hk-ipo/data/extracted_text/09860/allotment_results_summary_2023-06-29_2023062900126.txt

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ANNOUNCEMENT OF OFFER PRICE AND ALLOTMENT RESULTS
SUMMARY
Offer Price
The Offer Price is HK$12.32 per Offer Share (exclusive of brokerage of 1%, SFC transaction
levy of 0.0027%, Stock Exchange trading fee of 0.00565% and AFRC transaction levy of
0.00015%).
Net Proceeds from the Global Offering
• Based on the Offer Price of HK$12.32 per Offer Share, the net proceeds from the Global
Offering to be received by the Company, after deduction of underwriting commissions and
other estimated expenses payable by the Company in connection with the Global Offering,
are estimated to be approximately HK$83.9 million (assuming the Over-allotment Option is
not exercised). The Company intends to apply such net proceeds from the Global Offering
in the manner as set out in the paragraph headed “Net Proceeds from the Global Offering ”
in this announcement.
• If the Over-allotment Option is exercised in full, the Company will receive additional net
proceeds of approximately HK$58.8 million for 4,978,500 additional Offer Shares to be
allotted and issued upon the exercise of the Over-allotment Option, which will be allocated
on a pro rata basis according to the use of proceeds as set out in the paragraph headed “Net
Proceeds from the Global Offering ” in this announcement.
Applications and Indications of Interest Received under the Hong Kong Public Offering
• The Hong Kong Offer Shares initially available under the Hong Kong Public Offering
have been slightly over-subscribed. A total of 1,521 valid applications have been received
under the Hong Kong Public Offering through the HK eIPO White Form service and
the CCASS EIPO service for a total of 3,524,500 Hong Kong Offer Shares, representing
approximately 1.06 times of the total number of 3,320,000 Offer Shares initially available
for subscription under the Hong Kong Public Offering.
• As the over-subscription in the Hong Kong Public Offering is less than 15 times, the
reallocation procedures as described in the section headed “Structure of the Global
Offering ” in the Prospectus have not been applied and no International Offer Shares have
been reallocated from the International Offering to the Hong Kong Public Offering. The
final number of Hong Kong Offer Shares is 3,320,000 Shares, representing approximately
10% of the total number of Offer Shares initially available under the Global Offering, and
being allocated to 1,521 successful applicants under the Hong Kong Public Offering. A
total number of 1,037 applicants have been allotted with one board lot of Offer Shares,
representing approximately 68.18% of the Shareholders who were allocated the Offer
Shares under the Hong Kong Public Offering, totaling 518,500 Shares, representing
approximately 15.62% of total Offer Shares under the Hong Kong Public Offering.


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International Offering
• The Offer Shares initially offered under the International Offering have been moderately
oversubscribed, representing approximately 1.8 times of the total number of Offer Shares
initially available under the International Offering. The final number of Offer Shares
under the International Offering is 29,872,500 Shares, representing approximately 90% of
the total number of Offer Shares initially available under the Global Offering (before any
exercise of the Over-allotment Option). There has been an over-allocation of 4,978,500
Offer Shares. Please refer to the section headed “International Offering – Over-allotment
Option ” in this announcement.
• There are a total of 108 placees under the International Offering, among which (i) 80
placees, representing 74.1% of the total number of placees under the International Offering,
have been allotted five or fewer board lots of Offer Shares, totaling 45,000 Shares,
representing 0.13% of the total number of Offer Shares available under the International
Offering; and (ii) 70 placees have been allotted one board lot of Offer Shares, representing
approximately 64.8% of the total number of placees under the International Offering,
totaling 35,000 Shares, representing approximately 0.10% of the total number of the Offer
Shares available under the International Offering (assuming the Over-allotment Option is
not exercised).
Cornerstone Investors
• Based on the Offer Price of HK$12.32 per Offer Share (exclusive of brokerage of 1%,
SFC transaction levy of 0.0027%, Stock Exchange trading fee of 0.00565% and AFRC
transaction levy of 0.00015%), pursuant to the Cornerstone Investment Agreements,
the Company ’s Cornerstone Investors have subscribed for a total of 23,647,000 Shares,
representing in aggregate approximately 3.27% of the issued share capital of the Company
immediately upon completion of the Global Offering (assuming the Over-allotment
Option is not exercised). Please refer to the section headed “Cornerstone Investors { Our
Cornerstone Investors ” in the Prospectus for further details.
• The Company has applied to the Stock Exchange for, and the Stock Exchange has granted
to the Company, a waiver from strict compliance with Rules 9.09(b), 10.03 and 10.04
of the Listing Rules and its consent under paragraph 5(2) of Appendix 6 to the Listing
Rules (the “Placing Guidelines ”), to permit Corelink (as defined in the Prospectus and an
existing Shareholder of the Company) to subscribe for Offer Shares in the Global Offering
as a Cornerstone Investor.


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Consent under Paragraph 5(2) of the Placing Guidelines and Rule 10.04 of the Listing
Rules
• Certain Offer Shares were placed to Corelink, Reach Sight Limited ( “Reach Sight ”) and
BlackRock Health Sciences Term Trust (formerly known as BlackRock Health Sciences
Trust II, “BlackRock Health Trust ”), who are existing Shareholders of the Company. The
Company has applied to the Stock Exchange for, and the Stock Exchange has granted, (i)
waiver from strict compliance with Rules 9.09(b), 10.03 and 10.04 of the Listing Rules
and consent under paragraph 5(2) of the Placing Guidelines to permit the Company to
allocate such Offer Shares to Corelink as a Cornerstone Investor and (ii) waiver from strict
compliance with Rule 10.04 of the Listing Rules and consent under paragraph 5(2) of the
Placing Guidelines to permit the Company to allocate such Offer Shares to Reach Sight
and BlackRock Health Trust as placees, as set out in the section headed “Consent under
Paragraph 5(2) of the Placing Guidelines and Rule 10.04 of the Listing Rules ” in this
announcement.
• Save as disclosed above, to the best knowledge, information and belief of the Directors, (i)
none of the Offer Shares subscribed for by public Shareholders in the Hong Kong Public
Offering and placees in the International Offering had been financed, directly or indirectly,
by the Company, any of the Directors, the chief executive, the Controlling Shareholders,
substantial Shareholders or existing Shareholders of the Company or any of its subsidiaries
or their respective close associates; (ii) no rebate has been, directly or indirectly, provided
by the Company, the Directors, chief executive of the Company, Controlling Shareholders,
substantial Shareholders of the Company, existing Shareholders of the Company or
any of their subsidiaries or their respective close associates or syndicate members or
any other brokers or underwriters to any public Shareholders in the Hong Kong Public
Offering or placees in the International Offering; (iii) none of the public Shareholders in
the Hong Kong Public Offering and placees in the International Offering who subscribed
for the Offer Shares are accustomed to taking instructions from the Company, any of
the Directors, chief executive, the Controlling Shareholders, substantial Shareholders or
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 the Offer
Shares registered in his/her/its name or otherwise held by him/her/it; (iv) the consideration
payable by the public Shareholders in the Hong Kong Public Offering and placees in the
International Offering for each Share subscribed for or purchased by them is the same
as the final Offer Price as determined by the Company, in additional to brokerage of
1.0%, SFC transaction levy of 0.0027%, AFRC transaction levy of 0.00015% and Stock
Exchange trading fee of 0.00565%; and (v) there are no side agreements or arrangements
between the Company, any of the Directors, chief executive, the Controlling Shareholders,
substantial Shareholders, existing Shareholders or any of the Company ’s subsidiaries or
their respective close associates, on one hand, and any public subscriber or placee who has
subscribed for the Offer Shares on the other hand.


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• Save as disclosed in the above sections headed “International Offering {  Cornerstone
Investors ” and “International Offering {  Consent under Paragraph 5(2) of Placing
Guidelines and Rule 10.04 of the Listing Rules ” of this announcement, to the best
knowledge, information and belief of the Directors, no Offer Shares placed by or through
the Overall Coordinators or the Underwriters under the Global Offering have been placed
with applicants who are core connected persons (as defined in the Listing Rules) or
directors of the Company, or to any persons set out in paragraph 5(1) or 5(2) of the Placing
Guidelines, whether in their own names or through nominees.
Over-allotment Option
• In connection with the Global Offering, the Company has granted the Over-allotment
Option to the International Underwriters, exercisable by the Overall Coordinators at their
sole and absolute discretion on behalf of the International Underwriters at any time from
the Listing Date until Sunday, July 23, 2023, being the 30th day after the last day for
lodging applications under the Hong Kong Public Offering. Pursuant to the Over-allotment
Option, the Overall Coordinators have the right to require the Company to allot and issue,
at the Offer Price, up to an aggregate of additional 4,978,500 Shares representing in
aggregate approximately 15% of the number of the Offer Shares initially available under
the Global Offering to cover over-allocations in the International Offering, if any.
• There has been an over-allocation of 4,978,500 Offer Shares in the International Offering,
which will be settled using Shares to be borrowed under the Stock Borrowing Agreement
between each of Pearl Group Limited and Corelink Group Limited and Morgan Stanley
& Co. International plc. Such borrowed Shares will be settled by exercising the Over-
allotment Option in full or in part, or by making purchases in the secondary market at
prices that do not exceed the Offer Price, or by a combination of these means. In the event
the Over-allotment Option is exercised, an announcement will be made on the Company ’s
website at www.adicon.com.cn  and on the Stock Exchange ’s website at www.hkexnews.hk .
As of the date of this announcement, the Over-allotment Option has not been exercised.


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Lock-up Obligations
• The Company, the Controlling Shareholders (Pearl Group Limited), all the other Pre-IPO
investors and the Cornerstone Investors are subject to certain lock-up obligations as set out
in the paragraph headed “Lock-up Obligations ” in this announcement.
Results of Allocations
• The final Offer Price, the level of indications of interest in the International Offering, the
level of applications in the Hong Kong Public Offering and the basis of allocation of the
Hong Kong Offer Shares are published on the Company ’s website at www.adicon.com.cn
and the website of the Stock Exchange at www.hkexnews.hk  on Thursday, June 29, 2023.
• The results of allocations and the Hong Kong identity card/passport/Hong Kong business
registration/certificate of incorporation numbers of successful applicants under the Hong
Kong Public Offering will be available at the times and date and in the manner specified
below:
• in the announcement to be posted on the Company ’s website at www.adicon.com.cn
and the Stock Exchange ’s website at www.hkexnews.hk  by no later than 9:00 a.m. on
Thursday, June 29, 2023;
• from the “IPO Results ” function in the IPO App  and the designated results of
allocations website at www.tricor.com.hk/ipo/result  or www.hkeipo.hk/IPOResult
with a “search by ID ” function on a 24-hour basis from 8:00 a.m. on Thursday, June
29, 2023 to 12:00 midnight on Wednesday, July 5, 2023;
• from the allocation results telephone enquiry line by calling +852 3691 8488 between
9:00 a.m. and 6:00 p.m. from Thursday, June 29, 2023 to Tuesday, July 4, 2023
(excluding Saturday, Sunday and public holiday in Hong Kong).
• This announcement contains a list of identification document numbers. Identification
document numbers shown in the section headed “Results of Applications Made by HK
eIPO White Form ” in this announcement refer to Hong Kong identity card numbers/
passport numbers/Hong Kong business registration numbers/certificate of incorporation
numbers/beneficial owner identification codes (if such applications are made by nominees
as agent for the benefit of another person) whereas those displayed in the section headed
“Results of Applications Made by Giving Electronic Application Instructions to HKSCC
via CCASS ” in this announcement are provided by CCASS Participants via CCASS.
Therefore, the identification document numbers shown in the two sections are different in
nature.


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• Please note that the list of identification document numbers set out in this announcement
may not be a complete list of successful applicants since only successful applicants whose
identification document numbers are provided to HKSCC by CCASS Participants are
disclosed. Applicants with beneficial names only but not identification document numbers
are not disclosed due to personal privacy issue as elaborated below. Applicants who applied
for the Hong Kong Offer Shares through their brokers can consult their brokers to enquire
about their application results.
• Since applications are subject to personal information collection statements, beneficial
owner identification codes displayed in the sections headed “Results of Applications Made
by HK eIPO White Form ” and “Results of Applications Made by Giving Electronic
Application Instructions  to HKSCC via CCASS ” are redacted and not all details of
applications are disclosed in this announcement.
Despatch/Collection of Share Certificates/e-Auto Refund Payment Instructions/Refund
Cheques
• Applicants who have applied for 1,000,000 Hong Kong Offer Shares or more through the
HK eIPO White Form service and whose applications are wholly or partially successful
may collect Share certificate(s) (where applicable) in person from the Hong Kong Share
Registrar, Tricor Investor Services Limited, at 17/F, Far East Finance Centre, 16 Harcourt
Road, Hong Kong, from 9:00 a.m. to 1:00 p.m. on Thursday, June 29, 2023, or such
other place or date as notified by the Company in the newspapers as the date of despatch/
collection of Share certificates/e-Auto Refund payment instructions/refund cheques.
• Applicants being individuals who are eligible for personal collection must not authorize any
other person to collect on their behalf. If you are a corporate applicant which is eligible for
personal collection, your authorized representative must bear a letter of authorization from
your corporation stamped with your corporation ’s chop. Both individuals and authorized
representatives must produce evidence of identity acceptable to our Hong Kong Share
Registrar at the time of collection.
• Applicants who apply for less than 1,000,000 Hong Kong Offer Shares through the HK
eIPO White Form service, will have their Share certificate(s) (where applicable) sent to
the address specified in their application instructions on or before Thursday, June 29, 2023
by ordinary post and at their own risk.
• Share certificates for Hong Kong Offer Shares allotted to applicants who applied through
the HK eIPO White Form service, which are either not available for personal collection,
or which are available but are not collected in person within the time specified for
collection, are expected to be despatched by ordinary post to those entitled to the addresses
specified in the relevant applications at their own risk on or before Thursday, June 29,
2023.


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• Wholly or partially successful applicants who applied by giving electronic application
instructions to HKSCC will have their Share certificate(s) issued in the name of HKSCC
Nominees Limited and deposited directly into CCASS to be credited to their CCASS
Investor Participant stock accounts or the stock accounts of their designated CCASS
Participant who gave electronic application instructions on their behalf on Thursday,
June 29, 2023.
• Applicants who applied through a designated CCASS Participant (other than a CCASS
Investor Participant) should check the number of Hong Kong Offer Shares allocated to
them with that CCASS Participant.
• Applicants who applied as a CCASS Investor Participant by giving electronic application
instructions to HKSCC via CCASS may also check the number of Hong Kong Offer
Shares allocated to them and the amount of refund monies (if any) payable to them
via the CCASS Phone System and the CCASS Internet System (under the procedures
contained in HKSCC ’s “An Operating Guide for Investor Participants ” in effect from time
to time). Immediately after the crediting of the Hong Kong Offer Shares to the CCASS
Investor Participant stock accounts and the credit of refund monies to the CCASS Investor
Participants ’ bank accounts, HKSCC will also make available to the CCASS Investor
Participants an activity statement showing the amount of Hong Kong Offer Shares credited
to their CCASS Investor Participant stock accounts and the refund amount credited to their
respective designated bank accounts (if any).
• For applicants who have applied for the Hong Kong Offer Shares through the HK eIPO
White Form  service and paid the application monies through a single bank account,
refund monies (if any) will be despatched to that bank account in the form of e-Auto
Refund payment instructions. For applicants who have applied for the Hong Kong Offer
Shares through the HK eIPO White Form  service and paid the application monies
through multiple bank accounts, refund monies (if any) will be despatched to the addresses
specified in your application instructions in the form of refund cheque(s) in favour of the
applicant (or, in the case of joint applications, the first-named applicant) by ordinary post
and at their own risk on or before Thursday, June 29, 2023.
• Refund monies (if any) for applicants who applied by giving electronic application
instructions to HKSCC via CCASS are expected to be credited to the relevant applicants ’
designated bank accounts or the designated bank accounts of their broker or custodian on
Thursday, June 29, 2023.
• Share certificates will only become valid at 8:00 a.m. on Friday, June 30, 2023, provided
that the Global Offering has become unconditional in all respects and neither the Hong
Kong Underwriting Agreement nor the International Underwriting Agreements have been
terminated in accordance with their respective terms at or before that time. Investors who
trade Shares on the basis of publicly available allocation details or prior to the receipt of
the Share certificates or prior to the Share certificates becoming valid do so entirely at their
own risk.
• No temporary document of title will be issued in respect of the Shares. No receipt will be
issued for sums paid on application.


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PUBLIC FLOAT
• The Directors confirm that (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 (as defined in the Listing Rules)
of the Company immediately after the completion of the Global Offering; (iii) the three
largest public Shareholders do not hold more than 50% of the Shares held in public
hands at the time of the Listing in compliance with Rules 8.08(3) and 8.24 of the Listing
Rules; (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 and (v) the public float of the Company will be
39.44% (assuming the Over-allotment Option is not exercised) or 39.86% (assuming the
Overallotment Option is exercised in full) upon Listing, which satisfies the minimum
prescribed percentage of public shareholders required by Rule 8.08(1) of the Listing Rules.
COMMENCEMENT OF DEALINGS
Assuming that the Global Offering becomes unconditional in all respects at or before 8:00 a.m.
on Friday, June 30, 2023 (Hong Kong time), dealings in the Shares on the Main Board of the
Stock Exchange are expected to commence at 9:00 a.m. on Friday, June 30, 2023 (Hong Kong
time). The Shares will be traded in board lots of 500 Shares each. The stock code of the Shares
is 9860.
In view of the high concentration of shareholding in a small number of Shareholders,
Shareholders and prospective investors should be aware that the price of the Shares could
move substantially even with a small number of Shares traded, and should exercise extreme
caution when dealing in the Shares.


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OFFER PRICE
The Offer Price is HK$12.32 per Offer Share (exclusive of brokerage of 1%, SFC transaction levy
of 0.0027%, Stock Exchange trading fee of 0.00565% and AFRC transaction levy of 0.00015%).
NET PROCEEDS FROM THE GLOBAL OFFERING
Based on the Offer Price of HK$12.32 per Offer Share, the net proceeds from the Global Offering
to be received by the Company, after deduction of underwriting commissions and other estimated
expenses payable by the Company in connection with the Global Offering, are estimated to be
approximately HK$83.9 million (assuming the Over-allotment Option is not exercised).
The Company intends to apply the net proceeds as follows:
• approximately HK$12.6 million (representing 15% of the net proceeds) for strengthening
routine and esoteric testing capabilities, including research and development and sales and
marketing capabilities;
• approximately HK$21.0 million (representing 25% of the net proceeds) for network
expansion through establishing new laboratories, partnership investments and development of
new channels;
• approximately HK$21.0 million (representing 25% of the net proceeds) for business
development activities to form strategic collaborations with industry participants as well as
strategic and bolt-on acquisitions;
• approximately HK$12.6 million (representing 15% of the net proceeds) for upgrade and
expansion of existing laboratories;
• approximately HK$8.4 million (representing 10% of the net proceeds) for investment in
operating infrastructure including logistics facilities, artificial intelligence technologies and
IT infrastructure; and
• approximately HK$8.4 million (representing 10% of the net proceeds) for working capital
and general corporate purpose.
If the Over-allotment Option is exercised in full, the Company will receive additional net
proceeds of approximately HK$58.8 million for 4,978,500 additional Offer Shares to be issued
and allotted upon the exercise of the Over-allotment Option. In the event that the Over-allotment
Option is exercised in full, the Company intends to adjust its allocation of the net proceeds for
the above purposes on a pro rata basis. To the extent that the net proceeds of the Global Offering
are not immediately used for the above purposes and to the extent permitted by applicable laws
and regulations, the Company will only place such net proceeds into short-term interest-bearing
accounts with licensed banks and/or authorized financial institutions (as defined under the
Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong)). The Company will
issue an appropriate announcement if there is any material change to the above proposed use of
proceeds. For further information, please refer to the section headed “Future Plans and Use of
Proceeds ” in the Prospectus.


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APPLICATIONS AND INDICATIONS OF INTEREST RECEIVED UNDER THE HONG
KONG PUBLIC OFFERING
The Hong Kong Offer Shares initially offered under the Hong Kong Public Offering have been
slightly over-subscribed. A total of 1,521 valid applications have been received under the Hong
Kong Public Offering through the HK eIPO White Form service and the CCASS EIPO service
for a total of 3,524,500 Hong Kong Offer Shares, representing approximately 1.06 times of the
total number of 3,320,000 Offer Shares initially available for subscription under the Hong Kong
Public Offering, among which:
• 1,521 valid applications for a total of 3,524,500 Hong Kong Offer Shares were for the Hong
Kong Public Offering with an aggregate subscription amount, based on the Offer Price of
HK$12.32 per Offer Share (excluding brokerage of 1.0%, SFC transaction levy of 0.0027%,
AFRC transaction levy of 0.00015% and Stock Exchange trading fee of 0.00565%), of
HK$5,000,000 or less (equivalent to approximately 2.12 times of the 1,660,000 Shares
initially available for allocation in pool A of the Hong Kong Public Offering); and
• There were no valid application for Hong Kong Offer Shares with an aggregate subscription
amount based on the Offer Price of HK$12.32 per Offer Share (excluding brokerage of 1.0%,
SFC transaction levy of 0.0027%, AFRC transaction levy of 0.00015% and Stock Exchange
trading fee of 0.00565%) of more than HK$5,000,000.
No application has been rejected due to dishonored payments. No application has been rejected
due to invalid application. No multiple or suspected multiple application has been identified and
rejected. No application for more than 1,660,000 Hong Kong Offer Shares (being 50% of the
3,320,000 Hong Kong Offer Shares initially available under the Hong Kong Public Offering) has
been identified.
As the over-subscription in the Hong Kong Public Offering is less than 15 times, the reallocation
procedures as described in the section headed “Structure of the Global Offering ” in the Prospectus
have not been applied and no International Offer Shares have been reallocated from the
International Offering to the Hong Kong Public Offering. The final number of Hong Kong Offer
Shares is 3,320,000 Shares, representing approximately 10% of the total number of Offer Shares
initially available under the Global Offering, and being allocated to 1,521 successful applicants
under the Hong Kong Public Offering. A total number of 1,037 applicants have been allotted
with one board lot of Offer Shares, representing approximately 68.18% of the Shareholders who
were allocated the Offer Shares under the Hong Kong Public Offering, totaling 518,500 Shares,
representing approximately 15.62% of total Offer Shares under the Hong Kong Public Offering.
The Hong Kong Offer Shares offered in the Hong Kong Public Offering were conditionally
allocated on the basis set out in the paragraph headed “Basis of Allocation under the Hong Kong
Public Offering ” below.


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INTERNATIONAL OFFERING
• The Offer Shares initially offered under the International Offering have been moderately
oversubscribed, representing approximately 1.8 times of the total number of Offer Shares
initially available under the International Offering. The final number of Offer Shares under
the International Offering is 29,872,500 Shares, representing approximately 90% of the total
number of Offer Shares initially available under the Global Offering (before any exercise of
the Over-allotment Option). There has been an over-allocation of 4,978,500 Offer Shares.
Please refer to the section headed “International Offering – Over-allotment Option ” in this
announcement.
• There are a total of 108 placees under the International Offering, among which (i) 80 placees,
representing 74.1% of the total number of placees under the International Offering, have
been allotted five or fewer board lots of Offer Shares, totaling 45,000 Shares, representing
0.13% of the total number of Offer Shares available under the International Offering; and
(ii) 70 placees have been allotted one board lot of Offer Shares, representing approximately
64.8% of the total number of placees under the International Offering, totaling 35,000 Shares,
representing approximately 0.10% of the total number of the Offer Shares available under the
International Offering (assuming the Over-allotment Option is not exercised).
Cornerstone Investors
Based on the Offer Price of HK$12.32 per Offer Share (exclusive of brokerage of 1%, SFC
transaction levy of 0.0027%, Stock Exchange trading fee of 0.00565% and AFRC transaction levy
of 0.00015%) and pursuant to the Cornerstone Investment Agreements as disclosed in the section
headed “Cornerstone Investors {  Our Cornerstone Investors ” in the Prospectus, the number of
Offer Shares subscribed for by the Cornerstone Investors is determined as set out below:
Cornerstone Investor
(each as defined below)
Investment
amount
Number of Offer
Shares (rounded
down to nearest
whole board lot of
500 Shares)
Approximate % of total
number of Offer Shares
Approximate % of total issued
share capital immediately
following the completion of the
Global Offering
Assuming the
Over-allotment
Option is not
exercised
Assuming the
Over-allotment
Option is
exercised in full
Assuming the
Over-allotment
Option is not
exercised
Assuming the
Over-allotment
Option is
exercised in full
(US$ in million)
MR Global 15.00 9,542,500 28.75% 25.00% 1.32% 1.31%
Snibe Hong Kong 10.00 6,361,500 19.17% 16.67% 0.88% 0.87%
Fosun Diagnostics 5.00 3,180,500 9.58% 8.33% 0.44% 0.44%
Timestar Elite 3.79 2,410,500 7.26% 6.32% 0.33% 0.33%
Corelink 3.38 2,152,000 6.48% 5.64% 0.30% 0.30%
37.17 23,647,000 71.24% 61.95% 3.27% 3.25%


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The Cornerstone Placing forms part of the International Offering and the Cornerstone Investors
will not acquire any Offer Shares under the Global Offering (other than pursuant to the Cornerstone
Investment Agreements). The Offer Shares to be subscribed by the Cornerstone Investors will rank
pari passu in all respects with the fully paid Shares in issue following the completion of the Global
Offering and, save for the Shares subscribed for by Corelink (an existing Shareholder, a company
wholly-owned by Mr. LIN Jixun, one of our Founders and a non-executive Director), will be
counted towards the public float of our Company under Rule 8.08 of the Listing Rules.
The Company has applied to the Stock Exchange for, and the Stock Exchange has granted to the
Company, a waiver from strict compliance with Rules 9.09(b), 10.03 and 10.04 of the Listing
Rules and its consent under paragraph 5(2) of Appendix 6 to the Listing Rules (the “Placing
Guidelines ”), to permit Corelink to subscribe for Offer Shares in the Global Offering as a
Cornerstone Investor.
To the best knowledge of the Company, (i) save for Corelink, each Cornerstone Investor (and, for
the Cornerstone Investor who will subscribe for our Offer Shares through a qualified domestic
institutional investor ( “QDII”), such QDII and the Cornerstone Investor) is an Independent Third
Party and is not our connected person (as defined in the Listing Rules) nor an existing Shareholder;
(ii) each of the Cornerstone Investors is independent from each other; (iii) save for Corelink,
none of the Cornerstone Investors are accustomed to taking instructions from our Company, the
Directors, the chief executive of the Company, Controlling Shareholders, substantial Shareholders,
or existing Shareholders or any of its subsidiaries or their respective close associates in relation
to the acquisition, disposal, voting or other disposition of the Offer Shares; (iv) save for Corelink,
none of the subscriptions made by the Cornerstone Investors was financed by the Company, the
Directors, the chief executive of the Company, Controlling Shareholders, substantial Shareholders,
other existing Shareholders or any of its subsidiaries or their respective close associates; and (v)
each Cornerstone Investor has confirmed that their subscriptions under the Cornerstone Placing
would be financed by their own internal financial resources and/or the financial resources of their
ultimate beneficial owners, and that they have sufficient funds to settle their respective investments
under the Cornerstone Placing.
To the best knowledge of the Company and as confirmed by the Cornerstone Investors, their
subscription pursuant to the relevant Cornerstone Investment Agreements would be financed by
their own internal resources. To the extent that any Cornerstone Investor has engaged a QDII to
subscribe for the relevant Offer Shares on its behalf, such Cornerstone Investor will procure the
QDII to comply with the terms of its Cornerstone Investment Agreement in order to ensure the
compliance of such Cornerstone Investors with its obligations under the Cornerstone Investment
Agreement. For Cornerstone Investors whose shareholders are listed on any stock exchange, they
have confirmed that no approval is required from the relevant stock exchange and their shareholders
for entering into the investment contemplated under the applicable Cornerstone Investment
Agreement.
Each of the Cornerstone Investors has agreed that it will not, whether directly or indirectly, at any
time during the period of six months from and including the Listing Date (the “Lock-up Period ”),
dispose of any of the Offer Shares they have purchased pursuant to the relevant Cornerstone
Investment Agreements, save for certain limited circumstances, such as transfers to any of its
wholly-owned subsidiaries who will be bound by the same obligations of such Cornerstone
Investor, including the Lock-up Period restriction.


--- page 13 ---
15
Please refer to the section headed “Cornerstone Investors {  Our Cornerstone Investors ” in the
Prospectus for further details relating to the Cornerstone Investors.
Consent under Paragraph 5(2) of the Placing Guidelines and Rule 10.04 of the Listing Rules
Certain Offer Shares were placed to Corelink, Reach Sight and BlackRock Health Trust, who are
existing Shareholders of the Company. The Company has applied to the Stock Exchange for, and
the Stock Exchange has granted, (i) waiver from Rules 9.09(b), 10.3 and 10.4 of the Listing Rules
and and its consent under paragraph 5(2) of Placing Guidelines to permit the Company to allocate
such Offer Shares to Corelink as set out below and (ii) waiver from strict compliance with Rule
10.04 of the Listing Rules and its consents under paragraph 5(2) of the Placing Guidelines to
permit the Company to allocate such Offer Shares to Reach Sight and BlackRock Health Trust as
set out below.
Placee Relationship with the Company
Current
shareholding
in the
Company held
by itself or
its associate
(Approximate
% of the
Company ’s
issued share
capital)
Number of
Shares to be
subscribed
under the
Global
Offering
(Approximate
% of the total
Offer Shares
initially
available
under the
Global
Offering) (1)
Number of
Shares held
by itself or its
close associate
immediately
following the
completion
of the Global
Offering
(Approximate
% of the
Company ’s
issued share
capital) (1)
Corelink Group Limited an existing Shareholder, a company wholly-owned
 by Mr. LIN Jixun, one of our Founders and a
 non-executive Director
87,909,994
(12.45%)
2,152,000
(6.48%)
90,061,994
(12.45%)
BlackRock Health
 Sciences Term
 Trust (formerly
 known as
 BlackRock
 Health Sciences
 Trust II)
An existing Shareholder, together with BlackRock
 Health Sciences Master Unit Trust, another
 existing Shareholder of the Company, are funds
 ( “BlackRock Funds ”) managed by investment
 subsidiaries of BlackRock, Inc. ( “BlackRock ”)
 which has discretionary investment management power
 over the BlackRock Funds. BlackRock is listed on
 the New York Stock Exchange (NYSE: BLK). As
 of December 31, 2022, the firm managed
 approximately US$8.6 trillion in assets on behalf of
 investors worldwide. BlackRock Funds are independent
 third parties of our Company.
10,696,226
(1.51%)
1,750,000
(5.27%)
12,446,226
(1.72%)
Reach Sight Limited an existing Shareholder, an investment holding company
 incorporated in BVI, is wholly-owned by Cenova
 China Healthcare Fund IV, L.P., which is an exempted
 limited partnership registered in the Cayman Islands.
 Cenova China Healthcare GP IV Limited, a Cayman
 Islands exempted company, is the general partner of
 Cenova China Healthcare Fund IV, L.P.. Cenova
 China Healthcare GP IV Limited is 65% owned by
 Mr. WU Jun, an independent third party of our Company.
5,995,643
(0.85%)
310,000
(0.93%)
6,305,643
(0.87%)
Note:
(1) Assuming that the Over-allotment Option is not exercised.


--- page 14 ---
16
Save as disclosed above, to the best knowledge, information and belief of the Directors, (i) none
of the Offer Shares subscribed for by public Shareholders in the Hong Kong Public Offering and
placees in the International Offering had been financed, directly or indirectly, by the Company,
any of the Directors, the chief executive, the Controlling Shareholders, substantial Shareholders or
existing Shareholders of the Company or any of its subsidiaries or their respective close associates;
(ii) no rebate has been, directly or indirectly, provided by the Company, the Directors, chief
executive of the Company, Controlling Shareholders, substantial Shareholders of the Company,
existing Shareholders of the Company or any of their subsidiaries or their respective close
associates or syndicate members or any other brokers or underwriters to any public Shareholders
in the Hong Kong Public Offering or placees in the International Offering; (iii) none of the public
Shareholders in the Hong Kong Public Offering and placees in the International Offering who
subscribed for the Offer Shares are accustomed to taking instructions from the Company, any of
the Directors, chief executive, the Controlling Shareholders, substantial Shareholders or 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 the Offer Shares registered
in his/her/its name or otherwise held by him/her/it; (iv) the consideration payable by the public
Shareholders in the Hong Kong Public Offering and placees in the International Offering for each
Share subscribed for or purchased by them is the same as the final Offer Price as determined
by the Company, in additional to brokerage of 1.0%, SFC transaction levy of 0.0027%, AFRC
transaction levy of 0.00015% and Stock Exchange trading fee of 0.00565%; and (v) there are no
side agreements or arrangements between the Company, any of the Directors, chief executive, the
Controlling Shareholders, substantial Shareholders, existing Shareholders or any of the Company ’s
subsidiaries or their respective close associates, on one hand, and any public subscriber or placee
who has subscribed for the Offer Shares on the other hand.
Save as disclosed in the above sections headed “International Offering {  Cornerstone Investors ”
and “International Offering {  Consent under Paragraph 5(2) of the Placing Guidelines and Rule
10.04 of the Listing Rules ” of this announcement, to the best knowledge, information and belief of
the Directors, no Offer Shares placed by or through the Overall Coordinators or the Underwriters
under the Global Offering have been placed with applicants who are core connected persons (as
defined in the Listing Rules) or directors of the Company, or to any persons set out in paragraph
5(1) or 5(2) of the Placing Guidelines, whether in their own names or through nominees.
Over-allotment Option
• In connection with the Global Offering, the Company has granted the Over-allotment Option
to the International Underwriters, exercisable by the Overall Coordinators at their sole
and absolute discretion on behalf of the International Underwriters at any time from the
Listing Date until Sunday, July 23, 2023, being the 30th day after the last day for lodging
applications under the Hong Kong Public Offering. Pursuant to the Over-allotment Option,
the Overall Coordinators have the right to require the Company to allot and issue, at the
Offer Price, up to an aggregate of additional 4,978,500 Shares representing in aggregate
approximately 15% of the number of the Offer Shares initially available under the Global
Offering to cover over-allocations in the International Offering, if any.
• There has been an over-allocation of 4,978,500 Offer Shares in the International Offering and
such over-allocation will be settled using Shares to be borrowed under the Stock Borrowing
Agreement between each of Pearl Group Limited and Corelink Group Limited and Morgan
Stanley & Co. International plc. Such borrowed Shares will be settled by exercising the Over-
allotment Option in full or in part, or by making purchases in the secondary market at prices
that do not exceed the Offer Price, or by a combination of these means. In the event the Over-
allotment Option is exercised, an announcement will be made on the Company ’s website at
www.adicon.com.cn  and on the Stock Exchange ’s website at www.hkexnews.hk . As of the
date of this announcement, the Over-allotment Option has not been exercised.


--- page 15 ---
17
LOCK-UP OBLIGATIONS
The Company, the Controlling Shareholders (Pearl Group Limited), all the other Pre-IPO
Investors and the Cornerstone Investors are subject to certain lock-up undertakings (the “Lock-up
Undertakings ”) in respect of the Shares. The major terms of the Lock-up Undertakings are set out
as follows:
Name
Number of
Shares subject
to the Lock-up
Undertakings
Approximate
percentage
of the total
issued share
capital
of the Company
following the
completion of the
Global Offering
which are
subject to
the Lock-up
Undertakings
upon Listing
Last day
of the Lock-up
Period
The Company (1)
 (subject to lock-up obligations pursuant
 to the Listing Rules and
 the Hong Kong Underwriting Agreement)
N/A N/A December 30, 2023
The Controlling Shareholder
 (Pearl Group Limited) (2)
 (subject to lock-up obligations pursuant
 to the Listing Rules and
 the Hong Kong Underwriting Agreement)
281,541,805 38.92% December 30, 2023
(First Six-Month
Period (as defined
in the Prospectus))
June 30, 2024
(Second Six-Month
Period (as defined
in the Prospectus))
Pre-IPO Investors (other than the
 Controlling Shareholder
 (Pearl Group Limited)) (3)
 (subject to lock-up obligations pursuant
 to their respective lock-up undertakings in
 favor of the Joint Sponsors and the Overall
 Coordinators)
169,974,982 23.49% December 30, 2023
Cornerstone Investors (4)
 (subject to lock-up obligations pursuant
 to their respective Cornerstone
 Investment Agreements)
23,647,000 3.27% December 30, 2023


--- page 16 ---
18
Notes:
(1) The Company may not issue or agree to issue or announce its intention to issue Shares or securities of the
Company on or before the indicated date unless in compliance with the requirements of the Listing Rules.
(2) For details of the lock-up arrangement of the Controlling Shareholder (Pearl Group Limited), please refer to the
sections headed “Underwriting – Underwriting Arrangements and Expenses – The Hong Kong Public Offering –
Undertakings to the Stock Exchange pursuant to the Listing Rules – Undertakings by Pearl Group Limited ” and
“Underwriting – Underwriting Arrangements and Expenses – The Hong Kong Public Offering – Undertakings
pursuant to the Hong Kong Underwriting Agreement – Undertakings by Pearl Group Limited ” in the Prospectus.
(3) Each of our Pre-IPO Investors has agreed to be subject to lock-up arrangements for a period of six (6) months
after the Listing. For the avoidance of doubt, the number of Shares subject to the Lock-up undertakings under
this item do not include the Offer Shares subscribed for by Reach Sight and BlackRock Health Trust.
(4) The Cornerstone Investors may not dispose of any of the Offer Shares subscribed in the Global Offering prior to
the indicated date.
(5) Any discrepancies in the tables above between the amounts identified as total amounts and the sum of the
amounts listed therein are due to rounding.


--- page 17 ---
19
BASIS OF ALLOCATION UNDER THE HONG KONG PUBLIC OFFERING
Subject to the satisfaction of the conditions set out in the section headed “Structure of the Global
Offering { Conditions of the Global Offering ” in the Prospectus, 1,521 valid applications made
by the public through the HK eIPO White Form service and the CCASS EIPO service will be
conditionally allocated on the basis set out below:
Pool A
Approximate
percentage
allotted of the
Number Number total number of
of shares of valid shares applied
applied for applications Basis of allocation/ballot for
500 1,037 500 shares 100.00%
1,000 148 1,000 shares 100.00%
1,500 83 1,500 shares 100.00%
2,000 39 2,000 shares 100.00%
2,500 38 2,500 shares 100.00%
3,000 26 3,000 shares 100.00%
3,500 7 3,500 shares 100.00%
4,000 21 4,000 shares 100.00%
4,500 8 4,500 shares 100.00%
5,000 26 5,000 shares 100.00%
6,000 9 6,000 shares 100.00%
7,000 11 7,000 shares 100.00%
8,000 6 8,000 shares 100.00%
9,000 11 9,000 shares 100.00%
10,000 17 10,000 shares 100.00%
15,000 5 15,000 shares 100.00%
20,000 10 20,000 shares 100.00%
25,000 2 25,000 shares 100.00%
30,000 2 30,000 shares 100.00%
35,000 1 35,000 shares 100.00%
40,000 1 40,000 shares 100.00%
45,000 2 45,000 shares 100.00%
50,000 3 50,000 shares 100.00%
70,000 1 65,000 shares 92.86%
90,000 1 80,000 shares 88.89%
100,000 4 87,500 shares 87.50%
200,000 1 149,000 shares 74.50%
300,000 1 211,500 shares 70.50%
Total 1,521 Total number of Pool A successful applicants: 1,521
The final number of Offer Shares under the Hong Kong Public Offering is 3,320,000 Offer Shares,
representing approximately 10% of the total number of Offer Shares initially available under the
Global Offering.


--- page 18 ---
20
RESULTS OF ALLOCATIONS
The final Offer Price, the level of indication of interest in the International Offering, the level of
applications in the Hong Kong Public Offering and the basis of allocation of the Hong Kong Offer
Shares are published on the Company ’s website at www.adicon.com.cn  and the website of the
Stock Exchange at www.hkexnews.hk  on Thursday, June 29, 2023.
The results of allocations and the Hong Kong identity card/passport/Hong Kong business
registration/certificate of incorporation numbers of successful applicants under the Hong Kong
Public Offering will be available at the times and date and in the manner specified below:
• in the announcement to be posted on the Company ’s website at www.adicon.com.cn  and
the Stock Exchange ’s website at www.hkexnews.hk  by no later than 9:00 a.m. on Thursday,
June 29, 2023;
• from the “IPO Results ” function in the IPO App and the designated results of allocations
website at www.tricor.com.hk/ipo/result  or www.hkeipo.hk/IPOResult  with a “search by
ID” function on a 24-hour basis from 8:00 a.m. on Thursday, June 29, 2023 to 12:00 midnight
on Wednesday, July 5, 2023;
• from the allocation results telephone enquiry line by calling +852 3691 8488 between 9:00
a.m. and 6:00 p.m. from Thursday, June 29, 2023 to Tuesday, July 4, 2023 (excluding
Saturday, Sunday and public holiday in Hong Kong).
This announcement contains a list of identification document numbers. Identification document
numbers shown in the section headed “Results of Applications Made by HK eIPO White Form ”
in this announcement refer to Hong Kong identity card numbers/passport numbers/Hong Kong
business registration numbers/certificate of incorporation numbers/beneficial owner identification
codes (if such applications are made by nominees as agent for the benefit of another person)
whereas those displayed in the section headed “Results of Applications Made by Giving Electronic
Application Instructions to HKSCC via CCASS ” in this announcement are provided by CCASS
Participants via CCASS. Therefore, the identification document numbers shown in the two sections
are different in nature.
Please note that the list of identification document numbers set out in this announcement may not
be a complete list of successful applicants since only successful applicants whose identification
document numbers are provided to HKSCC by CCASS Participants are disclosed. Applicants with
beneficial names only but not identification document numbers are not disclosed due to personal
privacy issue as elaborated below. Applicants who applied for the Hong Kong Offer Shares
through their brokers can consult their brokers to enquire about their application results.
Since applications are subject to personal information collection statements, beneficial owner
identification codes displayed in the sections headed “Results of Applications Made by HK eIPO
White Form ” and “Results of Applications Made by Giving Electronic Application Instructions
to HKSCC via CCASS ” are redacted and not all details of applications are disclosed in this
announcement.


--- page 19 ---
21
SHAREHOLDING CONCENTRATION ANALYSIS
The tables below set out the analysis of shareholding concentration in the International Offering:
Placee
Number of
Shares
Subscribed for
Number of
Shares held
upon Listing
Subscription
as % of
International
Offering
(assuming no
exercise of the
Over-allotment
Option)
Subscription
as % of
International
Offering
(assuming the
Over-allotment
Option is
exercised
in full)
Subscription
as % of total
Offer Shares
(assuming no
exercise of
the Over-
allotment
Option)
Subscription
as % of total
Offer Shares
(assuming
the Over-
allotment
Option is
exercised
in full)
Number of
Shares as %
of total share
capital in issue
(assuming no
exercise of the
Over-allotment
Option)
Number of
Shares as %
of total share
capital in issue
(assuming the
Over-allotment
Option is
exercised
in full)
Top 1 9,542,500 9,542,500 31.94% 27.38% 28.75% 25.00% 1.32% 1.31%
Top 5 26,358,500 26,358,500 88.24% 75.63% 79.41% 69.05% 3.64% 3.62%
Top 10 34,181,000 138,878,794 114.42% 98.08% 102.98% 89.55% 19.20% 19.07%
Top 20 34,737,000 139,434,794 116.28% 99.67% 104.65% 91.00% 19.27% 19.14%
Top 25 34,794,000 139,491,794 116.48% 99.84% 104.82% 91.15% 19.28% 19.15%
Shareholder
Number of
Shares
subscribed for
Number of
Shares
held upon
Listing
Subscription
as % of
International
Offering
(assuming
no exercise
of the
Overallotment
Option)
Subscription
as % of
International
Offering
(assuming the
Overallotment
Option is
exercised
in full)
Subscription
as % of
total Offer
Shares
(assuming
no exercise of
the Over-
allotment
Option)
Subscription
as % of
total Offer
Shares
(assuming
the Over-
allotment
Option is
exercised
in full)
Number of
Shares
as % of total
share capital
in issue
(assuming
no exercise
of the
Overallotment
Option)
Number of
Shares
as % of total
share capital
in issue
(assuming the
Overallotment
Option is
exercised
in full)
Top 1 – 281,541,805 – – – – 38.92% 38.65%
Top 5 2,152,000 538,544,064 7.20% 6.17% 6.48% 5.64% 74.44% 73.93%
Top 10 3,902,000 639,546,152 13.06% 11.20% 11.76% 10.22% 88.40% 87.80%
Top 20 24,216,000 701,424,547 81.06% 69.48% 72.96% 63.44% 96.96% 96.29%
Top 25 32,981,000 715,786,868 110.41% 94.63% 99.36% 86.40% 98.94% 98.26%
In view of the high concentration of shareholding in a small number of Shareholders,
Shareholders and prospective investors should be aware that the price of the Shares could
move substantially even with a small number of Shares traded, and should exercise extreme
caution when dealing in the Shares.