hk-ipo/data/extracted_text/03296/allotment_results_2026-04-22_2026042202072.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 Offer Shares 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 and may not be offered, sold, pledged or otherwise transferred
within the United States, except in transactions exempt from, or 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 (1) to qualified institutional
buyers as defined in Rule 144A under the U.S. Securities Act pursuant to an exemption from registration under the U.S.
Securities Act; and (2) outside the United States in offshore transactions in reliance on Regulation S under the U.S.
Securities Act and applicable laws of each jurisdiction where those offers and sales occur.
This announcement is for information purposes only and does not constitute an invitation or offer to acquire, purchase
or subscribe for securities. This announcement is not a prospectus. Potential investors should read the prospectus dated
April 15, 2026 (the “Prospectus ”) issued by Huaqin Co., Ltd. (ʮ̡ ) (the “Company ”) for detailed
information about the Global Offering described below before deciding whether or not to invest in the H Shares
thereby being offered. Any investment decision in relation to the Offer Shares should be taken solely in reliance on the
information in the Prospectus.
Unless otherwise defined in this announcement, capitalized terms used herein shall have the same meanings as those
defined in the Prospectus.
In connection with the Global Offering, China International Capital Corporation Hong Kong Securities Limited,
as stabilizing manager (the “Stabilizing Manager ”) (or its affiliates or any person acting for it), on behalf of the
Underwriters, to the extent permitted by the applicable laws and regulatory requirements of Hong Kong or elsewhere,
may over-allocate or effect transactions with a view to stabilizing or supporting the market price of the H Shares at
such price, in such amounts and in such manners as the Stabilizing Manager, its affiliates or any person acting for it
may determine and at a level higher than that which might otherwise prevail for a limited period after the Listing Date.
However, there is no obligation on the Stabilizing Manager (or its affiliates or any person acting for it) to conduct
any such stabilizing action. Such stabilizing action, if taken, (a) will be conducted at the absolute discretion of the
Stabilizing Manager (or its affiliates or any person acting for it) and in what the Stabilizing Manager reasonably
regards as the best interest of our Company, (b) may be discontinued at any time and (c) is required to be brought to an
end within 30 days of the last day for lodging applications under the Hong Kong Public Offering (which is Wednesday,
May 20, 2026). Such stabilizing action, if taken, may be effected in all jurisdictions where it is permissible to do so,
in each case in compliance with all applicable laws, rules and regulatory requirements, including the Securities and
Futures (Price Stabilizing) Rules (Chapter 571 W of the Laws of Hong Kong), as amended, made under the Securities
and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).
Potential investors should be aware that no stabilizing action can be taken to support the price of the H Shares for
longer than the stabilization period, which will begin on the Listing Date, and is expected to expire on the 30th day
after the last day for lodging applications under the Hong Kong Public Offering (which is Wednesday, May 20, 2026).
After this date, when no further stabilizing action may be taken, demand for the H Shares, and therefore the price of
the H Shares, could fall.
Potential investors of the Offer Shares should note that the Joint Sponsors and the Sponsor-Overall Coordinators (for
themselves and on behalf of the Hong Kong Underwriters) and the Overall Coordinators shall be entitled to terminate
their obligations under the Hong Kong Underwriting Agreement with immediate effect upon the occurrence of any
of the events set out in the section headed “Underwriting – Underwriting Arrangements and Expenses – Hong Kong
Public Offering – Hong Kong Underwriting Agreement – Grounds for Termination ” in the Prospectus at any time prior
to 8:00 a.m. (Hong Kong time) on the Listing Date (which is currently expected to be on Thursday, April 23, 2026).


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Huaqin 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
: 58,548,200 H Shares (subject to the Over-
allotment Option)
Number of Hong Kong Offer Shares : 5,854,900 H Shares
Number of International Offer Shares : 52,693,300 H Shares (subject to the Over-
allotment Option)
Final Offer Price : HK$77.70 per H 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 : 3296
Joint Sponsors, Sponsor-Overall Coordinators, Overall Coordinators,
Joint Global Coordinators, Joint Bookrunners and Joint Lead Managers
Overall Coordinators, Joint Global Coordinators, Joint Bookrunners and Joint Lead Managers
Joint Global Coordinator, Joint Bookrunner and Joint Lead Manager
Joint Bookrunners and Joint Lead Managers


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Huaqin 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 April 15, 2026 (the “Prospectus ”) issued by
Huaqin Co., Ltd. (the “Company ”).
Warning: In view of high concentration of shareholding in a small number of Shareholders,
Shareholders and prospective investors should be aware that the price of the H Shares could
move substantially even with a small number of H Shares traded and should exercise extreme
caution when dealing in the H Shares.
SUMMARY
Company information
Stock code 3296
Stock short name HUAQIN
Dealings commencement date April 23, 2026 #
# see note at the end of the announcement
Price Information
Final Offer Price HK$77.70
Maximum Offer Price HK$77.70
Offer Shares and Share Capital
Number of Offer Shares (before exercise of the Over-allotment
Option)
58,548,200
Final Number of Offer Shares in Hong Kong Public Offering 5,854,900
Final Number of Offer Shares in International Offering (before
exercise of the Over-allotment Option)
52,693,300
Number of issued Shares upon Listing (before exercise of the
Over-allotment Option)
1,074,280,544


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Offer Size Adjustment Option (Upsize option)
Number of additional shares issued under the option 0*
– Hong Kong Public Offering –
– International Offering –
* The Offer Size Adjustment Option has not been exercised.
Over-allocation
No. of Offer Shares over-allocated 8,782,200
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$4,549.2 million
Less: Estimated listing expenses payable based on the Final Offer
Price
HK$86.1 million
Net proceeds HK$4,463.1 million
Note: Gross proceeds refers to the amount to which the Company is entitled to receive. For details of the use of
proceeds, please refer to the section headed “Future Plans and Use of Proceeds ” of the Prospectus.
The Company will adjust the allocation of the net proceeds from the exercise of the 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
No. of valid applications 140,150
No. of successful applications 42,660
Subscription level 531.33 times
Claw-back triggered N/A
No. of Offer Shares initially available under the Hong Kong
Public Offering 5,854,900
No. of Offer Shares reallocated from the International Offering
(reallocation) 0
Final no. of Offer Shares under the Hong Kong Public Offering 5,854,900
% of Offer Shares under the Hong Kong Public Offering to
the Global Offering (before the exercise of the Over-allotment
Option) 10%
Note: For details of the final allocation of shares to the Hong Kong Public Offering, investors can refer to
www.hkeipo.hk/IPOResult to perform a search by identification number or www.hkeipo.hk/IPOResult for the full
list of allottees.
INTERNATIONAL OFFERING
No. of placees 171
Subscription Level 13.34 times
No. of Offer Shares initially available under the International
Offering 52,693,300
Final no. of Offer Shares under the International Offering 52,693,300
% of Offer Shares under the International Offering to the Global
Offering (before the exercise of the Over-allotment Option) 90%


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The Directors confirm that, to the best of their knowledge, information and belief, save for (a) a
waiver from strict compliance with Rule 10.04 of the Listing Rules and a consent under paragraph
1C(2) of Appendix F1 to the Listing Rules (the “Placing Guidelines ”) granted by the Stock
Exchange to permit the Company to allocate certain Offer Shares in the International Offering to
certain permitted existing shareholders ( “Existing Minority Shareholders ”) and/or their close
associates; and (b) a consent under Chapter 4.15 of the Guide for New Listing Applicants to permit
the Company to, among other things, allocate further H Shares in the International Offering to
the Cornerstone Investors, existing shareholders and/or their close associates (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, 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, substantial Shareholders, existing
Shareholders of the Company or any of its subsidiaries or their respective close associates in
relation to the acquisition, disposal, voting or other disposition of H Shares registered in his/her/its
name or otherwise held by him/her/it.
The placees in the International Offering include the following :
Cornerstone Investor
Investor
No. of Offer
Shares allocated
% of total issued
H Shares after
the Global
Offering
(assuming the
Over-allotment
Option is not
exercised) Note 1/
Note 2
% of total issued
share capital in
the Company
after the
Global Offering
(assuming the
Over-allotment
Option is not
exercised) Note 1/
Note 2
Existing
Shareholders
or their close
associates
JPMAMAPL 6,858,800 11.71% 0.64% Yes
UBS AM Singapore 1,008,600 1.72% 0.09% Yes
Shanghai Gaoyi and CICC FT (in
connection with Gaoyi OTC Swaps) 1,230,500 2.10% 0.11% Yes
Perseverance Asset Management 786,700 1.34% 0.07% Yes
Cloud Map 2,017,300 3.45% 0.19% No
Taikang Life 2,017,300 3.45% 0.19% Yes
3W Fund 1,512,900 2.58% 0.14% No
New China Asset Management 1,008,600 1.72% 0.09% No
Everbright Wealth 1,008,600 1.72% 0.09% No
IvyRock 1,008,600 1.72% 0.09% No
Aurora SF (in connection with the
Arrangement) 2,521,600 4.31% 0.23% No


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Investor
No. of Offer
Shares allocated
% of total issued
H Shares after
the Global
Offering
(assuming the
Over-allotment
Option is not
exercised) Note 1/
Note 2
% of total issued
share capital in
the Company
after the
Global Offering
(assuming the
Over-allotment
Option is not
exercised) Note 1/
Note 2
Existing
Shareholders
or their close
associates
KIL 2,521,600 4.31% 0.23% No
OmniVision HK 1,512,900 2.58% 0.14% No
Green Better 1,008,600 1.72% 0.09% No
Hongxing International 1,008,600 1.72% 0.09% No
Ingenic Semiconductor HK 1,008,600 1.72% 0.09% No
Awinic Technology Limited 1,008,600 1.72% 0.09% No
JinYi Capital (acting for and on behalf
of Structured Credit SP Fund) 201,700 0.34% 0.02% No
Total 29,250,100 49.96% 2.72%
Notes:
(1) The number of H Shares immediately after the Global Offering is the same as the number of Offer Shares to
be issued under the Global Offering (assuming the Over-allotment Option is not exercised).
(2) In addition to the Offer Shares subscribed for as Cornerstone Investors, Everbright Wealth, 3W Fund,
IvyRock, Awinic Technology Limited, Perseverance Asset Management, Shanghai Gaoyi and CICC FT (in
connection with Gaoyi OTC Swaps), Ingenic Semiconductor HK, Cloud Map, KIL, UBS AM Singapore,
OmniVision HK, Taikang Life, New China Asset Management and JPMAMAPL, and/or their close
associates, were allocated further Offer Shares as placees in the International Offering. Please refer to the
section headed “Allotment Results Details – International Offering – Allottees with Waivers/Consents
Obtained ” in this announcement for details. Only the Offer Shares subscribed for as Cornerstone Investors are
subject to lock-up as indicated below. For details, please refer to the section headed “Lock-up Undertakings –
Cornerstone Investors ” in this announcement.


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Allottee with Waiver/Consent Obtained
Investor
No. of Offer
Shares allocated
% of total issued
H Shares after
the Global
Offering
(assuming the
Over-allotment
Option is not
exercised) Note 3
% of total issued
share capital in
the Company
after the
Global Offering
(assuming the
Over-allotment
Option is not
exercised) Note 4 Relationship
Allottees with waiver from strict compliance with Rule 10.04 of the Listing Rules and consent under paragraph
1C(2) of the Placing Guidelines in relation to subscription for H Shares by Existing Minority Shareholders holding
more than 1% of the issued share capital of the Company immediately prior to the completion of the Global
Offering and/or their close associates
JPMAMAPL 8,270,900 14.13% 0.77% Existing Minority
Shareholder and/or
its close associates,
and a Cornerstone
Investor
Allottees with consent under Chapter 4.15 of the Guide for New Listing Applicants in relation to allocations of
further H Shares to existing Shareholders and Cornerstone Investors and/or their close associates Note 1
Everbright Wealth 201,700 0.34% 0.02% A Cornerstone
Investor
3W Fund 806,900 1.38% 0.08% A Cornerstone
Investor
IvyRock 201,700 0.34% 0.02% A Cornerstone
Investor
Awinic Technology Limited 201,700 0.34% 0.02% A Cornerstone
Investor
Perseverance Asset Management 217,700 0.37% 0.02% A Cornerstone
Investor and an
existing shareholder
Shanghai Gaoyi and CICC FT
(in connection with Gaoyi OTC
Swaps)
286,600 0.49% 0.03% A Cornerstone
Investor and an
existing shareholder
Ingenic Semiconductor HK 201,700 0.34% 0.02% A Cornerstone
Investor
Cloud Map 1,008,600 1.72% 0.09% A Cornerstone
Investor


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Investor
No. of Offer
Shares allocated
% of total issued
H Shares after
the Global
Offering
(assuming the
Over-allotment
Option is not
exercised) Note 3
% of total issued
share capital in
the Company
after the
Global Offering
(assuming the
Over-allotment
Option is not
exercised) Note 4 Relationship
KIL 1,008,600 1.72% 0.09% A Cornerstone
Investor
UBS AM Singapore 1,008,600 1.72% 0.09% A Cornerstone
Investor and an
existing shareholder
OmniVision HK 504,300 0.86% 0.05% A Cornerstone
Investor
Taikang Asset Management
(Hong Kong) Company Limited
(“Taikang AM ”)
4,300 0.01% 0.00% A close associate
of Taikang Life, a
Cornerstone Investor
and an existing
shareholder
Taikang Life 500,000 0.85% 0.05% A Cornerstone
Investor and an
existing
shareholder
New China Asset Management 201,700 0.34% 0.02% A Cornerstone
Investor
JPMAMAPL 1,412,100 2.41% 0.13% A Cornerstone
Investor and an
existing shareholder
Allottees with consent under paragraph 1C(1) of the Placing Guidelines and Chapter 4.15 of the Guide for New
Listing Applicants in relation to allocations to connected clients Note 2
Shanghai Gaoyi and CICC FT
(in connection with Gaoyi OTC
Swaps)
286,600 0.49% 0.03% CICC Financial
Trading Limited
(“CICC FT ”) is
a member of the
same group as
China International
Capital Corporation
Hong Kong
Securities Limited
(“CICCHKS ”)
Beijing Hengde and CICC FT (in
connection with Beijing Hengde
OTC Swaps)
201,700 0.34% 0.02% CICC FT is a
member of the same
group as CICCHKS
Longyan Huasheng and CICC
FT (in connection with Longyan
Huasheng OTC Swaps)
504,300 0.86% 0.05% CICC FT is a
member of the same
group as CICCHKS


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Investor
No. of Offer
Shares allocated
% of total issued
H Shares after
the Global
Offering
(assuming the
Over-allotment
Option is not
exercised) Note 3
% of total issued
share capital in
the Company
after the
Global Offering
(assuming the
Over-allotment
Option is not
exercised) Note 4 Relationship
Shenwan Hongyuan and CICC FT
(in connection with SWHY OTC
Swaps)
201,700 0.34% 0.02% CICC FT is a
member of the same
group as CICCHKS
Yuanlesheng AM and CICC FT (in
connection with Yuanlesheng OTC
Swaps)
50,400 0.09% 0.00% CICC FT is a
member of the same
group as CICCHKS
Guotai Junan Investments
(Hong Kong) Limited ( “GTJA
Investments ”)
348,100 0.59% 0.03% GTJA Investments
is a member of the
same group as Guotai
Junan Securities
(Hong Kong)
Limited ( “GTJA
Securities ”) and
Haitong International
Securities Company
Limited ( “Haitong
Securities ”)
UBS AM Singapore 2,017,200 3.44% 0.18% UBS AG Hong
Kong Branch ( “UBS
AG”) and UBS
AM Singapore are
members of the same
group
Fullgoal Asset Management (HK)
Limited ( “Fullgoal HK ”)
200,000 0.34% 0.02% Fullgoal HK,
Fullgoal Fund,
Haitong Securities
and GTJA Securities
are members of the
same group
Fullgoal Fund Management Co.,
Ltd. ( “Fullgoal Fund ”)
606,900 1.04% 0.06%
HSBC Broking Securities (Asia)
Limited ( “HSBC Broking ”)
253,200 0.43% 0.02% The Hongkong and
Shanghai Banking
Corporation Limited
PB (“HSBC”),
HSBC GAM and
HSBC Broking are
members of the same
group
HSBC Global Asset Management
(Hong Kong) Limited ( “HSBC
GAM”)
806,900 1.38% 0.08%


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Investor
No. of Offer
Shares allocated
% of total issued
H Shares after
the Global
Offering
(assuming the
Over-allotment
Option is not
exercised) Note 3
% of total issued
share capital in
the Company
after the
Global Offering
(assuming the
Over-allotment
Option is not
exercised) Note 4 Relationship
HuaAn Fund Management Co., Ltd
(“HuaAn Fund ”)
10,000 0.02% 0.00% HuaAn Fund,
Haitong Securities
and GTJA Securities
are members of the
same group
CITIC-Prudential Fund
Management Company Ltd.
(“CITIC-Prudential Fund ”)
151,200 0.26% 0.01% CITIC-Prudential
Fund and CLSA
Limited ( “CLSA”)
are members of the
same group
Notes:
1. 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 H
Shares to the existing Shareholders and/or their close associates and Cornerstone Investors, please refer to
the section headed “Others/Additional Information – Allottees with consent under Chapter 4.15 of the Guide
for New Listing Applicants in relation to allocations of further H Shares to Cornerstone Investors ” in this
announcement.
2. For details of the consent under paragraph 1C(1) of the Placing Guidelines and Chapter 4.15 of the Guide
for New Listing Applicants in relation to allocations to connected clients, please refer to the section headed
“Others/Additional Information – Placing to connected clients with a prior consent under paragraph 1C(1) of
the Placing Guidelines ” in this announcement.
3. The number of H Shares immediately after the Global Offering is the same as the number of Offer Shares to
be issued under the Global Offering (assuming the Over-allotment Option is not exercised).
4. Not taking into account any A Shares held by the relevant investors.


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LOCK-UP UNDERTAKINGS
Controlling Shareholders Group
Name
Number of
shares held in
the Company
subject to
lock-up
undertakings
upon Listing
% of
shareholding in
the Company
subject to
lock-up
undertakings
upon Listing
(assuming the
Over-allotment
Option is not
exercised)
Last day subject to the
lock-up undertakings
Qiu Wensheng  Note 3 48,746,040 4.54% October 22, 2026 (First Six
Month Period) Note 1
April 22, 2027 (Second Six
Month Period) Note 2
Shanghai Aoqin  Note 3 321,300,000 29.91% October 22, 2026 (First Six
Month Period) Note 1
April 22, 2027 (Second Six
Month Period) Note 2
Shanghai Haixian  Note 3 56,700,000 5.28% October 22, 2026 (First Six
Month Period) Note 1
April 22, 2027 (Second Six
Month Period) Note 2
Qiu Wenhui  Note 3 18,060 0.00% October 22, 2026 (First Six
Month Period) Note 1
April 22, 2027 (Second Six
Month Period) Note 2


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Name
Number of
shares held in
the Company
subject to
lock-up
undertakings
upon Listing
% of
shareholding in
the Company
subject to
lock-up
undertakings
upon Listing
(assuming the
Over-allotment
Option is not
exercised)
Last day subject to the
lock-up undertakings
Fujian Yuexiang  Note 3 13,750,943 1.28% October 22, 2026 (First Six
Month Period) Note 1
April 22, 2027 (Second Six
Month Period) Note 2
Total 440,515,043 41.01%
Notes:
1. The Controlling Shareholders Group may dispose of or transfer Shares after the indicated date subject to that
each member of the Controlling Shareholders Group will not cease to be a Controlling Shareholders Group.
2. The Controlling Shareholders Group will cease to be prohibited from disposing or transferring Shares after
the indicated date.
3. For illustrative purposes only, this subsection lists only those members of the Controlling Shareholders Group
who hold Shares directly in the Company. Mr. Qiu Wensheng is a direct beneficial owner of 48,746,040
Shares of the Company and controls 321,300,000 Shares of the Company through Shanghai Aoqin and
56,700,000 Shares of the Company through Shanghai Haixian. Both Shanghai Aoqin and Shanghai Haixian
are ultimately controlled by Mr. Qiu Wensheng. In addition, Mr. Qiu Wenhui, brother of Mr. Qiu Wensheng,
is a direct beneficial owner of 18,060 Shares of the Company and controls 13,750,943 Shares of the Company
through Fujian Yuexiang, which was held by Mr. Qiu Wenhui as to 90% as a limited partner and as to 10%
by Ms. Lin Min (the spouse of Mr. Qiu Wenhui) as the general partner of Fujian Yuexiang. Ms. Lin Min has
taken up the role as the general partner of Fujian Yuexiang purely based on the marital property arrangement
between Mr. Qiu Wenhui and Ms. Lin Min. Shanghai Aoqin, Shanghai Haixian, Mr. Qiu Wenhui and Fujian
Yuexiang are the parties acting in concert with Mr. Qiu Wensheng pursuant to applicable PRC laws. In
addition, as advised by the PRC Legal Advisor of the Company, Ms. Lin Min is the general partner of Fujian
Yuexiang, and Fujian Yuexiang is deemed to be controlled by Ms. Lin Min pursuant to the applicable PRC
laws and the partnership agreement of Fujian Yuexiang.
Therefore, upon Listing, Mr. Qiu Wensheng, Shanghai Aoqin, Shanghai Haixian, Mr. Qiu Wenhui, Ms. Lin Min and
Fujian Yuexiang will constitute the Controlling Shareholders Group and each of them is subject to the same lock-up
as disclosed above. For further details, please refer to “Relationship with our Controlling Shareholder Group ” in the
Prospectus.


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Cornerstone Investors
Name
Number of
shares held in
the Company
subject to lock-
up undertakings
upon Listing
% of total issued
H Shares after
the Global
Offering subject
to lock-up
undertakings
upon Listing
(assuming the
Over-allotment
Option is not
exercised) Note 1
% of total issued
share capital in
the Company
subject to lock-
up undertakings
upon Listing
(assuming the
Over-allotment
Option is not
exercised)
Last day subject to the
lock-up undertakings
Note 2
JPMAMAPL 6,858,800 11.71% 0.64% October 22, 2026
UBS AM Singapore 1,008,600 1.72% 0.09% October 22, 2026
Shanghai Gaoyi and CICC FT
(in connection with Gaoyi OTC
Swaps)
1,230,500 2.10% 0.11% October 22, 2026
Perseverance Asset
Management
786,700 1.34% 0.07% October 22, 2026
Cloud Map 2,017,300 3.45% 0.19% October 22, 2026
Taikang Life 2,017,300 3.45% 0.19% October 22, 2026
3W Fund 1,512,900 2.58% 0.14% October 22, 2026
New China Asset Management 1,008,600 1.72% 0.09% October 22, 2026
Everbright Wealth 1,008,600 1.72% 0.09% October 22, 2026
IvyRock 1,008,600 1.72% 0.09% October 22, 2026
Aurora SF (in connection with
the Arrangement)
2,521,600 4.31% 0.23% October 22, 2026
KIL 2,521,600 4.31% 0.23% October 22, 2026
OmniVision HK 1,512,900 2.58% 0.14% October 22, 2026
Green Better 1,008,600 1.72% 0.09% October 22, 2026
Hongxing International 1,008,600 1.72% 0.09% October 22, 2026
Ingenic Semiconductor HK 1,008,600 1.72% 0.09% October 22, 2026
Awinic Technology Limited 1,008,600 1.72% 0.09% October 22, 2026


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Name
Number of
shares held in
the Company
subject to lock-
up undertakings
upon Listing
% of total issued
H Shares after
the Global
Offering subject
to lock-up
undertakings
upon Listing
(assuming the
Over-allotment
Option is not
exercised) Note 1
% of total issued
share capital in
the Company
subject to lock-
up undertakings
upon Listing
(assuming the
Over-allotment
Option is not
exercised)
Last day subject to the
lock-up undertakings
Note 2
JinYi Capital (acting for and on
behalf of Structured Credit SP
Fund)
201,700 0.34% 0.02% October 22, 2026
Total 29,250,100 49.96% 2.72%
Notes:
1. The number of H Shares immediately after the Global Offering is the same as the number of Offer Shares to
be issued under the Global Offering.
2. In accordance with the relevant cornerstone investment agreement, the required lock-up period ends on
October 22, 2026. The Cornerstone Investors will cease to be prohibited from disposing of or transferring H
Shares subscribed pursuant to the relevant cornerstone investment agreement after the indicated date.
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 fully
exercised)
Allotment as
% of total
Offer Shares
(assuming
no exercise
of the Over-
allotment
Option)
Allotment as
% of total
Offer Shares
(assuming
the Over-
allotment
Option
is fully
exercised)
Number of
H Shares
held upon
Listing
% of total
issued
H share
capital upon
Listing
(assuming
no exercise
of the Over-
allotment
Option)
% of total
issued
H share
capital upon
Listing
(assuming
the Over-
allotment
Option
is fully
exercised)
% of total
issued share
capital upon
Listing
(assuming
no exercise
of the Over-
allotment
Option)
% of total
issued share
capital upon
Listing
(assuming
the Over-
allotment
Option
is fully
exercised)
Top 1 8,270,900 15.6963% 13.4540% 14.1267% 12.2840%  8,270,900 14.1267% 12.2840% 0.7699% 0.7637%
Top 5 19,870,200 37.7092% 32.3221% 33.9382% 29.5115%  19,870,200 33.9382% 29.5115% 1.8496% 1.8346%
Top 10 30,763,300 58.3818% 50.0416% 52.5435% 45.6901%  30,763,300 52.5435% 45.6901% 2.8636% 2.8404%
Top 25 46,396,600 88.0503% 75.4717% 79.2451% 68.9088% 46,396,600 79.2451% 68.9088% 4.3189% 4.2838%
* Ranking of placees is based on the number of Offer Shares allotted to the placees.


--- page 16 ---
16
H SHAREHOLDER 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 fully
exercised)
Allotment
as % of
total Offer
Shares
(assuming
no exercise
of the Over-
allotment
Option)
Allotment
as % of
total Offer
Shares
(assuming
the Over-
allotment
Option
is fully
exercised)
Number of
H Shares
held upon
Listing
% of total
issued
H share
capital upon
Listing
(assuming
no exercise
of the Over-
allotment
Option)
% of total
issued
H share
capital upon
Listing
(assuming
the Over-
allotment
Option
is fully
exercised)
% of total
issued share
capital upon
Listing
(assuming
no exercise
of the Over-
allotment
Option)
% of total
issued share
capital upon
Listing
(assuming
the Over-
allotment
Option
is fully
exercised)
Top 1 8,270,900 15.6963% 13.4540% 14.1267% 12.2840% 8,270,900 14.1267% 12.2840% 0.7699% 0.7637%
Top 5 19,870,200 37.7092% 32.3221% 33.9382% 29.5115% 19,870,200 33.9382% 29.5115% 1.8496% 1.8346%
Top 10 30,763,300 58.3818% 50.0416% 52.5435% 45.6901% 30,763,300 52.5435% 45.6901% 2.8636% 2.8404%
Top 25 46,396,600 88.0503% 75.4717% 79.2451% 68.9088% 46,396,600 79.2451% 68.9088% 4.3189% 4.2838%
* Ranking of H Shareholders is based on the number of H Shares held by the H Shareholder upon Listing.
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 fully
exercised)
Allotment as
% of total
Offer Shares
(assuming
no exercise
of the Over-
allotment
Option)
Allotment as
% of total
Offer Shares
(assuming
the Over-
allotment
Option is fully
exercised)
Number of H
Shares held
upon Listing
Number of
Shares held
upon Listing #
% of total
issued share
capital upon
Listing
(assuming
no exercise
of the Over-
allotment
Option)
% of total
issued share
capital upon
Listing
(assuming
the Over-
allotment
Option is fully
exercised)
Top 1 – 0.0000% 0.0000% 0.0000% 0.0000% – 440,515,043 41.0056% 40.6731%
Top 5 – 0.0000% 0.0000% 0.0000% 0.0000% – 685,068,283 63.7700% 63.2529%
Top 10 8,270,900 15.6963% 13.4540% 14.1267% 12.2840% 8,270,900 800,770,299 74.5401% 73.9357%
Top 25 28,746,000 54.5534% 46.7601% 49.0980% 42.6939% 28,746,000 847,560,562 78.8956% 78.2559%
* Ranking of Shareholders is based on the number of Shares (of all classes) held by the Shareholder upon Listing.
# Among the top 25 placees, certain placees are also existing Shareholders. To the best knowledge, information
and belief of the Company after due enquiry, details of the allocations to the Existing Minority Shareholders
holding more than 1% of the issued share capital of the Company immediately prior to the completion of the
Global Offering have been disclosed in this announcement.


--- page 17 ---
17
BASIS OF ALLOCATION UNDER THE HONG KONG PUBLIC OFFERING
Subject to the satisfaction of the conditions set out in the Prospectus, a total of 140,150 valid
applications made by the public will be conditionally allocated on the basis set out below:
BASIS OF ALLOTMENT UNDER THE HONG KONG PUBLIC OFFERING
Pool A
Number
of H Shares
applied for
Number
of valid
applications Basis of allocation/ballot
Approximate
percentage
allotted of
the total
number of
H Shares
applied for
100 45,182 5,422 out of 45,182 applicants to receive 100 H Shares 12.00%
200 11,686 1,693 out of 11,686 applicants to receive 100 H Shares 7.24%
300 7,167 1,159 out of 7,167 applicants to receive 100 H Shares 5.39%
400 4,704 823 out of 4,704 applicants to receive 100 H Shares 4.37%
500 6,229 1,157 out of 6,229 applicants to receive 100 H Shares 3.71%
600 4,420 863 out of 4,420 applicants to receive 100 H Shares 3.25%
700 1,311 267 out of 1,311 applicants to receive 100 H Shares 2.91%
800 1,122 237 out of 1,122 applicants to receive 100 H Shares 2.64%
900 857 187 out of 857 applicants to receive 100 H Shares 2.42%
1,000 7,412 1,661 out of 7,412 applicants to receive 100 H Shares 2.24%
1,500 2,908 728 out of 2,908 applicants to receive 100 H Shares 1.67%
2,000 2,366 640 out of 2,366 applicants to receive 100 H Shares 1.35%
2,500 1,786 514 out of 1,786 applicants to receive 100 H Shares 1.15%
3,000 1,491 450 out of 1,491 applicants to receive 100 H Shares 1.01%
3,500 971 306 out of 971 applicants to receive 100 H Shares 0.90%
4,000 1,099 359 out of 1,099 applicants to receive 100 H Shares 0.82%
4,500 831 280 out of 831 applicants to receive 100 H Shares 0.75%
5,000 1,960 680 out of 1,960 applicants to receive 100 H Shares 0.69%
6,000 1,505 549 out of 1,505 applicants to receive 100 H Shares 0.61%
7,000 1,081 411 out of 1,081 applicants to receive 100 H Shares 0.54%
8,000 1,110 438 out of 1,110 applicants to receive 100 H Shares 0.49%
9,000 775 316 out of 775 applicants to receive 100 H Shares 0.45%
10,000 5,854 2,449 out of 5,854 applicants to receive 100 H Shares 0.42%
20,000 3,734 1,886 out of 3,734 applicants to receive 100 H Shares 0.25%
30,000 2,357 1,329 out of 2,357 applicants to receive 100 H Shares 0.19%
40,000 1,763 1,075 out of 1,763 applicants to receive 100 H Shares 0.15%
50,000 1,904 1,233 out of 1,904 applicants to receive 100 H Shares 0.13%
60,000 3,180 2,163 out of 3,180 applicants to receive 100 H Shares 0.11%
Total 126,765 Total number of Pool A successful applicants: 29,275


--- page 18 ---
18
Pool B
Number
of H Shares
applied for
Number
of valid
applications Basis of allocation/ballot
Approximate
percentage
allotted of
the total
number of
H Shares
applied for
70,000 3,570 100 H Shares plus 929 out of 3,570 applicants to receive an additional
 100 H Shares
0.18%
80,000 1,445 100 H Shares plus 551 out of 1,445 applicants to receive an additional
 100 H Shares
0.17%
90,000 819 100 H Shares plus 408 out of 819 applicants to receive an additional
 100 H Shares
0.17%
100,000 3,929 100 H Shares plus 2,398 out of 3,929 applicants to receive an
 additional 100 H Shares
0.16%
200,000 1,569 300 H Shares 0.15%
300,000 749 300 H Shares plus 675 out of 749 applicants to receive an additional
 100 H Shares
0.13%
400,000 331 400 H Shares 0.10%
500,000 281 400 H Shares plus 202 out of 281 applicants to receive an additional
 100 H Shares
0.09%
600,000 170 500 H Shares plus 63 out of 170 applicants to receive an additional
 100 H Shares
0.09%
700,000 74 500 H Shares plus 45 out of 74 applicants to receive an additional
 100 H Shares
0.08%
800,000 79 600 H Shares 0.08%
900,000 45 600 H Shares 0.07%
1,000,000 153 600 H Shares 0.06%
1,500,000 47 800 H Shares 0.05%
2,000,000 30 1,000 H Shares 0.05%
2,500,000 18 1,200 H Shares 0.05%
2,927,400 76 1,400 H Shares 0.05%
Total 13,385 Total number of Pool B successful applicants: 13,385
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 19 ---
19
COMPLIANCE WITH LISTING RULES AND GUIDANCE
The Directors confirm that, except for the Listing Rules that have been waived and/or in respect of
which consent has been obtained, the Company has complied with the Listing Rules and guidance
materials in relation to the placing, allotment and listing of the Company ’s H Shares.
The Directors confirm that, to the best of their knowledge, the consideration paid by the placees
or the public (as the case may be) directly or indirectly for each Offer Share subscribed for or
purchased by them was the same as the final Offer Price in addition to any brokerage, AFRC
transaction levy, SFC transaction levy and Stock Exchange trading fee payable.
OTHERS/ADDITIONAL INFORMATION
Allocations of Offer Shares to the existing Shareholders and/or their close associates and
Cornerstone Investors with a consent under Chapter 4.15 of the Guide for New Listing
Applicants
The Company has applied to, and the Stock Exchange has granted, a consent under Chapter 4.15
of the Guide for New Listing Applicants to permit the Company to allocate further Offer Shares
in the International Offering to certain Cornerstone Investors, existing shareholders and their close
associates, as placees, subject to the following conditions ( “Allocation to Size-based Exemption
Participants ”):
(a) the final offering size of the Global Offering, excluding any over-allocation, will be of a total
value of at least HK$1 billion;
(b) the Offer Shares allocated to all existing Shareholders and their close associates (whether
as cornerstone investors and/or as placees) as permitted under the Size-based Exemption (as
defined in the Guide for New Listing Applicants) do not exceed 30% of the total number of
the H Shares offered under the Global Offering;
(c) each Director and chief executive of the Company confirms that no securities have been
allocated to them or their respective close associates under the Size-based Exemption; and
(d) details of the allocation to existing Shareholders and/or their close associates and Cornerstone
Investors under the Size-based Exemption will be disclosed in this announcement.
Such allocations of Offer Shares are in compliance with all the conditions under the consent
granted by the Stock Exchange.
For details of the allocations of Offer Shares to existing Shareholders and/or their close associates
and Cornerstone Investors, please refer to the section headed “Allotment Results Details –
International Offering – Allottees with Waivers/Consents Obtained ” in this announcement.


--- page 20 ---
20
Placing to connected clients with a prior consent under paragraph 1C of the Placing
Guidelines
Under the International Offering, certain Offer Shares were placed to connected clients of their
connected distributors pursuant to the Placing Guidelines. Details of the placement to connected
clients are set out below. The Company has applied to the Stock Exchange for, and the Stock
Exchange has granted, consents 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.
No.
Connected
Distributor Connected Client Relationship
Discretionary or
non-discretionary
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 to be
allocated to the
Connected Client
Approximate
percentage of
total number
of Offer Shares
under the Global
Offering
1. CICCHKS CICC FT (in
connection with
Beijing Hengde
OTC Swaps)
Same group entities Non-discretionary No 201,700 0.34%
2. CICCHKS CICC FT (in
connection with
Longyan Huasheng
OTC Swaps)
Same group entities Non-discretionary No 504,300 0.86%
3. CICCHKS CICC FT (in
connection with
SWHY OTC
Swaps)
Same group entities Non-discretionary No 201,700 0.34%
4. CICCHKS CICC FT (in
connection with
Gaoyi OTC Swaps)
Same group entities Non-discretionary No 286,600 0.49%
5. CICCHKS CICC FT (in
connection with
Yuanlesheng OTC
Swaps)
Same group entities Non-discretionary No 50,400 0.09%
6. GTJA
Securities
GTJA Investments Same group entities Non-discretionary No 348,100 0.59%
Haitong
Securities


--- page 21 ---
21
No.
Connected
Distributor Connected Client Relationship
Discretionary or
non-discretionary
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 to be
allocated to the
Connected Client
Approximate
percentage of
total number
of Offer Shares
under the Global
Offering
7. UBS AG UBS AM
Singapore
UBS AG and UBS
AM Singapore are
members of the same
group
Discretionary No 2,017,200 3.44%
8. GTJA
Securities
Fullgoal HK Fullgoal HK, Fullgoal
Fund, Haitong
Securities and
GTJA Securities are
members of the same
group
Discretionary Yes 200,000 0.34%
Haitong
Securities
Fullgoal Fund Discretionary Yes 606,900 1.04%
9. HSBC HSBC Broking HSBC, HSBC GAM
and HSBC Broking
are members of the
same group
Discretionary No 253,200 0.43%
HSBC GAM Discretionary No 806,900 1.38%
10. GTJA
Securities
HuaAn Fund HuaAn Fund, Haitong
Securities and
GTJA Securities are
members of the same
group
Discretionary No 10,000 0.02%
Haitong
Securities
11. CLSA CITIC-Prudential
Fund
CITIC-Prudential
Fund and CLSA are
members of the same
group
Discretionary No 151,200 0.26%


--- page 22 ---
22
Note:
1. CICC FT and China International Capital Corporation Limited will enter into a series of cross border delta-one
OTC swap transactions (the “Beijing Hengde OTC Swaps ”) with each other and the ultimate clients (the
“CICC FT Ultimate Clients (Beijing Hengde) ”), pursuant to which CICC FT will hold the Offer Shares on a
non-discretionary basis to hedge the Beijing Hengde OTC Swaps while the economic risks and returns of the
underlying Offer Shares are passed to the CICC FT Ultimate Clients (Beijing Hengde), subject to customary
fees and commissions. The Beijing Hengde OTC Swaps will be fully funded by the CICC FT Ultimate Clients
(Beijing Hengde). During the terms of the Beijing Hengde OTC Swaps, all economic returns of the Offer Shares
subscribed by CICC FT will be passed to the CICC FT Ultimate Clients (Beijing Hengde) and all economic loss
shall be borne by the CICC FT Ultimate Clients (Beijing Hengde) through the Beijing Hengde OTC Swaps, and
CICC FT will not take part in any economic return or bear any economic loss in relation to the Offer Shares.
The Beijing Hengde OTC Swaps are linked to the Offer Shares and the CICC FT Ultimate Clients (Beijing
Hengde) may request CICC FT to redeem it at their own discretions, upon which CICC FT shall dispose of
the Offer Shares and settle Beijing Hengde OTC Swaps in cash in accordance with the terms and conditions of
the OTC Swap. Despite that CICC FT will hold the legal title of the Offer Shares by itself, it will not exercise
the voting rights attaching to the relevant Offer Shares during the terms of the Beijing Hengde OTC Swaps
according to its internal policy. The CICC FT Ultimate Clients (Beijing Hengde) for purpose of this placee
subscription include Hengde Yuanzheng Tianli No. 3 Private Equity Securities Investment Fund (૴
л 3 ږHengde Yuanzheng Tianli No. 7 Private Equity Securities Investment Fund ( 㛬ᅃ
૴л 7 ږHengde Yuanzheng Jinxin No. 4 Private Equity Securities Investment Fund
(ڦږּ4 ږand Hengde Jinze No. E49 Private Equity Securities Investment Fund
(ዣ E49 ږcollectively, “Hengde Funds ”), which are managed by Beijing Hengde
Era Fund Management Co. Ltd (ʮ̡ ) ( “Beijing Hengde ”), each of which is
an independent third party of CICC FT, CICCHKS and the companies which are members of the same group of
companies as each of the Underwriters.
2. CICC FT and China International Capital Corporation Limited will enter into a series of cross border delta-one
OTC swap transactions (the “Longyan Huasheng OTC Swaps ”) with each other and the ultimate client (the
“CICC FT Ultimate Client (Longyan Huasheng) ”), pursuant to which CICC FT will hold the Offer Shares
on a non-discretionary basis to hedge the Longyan Huasheng OTC Swaps while the economic risks and returns
of the underlying Offer Shares are passed to the CICC FT Ultimate Client (Longyan Huasheng), subject to
customary fees and commissions. The Longyan Huasheng OTC Swaps will be fully funded by the CICC FT
Ultimate Client (Longyan Huasheng). During the terms of the Longyan Huasheng OTC Swaps, all economic
returns of the Offer Shares subscribed by CICC FT will be passed to the CICC FT Ultimate Client (Longyan
Huasheng) and all economic loss shall be borne by the CICC FT Ultimate Client (Longyan Huasheng) through
the Longyan Huasheng OTC Swaps, and CICC FT will not take part in any economic return or bear any
economic loss in relation to the Offer Shares. The Longyan Huasheng OTC Swaps are linked to the Offer
Shares and the CICC FT Ultimate Client (Longyan Huasheng) may request CICC FT to redeem it at their own
discretions, upon which CICC FT shall dispose of the Offer Shares and settle Longyan Huasheng OTC Swaps
in cash in accordance with the terms and conditions of the OTC Swap. Despite that CICC FT will hold the legal
title of the Offer Shares by itself, it will not exercise the voting rights attaching to the relevant Offer Shares
during the terms of the Longyan Huasheng OTC Swaps according to its internal policy. The CICC FT Ultimate
Client (Longyan Huasheng) for purpose of this placee subscription is Longyan Huasheng Enterprise Investment
Co., Ltd. (ʮ̡ ), a wholly owned subsidiary of Longyan Investment Development
Group Co., Ltd. (ʮ̡ ) ( “Longyan Investment ”), which is an independent third party
of CICC FT, CICCHKS and the companies which are members of the same group of companies as each of the
Underwriters.
3. CICC FT and China International Capital Corporation Limited will enter into a series of cross border delta-one
OTC swap transactions (the “SWHY OTC Swaps ”) with each other and the ultimate client (the “CICC FT
Ultimate Client (SWHY) ”), pursuant to which CICC FT will hold the Offer Shares on a non-discretionary basis
to hedge the SWHY OTC Swaps while the economic risks and returns of the underlying Offer Shares are passed
to the CICC FT Ultimate Client (SWHY), subject to customary fees and commissions. The SWHY OTC Swaps
will be fully funded by the CICC FT Ultimate Client (SWHY). During the terms of the SWHY OTC Swaps, all
economic returns of the Offer Shares subscribed by CICC FT will be passed to the CICC FT Ultimate Client
(SWHY) and all economic loss shall be borne by the CICC FT Ultimate Client (SWHY) through the SWHY
OTC Swaps, and CICC FT will not take part in any economic return or bear any economic loss in relation to the
Offer Shares. The SWHY OTC Swaps are linked to the Offer Shares and the CICC FT Ultimate Client (SWHY)
may request CICC FT to redeem it at their own discretions, upon which CICC FT shall dispose of the Offer


--- page 23 ---
23
Shares and settle SWHY OTC Swaps in cash in accordance with the terms and conditions of the SWHY OTC
Swap. Despite that CICC FT will hold the legal title of the Offer Shares by itself, it will not exercise the voting
rights attaching to the relevant Offer Shares during the terms of the SWHY OTC Swaps according to its internal
policy. The CICC FT Ultimate Client (SWHY) for purpose of this placee subscription is Shenwan Hongyuan
Securities Co., Ltd. (ʮ̡ ), a wholly owned subsidiary of Shenwan Hongyuan Group Co.,
Ltd. (ʮ̡ ) ( “Shenwan Hongyuan ”) (000166.SZ; 6806.HK), which is an independent
third party of CICC FT, CICCHKS and the companies which are members of the same group of companies as
each of the Underwriters.
4. CICC FT and China International Capital Corporation Limited will enter into a series of cross border delta-one
OTC swap transactions (the “Gaoyi OTC Swaps ”) with each other and the ultimate clients (the “CICC FT
Ultimate Clients (Gaoyi) ”), pursuant to which CICC FT will hold the Offer Shares on a non-discretionary basis
to hedge the Gaoyi OTC Swaps while the economic risks and returns of the underlying Offer Shares are passed
to the CICC FT Ultimate Clients (Gaoyi), subject to customary fees and commissions. The Gaoyi OTC Swaps
will be fully funded by the CICC FT Ultimate Clients (Gaoyi). During the terms of the Gaoyi OTC Swaps, all
economic returns of the Offer Shares subscribed by CICC FT will be passed to the CICC FT Ultimate Clients
(Gaoyi) and all economic loss shall be borne by the CICC FT Ultimate Clients (Gaoyi) through the Gaoyi OTC
Swaps, and CICC FT will not take part in any economic return or bear any economic loss in relation to the
Offer Shares. The Gaoyi OTC Swaps are linked to the Offer Shares and the CICC FT Ultimate Clients (Gaoyi)
may request CICC FT to redeem it at their own discretions, upon which CICC FT shall dispose of the Offer
Shares and settle Gaoyi OTC Swaps in cash in accordance with the terms and conditions of the Gaoyi OTC
Swaps. Despite that CICC FT will hold the legal title of the Offer Shares by itself, it will not exercise the voting
rights attaching to the relevant Offer Shares during the terms of the Gaoyi OTC Swaps according to its internal
policy. The CICC FT Ultimate Clients (Gaoyi) for purpose of this placee subscription are funds managed by
Shanghai Gaoyi Asset Management Partnership (Limited Partnership) ( ɪऎ৷ᆇ༟ପ၍ଣΥྫΆุ (Υ
ྫ)) ( “Shanghai Gaoyi ”). Shanghai Gaoyi is a limited partnership established in the PRC, which is engaged in
asset management and investment management with a primary focus on investments in secondary market. The
managing partner of Shanghai Gaoyi is Shanghai Gaoyi Investment Management Co., Ltd. ( ɪऎ৷ᆇҳ༟၍ଣ
ʮ̡ ). Each of the CICC FT Ultimate Clients (Gaoyi) is an independent third party of CICC FT, CICCHKS
and the companies which are members of the same group of companies as each of the Underwriters.
5. CICC FT and China International Capital Corporation Limited will enter into a series of cross border delta-one
OTC swap transactions (the “Yuanlesheng OTC Swaps ”) with each other and the ultimate clients (the
“CICC FT Ultimate Clients (Yuanlesheng) ”), pursuant to which CICC FT will hold the Offer Shares on a
non-discretionary basis to hedge the Yuanlesheng OTC Swaps while the economic risks and returns of the
underlying Offer Shares are passed to the CICC FT Ultimate Clients (Yuanlesheng), subject to customary
fees and commissions. The Yuanlesheng OTC Swaps will be fully funded by the CICC FT Ultimate Clients
(Yuanlesheng). During the terms of the Yuanlesheng OTC Swaps, all economic returns of the Offer Shares
subscribed by CICC FT will be passed to the CICC FT Ultimate Clients (Yuanlesheng) and all economic loss
shall be borne by the CICC FT Ultimate Clients (Yuanlesheng) through the Yuanlesheng OTC Swaps, and
CICC FT will not take part in any economic return or bear any economic loss in relation to the Offer Shares.
The Yuanlesheng OTC Swaps are linked to the Offer Shares and the CICC FT Ultimate Clients (Yuanlesheng)
may request CICC FT to redeem it at their own discretions, upon which CICC FT shall dispose of the Offer
Shares and settle Yuanlesheng OTC Swaps in cash in accordance with the terms and conditions of the
Yuanlesheng OTC Swaps. Despite that CICC FT will hold the legal title of the Offer Shares by itself, it will
not exercise the voting rights attaching to the relevant Offer Shares during the terms of the Yuanlesheng OTC
Swaps according to its internal policy. The CICC FT Ultimate Clients (Yuanlesheng) for purpose of this placee
subscription include Yuanlesheng Qiangye Private Securities Investment Fund ( ๕ᆀ᳅੶ุӷ෍ᗇՎҳ༟ਿ
ږand Yuanlesheng Qiangshu Private Securities Investment Fund (ږwhich are
funds managed by Tibet Yuanlesheng Asset Management Company Limited (ʮ̡ )
(“Yuanlesheng AM ”), each of which is an independent third party of CICC FT, CICCHKS and the companies
which are members of the same group of companies as each of the Underwriters.


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24
6. In relation to the GTJA Investments ’ Subscription, GTJA Investments shall hold the Offer Shares for hedging
purpose as the single underlying asset of several sets of back-to-back total return swap transaction (the “GTHT
Back-to-back TRS ”) to be entered into between GTJA Investments and Guotai Haitong Securities Co., Ltd. (the
“GTHT Onshore Parent ”) in connection with several total return swap orders (the “GTHT Client TRS ”) to
be entered into by GTHT Onshore Parent and several ultimate clients (the “GTHT Onshore Ultimate Client ”),
respectively. Such GTHT Client TRS is to be fully funded by the GTHT Onshore Ultimate Client. GTJA
Investments will hold the Offer Shares on a non-discretionary basis for the purpose of hedging the economic
exposure under the GTHT Back-to-back TRS and GTHT Client TRS only, During the tenor of the GTHT Client
TRS, all economic returns of the Offer Shares will be passed to the GTHT Onshore Ultimate Clients and all
economic losses shall be borne by the GTHT Onshore Ultimate Client, subject to the terms and conditions of
the GTHT Back-to-back TRS and GTHT Client TRS, and GTJA Investments will not take part in any economic
return or bear any economic loss in relation to the price of the Offer Shares. The GTHT Onshore Ultimate Client
may request to redeem the Offer Shares at their own discretion, upon which GTJA Investments shall dispose
of the Offer Shares and settle the GTHT Back-to-back TRS and GTHT Client TRS in cash in accordance with
the terms and conditions of the GTHT Back-to-back TRS and GTHT Client TRS documents. Due to its internal
policy, GTJA Investments will not exercise the voting right attaching to the Offer Shares during the tenor of the
GTHT Back-to-back TRS and GTHT Client TRS.
To the best knowledge, information and belief of GTJA Investments after due enquiry, the GTHT Onshore
Ultimate Clients and their respective ultimate beneficial owners holding 30% or more interest include:
a. The GTHT Onshore Ultimate Client (Jedi) for purpose of this placee subscription is Jedi Yuanyang No.6
Private Securities Investment Fund (ݱ6 ږwhich is managed by Jedi Asset
Management, LLC (ʮ̡ ) ( “Jedi AM ”), each of which is an independent third
party of GTJA Investments, GTJA Securities and the companies which are members of the same group of
companies as each of the Underwriters;
b. The GTHT Onshore Ultimate Client (TSINGSTONE ASSET) for purpose of this placee subscription
is TSINGSTONE ASSET MANAGEMENT GROUP LIMITED ( ૶ͩ༟ପ၍ଣ (ɪऎ )ʮ̡ )
(“TSINGSTONE ASSET ”), which is an independent third party of GTJA Investments, GTJA Securities
and the companies which are members of the same group of companies as each of the Underwriters; and
c. The GTHT Onshore Ultimate Client (Shanghai Milestone) for purpose of this placee subscription is
Lichen Scenery No. 66 Private Investment Fund (౻ 66 ږwhich is managed by
Shanghai Milestone Asset Management Co., Ltd. (ʮ̡ ) (“Shanghai Milestone ”),
each of which is an independent third party of GTJA Investments, GTJA Securities and the companies
which are members of the same group of companies as each of the Underwriters.
7. UBS AG becomes a sub-broker under the International Offering during the application period. UBS AM
Singapore is a member of the same group of companies as UBS AG. As a result, UBS AM Singapore is a
connected client of UBS AG. UBS AM Singapore proposes to participate as placee to subscribe for the Offer
Shares for and on behalf of its underlying client under the International Offering. UBS AM Singapore is a
wholly owned subsidiary of UBS Asset Management AG, an investment management company, which is wholly
ultimately owned by UBS Group AG, which is a company organised under Swiss law as a corporation that has
issued shares of common stock to investors. UBS Group AG ’s shares are listed on the SIX Swiss Exchange
(stock code: UBSG) and the New York Stock Exchange (stock code: UBS).
The number of Offer Shares allocated to UBS AM Singapore comprises Offer Shares allocated to UBS AM
Singapore in its capacity as a Cornerstone Investor and as a placee.
UBS AM Singapore will hold the Offer Shares in its capacity as discretionary investment manager managing
assets on behalf of its underlying clients. The subscription will be fully funded by the personal assets of the
underlying client. To the best knowledge of UBS AM Singapore after due enquiry, each of its underlying clients
is an independent third party of the Company, its subsidiaries, UBS AM Singapore, UBS AG and the companies
which are members of the same group of UBS AG and UBS AM Singapore.


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25
8. Fullgoal HK is a wholly owned subsidiary of Fullgoal Fund, which is owned by Guotai Haitong as to 27.775%.
Each of GTJA Securities and Haitong Securities is a subsidiary of Guotai Haitong. Each of Fullgoal HK and
Fullgoal Fund is considered as a member of the same group of companies as GTJA Securities and Haitong
Securities and therefore is a connected client of GTJA Securities and Haitong Securities.
Fullgoal HK will hold the Offer Shares in its capacity as the discretionary fund manager managing the funds
on behalf of their investors (the “Fullgoal HK Ultimate Clients ”), each of which is, to the best knowledge
of Fullgoal HK, (i) an independent third party of the Company, its subsidiaries, its substantial shareholders,
Fullgoal HK, GTJA Securities, Haitong Securities and the companies which are members of the same group
of companies as Fullgoal HK, GTJA Securities and Haitong Securities; and (ii) Fullgoal China Small-Mid Cap
Growth Fund, a collective investment scheme which is not authorized by the SFC. Save as disclosed below, no
ultimate beneficial owner holds 30% or more interest in the funds.
The details of the Fullgoal HK Ultimate Clients are as follow:
Fund Name
Whether the Scheme
is Publicly Marketed Fund Manager
UBO of Fund
Manager
UBO of the Fullgoal
HK Ultimate Clients
The University of Hong Kong-
Hong Kong and China Equity
Fund
Not publicly marketed Fullgoal HK Fullgoal Fund The ultimate
beneficial owner is
“The University of
Hong Kong ”
Fullgoal China Growth Select
Fund
Not publicly marketed Fullgoal HK Fullgoal Fund The ultimate
beneficial owner is an
individual
Fullgoal China Opportunities Fund Not publicly marketed Fullgoal HK Fullgoal Fund The ultimate
beneficial owners are
three investors which
are entities and funds
Fullgoal China Small-Mid Cap
Growth Fund
Yes Fullgoal HK Fullgoal Fund No single ultimate
beneficial owner
holds 30% or more
interest
HI-Aktien China 1-SFonds Not publicly marketed Fullgoal HK Fullgoal Fund The ultimate
beneficial owner is an
European pension
BMO Greater China Fund Yes Fullgoal HK Fullgoal Fund No single ultimate
beneficial owner
holds 30% or more
interest
Fullgoal Fund will hold the Offer Shares in its capacity as the discretionary fund manager managing the funds
on behalf of their investors (the “Fullgoal Fund Ultimate Clients ”), each of which is, to the best knowledge
of Fullgoal Fund, (i) an independent third party of the Company, its subsidiaries, its substantial shareholders,
Fullgoal Fund, GTJA Securities, Haitong Securities and the companies which are members of the same group of
companies as GTJA Securities, Haitong Securities and Fullgoal Fund; and (ii) a collective investment scheme
which is not authorized by the SFC. No ultimate beneficial owner holds 30% or more interest in the funds.


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26
The details of the Fullgoal Fund Ultimate Clients are as follow:
Fund Name
Whether the Scheme
is Publicly Marketed Fund Manager
UBO of Fund
Manager
UBO of the Fullgoal
Fund Ultimate
Clients
FULLGOAL DIVIDEND
SELECTED HYBRID FUND
Yes Fullgoal Fund N/A No single ultimate
beneficial owner
holds 30% or more
interest
CMB-FULLGOAL BLUE CHIP
SELECTED EQUITY FUND
(QDII)
Yes Fullgoal Fund N/A No single ultimate
beneficial owner
holds 30% or more
interest
ICBC Fullgoal global technology
& internet fund
Yes Fullgoal Fund N/A No single ultimate
beneficial owner
holds 30% or more
interest
Fullgoal Global Consumption
Selected Hybrid Fund
Yes Fullgoal Fund N/A No single ultimate
beneficial owner
holds 30% or more
interest
ICBC Fullgoal China Small & Mid
Cap (HK listed) Equity Fund
Yes Fullgoal Fund N/A No single ultimate
beneficial owner
holds 30% or more
interest
9. HSBC is a sub-broker under the International Offering. HSBC Broking will hold the Offer Shares in its capacity
as the discretionary fund manager managing assets on behalf of its underlying clients. HSBC GAM will hold
the Offer Shares in its capacity as the discretionary fund manager managing assets on behalf of its underlying
clients. Each of HSBC Broking and HSBC GAM is a member of the same group of companies as HSBC. As a
result, each of HSBC Broking and HSBC GAM is a connected client of HSBC. To the best knowledge of HSBC
Broking and HSBC GAM after due enquiry, each of its underlying clients is an independent third party of the
Company, its subsidiaries, HSBC, HSBC Broking, HSBC GAM and the companies which are members of the
same group of HSBC, HSBC Broking and HSBC GAM
10. HuaAn Fund, Haitong Securities and GTJA Securities are members of the same group. Therefore, HuaAn Fund
is a connected client of GTJA Securities and Haitong Securities.
11. CITIC-Prudential Fund will hold the Offer Shares in its capacity as the discretionary fund manager of Citic
Prudential Global Macro-asset Allocation AMP 1. To the best knowledge of CITIC-Prudential Fund, none of the
clients holds more than 30% ultimate beneficial interest in the relevant fund. CLSA and CITIC-Prudential Fund
are members of the same group. Therefore, CITIC-Prudential Fund is a connected client of CLSA.


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27
DISCLAIMERS
Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited and
Hong Kong Securities Clearing Company Limited take no responsibility for the contents of this
announcement, make no representation as to its accuracy or completeness and expressly disclaim
any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or
any part of the contents of this announcement.
This announcement is not for release, publication, 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 solely (1) to qualified institutional buyers as defined
in Rule 144A under the U.S. Securities Act pursuant to an exemption from registration under
the U.S. Securities Act and (2) 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 April 15, 2026 issued by Huaqin Co., Ltd.
for detailed information about the Global Offering described below before deciding whether or
not to invest in the H Shares thereby being offered.
* Potential investors of the Offer Shares should note that the Joint Sponsors and the Sponsor-
Overall Coordinators (for themselves and on behalf of the Hong Kong Underwriters) and the
Overall Coordinators shall be entitled to terminate their obligations under the Hong Kong
Underwriting Agreement with immediate effect upon the occurrence of any of the events set
out in the section headed “Underwriting – Underwriting Arrangements and Expenses – Hong
Kong Public Offering – Hong Kong Underwriting Agreement – Grounds for Termination ” in
the Prospectus at any time prior to 8:00 a.m. (Hong Kong time) on the Listing Date (which is
currently expected to be on April 23, 2026).
PUBLIC FLOAT AND FREE FLOAT
Rule 8.08(1) (as amended and replaced by Rule 19A.13A) of the Listing Rules provides that, where
a new applicant is a PRC issuer with other listed shares at the time of listing, this will normally
mean that the portion of H shares for which listing is sought that are held by the public, at the time
of listing, must (a) represent at least 10% of the issuer ’s total number of issued shares in the class
to which H shares belong (excluding treasury shares); or (b) have an expected market value of not
less than HK$3,000,000,000. It is expected that upon Listing (assuming the Over-allotment Option
is not exercised), based on the Offer Price of HK$77.70 per H Share, the market value of the H
Shares that are held by the public is approximately HK$4,549.2 million, which is higher than the
prescribed market value of the H Shares required to be held by the public of HK$3 billion under
Rule 19A.13A(2) of the Listing Rules, thereby satisfying Rule 8.08(1) (as amended and replaced
by Rule 19A.13A) of the Listing Rules.


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28
Rule 8.08A (as amended and replaced by Rule 19A.13C) of the Listing Rules provides that, where
a new applicant is a PRC issuer with other listed shares at the time of listing, this will normally
mean that the portion of H shares for which listing is sought that are held by the public and not
subject to any disposal restrictions (whether under contract, the Listing Rules, applicable laws
or otherwise), at the time of listing, must: (a) represent at least 5% of the total number of issued
shares in the class to which H shares belong at the time of listing (excluding treasury shares), with
an expected market value at the time of listing of not less than HK$50,000,000; or (b) have an
expected market value at the time of listing of not less than HK$600,000,000. The Company will
satisfy the free float requirement under Rule 8.08A (as amended and replaced by 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.
COMMENCEMENT OF DEALINGS
The H Share certificates will only become valid evidence of title at 8:00 a.m. on Thursday, April
23, 2026 (Hong Kong time), provided that the Global Offering has become unconditional and the
right of termination described in the section headed “Underwriting – Underwriting Arrangements
and Expenses – Hong Kong Public Offering – Hong Kong Underwriting Agreement – Grounds for
Termination ” in the Prospectus has not been exercised. Investors who trade the H Shares on the
basis of publicly available allocation details prior to the receipt of H Share certificates or prior to
the H Share certificates becoming valid evidence of title do so entirely at their own risk.
Assuming that the Global Offering becomes unconditional at or before 8:00 a.m. on Thursday,
April 23, 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 Thursday, April 23, 2026 (Hong Kong time). The H
Shares will be traded in board lots of 100 H Shares each, and the stock code of the H Shares will
be 3296.
By order of the Board
Huaqin Co., Ltd.
QIU Wensheng
Chairman of the Board and Executive Director
Hong Kong, April 22, 2026
As at the date of this announcement, Directors of the Company are: (i) Mr. Qiu Wensheng, Mr.
Cui Guopeng, Mr. Wu Zhenhai, Ms. Chen Xiaorong, Ms. Xi Pinghua and Mr. Deng Zhiguo as
executive directors; and (ii) Mr. Hu Saixiong, Mr. Huang Zhiguo and Dr. Yu Fang as independent
non-executive directors.