hk-ipo/data/extracted_text/03355/allotment_results_2026-03-20_2026032001750.txt

--- page 1 ---
Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited (the “Stock Exchange ”)
and Hong Kong Securities Clearing Company Limited ( “HKSCC ”) take no responsibility for the contents of this
announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability
whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this
announcement.
This announcement is not for release, publication, distribution, directly or indirectly, in or into the United States
(including its territories and possessions, any state of the United States and the District of Columbia). This
announcement does not, and is not intended to, constitute or form a part of any offer or solicitation to purchase or
subscribe for securities in the United States or in any other jurisdiction. The Offer Shares have not been and will not
be registered under the United States Securities Act of 1933, as amended from time to time (the “U.S. Securities
Act”) or securities law of any state or other jurisdiction of the United States and may not be offered, sold, pledged or
otherwise transferred within the United States, except in transactions exempt from, or not subject to, the registration
requirements of the U.S. Securities Act and in compliance with any applicable state securities laws. There will be no
public offer of the Offer Shares in the United States. The Offer Shares are being offered and sold solely outside the
United States in offshore transactions in reliance on Regulation S under the U.S. Securities Act and applicable laws of
each jurisdiction where those offers and sales occur.
This announcement is for information purposes only and does not constitute an invitation or offer to acquire, purchase
or subscribe for securities. Potential investors should read the Prospectus for detailed information about the Company
and the Global Offering described below before deciding whether or not to invest in the Offer Shares.
Unless otherwise defined herein, capitalized terms used in this announcement shall have the same meanings as those
defined in the prospectus dated 13 March 2026 (the “Prospectus ”) issued by FS.COM Limited (the “Company ”).
In connection with the Global Offering, China International Capital Corporation Hong Kong Securities Limited as
stabilizing manager (the “Stabilization Manager ”) (or its affiliates or any person acting for it), on behalf of the
Underwriters, to the extent permitted by the applicable laws and regulatory requirements of Hong Kong or elsewhere,
may over-allocate or effect transactions with a view to stabilizing or supporting the market price of the H Shares at
such price, in such amounts and in such manners as the Stabilizing Manager, its affiliates or any person acting for it
may determine and at a level higher than that which might otherwise prevail for a limited period after the Listing Date.
However, there is no obligation on the Stabilizing Manager (or its affiliates or any person acting for it) to conduct
any such stabilizing action. Such stabilizing action, if taken, (a) will be conducted at the absolute discretion of the
Stabilization Manager (or its affiliates or any person acting for it) and in what the Stabilizing Manager reasonably
regards as the best interest of our Company, (b) may be discontinued at any time and (c) is required to be brought to
an end within 30 days of the last day for lodging applications under the Hong Kong Public Offering, being Friday,
17 April 2026. Such stabilizing action, if taken, may be effected in all jurisdictions where it is permissible to do so,
in each case in compliance with all applicable laws, rules and regulatory requirements, including the Securities and
Futures (Price Stabilizing) Rules (Chapter 571W of the Laws of Hong Kong), as amended, made under the Securities
and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).
Potential investors should be aware that no stabilizing action can be taken to support the price of the H Shares for
longer than the stabilization period, which will begin on the Listing Date, and is expected to expire on the 30th day
after the last day for lodging applications under the Hong Kong Public Offering. After this date, when no further
stabilizing action may be taken, demand for the H Shares, and therefore the price of the H Shares, could fall.
Potential investors of the Offer Shares should note that the Joint Sponsors and the Overall Coordinators (for
themselves and on behalf of the Hong Kong Underwriters) shall be entitled to terminate their obligations under the
Hong Kong Underwriting Agreement with immediate effect upon the occurrence of any of the events set out in the
section headed “Underwriting {  Underwriting Arrangements and Expenses {  Hong Kong Public Offering {  Grounds
for Termination ” in the Prospectus at any time prior to 8:00 a.m. (Hong Kong time) on the Listing Date.
1


--- page 2 ---
FS.COM Limited
ʮ̡
(a joint stock company incorporated in the People ’s Republic of China with limited liability)
Global Offering
Number of Offer Shares under the
Global Offering
: 40,000,000 H Shares (subject to the
Over-allotment Option)
Number of Hong Kong Offer Shares : 4,000,000 H Shares (subject to
 reallocation)
Number of International Offer Shares : 36,000,000 H Shares (subject to
reallocation and the Over-allotment
 Option)
Final Offer Price : HK$41.60 per H Share plus brokerage
of 1.0%, SFC transaction levy of
0.0027%, Hong Kong Stock Exchange
trading fee of 0.00565% and AFRC
transaction levy of 0.00015% (payable
in full on application in Hong Kong
dollars and subject to refund)
Nominal value : RMB1.00 per H Share
Stock code : 3355
Joint Sponsors, Overall Coordinators, Joint Global Coordinators,
Joint Bookrunners and Joint Lead Managers
Joint Bookrunners
2


--- page 3 ---
FS.COM Limited / 深圳市飛速創新技術股份有限公司
ANNOUNCEMENT OF FINAL OFFER PRICE AND ALLOTMENT RESULTS
Unless otherwise defined herein, capitalised terms used in this announcement shall have the same meanings as those
defined in the prospectus dated 13 March 2026 (the “Prospectus”) issued by FS.COM Limited (the “Company”).
Warning: In view of high concentration of shareholding in a small number of Shareholders, Shareholders and
prospective investors should be aware that the price of the H Shares could move substantially even with a small
number of H Shares traded and should exercise extreme caution when dealing in the H Shares.
SUMMARY
Company information
Stock code 3355
Stock short name FS.COM
Dealings commencement date 23 March 2026*
*see note at the end of the announcement
Price Information
Final Offer Price HK$41.60
Maximum Offer Price HK$41.60
Offer Shares and Share Capital
Number of Offer Shares 40,000,000
Number of Offer Shares in the Hong Kong Public Offering (after
reallocation)
4,000,000
Number of offer shares in International Offering (after
reallocation)
36,000,000
Number of issued shares upon Listing 400,000,000
Over-allocation
No. of Offer Shares over-allocated 6,000,000
Such over-allocation may be covered by exercising the Over-allotment Option or by making purchases in the
secondary market at prices that do not exceed the Offer Price or through deferred delivery or a combination of
these means. In the event the Over-allotment Option is exercised, an announcement will be made on the Stock
Exchange’s website.
Proceeds
Gross proceeds (Note) HK$ 1,664.00 million
Less: Estimated listing expenses payable based on Final Offer
Price
HK$ 104.97 million
Net proceeds HK$ 1,559.03 million
Note: Gross proceeds refer to the amount to which the Company is entitled to receive. For details of the use of proceeds, please
refer to the Prospectus dated 13 March 2026.
ALLOTMENT RESULTS DETAILS
HONG KONG PUBLIC OFFERING
No. of valid applications 196,756
No. of successful applications 31,492
3


--- page 4 ---
Subscription level 1,579.71 times
Claw-back triggered N/A
No. of Offer Shares initially available under the Public Offer 4,000,000
Final no. of Offer Shares under the Hong Kong Public Offering (after
reallocation)
4,000,000
% of Offer Shares under the Hong Kong Public Offering to the Global
Offering
10%
Note: For details of the final allocation of H Shares to the Hong Kong Public Offering, investors can refer to
https://www.hkeipo.hk/IPOResult to perform a search by name or identification number or
https://www.hkeipo.hk/IPOResult  for the full list of allottees.
INTERNATIONAL OFFERING
No. of placees 140
Subscription Level 10.92 times
No. of Offer Shares initially available under the International Offering 36,000,000
Final no. of Offer Shares under the International Offering 36,000,000
% of Offer Shares under the International Offering to the Global
Offering
90%
The Directors confirm that, to the best of their knowledge, information and belief , (a) save for waivers from strict
compliance with Rule 10.04 of the Listing Rules and consents under paragraph 1C(2) of Appendix F1 to the Listing
Rules (the “Placing Guidelines”) granted by the Stock Exchange to permit the Company to allocate certain Offer Shares
in the International Offering to certain existing Shareholders and/or their close associates  and (b) a  consent under
Chapter 4.15 of the Guide for New Listing Applicants to permit the Company to, among other things, allocate further H
Shares in the International Offering to certain Cornerstone Investors and/or their respective close associates , (i) none
of the Offer Shares subscribed by the placees and the public have been financed directly or indirectly by the Company,
any of the Directors, chief executive of the Company, controlling shareholders, substantial shareholders, existing
shareholders of the Company or any of its subsidiaries or their respective close associates ; and (ii) none of the placees
and the public who have purchased the Offer Shares are accustomed to taking instructions from  the Company, any of
the Directors, chief executive of the Company, controlling shareholders, substantial shareholders, existing shareholders
of the Company or any of its subsidiari es or 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.
The placees in the International Offering include the following:
Cornerstone Investors
Investor(1)
No. of
Offer
Shares
allocated
% of total issued H
Shares after the
Global Offering
(assuming the Over-
allotment Option is
not exercised)
% of total
issued share
capital after the
Global Offering
(assuming the Over-
allotment Option is
not exercised)
Existing
shareholders or
their close
associates
Hao Great
China Focus
Fund (“Hao
Fund”) 3,751,900 0.94% 0.94% No
Great Holding
Development
Limited (“Great
Holding”) 2,713,900 0.68% 0.68%
No
4


--- page 5 ---
Investor(1)
No. of
Offer
Shares
allocated
% of total issued H
Shares after the
Global Offering
(assuming the Over-
allotment Option is
not exercised)
% of total
issued share
capital after the
Global Offering
(assuming the Over-
allotment Option is
not exercised)
Existing
shareholders or
their close
associates
WT Asset
Management
Limited 1,875,900 0.47% 0.47%
No
Caitong Funds
SPC —
Strategic Equity
Fund III SP
(“Caitong
SEIII”) 1,802,800 0.45% 0.45%
No
Shanghai
Intewise Capital
Investment
Limited
(“Shanghai
Intewise”)
ultimate clients
and CICC
Financial
Trading Limited
(“CICC FT”)
(in connection
with Shanghai
Intewise OTC
Swaps) 1,346,100 0.34% 0.34%
No
Foresight
Capital Steady
Growth LPF
(“Foresight”) 1,201,900 0.30% 0.30%
No
SCGC Capital
Holding
Company
Limited
(“SCGC
Capital”) 1,201,900 0.30% 0.30% Yes
Aether Wave
Fund L.P. 1,125,500 0.28% 0.28% Yes
GF International
Investment
Management
Limited (“GF
Fund HK”) 937,900 0.23% 0.23%
No
Shenzhen
Kaifeng
Investment
Management
Co., Ltd.
(“Shenzhen
Kaifeng”),
Changdu
Kaifeng
Investment 721,000 0.18% 0.18%
No
5


--- page 6 ---
Investor(1)
No. of
Offer
Shares
allocated
% of total issued H
Shares after the
Global Offering
(assuming the Over-
allotment Option is
not exercised)
% of total
issued share
capital after the
Global Offering
(assuming the Over-
allotment Option is
not exercised)
Existing
shareholders or
their close
associates
Management
Co., Ltd.
(“Changdu
Kaifeng”) and
CICC FT (in
connection with
the Kaifeng
OTC Swaps (as
defined below))
Wider Huge
Group Limited
(“Wider
Huge”) 244,100 0.06% 0.06%
No
Total 16,922,900 4.23% 4.23%
Note:
1. In addition to the Offer Shares subscribed for as Cornerstone Investors, CICC FT (in connection with the Shanghai
Intewise OTC Swaps and the Kaifeng OTC Swaps), Foresight, Aether Wave Fund L.P., SCGC Capital and Wider
Huge and/or their respective close associates, where applicable, were allocated further Offer Shares as placees
in the International Offering. Please refer to the section headed “Allotment Results Details – International Offer
– Allottees with waivers/consents obtained” in this announcement for details. Only the Offer Shares subscribed
for as Cornerstone Investors are subject to lock -up as indicated below. For details, please refer to the section
headed “Lock-up Undertakings – Cornerstone Investors” in this announcement.
Allottees with waivers/consents obtained
Investor
No. of
Offer
Shares allocated
% of total issued H
Shares after the
Global Offering
(assuming the over-
allotment Option is
not exercised)
% of total issued
share capital after
the Global Offering
(assuming the Over-
allotment Option is
not exercised) Relationship
Allottees with consent under Chapter 4.15 of the Guide for New Listing Applicants  in relation to allocations of
further H Shares to existing Shareholders and Cornerstone Investors and/or their close associates (1)
Hao Fund 1,743,500 0.44% 0.44% A Cornerstone
Investor
WT Asset
Management Limited
1,313,000 0.33% 0.33% A Cornerstone
Investor
Caitong SEIII 1,257,000 0.31% 0.31% A Cornerstone
Investor
SCGC Capital 1,200,000 0.30% 0.30% A close associate
of an existing
Shareholder and a
Cornerstone
Investor
Aether Wave Fund
L.P.
788,000 0.20% 0.20% A Cornerstone
Investor
Shanghai Intewise
ultimate clients and
CICC FT (in
5,412,500 1.35% 1.35% A Cornerstone
Investor
6


--- page 7 ---
connection with
Shanghai Intewise
OTC Swaps)
Shenzhen Kaifeng,
Changdu Kaifeng
and CICC FT (in
connection with the
Kaifeng OTC Swaps)
318,500 0.08% 0.08% A Cornerstone
Investor
Longrising Ultimate
Clients (as defined
below) and CICC FT
(in connection with
the Longrising OTC
Swaps (as defined
below))
63,400 0.16% 0.16% A close associate
of a Cornerstone
Investor
Wider Huge 187,500 0.05% 0.05% A Cornerstone
Investor
Foresight 825,500 0.21% 0.21% A Cornerstone
Investor
GF Fund HK 656,500 0.16% 0.16% A close associate
of a Cornerstone
Investor
GF Securities Asset
Management
(Guangdong) Co.,
Ltd. (“GF Securities
AM”, acting as a
qualified domestic
institutional investor
for PSBC Wealth
Management Co.,
Ltd. (“ PSBC
Wealth”)) (2)
5,000 0.01% 0.01% A close associate
of a Cornerstone
Investor
GF Securities AM
acting as a qualified
domestic institutional
investor for CIB -
GFAM
WANXIANG NO.1
(3)
2,000 0.01% 0.01% A close associate
of a Cornerstone
Investor
Allottees with consent under paragraph 1C(1) of the Placing Guidelines and Chapter 4.15 of the Guide for New
Listing Applicants in relation to allocations to connected clients (4)
Shanghai Intewise
ultimate clients and
CICC FT (in
connection with
Shanghai Intewise
OTC Swaps)
5,412,500 1.35% 1.35% Connected client
Shenzhen Kaifeng
and CICC FT (in
connection with the
Kaifeng OTC
Swaps)
159,200 0.04% 0.04% Connected client
Changdu Kaifeng
and CICC FT (in
connection with the
Changdu OTC
159,300 0.04% 0.04% Connected client
7


--- page 8 ---
Swaps) (defined
below)
Longrising Ultimate
Clients (as defined
below) and CICC FT
(in connection with
the Longrising OTC
Swaps (as defined
below))
63,400 0.02% 0.02% Connected client
Bosera Asset
Management
(International) Co.,
Ltd (“Bosera AM”)
75,000 0.02% 0.02% Connected client
China Asset
Management (Hong
Kong) Limited
(“China AM HK”)
75,000 0.02% 0.02% Connected client
CSI Panjing
Ultimate Clients
(defined below) and
CITIC Securities
International Capital
Management
Limited (“CSI”) (in
connection with CSI
Panjing OTC Swaps)
84,500 0.02% 0.02% Connected client
CITIC Securities
Asset Management
Company Limited
(“CITIC Asset
Management”)
10,000 0.003% 0.003% Connected client
CSI HY Capital
Ultimate Client (as
defined below) and
CSI (in connection
with the CSI HY
OTC Swaps (as
defined below))
150,000 0.04% 0.04% Connected client
Haitong Global
Investment SPC IV -
Haitong Opportunity
Fund II S.P.
(“Haitong
Opportunity Fund
II”)
10,000 0.003% 0.003% Connected client
Guotai Junan
Investments (Hong
Kong) Limited
5,000 0.001% 0.001% Connected client
Valuable Investment
Limited
37,500 0.01% 0.01% Connected client
Notes:
1. The number of Offer Shares allocated to the relevant investors listed in this subsection only represents the number
of Offer Shares allocated to the investors as placees in the International Offering. For allocations of Offer Shares
to the relevant investors as Cornerstone Investors, please refer to the section headed “Allotment Results Details –
International Offer – Cornerstone Investors” in this announcement. For details of the consent under Chapter 4.15
of the Guide for New Listing Applicants in relation to allocations of further H Shares to the existing Shareholders
and/or their close associates and Cornerstone Investors, please refer to the section headed “Others/Additional
8


--- page 9 ---
Information – Allocations of further H Shares to a close associate of an existing Shareholders and Cornerstone
Investors with consent under Chapter 4.15 of the Guide for New Listing Applicants” in this announcement.
2. GF Securities AM and GF Fund HK are members of the same group of companies. GF Securities AM is therefore
a close associate of GF Fund HK. PSBC Wealth has engaged GF Securities AM, an asset manager that is a qualified
domestic institutional investor as approved by the relevant PRC authority, to subscribe for and hold  such Offer
Shares on a non -discretionary basis on behalf of PSBC Wealth, in the name of: (i) GFAM ZHONGYOU NO. 4
ASSET MANAGEMENT ACCOUNT (QDII) ( 廣發資管中郵理財港  股策略 4號單一資產管理計劃 ) and (ii)
GFAM ZHONGYOU NO. 5 ASSET MANAGEMENT ACCOUNT (QDII) ( 廣發資管中郵理財港股策略5號單一
資產管理計劃). PSBC Wealth is wholly  owned by Postal Savings Bank of China Co., Ltd. (SEHK: 1658) and is
ultimately controlled by China Post Group Corporation Limited.
3. GF Securities AM will hold the Offer Shares as product manager on behalf of CIB- GFAM WANXIANG NO.1, with
the ultimate client being Shenwan Hongyuan Group Co., Ltd. (申萬宏源集團股份有限公司) (the “GF Securities
AM Ultimate Client AMS ”). Shenwan Hongyuan Securities Co., Ltd. is a wholly -owned subsidiary of Shenwan
Hongyuan Group Co., Ltd. (Stock Code: 6806).
4. For details of the consent under paragraph 1C(1) of the Placing Guidelines and Chapter 4.15 of the Guide for New
Listing Applicants in relation to allocations to connected clients, please refer to the section headed “Others /
Additional Information – Placing to connected clients with prior consent under paragraph 1C(1) of the Placing
Guidelines” in this announcement.
LOCK-UP UNDERTAKINGS
Controlling Shareholders
Name
Number of
shares held in
the Company
subject to lock-
up
undertakings
upon Listing
Number of H
Shares held in
the Company
subject to lock-
up undertakings
upon Listing
% of total issued
H Shares in the
Company subject
to lock-up
undertakings
upon Listing
(assuming the
Over-allotment
Option is not
exercised)
% of
shareholding in
the Company
subject to lock-
up undertakings
upon Listing
(assuming the
Over-allotment
Option is not
exercised
Last day subject
to the lock-up
undertakings
(1)(2)
Mr. Xiang Wei 203,928,528 203,928,528 50.98% 50.98% 22 March 2027
Shenzhen
Yuxuan Prudence
Technology
Partnership
(Limited
Partnership)
11,489,819 11,489,819 2.87% 2.87% 22 March 2027
Shenzhen
Yuxuan Progress
Technology
Partnership
(Limited
Partnership)
2,650,548 2,650,548 0.66% 0.66% 22 March 2027
Shenzhen
Yuxuan Growth
Technology
Partnership
(Limited
Partnership)
2,091,006 2,091,006 0.52% 0.52% 22 March 2027
Total 220,159,901 220,159,901 55.04% 55.04%
Note:
9


--- page 10 ---
Name
Number of
shares held in
the Company
subject to lock-
up
undertakings
upon Listing
Number of H
Shares held in
the Company
subject to lock-
up undertakings
upon Listing
% of total issued
H Shares in the
Company subject
to lock-up
undertakings
upon Listing
(assuming the
Over-allotment
Option is not
exercised)
% of
shareholding in
the Company
subject to lock-
up undertakings
upon Listing
(assuming the
Over-allotment
Option is not
exercised
Last day subject
to the lock-up
undertakings
(1)(2)
1. The expiry date of the lock -up period is pursuant to the PRC Company Law .
2. In accordance with the relevant Listing Rule/guidance materials, the required lock-up for the first six-month period
ends on 22 September 2026 and for the second six-month period ends on 22 March 2027.
Cornerstone Investors
 Name
Number of H
Shares held in the
Company subject to
lock-up
undertakings upon
Listing
% of total issued H
Shares subject to
lock-up
undertakings upon
Listing (assuming
the Over-allotment
Option is not
exercised)
% of shareholding in
the Company subject
to lock-up
undertakings upon
Listing (assuming
the Over-allotment
Option is not
exercised)
Last day subject to
the lock-up
undertakings (1)
Hao Fund 3,751,900 0.94% 0.94% 22 September 2026
Great Holding 2,713,900 0.68% 0.68% 22 September 2026
WT Asset
Management Limited 1,875,900 0.47% 0.47%
22 September 2026
Caitong SEIII 1,802,800 0.45% 0.45% 22 September 2026
Shanghai Intewise
ultimate clients and
CICC FT (in
connection with
Shanghai Intewise
OTC Swaps) 1,346,100 0.34% 0.34%
22 September 2026
Foresight 1,201,900 0.30% 0.30% 22 September 2026
SCGC Capital 1,201,900 0.30% 0.30% 22 September 2026
Aether Wave Fund
L.P. 1,125,500 0.28% 0.28%
22 September 2026
GF Fund HK 937,900 0.23% 0.23% 22 September 2026
Shenzhen Kaifeng,
Changdu Kaifeng
and CICC FT (in
connection with the
Kaifeng OTC Swaps) 721,000 0.18% 0.18%
22 September 2026
Wider Huge 244,100 0.06% 0.06% 22 September 2026
Total 16,922,900 4.23% 4.23%
Note:
1. In accordance with the respective Cornerstone Investment Agreement, the required lock -up ends on 2 2 September
2026. The Cornerstone Investors will cease to be prohibited from disposing of or transferring  Shares after the
indicated date.
Existing Shareholders (other than the Controlling Shareholders)
10


--- page 11 ---
Name
Number of shares held in
the Company subject to
lock-up undertakings
upon Listing
% of shareholding in the
Company subject to lock-
up undertakings upon
Listing (assuming the
Over-allotment Option is
not exercised)
Last day subject to the
lock-up undertakings (1)
Gongqingcheng Fupeng
Hongxiang No. 3 Venture
Capital Partnership
(Limited Partnership)
39,405,738 9.85% 22 March 2027
Ningbo Meishan Bonded
Port Area Fupeng
Hongxiang No. 8 Equity
Investment
Management Centre
(Limited Partnership)
17,514,646 4.38% 22 March 2027
Haitong Innovation
Securities Investment Co.,
Ltd.
16,069,116 4.02% 22 March 2027
Yang Jie 15,850,897 3.96% 22 March 2027
Shenzhen Hongtu No. 1
Private Equity Investment
Fund Partnership (Limited
Partnership)
8,181,818 2.05% 22 March 2027
Shenzhen Chaoyue Future
Venture Capital Partnership
(Limited Partnership)
6,860,832 1.72% 22 March 2027
Hainan Orcas Private
Equity Investment Fund
Partnership (Limited
Partnership)
4,548,848 1.14% 22 March 2027
Xiamen Taiya Phase I
Venture Capital Partnership
(Limited Partnership)
3,892,093 0.97% 22 March 2027
Guosen (Zhuhai) Energy
Industry Private Equity
Fund Partnership Enterprise
(Limited Partnership)
3,478,800 0.87% 22 March 2027
Shenzhen Capital Group
Co., Ltd.
3,272,725 0.82% 22 March 2027
Zhuhai Lafang Excellence
No. 7 Investment Fund
(Limited Partnership)
3,083,880 0.77% 22 March 2027
Jieyang Herun Investment
Co., Ltd.
3,083,880 0.77% 22 March 2027
Shenzhen Nanshan Hongtu
Equity Investment Fund
Partnership (Limited
Partnership)
2,181,820 0.55% 22 March 2027
Xuzhou Yongzheng
Investment Partnership
(Limited Partnership)
1,785,335 0.45% 22 March 2027
Xiamen Guosen Lianfa
Intelligent Technology
Industry Private Equity
Investment Fund
1,739,509 0.43% 22 March 2027
11


--- page 12 ---
Name
Number of shares held in
the Company subject to
lock-up undertakings
upon Listing
% of shareholding in the
Company subject to lock-
up undertakings upon
Listing (assuming the
Over-allotment Option is
not exercised)
Last day subject to the
lock-up undertakings (1)
Partnership Enterprise
(Limited Partnership)
Shenzhen Chiyu Enterprise
Management
Partnership (Limited
Partnership)
1,739,069 0.43% 22 March 2027
Shenzhen Chaoyue No. 1
Investment
Partnership (Limited
Partnership)
1,636,362 0.41% 22 March 2027
Gong Cuihua 1,542,048 0.39% 22 March 2027
Jinggangshan Mingcheng
Feisu Equity Investment
Partnership (Limited
Partnership)
1,090,910 0.27% 22 March 2027
Jinggangshan Mingcheng
Ruiying Equity Investment
Partnership (Limited
Partnership)
1,090,910 0.27% 22 March 2027
Shenzhen Sailvan Network
Technology Co., Ltd.
632,911 0.16% 22 March 2027
Chen Shaofeng 649,272 0.16% 22 March 2027
Peng Chao 508,680 0.13% 22 March 2027
Total 139,840,099 38.85%
Note:
1. The expiry date of the lock-up period shown in the table above is pursuant to the PRC Company Law.
12


--- page 13 ---
PLACEE CONCENTRATION ANALYSIS
Placees*
Number of H Shares
allotted
Allotment as % of
International
Offering (assuming
no exercise of the
Over-allotment
Option)
Allotment as % of
International
Offering (assuming
the Over-allotment
Option is fully
exercised and new H
Shares are issued)
Allotment as % of
total Offer Shares
(assuming no
exercise of the Over-
allotment Option)
Allotment as % of
total Offer Shares
(assuming the Over-
allotment Option is
fully exercised and
new H Shares are
issued)
Number of H Shares
held upon Listing
% of total issued
share capital upon
Listing (assuming no
exercise of the Over-
allotment Option)
% of total issued
share capital upon
Listing (assuming
the Over-allotment
Option is fully
exercised and new H
Shares are issued)
Top 1 6,758,600 18.77% 16.09% 16.90% 14.49% 6,758,600 1.69% 1.66%
Top 5 21,216,600 58.94% 50.52% 53.04% 46.12% 21,216,600 5.30% 5.23%
Top 10 30,976,800 86.05% 73.75% 77.44% 67.34% 49,162,011 12.29% 12.11%
Top 25 37,927,400 105.35% 90.30% 94.82% 82.45% 55,673,611 13.92% 13.71%
Note
* Ranking of placees is based on the number of Shares allotted to the placees.
H SHAREHOLDERS CONCENTRATION ANALYSIS
Placees*
Number of H
Shares allotted
Allotment as % of
International
Offering
(assuming no
exercise of the
Over-allotment
Option)
Allotment as % of
International
Offering
(assuming the
Over-allotment
Option is fully
exercised and new
H Shares are
issued)
Allotment as % of
total Offer Shares
(assuming no
exercise of the
Over-allotment
Option)
Allotment as % of
total Offer Shares
(assuming the
Over-allotment
Option is fully
exercised and new
H Shares are
issued)
Number of H
Shares held upon
Listing
% of total issued
share capital
upon Listing
(assuming no
exercise of the
Over-allotment
Option)
% of total issued
share capital
upon Listing
(assuming the
Over-allotment
Option is fully
exercised and new
H Shares are
issued)
Number of
Shares held
upon Listing
Top 1 0 0.00% 0.00% 0.00% 0.00% 220,159,901 55.04% 54.23% 220,159,901
Top 5 2,401,900 6.67% 5.72% 6.00% 5.22% 330,256,870 82.56% 81.34% 330,256,870
Top 10 16,569,400 46.03% 39.45% 41.42% 36.02% 361,871,185 90.47% 89.13% 361,871,755
Top 25 34,238,300 95.11% 81.52% 85.60% 74.43% 392,956,117 98.24% 96.79% 392,956,117
Note
* Ranking of H Shareholders is based on the number of H Shares held by the H Shareholders upon Listing.
13


--- page 14 ---
SHAREHOLDERS CONCENTRATION ANALYSIS
Placees*
Number of H Shares
allotted
Allotment as %
of International
Offering
(assuming no
exercise of the
Over-allotment
Option)
Allotment as %
of International
Offering
(assuming the
Over-allotment
Option is fully
exercised and
new H Shares
are issued)
Allotment as %
of total Offer
Shares
(assuming no
exercise of the
Over-allotment
Option)
Allotment as %
of total Offer
Shares
(assuming the
Over-allotment
Option is fully
exercised and
new H Shares
are issued)
Number of H
Shares held
upon Listing
Number of Shares held upon
Listing
% of total issued
share capital
upon Listing
(assuming no
exercise of the
Over-allotment
Option)
% of total issued
share capital
upon Listing
(assuming the
Over-allotment
Option is fully
exercised and
new H Shares are
issued)
Top 1 0 0.00% 0.00% 0.00% 0.00% 220,159,901 220,159,901 55.04% 54.23%
Top 5 2,401,900 6.67% 5.72% 6.00% 5.22% 330,256,870 330,256,870 82.56% 81.34%
Top 10 16,569,400 46.03% 39.45% 41.42% 36.02% 361,871,185 361,871,185 90.47% 89.13%
Top 25 34,238,300 95.11% 81.52% 85.60% 74.43% 392,956,117 392,956,117 98.24% 96.79%
Note
* Ranking of Shareholders is based on the number of Shares held by the Shareholders upon Listing.
14


--- page 15 ---
BASIS OF ALLOCATION UNDER THE HONG KONG PUBLIC OFFERING
Subject to the satisfaction of the conditions set out in the Prospectus, valid applications made by the
public will be conditionally allocated on the basis set out below:
No. of H Shares
Applied For
No. of Valid
Applications Basis of Allotment/Ballot
Approximate
Percentage allotted
of the Total No. of H
Shares applied for
Pool A
100 64,962 650 out of 64,962 to receive 100 Shares 1.00%
200 25,942 400 out of 25,942 to receive 100 Shares 0.77%
300 4,603 92 out of 4,603 to receive 100 Shares 0.67%
400 3,172 76 out of 3,172 to receive 100 Shares 0.60%
500 4,154 114 out of 4,154 to receive 100 Shares 0.55%
600 2,222 68 out of 2,222  to receive 100 Shares 0.51%
700 1,985 67 out of 1,985 to receive 100 Shares 0.48%
800 2,100 77 out of 2,100 to receive 100 Shares 0.46%
900 1,341 53 out of 1,341 to receive 100 Shares 0.44%
1,000 16,443 691 out of 16,443 to receive 100 Shares 0.42%
1,500 3,520 191 out of 3,520 to receive 100 Shares 0.36%
2,000 4,367 283 out of 4,367 to receive 100 Shares 0.32%
2,500 2,056 153 out of 2,056 to receive 100 Shares 0.30%
3,000 1,726 144 out of 1,726 to receive 100 Shares 0.28%
3,500 1,242 114 out of 1,242 to receive 100 Shares 0.26%
4,000 1,228 123 out of 1,228 to receive 100 Shares 0.25%
4,500 1,101 118 out of 1,101 to receive 100 Shares 0.24%
5,000 2,308 265 out of 2,308 to receive 100 Shares 0.23%
6,000 1,596 205 out of 1,596 to receive 100 Shares 0.21%
7,000 1,378 195 out of 1,378 to receive 100 Shares 0.20%
8,000 1,328 204 out of 1,328 to receive 100 Shares 0.19%
9,000 1,158 192 out of 1,158 to receive 100 Shares 0.18%
10,000 9,058 1,596 out of 9,058 to receive 100 Shares 0.18%
20,000 4,848 1,316 out of 4,848 to receive 100 Shares 0.14%
30,000 3,255 1,137 out of 3,255 to receive 100 Shares 0.12%
40,000 2,379 995 out of 2,379 to receive 100 Shares 0.10%
50,000 2,179 1,047 out of 2,179 to receive 100 Shares 0.10%
60,000 1,453 782 out of 1,453 to receive 100 Shares 0.09%
70,000 1,248 739 out of 1,248 to receive 100 Shares 0.08%
80,000 1,160 747 out of 1,160 to receive 100 Shares 0.08%
90,000 993 688 out of 993 to receive 100 Shares 008%
100,000 8,759 6,478 out of 8,759 to receive 100 Shares 0.07%
Total 185,264 Total number of Pool A successful applicants: 20,000
No. of H Shares
Applied For
No. of Valid
Applications Basis of Allotment/Ballot
Approximate
Percentage allotted
of the Total No. of H
Shares applied for
15


--- page 16 ---
Pool B
200,000 6,055 2,422 out of 6,055 to receive 100 Shares 0.07%
300,000 1,822 1,201 out of 1,822 to receive 100 Shares 0.06%
400,000 1,031 899 out of 1,031 to receive 100 Shares 0.05%
500,000 717 39 out of 717 to receive 100 Shares 0.04%
600,000 341 75 out of 341 to receive 100 Shares 0.04%
700,000 273 100 out of 273 to receive 100 Shares 0.03%
800,000 212 107 out of 212 to receive 100 Shares 0.03%
900,000 157 99 out of 157 to receive 100 Shares 0.03%
1,000,000 535 399 out of 535 to receive 100 Shares 0.03%
2,000,000 349 234 out of 349 to receive 100 Shares 0.02%
Total Total number of Pool B successful applicants: 11,492
As of the date of this announcement, the relevant subscription monies previously deposited in the
designated nominee accounts have been remitted back to the accounts of all HKSCC participants . Investors
should contact their relevant brokers for any inquiries.
COMPLIANCE WITH LISTING RULES AND GUIDANCE
The Directors confirm that , except for the Listing Rules that have been waived  and/or in respect of which
consent has been obtained, the Company has complied with the Listing Rules and guidance materials in relation
to the placing, allotment and listing of the Company’s H Shares.
The Directors confirm that, to the best of their knowledge, the consideration paid by the placees or the public
(as the case may be) directly or indirectly for each Offer Share subscribed for or purchased by them was the
same as the final Offer Price in addition to any brokerage, AFRC transaction levy, SFC transaction levy and
trading fee payable.
OTHERS/ ADDITIONAL INFORMATION
Allocations of further H Shares to a close associate of an existing Shareholders and Cornerstone Investors
with consent under Chapter 4.15 of the Guide for New Listing Applicants
The Company has applied to, and the Stock Exchange has granted, a consent under Chapter 4.15 of the Guide
for New Listing Applicants to permit the Company to allocate further Offer Shares in the International Offering
to a close associate of an existing Sh areholder and Cornerstone Investors as placees, subject to the following
conditions:
(a) the final offering size of the Global Offering (excluding any additional H Shares which may be issued
upon exercise of the Over-allotment Option) will be of a total value of at least HK$1 billion as required
by paragraph 18(i) of Chapter 4.15 of the Guide for New Listing Applicants;
(b) the Offer Shares allocated to all existing shareholders and their close associates (whether as cornerstone
investors and/or as placees) as permitted under this exemption do not exceed 30% of the total number
of the H Shares offered, which is in compliance with paragraph 18(ii) of Chapter 4.15 of the Guide for
New Listing Applicants; and
(c) each Director, chief executive and Supervisor of the Company has confirmed that no securities have
been allocated to them or their respective close associates under the Size -based Exemption as defined
in the Guide) as required by paragraph 18(iii) of Chapter 4.15 of the Guide for New Listing Applicants.
Such allocations of Offer Shares are in compliance with all the conditions under the consent granted by the
Stock Exchange.
16


--- page 17 ---
For details of the allocations of Offer Shares to existing Shareholders and/or their close associates and
Cornerstone Investors, please refer to the section headed “Allotment Results Details – International Offer –
Allottees with waivers/consents obtained” in this announcement.
Placing to connected clients with prior consent under paragraph 1C(1) of the Placing Guidelines
The Company has applied to the Stock Exchange for, and the Stock Exchange has granted, consents under
paragraph 1C of the Placing Guidelines to permit allocation to connected clients pursuant to the Placing
Guidelines. The allocation of Offer Shares to suc h connected clients is in compliance with all the conditions
under the consents granted by the Stock Exchange. Details of the placement to connected clients (including the
cornerstone tranche and placing tranche) are set out below.
Connected
Distributor Connected Client Relationship
Whether the
Connected Client
will
hold the
beneficial
interests of the
Offer
Shares on a non-
discretionary
basis or
discretionary
basis
for independent
third
parties
Number
of Offer
Shares to
be
allocated to
the
connected
client
Approximate
percentage of
Offer Shares
allocated to
the connected
client
(assuming
no exercise
of the
Overallotment
Option)
Approximate
percentage
of total
issued share
capital after
the Global
Offering
(assuming
no exercise
of the
Overallotment
Option)
China
International
Capital
Corporation
Hong Kong
Securities
Limited
(“CICCHKS”)
Shanghai Intewise
ultimate clients and
CICC FT (in
connection with
Shanghai Intewise
OTC Swaps) (1)
CICC FT is a
member of the
same group of
CICCHKS
Non-discretionary
basis
5,412,500 13.53% 1.35%
Shenzhen Kaifeng
and CICC FT (in
connection with the
Kaifeng OTC Swaps)
(2)
CICC FT is a
member of the
same group of
CICCHKS
Non-discretionary
basis
159,200 0.40% 0.04%
Changdu Kaifeng and
CICC FT (in
connection with the
Changdu OTC Swaps
(defined below)) (3)
CICC FT is a
member of the
same group of
CICCHKS
Non-discretionary
basis
159,300 0.40% 0.04%
Longrising Ultimate
Clients (as defined
below) and CICC FT
(in connection with
the Longrising OTC
Swaps (as defined
below)) (4)
CICC FT is a
member of the
same group of
CICCHKS
Non-discretionary
basis
63,400 0.16% 0.02%
China Merchants
Securities (HK)
Co., Limited
(“CMS”)
Bosera AM (5) Bosera AM is a
member of the
same group of
companies as
CMS.
Discretionary basis 75,000 0.19% 0.02%
CITIC Securities
Brokerage (HK)
Limited (“CSB”)
China AM HK (6) CSB and China
AM HK are
members of the
Discretionary basis 75,000 0.19% 0.019%
17


--- page 18 ---
same group of
companies.
CSI Panjing Ultimate
Clients (defined
below) and CSI (in
connection with CSI
Panjing OTC Swaps)
(7)
CSI Capital is a
member of the
same group of
companies as
CSB.
Non-discretionary
basis
84,500 0.21% 0.021%
CITIC Securities
Asset Management (8)
CITIC Asset
Management is a
member of the
same group of
companies of
CSB.
Discretionary basis 10,000 0.03% 0.003%
CSI HY Capital
Ultimate Client (as
defined below) and
CSI (in connection
with the CSI HY
OTC Swaps (as
defined below)) (9)
CSI is a member
of the same
group of
companies of
CSB.
Non-discretionary
basis
150,000 0.38% 0.04%
Guotai Junan
Securities (Hong
Kong) Limited
(“GTJA
Securities”)
 Haitong Opportunity
Fund II (10)
Haitong
Opportunity
Fund II is
managed by
Haitong
International
Asset
Management
(HK) Limited,
which is a
member of the
same group of
GTJA Securities.
Discretionary basis 10,000 0.03% 0.003%
GTJA Ultimate
clients (defined
below) and Guotai
Junan Investments
(Hong Kong) Limited
(“GTJA
Investments”) (in
connection with the
GTJA OTC Swaps
(defined below)) (11)
GTJA
Investments is a
member of the
same group of
GTJA Securities.
Discretionary basis 5,000 0.01% 0.001%
Valuable Capital
Limited
Pan Haiguang (潘海
光) and Valuable
Investment Limited
(“Valuable
Investment”) (in
connection with the
Valuable OTC Swaps
(as defined below) (12)
Valuable
Investment is a
member of the
same group of
companies as
Valuable Capital
Non-discretionary
basis
406,000 1.02% 0.10%
Notes:
(1) CICC FT and China International Capital Corporation Limited (“ CICCL”) has also entered into a series of cross border
over-the-counter swap transactions (collectively, the “Intewise OTC Swaps”) with each other, and with Shanghai Intewise
acting in its capacity as investment manager for and on behalf of Intewi se Jinghong Electronic Technology Private
Securities Investment Fund (聚鳴景宏電子科 技私募證券投資基金) (“Intewise Jinghong”), Intewise Jiangchuan No. 3
18


--- page 19 ---
Private Securities Investment Fund ( 聚鳴匠傳 3號私募證券投資基金 ) ( “Intewise Jiangchuan No. 3 ”) and Intewise
Jiangchuan No. 6 Private Securities Investment Fund (聚鳴匠傳6號私募證券投資基 金) (“Intewise Jiangchuan No. 6”,
collectively with Intewise Jinghong and Interwise Jiangchuan No. 3, the “Intewise Ultimate Clients”).
CICC FT will hold the Offer Shares on a non -discretionary basis to hedge the Kaifeng OTC Swaps and Intewise OTC
Swaps while the economic risks and returns of the underlying Offer Shares are passed to the Kaifeng Ultimate Clients and
Intewise Ultimate Clien ts, subject to customary fees and commissions. CICC FT and CICCL are members of the same
group of companies.
(2) CICC FT and CICCL has entered  into a series of cross border over -the-counter swap transactions (collectively, the
“Shenzhen Kaifeng OTC Swaps ”) with each other, and with Shenzhen Kaifeng acting in its capacity as investment
manager for and on behalf of Kaifeng Xingrui Equity Strategy No. 1 Securities Investment Private Fund ( 凱豐星睿股票
策略1號證券投資私募基金 ) ( “Kaifeng Xingrui No. 1 ”) and Kaifeng Macro Strategy No. 10 Securities Investment
Private Fund ( 凱豐宏觀策略10號證券投資私募基金) (“Kaifeng Strategy No. 10 ”, collectively with Kaifeng Xingrui
No. 1, the “ Shenzhen Kaifeng Ultimate Clients ”), pursuant to which CICC FT will hold the Offer Shares on a non -
discretionary basis to hedge the Shenzhen Kaifeng OTC Swaps  while the economic risks and returns of the underlying
Offer Shares are passed to the Shenzhen Kaifeng Ultimate Clients , subject to customary fees and commissions. The
Shenzhen Kaifeng OTC Swaps will be fully funded by the Shenzhen Kaifeng Ultimate Clients. To the best of CICC FT’s
knowledge having made all reasonable inquiries, each of the Shenzhen Kaifeng Ultimate Clients is an independent third
party of the Company and its associates, CICC FT, CICCL, CICCHKS and the companies which are members of the same
group of CICCHKS. Wu Xing ( 吳星) directly holds 32% interest in Shenzhen Kaifeng and 57.1% interest in Shanghai
Angyu Enterprise Management Consulting Partnership (Limited Partnership)* ( 上海昂毓企業管理諮詢合夥企業（有
限合夥）), which in turn holds 20% inter est in Shenzhen Kaifeng. No other single ultimate beneficial owner holds 30%
or more interest in Shenzhen Kaifeng. Feng Wei (豐偉) and Wu Xing (吳星) holds 53.85% and 46.15% interest in Kaifeng
No. 1 Fund respectively. No single ultimate beneficial owner holds 30% or more interest in Kaifeng No. 10 Fund.
(3) CICC FT and CICCL have also entered into a series of cross border over -the-counter swap transactions (collectively, the
“Changdu Kaifeng OTC Swaps ”) with each other, and with Changdu Kaifeng acting in its capacity as investment
manager for and on behalf of Kaifeng Macro Hedge No.11 Private Fund ( 凱豐宏觀對沖11號私募基金) (the “Changdu
Kaifeng Ultimate Clients”), pursuant to which CICC FT will hold the Offer Shares on a non-discretionary basis to hedge
the Changdu Kaifeng OTC Swaps while the economic risks and returns of the underlying Offer Sh ares are passed to the
Changdu Keifeng Ultimate Clients, subject to customary fees and commissions. The Changdu Kaifeng  OTC Swaps will
be fully funded by the Changdu Kaifeng Ultimate Clients. To the best of CICC FT’s knowledge having made all reasonable
inquiries, each of the Changdu Kaifeng Ultimate Clients is an independent third party of the Company and its associates,
CICC FT, CICCL, CICCHKS and the companies which are members of the same group of CICCHKS. For completeness,
Changdu Kaifeng is a limited partner of and holds 33.3% partnership interest in Shenzhen Chaoyue Future Venture Capital
Partnership (Limited Partnership) ( 深圳市超越未來創業投資合夥企業(有限合夥)), an existing 1.91% Shareholder of
the Company. Wu Xing ( 吳星) holds 50% interest in Changdu Kaifeng. No other single ultimate beneficial owner holds
30% or more interest in Changdu Kaifeng. No single ultimate beneficial owner holds 30% or more interest in Kaifeng No.
11 Fund.
(4) CICC FT and CICCL have ente red into a series of cross border over -the-counter swap transactions (collectively, the
“Longrising OTC Swaps”) with each other, and with Yuanlesheng Asset Management Co., Ltd. (西藏源樂晟資產管理
有限公司) (“Longrising”) acting in its capacity as investment manager for and on behalf of Longrising Qiangshu Private
Securities Investment Fund (源樂晟強樹私募證券投資基金) (“Longrising Qiangshu”) and Longrising Qiangye Private
Securities Investment Fund ( 源樂晟強業私募證券投資基金 ) ( “Longrising Qiangye ”), collectively with Longrising
Qiangshu, the “Longrising Ultimate Clients”), pursuant to which CICC FT will hold the Offer Shares on a non -
discretionary basis to hedge the Longrising OTC Swaps  while the economic risks and returns of the underlying Offer
Shares are passed to the Longrising Ultimate Clients, subject to customary fees and commissions.  The Longrising OTC
Swaps will be fully funded by the Longrising Ultimate Clients . To the best of CICC  FT’s knowledge having made all
reasonable inquiries, each of the Longrising Ultimate Clients  is an independent third party of the Company and its
associates, CICC FT, CICCL, CICCHKS and the companies which are members of the same group of CICCHKS.  Zeng
Xiaojie (曾曉潔) is the only beneficial owner with 30% interest or more in Longrising Qiangshu. Zeng Xiaojie ( 曾曉潔)
and Hu Caiyang (胡彩陽) are the only beneficial owners with 30% interest or more in Longrising Qiangye.
(5) Bosera AM will hold the Offer Shares in its capacity as discretionary fund manager managing the sub-funds on behalf of
its following clients. Each of such clients, and their respective ultimate beneficial owner(s) with 30% interest or more, is,
to the best knowledge and belief of Bosera AM, an independent third party of the Company, its subsidiaries, its substantial
shareholders, CMS and the companies which are members of the same group of CMS:
Name of the sub-funds to which the Offer
Shares will be allocated
Whether any investor
holds 30% or more
interests in the sub-fund
Ultimate Beneficial Owner
Shareholding %
19


--- page 20 ---
Bosera Hong Kong Equity Plus Fund (SFC
Authorised Fund)
No N/A
Bosera Global Select Equity Fund SP Yes Zhang Lei (張雷): 53.67%
Bosera China New Opportunities Fund SP No N/A
Bosera Growth Premium Global Equity
Strategy Fund SP
Yes Guo Feng (郭峰): 49.00%
Bosera Growth Premium Global Equity
Strategy Fund SP2
Yes Guangdong Dongfang Precision
Science & Technology Co., Ltd
(Ticker: 002611 CH)
(6) China AM HK is an investment advisor and a delegate of the investment manager of the following underlying clients
(“China AM HK Ultimate Clients”) and manages assets (in its capacity as an investment advisor of the China AM HK
Ultimate Clients) and executes trades (in its capacity as delegate of the investment manager of China AM HK Ultimate
Clients) for and on behalf of China AM HK Ultimate Clients:
Name of the funds to which the Offer
Shares will be allocated
Whether any investor
holds 30% or more
interest in the fund
Ultimate Beneficial Owner with
30% or more interests and
Shareholding (%)
ChinaAMC Select Greater China
Technology Fund
Yes Futu Securities International
(Hong Kong) Limited-client
account: 52.96%
ChinaAMC Fund - ChinaAMC China
Opportunities Fund
No N/A
ChinaAMC China Focus Fund Yes Manulife (International) Limited:
74.02%
ChinaAMC China Growth Fund (SICAV) Yes Yuanta Securities (HK) Company
LTD: 72.73%
ChinaAMC Absolute Return Fund SP Yes Li Fung Ming: 79.16%
To the best knowledge of China AM HK after making all reasonable enquiries, each of the China AM HK Ultimate Clients
and the ultimate beneficial owners with 30% or more interest in the relevant China AM HK Ultimate Clients, is an
independent third party of the Company, the Company’s subsidiaries and substantial shareholders , CSB, China AM HK
and the companies which are members of the same group companies as CSB.
(7) CSI and CITIC Securities Company Limited ( 中信証券股份有限公司, 6030.HK) entered into a series of cross border
over-the-counter swap transactions (“CSI Panjing OTC Swaps”) with each other, and with Shanghai Panjing Investment
Management Centre (Limited Partnership)* (上海盤京投資管理中心（有限合夥）) acting in its capacity as investment
manager for and on behalf of PanShi Private Securities Investment Fund* (盤世私募證券投資基金) (“Panshi”), Panjing
MSCI Phase I Private Securities Investment Fund* ( 盤京明晟1期私募證券投資基金) (“Panjing MCSI”) and Panjing
Xinghe No. 1 Private Securities Investment Fund* (盤京興和1號私募證券投資基金) (“Panjing Xinghe”, together with
Panshi and Panjing MSCI as the “CSI Panjing Ultimate Clients”), pursuant to which CSI will hold the Offer Shares on
a non-discretionary basis to hedge the CSI OTC Swaps while the economic risks and returns of the underlying Offer Shares
are passed to the CSI Ultimate Clients, subject to customary fees and commissio ns. The CSI OTC Swaps will be fully
funded by the CSI Ultimate Clients.
To the best knowledge of CSI having made all reasonable inquiries, Shanghai Panjing is controlled by Zhuang Tao (莊濤
). Each of the CSI Ultimate Clients is an independent third party of the Company and its associates, CSI and the companies
which are members of the same group of CITIC Securities Company Limited.  No other single ultimate beneficial owner
holds 30% or more interest in Panshi. Zhuang Tao (莊濤) is the only beneficial owner with 30% interest or more in Panjing
MCSI and Panjing Xinghe.
(8) CITIC Asset Management will hold the Offer Shares in its capacity as the discretionary fund manager managing the funds
on behalf of following clients, each of which, to the best knowledge and belief of CITIC Asset Management, is an
independent third party of the Company, its subsidiaries, its substantial shareholders, CSB and the companies which are
members of the same group of CSB:
Name of the funds to which the Offer
Shares will be allocated
Whether any investor
holds 30% or more
interest in the fund
Ultimate Beneficial Owner with
30% or more interests and
Shareholding (%)
CITIC SECURITIES COMPANY
LIMITED-XINHANG ZHIYUAN NO.1
(中信証券信航致遠1號集合 資產管理
計劃)
No N/A
CITIC SECURITIES COMPANY No N/A
20


--- page 21 ---
LIMITED-XINHANG ZHIYUAN NO.3
(中信証券信航致遠3號集合 資產管理
計劃)
CITIC Securities AM-Guibinfengyuan
No.118 QDII (中信証券資管貴賓豐元
118號QDII集合資產 管理計劃)
No N/A
(9) CSI and CITICS have entered into a series of cross border over -the-counter swap transactions (“CSI HY OTC Swaps”)
with each other, and with HY Capital Company Limited (“ HY Capital” or “CSI HY Capital Ultimate Client ”), as the
swap investor, pursuant to which CSI will hold the Offer Shares on a non -discretionary basis to hedge the CSI HY OTC
Swaps while the economic risks and returns of the underlying Offer Shares are passed to the CSI HY Capital Ultimate
Client, subject to customary fees and commissions. The CSI HY OTC Swaps will be fully funded by the CSI HY Capital
Ultimate Client. To the best of CSI’s knowledge having made all reasonable inquiries, Xia Hui and Lu Ang are ultimate
beneficial owners with 30% or more interest in HY Capital. Each of the CSI HY Capital Ultimate Client and its ultimate
beneficial owners with 30% or more interest, is an independent third party of the Company, its subsidiaries, its substantial
shareholders, CSB and the companies which are members of the same group of CSB and its associates.
(10) Haitong Opportunity Fund II will hold the Offer Shares on behalf of its underlying client on a discretionary basis. To the
best knowledge, information and belief of Haitong Opportunity Fund II after making all reasonable enquiries, there is no
ultimate beneficial owner holding 30% interest or more in such underlying client.
To the best knowledge, information and belief of Haitong Opportunity Fund II after making all reasonable enquiries, its
underlying client above is an independent third party of Haitong International Asset Management (HK) Limited, GTJA
Securities] and the companies which are members of the same group of companies as GTJA Securities.
(11) GTJA Investments shall hold the Offer Shares for hedging purpose as the single underlying asset of several sets of back -
to-back total return swap transaction (the “GTHT Back-to-back TRS”) to be entered into between GTJA Investments and
Guotai Haitong Securities Co., Ltd. (the “ GTHT Onshore Parent”) in connection with several total return swap orders
(the “GTHT Client TRS”) to be entered into by GTHT Onshore Parent and several ultimate clients (the “GTHT Onshore
Ultimate Client”), respectively. Such GTHT Cli ent TRS is to be fully funded by the GTHT Onshore Ultimate Client.
GTJA Investments will hold the Offer Shares on a non -discretionary basis for the purpose of hedging the economic
exposure under the GTHT Back-to-back TRS and GTHT Client TRS only, During the tenor of the GTHT Client TRS, all
economic returns of the Offer Shares will be passed to the GTHT Onshore Ultimate Clients and all economic losses shall
be borne by the GTHT Onshore Ultimate Client, subject to the terms and conditions of the GTHT Back -to-back TRS and
GTHT Client TRS, and GTJA Investments will not take part in any economic return or bear any economic loss in relation
to the price of the Offer Shares. The GTHT Onshore Ultimate Client may request to redeem the Offer Shares at their own
discretion, upon which GTJA Investments shall dispose of the Offer Shares and settle the GTHT Back -to-back TRS and
GTHT Client TRS in cash in accordance with the terms and conditions of the GTHT Back-to-back TRS and GTHT Client
TRS documents. Due to its interna l policy, GTJA Investments will not exercise the voting right attaching to the Offer
Shares during the tenor of the GTHT Back-to-back TRS and GTHT Client TRS.
To the best knowledge, information and belief of GTJA Investments after due enquiry, the GTHT Onshore Ultimate Clients
and their respective ultimate beneficial owners holding 30% or more interest include: Shanghai Weining Investment
Management Co, Ltd* (上海衛寧私募基金管理有限公司) (“Shanghai Weining”) acting in its capacity as investment
manager for and on behalf of Weining Qihang No. 1 Private Securities Investment Fund* (衛甯啟航1號私募證券投資基
金) ( “Weining Qihang ”), and Shanghai Weining Investment Management Co ,Ltd -Weining Jujiao Private Securities
Investment Fund* ( 衛寧聚焦私募證券投資基金) (“Weining Jujiao”, collectively with Weining Qihang, the “GTHT
Onshore Ultimate Client”). Shanghai Weining is owned as to 45% by Fu Chengcheng ( 付誠成) and 35% by Lin Ran (
林然). Liu Yutao (劉育濤) is an ultimate beneficial owner with over 30% interest in Weining Qihang. Each of Lin Heming
(林鶴鳴) and Wang Zhangyi (王張懿) is an ultimate beneficial owner with over 30% interest in Weining Jujiao.
(12) Valuable Investment and Pan Haiguang  have entered into a series of cross border over -the-counter swap transactions
(collectively, the “Valuable OTC Swaps”) with each other, and with Pan Haiguang as the ultimate beneficial owner (the
“Valuable Ultimate Client”), pursuant to which Valuable Investment will hold the Offer Shares on a non -discretionary
basis to hedge the Valuable OTC Swaps while the economic risks and returns of the underlying Offer Shares are passed to
the Valuable Ultimate Clients, subject to customary fees and commission. The Valuable OTC Swaps will be fully funded
by the Valuable Ultimate Clients. To the best of Valuable Investment’s knowledge having made all reasonable enquiries,
the Valuable Ultimate Client is an independent third party of the Company and its associates, Valuable Investment and the
companies which are members of the same group of Valuable Investment.
21


--- page 22 ---
DISCLAIMERS
Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited (the “Stock
Exchange”) and Hong Kong Securities Clearing Company Limited (“HKSCC”) take no responsibility
for the contents of this announcement, make no representation as to its accuracy or completeness and
expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the
whole or any part of the contents of this announcement.
This announcement is not for release, publication, distribution, directly or indirectly, in or into the United
States (including its territories and possessions, any state of the United States and the District of
Columbia). This announcement does not const itute or form a part of any offer or solicitation to purchase
or subscribe for securities in the United States. The securities mentioned herein have not been, and will
not be, registered under the United States Securities Act of 1933, as amended (the “U.S.  Securities Act”).
The securities may not be offered or sold in the United States except pursuant to an exemption from the
registration requirements of the U.S. Securities Act and in compliance with any applicable state
securities laws, or outside the Unit ed States unless in compliance with Regulation S under the U.S.
Securities Act. There will be no public offer of securities in the United States.
The Offer Shares are being offered and sold outside the United States in offshore transactions in reliance on
Regulation S under the U.S. Securities Act.  The Offer Shares have not been and will not be registered under
the U.S. Securities Act and may not be offered or sold within the United States except pursuant to an exemption
from the registration requirements of the U.S. Securities Act.
This announcement is for information purposes only and does not constitute an invitation or offer to
acquire, purchase or subscribe for securities. This announcement is not a prospectus. Potential investors
should read the Prospectus dated 13 March  2026 issued by FS.COM Limited  for detailed information
about the Global Offering described above before deciding whether or not to invest in the Shares thereby
being offered.
*Potential investors of the Offer Shares should note that the Overall Coordinators  (for themselves and on behalf
of the Hong Kong Underwriters) shall be entitled to terminate their obligations under the Hong Kong Underwriting
Agreement with immediate effect upon the occurrence of any of the events set out in the paragraph headed
“Underwriting – Underwriting Arrangements and Expenses – Hong Kong Public Offering – Grounds for
Termination ” in the Prospectus at any time prior to 8:00 a.m. (Hong Kong time) on the Listing  Date (which is
currently  expected  to be on 23 March 2026 ).
PUBLIC FLOAT
Immediately following the completion of the Global Offering  (before any exercise of the Over -allotment
Option), 113,280,930 Shares, representing approximately  28.37% of the issued share capital of the Company
will be held in the public hands, in compliance with Rule 8.08(1)(a) of the Listing Rules.
The Directors confirm that, immediately following the completion of the Global Offering  (i) no placee will,
individually, be placed more than 10% of the enlarged issued share capital of the Company immediately after
the Global Offering; (ii) there will not be any new substantial Shareholder (as defined in the Listing Rules)
immediately after the Global Offering; (iii) the three largest public shareholders of the Company do not hold
more than 50% of the H Shares in public hands at the time of the Listing in compliance with Rules 8.08(3) and
8.24 of the Listing Rules; and (iv) there will be at least 300 Shareholders at the time of the Listing in compliance
with Rule 8.08(2) of the Listing Rules.
COMMENCEMENT OF DEALINGS
Share certificates will only become valid at 8:00 a.m. on  Monday, 23 March 2026 provided that (i) the Global
Offering has become unconditional in all respects at or before that time, and (ii) the right of termination as
described in the section headed “ Underwriting – Underwriting Arrangements and Expenses – Hong Kong
Public Offering  – Grounds for Termination ” in the Prospectus has not been exercised. Investors who trade
22


--- page 23 ---
Shares prior to the receipt of Share certificates or the Share certificates becoming valid evidence of title do so
entirely at their own risk.
Assuming that the Hong Kong Public Offering becomes unconditional at or before 8:00 a.m. in Hong Kong on
Monday, 23 March  2026, it is expected that dealings in the Shares on the Stock Exchange will commence at
9:00 a.m. on Monday, 23 March 2026. The Shares will be traded in board lots of 100 Shares each and the stock
code of the Shares will be 3355.
By order of the Board
FS.COM Limited
Mr. Xiang Wei
Chairman and executive Director
Hong Kong, 20 March 2026
As at the date of this announcement, the board of directors of the Company comprises: Mr. Xiang Wei and Mr.
Zeng Di as executive directors; Mr. Peng Chao and Mr. Zhao Pan  as non-executive directors; and Mr. Ran
Long, Dr. Guo Fei and Ms. Wang Jing as independent non-executive directors.
*For identification purpose only
23