hk-ipo/data/extracted_text/02481/allotment_results_summary_2023-07-07_2023070700064.txt

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ANNOUNCEMENT OF OFFER PRICE AND ALLOTMENT RESULTS
SUMMARY
OFFER PRICE
• The Offer Price has been determined at HK$3.60 per Offer Share (exclusive of brokerage
of 1%, SFC transaction levy of 0.0027%, AFRC transaction levy of 0.00015% and Stock
Exchange trading fee of 0.00565%).
NET PROCEEDS FROM THE GLOBAL OFFERING
• Based on the Offer Price of HK$3.60 per Offer Share, the net proceeds from the Global
Offering to be received by the Company, after deduction of the underwriting fees and
commissions and estimated expenses payable by the Company in connection with the
Global Offering, are estimated to be approximately HK$187.5 million. The Company
intends to use the net proceeds from the Global Offering in accordance with the purposes
as set out in the section headed “Net Proceeds from the Global Offering ” in this
announcement.
• As no over-allocation of International Offer Shares has been made, the Over-allotment
Option has not been and will not be exercised, and no additional proceeds are expected to
be received by the Company in this connection.
APPLICATIONS AND INDICATIONS OF INTEREST RECEIVED IN THE HONG KONG
PUBLIC OFFERING
• The Hong Kong Offer Shares initially offered under the Hong Kong Public Offering have
been moderately over-subscribed. A total of 1,373 valid applications have been received
pursuant to the Hong Kong Public Offering through the White Form eIPO service and
through the CCASS EIPO service for a total of 11,619,000 Hong Kong Offer Shares,
representing approximately 1.54 times of the total number of 7,560,000 Hong Kong 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 of the
total number of the Offer Shares initially available for subscription under the Hong Kong
Public Offering, the reallocation procedure as described in the section headed “Structure of
the Global Offering {  Hong Kong Public Offering – Reallocation ” in the Prospectus has
not taken place. The final number of Offer Shares under the Hong Kong Public Offering
is 7,560,000 Offer Shares, representing 10% of the total number of Offer Shares initially
available under the Global Offering, which have been allocated to 1,373 successful
applicants under the Hong Kong Public Offering.


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INTERNATIONAL OFFERING
• The Offer Shares initially offered under the International Offering have been slightly over-
subscribed, representing approximately 1.35 times of the total number of Offer Shares
initially available under the International Offering. The final number of International Offer
Shares available under the International Offering is 68,040,000 Shares, representing 90%
of the total number of Offer Shares initially available under the Global Offering (given that
the Over-allotment Option has not been and will not be exercised).
• There are a total of 153 placees under the International Offering. A total of 100 placees
have been allotted five board lots of International Offer Shares or less, representing
approximately 65.36% of the total number of placees under the International Offering.
A total of 96 placees have been allotted one board lot of International Offer Shares,
representing approximately 62.75% of the total number of placees under the International
Offering.
• The International Offering has been conducted in compliance with the Placing Guidelines
for Equity Securities as set out in Appendix 6 to the Listing Rules (the “Placing
Guidelines ”). None of the Offer Shares were allocated to any core connected person as
defined in the Listing Rules, Directors or existing Shareholders, or their respective close
associates (as such term is defined in the Listing Rules), or persons set out in paragraphs
5(1) and 5(2) of the Placing Guidelines, whether in their own names or through nominees.
None of the Sole Sponsor, the Sponsor-OC, the Overall Coordinator, the Sole Global
Coordinator, the Joint Bookrunners, the Joint Lead Managers, the Co-Managers, the
Underwriters, the Capital Market Intermediaries or their respective affiliated companies
and connected clients (as set out in Appendix 6 to the Listing Rules) has taken up any
Offer Shares for its own benefit under the Global Offering.


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CONFIRMATIONS OF PUBLIC SHAREHOLDERS IN THE HONG KONG PUBLIC
OFFERING AND PLACEES IN THE INTERNATIONAL OFFERING
• The Directors confirm that, to the best of their knowledge, information and belief, (i) none
of the Offer Shares subscribed by public Shareholders in the Hong Kong Public Offering
and placees in the International Offering has been directly or indirectly financed by the
Company, any of the Directors, supervisors, chief executive, Controlling Shareholders,
substantial Shareholders, existing Shareholders of the Company or any of its subsidiaries
or any of their respective close associates; and (ii) none of the public Shareholders in the
Hong Kong Public Offering and placees in the International Offering who have subscribed
for the Offer Shares is accustomed to taking instructions from the Company, any of the
Directors, supervisors, chief executive, Controlling Shareholders, substantial Shareholders,
existing Shareholders of the Company or any of its subsidiaries or any of their respective
close associates in relation to the acquisition, disposal, voting or other disposition of the
Shares registered in their name or otherwise held by them.
Over-allotment Option
• No over-allocation of International Offer Shares has been made. Accordingly, the Over-
allotment Option has not been and will not be exercised. In view of the fact that there has
been no over-allocation in the International Offering, there has been no delayed delivery
arrangement with any investor under the International Offering, and no stabilisation
activities as described in the Prospectus are expected to take place during the stabilising
period (which will begin on the Listing Date and end on the 30th day after the last day
for the lodging of applications under the Hong Kong Public Offering, i.e. Wednesday, 2
August 2023).
Cornerstone Investor
• Based on the Offer Price of HK$3.60 per Offer Share (inclusive of brokerage fee, SFC
transaction levy, AFRC transaction levy and Stock Exchange trading fee), pursuant to the
Cornerstone Investment Agreement, the Cornerstone Investor has agreed to subscribe for
a total of 14,823,000 H Shares, representing in aggregate approximately (i) 19.6% of the
Offer Shares, given that the Over-allotment Option has not been and will not be exercised;
(ii) 4.9% of the total Shares in issue upon completion of the Global Offering, given that the
Over-allotment Option has not been and will not be exercised.
• Please refer to the section headed “Cornerstone Investor ” in the Prospectus for further
details of the Cornerstone Investor.
LOCK-UP OBLIGATIONS
• The Company, each of the Controlling Shareholders, the existing Shareholders and the
Cornerstone Investor are subject to certain lock-up obligations as set out in the section
headed “Lock-up Obligations ” in this announcement.
SHAREHOLDING CONCENTRATION ANALYSIS
• A shareholding concentration analysis based on the allotment results under the Global
Offering is set out in the section headed “Shareholding Concentration Analysis ” in this
announcement.


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RESULTS OF ALLOCATIONS
• The final Offer Price, the level of indication of interest in the International Offering and the
results of allocations of the Hong Kong Offer Shares under the Hong Kong Public Offering
successfully applied for through the White Form eIPO service or through the CCASS
EIPO  service, including the Hong Kong identity card/passport/Hong Kong business
registration numbers of successful applicants under the Hong Kong Public Offering will be
available at the times and dates and in the manner specified below:
• in this announcement posted on the Company ’s website at http://www.hjkj.cn  and
the Stock Exchange ’s website at www.hkexnews.hk  by no later than 8:00 a.m. on
Friday, 7 July 2023. Please note that the list of identification document numbers 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 H Shares through their brokers can consult their brokers to
enquire about their application result;
• from the designated results of allocations website at www.iporesults.com.hk
(alternatively: English https://www.eipo.com.hk/en/Allotment ; Chinese
https://www.eipo.com.hk/zh-hk/Allotment ) with a “search by ID ” function on a 24-hour
basis from 8:00 a.m. on Friday, 7 July 2023 to 12:00 midnight on Thursday, 13 July 2023;
and
• from the allocation results telephone enquiry line by calling +852 2862 8555 between 9:00
a.m. and 6:00 p.m. on Friday, 7 July 2023, Monday, 10 July 2023, Tuesday, 11 July 2023
and Wednesday, 12 July 2023.
• This announcement contains a list of identification document numbers. Identification
document numbers shown in the section headed “Results of Applications Made by White
Form eIPO ” 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 ” are provided
by CCASS Participants via CCASS. Therefore, the identification document numbers shown
in the two sections are different in nature.
• Since applications are subject to personal information collection statements, beneficial
owner identification codes displayed in the sections headed “Results of Applications
Made by White Form eIPO ” 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.


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DESPATCH/COLLECTION OF H SHARE CERTIFICATES/e -REFUND PAYMENT
INSTRUCTIONS/REFUND CHEQUES
• Applicants who applied for 1,000,000 Hong Kong Offer Shares or more through the White
Form eIPO service and who have been successfully or partially successfully allocated
Hong Kong Offer Shares and are eligible to collect H Share certificates in person may
collect H Share certificates from the H Share Registrar, Computershare Hong Kong
Investor Services Limited, at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen ’s
Road East, Wan Chai, Hong Kong from 9:00 a.m. to 1:00 p.m. on Friday, 7 July 2023, or
any other place or date notified by the Company as the date of despatch/collection of H
Share certificates/e-Refund payment instructions/refund cheques.
• If an applicant does not collect his/her/its H Share certificate(s) and/or refund cheque(s)
(where applicable) personally within the time specified for collection, they will be sent to
the address specified in his/her/its application instructions by ordinary post at his/her/its
own risk.
• H Share certificates for Hong Kong Offer Shares allotted to applicants who applied for
less than 1,000,000 Hong Kong Offer Shares through the White Form eIPO  service
are expected to be despatched to those entitled to the address specified in the relevant
application instructions through the White Form eIPO service by ordinary post at their
own risk on or before Friday, 7 July 2023.
• H Share certificates for Hong Kong Offer Shares allotted to applicants who applied through
the White Form eIPO service, which are either not available for personal collection, or
which are available but are not collected in person by 1:00 p.m. on Friday, 7 July 2023, 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 Friday, 7 July 2023.
• Wholly or partially successful applicants who applied by giving electronic application
instructions to HKSCC via CCASS will have their H Share certificate(s) issued in the
name of HKSCC Nominees Limited and deposited into CCASS for credit to their CCASS
Investor Participant stock accounts or the stock accounts of their designated CCASS
Participants who gave electronic application instructions on their behalf on Friday, 7 July
2023, or on any other date determined by HKSCC or HKSCC Nominees.
• 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.


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• Applicants who applied as a CCASS Investor Participant by giving electronic application
instructions to HKSCC via CCASS should check and report any discrepancies to HKSCC
before 5:00 p.m. on Friday, 7 July 2023 or such other date as shall be determined by
HKSCC or HKSCC Nominees. Applicants who applied as a CCASS Investor Participant
by giving electronic application instructions to HKSCC via CCASS may also check the
results of their applications and the amount of refund monies 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
Participants stock accounts and the crediting of the refund monies to the CCASS Investor
Participants bank accounts. HKSCC will also make available to the CCASS Investor
Participants an activity statement showing the number of Hong Kong Offer Shares credited
to their stock accounts and the refund amount credited to their respective designated bank
accounts (if any).
• Applicants who applied through the White Form eIPO service and paid the application
monies through a single bank account will have refund monies (if any) despatched to their
application payment bank account in the form of e-Refund payment instructions. Applicants
who have applied through the White Form eIPO service and paid the application monies
through multiple bank accounts will have refund monies (if any) despatched to the
addresses specified on the White Form eIPO application 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 at their own risk on or before Friday, 7 July 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
Friday, 7 July 2023.
• H Share certificates will only become valid evidence of title at 8:00 a.m. on Monday, 10
July 2023, provided that the Global Offering has become unconditional in all respects
at or before that time and the right of termination as described in the paragraph headed
“Underwriting { Underwriting Arrangements and Expenses – Hong Kong Public Offering
{ Grounds for termination ” in the Prospectus has not been exercised.
• The Company will not issue any temporary documents of title in respect of the Offer
Shares and will not issue any receipt for application monies received.


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PUBLIC FLOAT
• The Directors confirm that immediately following the completion of the Global Offering,
(a) no placee will, individually, be placed more than 10% of the enlarged issued share
capital of the Company immediately after the Global Offering; (b) there will not be any
new substantial shareholder (as defined in the Listing Rules) of the Company immediately
after the Global Offering; (c) the total number of H Shares of the Company held by the
public represents at least 25% of the Company ’s total number of issued Shares, and the
Company will have a market capitalisation of at least HK$125 million held by the public,
satisfying Rules 8.08(1) and 8.09(1) of the Listing Rules; (d) the three largest public
Shareholders do not hold more than 50% of the H 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; and (e) 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
• Assuming that the Global Offering becomes unconditional at or before 8:00 a.m. in Hong
Kong on Monday, 10 July 2023, it is expected that dealings in the H Shares on the Stock
Exchange will commence at 9:00 a.m. in Hong Kong on Monday, 10 July 2023. The H
Shares will be traded in board lots of 1,000 H Shares each and the stock code of the H
Shares will be 2481.
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 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.
OFFER PRICE
The Offer Price has been determined at HK$3.60 per Offer Share (exclusive of brokerage of 1%,
SFC transaction levy of 0.0027%, AFRC transaction levy of 0.00015% and Stock Exchange trading
fee of 0.00565%).
NET PROCEEDS FROM THE GLOBAL OFFERING
Based on the Offer Price of HK$3.60 per Offer Share, the net proceeds from the Global Offering
to be received by the Company, after deduction of the underwriting fees and commissions and
estimated expenses payable by the Company in connection with the Global Offering, are estimated
to be approximately HK$187.5 million. The Company intends to use the net proceeds for the
following purposes:
• approximately HK$93.7 million (equivalent to approximately RMB85.3 million), representing
approximately 50.0% of the net proceeds from the Global Offering, will be used for
construction of new peak-shaving boiler (which will be a coal-fired boiler) in our heat source
peak-shaving station for our Lanzhou New Area Project (ணධ
ͦ) (the “Lanzhou Peak-shaving Boiler Construction ”). The construction activities mainly
consist of (i) construction of new coal-fired boiler and relevant supporting equipment; (ii)
construction of heat source peak-shaving station and supporting infrastructure; and (iii) other
ancillary construction activities such as installation of transmission line.


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• approximately HK$75.0 million (equivalent to approximately RMB68.2 million), representing
approximately 40.0% of the net proceeds from the Global Offering, will be used for the
construction of primary distribution pipelines and heat service facilities, procurement of
relevant equipment and devices for our heat service operation and future expansion of
our Xinmi Project (ධͦ ) (the “Xinmi Project Preparation and
Expansion ”). The Xinmi Project Preparation and Expansion includes (i) construction of
primary distribution pipeline networks; (ii) procurement of raw materials for the construction
of primary distribution pipeline networks; and (iii) engagement of third-party contractors for
construction related services including design and consultancy services.
F
• approximately HK$18.8 million (equivalent to approximately RMB17.1 million), representing
approximately 10.0% of the net proceeds from the Global Offering, will be used as working
capital and other general corporate purposes.
As no over-allocation of International Offer Shares has been made, the Over-allotment Option has
not been and will not be exercised, and no additional proceeds are expected to be received by the
Company in this connection.
APPLICATIONS AND INDICATIONS OF INTEREST RECEIVED IN THE HONG KONG
PUBLIC OFFERING
The Hong Kong Offer Shares initially offered under the Hong Kong Public Offering have been
moderately over-subscribed. A total of 1,373 valid applications have been received pursuant to the
Hong Kong Public Offering through the White Form eIPO service and through the CCASS EIPO
service for a total of 11,619,000 Hong Kong Offer Shares, representing approximately 1.54 times
of the total number of 7,560,000 Hong Kong Offer Shares initially available for subscription under
the Hong Kong Public Offering, among which:
• 1,370 valid applications in respect of a total of 6,619,000 Hong Kong Offer Shares were
for the Hong Kong Public Offering with an aggregate subscription amount based on the
maximum Offer Price of HK$4.20 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 million or less, representing approximately 1.75 times
of the 3,780,000 Hong Kong Offer Shares initially comprised in Pool A of the Hong Kong
Public Offering; and
• 3 valid applications in respect of a total of 5,000,000 Hong Kong Offer Shares were for the
Hong Kong Public Offering with an aggregate subscription amount based on the maximum
Offer Price of HK$4.20 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 million, representing approximately 1.32 times of the
3,780,000 Hong Kong Offer Shares initially comprised in Pool B of the Hong Kong Public
Offering.
No application has been rejected due to invalid application. No multiple or suspected multiple
application has been identified and rejected. No application has been rejected due to dishonored
payments. No application for more than 3,780,000 Hong Kong Offer Shares (being 50% of the
Hong Kong Offer Shares initially available under the Hong Kong Public Offering) has been
identified.


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As the over-subscription in the Hong Kong Public Offering is less than 15 times of the total
number of the Offer Shares initially available for subscription under the Hong Kong Public
Offering, and the Overall Coordinator and the Sole Global Coordinator have decided not to
exercise their authority to reallocate Offer Shares originally included in the International Offering
to the Hong Kong Public Offering in accordance with the Guidance Letter HKEX-GL91-18, no
reallocation procedure as described in the section headed “Structure of the Global Offering {
Hong Kong Public Offering – Reallocation ” in the Prospectus has taken place. The final number
of Offer Shares under the Hong Kong Public Offering is 7,560,000 Offer Shares, representing
10% of the total number of Offer Shares initially available under the Global Offering, which have
been allocated to 1,373 successful applicants under the Hong Kong Public Offering. A total of 921
applicants have been allotted with one board lot of Offer Shares.
The Offer Shares offered in the Hong Kong Public Offering were conditionally allocated on the
basis set out in the section headed “Basis of Allocation under the Hong Kong Public Offering ”
below.
INTERNATIONAL OFFERING
The Offer Shares initially offered under the International Offering have been slightly
over-subscribed. A total of 91,656,000 International Offer Shares have been subscribed,
representing approximately 1.35 times of the total number of Offer Shares initially available under
the International Offering. The final number of International Offer Shares available under the
International Offering is 68,040,000 Shares, representing 90% of the total number of Offer Shares
initially available under the Global Offering.
There are a total of 153 placees under the International Offering. No over-allocation of
International Offer Shares has been made. A total of 100 placees have been allotted five board lots
of International Offer Shares or less, representing approximately 65.36% of the total number of
placees under the International Offering. These placees have been allotted approximately 0.15%
of the International Offer Shares initially available under the International Offering. A total of 96
placees have been allotted one board lot of International Offer Shares, representing approximately
62.75% of the total number of placees under the International Offering. These placees have
been allotted approximately 0.14% of the International Offer Shares initially available under the
International Offering.
The International Offering has been conducted in compliance with the Placing Guidelines. None
of the Offer Shares were allocated to any core connected person as defined in the Listing Rules,
Directors or existing Shareholders, or their respective close associates (as such term is defined
in the Listing Rules), or persons set out in paragraphs 5(1) and 5(2) of the Placing Guidelines,
whether in their own names or through nominees. None of the Sole Sponsor, the Sponsor-OC, the
Overall Coordinator, the Sole Global Coordinator, the Joint Bookrunners, the Joint Lead Managers,
the Co-Managers, the Underwriters, the Capital Market Intermediaries or their respective affiliated
companies and connected clients (as set out in Appendix 6 to the Listing Rules) has taken up any
Offer Shares for its own benefit under the Global Offering.


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CONFIRMATIONS OF PUBLIC SHAREHOLDERS IN THE HONG KONG PUBLIC
OFFERING AND PLACEES IN THE INTERNATIONAL OFFERING
The Directors confirm that, to the best of their knowledge, information and belief, (i) none of the
Offer Shares subscribed by public Shareholders in the Hong Kong Public Offering and placees
in the International Offering has been directly or indirectly financed by the Company, any of
the Directors, supervisors, chief executive, Controlling Shareholders, substantial Shareholders,
existing Shareholders of the Company or any of its subsidiaries or any of their respective close
associates; and (ii) none of the public Shareholders in the Hong Kong Public Offering and placees
in the International Offering who have subscribed for the Offer Shares is accustomed to taking
instructions from the Company, any of the Directors, supervisors, chief executive, Controlling
Shareholders, substantial Shareholders, existing Shareholders of the Company or any of its
subsidiaries or any of their respective close associates in relation to the acquisition, disposal,
voting or other disposition of the Shares registered in their name or otherwise held by them.
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 Coordinator and the Sole Global
Coordinator on behalf of the International Underwriters, at any time within 30 days from the last
day for lodging applications under the Hong Kong Public Offering (the last day for exercise of
the Over-allotment Option being Wednesday, 2 August 2023), to require the Company to allot and
issue up to 11,340,000 additional H Shares, representing 15% of the number of H Shares initially
being offerred under the Global Offering, at the Offer Price to solely cover over-allocations in the
International Offering.
No over-allocation of International Offer Shares has been made. Accordingly, the Over-allotment
Option has not been and will not be exercised. In view of the fact that there has been no
over-allocation in the International Offering, there has been no delayed delivery arrangement with
any investor under the International Offering, and no stabilisation activities as described in the
Prospectus are expected to take place during the stabilising period (which will begin on the Listing
Date and end on the 30th day after the last day for the lodging of applications under the Hong
Kong Public Offering, i.e. Wednesday, 2 August 2023).
The Company will ensure or procure that a public announcement in compliance with the Securities
and Futures (Price Stabilizing) Rules will be issued within seven days after the end of the
stabilising period.


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Cornerstone Investor
Based on the Offer Price of HK$3.60 per Offer Share (exclusive of 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 pursuant to the Cornerstone Investment Agreement as disclosed in the
section headed “Cornerstone Investor ” in the Prospectus, the number of Offer Shares placed to the
Cornerstone Investor is set out below:
Investment
Amount (1)
Number of
Offer Shares
(rounded down
 to nearest
whole board
lot of 1,000
H Shares)
Approximate
% of the
Offer Shares (2)
Approximate
% of the
total Shares in
issue immediately
following the
completion of
Global Offering (2)
Jiang Gang International Investment
 Company Limited RMB50,000,000 14,823,000 19.6 4.9
Note:
(1) Including brokerage, the SFC transaction levy, the AFRC transaction levy and the Stock Exchange trading fee.
(2) The Overall Coordinator and the Sole Global Coordinator confirm that no over-allocation of International Offer
Shares has been made and the Over-allotment Option has not been and will not be exercised.
To the best knowledge of the Company, (i) the Cornerstone Investor is an Independent Third
Party; (ii) the subscriptions of the Offer Shares by the Cornerstone Investor is not financed directly
or indirectly by the Company, the Directors, supervisors, Controlling Shareholders, substantial
Shareholders and existing Shareholders of the Company, or any of their subsidiaries or respective
close associates; and (iii) the Cornerstone Investor is not accustomed to take instructions from the
Company, Directors, supervisors, Controlling Shareholders, substantial Shareholders and existing
Shareholders of the Company or any of their subsidiaries or respective close associates in relation
to the acquisition, disposal, voting or other disposition of the Offer Shares. The Cornerstone
Placing will form part of the International Offering and the Cornerstone Investor will not subscribe
for any Offer Shares under the Global Offering (other than pursuant to the Cornerstone Investment
Agreement). The Offer Shares to be subscribed by the Cornerstone Investor will rank pari passu
in all respects with the other fully paid H Shares in issue immediately upon completion of the
Global Offering and will be counted towards the public float of the Company under Rule 8.08 of
the Listing Rules and in compliance with the requirement under Rule 8.08(3) of the Listing Rules.
Immediately following the completion of the Global Offering, the Cornerstone Investor will not
become a substantial shareholder of the Company, nor will the Cornerstone Investor have any
Board representation in the Company.
As confirmed by the Cornerstone Investor, (i) its subscription under the Cornerstone Placing would
be financed by its internal resources and/or the financial resources of its shareholders; (ii) there
are no side agreements/arrangement between the Company and the Cornerstone Investor or any
benefit, direct or indirect, conferred on the Cornerstone Investor by virtue of or in relation to the
Cornerstone Placing, other than a guaranteed allocation of the relevant Offer Shares at the Offer
Price; and (iii) neither the Cornerstone Investor nor any of its shareholders is listed on any stock
exchange, and all necessary approvals (including approvals from its shareholders, if relevant) have
been obtained with respect to its subscription under the Cornerstone Placing.


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The Cornerstone Investor has agreed that without the prior written consent of each of our
Company, the Sponsor-OC, the Overall Coordinator and the Sole Global Coordinator (for
themselves and on behalf of the Underwriters) and the Sole Sponsor, it will not, whether directly
or indirectly, at any time during the period of six months starting from and inclusive of the Listing
Date (the “Lock-up Period ”), dispose of any of the Offer Shares it purchased pursuant to the
Cornerstone Investment Agreement, save for certain limited circumstances, such as transfers to any
of its wholly-owned subsidiaries/companies which will be bound by the same obligations of such
Cornerstone Investor, including the Lock-up Period restriction.
Other than a guaranteed allocation of the relevant Offer Shares at the final Offer Price, the
Cornerstone Investor does not have any preferential rights in the Cornerstone Investment
Agreement compared with other public Shareholders.
Please refer to the section headed “Cornerstone Investor ” in the Prospectus for further details
relating to the Cornerstone Investor.
BASIS OF ALLOCATION UNDER THE HONG KONG PUBLIC OFFERING
Subject to the satisfaction of the conditions set out in the paragraph headed “Structure of the
Global Offering {  Conditions of the Global Offering ” in the Prospectus, 1,373 valid applications
made by the public through the White Form eIPO service and the CCASS EIPO service 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 SHARES
APPLIED FOR
POOL A
1,000 921 1,000 Shares 100.00%
2,000 212 2,000 Shares 100.00%
3,000 51 3,000 Shares 100.00%
4,000 20 4,000 Shares 100.00%
5,000 35 5,000 Shares 100.00%
6,000 8 6,000 Shares 100.00%
7,000 8
6,000 Shares plus 2 out of 8 to
 receive additional 1,000 Shares 89.29%
8,000 3 7,000 Shares 87.50%
9,000 2
7,000 Shares plus 1 out of 2 to
 receive additional 1,000 Shares 83.33%
10,000 54 8,000 Shares 80.00%
15,000 6 10,000 Shares 66.67%
20,000 11 12,000 Shares 60.00%
25,000 5 14,000 Shares 56.00%
30,000 8 16,000 Shares 53.33%
35,000 3 18,000 Shares 51.43%
40,000 1 20,000 Shares 50.00%
45,000 8 22,000 Shares 48.89%


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15
NO. OF SHARES
APPLIED FOR
NO. OF VALID
APPLICATIONS
BASIS OF
ALLOTMENT/BALLOT
APPROXIMATE
PERCENTAGE
ALLOTTED OF
THE TOTAL
NO. OF SHARES
APPLIED FOR
POOL A
50,000 3 24,000 Shares 48.00%
60,000 1 27,000 Shares 45.00%
70,000 1 30,000 Shares 42.86%
80,000 1 33,000 Shares 41.25%
90,000 1 36,000 Shares 40.00%
100,000 2 39,000 Shares 39.00%
350,000 2 98,000 Shares 28.00%
450,000 1 104,000 Shares 23.11%
500,000 1 105,000 Shares 21.00%
700,000 1 140,000 Shares 20.00%
1,370
Total number of Pool A successful
 applicants: 1,370
NO. OF SHARES
APPLIED FOR
NO. OF VALID
APPLICATIONS
BASIS OF
ALLOTMENT/BALLOT
APPROXIMATE
PERCENTAGE
ALLOTTED OF
THE TOTAL
NO. OF SHARES
APPLIED FOR
POOL B
1,500,000 2 1,135,000 Shares 75.67%
2,000,000 1 1,510,000 Shares 75.50%
3
Total number of Pool B successful
 applicants: 3
The final number of Offer Shares comprising the Hong Kong Public Offering is 7,560,000 Offer
Shares, representing 10% of the total number of Offer Shares initially available under the Global
Offering.


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16
LOCK-UP OBLIGATIONS
The Company, each of the Controlling Shareholders, the existing Shareholders and the Cornerstone
Investor are subject to lock-up obligations (the “Lock-up Obligations ”) in respect of our Shares.
The major terms of the Lock-up Obligations are set out as follows:
Name Class of shares
Number of
Shares subject
to the Lock-
up Obligations
after Listing
Percentage of
shareholding in
the Company
subject to
the Lock-up
Obligations
after Listing (1)
Last day of the
lock-up period
The Company (subject to lock-up obligations
pursuant to the Listing Rules and the Hong
Kong Underwriting Agreement)
N/A N/A N/A 9 January 2024 (2)
Controlling Shareholders (subject to lock-up
obligations pursuant to the Listing Rules, the
Hong Kong Underwriting Agreement and
applicable PRC laws)
Shuangliang Technology (3) Unlisted Shares
 (Domestic Shares)
150,000,000 49.75% 9 July 2024 (5)
Jiangsu Lichuang (4) Unlisted Shares
 (Domestic Shares)
51,000,000 16.91% 9 July 2024 (5)
All other existing Shareholders (excluding
Controlling Shareholders) (subject to lock-up
obligations pursuant to the applicable PRC
laws)
Mr. Li Baoshan Unlisted Shares
 (Domestic Shares)
6,000,000 1.99% 9 July 2024 (5)
Mr. Gu Dongsheng Unlisted Shares
 (Domestic Shares)
2,500,000 0.83% 9 July 2024 (5)
Mr. Liu Jiansheng Unlisted Shares
 (Domestic Shares)
2,500,000 0.83% 9 July 2024 (5)
Mr. Liu Jing Unlisted Shares
 (Domestic Shares)
2,000,000 0.66% 9 July 2024 (5)
Mr. Shan Yulin Unlisted Shares
 (Domestic Shares)
2,000,000 0.66% 9 July 2024 (5)
Mr. Li Fenglin Unlisted Shares
 (Domestic Shares)
2,000,000 0.66% 9 July 2024 (5)


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17
Name Class of shares
Number of
Shares subject
to the Lock-
up Obligations
after Listing
Percentage of
shareholding in
the Company
subject to
the Lock-up
Obligations
after Listing (1)
Last day of the
lock-up period
Mr. Liu Guoyin Unlisted Shares
 (Domestic Shares)
2,000,000 0.66% 9 July 2024 (5)
Mr. Wang Xiaosong Unlisted Shares
 (Domestic Shares)
2,000,000 0.66% 9 July 2024 (5)
Mr. Geng Ming Unlisted Shares
 (Domestic Shares)
2,000,000 0.66% 9 July 2024 (5)
Mr. Jiang Shaojun Unlisted Shares
 (Domestic Shares)
2,000,000 0.66% 9 July 2024 (5)
Cornerstone Investor (subject to lock-up
obligations pursuant to the Cornerstone
Investment Agreement)
H shares 14,823,000 4.90% 9 January 2024 (6)
Notes:
(1) The Overall Coordinator and the Sole Global Coordinator confirm that no over-allocation of International Offer
Shares has been made and the Over-allotment Option has not been and will not be exercised.
(2) The Company may not issue Shares on or before the indicated date except otherwise permitted by the Listing
Rules.
(3) The registered capital of Shuangliang Technology is held as to 20% by Mr. Miao Shuangda, 15% by Mr. Miao
Wenbin, 10% by Mr. Miao Zhiqiang, 10% by Ms. Miao Shuya, 10% by Mr. Miao Heida, 15% by Mr. Jiang
Rongfang, 10% by Mr. Ma Peilin and 10% by Mr. Ma Fulin.
(4) The registered capital of Jiangsu Lichuang is held as to 20% by Mr. Miao Shuangda, 15% by Mr. Miao Wenbin,
10% by Mr. Miao Zhiqiang, 10% by Ms. Miao Shuya, 10% by Mr. Miao Heida, 15% by Mr. Jiang Rongfang,
10% by Mr. Ma Peilin and 10% by Mr. Ma Fulin.
(5) Pursuant to the applicable PRC laws, within the 12 months following the Listing Date, each of the existing
Shareholders (including the Controlling Shareholders) could not dispose of any of the Shares held by them.
(6) The Cornerstone Investor shall not dispose of, in any way, any of the Offer Shares it has subscribed for pursuant
to the Cornerstone Investment Agreement (the “Cornerstone Shares ”) or any interest in any company or entity
holding any of such Cornerstone Shares on or before the indicated date. For details of the Cornerstone Investor,
please see the section headed “Cornerstone Investor ” in the Prospectus.


--- page 16 ---
18
SHAREHOLDING CONCENTRATION ANALYSIS
A summary of allotment results under the International Offering is set out below:
• Top 1, 5, 10, 20 and 25 of the placees in the International Offering:
Placee Subscription
Number of
H Shares held
upon Listing
Number of
Shares held
upon Listing
Subscription as %
of International
Offering
Subscription as %
of total
Offer Shares
Number of
H Shares as %
of total
H Shares
Number of
Shares as %
of total share
capital
in issue
Top 1 15,660,000 15,660,000 15,660,000 23.02% 20.71% 20.71% 5.19%
Top 5 40,547,000 40,547,000 40,547,000 59.59% 53.63% 53.63% 13.44%
Top 10 52,948,000 52,948,000 52,948,000 77.82% 70.04% 70.04% 17.56%
Top 20 61,019,000 61,019,000 61,019,000 89.68% 80.71% 80.71% 20.23%
Top 25 63,318,000 63,318,000 63,318,000 93.06% 83.75% 83.75% 20.99%
• Top 1, 5, 10, 20 and 25 Shareholders upon Listing:
Shareholder Subscription
Number of
H Shares held
upon Listing
Number of
Shares held
upon Listing
Subscription as %
of International
Offering
Subscription as
% of total
Offer Shares
Number of
H Shares as %
of total
H Shares
Number of
Shares as %
of total
share capital
in issue
Top 1 0 0 150,000,000 0 0 0 49.73%
Top 5 30,483,000 30,483,000 237,483,000 44.80% 40.32% 40.32% 78.74%
Top 10 46,541,000 46,541,000 253,541,000 68.40% 61.56% 61.56% 84.07%
Top 20 51,298,000 51,298,000 275,298,000 75.39% 67.85% 67.85% 91.28%
Top 25 56,968,000 56,968,000 282,968,000 83.73% 75.35% 75.35% 93.82%
• Top 1, 5, 10, 20 and 25 of all the holders of the H Shares of the Company upon Listing:
Shareholder Subscription
Number of
H Shares held
upon Listing
Number of
Shares held
upon Listing
Subscription as %
of International
Offering
Subscription as %
of total
Offer Shares
Number of
H Shares as %
of total
H Shares
Number of
Shares as %
of total
share capital
in issue
Top 1 15,660,000 15,660,000 15,660,000 23.02% 20.71% 20.71% 5.19%
Top 5 40,547,000 40,547,000 40,547,000 59.59% 53.63% 53.63% 13.44%
Top 10 52,948,000 52,948,000 52,948,000 77.82% 70.04% 70.04% 17.56%
Top 20 62,906,000 62,906,000 62,906,000 92.45% 83.21% 83.21% 20.86%
Top 25 65,877,000 65,877,000 65,877,000 96.82% 87.14% 87.14% 21.84%


--- page 17 ---
19
RESULTS OF ALLOCATIONS
The final Offer Price, the level of indication of interest in the International Offering and the results
of allocations of the Hong Kong Offer Shares under the Hong Kong Public Offering successfully
applied for through the White Form eIPO service or through the CCASS EIPO service, including
the Hong Kong identity card/passport/Hong Kong business registration numbers of successful
applicants under the Hong Kong Public Offering will be available at the times and dates and in the
manner specified below:
• in this announcement posted on the Company ’s website at www.hjkj.cn  and the Stock
Exchange ’s website at www.hkexnews.hk  by no later than 8:00 a.m. on Friday, 7 July 2023.
Please note that the list of identification document numbers 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 H Shares through
their brokers can consult their brokers to enquire about their application result;
• from the designated results of allocations website at www.iporesults.com.hk
(alternatively: English https://www.eipo.com.hk/en/Allotment ; Chinese
https://www.eipo.com.hk/zh-hk/Allotment ) with a “search by ID ” function on a 24-hour
basis from 8:00 a.m. on Friday, 7 July 2023 to 12:00 midnight on Thursday, 13 July 2023;
and
• from the allocation results telephone enquiry line by calling +852 2862 8555 between 9:00
a.m. and 6:00 p.m. on Friday, 7 July 2023, Monday, 10 July 2023, Tuesday, 11 July 2023 and
Wednesday, 12 July 2023.
This announcement contains a list of identification document numbers. Identification document
numbers shown in the section headed “Results of Applications Made by White Form eIPO ” 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 ” are provided by CCASS Participants via CCASS. Therefore, the
identification document numbers shown in the two sections are different in nature.
Since applications are subject to personal information collection statements, beneficial owner
identification codes displayed in the sections headed “Results of Applications Made by White
Form eIPO ” 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.