hk-ipo/data/extracted_text/06651/allotment_results_2025-12-29_2025122902393.txt

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Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited (the “ Stock Exchange ”) and Hong
Kong Securities Clearing Company Limited (“ HKSCC”) take no responsibility for the contents of this announcement, make no
representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising
from or in reliance upon the whole or any part of the contents of this announcement.
Unless otherwise defined herein, capitalized terms used in this announcement shall have the same meanings as those defined in
the prospectus dated December 18, 2025 (the “ Prospectus ”) issued by Beijing 51WORLD Digital Twin Technology Co., Ltd.
(ʮ̡ ) (the “ Company”).
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 Hong Kong, 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 ”). The Offer Shares may not be offered, sold, pledged or otherwise
transferred within the United States, except pursuant to an available exemption from, or in a transaction not subject to, the
registration requirements of the U.S. Securities Act. There will be no public offer of the Offer Shares 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.
In connection with the Global Offering, China International Capital Corporation Hong Kong Securities Limited and Huatai
Financial Holdings (Hong Kong) Limited act as the Joint Sponsors and the Sponsor-OCs; China International Capital
Corporation Hong Kong Securities Limited, Huatai Financial Holdings (Hong Kong) Limited, CMB International Capital
Limited, China Securities (International) Corporate Finance Company Limited and Futu Securities International (Hong Kong)
Limited acted as the Overall Coordinators.
The Hong Kong Offer Shares will be offered to the public in Hong Kong subject to term and conditions set out in the Prospectus.
The Hong Kong Offer Shares will not be offered to any person who is outside Hong Kong and/or not resident in Hong Kong.
Potential investors of the Offer Shares should note that the Joint Sponsors and the Overall Coordinators (for themselves and
on behalf of the Hong Kong Underwriters) 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 Tuesday, December 30, 2025).


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Beijing 51WORLD Digital Twin Technology 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
: 23,975,200 H Shares
Number of Hong Kong Offer Shares : 4,795,200 H Shares (as adjusted after
reallocation)
Number of International Placing Shares : 19,180,000 H Shares (as adjusted after
reallocation)
Offer Price : HK$30.5 per H Share plus brokerage of
1%, SFC transaction levy of 0.0027%,
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 : 6651
Joint Sponsors, Overall Coordinators, Joint Global Coordinators,
Joint Bookrunners and Joint Lead Managers
Overall Coordinators, Joint Global Coordinators, Joint Bookrunners and Joint Lead Managers
Joint Bookrunners, and Joint Lead Managers


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BEIJING 51WORLD DIGITAL TWIN TECHNOLOGY CO., LTD.
ʮ̡
ANNOUNCEMENT OF ALLOTMENT RESULTS
Unless otherwise defined herein, capitalized terms used in this announcement shall have the same
meanings as those defined in the prospectus dated December 18, 2025 (the “ Prospectus”) issued by
Beijing 51WORLD Digital Twin Technology Co., Ltd. (ʮ̡ )
(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 6651
Stock short name 51WORLD
Dealings commencement date December 30, 2025*
* see note at the end of the announcement
Price information
Offer Price HK$30.5
Offer Price Adjustment exercised N/A
Offer Shares and Share Capital
Number of Offer Shares 23,975,200
Number of Offer Shares in Hong Kong Public Offering
(after reallocation) 4,795,200
Number of Offer Shares in International Placing
(after reallocation) 19,180,000
Number of issued shares upon Listing 406,356,152
The Overall Coordinators confirmed that there has been no over-allocation of the Offer Shares
in the International Placing. Therefore, it is expected that the Over-allotment Option will not be
exercised.
Proceeds
Gross proceeds (Note) HK$731.3 million
Less: Estimated listing expenses payable based on Offer Price HK$(81.4) million
Net proceeds HK$649.9 million
Note:  Gross proceeds refers to the amount to which the issuer is entitled to receive. Net proceeds represent the estimated net
proceeds calculated by the gross proceeds deducted by the estimated listing expenses payable based on Offer Price. For
details of the use of proceeds, please refer to the Prospectus dated December 18, 2025.


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ALLOTMENT RESULTS DETAILS
HONG KONG PUBLIC OFFERING
No. of valid applications 44,502
No. of successful applications 10,513
Subscription level 256.01 times
Claw-back triggered Yes
No. of Offer Shares initially available under the Hong Kong Public
Offering
1,198,800
Final no. of Offer Shares under the Hong Kong Public Offering
(after reallocation)
4,795,200
% of Offer Shares under the Hong Kong Public Offering to the
Global Offering
20%
Note: For details of the final allocation of shares to the Hong Kong Public Offering, investors can refer to https://www.hkeipo.hk/iporesult
to perform a search by name or identification number or https://www.hkeipo.hk/iporesult  for the full list of allottees.
INTERNATIONAL PLACING
No. of placees 84
Subscription Level 2.6 times
No. of Offer Shares initially available under the International
Placing
22,776,400
Final no. of Offer Shares under the International Placing (after
reallocation)
19,180,000
% of Offer Shares under the International Placing to the Global
Offering
80%
The Directors confirm that, to the best of their knowledge, information and belief, (i) none of the


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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, the
Supervisors, existing Shareholders of the Company or any of its subsidiaries or their respective
close associates; (ii) none of the placees and the public who have purchased the Offer Shares are
accustomed to taking instructions from the Company, any of the Directors, chief executive of the
Company, the Supervisors, substantial Shareholders, existing Shareholders of the Company or
any of its subsidiaries or their respective close associates in relation to the acquisition, disposal,
voting or other disposition of Shares registered in his/her/its name or otherwise held by him/her/
it; (iii) there is no side agreement or arrangement between the Company, any of the Directors, the
Supervisors, chief executive of the Company, substantial Shareholders, existing Shareholders of
the Company or any of its subsidiaries or their respective close associates, on one hand, and the
public subscribers or the placees who have subscribed for the Offer Shares, on the other hand; and
(iv) no rebate has been, directly or indirectly, provided by the Company, any of the Directors, chief
executive of the Company, substantial Shareholders or existing Shareholders of the Company, or
any of their subsidiaries or their respective close associates, or syndicate members, or any other
brokers involved in the Global Offering, to any public investors in the Hong Kong Public Offering
or placees in the International Placing.


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The placees in the International Placing include the following:
Allottees with consents obtained:
Investor
No. of shares
allocated
% of offer
shares
% of total
issued H
Shares after
the Global
Offering
% of total
issued share
capital after
the Global
Offering Relationship*
Allotees with consents under paragraph 1C(1) of the Placing Guidelines in relation to allocations to
connected clients and Chapter 4.15 of the Guide for New Listing Applicants
CICC Financial
Trading Limited
(“CICC FT”)
25,400
H Shares
0.11% 0.006% 0.006% Connected
client as a
placee
Huatai Capital
Investment
Limited (“ HTCI”)
38,200
H Shares
0.16% 0.009% 0.009% Connected
client as a
placee
China Asset
Management
(Hong Kong)
Limited (“ China
AM HK”)
76,400
H Shares
0.32% 0.02% 0.02% Connected
client as a
placee
Note
1. 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 CICC FT, HTCI and China AM HK, 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 and Chapter 4.15 of the Guide for New Listing Applicants” in this announcement.


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LOCK-UP UNDERTAKINGS
Key Persons (as defined under Rule 18C.14 of the Listing Rules)
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
% of
shareholding in
the Company
subject to lock-
up undertakings
upon
listing
Last day
subject to
the lock-up
undertakings
(Note 1)
Mr. Li Yi (“ Mr. Li”)
(Note 2)
101,709,545
Shares
(including
82,627,737 H
Shares)
(Note 3)
21.3% 25.0% December 29,
2026
Starcraft Technology (Beijing)
Co., Ltd. (Ҧ€̏
ʮ̡))(“Starcraft
Technology ”)
(Note 4)
46,933,525
Shares
(including
32,618,800
H Shares)
8.4% 11.5% December 29,
2026
Mr. Wang Chenkang
(Note 5)
1,127,841
H Shares
(Note 6)
0.3% 0.3% December 29,
2026
Ms. Zhang Yuwei
(Note 7)
305,174
H Shares
(Note 8)
0.1% 0.1% December 29,
2026
Ms. Tong Shan
(Note 9)
278,079
H Shares
(Note 10)
0.1% 0.1% December 29,
2026
Ms. Pu Ge
(Note 11)
156,255
H Shares
(Note 12)
0.04% 0.04% December 29,
2026
Mr. Kuang Peng
(Note 13)
30,304
H Shares
(Note 14)
0.01% 0.01% December 29,
2026
Ms. Zhang Jing
(Note 15)
200,004
H Shares
(Note 16)
0.05% 0.05% December 29,
2026
Ms. Du Jinyan
(Note 17)
257,706
H Shares
(Note 18)
0.1% 0.1% December 29,
2026
Mr. Bao Shiqiang
(Note 19)
729,035
H Shares
(Note 20)
0.2% 0.2% December 29,
2026
Mr. Hou Tao
(Note 21)
306,406
H Shares
(Note 22)
0.1% 0.1% December 29,
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
% of
shareholding in
the Company
subject to lock-
up undertakings
upon
listing
Last day
subject to
the lock-up
undertakings
(Note 1)
Mr. Wang Yiyuan
(Note 23)
457,683
H Shares
(Note 24)
0.1% 0.1% December 29,
2026
Mr. Wang Yongchao
(Note 25)
247,060
H Shares
(Note 26)
0.1% 0.1% December 29,
2026
Subtotal 152,738,617
Shares
(including
119,342,084
H Shares)
30.9% 37.7%
Notes
1. All existing Shareholders shall not dispose of any of the Shares held by them within the 12 months following the Listing
Date as required under the applicable PRC laws. In accordance with Rule 18C.14(1) of the Listing Rules, the required
lock-up period commences on the date by reference to which disclosure of its shareholding is made in the Prospectus and
end on the date which is 12 months from the Listing Date, being the same date on which the restriction against disposal
of Shares under the applicable PRC laws ends.
2. Mr. Li is a member of the Single Largest Group of Shareholder, the executive Director, chief executive officer and
chairman of the Board and general manager of the Company.
3. This represents (i) 47,670,825 Shares (including 42,903,742 H Shares) directly held by Mr. Li; (ii) 46,933,525 Shares
(including 32,618,800 H Shares) directly held by Starcraft Technology which is held as to 92.7% by Mr. Li; (iii) the
indirect beneficial interest in 112,907 H Shares through Mr. Li holding 4.23% of the economic interest in Xinyi Zhongzhi
Management Consulting Partnership (Limited Partnership)* (Υྫ )(“Xinyi
Zhongzhi”); and (iv) the indirect beneficial interest in 6,992,288 H Shares through Mr. Li holding 26.18% of the
economic interest in Qingdao Mirrorverse Management Consulting Partnership (Limited Partnership) (ᗝ྅၍
Υྫ ) (“ Qingdao Mirrorverse ”). As Mr. Li does not control the exercise of the voting rights
held by Xinyi Zhongzhi and Qingdao Mirrorverse in the Company, the indirect beneficial interest in 112,907 H Shares
and 6,992,288 H Shares held by Mr. Li through Xinyi Zhongzhi and Qingdao Mirrorverse, respectively, are not included
in the calculation of Mr. Li’s control of voting rights in the Company. As a result, immediately following the completion
of the Global Offering and assuming that no new Shares are issued under our Pre-IPO Share Option Scheme, and no
other changes are made to the issued share capital of the Company between the date of this announcement and Listing,
Mr. Li will directly and indirectly control an aggregate of approximately 23.3% of the voting rights of the Company,
while Mr. Li’s beneficial interest in 101,709,545 Shares (approximately 25.0% of the issued share capital of the Company
immediately following the completion of the Global Offering (on the assumption that no new Shares are issued under the
Pre-IPO Share Option Scheme, and no other changes are made to the issued share capital of our Company between the
date of this announcement and Listing)) would be subject to the disposal restrictions pursuant to rule 18C.14(1) of the
Listing Rules.


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4. Starcraft Technology is held as to 92.7% by Mr. Li and is a member of the Single Largest Group of Shareholder of the
Company.
5. Mr. Wang Chenkang is an executive Director of the Company.
6. This represents the indirect beneficial interest in (i) 310,493 H Shares through Mr. Wang Chenkang holding 11.64% of
the economic interest in Xinyi Zhongzhi; and (ii) 817,348 H Shares through Mr. Wang Chenkang holding 3.06% of the
economic interest in Qingdao Mirrorverse.
7. Ms. Zhang Yuwei is an executive Director of the Company.
8. This represents the indirect beneficial interest in (i) 158,118 H Shares through Ms. Zhang Yuwei holding 40.0% of the
economic interest in Xinyi Ruizhi; and (ii) 147,056 H Shares through Ms. Zhang Yuwei holding 0.55% of the economic
interest in Qingdao Mirrorverse.
9. Ms. Tong Shan is an executive Director of the Company.
10. This represents the indirect beneficial interest in 278,079 H Shares through Ms. Tong Shan holding 1.04% of the
economic interest in Qingdao Mirrorverse.
11. Ms. Pu Ge is an executive Director of the Company.
12. This represents the indirect beneficial interest in 156,255 H Shares through Ms. Pu Ge holding 0.59% of the economic
interest in Qingdao Mirrorverse.
13. Mr. Kuang Peng is a Supervisor of the Company.
14. This represents the indirect beneficial interest in 30,304 H Shares through Mr. Kuang Peng holding 0.11% of the
economic interest in Qingdao Mirrorverse.
15. Ms. Zhang Jing is a member of the senior management team of the Company.
16. This represents the indirect beneficial interest in 200,004 H Shares through Ms. Zhang Jing holding 0.75% of the
economic interest in Qingdao Mirrorverse.
17. Ms. Du Jinyan is a member of the senior management team of the Company.
18. This represents the indirect beneficial interest in 218,176 H Shares through Ms. Du Jinyan holding 0.82% of the
economic interest in Qingdao Mirrorverse and 39,530 H Shares through Ms. Du Jinyan holding 10.00% interest in Xinyi
Ruizhi.
19. Mr. Bao Shiqiang is the chief technology officer, chief executive officer of 51Sim and the core R&D team member of the
Company.
20. This represents the indirect beneficial interest in 729,035 H Shares through Mr. Bao Shiqiang holding 2.73% of the
economic interest in Qingdao Mirrorverse.
21. Mr. Hou Tao is a Supervisor, the director of R&D and a core R&D team member of the Company.
22. This represents the indirect beneficial interest in 306,406 H Shares through Mr. Hou Tao holding 1.15% of the economic
interest in Qingdao Mirrorverse.
23. Mr. Wang Yiyuan is the deputy general manager of 51Sim and the core R&D team member of the Company.
24. This represents the indirect beneficial interest in 457,683 H Shares through Mr. Wang Yiyuan holding 1.71% of the
economic interest in Qingdao Mirrorverse.
25. Mr. Wang Yongchao is the senior architect and core R&D team member of the Company.
26. This represents the indirect beneficial interest in 247,060 H Shares through Mr. Wang Yongchao holding 0.93% of the
economic interest in Qingdao Mirrorverse.


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Pathfinder SIIs
Name
(Note 2)
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
% of
shareholding in
the Company
subject to lock-
up undertakings
upon listing
Last day
subject to
the lock-up
undertakings
(Note 1)
LS 51World Holding Limited 66,209,905
H Shares
17.1% 16.3% December 29,
2026
Sky9 51World Limited 13,050,210
H Shares
3.4% 3.2% December 29,
2026
Subtotal 79,260,115
H Shares
20.5% 19.5%
Notes
1. All existing Shareholders shall not dispose of any of the Shares held by them within the 12 months following the Listing
Date as required under the applicable PRC laws. In accordance with Rule 18C.14(2) of the Listing Rules, the required
lock-up period commences on the date by reference to which disclosure of its shareholding is made in the Prospectus and
ends on the date which is six months from the Listing Date.
2. Each of the Shareholders listed in the above table is a Pathfinder SII of the Company as defined under Chapter 2.5 of the
Guide for New Listing Applicants.
Pre-IPO Investors (as defined in the Prospectus)
Name
(Note 1)
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
% of
shareholding in
the Company
subject to lock-
up undertakings
upon listing
Last day
subject to
the lock-up
undertakings
(Note 1&2)
All Pre-IPO Investors (except
for Pathfinder SIIs as set out
in the above)
172,112,117
H Shares
44.4% 42.4% December 29,
2026
Note:
1. Please see “History, Reorganization and Corporate Structure — Pre-IPO Investments” in the Prospectus for the
identities of the Pre-IPO Investors other than the Pathfinder SIIs.
2. All existing Shareholders shall not dispose of any of the Shares held by them within the 12 months following the Listing
Date as required under the applicable PRC laws.


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PLACEE CONCENTRATION ANALYSIS
Placees
Note 1
Number of
H Shares allotted
Allotment as %
of International
Placing
Allotment as % of
total Offer Shares
Number of
Shares held upon
Listing
Number of
Shares held upon
Listing as % of
total issued share
 capital upon Listing
Top 1 6,061,600.00 31.60% 25.28% 6,061,600.00 1.49%
Top 5 15,449,600.00 80.55% 64.44% 15,449,600.00 3.80%
Top 10 17,097,400.00 89.14% 71.31% 17,097,400.00 4.21%
Top 25 18,715,400.00 97.58% 78.06% 18,715,400.00 4.61%
Note:
1. Ranking of placees is based on the number of H Shares allotted to the placees
H SHARE SHAREHOLDERS CONCENTRATION ANALYSIS
Shareholders
Note 1
Number of
H Shares
allotted
Allotment as %
of International
Placing
Allotment as %
of total Offer
Shares
Number of
H Shares held
upon Listing
Number of
H Shares held
upon Listing
as % of total
issued share
capital upon
Listing
Number of
Shares held
upon Listing
Number of
Shares held
upon Listing
as % of total
issued share
capital upon
Listing
Top 1 0 0.00% 0.00% 75,522,542 18.59% 94,604,350 23.28%
Top 5 0 0.00% 0.00% 205,653,819 50.61% 224,735,627 55.31%
Top 10 0 0.00% 0.00% 263,624,459 64.88% 282,706,267 69.57%
Top 25 11,546,600 60.20% 48.16% 355,147,361 87.40% 374,229,169 92.09%
Note:
1. Ranking of H Shareholders is based on the number of H Shares held by the H Shareholders upon Listing.
SHAREHOLDERS CONCENTRATION ANALYSIS
Shareholders
Note 1
Number of
H Shares
allotted
Allotment as %
of International
Placing
Allotment as %
of total Offer
Shares
Number of H
Shares held
upon Listing
Number of
H Shares held
upon Listing
as % of total
issued share
capital upon
Listing
Number of
Shares held
upon Listing
Number of
Shares held
upon Listing
as % of total
issued share
capital upon
Listing
Top 1 0 0.00% 0.00% 75,522,542 18.59% 94,604,350 23.28%
Top 5 0 0.00% 0.00% 205,653,819 50.61% 224,735,627 55.31%
Top 10 0 0.00% 0.00% 263,624,459 64.88% 282,706,267 69.57%
Top 25 11,546,600 60.20% 48.16% 355,147,361 87.40% 374,229,169 92.09%
Note:
1. Ranking of Shareholders is based on the number of Shares (of all classes) held by the Shareholder upon Listing.


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BASIS OF ALLOCATION UNDER THE HONG KONG PUBLIC OFFERING
Subject to the satisfaction of the conditions set out in the Prospectus, valid applications made by the
public will be conditionally allocated on the basis set out below:
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
200 29,172 2,918 out of 29,172 applicants to receive 200 H
Shares
10.00%
400 1,698 252 out of 1,698 applicants to receive 200 H Shares 7.42%
600 721 135 out of 721 applicants to receive 200 H Shares 6.24%
800 483 107 out of 483 applicants to receive 200 H Shares 5.54%
1,000 635 159 out of 635 applicants to receive 200 H Shares 5.01%
1,200 206 58 out of 206 applicants to receive 200 H Shares 4.69%
1,400 213 65 out of 213 applicants to receive 200 H Shares 4.36%
1,600 3,739 1,220 out of 3,739 applicants to receive 200 H Shares 4.08%
1,800 184 65 out of 184 applicants to receive 200 H Shares 3.93%
2,000 1,445 536 out of 1,445 applicants to receive 200 H Shares 3.71%
3,000 712 333 out of 712 applicants to receive 200 H Shares 3.12%
4,000 450 248 out of 450 applicants to receive 200 H Shares 2.76%
5,000 325 203 out of 325 applicants to receive 200 H Shares 2.50%
6,000 382 265 out of 382 applicants to receive 200 H Shares 2.31%
7,000 200 151 out of 200 applicants to receive 200 H Shares 2.16%
8,000 170 139 out of 170 applicants to receive 200 H Shares 2.04%
9,000 129 113 out of 129 applicants to receive 200 H Shares 1.95%
10,000 1,224 1,132 out of 1,224 applicants to receive 200 H Shares 1.85%
20,000 558 200 H Shares plus 208 out of 558 applicants to
receive an additional 200 H Shares
1.37%
30,000 253 200 H Shares plus 184 out of 253 applicants to
receive an additional 200 H Shares
1.15%
40,000 205 400 H Shares plus 7 out of 205 applicants to receive
an additional 200 H Shares
1.02%
50,000 125 400 H Shares plus 39 out of 125 applicants to receive
an additional 200 H Shares
0.92%
60,000 117 400 H Shares plus 66 out of 117 applicants to receive
an additional 200 H Shares
0.85%
70,000 53 400 H Shares plus 43 out of 53 applicants to receive
an additional 200 H Shares
0.80%
80,000 83 600 H Shares plus 2 out of 83 applicants to receive an
additional 200 H Shares
0.76%
90,000 61 600 H Shares plus 14 out of 61 applicants to receive
an additional 200 H Shares
0.72%


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13
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
100,000 99 600 H Shares plus 42 out of 99 applicants to receive
an additional 200 H Shares
0.68%
120,000 56 600 H Shares plus 45 out of 56 applicants to receive
an additional 200 H Shares
0.63%
140,000 47 800 H Shares plus 7 out of 47 applicants to receive an
additional 200 H Shares
0.59%
160,000 75 800 H Shares plus 36 out of 75 applicants to receive
an additional 200 H Shares
0.56%
Total 43,820 Total number of Pool A successful applicants: 9,831

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
180,000 422 2,400 H Shares plus 292 out of 422 applicants to
receive an additional 200 H Shares
1.41%
200,000 75 2,800 H Shares plus 3 out of 75 applicants to
receive an additional 200 H Shares
1.40%
250,000 38 3,400 H Shares plus 16 out of 38 applicants to
receive an additional 200 H Shares
1.39%
300,000 21 4,000 H Shares plus 16 out of 21 applicants to
receive an additional 200 H Shares
1.38%
350,000 9 4,800 H Shares 1.37%
400,000 17 5,400 H Shares plus 5 out of 17 applicants to
receive an additional 200 H Shares
1.36%
450,000 9 6,000 H Shares plus 4 out of 9 applicants to
receive an additional 200 H Shares
1.35%
500,000 11 6,600 H Shares plus 6 out of 11 applicants to
receive an additional 200 H Shares
1.34%
550,000 6 7,200 H Shares plus 4 out of 6 applicants to
receive an additional 200 H Shares
1.33%
599,400 74 7,800 H Shares plus 52 out of 74 applicants to
receive an additional 200 H Shares
1.32%
Total 682 Total number of Pool B successful applicants: 682

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 14 ---
14
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 shares.
The Directors confirm that, to the best of their knowledge, the consideration paid by the places
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 Offer Price in addition to any brokerage, AFRC transaction
levy, SFC transaction levy and trading fee payable.
The Directors and the Sponsor-OCs confirm that at least 50% of the total number of the Offer
Shares have been allocated to and taken up by independent price setting investors in compliance
with Rule 18C.08 of the Listing Rules.
The Directors further confirm that at least 20% of the issued share capital of the Company will be
held by sophisticated independent investors at the time of Listing in compliance with Chapter 2.5 of
the Guide for New Listing Applicants.


--- page 15 ---
15
OTHERS/ADDITIONAL INFORMATION
Placing to Connected Clients with a Prior Consent under Paragraph 1C(1) of the Placing
Guidelines and Chapter 4.15 of the Guide for New Listing Applicants
Under the International Placing, certain Offer Shares were placed to connected clients of a
distributor pursuant to the Placing Guidelines.
Details of the placement to connected clients are set out below.
Placee
Connected
distributor Relationship
Whether the
connected
client will hold
beneficial
interests of
Offer Shares on a
nondiscretionary
or discretionary
basis for
independent
third parties
Number of Offer
Shares to be
allocated to the
connected client
% of Offer
Shares
% of total
issued Shares
after the
Global
Offering
CICC FT(Note 1)
China
International
Capital
Corporation
Limited
(“CICCHKS”)
CICC FT is a
member of the
same group of
CICCHKS
Non-
discretionary
basis
25,400
H Shares
0.11% 0.006%
HTCI
(Note 2)
Huatai Financial
Holdings (Hong
Kong) Limited
(“HTFH”)
HTCI is
a member of
the same group
of HTFH
Non-
discretionary
basis
38,200
H Shares
0.16% 0.009%
China AM HK
(Note 3)
CITIC Securities
Brokerage
(HK) Limited
(“CSB”)
China AM HK
is a member of
the same group
of CSB
Discretionary
basis
76,400
H Shares
0.32% 0.02%
Notes
1. CICC FT and CICC will enter into a series of cross border delta-one OTC equity swap transactions (collectively, the
“OTC Swaps ”) with each other and the ultimate clients (the “ CICC FT Ultimate Client ”), pursuant to which CICC FT
will hold the Offer Shares on a non-discretionary basis to hedge the OTC Swaps while the economic risks and returns of
the underlying Offer Shares are passed to the CICC FT Ultimate Client, subject to customary fees and commissions. The
OTC Swaps will be fully funded by the CICC FT Ultimate Client. During the term (which is one year although the CICC
FT Ultimate Client can terminate anytime) of the OTC Swaps, all economic returns of the Offer Shares subscribed by
CICC FT as Connected Client will be passed to the CICC FT Ultimate Client and all economic losses shall be borne by
the CICC FT Ultimate Client through the OTC Swaps, and CICC FT will not take part in any economic return or bear
any economic loss in relation to the Offer Shares. The termination of the OTC Swaps will not result CICC FT holding the
Offer Shares in its proprietary account. Despite that CICC FT will hold the legal title of the Offer Shares by itself, it will
not exercise the voting rights attaching to the relevant Offer Shares during the terms of the OTC Swaps according to its
internal policy. Consequently, CICC FT Ultimate Client is not entitled to any voting rights of the relevant Offer Shares.


--- page 16 ---
16
 The CICC FT Ultimate Client is Wangzheng Gongying No. 17 Private Securities Investment Fund ( ૐ͍΍ᙊ17໮ӷ෍
ږother than Qu Qin ( ၱೞ ), no ultimate beneficial owner holds 30% or more interest in the fund. To the
best of CICC FT’s knowledge having made all reasonable inquiries, the CICC FT Ultimate Client is an independent third
party of CICC FT, CICCHKS and the companies which are members of the same group of CICCHKS.
2. PRC investors are currently not permitted under applicable PRC laws to participate directly in initial public offerings
(“IPOs”) in Hong Kong. However, PRC investors are permitted to invest in products issued by appropriate domestic
securities firms licensed to undertake cross-border derivatives trading activities. In connection with such products, the
licensed domestic securities firms, through their Hong Kong affiliates, may participate in Hong Kong IPOs either as
placees or cornerstone investors (the “ Cross-border Derivatives Trading Regime ”).
 Huatai Securities Co., Ltd. (“ Huatai Securities ”), the shares of which are listed on both the Shanghai Stock Exchange
(stock code: 601688) and the Stock Exchange (stock code: 6886), is one of the domestic securities firms licensed to
undertake cross-border derivatives trading activities. Huatai Securities entered into an ISDA agreement (the “ISDA
Agreement”) with its indirectly wholly-owned subsidiary, HTCI, to set out the principal terms of any future total return
swap between Huatai Securities and HTCI.
 HTCI is a member of the same group of HTFH. Pursuant to the ISDA Agreement, HTCI, which intends to participate in
the Global Offering as a placee, will hold the beneficial interest of the Offer Shares on a non-discretionary basis as the
single underlying holder under a back-to-back total return swap (the “ Back-to-back TRS ”) to be entered by HTCI in
connection with a Client TRS (as defined below) placed by and fully funded (i.e. with no financing provided by HTCI) by
the Huatai Ultimate Client (as defined below), by which, HTCI will, subject to customary fees and commissions, pass the
full economic exposure of the Offer Shares ultimately to the Huatai Ultimate Client, which in effect, HTCI will hold the
beneficial interest of the Offer Shares on behalf of the Huatai Ultimate Client. HTFH and HTCI are indirectly wholly-
owned subsidiaries of Huatai Securities. Accordingly, HTCI is considered as a “connected client” of HTFH pursuant to
paragraph 1B of the Placing Guidelines.
 Pursuant to the Cross-border Derivatives Trading Regime, the onshore investor (the “ Huatai Ultimate Client ”)
cannot directly subscribe for the Offer Shares but may invest in derivative products issued by domestic securities firms
licenced to undertake cross-border derivatives trading activities, such as Huatai Securities, with the Offer Shares as the
underlying assets. Instead of directly subscribing for the Offer Shares, the Huatai Ultimate Client, through its investment
manager, will place a total return swap order (the “ Client TRS ”) with Huatai Securities in connection with the
Company’s IPO and Huatai Securities will place a Back-to-back TRS order to HTCI on the terms of the ISDA Agreement.
In order to hedge its exposure under the Back-to-back TRS, HTCI participates in the Company’s initial public offering
and subscribes the Offer Shares through placing order with HTFH during the International Placing.
 The purpose of HTCI to subscribe for the Offer Shares is for hedging the Back-to-back TRS in connection with the Client
TRS order placed by the Huatai Ultimate Client. Pursuant to the terms of the contracts of the Back-to-back TRS and the
Client TRS, during the tenor of the Back-to-back TRS and the Client TRS, subject to customary fees and commissions, all
economic returns of the Offer Shares will be ultimately passed to the Huatai Ultimate Client through the Back-to-back
TRS and the Client TRS and all economic loss shall be ultimately borne by the Huatai Ultimate Client. HTCI will not take
any economic return or bear any economic loss in relation to the Offer Shares.
 Investment in the Back-to-back TRS and the Client TRS is similar to the investment in a qualified domestic institutional
investor fund (“ QDII”) in the way that the Huatai Ultimate Client would reap all the economic benefits of the underlying
Offer Shares, except that a QDII fund would pass through the exchange rate exposure on both the notional value of the
investment and the profit and loss of the investment. In contrast, the profit and loss of the Back-to-back TRS and the
Client TRS factor into account the fluctuation in RMB exchange rate upon termination of the Client TRS by converting the
profit and loss using the current exchange rate at the time of termination. As such, the Huatai Ultimate Client would bear
the exchange rate exposure of the profit and loss on settlement date.
 The Huatai Ultimate Client may exercise an early termination right to terminate the Client TRS at any time from the issue
date of the Client TRS which should be on or after the date on which the Offer Shares are listed on the Stock Exchange
at its own discretion. Upon the termination upon maturity or early termination of the Client TRS by the Huatai Ultimate
Client, HTCI will dispose the Offer Shares on the secondary market and the Huatai Ultimate Client will receive a final
settlement amount in cash in accordance with the terms and conditions of the Back-to-back TRS and the Client TRS
which should have taken into account all the economic returns or economic loss in relation to the Offer Shares. If upon
the maturity of the Client TRS, the Huatai Ultimate Client intend to extend the investment period, subject to further
agreement between Huatai Securities and the relevant Huatai Ultimate Client, the term of the Client TRS could be
extended by way of a new issuance or a tenor extension. Accordingly, Huatai Securities will extend the term of the Back-
to-back TRS by way of a new issuance or a tenor extension.


--- page 17 ---
17
 It is proposed that HTCI will hold the legal title and the voting right of the Offer Shares by itself, and pass through the
economic exposure to the Huatai Ultimate Client, each being an onshore client who places a Client TRS order with
Huatai Securities in connection with the IPO of the Company. HTCI will not exercise the voting right of the Offer Shares
during the tenor of the Back-to-back TRS.
 During the life of the Client TRS and Back-to-back TRS, HTCI may continue to hold the Offer Shares in its custodian
account, or to hold some or all of the Offer Shares in a prime brokerage account for stock borrowing purposes, where
HTCI will lend out its holding of underlying Offer Shares in the form of stock borrowing loans consistent with market
practice to lower its finance costs, provided that HTCI has the ability to call back the Offer Shares on loan at any time in
order to satisfy its obligations under the Back-to-back TRS to ensure the economic interests are ultimately passed to the
Huatai Ultimate Client.
 The HTCI Ultimate Client is Beijing Zhiyu Zhishan Investment Management Co., Ltd.* (΅Ϟ
ʮ̡ ) (“Beijing Zhiyu Zhishan ”), other than Li Feng ( ҽʖ), no ultimate beneficial owner holds 30% or more interest
in Beijing Zhiyu Zhishan. To the best of HTCI’s knowledge having made all reasonable inquiries, the HTCI Ultimate
Client is an independent third party of HTCI, HTFH and the companies which are members of the same group of HTFH.
3. China AM HK is an investment advisor and a delegate of the investment manager of its underlying clients (“ China AM
HK Ultimate Clients ”) and manages assets (in its capacity as an investment advisor of the China AM HK Ultimate
Clients) and executes trades (in its capacity as a delegate of the investment manager of China AM HK Ultimate Clients)
for on behalf of China AM HK Ultimate Clients. To the best knowledge of China AM HK and after making all reasonable
enquiries, (i) each of the China AM HK Ultimate Clients is an independent third party of the Company, the Company’s
subsidiaries, substantial shareholders, CSB, China AM HK and the companies which are members of the same group of
companies as CSB; and (ii) China AM HK is not a collective investment scheme which is not authorised by the SFC.
The Company has applied to the Stock Exchange for, and the Stock Exchange has granted, a
consent under paragraph 1C(1) of the Placing Guidelines to permit the Company to allocate such
Offer Shares in the International Placing to the connected clients listed above. The allocation of
Offer Shares to such connected clients is in compliance with all the conditions under the consent
granted by the Stock Exchange.


--- page 18 ---
18
DISCLAIMERS
Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited (the
“Stock Exchange ”) and Hong Kong Securities Clearing Company Limited (“ HKSCC”) take no
responsibility for the contents of this announcement, make no representation as to its accuracy or
completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from
or in reliance upon the whole or any part of the contents of this announcement.
This announcement is not for release, publication, distribution, directly or indirectly, in or into
the United States (including its territories and possessions, any state of the United States and
the District of Columbia). This announcement does not constitute or form a part of any offer or
solicitation to purchase or subscribe for securities in the United States. The securities mentioned
herein have not been, and will not be, registered under the United States Securities Act of 1933,
as amended (the “ U.S. Securities Act ”). The securities may not be offered or sold in the United
States except pursuant to an exemption from the registration requirements of the U.S. Securities
Act and in compliance with any applicable state securities laws, or outside the United States
unless in compliance with Regulation S under the U.S. Securities Act. There will be no public
offer of securities in the United States.
The Offer Shares are being offered and sold outside the United States in offshore transactions in
reliance on Regulation S under the U.S. Securities Act.
This announcement is for information purposes only and does not constitute an invitation or offer
to acquire, purchase or subscribe for securities. This announcement is not a prospectus. Potential
investors should read the Prospectus dated December 18, 2025 issued by Beijing 51WORLD
Digital Twin Technology Co., Ltd. (ʮ̡ ) for detailed
information about the Global Offering described below before deciding whether or not to invest
in the Shares thereby being offered.
*  Potential investors of the Offer Shares should note that the Overall Coordinators (for themselves and on behalf of the Hong
Kong Underwriters) shall be entitled to terminate the Hong Kong Underwriting Agreement with immediate effect upon the
occurrence of any of the events set out in the section headed “Underwriting — Underwriting Arrangements and Expenses
— Hong Kong Public Offering — Grounds for Termination” in the Prospectus at any time prior to 8:00 a.m. (Hong Kong
time) on the Listing Date (which is currently expected to be on Tuesday, December 30, 2025).


--- page 19 ---
19
PUBLIC FLOAT AND FREE FLOAT
Immediately following the completion of the Global Offering, an aggregate of 245,541,897 H
Shares, representing approximately 60.4% of the total number of shares in the class to which H
Shares belong of our Company will be counted towards the public float. Therefore, the number
of H Shares held in public hands is higher than the prescribed percentage of H Shares required
to be held in public hands of 15% of the total number of shares in the class to which H Shares
belong under Rule 19A.13A(1) of the Listing Rules, based on the expected market capitalization
of the total issued Shares of the Company at the time of Listing calculated using an Offer Price
of HK$30.5 per Offer Share. The Directors confirm that, immediately following the completion
of the Global Offering, (i) no placee will, individually, be placed more than 10% of the enlarged
issued share capital of the Company immediately after the Global Offering; (ii) there will not be
any new substantial Shareholder immediately after the Global Offering; (iii) the three largest public
shareholders 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 an Offer Price of HK$30.5 per Offer Share, the Company will satisfy the free float
requirement under Rule 19A.13C(1) of the Listing Rules.
COMMENCEMENT OF DEALINGS
H Share certificates will only become valid at 8:00 a.m. on Tuesday, December 30, 2025
(Hong Kong time), provided that the Global Offering has become unconditional and the right
of termination described in the section headed “Underwriting” in the Prospectus has not been
exercised. Investors who trade H Shares prior to the receipt of H Share certificates or the H Share
certificates becoming valid do so entirely at their own risk. Assuming that the Global Offering
becomes unconditional at or before 8:00 a.m. on Tuesday, December 30, 2025 (Hong Kong time),
it is expected that dealings in our H Shares on the Stock Exchange will commence at 9:00 a.m. on
Tuesday, December 30, 2025 (Hong Kong time). The H Shares will be traded in board lots of 200 H
Shares each. The stock code of the H Shares will be 6651.
By order of the Board
Beijing 51WORLD Digital Twin Technology Co., Ltd.
ʮ̡
Mr. Li Yi
Chairman of the Board, Executive Director
and Chief Executive Officer
Hong Kong, December 29, 2025
Directors of the Company named in the application to which this announcement relates are: (i) Mr. Li Yi, Mr. Wang Chenkang,
Ms. Zhang Yuwei, Ms. Tong Shan and Ms. Pu Ge as executive directors; (ii) Mr. Lyu Jinrong as non-executive director; and (iii)
Mr. Li Pan, Mr. Lin Chen and Mr. Zhang Lening as independent non-executive directors.