hk-ipo/data/extracted_text/02517/allotment_results_summary_2023-11-01_2023110100020.txt

--- page 1 ---
3
ANNOUNCEMENT OF ALLOTMENT RESULTS
SUMMARY
NET PROCEEDS FROM THE GLOBAL OFFERING
• Based on the Offer Price of HK$5.98 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 other estimated expenses payable by the Company in connection with
the Global Offering, are estimated to be approximately HK$356.5 million, assuming the
Over-allotment Option is not exercised. Listing expenses to be borne by the Company are
estimated to be approximately HK$79.8 million (including underwriting commission, at the
Offer Price of HK$5.98 per H Share), which represent 19.4% of the gross proceeds from
the Global Offering, comprising underwriting-related fees of HK$16.5 million, and non-
underwriting-related expenses of HK$63.3 million. The Company intends to apply such
net proceeds from the Global Offering in the manner set out in the section 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$59.2 million for 10,320,400 additional Offer Shares to be
issued and allotted upon the exercise of the Over-allotment Option, which will be allocated
on a pro rata basis according to the use of proceeds as set out in the paragraph headed “Net
Proceeds from the Global Offering ” in this announcement.
APPLICATIONS AND INDICATIONS OF INTEREST RECEIVED IN THE HONG KONG
PUBLIC OFFERING
• The Hong Kong Offer Shares initially offered under the Hong Kong Public Offering have
been slightly over-subscribed. A total of 6,404 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 29,894,000 Hong Kong Offer Shares,
representing approximately 4.34 times of the total number of 6,880,800 Hong Kong Offer
Shares initially available for subscription under the Hong Kong Public Offering.


--- page 2 ---
4
• As the over-subscription in the Hong Kong Public Offering less than 15 times, the
reallocation procedures as described in the section headed “Structure of the Global Offering
– The Hong Kong Public Offering – Reallocation ” in the Prospectus have not been applied
and no International Offer Shares have been reallocated from the International Offering to
the Hong Kong Public Offering. The final number of Hong Kong Offer Shares under the
Hong Kong Public Offering is 6,880,800 Offer Shares, representing approximately 10% of
the total number of Offer Shares initially available under the Global Offering (before any
exercise of the Over-allotment Option). There are a total number of 2,540 Shareholders
who were allocated Offer Shares under the Hong Kong Public Offering, among which 1,746
Shareholders were allocated with one board lot of the Offer Shares.
INTERNATIONAL OFFERING
• The International Offer Shares initially offered under the International Offering have
been slightly over-subscribed, representing approximately 1.33 times of the total number
of Offer Shares initially available under the International Offering. The final number of
International Offer Shares under the International Offering is 61,922,000 Offer Shares,
representing approximately 90% of the total number of Offer Shares initially available
under the Global Offering (before any exercise of the Over-allotment Option).
• There has been an over-allocation of 10,320,400 Offer Shares and there are a total of
119 placees under the International Offering, among which 41 placees, representing
approximately 34.45% of the total number of placees under the International Offering,
have been allotted one board lot of Offer Shares, totaling 16,400 Offer Shares, representing
approximately 0.03% of the total number of Offer Shares available under the International
Offering (before any exercise of the Over-allotment Option).
CORNERSTONE INVESTORS
• Based on the Offer Price of HK$5.98 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 Agreements entered
into with the Cornerstone Investors as disclosed in the section headed “Cornerstone
Investors ” in the Prospectus, the Cornerstone Investors have subscribed for a total of
37,002,800 Offer Shares, representing approximately 1.35% of the total issued share
capital of the Company immediately upon the completion of the Global Offering and
approximately 53.78% of the number of Offer Shares under the Global Offering (before
any exercise of the Over-allotment Option).


--- page 3 ---
5
• Please refer to the section headed “Cornerstone Investors ” in the Prospectus for further
details of the Cornerstone Investors.
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 (for
themselves and on behalf of the International Underwriters), at any time from the Listing
Date to Saturday, November 25, 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 10,320,400 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 10,320,400 Offer Shares in the International
Offering. Such over-allocation may be covered by exercising the Over-allotment Option
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.zzgqsh.com . As of the date of this announcement, the Over-allotment Option has not
been exercised.


--- page 4 ---
6
CONFIRMATIONS OF PUBLIC SHAREHOLDERS IN THE HONG KONG PUBLIC
OFFERING AND PLACEES IN THE INTERNATIONAL OFFERING
• The Company has applied to the Hong Kong Stock Exchange for, and the Hong Kong
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 H Shares under the International Offering to the Anti-Diluting
Shareholders and Minority Existing Shareholders and/or their respective close associates.
To the best knowledge of the Company, no Offer Shares have been placed to the Anti-
Diluting Shareholders, Minority Existing Shareholders or their respective close associates
in the International Offering.
• To the best knowledge, information and belief of the Directors, no Offer Shares placed
by or through the Overall Coordinators or the Underwriters/distributors under the Global
Offering have been placed to applicants who are core connected persons (as defined in the
Listing Rules) or Directors, or to any connected clients (as set out in paragraph 5(1) of the
Placing Guidelines), nor to any existing Shareholder and its close associates (as 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, none of the Offer Shares subscribed for by the
placees and the public has been financed directly or indirectly by any of the Directors,
Supervisors, chief executive, Controlling Shareholders, substantial Shareholders, existing
Shareholders of the Company or any of their subsidiaries or any of their respective close
associates, and none of the placees and the public who has subscribed for Offer Shares is
accustomed to taking instructions from any of the Directors, Supervisors, chief executive,
Controlling Shareholders, substantial Shareholders, existing Shareholders of the Company
or any of their subsidiaries or any of their respective close associates in relation to the
acquisition, disposal, voting or other disposition of Shares registered in his/her/its name
or otherwise held by him/her/it, and the International Offering is in compliance with the
Placing Guidelines.


--- page 5 ---
7
LOCK-UP UNDERTAKINGS
• Each of the Company, the Warranting Shareholders, the other Controlling Shareholders,
the other existing Shareholders and the Cornerstone Investors is subject to certain lock-up
undertakings set out in the section headed “Lock-up Undertakings ” in this announcement.
RESULTS OF ALLOCATIONS
• The Company expects to announce the level of indications of interest in the International
Offering, the level of applications in the Hong Kong Public Offering and the basis of
allocations of the Hong Kong Offer Shares on Wednesday, November 1, 2023 on its
website at www.zzgqsh.com  and the website of Stock Exchange at www.hkexnews.hk .
• The results of allocations and 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 set out below:
• in the announcement to be posted on the Company ’s website and the website of Stock
Exchange at www.zzgqsh.com  and www.hkexnews.hk , respectively, by no later than
9:00 a.m. on Wednesday, November 1, 2023;
• 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 Wednesday, November 1, 2023 to 12:00 midnight on
Tuesday, November 7, 2023; and
• from the allocation results telephone enquiry line by calling +852 2862 8555 between
9:00 a.m. and 6:00 p.m. from Wednesday, November 1, 2023 to Monday, November
6, 2023 on a business day (excluding Saturday, Sunday and 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 ” in this announcement refer to Hong Kong identity card numbers/passport
numbers/Hong Kong business registration numbers/certificate of incorporation numbers/
beneficial owner identification codes (if such applications are made by nominees as agent
for the benefit of another person), whereas those displayed in the section headed “Results
of Applications Made by Giving Electronic Application Instructions  to HKSCC via
CCASS” in this announcement are provided by CCASS Participants via CCASS. Therefore,
the identification document numbers shown in the two sections are different in nature.


--- page 6 ---
8
• 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.
DESPATCH/COLLECTION OF H SHARE CERTIFICATES AND REFUND MONIES
• Applicants who applied for 1,000,000 Hong Kong Offer Shares or more through the
White Form eIPO service and who have been wholly or partially successfully allocated
Hong Kong Offer Shares may collect H Share certificates and/or refund cheques (where
applicable) in person 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, Wan Chai, Hong Kong from 9:00 a.m. to 1:00 p.m. on Wednesday, November 1,
2023 or any other place or date as notified by the Company.
• Applicants being individuals who are eligible for personal collection must not authorize
any other person to make collection on their behalf. Corporate applicants which are
eligible for personal collection must attend by their authorized representatives bearing
letters of authorization from their corporations stamped with the corporations ’ chops. Both
individuals and authorized representatives (if applicable) must produce, at the time of
collection, evidence of identity acceptable to Computershare Hong Kong Investor Services
Limited.
• 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
(including applicants who applied for less than 1,000,000 Hong Kong Offer Shares through
the White Form eIPO service) or which are available but are not collected in person by
1:00 p.m. on Wednesday, November 1, 2023 are expected to be despatched by ordinary
post to the addresses specified in the relevant applications at their own risk on or before
Wednesday, November 1, 2023.
• Wholly or partially successful applicants who applied by giving electronic application
instructions to HKSCC via CCASS will have their H Share certificates issued in the name
of HKSCC Nominees Limited and deposited directly into CCASS for credit to their CCASS
Investor Participant stock accounts or the stock accounts of their designated CCASS
Participant who gave electronic application instructions on their behalf on Wednesday,
November 1, 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 and the amount of refund monies payable to them with that CCASS Participant.


--- page 7 ---
9
• 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 Wednesday, November 1, 2023 or such other date as shall be
determined by HKSCC. 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 their respective designated bank account,
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
amount of refund monies (if any) credited to their respective designated bank accounts.
• 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 on or
before Wednesday, November 1, 2023. Applicants who 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 their White Form eIPO
applications in the form of refund cheque(s) by ordinary post at their own risk on or before
Wednesday, November 1, 2023.
• Refund monies (if any) for applicants who applied by giving electronic application
instructions to HKSCC via CCASS are expected to be credited to their designated bank
accounts or the designated bank accounts of their brokers or custodians on Wednesday,
November 1, 2023.
• H Share certificates will only become valid evidence of title at 8:00 a.m. (Hong Kong
time) on Thursday, November 2, 2023 provided that the Global Offering has become
unconditional in all respects at or before that time and the right of termination described
in the section headed “Underwriting – Underwriting Arrangements and Expenses –
Hong Kong Public Offering – Hong Kong Underwriting Agreement – 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.


--- page 8 ---
10
PUBLIC FLOAT
• Immediately following completion of the Global Offering and before the exercise of the
Over-allotment Option, approximately 50.11% of the total issued share capital of the
Company will be counted towards the public float, satisfying the minimum percentage
prescribed by Rule 8.08 of the Listing Rules.
• The Directors also confirm that (i) no placee will, individually, be placed more than 10%
of the enlarged issued share capital of the Company immediately after the Global Offering;
(ii) there will not be any new substantial Shareholder of the Company upon Listing; (iii)
the three largest public Shareholders do not hold more than 50% of the Shares held in
public hands at the time of the Listing in compliance with Rules 8.08(3) and 8.24 of the
Listing Rules; 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 IN THE H SHARES
• Assuming that the Global Offering becomes unconditional in all respects at or before 8:00
a.m. on Thursday, November 2, 2023 (Hong Kong time), dealings in the H Shares on the
Main Board of the Stock Exchange are expected to commence at 9:00 a.m. on Thursday,
November 2, 2023 (Hong Kong time). The H Shares will be traded in board lots of 400 H
Shares each. The stock code of the H Shares is 2517.
NET PROCEEDS FROM THE GLOBAL OFFERING
Based on the Offer Price of HK$5.98 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 other
estimated expenses payable by the Company in connection with the Global Offering, are estimated
to be approximately HK$356.5 million (assuming the Over-allotment Option is not exercised).
Listing expenses to be borne by the Company are estimated to be approximately HK$79.8 million
(including underwriting commission, at the Offer Price of HK$5.98 per H Share), which represent
19.4% of the gross proceeds from the Global Offering, comprising underwriting-related fees of
HK$16.5 million, and non-underwriting related expenses of HK$63.3 million.


--- page 9 ---
11
The Company intends to apply such net proceeds as follows:
• approximately 40.0% of the net proceeds, or HK$142.6 million, to improve our supply chain
capabilities by enhancing our production capacity and efficiency.
• approximately 40.0% of the net proceeds, or HK$142.6 million will be used for opening and
operating our self-operated stores.
• approximately 10.0% of the net proceeds, or HK$35.6 million will be used to build product
R&D centers as well as upgrade and purchase related equipment.
• approximately 10.0% of the net proceeds, or HK$35.6 million, as working capital and for
general corporate uses.
If the Over-allotment Option is exercised in full, the Company will receive additional net proceeds
of approximately HK$59.2 million for 10,320,400 additional Offer Shares to be issued and allotted
upon the exercise of the Over-allotment Option, which will be allocated on a pro rata basis
according to the use of proceeds as set out above.
For further information, please refer to the section headed “Future Plans and Use of Proceeds ” in
the Prospectus.
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
slightly over-subscribed. A total of 6,404 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 29,894,000 Hong Kong Offer Shares, representing approximately 4.34 times
of the total number of 6,880,800 Hong Kong Offer Shares initially available for subscription under
the Hong Kong Public Offering, among which:
• 6,397 valid applications in respect of a total of 19,694,000 Hong Kong Offer Shares were for
the Hong Kong Public Offering with a total subscription price of HK$5 million or less at the
Offer Price of HK$5.98 per H 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%),
representing approximately 5.72 times of the 3,440,400 Hong Kong Offer Shares initially
comprised in Pool A of the Hong Kong Public Offering; and
• 7 valid applications in respect of a total of 10,200,000 Hong Kong Offer Shares were for the
Hong Kong Public Offering with a total subscription price of more than HK$5 million at the
Offer Price of HK$5.98 per H 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%),
representing 2.96 times of the 3,440,400 Hong Kong Offer Shares initially comprised in Pool
B of the Hong Kong Public Offering.


--- page 10 ---
12
No application has been rejected due to invalid application. Eight multiple or suspected multiple
applications have been identified and rejected. One application has been rejected due to dishonored
payment. No application for more than 3,440,400 Hong Kong Offer Shares (being 50% of the Hong
Kong Offer Shares initially available under the Hong Kong Public Offering) has been identified.
As the over-subscription in the Hong Kong Public Offering is less than 15 times, the reallocation
procedures as described in the section headed “Structure of the Global Offering – The Hong Kong
Public Offering – Reallocation ” in the Prospectus have not been applied and no International Offer
Shares have been reallocated from the International Offering to the Hong Kong Public Offering.
The final number of Hong Kong Offer Shares under the Hong Kong Public Offering is 6,880,800
Offer Shares, representing approximately 10% of the total number of Offer Shares initially
available under the Global Offering. There are a total number of 2,540 Shareholders who were
allocated Offer Shares under the Hong Kong Public Offering, among which 1,746 Shareholders
were allocated with one board lot of the 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 International Offer Shares initially offered under the International Offering have been slightly
over-subscribed, representing approximately 1.33 times of the total number of Offer Shares
initially available under the International Offering. The final number of International Offer Shares
under the International Offering is 61,922,000 Offer Shares, representing approximately 90% of
the total number of Offer Shares initially available under the Global Offering (before any exercise
of the Over-allotment Option).
There has been an over-allocation of 10,320,400 Offer Shares and there are a total of 119 placees
under the International Offering, among which 41 placees, representing approximately 34.45% of
the total number of placees under the International Offering, have been allotted one board lot of
Offer Shares, totaling 16,400 Offer Shares, representing approximately 0.03% of the total number
of Offer Shares available under the International Offering (before any exercise of the Over-
allotment Option).


--- page 11 ---
13
CORNERSTONE INVESTORS
Based on the Offer Price of HK$5.98 per H 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 Agreements entered into with the
Cornerstone Investors as disclosed in the section headed “Cornerstone Investors ” in the Prospectus,
the number of Offer Shares subscribed for by the Cornerstone Investors is set out below:
Assuming the Over-Allotment
Option is not exercised
Assuming the Over-Allotment
Option is fully exercised
Cornerstone Investor
Investment
amount (1)
Hong Kong
dollar
equivalent (1)
(approximate)
Number
of Offer
Shares (2)
Approximate
% of the
Offer Shares
Approximate
% of the
issued share
capital (3)
Approximate
% of the
Offer Shares
Approximate
% of the
issued share
capital (3)
Hengshun Group
 Hengshun Vinegar USD6.5 million 50.8 million 8,498,800 12.35 0.31 10.74 0.31
 Profit Joy USD3.5 million 27.4 million 4,576,400 6.65 0.17 5.78 0.17
Jinding Capital USD10.0 million 78.2 million 13,075,200 19.00 0.48 16.53 0.48
COFCO Capital Fund USD8.3 million 64.9 million 10,852,400 15.77 0.40 13.72 0.39
Total USD28.3 million 221.3 million 37,002,800 53.78 1.35 46.77 1.35
Note:
(1) The total investment amount excludes brokerage, SFC transaction levy, AFRC transaction levy and the
Stock Exchange trading fee and is calculated based on the exchange rates as described in the section headed
“Information about this Prospectus and the Global Offering {  Currency Translations ” of the Prospectus.
(2) Subject to rounding down to the nearest whole board lot of 400 H Shares. Calculated based on the exchange
rate set out in the section headed “Information about this Prospectus and the Global Offering { Currency
Translations ” of the Prospectus.
(3) Immediately following the completion of the Global Offering.
(4) Any discrepancies in the table above between the total shown and the sum of the amounts listed are due to
rounding.
The Cornerstone Placing forms part of the International Offering, and the Cornerstone Investors
will not acquire any Offer Shares under the Global Offering (other than pursuant to the Cornerstone
Investment Agreements). The Offer Shares to be subscribed by the Cornerstone Investors will
rank pari passu  in all respects with the fully paid Shares in issue and will be counted towards the
public float of our Company for the purpose of Rule 8.08 of the Listing Rules. The three largest
public Shareholders will not hold more than 50% of the shares held in public hands at the time
of the Listing in compliance with Rule 8.08(3) and Rule 8.24 of the Listing Rules. Other than a
guaranteed allocation of the relevant Offer Shares at the Offer Price, the Cornerstone Investors do
not have any preferential rights in the Cornerstone Investment Agreements compared with other
public Shareholders.


--- page 12 ---
14
Immediately following the completion of the Global Offering, the Cornerstone Investors will not
become a substantial Shareholder or connected person (as defined in the Listing Rules) of our
Company and will not have any Board representation in our Company. To the best knowledge
of our Company, each of Cornerstone Investors (i) is an Independent Third Party and is not our
connected person (as defined under the Listing Rules), (ii) is independent of other Cornerstone
Investors (save for the fact that both of Hengshun Vinegar and Profit Joy are controlled by
Hengshun Group), (iii) is not directly or indirectly financed by our Company, our subsidiaries, our
Directors, Supervisors, chief executive, our Controlling Shareholders, substantial Shareholders,
existing Shareholders or any of their respective close associates, and (iv) is not accustomed
to taking instructions from our Company, our subsidiaries, our Directors, Supervisors, chief
executive, our 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. There are no side agreements or
arrangements between us and the Cornerstone Investors or any benefit, direct or indirect, conferred
on the Cornerstone Investors by virtue of or in relation to the Cornerstone Placing, other than a
guaranteed allocation of the relevant Offer Shares at the Offer Price.
As confirmed by each Cornerstone Investor, its subscription under the Cornerstone Placing
would be financed by its own internal financial resources or the financial resources of its parent
company or the funds under its management. Each of the Cornerstone Investors has confirmed
that all necessary approvals have been obtained with respect to the Cornerstone Placing. Save for
Hengshun Vinegar, a company listed on the Shanghai Stock Exchange which has obtained the
approval from its board of directors, none of the Cornerstone Investors or their holding companies
is listed on any stock exchange, and each of the Cornerstone Investors has confirmed that no
specific approval from any stock exchange (if relevant) or its shareholders is required for the
relevant cornerstone investment.
Each of the Cornerstone Investors has agreed that it will not, whether directly or indirectly, at
any time during the period of six (6) months following the Listing Date (the “Lock-up Period ”),
dispose of any of the Offer Shares they have purchased pursuant to the relevant Cornerstone
Investment Agreement, save for certain limited circumstances, such as transfers to any of its
wholly-owned subsidiaries who will be bound by the same obligations of such Cornerstone
Investor, including the Lock-up Period restriction.
Please refer to the section headed “Cornerstone Investors ” in the Prospectus for further details of
the Cornerstone Investors.


--- page 13 ---
15
CONFIRMATIONS OF PUBLIC SHAREHOLDERS IN THE HONG KONG PUBLIC
OFFERING AND PLACEES IN THE INTERNATIONAL OFFERING
The Company has applied to the Hong Kong Stock Exchange for, and the Hong Kong 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 H
Shares under the International Offering to the Anti-Diluting Shareholders and Minority Existing
Shareholders and/or their respective close associates. To the best knowledge of the Company, no
Offer Shares have been placed to the Anti-Diluting Shareholders, Minority Existing Shareholders
or their respective close associates in the International Offering.
To the best knowledge, information and belief of the Directors, no Offer Shares placed by or
through the Overall Coordinators or the Underwriters/distributors under the Global Offering have
been placed to applicants who are core connected persons (as defined in the Listing Rules) or
Directors, or to any connected clients (as set out in paragraph 5(1) of the Placing Guidelines), nor
to any existing Shareholder and its close associates (as 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, none of the Offer Shares subscribed for by the placees
and the public has been financed directly or indirectly by any of the Directors, Supervisors,
chief executive, Controlling Shareholders, substantial Shareholders, existing Shareholders of the
Company or any of their subsidiaries or any of their respective close associates, and none of the
placees and the public who has subscribed for Offer Shares is accustomed to taking instructions
from any of the Directors, Supervisors, chief executive, Controlling Shareholders, substantial
Shareholders, existing Shareholders of the Company or any of their subsidiaries or any of their
respective close associates in relation to the acquisition, disposal, voting or other disposition of
Shares registered in his/her/its name or otherwise held by him/her/it, and the International Offering
is in compliance with the Placing Guidelines.
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 (for themselves and on behalf
of the International Underwriters), at any time from the Listing Date to Saturday, November 25,
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 10,320,400 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 10,320,400 Offer Shares in the International Offering. Such
over-allocation may be covered by exercising the Over-allotment Option 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.zzgqsh.com . As of the date of this
announcement, the Over-allotment Option has not been exercised.


--- page 14 ---
16
LOCK-UP UNDERTAKINGS
Each of the Company, the Warranting Shareholders, the other Controlling Shareholders, the other
existing Shareholders and the Cornerstone Investors has given certain lock-up undertakings in
relation to the issue and disposal of Shares (the “Lock-up Undertakings ”). The major terms of the
Lock-up Undertakings are set out as follows:
Name
Number of
Shares subject
to the Lock-up
Undertakings
upon Listing
Approximate
percentage of
shareholding in
the Company
subject to
the Lock-up
Undertakings
upon Listing (3)
Last day subject to the
Lock-up Undertakings
The Company
(subject to lock-up obligations pursuant to
the Listing Rules and the Hong Kong
Underwriting Agreement)
N/A N/A May 1, 2024 (1)
Warranting Shareholders
(subject to lock-up obligations pursuant to
the Listing Rules, the Hong Kong
Underwriting Agreement and applicable
PRC laws and regulations)
Yang Mingchao, Meng Xianjin,
 Li Xinhua and Guoquan Industry 881,420,916 32.18% November 1, 2024 (2)
Other Controlling Shareholders
(subject to lock-up obligations pursuant to
the Listing Rules, the applicable
PRC laws and regulations)
Guoxiaoquan EM 331,595,457 12.11% November 1, 2024 (2)
Guoxiaoquan Tech 85,587,242 3.12% November 1, 2024 (2)
Other existing Shareholders (4)
(subject to lock-up obligations pursuant to
applicable PRC laws and regulations)
1,371,396,385 50.08% November 1, 2024 (2)
Cornerstone Investors
(subject to lock-up obligations pursuant to
the Cornerstone Investment Agreements)
Hengshun Group
 Hengshun Vinegar 8,498,800 0.31% May 1, 2024 (2)
 Profit Joy 4,576,400 0.17% May 1, 2024 (2)
Jinding Capital 13,075,200 0.48% May 1, 2024 (2)
COFCO Capital Fund 10,852,400 0.40% May 1, 2024 (2)
Total 2,707,002,800 98.84%


--- page 15 ---
17
Notes:
(1) The Company may not allot or issue Shares prior to the indicated date except otherwise permitted by the Listing
Rules and the Stock Exchange.
(2) The Shareholder(s) and Cornerstone Investor(s) may dispose of or transfer Shares without any lock-up
obligation after the indicated date.
(3) Assuming the Over-allotment Option is not exercised.
(4) For identities and details of other existing Shareholders, see the section headed “History, Development and
Corporate Structure ” in the Prospectus.
BASIS OF ALLOCATION UNDER THE HONG KONG PUBLIC OFFERING
Subject to the satisfaction of the conditions set out in the section headed “Structure of the Global
Offering – Conditions of the Global Offering ” in the Prospectus, 6,404 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
400 3,977 756 out of 3,977 to receive 400 Shares 19.01%
800 507 191 out of 507 to receive 400 Shares 18.84%
1,200 634 356 out of 634 to receive 400 Shares 18.72%
1,600 126 94 out of 126 to receive 400 Shares 18.65%
2,000 241 224 out of 241 to receive 400 Shares 18.59%
2,400 52 400 Shares plus 6 out of 52 to receive additional 400 Shares 18.59%
2,800 27 400 Shares plus 8 out of 27 to receive additional 400 Shares 18.52%
3,200 50 400 Shares plus 24 out of 50 to receive additional 400 Shares 18.50%
3,600 18 400 Shares plus 11 out of 18 to receive additional 400 Shares 17.90%
4,000 124 400 Shares plus 97 out of 124 to receive additional 400 Shares 17.82%
6,000 52 800 Shares plus 34 out of 52 to receive additional 400 Shares 17.69%
8,000 286 1,200 Shares plus 149 out of 286 to receive additional 400 Shares 17.60%
10,000 41 1,600 Shares plus 16 out of 41 to receive additional 400 Shares 17.56%
12,000 19 2,000 Shares plus 5 out of 19 to receive additional 400 Shares 17.54%
14,000 10 2,400 Shares plus 1 out of 10 to receive additional 400 Shares 17.43%
16,000 57 2,400 Shares plus 53 out of 57 to receive additional 400 Shares 17.32%
18,000 39 2,800 Shares plus 31 out of 39 to receive additional 400 Shares 17.32%
20,000 37 3,200 Shares plus 24 out of 37 to receive additional 400 Shares 17.30%
30,000 42 4,800 Shares plus 40 out of 42 to receive additional 400 Shares 17.27%
40,000 11 6,800 Shares plus 3 out of 11 to receive additional 400 Shares 17.27%
50,000 6 8,400 Shares plus 3 out of 6 to receive additional 400 Shares 17.20%
60,000 4 10,000 Shares plus 3 out of 4 to receive additional 400 Shares 17.17%


--- page 16 ---
18
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
70,000 6 11,600 Shares plus 5 out of 6 to receive additional 400 Shares 17.05%
80,000 2 13,600 Shares 17.00%
100,000 8 16,800 Shares plus 4 out of 8 to receive additional 400 Shares 17.00%
120,000 3 20,400 Shares 17.00%
160,000 4 26,800 Shares plus 3 out of 4 to receive additional 400 Shares 16.94%
180,000 1 30,400 Shares 16.89%
200,000 3 33,200 Shares plus 2 out of 3 to receive additional 400 Shares 16.73%
300,000 6 50,000 Shares plus 2 out of 6 to receive additional 400 Shares 16.71%
400,000 1 66,800 Shares 16.70%
600,000 2 100,000 Shares plus 1 out of 2 to receive additional 400 Shares 16.70%
800,000 1 133,600 Shares 16.70%
6,397 Total number of Pool A successful applicants: 2,533
POOL B
NO. OF SHARES
APPLIED FOR
NO. OF VALID
APPLICATIONS BASIS OF ALLOTMENT/BALLOT
APPROXIMATE
PERCENTAGE
ALLOTTED OF
THE TOTAL
NO. OF SHARES
APPLIED FOR
900,000 4 304,000 Shares 33.78%
1,000,000 1 337,200 Shares 33.72%
2,800,000 2 943,600 Shares 33.70%
7 Total number of Pool B successful applicants: 7
The final number of Hong Kong Offer Shares under the Hong Kong Public Offering is 6,880,800
Offer Shares, representing approximately 10% of the total number of Offer Shares initially
available under the Global Offering (before any exercise of the Over-allotment Option).


--- page 17 ---
19
RESULTS OF ALLOCATIONS
The Company expects to announce the level of indications of interest in the International Offering,
the level of applications in the Hong Kong Public Offering and the basis of allocations of the Hong
Kong Offer Shares on Wednesday, November 1, 2023 on its website at www.zzgqsh.com  and the
website of Stock Exchange at www.hkexnews.hk .
The results of allocations and 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 set out below:
• in the announcement to be posted on the Company ’s website and the website of Stock
Exchange at www.zzgqsh.com  and www.hkexnews.hk , respectively, by no later than 9:00
a.m. on Wednesday, November 1, 2023;
• 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 Wednesday, November
1, 2023 to 12:00 midnight on Tuesday, November 7, 2023; and
• from the allocation results telephone enquiry line by calling +852 2862 8555 between 9:00
a.m. and 6:00 p.m. from Wednesday, November 1, 2023 to Monday, November 6, 2023 on a
business day (excluding Saturday, Sunday and 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 ” in this
announcement refer to Hong Kong identity card numbers/passport numbers/Hong Kong business
registration numbers/certificate of incorporation numbers/beneficial owner identification codes (if
such applications are made by nominees as agent for the benefit of another person), whereas those
displayed in the section headed “Results of Applications Made by Giving Electronic Application
Instructions to HKSCC via CCASS ” in this announcement are provided by CCASS Participants
via CCASS. Therefore, the identification document numbers shown in the two sections are
different in nature.
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 18 ---
20
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
Offer Shares
(assuming
the Over-
allotment
Option is not
exercised)
Subscription
as % of
International
Offer Shares
(assuming
the Over-
allotment
Option is
exercised in
full)
Subscription
as % of total
Offer Shares
(assuming
the Over-
allotment
Option is not
exercised)
Subscription
as % of total
Offer Shares
(assuming
the Over-
allotment
Option is
exercised in
full)
Number of
H Shares as
% of total
H Shares
(assuming
the Over-
allotment
Option is not
exercised)
Number of
H Shares as
% of total
H Shares
(assuming
the Over-
allotment
Option is
exercised in
full)
Number of
Shares as
% of total
Shares upon
Listing
(assuming
the Over-
allotment
Option is not
exercised)
Number of
Shares as
% of total
Shares upon
Listing
(assuming
the Over-
allotment
Option is
exercised in
full)
Top 1 13,075,200 13,075,200 13,075,200 21.12% 18.10% 19.00% 16.53% 0.73% 0.73% 0.48% 0.48%
Top 5 55,946,400 55,946,400 55,946,400 90.35% 77.44% 81.31% 70.71% 3.13% 3.11% 2.04% 2.04%
Top 10 70,466,800 70,466,800 70,466,800 113.80% 97.54% 102.42% 89.06% 3.94% 3.92% 2.57% 2.56%
Top 20 72,115,600 72,115,600 72,115,600 116.46% 99.82% 104.81% 91.14% 4.03% 4.01% 2.63% 2.62%
Top 25 72,127,600 72,127,600 72,127,600 116.48% 99.84% 104.83% 91.16% 4.03% 4.01% 2.63% 2.62%
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
Offer Shares
(assuming
the Over-
allotment
Option is not
exercised)
Subscription
as % of
International
Offer Shares
(assuming
the Over-
allotment
Option is
exercised in
full)
Subscription
as % of total
Offer Shares
(assuming
the Over-
allotment
Option is not
exercised)
Subscription
as % of total
Offer Shares
(assuming
the Over-
allotment
Option is
exercised in
full)
Number of
H Shares as
% of total
H Shares
(assuming
the Over-
allotment
Option is not
exercised)
Number of
H Shares as
% of total
H Shares
(assuming
the Over-
allotment
Option is
exercised in
full)
Number of
Shares as
% of total
Shares upon
Listing
(assuming
the Over-
allotment
Option is not
exercised)
Number of
Shares as
% of total
Shares upon
Listing
(assuming
the Over-
allotment
Option is
exercised in
full)
Top 1 – 417,182,699 1,298,603,615 0.00% 0.00% 0.00% 0.00% 23.31% 23.18% 47.42% 47.24%
Top 5 – 1,167,434,122 2,105,382,470 0.00% 0.00% 0.00% 0.00% 65.24% 64.86% 76.87% 76.58%
Top 10 – 1,583,056,876 2,521,005,224 0.00% 0.00% 0.00% 0.00% 88.46% 87.96% 92.05% 91.70%
Top 20 37,002,800 1,757,534,516 2,706,836,440 59.76% 51.22% 53.78% 46.77% 98.21% 97.65% 98.83% 98.46%
Top 25 68,332,400 1,788,864,116 2,738,166,040 110.35% 94.59% 99.32% 86.36% 99.96% 99.39% 99.98% 99.60%


--- page 19 ---
21
Top 1, 5, 10, 20 and 25 of all the holders of the H Shares of the Company upon Listing:
H Shareholder Subscription
Number of H
Shares held
upon Listing
Number of
Shares held
upon Listing
Subscription
as % of
International
Offer Shares
(assuming
the Over-
allotment
Option is not
exercised)
Subscription
as % of
International
Offer Shares
(assuming
the Over-
allotment
Option is
exercised in
full)
Subscription
as % of total
Offer Shares
(assuming
the Over-
allotment
Option is not
exercised)
Subscription
as % of total
Offer Shares
(assuming
the Over-
allotment
Option is
exercised in
full)
Number of
H Shares as
% of total
H Shares
(assuming
the Over-
allotment
Option is not
exercised)
Number of
H Shares as
% of total
H Shares
(assuming
the Over-
allotment
Option is
exercised in
full)
Number of
Shares as
% of total
Shares upon
Listing
(assuming
the Over-
allotment
Option is not
exercised)
Number of
Shares as
% of total
Shares upon
Listing
(assuming
the Over-
allotment
Option is
exercised in
full)
Top 1 – 417,182,699 1,298,603,615 0.00% 0.00% 0.00% 0.00% 23.31% 23.18% 47.42% 47.24%
Top 5 – 1,202,725,825 2,084,146,741 0.00% 0.00% 0.00% 0.00% 67.21% 66.82% 76.10% 75.81%
Top 10 – 1,583,056,876 2,521,005,224 0.00% 0.00% 0.00% 0.00% 88.46% 87.96% 92.05% 91.70%
Top 20 46,816,400 1,767,348,116 2,705,296,464 75.61% 64.80% 68.04% 59.17% 98.76% 98.20% 98.78% 98.41%
Top 25 69,636,400 1,790,168,116 2,728,116,464 112.46% 96.39% 101.21% 88.01% 100.04% 99.46% 99.61% 99.24%