
the Connected
Client under
the Global
Offering(1)
Approximate
percentage of
the total share
capital of the
Company upon
completion
of the Global
Offering(1)
6. HTFH(5) China Southern China Southern is a member of
the same group of companies
as HTFH(13)
No 294,500 0.45% 0.07%
7. CMBI(14) Bosera AM Bosera AM is a member of the
same group of companies as
CMBI(15)
No 196,300 0.30% 0.05%
No.
Connected
Distributor Connected Client
Relationship between the
Connected Distributor and
the Connected Client
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
Identities of the
ultimate beneficial
owners (the
“UBO”) of the
Offer Shares
Number of
Offer Shares
intended to be
allocated to
the Connected
Client
Approximate
percentage of
Offer Shares
allocated to
the Connected
Client under
the Global
Offering(1)
Approximate
percentage of
the total share
capital of the
Company
upon
completion
of the Global
Offering(1)
Part B — Connected Clients holding securities on a Non-Discretionary Basis on behalf of Independent Third Parties
8. CLSA CSI(7) CSI is a member of the
same group of companies as
CLSA(2)
No Please refer to Note
(7) below.
566,800 0.87% 0.13%
9. GTJAS and
HTIS
HTIF(8) HTIF is a member
of the same group of
companies as GTJAS
and HTIS(3)
No Please refer to
Note (8) below.
1,215,100 1.86% 0.13%
10. HTFH HTCI(9) HTCI is a member
of the same group of
companies as HTFH(6)
No Please refer to
Note (9) below.
2,858,20017 4.38%17 0.66%17
Notes:
1. Before any exercise of the Over-allotment Option.


--- page 34 ---
– 34 –
2. CLSA, China AMC (HK), CITIC Asset Management, CITIC Asset Management HK and CSI
are subsidiaries of CITIC Securities Company Limited. Each of China AMC (HK), CITIC Asset
Management, CITIC Asset Management HK and CSI is a member of the same group of companies as
CLSA, and accordingly, is considered as a “connected client” of CLSA pursuant to paragraph 1B of
Appendix F1 to the Listing Rules.
3. GTJAS, HTIS and HTIF are subsidiaries of Guotai Haitong. HTIF is a member of the same group of
companies as GTJAS and HTIS, and accordingly, is considered as a “connected client” of GTJAS and
HTIS pursuant to paragraph 1B of Appendix F1 to the Listing Rules.
4. HTIS is a non-syndicate sub-broker in connection with the Global Offering.
5. HTFH is a non-syndicate sub-broker in connection with the Global Offering.
6. HTFH and HTCI are indirectly wholly-owned subsidiaries of Huatai Securities Co., Ltd. HTCI is a
member of the same group of companies as HTFH, and accordingly, is considered as a “connected
client” of HTFH.
7. CSI proposes to subscribe for and hold the Offer Shares as a placee under the International Offering
on behalf of certain ultimate clients (the “CSI Ultimate Clients”), on a non-discretionary basis,
pursuant to which: CSI will act as the single counterparty of a back-to-back total return swap
transaction (the “CSI Back-to-back TRS”) to be entered into by it in connection with a total return
swap order (the “CSI Client TRS”) placed and fully funded by the CSI Ultimate Clients, by which CSI
will pass the full economic exposure of the Offer Shares placed to CSI to the CSI Ultimate Clients.
As confirmed by CSI and CLSA, CSI will hold the legal title and beneficial interest in the Offer Shares,
but will contractually agree to pass on the full economic exposure and return of the Offer Shares to the
CSI Ultimate Clients, on a non-discretionary basis. The CSI Ultimate Clients may exercise their early
termination rights to terminate the CSI Client TRS at any time from the trade date of the CSI Client
TRS which should be on or after the date on which the Offer Shares are listed on the Stock Exchange.
Upon the final maturity or termination of the CSI Client TRS by the CSI Ultimate Clients, CSI will
dispose of the Offer Shares on the secondary market and the CSI Ultimate Clients will receive a final
termination amount of the CSI Back-to-back TRS which will have taken into account all the economic
returns or economic loss in relation to the Offer Shares and the fixed amount of transaction fees of
the CSI Back-to-back TRS and the CSI Client TRS. Due to its internal policy, CSI will not exercise the
voting right of the Offer Shares during the terms of the CSI Back-to-back TRS.


--- page 35 ---
– 35 –
The UBO information of CSI Ultimate Clients for purpose of this place subscription is set out below:
No. Investment Manager (if applicable)
UBOs holding 30% or more
interest in Investment Manager
(if applicable) Name of CSI Ultimate Clients
UBOs holding 30% or more
interest in CSI Ultimate Clients
1. N/A N/A Canaan China Flagship Fund Liang Hao
2. Hover4pi Capital Management He Hui Hover4pi Fund I OFC None
3. N/A N/A Zhang Zili Zhang Zili
4. Shanghai Weining Private Equity Fund Management
Co., Ltd. (ʮ̡)
Fu Chengcheng (˹༐ϓ), Lin
Ran (್)
Weining Focus Private Equity Investment Fund (ሊྐྵ
ږ)
Lin Heming (ᚲჼ), Wang
Zhangyi (ˮੵᛄ)
5. Hainan Evolution Private Equity Fund Management
Co., Ltd. (ʮ̡)
Wang Yiping (ˮɓ̻) Evolutionary Darwin Shangshan No. 3 Private Equity
Investment Fund (ආʷሞ༺ဧ˖ɪഛɧ໮ӷ෍ᗇՎ
ږ)
None
6. Shenzhen Dahua Xin’an Asset Management
Enterprise (Limited Partnership) (τ༟
Υྫ)
Qi Yanchong (ә) Dahua Yongcheng No. 1 Private Equity Investment
Fund (ږ)
Jiang yan (ᜮ)
7. Zhuhai Hunjin Private Equity Fund Management
Partnership (Limited Partnership) (मऎಾᆩӷ෍ਿ
Υྫ)
Li Yue (֪Hunjin Yuezhi Private Equity Investment Fund (ಾᆩ
ږ)
None
8. Tibet Yuanlesheng Asset Management Co., Ltd. (Г
ʮ̡)
Zeng Xiaojie (ಀወᆎ) Yuanlesheng Qiangye Private Equity Investment
Fund (ږ)
Hu Caiyang (੹ජ)
9. Tibet Yuanlesheng Asset Management Co., Ltd. (Г
ʮ̡)
Zeng Xiaojie (ಀወᆎ) Yuanlesheng Qiangshi Private Equity Investment
Fund (ږ)
None
10. Shanghai Gaoyi Asset Management Partnership
(Limited Partnership) (ɪऎ৷ᆇ༟ପ၍ଣΥྫΆุ
Υྫ)
None Gaoyi Liwei Selected Weishi Fund (৷ᆇлਃၚ፯ਬ
ږ)
None
11. Shanghai Gaoyi Asset Management Partnership
(Limited Partnership) (ɪऎ৷ᆇ༟ପ၍ଣΥྫΆุ
Υྫ)
None Gaoyi Renhao Long-Term Value Langrun Private
Equity Investment Fund (ᆗӷ
ږ)
None
12. Shanghai Gaoyi Asset Management Partnership
(Limited Partnership) (ɪऎ৷ᆇ༟ପ၍ଣΥྫΆุ
Υྫ)
None Gaoyi Liwei Xinshi Private Equity Fund (৷ᆇлਃ
ږ)
None
13. Shanghai Gaoyi Asset Management Partnership
(Limited Partnership) (ɪऎ৷ᆇ༟ପ၍ଣΥྫΆุ
Υྫ)
None Gaoyi Renhao Selected Zhifu Private Equity
Investment Fund (၅ӷ෍ᗇՎҳ༟
ږ)
None
14. Shanghai Gaoyi Asset Management Partnership
(Limited Partnership) (ɪऎ৷ᆇ༟ପ၍ଣΥྫΆุ
Υྫ)
None Gaoyi Renhao Selected Chengze Private Equity
Investment Fund (ዣӷ෍ᗇՎҳ༟
ږ)
None
15. Shanghai Gaoyi Asset Management Partnership
(Limited Partnership) (ɪऎ৷ᆇ༟ପ၍ଣΥྫΆุ
Υྫ)
None Gaoyi Renhao Zhenxuan Chunhe Private Equity
Investment Fund (ձӷ෍ᗇՎҳ༟
ږ)
None


--- page 36 ---
– 36 –
No. Investment Manager (if applicable)
UBOs holding 30% or more
interest in Investment Manager
(if applicable) Name of CSI Ultimate Clients
UBOs holding 30% or more
interest in CSI Ultimate Clients
16. Beijing Boyan Private Equity Fund Management Co.,
Ltd. (ʮ̡)
Zhang Menglong (ੵྫྷᎲ) Boyan Shanxing Value Selection Private Equity
Investment Fund (ၚ፯ӷ෍ᗇՎҳ༟
ږ)
None
17. GF Securities Asset Management (Guangdong) Co.,
Ltd. (ʮ̡)
GF Securities Co Ltd. GF Asset Management Shenxinli No. 71 Single Asset
Management Plan (ᄿ೯༟၍͡㒥л71໮ఊɓ༟ପ
ྌ)
He Wei (൭ਃ)
Shanghai Gaoyi Asset Management Partnership (Limited Partnership) (ɪऎ৷ᆇ༟ପ၍ଣΥྫΆุ €
Υྫ) is a close associate of a Cornerstone Investor, namely, Perseverance Asset Management
International (Singapore) Pte. Ltd.. We have applied consent under Chapter 4.15 of the Guide in
relation to allocations of further H Shares to Cornerstone Investors.
To the best of CSI’s knowledge having made all reasonable inquiries, each of the CSI Onshore Clients
is an independent third party of (i) the Company, the connected person or the associates thereof, and
(ii) CSI and CLSA and the companies which are members of the same group of each of them.
8. HTIF 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 HTIF 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, 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 HTIF 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, pursuant to which HTIF will hold the economic interest of the Offer Shares on
behalf of GTJA INV , GTHTS and ultimately the GTHT Onshore Clients. 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 , HTIF
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. HTIF 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, HTIF 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.


--- page 37 ---
– 37 –
The UBO information of GTHT Onshore Clients for purpose of this place subscription is set out below:
No. GTHT Onshore Clients UBOs holding 30% or more interest
1. Zhongke Chuangxing Technology Investment Co.,
Ltd. (ʮ̡)
Mi Lei (Ϸᆾ)
2. Zhonghe (Tianjin) Investment management Co.,
Ltd. — Zhonghe Capital Cultivation 810 Private
Securities Investment Fund (
ʮ̡ — ʕձ༟͉ঁঀ 810໮ӷ෍
ږ)
N/A
3. Hainan Jichuang Private Equity Fund Partnership
(Limited Partnership) (ΥྫΆ
ุ(Υྫ))
Li Fengfeng (ҽቜቜ)
4. Hangzhou Zhongda Junyue Investment Co.
Ltd. — Jun Yue Ding Zeng 2 Private Securities
Investment Fund (ʮ̡
— ᄣ2ږ)
Wuchan Zhongda Group Co., Ltd. (ପʕɽ
ʮ̡)
5. Shanghai Tongyi Investment Management Co.,
Ltd. — Tongyi Taoli No.1 Private Securities
Investment Fund (ʮ̡
— ҽ1ږ)
Wang Jing (ˮ᎑)
6. Shanghai Tongyi Investment Management Co.,
Ltd. — Tongyi Taoli No.10 Private Securities
Investment Fund (ʮ̡
— ҽ10ږ)
N/A
7. Shanghai Sharewin Equity Investment Center
(Limited Partnership) — Sharewin Changxing
Private Securities Investment Fund (ٰ
ᛆҳ༟ʕː(Υྫ) — ጳӷ෍ᗇՎҳ
ږ)
N/A
8. Winners Capital-Shidaigongying1 Private Equity
(၍ଣΥྫΆุ(Υ
ྫ))
Huang Renqiang(䔔΂䅎)
Zhongke Chuangxing Technology Investment Co., Ltd. (ʮ̡ ) is the close
associate of an existing Shareholder, i.e. Zhongke Chuangxing, in its capacity as a wholly owned
entity of Beijing Zhongke Chuangxing, the general partner of Zhongke Chuangxing. For details, please
see section headed “History, Development and Corporate Structure — Investment from the Pre-IPO
Investors — Information of the Pre-IPO Investors — 15. Beijing Phase II Zhongke Chuangxing Hard
Technology Venture Capital Partnership (Limited Partnership) (Ҧ௴ุҳ
༟ΥྫΆุ(Υྫ))”. We have applied for 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 and/or their close associates.


--- page 38 ---
– 38 –
Save as submitted above, to the best of HTIF’s knowledge having made all reasonable inquiries, each
of the GTHT Onshore Clients is an independent third party of (i) the Company, the connected person
or the associates thereof, and (ii) GTJAS, HTIS, HTIF , GTJA INV and GTHTS and the companies
which are members of the same group of each of them.
9. 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.
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 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 Ultimate Clients, which in effect, HTCI will hold the beneficial interest of the
Offer Shares on behalf of the Huatai Ultimate Clients.
Pursuant to the Cross-border Derivatives Trading Regime, the onshore investors (the “Huatai
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.


--- page 39 ---
– 39 –
Instead of directly subscribing for the Offer Shares, the Huatai Ultimate Clients, through its respective
investment managers, 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 Ultimate Clients for purpose of this place
subscription include the investment funds, details of which is set out below:
No. Investment Manager (if applicable)
UBOs holding 30% or more
interest in Investment Manager
(if applicable) Name of Huatai Ultimate Clients
UBOs holding 30% or more
interest in Huatai Ultimate
Clients
1. Guangdong Ji’ao Private Equity Fund Management
Co., Ltd. (ப΂ʮ̡)
State-owned Assets Supervision
& Administration Committee of
Jilin People’s Government (Λ
਷Ϟ༟ପ္ຖ
ึ)
Ji’ao Qianheng No. 3 Private Equity Investment Fund
(ږ)
Zhao Dongyu
2. Shanghai Greenwoods Jiang Jinzhi Jinglin Value Fund (ږN/A
3. Shanghai Greenwoods Jiang Jinzhi Jinglin Zhiyuan Private Equity Fund (Ⴣӷ෍
ږ)
N/A
4. Shanghai Greenwoods Jiang Jinzhi Jinglin Global Fund (ږN/A
5. Shanghai Greenwoods Jiang Jinzhi Jinglin Jingtai Global Private Securities Investment
Fund (ږ)
N/A
6. Shanghai Greenwoods Jiang Jinzhi Jinglin Chunxiao Preferred Private Securities
Investment Fund (ږ)
N/A
7. Shanghai Greenwoods Jiang Jinzhi Jinglin Preferred Private Equity Fund (Ꮄ፯ӷ෍
ږ)
N/A
8. Shanghai Greenwoods Jiang Jinzhi Jinglin Innovation Growth Fund (ږN/A
9. Shanghai Greenwoods Jiang Jinzhi Jinglin Jingtai Preferred Private Securities Investment
Fund (ږ)
N/A
10. Shanghai Greenwoods Jiang Jinzhi Jinglin Harvest No. 2 Fund (ᔮϗ2ږN/A
11. Shanghai Greenwoods Jiang Jinzhi Jinglin Harvest No. 3 Private Equity Fund (ᔮϗ
3ږ)
N/A
12. Shanghai Greenwoods Jiang Jinzhi Jinglin Harvest No. 6 Private Securities Investment
Fund (ᔮϗ6ږ)
N/A
13. Shanghai Greenwoods Jiang Jinzhi Jinglin Jingtai Harvest Private Securities Investment
Fund (ږ)
N/A


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Other than subscription as set forth in the table above, the subscription for the Offer Shares will be
also made by Shanghai Greenwoods Asset Management Co., Ltd. (ʮ̡ )
in its capacity as the fund manager of certain investment funds (Jinglin Preferred Private Equity
Fund (ږJinglin Jingtai Preferred Private Securities Investment Fund
(ږJinglin Harvest No. 2 Fund (ᔮϗ2ږJinglin Harvest
No. 6 Private Securities Investment Fund (ᔮϗ6 ږJinglin Jingtai Harvest
Private Securities Investment Fund (ږas a Cornerstone Investor
through TRS mechanism. We have applied consent under Chapter 4.15 of the Guide in relation to
allocations of further H Shares to Cornerstone Investors.
Guangdong Ji’ao Private Equity Fund Management Co., Ltd. (ப΂ʮ
̡) is ultimately controlled by State-owned Assets Supervision & Administration Committee of Jilin
People’s Government (ึ) (“Jilin SASAC”). Jilin SASAC is
the ultimate controller of Jilin Yuanheng, an existing Shareholder of the Company. As such, Guangdong
Ji’ao is a close associate of an existing Shareholder. We has applied for 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 and/or their close associates.
Save as submitted above, to the best of HTFH and HTCI’s knowledge and after making all reasonable
enquiries, each of the Huatai Ultimate Clients is an independent third party of (i) the Company,
the connected person or the associates thereof, and (ii) HTCI, HTFH and the companies which are
members of the same group of HTFH.
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 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 to customary fees and commissions, all economic returns of the Offer
Shares will be ultimately passed to the Huatai Ultimate Clients through the Back-to-back TRS and the
Client TRS and all economic loss shall be ultimately borne by the Huatai 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 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 Ultimate
Clients would bear the exchange rate exposure of the profit and loss on settlement date.


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The Huatai 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 Ultimate Clients, HTCI will dispose the
Offer Shares on the secondary market and the Huatai 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 Ultimate Clients intend to extend
the investment period, subject to further agreement between Huatai Securities and the relevant Huatai
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 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 Ultimate
Clients.
10. Fullgoal HK is a wholly o wned subsidiary of Fullgoal Fund, which is owned by Guotai Haitong as to
27.775%. GTJAS and HTIS, are subsidiaries of Guotai Haitong. Each Fullgoal HK and Fullgoal Fund
is considered as a member of the same group of companies as GTJAS and HTIS and therefore is a
“connected client” of GTJAS and HTIS for the purpose of paragraph 1B of Appendix F1 to the Listing
Rules.
11. China AMC (HK), Fullgoal HK and Fullgoal Fund are Cornerstone Investors. We have applied
consent under Chapter 4.15 of the Guide in relation to allocations of further H Shares to Cornerstone
Investors.
12. CITIC Asset Management will hold the Offer Shares in its capacity as the discretionary fund manager
managing the funds on behalf of their investors (the “CITIC Asset Management Ultimate Clients”),
each of which is, to the best knowledge of CITIC Asset Management, an independent third party of
the Company, its subsidiaries, its substantial shareholders, CITIC Asset Management, CLSA and the
companies which are members of the same group of CLSA. No ultimate beneficial owner holds 30% or
more interest in the funds.


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The details of the CITIC Asset Management Ultimate Clients are as follow.
No. Fund Name Fund Manager UBO of Fund Manager
Limited Partner/
Shareholding
holding 30% or
more in the CITIC
Asset Management
Ultimate Clients
1. CITIC SECURITIES COMPANY
LIMITEDXINHANG ZHIYUAN NO.1 (ᗇՎ
Ⴣ 1ྌ)
CITIC Asset
Management
CITIC Securities
Company Limited
N/A
2. CITIC SECURITIES COMPANY
LIMITEDXINHANG ZHIYUAN NO.3 (ᗇՎ
Ⴣ 3ྌ)
CITIC Asset
Management
CITIC Securities
Company Limited
N/A
3. CITIC Securities AM-Guibinfengyuan No.118
QDII (ᗇՎ༟၍൮Ⴗᔮʩ118໮ QDIIණΥ༟
ྌ)
CITIC Asset
Management
CITIC Securities
Company Limited
N/A
To the best of knowledge of CITIC Asset Management and after making all reasonable enquiries,
CITIC Asset Management Ultimate Client, together with each of their ultimate beneficial owners, is
an independent third party of the Company, its subsidiaries, its substantial shareholders, CITIC Asset
Management, CLSA and the companies which are members of the same group of CLSA.\
13. Huatai Securities is the controlling shareholder of China Southern. HTFH is an indirectly wholly-
owned subsidiary of Huatai Securities. China Southern is a member of the same group of companies
as HTFH, and accordingly, is considered as a “connected client” of HTFH.
14. CMBI is a non-syndicate sub-broker in connection with the Global Offering.
15. CMBI is an indirectly subsidiary of China Merchants Bank. China Merchants Bank is an indirect
controlling shareholder of the Bosera AM. Bosera AM is a member of the same group of companies as
CMBI, and accordingly, is considered as a “connected client” of CMBI.
16. Including all Offer Shares allocated to Fullgoal HK and Fullgoal Fund, being the connected clients of
CTJAS and HTIS, as placees and cornerstone investors.
17. Including all Offer Shares allocated to HTCI, being the connected client of HTFH, as a placee and a
cornerstone investor.


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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 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, 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, and is not
intended to, constitute or form a part of any offer to sell or solicitation to purchase or
subscribe for any securities in the United States or in any other jurisdiction. The Offer
Shares have not been, and will not be, registered under the U.S. Securities Act of 1933,
as amended from time to time (the “ U.S. Securities Act ”) or any securities law of any
state or other jurisdiction of the United States and may not be offered, sold, pledged, or
otherwise transferred within the United States, except pursuant to an exemption from, or
in a transaction not subject to, the registration requirements of the U.S. Securities Act and
in compliance with any applicable state securities laws. There will be no public offer of
the Offer Shares in the United States. The Offer Shares are being offered and sold solely
outside the United States in offshore transactions in reliance on Regulation S under the U.S.
Securities Act.
Potential investors of the Offer Shares should note that the Joint Sponsors and Overall
Coordinators (for themselves and on behalf of the Hong Kong Underwriters) in their sole
and absolute discretion may, by notice in writing to our Company, terminate the Hong
Kong Underwriting Agreement with immediate effect upon the occurrence of any of the
events set out in the paragraph headed “Underwriting — Underwriting Arrangements
and Expenses — The 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 17, 2026).


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PUBLIC FLOAT
Pursuant to Rule 19A.13A of the Listing Rules, assuming that the Over-allotment Option is
not exercised, based on the Offer Price of HK$39.88 per Offer Share, the expected market
capitalization upon the Listing is HK$17,360 million, and the minimum prescribed public
float percentage applicable to the Shares is 15%. Immediately following completion of
the Global Offering (assuming the Over-allotment Option is not exercised), an aggregate
of 79,630,450 H Shares, representing approximately 18.29% of the issued share capital of
the Company will count towards the public float. Therefore, the number of H Shares held
in public hands is higher than the prescribed percentage of H Shares required to be held in
public hands of 15% under Rule 19A.13A(1) 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 Offer Price of HK$39.88 per H Share, the Company satisfies the free float
requirement under Rule 19A.13C of the Listing Rules.
The Directors confirm that immediately after the completion of the Global Offering
(assuming the Over-allotment Option is not exercised), (i) no placee will, individually, be
placed more than 10% of the enlarged issued share capital of the Company; (ii) there will
not be any new substantial shareholder (as defined in the Listing Rules) of the Company;
(iii) the three largest public shareholders of the Company do not hold more than 50% of the
H Shares in public hands at the time of the Listing in compliance with Rules 8.08(3) and
8.24 of the Listing Rules; and (iv) there will be at least 300 H Shareholders at the time of the
Listing in compliance with Rule 8.08(2) of the Listing Rules.


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COMMENCEMENT OF DEALINGS
The H Share certificates will only become valid evidence of title at 8:00 a.m. on Friday,
April 17, 2026 (Hong Kong time), provided that the Global Offering has become
unconditional in all respects at or before that time, and the right of termination described
in “Underwriting — Underwriting Arrangements and Expenses — The Hong Kong Public
Offering — Grounds for Termination” 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 Friday,
April 17, 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 Friday, April 17, 2026 (Hong Kong time). The H
Shares will be traded in board lots of 100 Shares each, and the stock code of the Shares will
be 3277.
By order of the Board
GPIXEL CHANGCHUN MICROELECTRONICS INC.
Dr. WANG Xinyang
Chairman, General Manager, Chief Executive Officer,
Executive Director
Hong Kong, April 16, 2026
As of the date of this announcement, the Board comprises: (i) Dr. WANG Xinyang, Dr. ZHANG Yanxia
and Ms. WU Qinyun as executive Directors; (ii) Ms. YANG Yi, Dr. CHU Hairong and Dr. XIONG Jingying
as non-executive Directors; and (iii) Dr. WANG Xinlu, Dr. XIE Ning and Dr. GAO Teng as independent
non-executive Directors.