hk-ipo/data/extracted_text/09973/allotment_results_2025-09-24_2025092401262.txt

--- page 1 ---
1
Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited (the “Stock Exchange ”)
and Hong Kong Securities Clearing Company Limited ( “HKSCC ”) take no responsibility for the contents of this
announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability
whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this
announcement.
This announcement is not for release, publication, distribution, directly or indirectly, in or into the United States
(including its territories and possessions, any state of the United States and the District of Columbia). This
announcement does not, and is not intended to, constitute or form a part of any offer or solicitation to purchase or
subscribe for securities in the United States or in any other jurisdiction. The Offer Shares have not been and will not
be registered under the United States Securities Act of 1933, as amended from time to time (the “U.S. Securities
Act”) or securities law of any state or other jurisdiction of the United States and may not be offered, sold, pledged or
otherwise transferred within the United States, except in transactions exempt from, or not subject to, the registration
requirements of the U.S. Securities Act and in compliance with any applicable state securities laws. There will be no
public offer of the Offer Shares in the United States. The Offer Shares are being offered and sold solely outside the
United States in offshore transactions in reliance on Regulation S under the U.S. Securities Act and applicable laws of
each jurisdiction where those offers and sales occur.
This announcement is for information purposes only and does not constitute an invitation or offer to acquire, purchase
or subscribe for securities. Potential investors should read the Prospectus for detailed information about the Company
and the Global Offering described below before deciding whether or not to invest in the Offer Shares.
Unless otherwise defined herein, capitalized terms used in this announcement shall have the same meanings as those
defined in the prospectus dated September 17, 2025 (the “Prospectus ”) issued by Chery Automobile Co., Ltd. ( փ๿ӛ
ʮ̡ ) (the “Company ”).
In connection with the Global Offering, China International Capital Corporation Hong Kong Securities Limited as
stabilizing manager (the “Stabilization Manager ”) (or its affiliates or any person acting for it), on behalf of the
Underwriters, the extent permitted by the applicable laws and regulatory requirements of Hong Kong or elsewhere,
may over-allocate or effect transactions with a view to stabilizing or supporting the market price of the H Shares at
such price, in such amounts and in such manners as the Stabilizing Manager, its affiliates or any person acting for it
may determine and at a level higher than that which might otherwise prevail for a limited period after the Listing Date.
However, there is no obligation on the Stabilizing Manager (or its affiliates or any person acting for it) to conduct
any such stabilizing action. Such stabilizing action, if taken, (a) will be conducted at the absolute discretion of the
Stabilization Manager (or its affiliates or any person acting for it) and in what the Stabilizing Manager reasonably
regards as the best interest of our Company, (b) may be discontinued at any time and (c) is required to be brought to
an end within 30 days of the last day for lodging applications under the Hong Kong Public Offering, being Wednesday,
October 22, 2025. Such stabilizing action, if taken, may be effected in all jurisdictions where it is permissible to do
so, in each case in compliance with all applicable laws, rules and regulatory requirements, including the Securities and
Futures (Price Stabilizing) Rules (Chapter 571W of the Laws of Hong Kong), as amended, made under the Securities
and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).
Potential investors should be aware that no stabilizing action can be taken to support the price of the H Shares for
longer than the stabilization period, which will begin on the Listing Date, and is expected to expire on the 30th day
after the last day for lodging applications under the Hong Kong Public Offering. After this date, when no further
stabilizing action may be taken, demand for the H Shares, and therefore the price of the H Shares, could fall.
Potential investors of the Offer Shares should note that the Joint Sponsors and the 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.


--- page 2 ---
2
Chery Automobile 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
: 297,397,000 H Shares (subject to the
 Over-allotment Option)
Number of Hong Kong Offer Shares : 29,739,700 H Shares
Number of International Offer Shares : 267,657,300 H Shares (subject to
 the Over-allotment Option)
Final Offer Price : HK$30.75 per H Share, plus brokerage
 of 1.0%, SFC transaction levy of
 0.0027%, AFRC transaction levy of
 0.00015% and Hong Kong Stock
 Exchange trading fee of 0.00565%
 (payable in full on application in Hong
 Kong dollars and subject to refund)
Nominal value : RMB1.00 per H Share
Stock code : 9973
Joint Sponsors, Sponsor-Overall Coordinators, Overall Coordinators,
Joint Global Coordinators, Joint Bookrunners and Joint Lead Managers
CICC HTSC GFSHK
Overall Coordinator, Joint Global Coordinator,
Joint Bookrunner and Joint Lead Manager
CITIC Securities
Joint Bookrunners and Joint Lead Managers
BOCI CMBI ABCI FUTU


--- page 3 ---
3
CHERY AUTOMOBILE CO., LTD.
ʮ̡
ANNOUNCEMENT OF FINAL OFFER PRICE AND ALLOTMENT RESULTS
Warning: In view of high concentration of shareholding in a small number of Shareholders,
Shareholders and prospective investors should be aware that the price of the H Shares
could move substantially even with a small number of H Shares traded and should exercise
extreme caution when dealing in the H Shares.
SUMMARY
Company Information
Stock Code 9973
Stock Short Name CHERY AUTO
Dealings commencement date September 25, 2025*
* see note at the end of the announcement
Price Information
Final Offer Price HK$30.75
Offer Price Range HK$27.75-HK$30.75
Offer Shares and Share Capital
Number of Offer Shares 297,397,000
Number of Offer Shares in Public Offer 29,739,700
Number of Offer Shares in International Offer 267,657,300
Number of issued Shares upon Listing
(before exercise of the Over-allotment Option)
5,767,228,633
Over-allocation
No. of Offer Shares over-allocated 44,609,500
Such over-allocation may be covered by exercising the Over-allotment Option or by making
purchases in the secondary market at prices that do not exceed the Offer Price or through
deferred delivery or a combination of these means. In the event the Over-allotment Option is
exercised, an announcement will be made on the Stock Exchange ’s website.


--- page 4 ---
4
Proceeds
Gross proceeds (Note) HK$9,145.0 million
 Less: Estimated listing expenses payable based on Final
    Offer Price
HK$265.7 million
Net Proceeds HK$8,879.3 million
Note: Gross proceeds refers to the amount which the Company is entitled to receive. For details of the use of
proceeds, please refer to the section headed “Future Plans and Use of Proceeds ” of the Prospectus. The
Company will adjust the allocation of the net proceeds from the exercise of the Over-allotment Option (if
any) for the purposes as set out in the section headed “Future Plans and Use of Proceeds ” of the Prospectus
on a pro rata basis.
ALLOTMENT RESULTS DETAILS
PUBLIC OFFER
No. of valid applications 207,928
No. of successful applications 68,717
Subscription level 308.18 times
Claw-back triggered N/A
No. of Offer Shares initially available under the Public Offer 29,739,700
Final no. of Offer Shares under the Public Offer 29,739,700
% of Offer Shares under the Public Offer to the Global Offering 10%
Note: For details of the final allocation of H Shares to the Hong Kong Public Offering, investors
can refer to www.eipo.com.hk/eIPOAllotment  to perform a search by identification number or
www.eipo.com.hk/eIPOAllotment  for the full list of allottees.


--- page 5 ---
5
INTERNATIONAL OFFER
No. of placees 251
Subscription Level 11.61 times
No. of Offer Shares initially available under the International Offer 267,657,300
Final no. of Offer Shares under the International Offer 267,657,300
% of Offer Shares under the International Offer to the Global
Offering
90%
The Directors confirm that, to the best of their knowledge, information and belief, save for (a) a
waiver from strict compliance with Rule 10.04 of the Listing Rules and a consent under paragraph
1C of Appendix F1 to the Listing Rules (the “Placing Guidelines ”) granted by the Stock Exchange
to permit H Shares in the International Offering to be placed to certain Existing Minority
Shareholders and/or their close associates, and (b) a consent under Chapter 4.15 of the Guide for
New Listing Applicants to permit the Company to, among other things, allocate further H Shares in
the International Offering to certain Cornerstone Investors and/or their respective close associates,
(i) none of the Offer Shares subscribed by the placees and the public have been financed directly
or indirectly by the Company, any of the Directors, Supervisors, chief executive of the Company,
substantial Shareholders, existing Shareholders of the Company or any of its subsidiaries or
their respective close associates; and (ii) none of the placees and the public who have purchased
the Offer Shares are accustomed to taking instructions from the Company, any of the Directors,
Supervisors, chief executive of the Company, substantial Shareholders, existing Shareholders of the
Company or any of its subsidiaries or their respective close associates in relation to the acquisition,
disposal, voting or other disposition of H Shares registered in his/her/its name or otherwise held by
him/her/it.
The placees in the International Offering include the following:
Cornerstone Investors
Investor
No. of Offer
Shares allocated
% of total issued
H Shares after the
Global Offering
(assuming the
Over-allotment
Option is not
exercised)
% of total issued
share capital
after the Global
Offering (assuming
the Over-allotment
Option is not
exercised)
Existing
shareholders
or their close
associates
JSC International Investment Fund SPC
 (acting for and on behalf of ShanRui SP)
48,130,000 2.1% 0.8% No
HHLR Advisors, Ltd. ( “HHLRA ”) 15,199,300 0.7% 0.3% No
Shanghai Greenwoods Asset Management
 Co., Ltd ( “Shanghai Greenwoods ”) and
 CICC Financial Trading Limited
 ( “CICC FT ”) (in connection with
 Greenwoods OTC Swaps)
13,932,700 0.6% 0.2% No


--- page 6 ---
6
Investor
No. of Offer
Shares allocated
% of total issued
H Shares after the
Global Offering
(assuming the
Over-allotment
Option is not
exercised)
% of total issued
share capital
after the Global
Offering (assuming
the Over-allotment
Option is not
exercised)
Existing
shareholders
or their close
associates
Greenwoods Asset Management Hong Kong
 Limited ( “HK Greenwoods ”)
1,266,600 0.1% 0.02% No
Huangshan Construction Investment (Hong
 Kong) International Limited
 ( “Huangshan Construction
 Investment ”)
10,386,200 0.4% 0.2% Yes
Jinghui Ruiying (Hong Kong) Limited
 ( “Jinghui Ruiying ”)
10,386,200 0.4% 0.2% Yes
Horizon Together Holding Ltd.
 ( “Horizon Together ”)
10,132,800 0.4% 0.2% No
Dajia Life Insurance Co., Ltd.
 ( “Dajia Life ”)
8,359,600 0.4% 0.1% No
Martis Fund, L.P. ( “Martis Fund ”) 8,359,600 0.4% 0.1% No
GOTION HIGH-TECH (HK) LIMITED
 ( “Gotion HK ”)
7,346,300 0.3% 0.1% Yes
Hefei Jianhui Zhanxin Cornerstone
 Investment Company Limited
 ( “Hefei Jianhui ”)
5,066,400 0.2% 0.1% Yes
PSBC Wealth Management Co., Ltd
 ( “PSBC Wealth ”) (through GF Securities
 Asset Management (Guangdong)
 Co., Ltd ( “GF Securities AM ”) as the
 qualified domestic institutional investor)
5,066,400 0.2% 0.1% No
Xingyu Automotive Lighting (Hong Kong)
 Company Limited ( “Xingyu HK ”) 5,066,400 0.2% 0.1% No
Total 148,498,500 6.4% 2.6%
Note:
1. In addition to the Offer Shares subscribed for as Cornerstone Investors,  JSC International Investment Fund
SPC (acting for and on behalf of ShanRui SP), HHLRA, CICC FT (in connection with Greenwoods OTC
Swaps), HK Greenwoods, Horizon Together Holding, Dajia Life, Martis Fund, Gotion HK, PSBC Wealth
and/or their respective close associates, where applicable, were allocated further Offer Shares as placees
in the International Offering. Please refer to the section headed “Allotment Results Details – International
Offer – Allotees with Waivers/Consents Obtained ” in this announcement for details. Only the Offer Shares
subscribed for as Cornerstone Investors are subject to lock-up as indicated below. For details, please refer to
the section headed “Lock-up Undertakings – Cornerstone Investors ” in this announcement.


--- page 7 ---
7
Allottee with waivers/consents obtained
Investor
No. of Offer
Shares allocated
% of total issued
H Shares after the
Global Offering
(assuming the
Over-allotment
Option is not
exercised)
% of total issued
share capital
after the Global
Offering (assuming
the Over-allotment
Option is not
exercised) Relationship
Allotees with consent under Chapter 4.15 of the Guide for New Listing Applicants in relation to allocations of further H Shares to
a close associate of an existing Shareholder and Cornerstone Investors and/or their close associates Note 1
Gotion HK 5,066,400 0.22% 0.09% A close associate of an
 existing Shareholder
 and a Cornerstone
 Investor
China Chengtong Investment
 Company Ltd
2,530,000 0.11% 0.04% A close associate of a
 Cornerstone Investor
HHLRA 760,000 0.03% 0.01% A Cornerstone Investor
Shanghai Greenwoods and CICC FT
 (in connection with Greenwoods
 OTC Swaps)
3,442,500 0.15% 0.06% A Cornerstone Investor
HK Greenwoods 2,887,500 0.12% 0.05% A Cornerstone Investor
Horizon Together 10,132,800 0.44% 0.18% A Cornerstone Investor
Dajia Life 3,800,000 0.16% 0.07% A Cornerstone Investor
Martis Fund 6,586,000 0.28% 0.11% A Cornerstone Investor
Tulip Fund, L.P. 253,000 0.01% 0.004% A close associate of a
 Cornerstone Investor
PSBC Wealth 763,800 0.03% 0.01% A Cornerstone Investor
Allotees with consent under paragraph 1C of the Placing Guidelines and Chapter 4.15 of the Guide for New Listing Applicants in
relation to allocations to connected clients  Note 2
CICC FT 3,473,700 0.15% 0.06% Connected client
Huatai Capital Investment Limited
 ( “HTCI”)
2,881,300 0.12% 0.05% Connected client


--- page 8 ---
8
Investor
No. of Offer
Shares allocated
% of total issued
H Shares after the
Global Offering
(assuming the
Over-allotment
Option is not
exercised)
% of total issued
share capital
after the Global
Offering (assuming
the Over-allotment
Option is not
exercised) Relationship
E Fund Management Co., Ltd.
 ( “E Fund ”)
1,426,200 0.06% 0.02% Connected client
E Fund Management (Hong Kong)
 Co., Limited ( “E Fund
 Hong Kong ”)
93,700 0.004% 0.002% Connected client
GF International Investment
 Management Limited
 ( “GF International ”)
101,500 0.004% 0.002% Connected client
Value Partners Hong Kong Limited
 ( “Value Partners ”)
505,000 0.02% 0.01% Connected client
GF Global Capital Limited ( “GFGC”) 7,600 0.0002% 0.0001% Connected client
CITIC Securities International Capital
 Management Limited ( “CSI”)
4,207,200 0.18% 0.07% Connected client
China Asset Management (Hong Kong)
 Limited ( “China AM HK ”)
166,500 0.01% 0.003% Connected client
China Asset Management Co., Ltd.
 ( “China AMC ”)
338,500 0.01% 0.01% Connected client
CMB International Asset Management
 Limited ( “CMBIAM ”)
3,800 0.0002% 0.0001% Connected client
Bosera Asset Management
 (International) Co., Ltd
 ( “Bosera AM ”)
50,500 0.002% 0.001% Connected client
Notes:
1. The number of Offer Shares allocated to the relevant investors listed in this subsection only represents the
number of Offer Shares allocated to the investors as placees in the International Offering. For allocations of
Offer Shares to the relevant investors as Cornerstone Investors, please refer to the section headed “Allotment
Results Details – International Offer – Cornerstone Investors ” in this announcement. For details of the consent
under Chapter 4.15 of the Guide for New Listing Applicants in relation to allocations of further H Shares to the
existing Shareholders and/or their close associates and Cornerstone investors, please refer to the section headed
“Others/Additional Information – Allocations of Offer Shares to a close associate of an existing Shareholder
and Cornerstone Investors and/or their close associates with a consent under Chapter 4.15 of the Guide for New
Listing Applicants ” in this announcement.
2. For details of the consent under paragraph 1C of the Placing Guidelines and Chapter 4.15 of the Guide for New
Listing Applicants in relation to allocations to connected clients, please refer to the section headed “Waivers
and Exemptions – Consent in respect of the Proposed Subscription of H Shares by Certain Cornerstone Investors
Who is a Connected Client ” of the Prospectus and the section headed “Others/Additional Information – Placing
to connected clients with prior consents under paragraph 1C of the Placing Guidelines ” in this announcement.


--- page 9 ---
9
LOCK-UP UNDERTAKINGS
Existing Shareholders (excluding Pre-IPO Investors)
Name
Number of
Shares held in
the Company
subject to
lock-up
undertakings
upon Listing
Number of H
Shares held in
the Company
subject to
lock-up
undertakings
upon Listing
% of total
issued H
Shares after
the Global
Offering
subject to
lock-up
undertakings
upon Listing
(assuming the
Over-allotment
Option is not
exercised)
% of
shareholding in
the Company
subject to
lock-up
undertakings
upon Listing
(assuming the
Over-allotment
Option is not
exercised)
Last day subject to the
lock-up undertakings
Wuhu Investment Holding
 Group Co., Ltd.
1,157,771,424 218,793,265 9.5% 3.8% September 24, 2030 Note 1
Wuhu Ruichuang Investment
 Co., Ltd.
629,670,207 209,890,069 9.1% 3.6% September 24, 2030 Note 1
Wuhu Hengrui Equity
 Investment Partnership
 (Limited Partnership)
184,292,800 92,146,400 4.0% 1.6% September 24, 2030 Note 1
Wuhu Zhenrui Equity
 Investment Partnership
 (Limited Partnership)
184,292,800 92,146,400 4.0% 1.6% September 24, 2030 Note 1
Anhui Credit Financing
 Guaranty Group Co., Ltd.
545,513,600 272,756,800 11.8% 4.7% September 24, 2026 Note 2
Anhui Provincial
 Investment Group Co., Ltd.
284,224,000 142,112,000 6.1% 2.5% September 24, 2026 Note 2
Notes:
1. The expiry date of the lock-up period is pursuant to the undertaking provided by each of Wuhu Investment
Holding, Ruichuang, Hengrui, and Zhenrui.
2. The expiry date of the lock-up period is pursuant to the PRC Company Law.


--- page 10 ---
10
Pre-IPO Investors
Name
Number of
Shares held in
the Company
subject to
lock-up
undertakings
upon Listing
Number of H
Shares held in
the Company
subject to
lock-up
undertakings
upon Listing
% of total
issued H
Shares after
the Global
Offering
subject to
lock-up
undertakings
upon Listing
(d assuming the
Over-allotment
Option is not
exercised)
% of
shareholding in
the Company
subject to
lock-up
undertakings
upon Listing
(assuming the
Over-allotment
Option is not
exercised)
Last day subject
to the lock-up
undertakings
Luxshare Investment (HK)
 Limited
920,426,548 0 0.0% 0.0% September 24, 2026
Qingdao Wudaokou New
 Energy Automobile Industry
 Fund (Limited Partnership)
229,538,473 136,359,488 5.9% 2.4% September 24, 2026
Changshu Port Development
 Construction Co., Ltd.
195,000,000 0 0.0% 0.0% September 24, 2026
Ningbo Meishan Bonded Port
 Area Wending Investment
 Co., Ltd.
172,483,393 172,483,393 7.5% 3.0% September 24, 2026
Qingdao Xincheng Haishun
 Enterprise Management
 Co., Ltd.
154,676,594 154,676,594 6.7% 2.7% September 24, 2026
Zhuhai Shangshun Management
 and Consultancy Partnership
 (Limited Partnership)
122,322,174 122,322,174 5.3% 2.1% September 24, 2026
Qingdao Urban Investment
 International Development
 Group Co., Ltd.
113,632,908 113,632,908 4.9% 2.0% September 24, 2026
Dalian Automobile Industry
 Investment Co., Ltd.
100,000,000 100,000,000 4.3% 1.7% September 24, 2026
Changshu Economic
 Development Automotive
 Technology Co., Ltd.*
100,000,000 0 0.0% 0.0% September 24, 2026
Hefei Gotion High-tech
 Power Energy Co., Ltd.
90,634,090 45,317,045 2.0% 0.8% September 24, 2026


--- page 11 ---
11
Name
Number of
Shares held in
the Company
subject to
lock-up
undertakings
upon Listing
Number of H
Shares held in
the Company
subject to
lock-up
undertakings
upon Listing
% of total
issued H
Shares after
the Global
Offering
subject to
lock-up
undertakings
upon Listing
(d assuming the
Over-allotment
Option is not
exercised)
% of
shareholding in
the Company
subject to
lock-up
undertakings
upon Listing
(assuming the
Over-allotment
Option is not
exercised)
Last day subject
to the lock-up
undertakings
Qingdao Huoyan Ruixiang
 No. 1 Industrial Investment
 Partnership (Limited
 Partnership) Kaifeng City
 Operation and Investment
 Group Co., Ltd.
80,576,062 80,576,062 3.5% 1.4% September 24, 2026
Kaifeng City Operation and
 Investment Group Co., Ltd.
73,000,000 0 0.0% 0.0% September 24, 2026
Kaifeng Transportation
 Construction (Group) Co., Ltd.
27,000,000 27,000,000 1.2% 0.5% September 24, 2026
Yancheng Zhiyuan Qirui
 Investment Partnership
 (Limited Partnership)
10,410,960 10,410,960 0.5% 0.2% September 24, 2026
Guiyang Economic and
 Technological Development
 Zone Tongsheng Youshi Equity
 Investment Management
 Center (Limited Partnership)
9,300,000 9,300,000 0.4% 0.2% September 24, 2026
Note:
1 The expiry date of the lock-up period shown in the table above is pursuant to the PRC Company Law.


--- page 12 ---
12
Cornerstone Investors
Name
Number of H
Shares held in
the Company
subject to lock-up
undertakings upon
Listing
% of total issued
H Shares after the
Global Offering
subject to lock-up
undertakings upon
Listing (assuming
the Over-allotment
Option is not
exercised) 1
% of shareholding
in the Company
subject to lock-up
undertakings upon
Listing (assuming
the Over-allotment
Option is not
exercised)
Last day subject
to the lock-up
undertakings Note 2
JSC International Investment Fund
 SPC (acting for and on behalf of
 ShanRui SP)
48,130,000 2.1% 0.8% March 24, 2026
HHLRA 15,199,300 0.7% 0.3% March 24, 2026
Shanghai Greenwoods and CICC FT
 (in connection with Greenwoods
 OTC Swaps)
13,932,700 0.6% 0.2% March 24, 2026
HK Greenwoods 1,266,600 0.1% 0.02% March 24, 2026
Huangshan Construction Investment 10,386,200 0.4% 0.2% March 24, 2026
Jinghui Ruiying 10,386,200 0.4% 0.2% March 24, 2026
Horizon Together 10,132,800 0.4% 0.2% March 24, 2026
Dajia Life 8,359,600 0.4% 0.1% March 24, 2026
Martis Fund 8,359,600 0.4% 0.1% March 24, 2026
Gotion HK 7,346,300 0.3% 0.1% March 24, 2026
Hefei Jianhui 5,066,400 0.2% 0.1% March 24, 2026
PSBC Wealth 5,066,400 0.2% 0.1% March 24, 2026
Xingyu HK 5,066,400 0.2% 0.1% March 24, 2026
Notes:
1. In accordance with the relevant cornerstone investment agreements, the required lock-up ends on March
24, 2026. The Cornerstone Investors will cease to be prohibited from disposing of or transferring H Shares
subscribed for pursuant to the relevant cornerstone investment agreements after the indicated date.


--- page 13 ---
13
PLACEE CONCENTRATION ANALYSIS
Placees*
Number of
H Shares
allotted
Allotment
as % of
International
Offering
(assuming
no exercise
of the Over-
allotment
Option)
Allotment
as % of
International
Offering
(assuming
the Over-
allotment
Option
is fully
exercised and
new H Shares
are issued)
Allotment as
% of total
Offer Shares
(assuming
no exercise
of the Over-
allotment
Option)
Allotment as
% of total
Offer Shares
(assuming
the Over-
allotment
Option
is fully
exercised and
new H Shares
are issued)
Number of
H Shares held
upon Listing
% of total
issued share
capital upon
Listing
(assuming
no exercise
of the Over-
allotment
Option)
% of total
issued share
capital upon
Listing
(assuming
the Over-
allotment
Option
is fully
exercised and
new H Shares
are issued)
Top 1 50,6 6 0,000 18. 9 3% 16.2 2 % 17.0 3 % 14.8 1 % 50,6 6 0,000 0.88% 0.88%
Top 5 123,614,200 46.1 8 % 39.5 9 % 41.5 7 % 36.1 4 % 123,6 14 ,200 2.14% 2.1 3 %
Top 10 187,4 42 ,000 70.0 3 % 60.0 3 % 63.0 3 % 54.8 1 % 187,4 42 ,000 4.82% 4.78%
Top 25 268,045,300 100.14% 85.84% 90.13% 78.37% 268,045,300 6.18% 6.13%
Note
* Ranking of placees is based on the number of H Shares allotted to the placees.
H SHAREHOLDERS CONCENTRATION ANALYSIS
H
Shareholders*
Number of
H Shares
allotted
Allotment
as % of
International
Offering
(assuming
no exercise
of the Over-
allotment
Option)
Allotment
as % of
International
Offering
(assuming
the Over-
allotment
Option
is fully
exercised and
new H Shares
are issued)
Allotment as
% of total
Offer Shares
(assuming
no exercise
of the Over-
allotment
Option)
Allotment as
% of total
Offer Shares
(assuming
the Over-
allotment
Option
is fully
exercised and
new H Shares
are issued)
Number of H
Shares held
upon Listing
% of total
issued H
share capital
upon Listing
(assuming
no exercise
of the Over-
allotment
Option)
% of total
issued H
share capital
upon Listing
(assuming
the Over-
allotment
Option
is fully
exercised and
new H Shares
are issued)
Top 1 29,123,300 10.88% 9.33% 9.79% 8.52% 678,860,881 29.34% 28.79%
Top 5 29,123,300 10.88% 9.33% 9.79% 8.52% 1,536,563,225 66.42% 65.16%
Top 10 41,536,000 15.52% 13.30% 13.97% 12.14% 2,010,824,114 86.92% 85.28%
Top 25 231,744,400 86.58% 74.21% 77.92% 67.76% 2,247,743,474 97.16% 95.32%
Note
* Ranking of H Shareholders is based on the number of H Shares held by the H Shareholders upon Listing.


--- page 14 ---
14
SHAREHOLDER CONCENTRATION ANALYSIS
Shareholders*
Number of
H Shares
allotted
Allotment
as % of
International
Offering
(assuming
no exercise
of the Over-
allotment
Option)
Allotment
as % of
International
Offering
(assuming
the Over-
allotment
Option is fully
exercised and
new H Shares
are issued)
Allotment as
% of total
Offer Shares
(assuming
no exercise
of the Over-
allotment
Option)
Allotment as
% of total
Offer Shares
(assuming
the Over-
allotment
Option is fully
exercised and
new H Shares
are issued)
Number of H
Shares held
upon Listing
Number of
Shares held
upon Listing
% of total
issued share
capital upon
Listing
(assuming
no exercise
of the Over-
allotment
Option)
% of total
issued share
capital upon
Listing
(assuming
the Over-
allotment
Option is fully
exercised and
new H Shares
are issued)
Top 1 29,123,300 10.88% 9.33% 9.79% 8.52% 678,860,881 2,101,697,924 36.44% 36.16%
Top 5 29,123,300 10.88% 9.33% 9.79% 8.52% 1,209,403,238 4,544,918,752 78.81% 78.20%
Top 10 41,536,000 15.52% 13.30% 13.97% 12.14% 1,830,248,052 5,211,080,611 90.36% 89.66%
Top 25 217,821,400 81.38% 69.75% 73.24% 63.69% 2,233,820,474 5,687,653,033 98.62% 97.86%
Note
* Ranking of Shareholders is based on the number of Shares (of all classes) held by the Shareholder upon Listing.
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:
No. of
Shares
Applied For
No. of Valid
Applications Basis of Allotment/Ballot
Approximate
Percentage
allotted of the
Total No.
 of H shares
applied for
Pool A
100 35,594 240 out of 35,594 to receive 100 Shares 0.67%
200 11,837 159 out of 11,837 to receive 100 Shares 0.67%
300 15,739 312 out of 15,739 to receive 100 Shares 0.66%
400 6,473 172 out of 6,473 to receive 100 Shares 0.66%
500 7,445 247 out of 7,445 to receive 100 Shares 0.66%
600 4,282 170 out of 4,282 to receive 100 Shares 0.66%
700 3,518 163 out of 3,518 to receive 100 Shares 0.66%
800 2,555 135 out of 2,555 to receive 100 Shares 0.66%
900 1,828 109 out of 1,828 to receive 100 Shares 0.66%
1,000 22,380 1,463 out of 22,380 to receive 100 Shares 0.65%
2,000 9,147 1,198 out of 9,147 to receive 100 Shares 0.65%
3,000 8,301 1,622 out of 8,301 to receive 100 Shares 0.65%
4,000 4,436 1,152 out of 4,436 to receive 100 Shares 0.65%


--- page 15 ---
15
No. of
Shares
Applied For
No. of Valid
Applications Basis of Allotment/Ballot
Approximate
Percentage
allotted of the
Total No.
 of H shares
applied for
5,000 4,375 1,419 out of 4,375 to receive 100 Shares 0.65%
6,000 3,228 1,259 out of 3,228 to receive 100 Shares 0.65%
7,000 2,395 1,093 out of 2,395 to receive 100 Shares 0.65%
8,000 2,156 1,124 out of 2,156 to receive 100 Shares 0.65%
9,000 1,743 1,018 out of 1,743 to receive 100 Shares 0.65%
10,000 13,645 8,811 out of 13,645 to receive 100 Shares 0.65%
20,000 7,304 100 Shares plus 2,129 out of 7,304 to receive additional
 100 Shares
0.65%
30,000 4,599 100 Shares plus 4,310 out of 4,599 to receive additional
 100 Shares
0.65%
40,000 3,090 200 Shares plus 1,802 out of 3,090 to receive additional
 100 Shares
0.65%
50,000 2,693 300 Shares plus 615 out of 2,693 to receive additional
 100 Shares
0.65%
60,000 1,869 300 Shares plus 1,628 out of 1,869 to receive additional
 100 Shares
0.65%
70,000 1,891 400 Shares plus 975 out of 1,891 to receive additional
 100 Shares
0.65%
80,000 1,165 500 Shares plus 194 out of 1,165 to receive additional
 100 Shares
0.65%
90,000 1,019 500 Shares plus 822 out of 1,019 to receive additional
 100 Shares
0.65%
100,000 9,988 600 Shares plus 4,177 out of 9,988 to receive additional
 100 Shares
0.64%
194,695 Total number of Pool A successful applicants: 55,484
Pool B
200,000 6,550 400 Shares plus 2,202 out of 6,550 to receive additional
 100 Shares
0.22%
300,000 2,070 600 Shares plus 1,044 out of 2,070 to receive additional
 100 Shares
0.22%
400,000 1,157 800 Shares plus 778 out of 1,157 to receive additional
 100 Shares
0.22%
500,000 737 1,000 Shares plus 620 out of 737 to receive additional
 100 Shares
0.22%
600,000 489 1,300 Shares plus 4 out of 489 to receive additional 100
 Shares
0.22%
700,000 363 1,500 Shares plus 64 out of 363 to receive additional
 100 Shares
0.22%
800,000 274 1,700 Shares plus 95 out of 274 to receive additional
 100 Shares
0.22%


--- page 16 ---
16
No. of
Shares
Applied For
No. of Valid
Applications Basis of Allotment/Ballot
Approximate
Percentage
allotted of the
Total No.
 of H shares
applied for
900,000 179 1,900 Shares plus 92 out of 179 to receive additional
 100 Shares
0.22%
1,000,000 846 2,100 Shares plus 576 out of 846 to receive additional
 100 Shares
0.22%
2,000,000 293 4,300 Shares plus 106 out of 293 to receive additional
 100 Shares
0.22%
3,000,000 92 6,500 Shares plus 4 out of 92 to receive additional 100
 Shares
0.22%
4,000,000 34 8,600 Shares plus 25 out of 34 to receive additional 100
 Shares
0.22%
5,000,000 76 10,800 Shares plus 31 out of 76 to receive additional
 100 Shares
0.22%
10,000,000 29 21,600 Shares plus 24 out of 29 to receive additional
 100 Shares
0.22%
14,869,800 44 32,200 Shares plus 17 out of 44 to receive additional
 100 Shares
0.22%
13,233 Total number of Pool B successful applicants: 13,233
As of the date of this announcement, the relevant subscription monies previously deposited in the
designated nominee accounts have been remitted back to the accounts of all HKSCC participants.
Investors should contact their relevant brokers for any inquiries.


--- page 17 ---
17
COMPLIANCE WITH LISTING RULES AND GUIDANCE
The Directors confirm that, except for the Listing Rules that have been waived and/or in respect of
which consent has been obtained, the Company has complied with the Listing Rules and guidance
materials in relation to the placing, allotment and listing of the Company ’s H Shares.
The Directors confirm that, to the best of their knowledge, the consideration paid by the placees
or the public (as the case may be) directly or indirectly for each Offer Share subscribed for or
purchased by them was the same as the final Offer Price in addition to any brokerage, AFRC
transaction levy, SFC transaction levy and trading fee payable.
OTHERS/ADDITIONAL INFORMATION
Allocations of Offer Shares to a close associate of an existing Shareholder and Cornerstone
Investors and/or their close associates with a consent under Chapter 4.15 of the Guide for
New Listing Applicants
The Company has applied to, and the Stock Exchange has granted, a consent under Chapter 4.15
of the Guide for New Listing Applicants to permit the Company to allocate further Offer Shares in
the International Offering to a close associate of an existing Shareholder and Cornerstone Investors
and/or their close associates as placees, subject to the following conditions:
(a) the final offering size of the Global Offering (excluding any additional H Shares which may
be issued upon exercise of the Over-allotment Option) will be of a total value of at least
HK$1 billion as required by paragraph 18(i) of Chapter 4.15 of the Guide for New Listing
Applicants;
(b) the Offer Shares allocated to all existing shareholders and their close associates (whether as
cornerstone investors and/or as placees) as permitted under this exemption do not exceed 30%
of the total number of the H Shares offered, which is in compliance with paragraph 18(ii) of
Chapter 4.15 of the Guide for New Listing Applicants;
(c) each Director, chief executive and Supervisor of the Company has confirmed that no
securities have been allocated to them or their respective close associates under the
Size-based Exemption as required by paragraph 18(iii) of Chapter 4.15 of the Guide for New
Listing Applicants;
(d) the Company will comply with the public float requirement under Rule 8.08(1) (as amended
and replaced by Rule 19A.13A) of the Listing Rules; and
(e) details of the allocation to existing investors will be disclosed in this announcement.
Such allocations of Offer Shares are in compliance with all the conditions under the consent
granted by the Stock Exchange.
For details of the allocations of Offer Shares to existing Shareholders and/or their close associates
and Cornerstone Investors, please refer to the section headed “Allotment Results Details –
International Offer – Allotees with Waivers/Consents Obtained ” in this announcement.


--- page 18 ---
18
Placing to connected clients with prior consents under paragraph 1C of the Placing
Guidelines
The Company has applied to the Stock Exchange for, and the Stock Exchange has granted,
consents under paragraph 1C of the Placing Guidelines to permit allocation to connected clients
pursuant to the Placing Guidelines. The allocation of Offer Shares to such connected clients is in
compliance with all the conditions under the consents granted by the Stock Exchange. Details of
the placement to connected clients (including the cornerstone tranche and placing tranche) are set
out below.
Connected Distributor Connected Client Relationship
Whether the
Connected Client will
hold the beneficial
interests of the Offer
Shares on a non-
discretionary basis or
discretionary basis
for independent third
parties
Number
of Offer
Shares to be
allocated to
the connected
client
Approximate
percentage of
Offer Shares
allocated to
the connected
client
(assuming
no exercise
of the Over-
allotment
Option)
Approximate
percentage
of total
issued share
capital after
the Global
Offering
(assuming
no exercise
of the Over-
allotment
Option)
China International
Capital Corporation
Hong Kong Securities
Limited ( “CICCHKS ”)
CICC FT (1) CICCFT is a member of the
same group as CICCHKS.
Non-discretionary basis 17,406,400 5.85% 0.30%
Huatai Financial
Holdings (Hong Kong)
Limited ( “HTFH”)
HTCI (2) Both HTCI and HTFH are
indirect wholly-owned
subsidiaries of Huatai
Securities Company Limited
(“HTSC ”), the A shares
of which are listed on the
Shanghai Stock Exchange
(stock code: 601688), the H
shares of which are listed
on the Stock Exchange
(stock code: 6886), and the
global depositary receipts
of which are listed on the
London Stock Exchange
(LON: HTSC). Therefore,
HTCI and Huatai are
members of the same group
of companies.
Non-discretionary basis 2,881,300 0.97% 0.05%


--- page 19 ---
19
Connected Distributor Connected Client Relationship
Whether the
Connected Client will
hold the beneficial
interests of the Offer
Shares on a non-
discretionary basis or
discretionary basis
for independent third
parties
Number
of Offer
Shares to be
allocated to
the connected
client
Approximate
percentage of
Offer Shares
allocated to
the connected
client
(assuming
no exercise
of the Over-
allotment
Option)
Approximate
percentage
of total
issued share
capital after
the Global
Offering
(assuming
no exercise
of the Over-
allotment
Option)
GF Securities (Hong
Kong) Brokerage
Limited ( “GF
Securities (Hong
Kong) Brokerage ”)
GF Securities
AM (3)
GF Securities AM is a direct
wholly-owned subsidiary
of GF Securities Co.,
Ltd. (Stock Code: 1776)
(“GF Securities ”) and GF
Securities (Hong Kong)
Brokerage is an indirect
wholly-owned subsidiary of
GF Securities. Therefore,
GF Securities AM and GF
Securities (Hong Kong)
Brokerage are members
of the same group of
companies.
Non-discretionary basis 5,066,400 1.70% 0.09%
GF Securities (Hong
Kong) Brokerage
E Fund (4) GF Securities (Hong Kong)
Brokerage is an indirect
wholly-owned subsidiary
of GF Securities, which
in turn holds 22.65% of
the issued share capital of
E Fund. As of the date of
this announcement, E Fund
Hong Kong is a wholly-
owned subsidiary of E
Fund. Therefore, each of
E Fund and E Fund Hong
Kong constitutes a member
of the same group with GF
Securities (Hong Kong)
Brokerage.
Discretionary basis 1,426,200 0.48% 0.02%
E Fund
Hong Kong (5)
93,700 0.03% 0.002%


--- page 20 ---
20
Connected Distributor Connected Client Relationship
Whether the
Connected Client will
hold the beneficial
interests of the Offer
Shares on a non-
discretionary basis or
discretionary basis
for independent third
parties
Number
of Offer
Shares to be
allocated to
the connected
client
Approximate
percentage of
Offer Shares
allocated to
the connected
client
(assuming
no exercise
of the Over-
allotment
Option)
Approximate
percentage
of total
issued share
capital after
the Global
Offering
(assuming
no exercise
of the Over-
allotment
Option)
GF Securities (Hong
Kong) Brokerage
GF International (6) GF Securities (Hong Kong)
Brokerage is an indirect
wholly-owned subsidiary
of GF Securities Co., Ltd
(Stock Code: 1776), which
in turn holds 54.53% of
the issued share capital
of GF Fund Management
Co., Ltd ( “GF Fund ”).
GF International is a
wholly-owned subsidiary
of GF Fund. Therefore,
GF International and GF
Securities (Hong Kong)
Brokerage are members
of the same group of
companies.
Discretionary basis 101,500 0.03% 0.002%
GF Securities (Hong
Kong) Brokerage
Value Partners (7) GF Securities (Hong Kong)
Brokerage is an indirect
wholly-owned subsidiary
of GF Securities. Value
Partners is a wholly-owned
subsidiary of Value Partners
Group Limited (Stock
Code: 806) ( “VPGL ”). By
virtue of GF Securities is
interested in 20.04% of
the issued share capital of
VPGL which renders Value
Partners an associate of GF
Securities, Value Partners is
therefore a member of the
same group of companies as
GF Securities (Hong Kong)
Brokerage.
Discretionary basis 505,000 0.17% 0.01%


--- page 21 ---
21
Connected Distributor Connected Client Relationship
Whether the
Connected Client will
hold the beneficial
interests of the Offer
Shares on a non-
discretionary basis or
discretionary basis
for independent third
parties
Number
of Offer
Shares to be
allocated to
the connected
client
Approximate
percentage of
Offer Shares
allocated to
the connected
client
(assuming
no exercise
of the Over-
allotment
Option)
Approximate
percentage
of total
issued share
capital after
the Global
Offering
(assuming
no exercise
of the Over-
allotment
Option)
GF Securities (Hong
Kong) Brokerage
GFGC (8) GFGC is a member of the
same group of GF Securities
(Hong Kong) Brokerage.
Non-discretionary basis 7,600 0.003% 0.0001%
CLSA Limited
(“CLSA”), CITIC
Securities Brokerage
(HK) Limited ( “CSB”)
CSI (9) CLSA Limited, CITICS
Securities and CSI are
members of the same group.
Non-discretionary basis 4,207,200 1.41% 0.07%
CLSA, CSB China AM HK (10) CLSA, CSB and China AM
HK are members of the
same group.
Discretionary basis 166,500 0.06% 0.003%
CLSA, CSB China AMC (11) CLSA, CSB and China
AMC are members of the
same group.
Discretionary basis 338,500 0.11% 0.01%
CMB International
Capital Limited
(“CMBI”)
CMBIAM (12) CMBIAM and CMBI are
members of the same group
of companies.
Discretionary basis 3,800 0.001% 0.0001%
CMBI Bosera AM (13) Bosera AM and CMBI are
members of the same group
of companies.
Discretionary basis 50,500 0.02% 0.001%


--- page 22 ---
22
Notes:
1. CICC FT and China International Capital Corporation Limited ( “CICCL ”) will enter into a series of cross
border delta-one OTC swap transactions (collectively, the “CICC FT OTC Swaps ”) with each other and
the ultimate clients (the “CICC FT Ultimate Clients ”), pursuant to which CICC FT will hold the Offer
Shares on a non-discretionary basis to hedge the CICC FT OTC Swaps while the economic risks and returns
of the underlying Offer Shares are passed to the CICC FT Ultimate Clients, subject to customary fees and
commissions. The CICC FT OTC Swaps will be fully funded by the CICC FT Ultimate Clients. To the best
of CICC FT ’s knowledge having made all reasonable inquiries, each of the CICC FT Ultimate Clients is an
independent third party of CICC FT, CICCHKS and the companies which are members of the same group of
CICCHKS, and no single ultimate beneficial owner holds 30% or more interest in each of the CICC FT Ultimate
Clients. The CICC FT Ultimate Clients are certain domestic private funds (including a total of no more than
seven funds, each being an Independent Third Party) managed by Shanghai Greenwoods Asset Management Co.,
Ltd (ʮ̡ ) ( “Shanghai Greenwoods ”). As confirmed by Shanghai Greenwoods, each
of the CICC FT Ultimate Clients is managed by Shanghai Greenwoods on a discretionary basis, with investment
decisions independently made by Shanghai Greenwoods ’ fund managers. Mr. Jiang Jinzhi is the chairman, a
major shareholder and an ultimate beneficial owner of Shanghai Greenwoods. No other shareholder holds 30%
or more interest in Shanghai Greenwoods.
CICC FT and CICCL will enter into a series of cross border delta-one OTC swap transactions (collectively,
the “Pinpoint OTC Swaps ”) with each other and the ultimate clients (the “CICC FT Ultimate Clients
(Pinpoint) ”), pursuant to which CICC FT will hold the Offer Shares on a non-discretionary basis to hedge the
Pinpoint OTC Swaps while the economic risks and returns of the underlying Offer Shares are passed to the
CICC FT Ultimate Clients (Pinpoint), subject to customary fees and commissions. The Pinpoint OTC Swaps
will be fully funded by the CICC FT Ultimate Clients (Pinpoint). To the best of CICC FT ’s knowledge having
made all reasonable inquiries, each of the CICC FT Ultimate Clients (Pinpoint) is an independent third party
of CICC FT, CICCHKS and the companies which are members of the same group of CICCHKS, and no single
ultimate beneficial owner holds 30% or more interest in each of the CICC FT Ultimate Clients (Pinpoint). The
CICC FT Ultimate Clients (Pinpoint) are certain domestic private funds (including a total of no more than three
funds, each being an Independent Third Party) managed by Shanghai Pinpoint Private Fund Management Co.,
Ltd. (ʮ̡ ).
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.
Pursuant to the ISDA Agreement, HTCI, which intends to participate in the Global Offering as a placee, will
hold the Offer Shares on a non-discretionary basis as the single underlying holder under a back-to-back total
return swap (the “Back-to-back TRS ”) to be entered by HTCI in connection with a Client TRS (as defined
below) placed by and fully funded (i.e. with no financing provided by HTCI) by the Huatai Ultimate Clients (as
defined below), by which, HTCI will pass the full economic exposure of the Offer Shares to the Huatai Ultimate
Clients, which in effect, HTCI will hold the beneficial interest of the Offer Shares on behalf of the Huatai
Ultimate Clients. 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 Appendix F1 of the Listing
Rules.


--- page 23 ---
23
Pursuant to the Cross-border Derivatives Trading Regime, the onshore investors (the “Huatai  Ultimate
Clients ”) cannot directly subscribe for the Offer Shares but may invest in derivative products issued by
domestic securities firms licenced to undertake cross-border derivatives trading activities, such as Huatai
Securities, with the Offer Shares as the underlying assets. Instead of directly subscribing for the Offer Shares,
the Huatai Ultimate Clients will place a total return swap order (the “Client TRS ”) with Huatai Securities in
connection with the Company ’s IPO and Huatai Securities will place a Back-to-back TRS order to HTCI on the
terms of the ISDA Agreement. In order to hedge its exposure under the Back-to-back TRS, HTCI participates in
the Company ’s IPO and subscribes the Offer Shares through placing order with HTFH during the International
Offering.
To the best of our knowledge and after making all reasonable enquiries, each of the Huatai Ultimate Clients is
an independent third party of the Company and their respective associates.
The purpose of HTCI to subscribe for the Offer Shares is for hedging the Back-to-back TRS in connection
with the Client TRS order placed by the Huatai Ultimate Clients. Pursuant to the terms of the contracts of
the Back-to-back TRS and the Client TRS, during the tenor of the Back-to-back TRS and the Client TRS, all
economic returns of the Offer Shares will be passed to the Huatai Ultimate Clients through the Back-to-back
TRS and the Client TRS and all economic loss shall be borne by the Huatai Ultimate Clients. HTCI will not
take any economic return or bear any economic loss in relation to the Offer Shares.
Investment in the Back-to-back TRS and the Client TRS is similar to the investment in a qualified domestic
institutional investor fund ( “QDII”) in the way that the Huatai Ultimate Clients would reap all the economic
benefits of the underlying Offer Shares, except that a QDII fund would pass through the exchange rate exposure
on both the notional value of the investment and the profit and loss of the investment. In contrast, the profit and
loss of the Back-to-back TRS and the Client TRS factor into account the fluctuation in RMB exchange rate upon
termination of the Client TRS by converting the profit and loss using the current exchange rate at the time of
termination. As such, the Huatai Ultimate Clients would bear the exchange rate exposure of the profit and loss
on settlement date.
The Huatai Ultimate Clients may exercise an early termination right to terminate the Client TRS at any time
from the issue date of the Client TRS which should be on or after the date on which the Offer Shares are listed
on the Stock Exchange. Upon the termination upon maturity or early termination of the Client TRS by the
Huatai Ultimate Clients, HTCI will dispose the Offer Shares on the secondary market and the Huatai Ultimate
Clients will receive a final termination amount of the Back-to-back TRS which should have taken into account
all the economic returns or economic loss in relation to the Offer Shares. If upon the maturity of the Client TRS,
the Huatai Ultimate Clients intend to extend the investment period, subject to further agreement between Huatai
Securities and the relevant Huatai Ultimate Clients, the term of the Client TRS could be extended by way of a
new issuance or a tenor extension. Accordingly, Huatai Securities will extend the term of the Back-to-back TRS
by way of a new issuance or a tenor extension.
It is proposed that HTCI will hold the legal title and the voting right of the Offer Shares by itself, and pass
through the economic exposure to the Huatai Ultimate Clients, each being an onshore client who places a Client
TRS order with Huatai Securities in connection with the IPO of the Company. Due to its internal policy, 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 (as further described in paragraph below).
As permitted under the contractual arrangement with the Huatai Ultimate Clients, 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 to be passed to the Huatai
Ultimate Clients will remain unchanged.
3. PSBC Wealth will engage GF Securities AM as an asset manager that is a qualified domestic institutional
investor as approved by the relevant PRC authority, to subscribe for and hold the Offer Shares on a
non-discretionary basis on behalf of PSBC Wealth.


--- page 24 ---
24
4. E Fund will hold the Offer Shares in its capacity as the discretionary fund manager managing the funds on
behalf of its underlying clients, each of which is an Independent Third Party to the best knowledge and belief
and after due enquiry of E Fund.
5. E Fund Hong Kong will hold the Offer Shares in its capacity as the discretionary fund manager managing on
behalf of its underlying clients, each of which is an Independent Third Party to the best knowledge and belief
and after due enquiry of E Fund Hong Kong.
6. GF International will hold the Offer Shares in its capacity as the discretionary fund manager managing certain
funds, the ultimate beneficial owner of which is an Independent Third Party.
7. Value Partners will hold the Offer Shares in its capacity as the discretionary fund manager managing
SFC-authorized collective investment schemes and non-SFC-authorized collective investment schemes on behalf
its underlying clients, each of which is an Independent Third Party.
8. GFGC will hold the Offer Shares for and on behalf of two ultimate clients on non-discretionary basis:
(1) GFGC entered into a series of cross border delta-one OTC swap transactions (the “OTC Swaps ”) with
each of the ultimate clients ( “GFGC TRS Ultimate Clients ”) which are registered private offering funds
managed by Jing Tao International Financial Holding Limited, pursuant to which GFGC 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 GFGC TRS Ultimate Clients, and the OTC Swaps are
fully funded by the GFGC TRS Ultimate Clients. The ultimate beneficial owner of Jing Tao International
Financial Holding Limited is Lin Tong, an independent Third Party, holding 34.99% interest therein; and
(2) Hefei Bangmei Commercial Operation Management Co., Ltd. (ʮ̡ ).
To the best of knowledge of GFGC, each of the ultimate beneficial owners of ultimate clients listed above is an
independent third party of GFGC, GF Securities (Hong Kong) Brokerage and the companies which are members
of the same group of companies as GF Securities (Hong Kong) Brokerage.
9. CSI and CITIC Securities Company Limited will enter into a series of cross border OTC swap transactions
(“CSI OTC Swaps ”) with each other and the investment managers for and on behalf of certain ultimate clients
(the “CSI Ultimate Clients ”), pursuant to which CSI will hold the Offer Shares on a non-discretionary basis to
hedge the CSI OTC Swaps while the economic risks and returns of the underlying Offer Shares are passed to
the ultimate clients, subject to customary fees and commissions. CSI will not take part in any economic returns
or bear any economic losses in relation to the Offer Shares. The CSI OTC Swaps will be fully funded by the
ultimate clients.
To the best knowledge of CSI after making all reasonable enquiries, each of the CSI Ultimate Clients is an
independent third party of CSI, CLSA Limited, CITICS Securities, the companies which are members of the
same group of companies as CLSA, CITICS Securities and the Company.
10. 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 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 and substantial
shareholders, CLSA, CSB, China AM HK and the companies which are members of the same group of
companies as CLSA and CSB; and (ii) China AM HK is not a collective investment scheme which is not
authorised by the SFC.


--- page 25 ---
25
11. China AMC will hold the Offer Shares in its capacity as the discretionary fund manager managing assets on
behalf of its underlying clients. No ultimate beneficial owner holds 30% or more interest therein.
Each of the underlying clients of China AMC is an independent third party of China AMC, CLSA and CSB and
the companies which are members of the same group of CLSA and CSB.
12. CMBIAM will hold the Offer Shares in its capacity as discretionary fund manager managing assets on behalf
of its underlying clients. To the best of CMBIAM ’s knowledge after due enquiry, each underlying clients of
CMBIAM is an independent third party of CMBIAM, CMBI and the companies which are members of the same
group of CMBI.
13. Bosera AM will hold the Offer Shares in its capacity as discretionary fund manager managing assets on behalf
of its underlying clients. To the best of Bosera AM ’s knowledge after due enquiry, each the underlying clients
of Bosera AM is an independent third party of Bosera AM, CMBI and the companies which are members of the
same group of CMBI.
DISCLAIMERS
Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited and
Hong Kong Securities Clearing Company Limited take no responsibility for the contents of this
announcement, make no representation as to its accuracy or completeness and expressly disclaim
any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or
any part of the contents of this announcement.
This announcement is not for release, publication, distribution, directly or indirectly, in or into
the United States (including its territories and possessions, any state of the United States and
the District of Columbia). This announcement does not constitute or form a part of any offer or
solicitation to purchase or subscribe for securities in the United States. The securities mentioned
herein have not been, and will not be, registered under the United States Securities Act of 1933,
as amended (the “U.S. Securities Act ”). The securities may not be offered or sold in the United
States except pursuant to an exemption from the registration requirements of the U.S. Securities
Act and in compliance with any applicable state securities laws, or outside the United States
unless in compliance with Regulation S under the U.S. Securities Act. There will be no public
offer of securities in the United States.
The Offer Shares are being offered and sold 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 September 17, 2025 issued by Chery Automobile
Co., Limited for detailed information about the Global Offering described below before deciding
whether or not to invest in the H Shares thereby being offered.
* Potential investors of the Offer Shares should note that the 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 – Hong Kong Public Offering – Hong Kong
Underwriting Agreement – Grounds for Termination ” in the Prospectus at any time prior to 8:00 a.m. (Hong
Kong time) on the Listing Date (which is currently expected to be on September 25, 2025).


--- page 26 ---
26
PUBLIC FLOAT
Immediately after the completion of the Global Offering (before any exercise of the Over-allotment
Option), the total number of H Shares held in public hands represents approximately 21.56% of
the total issued share capital of the Company, which is higher than the prescribed percentage
of H Shares required to be held in public hands of 10% under Rule 19A.13A(1) of the Listing
Rules calculated based on the final Offer Price of HK$30.75 per H Share, thereby satisfying Rule
19A.13A(1) of the Listing Rules.
Each of the Cornerstone Investors has agreed to a lock-up period of six months following the
Listing Date. As such, H Shares held by the Cornerstone Investors upon the Listing shall not be
counted towards the free float of the H Shares of the Company at the time of Listing. Based on the
final Offer Price of HK$30.75 per H Share, the Company satisfies the free float requirement under
Rule 19A.13C(1)(b) of the Listing Rules.
The Directors confirm that, immediately following the completion of the Global Offering (before
any exercise of the Over-allotment Option), (i) no placee will, individually, be placed more than
10% of the enlarged issued share capital of the Company immediately after the Global Offering;
(ii) there will not be any new substantial Shareholder immediately after the Global Offering; (iii)
the three largest public shareholders of the Company do not hold more than 50% of the H shares
in public hands at the time of the Listing in compliance with Rules 8.08(3) and 8.24 of the Listing
Rules; and (iv) there will be at least 300 Shareholders at the time of the Listing in compliance with
Rule 8.08(2) of the Listing Rules.
COMMENCEMENT OF DEALINGS
The H Share certificates will only become valid evidence of title at 8:00 a.m. on Thursday,
September 25, 2025 (Hong Kong time), provided that the Global Offering has become
unconditional and the right of termination described in the section headed “Underwriting –
Underwriting Arrangements – Hong Kong Public Offering – Grounds for Termination ” in the
Prospectus has not been exercised. Investors who trade the H Shares on the basis of publicly
available allocation details prior to the receipt of H Share certificates or prior to the H Share
certificates becoming valid evidence of title do so entirely at their own risk.
Assuming that the Global Offering becomes unconditional at or before 8:00 a.m. on Thursday,
September 25, 2025 (Hong Kong time), it is expected that dealings in the H Shares on the Stock
Exchange will commence at 9:00 a.m. on Thursday, September 25, 2025 (Hong Kong time). The H
Shares will be traded in board lots of 100 H Shares each, and the stock code of the H Shares will
be 9973.
By order of the Board
Chery Automobile Co., Ltd.
Mr. Yin Tongyue
Chairman of the Board and executive Director
Hong Kong, September 24, 2025
As at the date of this announcement, the Board comprises: (i) Mr. YIN Tongyue and Mr. ZHANG
Guozhong as executive directors; (ii) Ms. WANG Laichun, Ms. LI Jing, Mr. WANG Jinhua, Mr.
WANG Xiaowei, Mr. BAO Siyu, Mr. YIN Xiangling and Mr. HU Jingyuan as non-executive
directors; and (iii) Mr. SHANG Wenjiang, Mr. YANG Mianzhi, Mr. YE Shengji, Mr. LU Feng,
Mr. YANG Shanlin and Mr. LAI Ni Hium, Frank as independent non-executive directors.