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hk-ipo/data/extracted_text/02490/allotment_results_summary_2023-09-22_2023092200058.txt
T
geometrybase 6d05056609 Backfill structured T1 demand from archived text 
Request:
- Use archivist to close the 137 T1 ipo_demand source-only gaps using extracted PDF text.

Changes:
- Add an incremental T1 demand text backfill script.
- Parse existing allotment-result extracted text into ipo_demand.
- Archive linked Summary PDFs from old HKEX HTML allotment-result pages.
- Correct allotment-result selection to prefer primary result announcements over clarification or supplemental notices.
- Add robust line-aware allotment parsing and document the workflow in archivist and README.
- Record the backfill result in a report.

Execution:
- Selected 137 source-only T1 demand gaps.
- Wrote 137 ipo_demand rows, increasing ipo_demand from 154 to 291 rows.
- Archived 38 new HKEX allotment-result PDFs and extracted their text.
- Confirmed an incremental rerun selects 0 gaps and writes 0 rows.

Verification:
- Ran git diff --cached --check.
- Ran py_compile for archive_hkex_documents.py and backfill_t1_demand_from_text.py.
- Checked SQLite integrity and foreign keys.
- Confirmed DB row counts match CSV snapshots.
- Verified no T1 complete row is missing ipo_demand.
- Verified source_refs paths/files/hashes and PDF extracted-text manifest hashes.

Next useful context:
- T1 demand structure is complete for listed rows; 06106 and 06675 remain pending_not_due.
- T2 grey-market and due price-performance gaps remain separate archivist priorities.
- Analyst output should be regenerated before using the new T1 demand facts for scoring.
2026-06-15 13:59:06 +00:00

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--- page 1 ---
3
ANNOUNCEMENT OF FINAL OFFER PRICE AND ALLOTMENT RESULTS
SUMMARY
Final Offer Price
• The final Offer Price has been determined at HK$5.13 per Offer Share (exclusive of
brokerage of 1%, SFC transaction levy of 0.0027%, Stock Exchange trading fee of
0.00565% and AFRC transaction levy of 0.00015%).
Net Proceeds from the Global Offering
• Based on the final Offer Price of HK$5.13 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$83.5 million (assuming the Over-
allotment Option is not exercised and excluding any Shares that may be issued under the
Post-IPO Share Scheme). The estimated total listing expenses (assuming that the Over-
allotment Option is not exercised and excluding any Shares that may be issued under
the Post-IPO Share Scheme) are approximately HK$62.2 million, or 42.7% of the gross
proceeds of the Global Offering, comprising underwriting fees of HK$5.9 million, fees and
expenses of legal advisors and Reporting Accountants of HK$32.7 million and other fees
and expenses of HK$23.6 million. The Company intends to use the net proceeds from the
Global Offering in the manner as set out in the paragraph headed “Net Proceeds from the
Global Offering ” in this announcement.
• If the Over-allotment Option is exercised in full, the Company will receive additional
net proceeds of approximately HK$21.0 million for 4,258,000 additional Offer Shares to
be issued and allotted upon the exercise of the Over-allotment Option, after deduction of
underwriting fees and commissions and estimated expenses payable by the Company in
connection with the Global Offering, which will be allocated on a pro rata basis according
to the use of proceeds as set out in the paragraph headed “Net Proceeds from the Global
Offering ” in this announcement.
APPLICATIONS AND INDICATIONS OF INTEREST RECEIVED
Hong Kong Public Offering
• The Hong Kong Offer Shares initially offered under the Hong Kong Public Offering have
been moderately oversubscribed. A total of 2,344 valid applications have been received
pursuant to the Hong Kong Public Offering through the White Form eIPO service and
giving electronic application instructions to HKSCC for a total of 13,531,000 Hong
Kong Offer Shares, representing approximately 4.77 times of the total number of 2,839,000
Shares initially available for subscription under the Hong Kong Public Offering.
• As the oversubscription in the Hong Kong Public Offering is less than 15 times, no
reallocation of Offer Shares has been effected from the International Offering to the Hong
Kong Public Offering.
• The final number of Offer Shares under the Hong Kong Public Offering is 2,839,000 Offer
Shares, representing 10% of the total number of Offer Shares initially available under
the Global Offering (before any exercise of the Over-allotment Option and excluding
any Shares that may be issued under the Post-IPO Share Scheme), and being allocated to
1,141 successful applicants under the Hong Kong Public Offering, among which 1,010
applicants have been allotted one board lot of Offer Shares totalling 1,010,000 Shares.
--- page 2 ---
4
International Offering
• The Offer Shares initially offered under the International Offering have been slightly
oversubscribed, representing approximately 1.53 times of the total number of Offer Shares
initially available under the International Offering. The final number of Offer Shares
allocated to the placees under the International Offering is 25,551,000 Shares, representing
90% of the total number of Offer Shares initially available under the Global Offering
(before any exercise of the Over-allotment Option and excluding any Shares that may be
issued under the Post-IPO Share Scheme). There has been an over-allocation of 4,258,000
Offer Shares and there are a total of 114 placees under the International Offering, among
which 100 placees have been allotted five or fewer board lots of Offer Shares totalling
107,000 Shares and 96 placees have been allotted one board lot of Offer Shares totalling
96,000 Shares.
Placing of Offer Shares to Certain Existing Shareholders under Paragraph 5(2) of the
Placing Guidelines
• Under the International Offering, a total of 1,366,000 Offer Shares were allocated to
Power Bright, an existing Shareholder, representing (i) approximately 4.81% of the Offer
Shares under the Global Offering; and (ii) approximately 0.48% of the total issued Shares
immediately upon completion of the Global Offering (assuming the Over-allotment Option
is not exercised and excluding any Shares that may be issued under the Post-IPO Share
Scheme). Immediately upon completion of the Global Offering (assuming the Over-
allotment Option is not exercised and excluding any Shares that may be issued under the
Post-IPO Share Scheme), Power Bright will in aggregate hold approximately 4.95% of the
total issued share capital of the Company.
• Under the International Offering, a total of 2,594,000 Offer Shares were allocated to PCW,
an existing Shareholder, representing (i) approximately 9.14% of the Offer Shares under
the Global Offering; and (ii) approximately 0.91% of the total issued Shares immediately
upon completion of the Global Offering (assuming the Over-allotment Option is not
exercised and excluding any Shares that may be issued under the Post-IPO Share Scheme).
Immediately upon completion of the Global Offering (assuming the Over-allotment Option
is not exercised and excluding any Shares that may be issued under the Post-IPO Share
Scheme), PCW will in aggregate hold approximately 1.81% of the total issued share capital
of the Company.
• The Company has applied to the Stock Exchange for, and the Stock Exchange has granted,
a waiver from strict compliance with Rule 10.04 of the Listing Rules and its consent under
paragraph 5(2) of Appendix 6 to the Listing Rules (the “Placing Guidelines ”) to permit the
Company to allocate such Offer Shares under the International Offering to Power Bright
and PCW as placees.
• To the best knowledge of the Company and save for the fact that the above two placees,
namely Power Bright and PCW, are existing Shareholders of the Company, (i) none of
the Offer Shares subscribed for by public Shareholders in the Hong Kong Public Offering
and placees in the International Offering has been financed directly, or indirectly by the
Company, the Directors, the chief executive of the Company or any of its subsidiaries,
the Controlling Shareholders, substantial Shareholders, existing Shareholders, 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 has subscribed for the
Offer Shares is accustomed to taking instructions from the Company, the Directors, the
chief executive of the Company or any of its subsidiaries, the Controlling Shareholders,
substantial Shareholders, existing Shareholders, 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.
--- page 3 ---
5
• Save as disclosed in the section headed “International Offering – Placing of Offer Shares
to Certain Existing Shareholders under Paragraph 5(2) of Placing Guidelines ” in this
announcement, to the best knowledge, information and belief of the Directors, no Offer
Shares placed by or through the Overall Coordinators, the Joint Global Coordinators,
the Joint Bookrunners or the Underwriters under the Global Offering have been placed
with applicants who are core connected persons (as defined in the Listing Rules) of
the Company, or to any connected clients (as set out in paragraph 5(1) of the Placing
Guidelines), or persons set out in paragraph 5(2) of the Placing Guidelines, whether in their
own names or through nominees.
Over-allotment Option
In connection with the Global Offering, the Company has granted the Over-allotment Option
to the International Underwriters, exercisable by the Overall Coordinators (for themselves and
on behalf of the International Underwriters), at any time from the Listing Date to Wednesday,
October 18, 2023, being the 30th day after the last day for lodging applications under the
Hong Kong Public Offering, to require the Company to issue and allot up to an aggregate of
4,258,000 additional Offer Shares, representing not more than approximately 15.0% of the
total number of Offer Shares initially available under the Global Offering, at the Offer Price to
cover the over-allocations in the International Offering. There has been an over-allocation of
4,258,000 Offer Shares in the International Offering and such over-allocation will be settled by
using Shares to be borrowed under the Stock Borrowing Agreement between Lecang Altitude
and ABCI Securities Company Limited. The return of the borrowed Shares will be settled by
exercising the Over-allotment Option in full or in part or by making purchases in the secondary
market 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 at www.hkexnews.hk and the
Company ’s website at www.lcang.com . As of the date of this announcement, the Over-allotment
Option has not been exercised.
Lock-up Undertakings
The Company, the Controlling Shareholders and another existing Shareholder are subject to
certain lock-up undertakings as set out in the paragraph headed “Lock-up Undertakings ” in this
announcement.
--- page 4 ---
6
Results of Allocations
The Offer Price, the level of indications of interest in the International Offering, the level of
applications of the Hong Kong Offer Shares and the results of allocations, 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 date and in the manner
specified below:
• in the announcement to be posted on the Company ’s website at www.lcang.com and the
Stock Exchange ’s website at www.hkexnews.hk by no later than 9:00 a.m. on Friday,
September 22, 2023 (Hong Kong time). 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 Offer 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, September 22, 2023 (Hong Kong time) to 12:00 midnight
on Thursday, September 28, 2023 (Hong Kong time); and
• by telephone enquiry line by calling (852) 2862 8555 between 9:00 a.m. and 6:00 p.m. on
Friday, September 22, 2023 (Hong Kong time) to Wednesday, September 27, 2023 (Hong
Kong time) (excluding Saturday, Sunday and Hong Kong public holidays).
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.
--- page 5 ---
7
Despatch/Collection of Share Certificates/e-Refund Payment Instructions/Refund Checks
• Applicants who applied for 1,000,000 Hong Kong Offer Shares or more through the White
Form eIPO service and who have been wholly successfully or partially successfully
allocated Hong Kong Offer Shares and are eligible to collect Share certificates in person
may collect Share certificates from the Hong Kong Share Registrar, Computershare Hong
Kong Investor Services Limited, at Shops 1712-1716, 17th Floor, Hopewell Centre,
183 Queen ’s Road East, Wanchai, Hong Kong from 9:00 a.m. to 1:00 p.m. on Friday,
September 22, 2023 (Hong Kong time), or such other date or place as notified by the
Company in the newspapers as the date of despatch/collection of Share certificates/
e-Refund payment instructions/refund checks.
• Share certificates for the 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, September 22, 2023.
• Share certificates for the Hong Kong Offer Shares allocated to applicants who applied
through the White Form eIPO service which are either not eligible for personal collection
or which are eligible but are not collected in person by 1:00 p.m. on Friday, September 22,
2023 (Hong Kong time), are expected to be despatched by ordinary post to those entitled to
them at their own risk on or before Friday, September 22, 2023.
• Wholly or partially successful applicants who applied by giving electronic application
instructions to HKSCC via CCASS will have their Share certificates 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, September 22,
2023.
• Applicants who applied through a designated CCASS Participant (other than a CCASS
Investor Participant) should check the number of Hong Kong Offer Shares allocated to
them with that CCASS Participant.
• Applicants who applied as a CCASS Investor Participant by giving electronic application
instructions to HKSCC via CCASS should check and report any discrepancies to HKSCC
before 5:00 p.m. on Friday, September 22, 2023 (Hong Kong time) 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).
--- page 6 ---
8
• Applicants who applied through the White Form eIPO service and paid the application
monies from a single bank account will have refund monies (if any) despatched to their
application payment accounts in the form of e-Refund payment instructions on Friday,
September 22 2023. Applicants who applied through the White Form eIPO service and
paid the application monies from multiple bank accounts will have refund monies (if any)
despatched to the addresses specified on their White Form eIPO applications in the form
of refund check(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, September 22,
2023.
• Refund monies for applicants who have 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 brokers or custodians on
Friday, September 22, 2023.
• Share certificates will only become valid evidence of title at 8:00 a.m. on Monday,
September 25, 2023 (Hong Kong time) provided that the Global Offering has become
unconditional and the right of termination described in the section headed “Underwriting ”
in the Prospectus has not been exercised.
• No temporary document of title will be issued in respect of the Shares. No receipt will be
issued for sums paid on application.
Public Float
• Immediately following the completion of the Global Offering, approximately 32.09% of the
total issued Shares will be held by the public in compliance with the requirements under
Rule 8.08 of the Listing Rules.
• The Directors confirm that (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 number of Shares in public
hands will satisfy the minimum percentage as approved by the Stock Exchange; (d) the
three largest public Shareholders do not hold more than 50% of the Shares in public hands
at the time of 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 Listing in compliance with Rule
8.08(2) of the Listing Rules.
--- page 7 ---
9
Commencement of Dealings
Share certificates will only become valid evidence of title at 8:00 a.m. on Monday, September
25, 2023 (Hong Kong time) provided that the Global Offering has become unconditional and the
right of termination described in the section headed “Underwriting ” in the Prospectus has not
been exercised. Investors who trade Shares on the basis of publicly available allocation details
or prior to the receipt of Share certificates or prior to the 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. in Hong Kong
on Monday, September 25, 2023 (Hong Kong time), it is expected that dealings in the Shares on
the Stock Exchange will commence at 9:00 a.m. on Monday, September 25, 2023 (Hong Kong
time). The Shares will be traded in board lots of 1,000 Shares each and the stock code of the
Shares will be 2490.
In view of the high concentration of shareholding in a small number of Shareholders,
Shareholders and prospective investors should be aware that the price of the Shares could
move substantially even with a small number of Shares traded, and should exercise extreme
caution when dealing in the Shares.
--- page 8 ---
10
FINAL OFFER PRICE
The final Offer Price has been determined at HK$5.13 per Offer Share (exclusive of brokerage
of 1%, SFC transaction levy of 0.0027%, Stock Exchange trading fee of 0.00565% and AFRC
transaction levy of 0.00015%).
NET PROCEEDS FROM THE GLOBAL OFFERING
Based on the final Offer Price of HK$5.13 per Offer Share, the net proceeds from the Global
Offering to be received by the Company, after deduction of underwriting fees and commissions and
estimated expenses payable by the Company in connection with the Global Offering, are estimated
to be approximately HK$83.5 million (assuming the Over-allotment Option is not exercised and
excluding any Shares that may be issued under the Post-IPO Share Scheme). The estimated total
listing expenses (assuming that the Over-allotment Option is not exercised and excluding any
Shares that may be issued under the Post-IPO Share Scheme) are approximately HK$62.2 million,
or 42.7% of the gross proceeds of the Global Offering, comprising underwriting fees of HK$5.9
million, fees and expenses of legal advisors and Reporting Accountants of HK$32.7 million and
other fees and expenses of HK$23.6 million.
The Company intends to apply the net proceeds as follows:
• approximately 52.0%, or HK$43.4 million, will be used for setting up logistics facilities,
including warehouses and container yards, purchasing trucks and investing in software
systems for warehouse, order and transportation management in the next two years to enhance
the Company ’s integrated cross-border logistics services, particularly targeting cross-border
e-commerce merchants, and to meet the needs of its expanding business operation;
• approximately 4.0%, or HK$3.3 million, will be used for expanding the Company ’s business
coverage and global network;
• approximately 7.0%, or HK$5.9 million, will be used for adopting digital technologies and
upgrading internet service systems in providing integrated cross-border logistics services;
• approximately 20.0%, or HK$16.7 million, will be used for strategic investments and/or
acquisitions in businesses or assets that complement the business of the Company;
• approximately 7.0%, or HK$5.9 million, will be used for establishing a trucking service
matching platform in China; and
• approximately 10.0%, or HK$8.3 million, will be used for general corporate purposes and
working capital needs.
If the Over-allotment Option is exercised in full, the Company will receive additional net
proceeds of approximately HK$21.0 million for 4,258,000 additional Offer Shares to be issued
and allotted upon the exercise of the Over-allotment Option after deduction of underwriting fees
and commissions and estimated expenses payable by the Company in connection with the Global
Offering. In the event that the Over-allotment Option is exercised, the Company intends to apply
the additional net proceeds to the above purposes on a pro rata basis. For further information,
please refer to the section headed “Future Plans and Use of Proceeds ” in the Prospectus.
--- page 9 ---
11
APPLICATIONS AND INDICATIONS OF INTEREST RECEIVED IN THE HONG KONG
PUBLIC OFFERING
The Hong Kong Offer Shares initially available under the Hong Kong Public Offering have
been moderately oversubscribed. At the close of the application lists at 12:00 noon on Monday,
September 18, 2023 (Hong Kong time), a total of 2,344 valid applications have been received
pursuant to the Hong Kong Public Offering through the White Form eIPO service and giving
electronic application instructions to HKSCC for a total of 13,531,000 Hong Kong Offer Shares,
representing approximately 4.77 times of the total number of 2,839,000 Hong Kong Offer Shares
initially available for subscription under the Hong Kong Public Offering, among which:
• 2,341 valid applications in respect of a total of 10,531,000 Hong Kong Offer Shares were
for the Hong Kong Public Offering with an aggregate subscription amount based on the
maximum Offer Price of HK$5.55 per Offer Share of HK$5 million (excluding brokerage of
1%, SFC transaction levy of 0.0027%, Stock Exchange trading fee of 0.00565% and AFRC
transaction levy of 0.00015%) or less, representing approximately 7.42 times of the 1,420,000
Hong Kong Offer Shares initially comprised in Pool A; and
• three valid applications in respect of a total of 3,000,000 Hong Kong Offer Shares were
for the Hong Kong Public Offering with an aggregate subscription amount based on the
maximum Offer Price of HK$5.55 per Offer Share of more than HK$5 million (excluding
brokerage of 1%, SFC transaction levy of 0.0027%, Stock Exchange trading fee of 0.00565%
and AFRC transaction levy of 0.00015%), representing approximately 2.11 times of the
1,419,000 Hong Kong Offer Shares initially comprised in Pool B.
No application was rejected due to invalid application. No multiple or suspected multiple
application was identified and rejected. No application was rejected due to dishonored payments.
No application for more than 1,419,000 Hong Kong Offer Shares (being 50% of the Hong Kong
Offer Shares initially available under the Hong Kong Public Offering) was identified.
As the oversubscription in the Hong Kong Public Offering is less than 15 times, no reallocation of
Offer Shares has been effected from the International Offering to the Hong Kong Public Offering.
The final number of Offer Shares under the Hong Kong Public Offering is 2,839,000 Offer Shares,
representing 10% of the total number of Offer Shares initially available under the Global Offering
(before any exercise of the Over-allotment Option and excluding any Shares that may be issued
under the Post-IPO Share Scheme), and being allocated to 1,141 successful applicants under the
Hong Kong Public Offering, among which 1,010 applicants have been allotted one board lot of
Offer Shares totalling 1,010,000 Shares.
The Offer Shares offered in the Hong Kong Public Offering were conditionally allocated on the
basis set out in the paragraph headed “Basis of Allocation under the Hong Kong Public Offering ”
below.
--- page 10 ---
12
INTERNATIONAL OFFERING
On September 19, 2023, our Company, the Controlling Shareholders, the Joint Sponsors, the
Overall Coordinators, the Joint Global Coordinators, ABCI Securities Company Limited and the
International Underwriters entered into the International Underwriting Agreement in respect of the
International Offering.
The Offer Shares initially offered under the International Offering have been slightly
oversubscribed, representing approximately 1.53 times of the total number of Offer Shares
initially available under the International Offering. The final number of Offer Shares allocated to
the placees under the International Offering is 25,551,000 Shares, representing 90% of the total
number of Offer Shares initially available under the Global Offering (before any exercise of the
Over-allotment Option and excluding any Shares that may be issued under the Post-IPO Share
Scheme). There has been an over-allocation of 4,258,000 Offer Shares and there are a total number
of 114 placees under the International Offering, among which 100 placees have been allotted five
or fewer board lots of the Offer Shares totalling 107,000 Shares and 96 placees have been allotted
one board lot of the Offer Shares totalling 96,000 Shares.
Placing of Offer Shares to Certain Existing Shareholders under Paragraph 5(2) of the Placing
Guidelines
Certain Offer Shares were placed to two existing Shareholders. The Company has applied to the
Stock Exchange for, and the Stock Exchange has granted, a waiver from strict compliance with
Rule 10.04 of the Listing Rules and its consent under paragraph 5(2) of the Placing Guidelines to
permit the Company to allocate such Offer Shares as set out below.
Placee
Shareholding in
the Company
immediately after
the Capitalization Issue
and before the
completion of the
Global Offering
(Approximate % of
the Company ’s
issued share capital)
Number of Shares
to be subscribed under
the Global Offering
(Approximate % of
the total Offer Shares
initially available under
the Global Offering) (1)
Total number and
approximate
percentage
of Shares held of
the Company ’s issued
share capital
immediately following
the completion of
the Global Offering (1)
Power Bright 12,701,442 (4.97%) 1,366,000 (4.81%) 14,067,442 (4.95%)
PCW 2,556,024 (1.00%) 2,594,000 (9.14%) 5,150,024 (1.81%)
Note:
(1) Assuming that the Over-allotment Option is not exercised and excluding any Shares that may be issued under
the Post-IPO Share Scheme.
--- page 11 ---
13
Save as disclosed in the above section headed “International Offering – Placing of Offer Shares to
Certain Existing Shareholders under Paragraph 5(2) of Placing Guidelines ” in this announcement,
to the best knowledge, information and belief of the Directors, no Offer Shares placed by or
through the Overall Coordinators, the Joint Global Coordinators, the Joint Bookrunners or the
Underwriters under the Global Offering have been placed with applicants who are core connected
persons (as defined in the Listing Rules) of the Company, or to any connected clients (as set out
in paragraph 5(1) of the Placing Guidelines), or persons set out in paragraph 5(2) of the Placing
Guidelines, whether in their own names or through nominees.
To the best knowledge of the Company and save for the fact that the above two placees, namely
Power Bright and PCW, are existing Shareholders of the Company, (i) none of the Offer Shares
subscribed for by public Shareholders in the Hong Kong Public Offering and placees in the
International Offering has been financed directly or indirectly by the Company, the Directors, the
chief executive of the Company or any of its subsidiaries, the Controlling Shareholders, substantial
Shareholders, existing Shareholders, 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 has subscribed for the Offer Shares is accustomed to taking instructions from the Company,
the Directors, the chief executive of the Company or any of its subsidiaries, the Controlling
Shareholders, substantial Shareholders, existing Shareholders, 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 Coordinators (for themselves and on behalf
of the International Underwriters), at any time from the Listing Date to Wednesday, October 18,
2023, being the 30th day after the last day for lodging applications under the Hong Kong Public
Offering, to require the Company to issue and allot up to an aggregate of 4,258,000 additional
Offer Shares, representing not more than approximately 15.0% of the total number of Offer Shares
initially available under the Global Offering, at the Offer Price to cover the over-allocations in
the International Offering. There has been an over-allocation of 4,258,000 Offer Shares in the
International Offering and such over-allocation will be settled by using Shares to be borrowed
under the Stock Borrowing Agreement between Lecang Altitude and ABCI Securities Company
Limited. The return of the borrowed Shares will be settled by exercising the Over-allotment Option
in full or in part or by making purchases in the secondary market 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 at www.hkexnews.hk and the Company ’s website at www.lcang.com . As of
the date of this announcement, the Over-allotment Option has not been exercised.
--- page 12 ---
14
LOCK-UP UNDERTAKINGS
The Company, the Controlling Shareholders and another existing Shareholder are subject to
lock-up undertakings (the “Lock-up Undertakings ”) in respect of the Shares. The major terms of
the Lock-up Undertakings are as follows:
Name
Number of
Shares held in
the Company
subject to
the Lock-up
Undertakings
upon the Listing
Percentage of
shareholding in
the Company
subject to
the Lock-up
Undertakings
after Listing (2)
Last day subject to the
Lock-up Undertakings
The Company (subject to lock-up undertakings pursuant to the Listing
Rules and the Underwriting Agreements)
N/A N/A March 24, 2024 (1)
The Controlling Shareholders (subject to lock-up undertakings
pursuant to the Listing Rules and the Underwriting Agreements) (3)
158,553,294 55.85% March 24, 2024
(First Six-Month Period)
September 24, 2024
(Second Six-Month Period)
Existing Shareholder (subject to its lock-up undertaking):
PCW(4) 5,150,024 1.81% March 24, 2024
Notes:
(1) The Company may not issue Shares prior to the indicated date except otherwise permitted by the Listing Rules.
(2) Assuming the Over-allotment Option is not exercised and excluding any Shares that may be issued under the
Post-IPO Share Scheme.
(3) This includes the 30,252,600 Shares held by Glorious Sailing which is owned as to approximately 79.53% by
Mr. Xu (a Controlling Shareholder) and 20.47% by the Employee Pre-IPO Investors, who are subject to lock-
up undertaking. Each of the Employee Pre-IPO Investors has agreed that he/she will not, at any time prior to
the end of six months following the Listing Date, dispose any Shares indirectly held by him/her. Please see the
section headed “History, Reorganization and Corporate Structure – Pre-IPO Investments ” in the Prospectus for
further details.
(4) PCW is a Pre-IPO Investor.
PUBLIC FLOAT
Immediately following the completion of the Global Offering, approximately 32.09% of the total
issued Shares will be held by the public in compliance with the requirements under Rule 8.08 of
the Listing Rules.
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15
The Directors confirm that (a) no placee will, individually, be placed more than 10% of the
enlarged issued Shares 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 number of Shares in public hands will satisfy the minimum percentage as
approved by the Stock Exchange; (d) the three largest public Shareholders do not hold more than
50% of the Shares in public hands at the time of 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 Listing in
compliance with Rule 8.08(2) of the Listing Rules.
BASIS OF ALLOCATION UNDER THE HONG KONG PUBLIC OFFERING
Subject to the satisfaction of the conditions set out in the paragraph headed “Structure and
Conditions of the Global Offering – Conditions of the Global Offering ” in the Prospectus, 2,344
valid applications made by the public through giving electronic applications instructions to HKSCC
via CCASS and through the White Form 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 1,591 478 out of 1,591 to receive 1,000 Shares 30.04%
2,000 113 61 out of 113 to receive 1,000 Shares 26.99%
3,000 46 30 out of 46 to receive 1,000 Shares 21.74%
4,000 22 16 out of 22 to receive 1,000 Shares 18.18%
5,000 59 44 out of 59 to receive 1,000 Shares 14.92%
6,000 7 6 out of 7 to receive 1,000 Shares 14.29%
7,000 6 1,000 Shares 14.29%
8,000 354 1,000 Shares plus 36 out of 354 to receive additional 1,000 Shares 13.77%
9,000 8 1,000 Shares plus 1 out of 8 to receive additional 1,000 Shares 12.50%
10,000 39 1,000 Shares plus 6 out of 39 to receive additional 1,000 Shares 11.54%
15,000 26 1,000 Shares plus 15 out of 26 to receive additional 1,000 Shares 10.51%
20,000 17 2,000 Shares 10.00%
30,000 4 2,000 Shares plus 3 out of 4 to receive additional 1,000 Shares 9.17%
35,000 23 3,000 Shares 8.57%
40,000 3 3,000 Shares plus 1 out of 3 to receive additional 1,000 Shares 8.33%
60,000 7 4,000 Shares 6.67%
80,000 3 5,000 Shares 6.25%
90,000 2 5,000 Shares plus 1 out of 2 to receive additional 1,000 Shares 6.11%
100,000 5 6,000 Shares 6.00%
150,000 2 8,000 Shares 5.33%
250,000 1 13,000 Shares 5.20%
300,000 1 15,000 Shares 5.00%
400,000 1 20,000 Shares 5.00%
450,000 1 22,000 Shares 4.89%
2,341 Total number of Pool A successful applicants: 1,138
--- page 14 ---
16
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
1,000,000 3 473,000 Shares 47.30%
3 Total number of Pool B successful applicants: 3
The final number of Offer Shares under the Hong Kong Public Offering is 2,839,000 Offer Shares,
representing 10% of the total number of Offer Shares initially available under the Global Offering
(before any exercise of the Over-allotment Option and excluding any Shares that may be issued
under the Post-IPO Share Scheme).
RESULTS OF ALLOCATIONS
The Offer Price, the level of indications of interest in the International Offering, the level of
applications of the Hong Kong Offer Shares and the results of allocations, 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 date and in the manner specified below:
• in the announcement to be posted on the websites of the Company at www.lcang.com and
the Stock Exchange at www.hkexnews.hk by no later than 9:00 a.m. on Friday, September
22, 2023 (Hong Kong time). 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 Offer 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, September 22, 2023 (Hong Kong time) to 12:00 midnight on
Thursday, September 28, 2023 (Hong Kong time); and
--- page 15 ---
17
• by telephone enquiry line by calling (852) 2862 8555 between 9:00 a.m. and 6:00 p.m. on
Friday, September 22, 2023 (Hong Kong time) to Wednesday, September 27, 2023 (Hong
Kong time) (excluding Saturday, Sunday and Hong Kong public holidays).
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.
SHAREHOLDING CONCENTRATION ANALYSIS
A summary of allotment results under the International Offering is set out below:
• the number of Offer Shares subscribed for by the top 1, 5, 10, 20 and 25 placees in the
International Offering, their subscription percentages in the International Offering, and their
shareholding percentages upon Listing are as follows:
Placee
Number of
Offer Shares
subscribed for
Number of
Shares held
upon Listing
Number of
Offer Shares
subscribed for
as % of
International
Offering
(assuming no
exercise of the
Over-allotment
Option and
excluding any
Shares that
may be issued
under the
Post-IPO
Share Scheme)
Number of
Offer Shares
subscribed for
as % of
International
Offering
(assuming the
Over-allotment
Option is
exercised
in full and
excluding any
Shares that
may be issued
under the
Post-IPO
Share Scheme)
Number of
Offer Shares
subscribed for
as % of
total Offer
Shares
(assuming no
exercise of the
Over-allotment
Option and
excluding any
Shares that
may be issued
under the
Post-IPO
Share Scheme)
Number of
Offer Shares
subscribed for
as % of total
Offer Shares
(assuming the
Over-allotment
Option is
exercised
in full and
excluding any
Shares that
may be issued
under the
Post-IPO
Share Scheme)
% of total
issued share
capital upon
Listing
(assuming no
exercise of the
Over-allotment
Option and
excluding any
Shares that
may be issued
under the
Post-IPO
Share Scheme)
% of total
issued share
capital upon
Listing
(assuming the
Over-allotment
Option is
exercised
in full and
excluding any
Shares that
may be issued
under the
Post-IPO
Share Scheme)
Top 1 10,574,000 10,574,000 41.38% 35.47% 37.25% 32.39% 3.72% 3.67%
Top 5 23,149,000 25,705,024 90.60% 77.66% 81.54% 70.90% 9.05% 8.92%
Top 10 28,813,000 44,070,466 112.77% 96.66% 101.49% 88.25% 15.52% 15.29%
Top 20 29,715,000 44,972,466 116.30% 99.68% 104.67% 91.02% 15.84% 15.61%
Top 25 29,720,000 44,977,466 116.32% 99.70% 104.68% 91.03% 15.84% 15.61%
--- page 16 ---
18
• top 1, 5, 10, 20 and 25 Shareholders upon Listing, their subscription percentages in the
Global Offering, and their shareholding percentages upon Listing are as follows:
Shareholders
Number of
Hong Kong
Public
Offer Shares
subscribed for
Number of
International
Offer Shares
subscribed for
Number of
Shares held
upon Listing
Number of
International
Offer Shares
subscribed for
as % of
International
Offering
(assuming no
exercise of the
Over-allotment
Option and
excluding any
Shares that
may be issued
under the
Post-IPO
Share Scheme)
Number of
International
Offer Shares
subscribed
for as % of
International
Offering
(assuming the
Over-allotment
Option is
exercised
in full and
excluding any
Shares that
may be issued
under the
Post-IPO
Share Scheme)
Number of
Offer Shares
subscribed for
as % of
total Offer
Shares
(assuming no
exercise of the
Over-allotment
Option and
excluding any
Shares that
may be issued
under the
Post-IPO
Share Scheme)
Number of
Offer Shares
subscribed
for as % of
total Offer
Shares
(assuming the
Over-allotment
Option is
exercised
in full and
excluding any
Shares that
may be issued
under the
Post-IPO
Share Scheme)
% of total
issued share
capital upon
Listing
(assuming no
exercise of the
Over-allotment
Option and
excluding any
Shares that
may be issued
under the
Post-IPO
Share Scheme)
% of total
issued share
capital upon
Listing
(assuming the
Over-allotment
Option is
exercised
in full and
excluding any
Shares that
may be issued
under the
Post-IPO
Share Scheme)
Top 1 – – 158,553,294 0% 0% 0% 0% 55.84% 55.02%
Top 5 – 1,366,000 207,022,936 5.35% 4.58% 4.81% 4.18% 72.91% 71.84%
Top 10 – 11,940,000 249,648,132 46.73% 40.06% 42.06% 36.57% 87.92% 86.63%
Top 20 – 27,042,000 282,585,156 105.84% 90.72% 95.25% 82.83% 99.53% 98.05%
Top 25 946,000 29,583,000 286,072,156 115.78% 99.24% 107.53% 93.51% 100.75% 99.26%
In view of the high concentration of shareholding in a small number of Shareholders,
Shareholders and prospective investors should be aware that the price of the Shares could
move substantially even with a small number of Shares traded, and should exercise extreme
caution when dealing in Shares.
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