hk-ipo/data/extracted_text/06166/allotment_results_2025-10-27_2025102701698.txt

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1
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) or any other
jurisdiction where such distribution is prohibited by law. This announcement does not constitute or form a part of any
offer to sell or solicitation of an offer to buy, to purchase or subscribe for securities nor shall there be any sale of Offer
Shares in the United States or in any other jurisdictions in which such offer or solicitation would be unlawful. The
securities mentioned herein have not been, and will not be, registered under the United States Securities Act of 1933 as
amended from time to time (the “U.S. Securities Act ”) or any state securities law of the United States. The securities
may not be offered, sold, pledged, or transferred within the United States or to, or for the account or benefit of U.S.
persons (as defined in Regulation S under the U.S. Securities Act ( “Regulation S ”)) 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 offering of securities in the United States. The Offer
Shares are being offered and sold outside the United States in offshore transactions in reliance on Regulation S under
the U.S. Securities Act.
This announcement is for information purposes only and does not constitute an invitation or offer to acquire, purchase
or subscribe for securities of the Company. This announcement is not a prospectus. Potential investors should read the
prospectus dated Monday, October 20, 2025 (the “Prospectus ”) issued by CIG SHANGHAI CO., LTD. (Ҧ
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, capitalised terms used herein shall have the same meanings as those
defined in the Prospectus.
Potential investors of the Offer Shares should note that the Sole Sponsor and the Sole Sponsor-Overall Coordinator
(for itself and on behalf of the Hong Kong Underwriters) shall be entitled to terminate their obligations under the
Hong Kong Underwriting Agreement with immediate effect upon the occurrence of any of the events set out in the
paragraph headed “Underwriting – Underwriting Arrangements and Expenses – Hong Kong Public Offering – Grounds
for Termination ” in the Prospectus at any time prior to 8:00 a.m. (Hong Kong time) on the Listing Date.
In connection with the Global Offering, Guotai Junan Securities (Hong Kong) Limited, as stabilizing manager (the
“Stabilizing Manager ”), 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 H 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, 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 Stabilising Manager, or any person acting for it, and may be discontinued at any time. Any such
stabilizing action is required to be brought to an end on the 30th day after the last day for the lodging of applications
under the Hong Kong Public Offering, being Saturday, November 22, 2025. Such stabilisation 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 (Cap. 571W of the Laws of
Hong Kong), as amended, made under the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong).
Potential investors should be aware that stabilising 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 Saturday, November
22, 2025, being the 30th day after the last day for the lodging of applications under the Hong Kong Public Offering.
After this date, no further stabilising action may be taken, demand for the H Shares, and therefore the price of the H
Shares, could fall.


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CIG SHANGHAI 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
: 67,010,500 H Shares (subject to the Over-
allotment Option)
Number of Hong Kong Offer Shares : 6,701,050 H Shares
Number of International Offer Shares : 60,309,450 H Shares (subject to the Over-
allotment Option)
Final Offer Price : HK$68.88 per H Share, plus brokerage of
1.0%, SFC transaction levy of 0.0027%,
Hong Kong Stock Exchange trading fee of
0.00565% and AFRC transaction levy of
0.00015% (payable in full on application
in Hong Kong dollars and subject to
refund)
Nominal value : RMB1.00 per H Share
Stock code : 6166
Sole Sponsor
Joint Overall Coordinators, Joint Global Coordinators, Joint Bookrunners, and
Joint Lead Managers
Joint Global Coordinator, Joint Bookrunner and Joint Lead Manager


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3
CIG SHANGHAI CO., LTD.
ʮ̡
ANNOUNCEMENT OF FINAL OFFER PRICE AND
ALLOTMENT RESULTS
Warning: In view of high concentration of shareholding in a small number of Shareholders,
Shareholders and prospective investors should be aware that the price of the H Shares
could move substantially even with a small number of H Shares traded and should exercise
extreme caution when dealing in the H Shares.
SUMMARY
Company information
Stock code 6166
Stock short name CIG
Dealings commencement date October 28, 2025 *
* see note at the end of the announcement
Price Information
Final Offer Price HK$68.88
Maximum Offer Price HK$68.88
Offer Price Adjustment exercised N/A
Offer Shares and Share Capital
Number of Offer Shares 67,010,500
Number of Offer Shares in Hong Kong Public Offering 6,701,050
Number of Offer Shares in International Offering 60,309,450
Number of issued Shares upon Listing (before exercise of
the Over-allotment Option)
335,030,341
Over-allocation
No. of Offer Shares over-allocated 10,051,500
Such over-allocation may be covered by exercising the Over-allotment Option or by making
purchases in the secondary market at prices that do not exceed the Offer Price or through
deferred delivery or a combination of these means. In the event the Over-allotment Option is
exercised, an announcement will be made on the Stock Exchange ’s website.


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Proceeds
Gross proceeds (Note) HK$4,615.7 million
Less: Estimated listing expenses payable based on
Final Offer Price
HK$135.7 million
Net proceeds HK$4,480.0 million
Note: Gross proceeds refer to the amount which the Company is entitled to receive. For details of the use of
proceeds, please refer to the section headed “Future Plans and Use of Proceeds ” of the Prospectus.
The Company will adjust the allocation of the net proceeds from the exercise of the Over-
allotment Option (if any) for the purposes as set out in the section headed “Future Plans and Use
of Proceeds ” of the Prospectus on a pro rata basis.
ALLOTMENT RESULTS DETAILS
HONG KONG PUBLIC OFFERING
No. of valid applications 206,461
No. of successful applications 55,148
Subscription level 338.7 times
Reallocation No
No. of Offer Shares initially available under the Hong
Kong Public Offering
6,701,050
No. of Offer Shares reallocated from the International
Offering
0
Final no. of Offer Shares under the Hong Kong Public
Offering
6,701,050
% of Offer Shares under the Hong Kong Public Offering
to the Global Offering
10.0%
Note: For details of the final allocation of H Shares to the Hong Kong Public Offering, investors can refer to
www.tricor.com.hk/ipo/result  or www.hkeipo.hk/IPOResult  to perform a search by identification document number or
www.tricor.com.hk/ipo/result  or www.hkeipo.hk/IPOResult  for the full list of allottees.
INTERNATIONAL OFFERING
No. of placees 119
Subscription Level 16.5 times
No. of Offer Shares initially available under the
International Offering
60,309,450
Final no. of Offer Shares under the International Offering 60,309,450
% of Offer Shares under the International Offering to the
Global Offering
90.0%


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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 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 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 of the
Company, 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, 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 Investors
Investor
No. of
Offer
Shares
allocated
% of total
issued H Shares
after the
Global Offering
(assuming the
Over-allotment
Option is not
exercised)
% of total
issued share
capital in the
Company after
the Global
Offering
(assuming the
Over-allotment
Option is not
exercised)
Existing
shareholders
or their close
associates
Baring Asset Management
(Asia) Limited ( “Barings ”)
2,259,500 3.37% 0.67% No
Morgan Stanley & Co.
International plc ( “MSIP”)
2,259,500 3.37% 0.67% Yes
HCEP Management Limited
(“HCEP”)
2,259,500 3.37% 0.67% No
Arc Avenue Asset
Management Pte. Ltd. ( “Arc
Avenue ”)
1,129,750 1.69% 0.34% No
CloudAlpha Capital
Management Limited
(“CloudAlpha Capital ”)
3,389,250 5.06% 1.01% No
Turing International Limited
(“Turing ”)
3,389,250 5.06% 1.01% 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)
% of total
issued share
capital in the
Company after
the Global
Offering
(assuming the
Over-allotment
Option is not
exercised)
Existing
shareholders
or their close
associates
Cithara Global Multi-
Strategy SPC – Bosideng
Industry Investment Fund
SP (“Cithara Fund ”)
3,389,250 5.06% 1.01% No
3W Fund Management
Limited ( “3W Fund ”)
2,259,500 3.37% 0.67% No
Schonfeld Strategic
Advisors (Hong Kong)
Limited ( “Schonfeld ”)
2,259,500 3.37% 0.67% No
Infini Global Master Fund
(“Infini ”)
1,129,750 1.69% 0.34% No
Alpine Investment
Management Limited
(“Alpine ”)
2,259,500 3.37% 0.67% No
Dymon Asia Multi-Strategy
Investment Master Fund
(“DAMSIMF ”)
1,129,750 1.69% 0.34% No
Aqua Ocean Limited
(“Aqua Ocean ”)
2,259,500 3.37% 0.67% No
Martis Fund, L.P.
(“Martis ”)
1,129,750 1.69% 0.34% No
Taikang Life Insurance Co.,
Ltd* (ப
΂ʮ̡) (“Taikang Life ”)
1,129,750 1.69% 0.34% Yes
ICBC Wealth Management
Co., Ltd.* (ப
΂ʮ̡) (“ICBC WM ”)
1,129,750 1.69% 0.34% No
* For identification purposes only
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, Barings, MSIP, HCEP, Arc Avenue,
CloudAlpha Capital, Turing, Cithara Fund, 3W Fund, Schonfeld, Infini, Alpine, DAMSIMF, Aqua Ocean,
Martis, Taikang Life, ICBC WM and/or their close associates, where applicable, were allocated further
Offer Shares as placees 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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7
Allotees with Waivers/Consents 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 4
% of total
issued share
capital in the
Company after
the Global
Offering
(assuming the
Over-allotment
Option is not
exercised) Note 5 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 in relation to subscription for H
Shares by Existing Minority Shareholders and/or their close associates holding more than
1% of the issued share capital of the Company immediately prior to the completion of the
Global Offering Note 1
MSIP 4,405,500 6.57% 1.31% The investor is one
of the Cornerstone
Investors and
an existing
Shareholder of the
Company.
Taikang Life and
Taikang Asset
Management (Hong
Kong) Co., Ltd.
(“Taikang HK ”)
1,468,550 2.19% 0.44% Taikang Life is one
of the Cornerstone
Investors and
an existing
Shareholder and/or
its close associate
and Taikang HK is
a close associate of
Taikang Life
Allotees with consent under Chapter 4.15 of the Guide for New Listing Applicants in
relation to allocations of further H Shares to Cornerstone Investors and/or their close
associates Note 2
Barings 2,146,000 3.20% 0.64% Same entity as
Cornerstone
Investor.
Barings Singapore Pte.
Ltd. (1)
Close associate
of a Cornerstone
Investor.
Baring Asset
Management Limited (1)
Close associate
of a Cornerstone
Investor.
MSIP 2,146,000 3.20% 0.64% Same entity as
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 4
% of total
issued share
capital in the
Company after
the Global
Offering
(assuming the
Over-allotment
Option is not
exercised) Note 5 Relationship
HCEP 2,146,000 3.20% 0.64% Same entity as
Cornerstone
Investor.
Arc Avenue 1,129,500 1.69% 0.34% Same entity as
Cornerstone
Investor.
CloudAlpha Capital 1,129,500 1.69% 0.34% Same entity as
Cornerstone
Investor.
Turing 1,129,500 1.69% 0.34% Same entity as
Cornerstone
Investor.
Cithara Fund 1,129,500 1.69% 0.34% Same entity as
Cornerstone
Investor.
3W Fund 903,600 1.35% 0.27% Same entity as
Cornerstone
Investor.
Schonfeld 903,600 1.35% 0.27% Same entity as
Cornerstone
Investor.
Infini 338,850 0.51% 0.10% Same entity as
Cornerstone
Investor.
Alpine 1,807,200 2.70% 0.54% Same entity as
Cornerstone
Investor.
DAMSIMF 338,850 0.51% 0.10% Same entity as
Cornerstone
Investor.
Boyu Capital
Management
(Singapore) Pte. Ltd. (2)
903,650 1.35% 0.27% Close associate
of a Cornerstone
Investor.


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9
Investor
No. of
Offer
Shares
allocated
% of total
issued H
Shares after
the Global
Offering
(assuming the
Over-allotment
Option is not
exercised) Note 4
% of total
issued share
capital in the
Company after
the Global
Offering
(assuming the
Over-allotment
Option is not
exercised) Note 5 Relationship
Martis 169,400 0.25% 0.05% Same entity as
Cornerstone
Investor.
Tulip Fund, L.P. (3) 169,400 0.25% 0.05% Close associate
of a Cornerstone
Investor.
Taikang Life 282,350 0.42% 0.08% Same entity as
Cornerstone
Investor.
Taikang HK (4) 56,450 0.08% 0.02% Close associate
of a Cornerstone
Investor.
ICBC WM (5) 338,850 0.51% 0.10% Same entity as
Cornerstone
Investor.
Invesco Hong Kong
Limited (6)
564,750 0.84% 0.17% Close associate
of a Cornerstone
Investor


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10
Investor
No. of
Offer
Shares
allocated
% of total
issued H
Shares after
the Global
Offering
(assuming the
Over-allotment
Option is not
exercised) Note 4
% of total
issued share
capital in the
Company after
the Global
Offering
(assuming the
Over-allotment
Option is not
exercised) Note 5 Relationship
(1) Baring Asset Management (Asia) Limited, Barings Singapore Pte. Ltd. and Baring Asset Management
Limited are subsidiaries of Barings LLC.
(2) Aqua Ocean Limited is a controlled subsidiary of Boyu Capital Opportunities Master Fund, which is an
investment fund managed by Boyu Capital Management (Singapore) Pte. Ltd. Therefore, Boyu Capital
Management (Singapore) Pte. Ltd is a close associate of Aqua Ocean Limited.
(3) Tulip Fund, L.P. is a close associate of Martis.
(4) Taikang Life and Taikang HK are both wholly owned subsidiary of Taikang Insurance Group Inc..
(5) For the purpose of participation in the International Offering as a placee, ICBC WM 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 WM. Each of
such asset managers is an independent third party of ICBC WM.
(6) Invesco Hong Kong Limited is a close associate of Invesco Great Wall Fund Management Co., Ltd.* (ڗ
ʮ̡ ), through which ICBC WM makes its cornerstone investment.
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 3
Guotai Junan
Investments (Hong
Kong) Limited ( “GTJA
Investments ”)
287,450 0.43% 0.09% Connected client
Haitong Opportunity
Fund II S.P. ( “Haitong
Opportunity Fund II ”)
28,200 0.04% 0.01% Connected client


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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 4
% of total
issued share
capital in the
Company after
the Global
Offering
(assuming the
Over-allotment
Option is not
exercised) Note 5 Relationship
CITIC Securities
International Capital
Management Limited
(“CSI”)
796,250 1.19% 0.24% Connected client
China Asset
Management (Hong
Kong) Limited ( “China
AMC HK ”)
28,200 0.04% 0.01% Connected client
Notes:
1. 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 H Shares in the
International Offering to be placed to certain Existing Minority Shareholders and/or their close associates.
Please refer to the section headed “Waivers from Strict Compliance with Hong Kong Listing Rules and
Exemption from Strict Compliance with the Companies (Winding Up and Miscellaneous Provisions)
Ordinance – Allocation of H Shares to Existing Minority Shareholders and their Close Associates ” of the
Prospectus for details.
To the best knowledge, information and belief of the Company after due enquiry, details of the allocations to
the Existing Minority Shareholder and their close associates holding more than 1% of the issued share capital
of the Company immediately prior to the completion of the Global Offering have been disclosed in this
announcement.
2. The number of Offer Shares allocated to the relevant investors listed in this subsection only represents the
number of Offer Shares allocated to the investors as placees in the International Offering. For allocations of
Offer Shares to the relevant investors 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 Cornerstone Investors and/or their close associates, please refer to the section headed “Others/
Additional Information – Allocations of Offer Shares to the Cornerstone Investors and their Close Associates
with a Consent under Chapter 4.15 of the Guide for New Listing Applicants ” in this announcement.
3. For details of the consent under paragraph 1C(1) of the Placing Guidelines and Chapter 4.15 of the Guide
for New Listing Applicants in relation to allocations to connected clients, please refer to the section headed
“Others/Additional Information – Placing to Connected Clients with a Consent under Paragraph 1C(1) of the
Placing Guidelines ” in this announcement.
4. 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).
5. Not taking into account any A Shares held by the relevant investors. The figures are based on assumption that
the Over-allotment Option is not exercised.


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LOCK-UP UNDERTAKINGS
Cornerstone Investors
Name
Number of
H Shares
held in the
Company
subject to
lock-up
undertakings
upon Listing
% of total
issued H
Shares after
the Global
Offering
subject to
lock-up
undertakings
upon Listing
(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
Barings 2,259,500 3.37% 0.67% April 27, 2026
MSIP 2,259,500 3.37% 0.67% April 27, 2026
HCEP 2,259,500 3.37% 0.67% April 27, 2026
Arc Avenue 1,129,750 1.69% 0.34% April 27, 2026
CloudAlpha Capital 3,389,250 5.06% 1.01% April 27, 2026
Turing 3,389,250 5.06% 1.01% April 27, 2026
Cithara Fund 3,389,250 5.06% 1.01% April 27, 2026
3W Fund 2,259,500 3.37% 0.67% April 27, 2026
Schonfeld 2,259,500 3.37% 0.67% April 27, 2026
Infini 1,129,750 1.69% 0.34% April 27, 2026
Alpine 2,259,500 3.37% 0.67% April 27, 2026
DAMSIMF 1,129,750 1.69% 0.34% April 27, 2026
Aqua Ocean 2,259,500 3.37% 0.67% April 27, 2026
Martis 1,129,750 1.69% 0.34% April 27, 2026
Taikang Life 1,129,750 1.69% 0.34% April 27, 2026
ICBC WM 1,129,750 1.69% 0.34% April 27, 2026
Total 32,762,750 48.89% 9.78%
Notes:
1. The number of H Shares immediately after the Global Offering is the same as the number of Offer Shares to
be issued under the Global Offering.
2. In accordance with the relevant cornerstone investment agreements, the required lock-up ends on April 27,
2026. The Cornerstone Investors will cease to be prohibited from disposing of or transferring H Shares
subscribed pursuant to the relevant cornerstone investment agreements after the indicated date.


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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 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 fully
exercised and
new H Shares
are issued)
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 and
new H Shares
are issued)
% 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 and
new H Shares
are issued)
Top 1 4,518,750 7.49% 6.42% 6.74% 5.86% 4,518,750 6.74% 5.86% 1.35% 1.31%
Top 5 22,367,250 37.09% 31.79% 33.38% 29.03% 22,367,250 33.38% 29.03% 6.68% 6.48%
Top 10 40,554,200 67.24% 57.64% 60.52% 52.63% 40,554,200 60.52% 52.63% 12.10% 11.75%
Top 25 61,737,350 102.37% 87.74% 92.13% 80.11% 61,737,350 92.13% 80.11% 18.43% 17.89%
Note:
* Ranking of placees is based on the number of H Shares allotted to the placees.
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 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 fully
exercised and
new H Shares
are issued)
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 and
new H Shares
are issued)
% 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 and
new H Shares
are issued)
Top 1 4,518,750 7.49% 6.42% 6.74% 5.86% 4,518,750 6.74% 5.86% 1.35% 1.31%
Top 5 22,367,250 37.09% 31.79% 33.38% 29.03% 22,367,250 33.38% 29.03% 6.68% 6.48%
Top 10 40,554,200 67.24% 57.64% 60.52% 52.63% 40,554,200 60.52% 52.63% 12.10% 11.75%
Top 25 61,737,350 102.37% 87.74% 92.13% 80.11% 61,737,350 92.13% 80.11% 18.43% 17.89%
Note:
* Ranking of H Shareholders is based on the number of H Shares held by the H Shareholders upon Listing.


--- page 14 ---
14
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 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 fully
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 fully
exercised and
new H Shares
are issued)
Top 1 0 0.00% 0.00% 0.00% 0.00% 0 37,876,211 11.31% 10.98%
Top 5 10,392,800 17.23% 14.77% 15.51% 13.49% 10,392,800 74,951,216 22.37% 21.72%
Top 10 32,308,000 53.57% 45.92% 48.21% 41.92% 32,308,000 96,866,416 28.91% 28.07%
Top 25 55,437,150 91.92% 78.79% 82.73% 71.94% 55,437,150 129,867,376 38.76% 37.63%
Note:
* Ranking of Shareholders is based on the number of Shares (of all classes) held by the Shareholders upon
Listing.
# Among the top 25 placees, (i) MSIP is an existing Shareholder; (ii) Taikang Life is an existing Shareholder
and/or its close associate; and (iii) Taikang HK is a close associate of Taikang Life. To the best knowledge,
information and belief of the Company after due enquiry, details of the allocations to the Existing Minority
Shareholder and/or their close associates holding more than 1% of the issued share capital of the Company
immediately prior to the completion of the Global Offering have been disclosed in this announcement. Please
refer to the section headed “Allotees with Waivers/Consents Obtained – Allotees 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 Shareholder and/or their close associates holding
more than 1% of the issued share capital of the Company immediately prior to the completion of the Global
Offering ”.


--- page 15 ---
15
BASIS OF ALLOCATION UNDER THE HONG KONG PUBLIC OFFERING
Subject to the satisfaction of the conditions set out in the Prospectus, a total of 206,461 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 allocation/ballot
Approximate
percentage allotted of
the total number of
H Shares applied for
50 81,623 4,082 out of 81,623 applicants to receive 50 H Shares 5.00%
100 25,868 1,965 out of 25,868 applicants to receive 50 H Shares 3.80%
150 6,720 652 out of 6,720 applicants to receive 50 H Shares 3.23%
200 6,443 744 out of 6,443 applicants to receive 50 H Shares 2.89%
250 5,223 690 out of 5,223 applicants to receive 50 H Shares 2.64%
300 2,942 434 out of 2,942 applicants to receive 50 H Shares 2.46%
350 1,181 192 out of 1,181 applicants to receive 50 H Shares 2.32%
400 1,436 252 out of 1,436 applicants to receive 50 H Shares 2.19%
450 1,010 191 out of 1,010 applicants to receive 50 H Shares 2.10%
500 5,852 1,174 out of 5,852 applicants to receive 50 H Shares 2.01%
600 2,284 512 out of 2,284 applicants to receive 50 H Shares 1.87%
700 7,672 1,886 out of 7,672 applicants to receive 50 H Shares 1.76%
800 1,283 342 out of 1,283 applicants to receive 50 H Shares 1.67%
900 896 257 out of 896 applicants to receive 50 H Shares 1.59%
1,000 7,339 2,237 out of 7,339 applicants to receive 50 H Shares 1.52%
1,500 4,265 1,660 out of 4,265 applicants to receive 50 H Shares 1.30%
2,000 4,454 2,062 out of 4,454 applicants to receive 50 H Shares 1.16%
2,500 2,499 1,324 out of 2,499 applicants to receive 50 H Shares 1.06%
3,000 2,430 1,437 out of 2,430 applicants to receive 50 H Shares 0.99%
3,500 1,352 878 out of 1,352 applicants to receive 50 H Shares 0.93%
4,000 1,509 1,062 out of 1,509 applicants to receive 50 H Shares 0.88%
4,500 1,247 942 out of 1,247 applicants to receive 50 H Shares 0.84%
5,000 2,865 2,306 out of 2,865 applicants to receive 50 H Shares 0.80%
6,000 1,783 1,602 out of 1,783 applicants to receive 50 H Shares 0.75%
7,000 1,452 1,432 out of 1,452 applicants to receive 50 H Shares 0.70%
8,000 1,290 50 H Shares plus 89 out of 1,290 applicants to
 receive an additional 50 H Shares
0.67%
9,000 952 50 H Shares plus 141 out of 952 applicants to
 receive an additional 50 H Shares
0.64%
10,000 5,712 50 H Shares plus 1,270 out of 5,712 applicants to
 receive an additional 50 H Shares
0.61%
20,000 3,305 50 H Shares plus 2,833 out of 3,305 applicants to
 receive an additional 50 H Shares
0.46%
30,000 2,024 100 H Shares plus 753 out of 2,024 applicants to
 receive an additional 50 H Shares
0.40%
40,000 1,224 100 H Shares plus 1,006 out of 1,224 applicants to
 receive an additional 50 H Shares
0.35%
50,000 1,147 150 H Shares plus 262 out of 1,147 applicants to
 receive an additional 50 H Shares
0.32%
60,000 758 150 H Shares plus 458 out of 758 applicants to
 receive an additional 50 H Shares
0.30%


--- page 16 ---
16
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
70,000 1,622 150 H Shares plus 1,548 out of 1,622 applicants to
 receive an additional 50 H Shares
0.28%
Total 199,662 Total number of Pool A successful applicants: 48,349
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
80,000 2,288 200 H Shares plus 1,099 out of 2,288 applicants to
 receive an additional 50 H Shares
0.28%
90,000 487 200 H Shares plus 448 out of 487 applicants to
 receive an additional 50 H Shares
0.27%
100,000 1,747 250 H Shares plus 610 out of 1,747 applicants to
 receive an additional 50 H Shares
0.27%
200,000 893 450 H Shares plus 339 out of 893 applicants to
 receive an additional 50 H Shares
0.23%
300,000 381 600 H Shares plus 307 out of 381 applicants to
 receive an additional 50 H Shares
0.21%
400,000 196 800 H Shares plus 18 out of 196 applicants to
 receive an additional 50 H Shares
0.20%
500,000 191 950 H Shares plus 41 out of 191 applicants to
 receive an additional 50 H Shares
0.19%
600,000 83 1,100 H Shares plus 18 out of 83 applicants to
 receive an additional 50 H Shares
0.19%
700,000 66 1,250 H Shares plus 7 out of 66 applicants to
 receive an additional 50 H Shares
0.18%
800,000 65 1,350 H Shares plus 60 out of 65 applicants to
 receive an additional 50 H Shares
0.17%
900,000 46 1,500 H Shares plus 30 out of 46 applicants to
 receive an additional 50 H Shares
0.17%
1,000,000 191 1,600 H Shares plus 153 out of 191 applicants to
 receive an additional 50 H Shares
0.16%
2,000,000 83 2,900 H Shares 0.15%
3,350,500 82 4,350 H Shares 0.13%
Total 6,799 Total number of Pool B successful applicants: 6,799
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 17 ---
17
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 Cornerstone Investors and their Close Associates with a
Consent under Chapter 4.15 of the Guide for New Listing Applicants
The Company has applied to, and the Stock Exchange has granted, a consent under paragraph
18 of Chapter 4.15 of the Guide to permit Cornerstone Investors and/or their close associates to
subscribe for further Offer Shares as placees in the International Offering on the conditions as set
out below:
(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) do not exceed 30% of the total number of the H Shares offered under
the Global Offering;
(c) each Director (including the chief executive) of the Company confirms that no securities have
been allocated to them or their respective close associates under the Size-based Exemption;
(d) the allocation to the Cornerstone Investors and/or their close associates as permitted under
the Size-based Exemption (as defined in the Guide) will not affect the Company ’s ability to
satisfy its public float requirement under 19A.13A(2) of the Listing Rules; and
(e) details of the allocation to Cornerstone Investors and/or their close associates under the
Size-based Exemption will be disclosed in the allotment results announcement.


--- page 18 ---
18
Such allocations of Offer Shares are in compliance with all the conditions under the consent
granted by the Stock Exchange.
For details of the allocations of Offer Shares to Cornerstone Investors, please refer to the section
headed “Allotment Results Details – International Offering – Allotees with Waivers/Consents
Obtained ” in this announcement.
Placing to Connected Clients with a Consent under Paragraph 1C(1) 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
Connected Clients, namely GTJA Investments, Haitong Opportunity Fund II, CSI and China AM
HK, to subscribe for Offer Shares as placees in the International Offering on the conditions set out
below:
(a) any Offer Shares to be allocated to each of GTJA Investments, Haitong Opportunity Fund II,
CSI and China AM HK will be held on behalf of independent third parties;
(b) no preferential treatment has been, nor will be, given to each of GTJA Investments, Haitong
Opportunity Fund II, CSI and China AM HK by virtue of its relationship with the relevant
distributor, namely GTJA Securities or CLSA (as the case may be), in any allocation of Offer
Shares in the International Offering;
(c) each of GTJA Investments, Haitong Opportunity Fund II, CSI and China AM HK confirms
that to the best of its knowledge and belief, it has not received and will not receive
preferential treatment in the allocation of Offer Shares in the Global Offering by virtue of its
relationship with GTJA Securities or CLSA (as the case may be);
(d) the Company, the Joint Overall Coordinators and each of GTJA Investments, Haitong
Opportunity Fund II, CSI and China AM HK has provided the Stock Exchange with written
confirmations in accordance with Chapter 4.15 of the Guide; and
(e) details of the allocations will be disclosed in the allotment results announcement.


--- page 19 ---
19
Details of the placement to a connected client are set out below:
No.
Connected
Distributor Connected Client
Relationship with the
Connected Distributor
Basis of holding
securities
Number of
Offer Shares
subscribed
Percentage
to total
Offer Shares
under Global
Offering
Percentage
to total
issued Shares
immediately
upon the
completion
of Global
Offering
1. Guotai Junan
Securities
(Hong Kong)
Limited ( “GTJA
Securities ”)
Guotai Junan
Investments (Hong
Kong) Limited ( “GTJA
Investments ”) (1)
GTJA Investments
is a member of the
same group of GTJA
Securities
Non-discretionary 287,450 0.43% 0.09%
2. Haitong Opportunity
Fund II S.P. ( “Haitong
Opportunity Fund
II”) (2)
Haitong Opportunity
Fund II S.P. is
managed by Haitong
International Asset
Management (HK)
Limited, which is
a member of the
same group of GTJA
Securities
Discretionary 28,200 0.04% 0.01%
3. CLSA Limited
(“CLSA”)
CITIC Securities
International Capital
Management Limited
(“CSI”) (3)
CSI is a member of the
same group of CLSA
Non-discretionary 1,008,400 1.50% 0.30%
4. China Asset
Management (Hong
Kong) Limited ( “China
AMC HK ”)
China AMC HK is a
member of the same
group of companies as
CLSA
Discretionary 28,200 0.04% 0.01%


--- page 20 ---
20
Notes:
(1) 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 Clients ”), respectively. Such GTHT Client TRS is to
be fully funded by the GTHT Onshore Ultimate Clients. 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 Clients, 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 Clients 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 of GTJA Investments after making all reasonable enquiries, (i) each of the GTHT
Onshore Ultimate Clients is an independent third party of GTJA Investments, GTJA Securities and the
companies which are members of the same group of GTJA Securities; (ii) each of the ultimate beneficial
owners holding 30% or more interests of GTHT Onshore Ultimate Clients is an independent third party of the
Company, GTJA Investments, GTJA Securities and the companies which are members of the same group of
GTJA Securities; and (iii) each of the GTHT Onshore Ultimate Clients and their respective ultimate beneficial
owners (as set out below) is an independent third party of the Company, the subsidiaries, Single Largest Group
of Shareholders, substantial shareholders, existing shareholders of the Company (the “Relevant Parties ”), and
respective subsidiaries and/or respective close associates of the Relevant Parties.
Such GTHT Client TRS is to be fully funded by the GTHT Onshore Ultimate Clients:
Swap Investor
Ultimate Beneficial
Owners ( “UBO”) Remarks
ʮ̡ Tibet Longrising Asset
Management Co., LTD
ಀወᆎ UBO with over
30% interest
ʮ̡ GuanLan Investment Management
Co., Ltd
None
ʮ̡ Keyway Capital Ꭹ⯀ശ UBO with over
30% interest
ʮ̡ Keyway Capital ঺Ըጳ UBO with over
30% interest
ʮ̡ Shanghai Hesheng Asset
Management Co., Ltd
None
ʮ̡ Shanghai Tongyi Investment
Management Co,. Ltd
None
ʮ̡ Shanghai Jinde Asset
Management Ltd.
None
ʮ̡ Shenzhen
Qianhai Hanrong Private Equity Securities Fund Management
Co., Ltd
ڥUBO with over
30% interest


--- page 21 ---
21
Swap Investor
Ultimate Beneficial
Owners ( “UBO”) Remarks
ʮ̡ SHANGHAI CR ASSET
MANAGEMENT CO.LTD
රወཤ UBO with over
30% interest
ʮ̡ SHANGHAI CR ASSET
MANAGEMENT CO.LTD
ᆙዊ UBO with over
30% interest
ʮ̡ Beijing Yian Capital Management
Co., Ltd
None
ʮ̡ Zhejiang Invar Private Fund
Management Co., Ltd.
Ⴛә UBO with over
30% interest
ʕː (Υྫ ) Shanghai Ruiyi Investment
Development Center
เ㒥 UBO with over
30% interest
ʮ̡ Ñ ௤Ӹཷ௤ 31໮ QINGDAO
ROADSHOW INVESTMENT MANGEMENT CO.,LTD
׀UBO with over
30% interest
ʮ̡ Lingding
Investment Management Co., Ltd.
ဤॶฆ UBO with over
30% interest
ʮ̡ Shanghai Milestone Asset
Management Co., Ltd.
೻່Ό UBO with over
30% interest
To the best knowledge of GTJA Investments and after making all reasonable enquiries, (i) GTJA Investments
has confirmed that, to the best of their knowledge, each of the GTHT Onshore Ultimate Clients and the ultimate
beneficial owners holding 30% or more interest of the GTHT Onshore Ultimate Clients listed above is an
independent third party of GTJA Investments, GTJA Securities and the companies which are members of the
same group of companies as GTJA Securities, and (ii) GTJA Investments is not a collective investment scheme
which is not authorised by the SFC nor is expected to hold the Offer Shares on behalf of such scheme.
(2) Haitong Opportunity Fund II S.P. is managed by Haitong International Asset Management (HK) Limited.
Haitong Opportunity Fund ll S.P., a segregated portfolio of Haitong Global investment SPC lV.
Haitong Opportunity Fund II S.P. has confirmed that, to the best of their knowledge after making all reasonable
enquiries, each of its ultimate beneficial owner is an independent third party of Haitong International Asset
Management (HK) Limited, GTJA Securities and the companies which are members of the same group of
companies as GTJA Securities. Based on the confirmation provided by Haitong Opportunity Fund II S.P., the
Joint Overall Coordinators confirm that the Offer Shares to be placed to Haitong Opportunity Fund II S.P. are to
be held on behalf of independent third parties.
(3) 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 CSI in connection with a total return swap order (the “CSI Client TRS ”) placed
and fully funded by its ultimate clients, which are funds (the “CSI Ultimate Client(s) ”), 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, all
being independent third parties, 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 22 ---
22
To the best knowledge, information and belief of CSI after making all reasonable enquiries, (i) each of the
CSI Ultimate Clients is an independent third party of CSI, CLSA and the companies which are members of the
same group of CLSA; (ii) each of the ultimate beneficial owners holding 30% or more interest of CSI Ultimate
Clients (as set out below) is an independent third party of the Company, CSI, CLSA and the companies which
are members of the same group of CLSA; and (iii) each of the CSI Ultimate Clients and each of their ultimate
beneficial owners (as set out below) is an independent third party of the Relevant Parties, and the respective
subsidiaries and/or respective close associates of the Relevant Parties.
Fund manager Fund(s)
Ultimate beneficial
owner(s) who holds
30% interests or
more in the fund
HY Capital Company Limited None Xia Hui, Lu Ang (UBO
of the corporate)
(4) China AMC HK will hold the Offer Shares in its capacity as the discretionary fund manager managing on behalf
of its underlying clients, each of which is an independent third party.
The underlying clients are as follows:
(i) CHINAAMC CHINA FOCUS FUND – Manulife (International) Limited is the ultimate beneficial owner
holding more than 30% of interest therein.
(ii) CHINAAMC SELECT GREATER CHINA TECHNOLOGY FUND – Futu Securities International (Hong
Kong) Limited-client account is the ultimate beneficial owner holding more than 30% of interest therein.
(iii) CHINAAMC FUND – CHINAAMC CHINA OPPORTUNITIES FUND – confirmed that no investor
holds 30% or more interest therein.
(iv) CHINAAMC CHINA GROWTH FUND (SICAV) – Yuanta Securities (HK) Company LTD is the
ultimate beneficial owner, holding more than 30% of interest therein.
(v) HKCINDAM – it is wholly held by China Cinda (HK) Asset Management CO., LTD.


--- page 23 ---
23
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) or any other jurisdiction where such distribution is prohibited by law.
This announcement does not constitute or form a part of any offer to sell or solicitation of an
offer to buy, to purchase or subscribe for securities nor shall there be any sale of Offer Shares
in the United States or in any other jurisdictions in which such offer or solicitation would be
unlawful. The securities mentioned herein have not been, and will not be, registered under the
United States Securities Actor any state securities law of the United States. The securities may
not be offered, sold, pledged, or transferred within the United States or to, or for the account
or benefit of U.S. persons (as defined in Regulation S) 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.
This announcement is for information purposes only and does not constitute an invitation or
offer to acquire, purchase or subscribe for securities of the Company. This announcement is not
a prospectus. Potential investors should read the Prospectus dated Monday, October 20, 2025
issued by CIG SHANGHAI CO., LTD. (ʮ̡ ) 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 Sole Sponsor and the Sole
Sponsor-Overall Coordinator (for itself and on behalf of the Hong Kong Underwriters) shall
be entitled to terminate their obligations under the Hong Kong Underwriting Agreement
with immediate effect upon the occurrence of any of the events set out in the section headed
“Underwriting – Underwriting Arrangements and Expenses – Hong Kong Public Offering –
Grounds for Termination ” in the Prospectus at any time prior to 8:00 a.m. (Hong Kong time) on
the Listing Date (which is currently expected to be on October 28, 2025).
PUBLIC FLOAT AND FREE FLOAT
Immediately upon the completion of the Global Offering (before any exercise of the Over-allotment
Option), the number of H Shares held in public hands represents approximately 20% of the
total issued share capital of the Company (excluding treasury Shares), which is higher than the
prescribed percentage of H Shares required to be held in public hands of 10.00% under Rule
19A.13A(2)(a) of the Hong Kong Listing Rules.


--- page 24 ---
24
The Directors confirm that, immediately upon the completion of the Global Offering (before any
exercise of the Over-allotment Option), (i) no placee will, individually, be placed more than 10%
of the enlarged issued share capital of the Company immediately after the Global Offering; (ii)
there will not be any new substantial Shareholder immediately after the Global Offering; (iii) the
three largest public shareholders 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 Shareholders at the time of the Listing in compliance with
Rule 8.08(2) of the Listing Rules.
Based on the final Offer Price of HK$68.88 per Offer Share and the total number of Offer Shares
as subscribed by the Cornerstone Investors of 32,762,750 H Shares, representing approximately
9.78% of the total issued share capital of our Company (excluding treasury Shares), the free
float of our Company is 10.22% and with a market value at the time of Listing of approximately
HK$2.36 billion, which is substantially higher than the 5% threshold and an expected market value
at the time of Listing of not less than HK$50,000,000 under Rule 19A.13C(2). The Company
satisfies the free float requirement under Rule 19A.13C(2) of the Hong Kong Listing Rules.
COMMENCEMENT OF DEALINGS
The H Share certificates will only become valid evidence of title at 8:00 a.m. on Tuesday, October
28, 2025 (Hong Kong time), provided that the Global Offering has become unconditional and the
right of termination described in the section headed “Underwriting – Underwriting Arrangements
and Expenses – Hong Kong Public Offering – Grounds for Termination ” in the Prospectus has
not been exercised. Investors who trade the H Shares on the basis of publicly available allocation
details prior to the receipt of H Share certificates or prior to the H Share certificates becoming
valid evidence of title do so entirely at their own risk.
Assuming that the Global Offering becomes unconditional at or before 8:00 a.m. on Tuesday,
October 28, 2025 (Hong Kong time), it is expected that dealings in the H Shares on the Stock
Exchange will commence at 9:00 a.m. on Tuesday, October 28, 2025 (Hong Kong time). The H
Shares will be traded in board lots of 50 H Shares each, and the stock code of the H Shares will be
6166.
By order of the Board
CIG SHANGHAI CO., LTD.
ʮ̡
Mr. Gerald G Wong
Chairman, executive Director and general manager
(chief executive officer)
Hong Kong, October 27, 2025
As at the date of this announcement, the Board of Directors of the Company comprises: (i) Mr.
Gerald G Wong, Mr. Zhao Haibo, Mr. Zhao Hongwei and Mr. Zhang Jie, as executive Directors; (ii)
Mr. Qin Guisen, Mr. Liu Guisong, and Mr. Yao Minglong as independent non-executive Directors;
and (iii) Ms. Yuen Shuk Yee as proposed independent non-executive Director.