hk-ipo/data/extracted_text/03650/allotment_results_summary_2023-07-11_2023071100050.txt

--- page 1 ---
3
ANNOUNCEMENT OF OFFER PRICE AND ALLOTMENT RESULTS
SUMMARY
Offer Price
• The final Offer Price has been determined at HK$28.92 per Offer Share (exclusive of
brokerage of 1.0%, SFC transaction levy of 0.0027%, Stock Exchange trading fee of
0.00565% and AFRC transaction levy of 0.00015%).
Net Proceeds from the Global Offering
• Based on the Offer Price of HK$28.92 per Offer Share, the net proceeds from the Global
Offering to be received by the Company, after deduction of the underwriting fees and
commissions and estimated expenses payable by the Company in connection with the Global
Offering, are estimated to be approximately HK$192.0 million. The Company intends to use
the net proceeds from the Global Offering in accordance with the purposes as set out in the
section headed “Net Proceeds from the Global Offering” in this announcement.
• If the Over-allotment Option is exercised in full, the Company will receive additional net
proceeds of approximately HK$46.8 million for 1,625,700 additional Shares to be issued and
allotted upon the exercise of the Over-allotment Option after deduction of the underwriting
fees and commissions and estimated expenses payable by the Company in connection with
the Global Offering. The allocation of the additional net proceeds will be adjusted on a pro
rata basis according to the use of proceeds as set out in the section headed “Net Proceeds
from the Global Offering” in this announcement in the event that the Over-allotment Option
is exercised.
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 over-subscribed. A total of 4,811 valid applications have been received pursuant to the
Hong Kong Public Offering (being applications made through the White Form eIPO  service
or the CCASS EIPO  service) for a total of 3,340,200 Hong Kong Offer Shares, representing
approximately 3.08 times of the total number of 1,083,900 Hong Kong Offer Shares initially
available for subscription under the Hong Kong Public Offering.
• As the over-subscription in the Hong Kong Public Offering is less than 15 times of the
number of Hong Kong Offer Shares initially available under the Hong Kong Public
Offering, the reallocation procedures as described in the section headed “Structure of the
Global Offering — The Hong Kong Public Offering — Reallocation and Clawback” in
the Prospectus have not been applied. The final number of Offer Shares under the Hong
Kong Public Offering is 1,083,900 Offer Shares, representing 10% of the total number of
Offer Shares initially available under the Global Offering (before any exercise of the Over-
allotment Option), and being allocated to 2,828 successful applicants under the Hong Kong
Public Offering.


--- page 2 ---
4
International Offering
• The Offer Shares initially offered under the International Offering were slightly over-
subscribed, representing approximately 1.37 times of the total number of Offer Shares
initially available under the International Offering. The final number of Offer Shares under
the International Offering is 9,754,700 Shares, representing 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 1,625,700 Offer Shares. Please
refer to the section headed “International Offering — Over-allotment Option” in this
announcement.
• There are a total of 111 placees under the International Offering, among which (i) 93 placees,
representing approximately 83.78% of the total number of placees under the International
Offering, have been allotted five or fewer board lots of Offer Shares, totaling 9,300 Shares,
representing approximately 0.10% of the total number of Offer Shares available under the
International Offering; and (ii) 93 placees have been allotted one board lot of Offer Shares,
representing approximately 83.78% of the total number of placees under the International
Offering, totaling 9,300 Shares, representing approximately 0.10% of the total number of the
Offer Shares available under the International Offering.
Cornerstone Investors
• Based on the Offer Price of HK$28.92 per Offer Share (exclusive of brokerage of 1.0%, SFC
transaction levy of 0.0027%, Stock Exchange trading fee of 0.00565% and AFRC transaction
levy of 0.00015%) and pursuant to the Cornerstone Investment Agreements as disclosed
in the section headed “Cornerstone Investors” in the Prospectus, the Cornerstone Investors
have subscribed for a total of 2,646,500 Offer Shares, representing approximately 24.42% of
the number of Offer Shares initially available under the Global Offering and approximately
0.50% of the Shares in issue immediately following completion of the Global Offering
(assuming there is no new Shares under the Share Incentive Plans and the Over-allotment
Option is not exercised). Please refer to the section headed “Cornerstone Investors” in this
announcement for details relating to the subscription by the Cornerstone Investors.
• The Company has applied to the Stock Exchange for, and the Stock Exchange has granted
to the Company a consent under the Paragraph 5(1) of Appendix 6 to the Listing Rules
in respect of a connected client of GF Securities (Hong Kong) Brokerage Limited, a Joint
Bookrunner to subscribe for and hold the Offer Shares on behalf of a Cornerstone Investor.
Please refer to the sections headed “Waivers and Exemptions” and “Cornerstone Investors” in
the Prospectus, and the section headed “International Offering — Cornerstone Investors” in
this announcement for further details.
Placees with the Consent under Paragraph 5(1) of Appendix 6 to the Listing Rules
• The Company has applied to the Stock Exchange for, and the Stock Exchange has granted to
the Company, a consent under paragraph 5(1) of Appendix 6 to the Listing Rules to permit
the Company to allocate Offer Shares under the International Offering to the placees set out
in the section headed “International Offering — Placees with the Consent under Paragraph
5(1) of Appendix 6 to the Listing Rules” in this announcement.


--- page 3 ---
5
Over-allotment Option
• In connection with the Global Offering, the Company granted the Over-allotment Option to
the International Underwriters, exercisable by the Sole Overall Coordinator (for itself and
on behalf of the International Underwriters), at any time from the Listing Date to Friday,
August 4, 2023, being the 30th day after the last day for lodging applications under the Hong
Kong Public Offering, to require us to allot and issue up to an aggregate of 1,625,700 new
Shares, representing not more than 15% of the Shares initially being offered under the Global
Offering, at the same price per Offer Share, to cover the over-allocations in the International
Offering, if any. There has been an over-allocation of 1,625,700 Offer Shares in the
International Offering and such over-allocation will be settled using Shares to be borrowed
under the Stock Borrowing Agreement between Persistent Courage Holdings Limited and
the Stabilizing Manager. Such borrowed Shares will be covered by exercising the Over-
allotment Option in full or in part, or by making purchases in the secondary market at prices
that do not exceed the Offer Price or by a combination of these means. In the event the Over-
allotment Option is exercised, an announcement will be made on the Company’s website at
https://keep.com/  and the website of the Stock Exchange at www.hkexnews.hk . As of the
date of this announcement, the Over-allotment Option has not been exercised.
Lock-up Arrangement
• The Company, its single largest shareholders, all other existing Shareholders and the
Cornerstone Investors are subject to certain lock-up restrictions as set out in the section
headed “Lock-up Arrangement” in this announcement.
Results of Allocations
• The final Offer Price, the level of indications of interests in the International Offering,
the level of applications in the Hong Kong Public Offering and the basis of allocation
of the Hong Kong Offer Shares are also made available on the Company’s website at
https://keep.com/  and the website of the Stock Exchange at www.hkexnews.hk .
• The results of allocations of the Hong Kong Offer Shares under the Hong Kong Public
Offering successfully applied for through the White Form eIPO  service or through the
CCASS EIPO  service, including the Hong Kong identity card numbers, passport numbers or
Hong Kong business registration numbers of successful applicants (where applicable) and the
number of Hong Kong Offer Shares, successfully applied for, will be made available at the
times and dates and in the manner specified below:
(i) in the announcement to be posted on our website and the website of the Stock Exchange
at https://keep.com/  and www.hkexnews.hk , respectively, by no later than 9:00 a.m. on
Tuesday, July 11, 2023;
(ii) 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 Tuesday, July 11, 2023 to 12:00 midnight on Monday, July 17, 2023; and


--- page 4 ---
6
(iii) from the allocation results telephone enquiry line by calling +852 2862 8555 between
9:00 a.m. and 6:00 p.m. on Tuesday, July 11, 2023, Wednesday, July 12, 2023,
Thursday, July 13, 2023 and Friday, July 14, 2023.
• This announcement contains a list of identification document numbers. Identification
document numbers shown in the section headed “Results of Applications Made by White
Form eIPO ” 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. Please
note that the list of identification document numbers set out in this announcement may not be
a complete list of successful applicants since only successful applicants whose identification
document numbers are provided to HKSCC by CCASS Participants are disclosed. Applicants
with beneficial names only but not identification document numbers are not disclosed due
to personal privacy issue as elaborated below. Applicants who applied for the Hong Kong
Offer Shares through their brokers can consult their brokers to enquire about their application
results.
• 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 Share Certificates/e-Refund Payment Instructions/Refund Cheques
• Applicants who have applied for 300,000 Hong Kong Offer Shares or more through the
White Form eIPO  service and whose application is wholly or partially successful may
collect Share certificate(s) (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 Tuesday, July 11, 2023, or any other place or date notified by the Company.
• Applicants being individuals who are eligible for personal collection cannot authorize any
other person to make collection on their behalf. Corporate applicants which are eligible
for personal collection must attend by their authorised representatives bearing letters of
authorisation from their corporations stamped with the corporations’ chops. Both individuals
and authorised representatives (if applicable) must produce, at the time of collection,
evidence of identity acceptable to Computershare Hong Kong Investor Services Limited.
• Applicants who apply for less than 300,000 Hong Kong Offer Shares through the White
Form eIPO  service, will have their Share certificate(s) (where applicable) sent to the address
specified in their application instructions on or before Tuesday, July 11, 2023 by ordinary
post and at their own risk.


--- page 5 ---
7
• Share certificates for Hong Kong Offer Shares allotted to applicants who applied through the
White Form eIPO  service, which are either not available for personal collection, or which
are available but are not collected in person within the time specified for collection, are
expected to be despatched by ordinary post to those entitled to the addresses specified in the
relevant applications at their own risk on or before Tuesday, July 11, 2023.
• Wholly or partially successful applicants who applied by giving electronic application
instructions to HKSCC will have their Share certificate(s) issued in the name of HKSCC
Nominees Limited and deposited directly into CCASS to be credited 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 Tuesday, July 11, 2023.
• Applicants who applied through a designated CCASS Participant (other than a CCASS
Investor Participant) should check the number of Hong Kong Offer Shares allocated to them
with that CCASS Participant.
• Applicants who applied as a CCASS Investor Participant by giving electronic application
instructions to HKSCC via CCASS may also check the number of Hong Kong Offer Shares
allocated to them and the amount of refund monies (if any) 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 Participant stock
accounts and the credit of refund monies to the CCASS Investor Participants bank accounts,
HKSCC will also make available to the CCASS Investor Participants an activity statement
showing the amount of Hong Kong Offer Shares credited to their CCASS Investor Participant
stock accounts and the refund amount credited to their respective designated bank accounts
(if any).
• For applicants who have applied for the Hong Kong Offer Shares through the White Form
eIPO service and paid the application monies through a single bank account, refund monies
(if any) will be despatched to that bank account in the form of e-Refund payment instructions.
For applicants who have applied for the Hong Kong Offer Shares through the White Form
eIPO service and paid the application monies through multiple bank accounts, refund monies
(if any) will be despatched to the addresses specified in their application instructions in the
form of refund cheque(s) in favour of the applicant (or, in the case of joint applications, the
first-named applicant) by ordinary post and at their own risk on or before Tuesday, July 11,
2023.
• Refund monies (if any) for applicants who applied by giving electronic application
instructions to HKSCC via CCASS are expected to be credited to the relevant applicants’
designated bank accounts or the designated bank accounts of their broker or custodian on
Tuesday, July 11, 2023.


--- page 6 ---
8
• Share certificates for the Hong Kong Offer Shares are expected to be issued on Tuesday,
July 11, 2023 but will only become valid evidence of title provided that the Global Offering
has become unconditional in all respects, and neither of the Underwriting Agreements has
been terminated in accordance with its terms, prior to 8:00 a.m. on the Listing Date, which
is expected to be on or around Wednesday, July 12, 2023. Investors who trade Shares on the
basis of publicly available allocation details before the receipt of share certificates or before
the share certificates becoming evidence do so entirely at their own risk.
• No temporary document of title will be issued in respect of the Shares. No receipt will be
issued for sums paid on application.
Public Float
• Immediately after the completion of the Global Offering, approximately 64.84% of the total
issued Shares of our Company will be counted towards the public float (assuming the Over-
allotment Option is exercised and no new Shares are issued under the Share Incentive Plans),
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 immediately after the
Global Offering; (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
• Assuming that the Global Offering becomes unconditional in all respects at or before 8:00
a.m. on Wednesday, July 12, 2023 (Hong Kong time), dealings in the Shares on the Stock
Exchange are expected to commence at 9:00 a.m. on Wednesday, July 12, 2023 (Hong Kong
time). The Shares will be traded in board lots of 100 Shares each. The stock code of the
Shares is 3650.
In view of the high concentration of shareholding in a small number of Shareholders,
Shareholders and prospective investors should be aware that the price of the Shares could
move substantially even with a small number of Shares traded, and should exercise extreme
caution when dealing in Shares.


--- page 7 ---
9
OFFER PRICE
The Offer Price has been determined at HK$28.92 per Offer Share (exclusive of brokerage of 1.0%,
Stock Exchange trading fee of 0.00565%, SFC transaction levy of 0.0027% and AFRC transaction
levy of 0.00015%).
NET PROCEEDS FROM THE GLOBAL OFFERING
Based on the Offer Price of HK$28.92 per Offer Share, the net proceeds from the Global Offering
to be received by the Company, after deduction of underwriting commissions and other estimated
expenses payable by the Company in connection with the Global Offering, are estimated to be
approximately HK$192.0 million (assuming the Over-allotment Option is not exercised).
The Company intends to apply such net proceeds for the following purposes (assuming the Over-
allotment Option is not exercised):
(i) Approximately 35% of net proceeds, or approximately HK$67.2 million is expected to be
used over the next three years for research and development to advance our technological
capabilities and drive product innovation;
• Approximately 15% of net proceeds, or approximately HK$28.8 million, is expected to
be used to continue to attract, retain and incentivize our research and development talents
to support our research and development initiatives and product innovation and enhance
the integration of self-branded fitness products with our online fitness content, thereby
enabling a more seamless experience.
• Approximately 10% of net proceeds, or approximately HK$19.2 million, is expected to be
used to continue to invest in Keep smart fitness devices, including conducting continuous
research and development and adding new features to our existing offerings, and creating
new and innovative products for users with various fitness needs.
• Approximately 10% of net proceeds, or approximately HK$19.2 million, is expected
to be used to continue to invest in artificial intelligence, data analysis and technology
infrastructure to strengthen our technological capabilities and enhance digital connectivity
and interaction among platform participants.
(ii) Approximately 30% of net proceeds, or approximately HK$57.6 million, is expected to
be used over the next three years for the development and diversification of our fitness
content;
• Approximately 12% of net proceeds, or approximately HK$23.0 million, is expected to
be used to continue to invest in our in-house, vertically integrated content development
capability by increasing the number of recorded fitness courses and live streaming classes
and catering to users’ diversified preferences, thereby further driving user engagement.


--- page 8 ---
10
• Approximately 9% of net proceeds, or approximately HK$17.3 million, is expected to
be used to expand our fitness content library and enrich users’ experience through other
innovative initiatives, such as introducing virtual coaches and more gamified features into
the fitness content.
• Approximately 6% of net proceeds, or approximately HK$11.5 million, is expected to
be used to continue to introduce more specialized content and expand into new fitness
categories by cultivating more fitness influencers on our platform and collaborating with
more fitness professionals.
• Approximately 3% of net proceeds, or approximately HK$5.8 million, is expected to
be used to continue to expand our content offerings by purchasing more valuable and
exclusive fitness intellectual properties and acquiring qualified third-party content to build
competitive moats and satisfy the evolving needs of our users.
(iii) Approximately 25% of net proceeds, or approximately HK$48.0 million, is expected to be
used over the next three years for the investment in branding and promotion;
• Approximately 12% of net proceeds, or approximately HK$23.0 million, is expected to be
used in user acquisition activities to continue to gain mindshare and attract users across
different ages, areas of interest, and locations.
• Approximately 10% of net proceeds, or approximately HK$19.2 million, is expected to be
in branding activities used to continue to promote our brand and strengthen its image and
influence among users.
• Approximately 3% of net proceeds, or approximately HK$5.8 million, is expected to be
used in promotional activities to continue to promote our fitness devices and products
through placing ads in social media, holding live streaming promotion sessions and
collaborating with other brands, among others.
(iv) Approximately 10% of net proceeds, or approximately HK$19.2 million, is expected to be
used for general corporate purposes and working capital needs.
If the Over-allotment Option is exercised in full, the Company will receive additional net
proceeds of approximately HK$46.8 million for 1,627,700 additional Offer Shares to be
issued and allotted upon the exercise of the Over-allotment Option. In the event that the Over-
allotment Option is exercised in full, the Company intends to adjust its allocation of the net
proceeds for the above purposes on a pro rata basis. The Company will issue an appropriate
announcement if there is any material change to the above proposed use of proceeds. For
further information, please refer to the section headed “Future Plans and Use of Proceeds” in
the Prospectus.


--- page 9 ---
11
UPDATES ON COMMISSIONS AND EXPENSES
Reference is made to the section headed “Underwriting — Underwriting Arrangements and
Expenses — Commissions and Expenses” of the Prospectus, where it was disclosed, among other
things, that (i) the Underwriters would receive an underwriting commission of 3.25% of the
aggregate Offer Price of all the Offer Shares and a discretionary incentive fee of up to 1.25% of the
aggregate Offer Price of all the Offer Shares, and (ii) the ratio of such fixed fee and discretionary
fee payable by the Company to all syndicate members participating in the Global Offering was
expected to be approximately 72:28 (assuming the discretionary fees will be paid in full).
For completeness, the Company wishes to inform its Shareholders and prospective investors that
prior to the commencement of the Hong Kong Public Offering, the Company had, after signing the
relevant written agreements with syndicate members participating in the Global Offering, allocated
additional 20% of underwriting commission of the aggregate Offer Price of all the Offer Shares
(including any Offer Shares to be issued pursuant to the exercise of the Over-allotment Option), to
one syndicate member. Such additional portion of commission allocated to such syndicate member
after the signing of the relevant agreements with such syndicate member shall be regarded as
“discretionary fees” for the purpose of Rules 3A.34 and 3A.36 of the Listing Rules (the “ Fee Re-
categorization ”).
Correspondingly, the amount of fixed fees and discretionary fees expected to be paid to syndicate
members participating in the Global Offering for the purpose of Rules 3A.34 and 3A.36 of the
Listing Rules of as at the date of the Prospectus should be 2.6% and 1.9%, respectively. The ratio of
such fixed fee and discretionary fee payable by the Company should, accordingly, be approximately
58:42 (assuming the discretionary fees will be paid in full). Save for the Fee Re-categorization, the
information relating to the underwriting arrangements as disclosed in the Prospectus, including but
not limited to, the total fees payable to the syndicate members and other material information in
relation to the Global Offering, remain unchanged.


--- page 10 ---
12
APPLICATIONS AND INDICATIONS OF INTEREST RECEIVED
Hong Kong Public Offering
The Hong Kong Offer Shares initially available under the Hong Kong Public Offering have been
over-subscribed. At the close of the application lists at 12:00 noon on Wednesday, July 5, 2023,
a total of 4,811 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
3,340,200 Hong Kong Offer Shares, representing approximately 3.08 times of the total number of
1,083,900 Hong Kong Offer Shares initially available for subscription under the Hong Kong Public
Offering, among which:
• 4,805 valid applications in respect of a total of 2,790,200 Hong Kong Offer Shares were for
the Hong Kong Public Offering with an aggregate subscription amount based on the maximum
Offer Price of HK$61.46 per Offer Share (excluding brokerage of 1.0%, SFC transaction levy
of 0.0027%, AFRC transaction levy of 0.00015% and Stock Exchange trading fee of 0.00565%)
of HK$5 million or less, representing approximately 5.15 time of the 542,000 Hong Kong Offer
Shares initially comprised in Pool A of the Hong Kong Public Offering; and
• 6 valid applications in respect of a total of 550,000 Hong Kong Offer Shares were for the Hong
Kong Public Offering with an aggregate subscription amount based on the maximum Offer
Price of HK$61.46 per Offer Share (excluding brokerage of 1.0%, SFC transaction levy of
0.0027%, AFRC transaction levy of 0.00015% and Stock Exchange trading fee of 0.00565%)
of more than HK$5 million, representing approximately 1.01 time of the 541,900 Hong Kong
Offer Shares initially comprised in Pool B of the Hong Kong Public Offering.
No application has been rejected due to invalid application. No multiple or suspected multiple
application has been identified and rejected. No application has been rejected due to dishonored
payment. No application for more than 541,900 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 of the number of
Hong Kong Offer Shares initially available under the Hong Kong Public Offering, the reallocation
procedures as described in the section headed “Structure of the Global Offering — The Hong
Kong Public Offering — Reallocation and Clawback” in the Prospectus have not been applied.
The final number of Offer Shares under the Hong Kong Public Offering is 1,083,900 Offer Shares,
representing 10% of the total number of Offer Shares initially available under the Global Offering
(before any exercise of the Over-allotment Option), and being allocated to 2,828 successful
applicants under the Hong Kong Public Offering.
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.


--- page 11 ---
13
International Offering
The Offer Shares initially offered under the International Offering were slightly over-subscribed,
representing approximately 1.37 times of the total number of Offer Shares initially available under
the International Offering. The final number of Offer Shares under the International Offering is
9,754,700 Shares, representing 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 1,625,700 Offer Shares in the International Offering and there are a total of 111
placees under the International Offering. Please refer to the section headed “International Offering
— Over-allotment Option” in this announcement.
There are a total of 111 placees under the International Offering, among which (i) 93 placees,
representing approximately 83.78% of the total number of placees under the International Offering,
have been allotted five or fewer board lots of Offer Shares, totaling 9,300 Shares, representing
approximately 0.10% of the total number of Offer Shares available under the International Offering;
and (ii) 93 placees have been allotted one board lot of Offer Shares, representing approximately
83.78% of the total number of placees under the International Offering, totaling 9,300 Shares,
representing approximately 0.10% of the total number of the Offer Shares available under the
International Offering.
Cornerstone Investors
Based on the Offer Price of HK$28.92 per Offer Share (exclusive of brokerage of 1.0%, SFC
transaction levy of 0.0027%, Stock Exchange trading fee of 0.00565% and AFRC transaction levy
of 0.00015%) and pursuant to the Cornerstone Investment Agreements as disclosed in the section
headed “Cornerstone Investors” in the Prospectus, the number of Offer Shares subscribed for by the
Cornerstone Investors is determined as set out below:
Assumption the Over-Allotment
Option is not exercised
Assumption the Over-Allotment
Option is fully exercised

Cornerstone
Investor
Subscription
amount
Number of
Offer Shares
to be acquired
(1)
Approximately
% of the
Offer Shares
Approximately
% of the issued
share capital
(2)
Approximately
% of the
Offer Shares
Approximately
% of the issued
share capital
(2)
(Each as defined
in the Prospectus)
Fenda Tech US$5.00 million 1,351,300 12.47% 0.26% 10.84% 0.26%
Shengde US$2.00 million 540,400 4.99% 0.10% 4.34% 0.10%
Evere Sports RMB20.00 million 754,800 6.96% 0.14% 6.06% 0.14%

Total HK$76.54 million
(3)
2,646,500 24.42% 0.50% 21.23% 0.50%

Notes:
(1) Rounded down to the nearest whole board lot of 100 Shares. Calculated based on the exchange rate set out in “Information
about this document and the Global Offering — Exchange rate conversion” in the Prospectus.
(2) Immediately following the Global Offering, assuming the Presumptions.
(3) Calculated based on the conversion rates of RMB0.9161 to HK$1.00; RMB7.1596 to US$1.00; and HK$7.8153 to US$1.00,
as applicable.


--- page 12 ---
14
To the Company’s best knowledge, each Cornerstone Investor (and, for Cornerstone Investors
who will subscribe for our Offer Shares through QDII or ODLP, each of such QDII or QDLP) is:
(i) an Independent Third Party and is not connected person; (ii) independent of other Cornerstone
Investors; (iii) not accustomed to taking instructions from us, our Directors, chief executive,
substantial shareholders, existing Shareholders or any of its subsidiaries or 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; and (iv) not financed by us, our Directors, chief executive,
substantial shareholders, existing Shareholders or any of its subsidiaries or their respective close
associates.
To the extent that any Cornerstone Investor has engaged a QDII or QDLP to subscribe for the
relevant Offer Shares on its behalf, such Cornerstone Investor will procure such QDII or QDLP to
comply with the terms of its Cornerstone Investment Agreement in order to ensure the compliance
of such Cornerstone Investor with its obligations under its Cornerstone Investment Agreement.
The Company has applied to the Stock Exchange for, and the Stock Exchange has granted, a written
consent under paragraph 5(1) of Appendix 6 to the Listing Rules to permit a connected client of GF
Securities (Hong Kong) Brokerage Limited, a Joint Bookrunner, to subscribe for and hold the Offer
Shares on behalf of Shengde as a Cornerstone Investor. For further details, please see “Waivers and
Exemptions” in the Prospectus.
The Cornerstone Placing will form part of the International Offering, and the Cornerstone Investors
will not subscribe for any Offer Shares under the Global Offering other than pursuant to the
Cornerstone Investment Agreements. Immediately following the completion of the Global Offering,
none of the Cornerstone Investors will become a substantial shareholder (as defined in the Listing
Rules) of our Company and will not have any Board representation in our Company. The Offer
Shares to be subscribed by the Cornerstone Investors will rank pari passu in all respect with the
fully paid Shares in issue and will be counted towards the public float of the Company under Rule
8.08 of the Listing Rules. The Cornerstone Investors do not have any preferential rights under
the Cornerstone Investment Agreements compared with other public Shareholders, other than a
guaranteed allocation of the Offer Shares at the Offer Price.
Each Cornerstone Investor has, agreed that, it will not, whether directly or indirectly, at any
time during the period of twelve months (except for Fenda Tech, in the case of which the period
is six 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 Agreements, save
for certain limited circumstances, such as transfers to any of its wholly-owned subsidiaries which
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
relating to the Cornerstone Investors.


--- page 13 ---
15
PLACEES WITH THE CONSENT UNDER PARAGRAPH 5(1) OF
APPENDIX 6 TO THE LISTING RULES
Certain Offer Shares were placed to connected clients of some of the Joint Bookrunners or other
distributors within the meaning of Appendix 6 to the Listing Rules. The Company has applied to
the Stock Exchange for, and the Stock Exchange has granted, its consent under paragraph 5(1) of
Appendix 6 to the Listing Rules to permit the Company to allocate such Offer Shares as set out
below.
Connected Client
Connected
Distributor
Number of
Offer Shares
Placed
Approximate
percentage
of the Offer
Shares initially
available under
the Global
Offering
(1)
Approximate
percentage of
the total issued
share capital of
the Company
following the
completion
of the Global
Offering
(2)
Relationship with the Connected
Client and Connected Distributor
GF Securities Asset
Management (Guangdong)
Co., Ltd.
(3)
 ( ᄿ೯ᗇՎ༟
ପ၍ଣ (؇ ) ʮ
̡ , “GF Securities Asset
Management ”) (as a QDII
Manager, subscribing for
and holding the Shares on
behalf of a Cornerstone
Investor, Shengde)
GF Securities
(Hong Kong)
Brokerage Limited
(“GF HK”), a Joint
Bookrunner
540,400 4.99% 0.10% GF Securities Asset Management
is a direct wholly-owned subsidiary
of GF Securities Co., Ltd. (Stock
Code: 1776) (“ GF Securities ”)
and GF HK is an indirect wholly-
owned subsidiary of GF Securities.
Therefore, each of GF Securities
Asset Management and GF HK
is a member of the same group of
companies.
Orient Asset Management
(Hong Kong) Limited
(“Orient AM ”)
(4)
Orient Securities
(Hong Kong)
Limited (“ Orient
Securities ”)
1,337,000 12.34% 0.25% Orient AM is a directly wholly-
owned subsidiary of Orient Securities
International Financial Group Limited
and Orient Securities is a directly
wholly-owned subsidiary of Orient
Securities International Financial
Group Limited. Therefore, each of
Orient AM and Orient Securities
is a member of the same group of
companies.
Notes:
(1) Assuming the Over-allotment Option is not exercised.
(2) Assuming the Over-allotment Option is not exercised and excluding shares to be issued under the Share Incentive Plans.
(3) GF Securities Asset Management was engaged by a Cornerstone Investor, Shengde, as its asset manager on a discretionary
basis, to subscribe for and hold the relevant Offer Shares on behalf of the Cornerstone Investor, Shengde, under the
respective Cornerstone Investment Agreement. For the ultimate beneficial owner of Shengde, please refer to the section
headed “Cornerstone Investors” in the Prospectus.
(4) Orient AM, acting as an investment manager, is a connected client of Orient Securities (a sub-broker of the Global Offering)
within the meaning of the Placing Guidelines. Orient AM shall hold the Offer Shares for and on behalf of an independent
third party on a discretionary basis.
Save as disclosed above, no Offer Shares placed by or through the Sole Global Coordinator, the
Joint Bookrunners or the Underwriters under the Global Offering have been placed to applicants
who are core connected persons (as defined in the Listing Rules) or Directors of the Company, or
to any connected clients (as set out in paragraph 5(1) of the Placing Guidelines), or persons set
out in paragraph 5(2) of Appendix 6 to the Listing Rules, whether in their own names or through
nominees. The International Offering is in compliance with Appendix 6 to the Listing Rules.


--- page 14 ---
16
The Directors confirm that (a) no placee will, individually, be placed more than 10% of the enlarged
issued share capital of the Company immediately after the Global Offering; (b) there will not be
any new substantial shareholder (as defined in the Listing Rules) of the Company immediately
after the Global Offering; (c) the number of Shares in public hands will satisfy the minimum
percentage as required by Rule 8.08(1) of the Listing Rules; (d) the three largest public shareholders
of the Company do not hold more than 50% of the Shares in public hands at the time of Listing
in compliance with Rules 8.08(3) and 8.24 of the Listing Rules; and (e) there will be at least 300
Shareholders at the time of Listing in compliance with Rule 8.08(2) of the Listing Rules.
The Directors confirm that, to the best of their knowledge, information and belief, none of the Offer
Shares subscribed by the placees and the public has been financed directly or indirectly by any
of the Directors, chief executive of the Company, existing shareholders, substantial shareholders
and single largest shareholders of the Company or any of its subsidiaries or their respective
close associates, and none of the placees and the public who has purchased the Offer Shares is
accustomed to taking instructions from any of the Directors, chief executive of the Company,
existing shareholders, substantial shareholders and single largest shareholders of the Company or
any of its subsidiaries or their respective close associates in relation to the acquisition, disposal,
voting or other disposition of Shares registered in his/her/its name or otherwise held by him/her/it.
OVER-ALLOTMENT OPTION
In connection with the Global Offering, the Company granted the Over-allotment Option to the
International Underwriters, exercisable by the Sole Overall Coordinator (for itself and on behalf of
the International Underwriters), at any time from the Listing Date to Friday, August 4, 2023, being
the 30th day after the last day for lodging applications under the Hong Kong Public Offering, to
require us to allot and issue up to an aggregate of 1,625,700 new Shares, representing 15% of the
Shares initially being offered under the Global Offering, at the same price per Offer Share under
the International Offering, to cover the over-allocations in the International Offering, if any. There
has been an over-allocation of 1,625,700 Offer Shares in the International Offering and such over-
allocation will be settled using Shares to be borrowed under the Stock Borrowing Agreement
between Persistent Courage Holdings Limited and the Stabilizing Manager. Such borrowed Shares
will 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 by a combination of these means. In the event
the Over-allotment Option is exercised, an announcement will be made on the Company’s website
at https://keep.com/  and the website of the Stock Exchange at www.hkexnews.hk . As of the date
of this announcement, the Over-allotment Option has not been exercised.


--- page 15 ---
17
LOCK-UP ARRANGEMENT
Each of the Company, its single largest shareholders, other existing Shareholders, and the
Cornerstone Investors is subject to certain arrangements in relation to the Shares (the “ Lock-up
Arrangement ”). The major terms of the Lock-up Arrangement are as follows:
Name
Number of
Shares to
the Lock-up
Arrangement
Approximate
percentage of
the total issued
share capital of
the Company
following the
completion
of the Global
Offering which
are subject to
the Lock-up
Arrangement
(1)
Lock-up period
The Company
(2)
(subject to lock-up obligations pursuant to
the Listing Rules and the Hong Kong
Underwriting Agreement)
N/A N/A July 12, 2023 to
January 12, 2024
The single largest shareholder(s)
(3)
(subject to lock-up obligations pursuant to
(i) the Listing Rules, (ii) the Hong Kong
Underwriting Agreement and
(iii) the shareholders’ agreement)
87,379,118 16.62% July 5, 2023 to
January 12, 2024
All existing Shareholders
(4)
(subject to lock-up obligations pursuant to
the shareholders’ agreement dated
December 3, 2021)
427,454,269
(5)
81.32% July 5, 2023 to
January 1, 2024
Fenda Tech (Cornerstone Investor)
(6)
(subject to lock-up obligations pursuant to
the Cornerstone Investment Agreement)
1,351,300 0.26% July 12, 2023 to
January 12, 2024
Other Cornerstone Investors
(6)
(subject to lock-up obligations pursuant to
the Cornerstone Investment Agreements)
1,295,200 0.24% July 12, 2023 to
July 12, 2024
Grand Total 517,479,887 98.44% N/A


--- page 16 ---
18
Notes:
(1) Assuming the Over-allotment Option is not exercised and no Shares are issued under the Share Incentive Plans.
(2) The Company may not issue Shares prior to the indicated date except otherwise permitted by the Listing Rules.
(3) The single largest shareholders of the Company are subject to (i) lock up restrictions for a period ending six-months from the
Listing Date (the “ First Six-Month Period ”) in accordance with the terms specified under Rule 10.07(1)(a) of the Listing
Rules and (ii) the lock-up restrictions under the shareholders agreement, as existing Shareholders. Mr. Wang Ning is also
subject to the lock-up undertaking under the Hong Kong Underwriting Agreement that he will not, at any time during the
First Six-Month Period, and procure his controlled entities not to, dispose of, nor enter into any agreement to dispose of
or otherwise create any options, rights, interests or encumbrances in respect of, any securities of the Company in respect
of which he is (or his controlled entities are) shown in the Prospectus to be the beneficial owner(s), unless it is otherwise
permitted under Rule 10.07 of the Listing Rules.
For the details of the lock-up arrangement of the single largest shareholders of the Company, please refer to the paragraphs
headed “Underwriting — Undertakings to the Stock Exchange Pursuant to the Listing Rules — Undertakings by the single
largest shareholders of the Company” and “Underwriting — Undertakings Pursuant to the Hong Kong Underwriting
Agreement — Undertakings by Mr. Wang Ning” in the Prospectus.
(4) Pursuant to the Tenth Amended and Restated Shareholders Agreement dated December 3, 2021, each Shareholder (including
the single largest shareholders of the Company) has agreed, upon request by the Company, to lock-up the Shares that they
hold as of and upon the Listing Date for a period of 180 days commencing from and including the Price Determination Date.
(5) Calculated based on the exclusion of 87,379,118 Shares owned by the single largest shareholders of the Company. For the
avoidance of doubt, the single largest shareholders of the Company, as existing Shareholders, are also subject to the lock-
up restrictions under the shareholders agreement. For details of the lock-up arrangement of the existing Shareholders, please
refer to the paragraph headed “History, Reorganization and Corporate Structure — Lock-up of Existing Shareholders” in the
Prospectus.
(6) For details of the lock-up arrangement of the Cornerstone Investors, please refer to the paragraph headed “Cornerstone
Investor — Restriction on Disposals by the Cornerstone Investors” in the Prospectus.


--- page 17 ---
19
BASIS OF ALLOCATION UNDER THE HONG KONG PUBLIC OFFERING
Subject to the satisfaction of the conditions set out in the paragraph headed “Structure and the
Global Offering — Conditions of the Global Offering” in the Prospectus, 4,811 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
100 3,178 1,272 out of 3,178 to receive 100 Shares 40.03%
200 378 301 out of 378 to receive 100 Shares 39.81%
300 203 100 Shares 33.33%
400 91 100 Shares plus 29 out of 91 to receive additional 100 Shares 32.97%
500 162 100 Shares plus 97 out of 162 to receive additional 100 Shares 31.98%
600 53 100 Shares plus 46 out of 53 to receive additional 100 Shares 31.13%
700 24 200 Shares 28.57%
800 139 200 Shares plus 37 out of 139 to receive additional 100 Shares 28.33%
900 18 200 Shares plus 9 out of 18 to receive additional 100 Shares 27.78%
1,000 204 200 Shares plus 153 out of 204 to receive additional 100 Shares 27.50%
1,500 60 300 Shares 20.00%
2,000 88 300 Shares plus 56 out of 88 to receive additional 100 Shares 18.18%
2,500 17 300 Shares plus 16 out of 17 to receive additional 100 Shares 15.76%
3,000 70 400 Shares 13.33%
3,500 7 400 Shares plus 4 out of 7 to receive additional 100 Shares 13.06%
4,000 14 500 Shares 12.50%
4,500 7 500 Shares plus 4 out of 7 to receive additional 100 Shares 12.38%
5,000 25 600 Shares 12.00%
6,000 4 700 Shares 11.67%
7,000 6 800 Shares 11.43%
8,000 3 900 Shares 11.25%
9,000 7 1,000 Shares 11.11%
10,000 20 1,100 Shares 11.00%
20,000 18 1,900 Shares 9.50%
30,000 5 2,700 Shares 9.00%
40,000 1 3,500 Shares 8.75%
50,000 2 4,300 Shares 8.60%
80,000 1 6,800 Shares 8.50%
4,805 Total number of Pool A successful applicants: 2,822


--- page 18 ---
20
NO. OF
SHARES
APPLIED FOR
NO. OF VALID
APPLICATIONS BASIS OF ALLOTMENT/BALLOT
APPROXIMATE
PERCENTAGE
ALLOTTED
OF THE TOTAL
NO. OF SHARES
APPLIED FOR
POOL B
90,000 5 88,700 Shares 98.56%
100,000 1 98,400 Shares 98.40%
6 Total number of Pool B successful applicants: 6
The final number of Offer Shares comprising the Hong Kong Public Offering is 1,083,900 Shares,
representing 10% of the total number of Offer Shares initially available under the Global Offering.
RESULTS OF ALLOCATIONS
• The final Offer Price, the level of indications of interests in the International Offering, the level
of applications in the Hong Kong Public Offering and the basis of allocation of the Hong Kong
Offer Shares are also made available on the Company’s website at https://keep.com/  and the
website of the Stock Exchange at www.hkexnews.hk .
• The results of allocations of the Hong Kong Offer Shares under the Hong Kong Public Offering
successfully applied for through the White Form eIPO  service or through the CCASS EIPO
service, including the Hong Kong identity card numbers, passport numbers or Hong Kong
business registration numbers of successful applicants (where applicable) and the number of
Hong Kong Offer Shares, successfully applied for, will be made available at the times and dates
and in the manner specified below:
(i) in the announcement to be posted on our website and the website of the Stock Exchange at
https://keep.com/  and www.hkexnews.hk , respectively, by no later than 9:00 a.m. on Tuesday,
July 11, 2023;
(ii) 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 Tuesday, July
11, 2023 to 12:00 midnight on Monday, July 17, 2023; and
(iii) from the allocation results telephone enquiry line by calling +852 2862 8555 between 9:00 a.m.
and 6:00 p.m. on Tuesday, July 11, 2023, Wednesday, July 12, 2023, Thursday, July 13, 2023
and Friday, July 14, 2023.


--- page 19 ---
21
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. Please note that the list of identification document numbers set out in this announcement
may not be a complete list of successful applicants since only successful applicants whose
identification document numbers are provided to HKSCC by CCASS Participants are disclosed.
Applicants with beneficial names only but not identification document numbers are not disclosed
due to personal privacy issue as elaborated below. Applicants who applied for the Hong Kong Offer
Shares through their brokers can consult their brokers to enquire about their application results.
Since applications are subject to personal information collection statements, beneficial owner
identification codes displayed in the sections headed “Results of Applications Made by White
Form eIPO ” and “Results of Applications Made by Giving Electronic Application Instructions
to HKSCC via CCASS” are redacted and not all details of applications are disclosed in this
announcement.
SHAREHOLDING CONCENTRATION ANALYSIS
A summary of allotment results under the International Offering is set out below:
• Top 1, 5, 10, 20 and 25 of the placees in the International Offering:
Placee
Number
of Shares
subscribed for
Number of
Shares held
upon Listing
(assuming no
exercise of the
Over-allotment
Option)
Number of
Shares held
upon Listing
(assuming the
Over-allotment
Option is
exercised in
full)
Number
of Shares
subscribed for
as percentage
of the total
number of the
International
Offer Shares
(assuming no
exercise of the
Over-allotment
Option)
Number
of Shares
subscribed for
as percentage
of the total
number of the
International
Offer Shares
(assuming the
Over-allotment
Option is
exercised in
full)
Number
of Shares
subscribed for
as percentage
of the total
number of the
Offer Shares
(assuming no
exercise of the
Over-allotment
Option)
Number
of Shares
subscribed for
as percentage
of the total
number of the
Offer Shares
(assuming the
Over-allotment
Option is
exercised in
full)
Number of
Shares held
upon Listing
as percentage
of the total
issued share
capital upon
Listing
(assuming no
exercise of the
Over-allotment
Option)
Number of
Shares held
upon Listing
as percentage
of the total
issued share
capital upon
Listing
(assuming the
Over-allotment
Option is
exercised in
full)
Top 1 1,351,300 1,351,300 1,351,300 13.85% 11.87% 12.47% 10.84% 0.26% 0.26%
Top 5 6,693,300 6,693,300 6,693,300 68.62% 58.81% 61.75% 53.70% 1.27% 1.27%
Top 10 10,823,100 10,823,100 10,823,100 110.95% 95.10% 99.86% 86.83% 2.06% 2.05%
Top 20 11,371,300 11,371,300 11,371,300 116.57% 99.92% 104.91% 91.23% 2.16% 2.16%
Top 25 11,371,800 11,371,800 11,371,800 116.58% 99.92% 104.92% 91.23% 2.16% 2.16%


--- page 20 ---
22
• Top 1, 5, 10, 20 and 25 Shareholders upon Listing:
Shareholder
Number
of Shares
subscribed for
Number of
Shares held
upon Listing
(assuming no
exercise of the
Over-allotment
Option)
Number of
Shares held
upon Listing
(assuming the
Over-allotment
Option is
exercised in
full)
Number
of Shares
subscribed for
as percentage
of the total
number of the
International
Offer Shares
(assuming no
exercise of the
Over-allotment
Option)
Number
of Shares
subscribed for
as percentage
of the total
number of the
International
Offer Shares
(assuming the
Over-allotment
Option is
exercised in
full)
Number
of Shares
subscribed for
as percentage
of the total
number of the
Offer Shares
(assuming no
exercise of the
Over-allotment
Option)
Number
of Shares
subscribed for
as percentage
of the total
number of the
Offer Shares
(assuming the
Over-allotment
Option is
exercised in
full)
Number of
Shares held
upon Listing
as percentage
of the total
issued share
capital upon
Listing
(assuming no
exercise of the
Over-allotment
Option)
Number of
Shares held
upon Listing
as percentage
of the total
issued share
capital upon
Listing
(assuming the
Over-allotment
Option is
exercised in
full)
Top 1
Note
— 87,379,118 87,379,118 0.00% 0.00% 0.00% 0.00% 16.62% 16.57%
Top 5 — 311,074,418 311,074,418 0.00% 0.00% 0.00% 0.00% 59.18% 58.99%
Top 10 — 446,226,284 446,226,284 0.00% 0.00% 0.00% 0.00% 84.89% 84.63%
Top 20 2,688,300 517,521,687 517,521,687 27.56% 23.62% 24.80% 21.57% 98.45% 98.15%
Top 25 8,997,900 523,831,287 523,831,287 92.24% 79.06% 83.02% 72.19% 99.65% 99.34%
Note: Upon Listing, Mr. Wang Ning will be the single largest shareholder of the Company, and he will be interested in and
will control 87,379,118 Shares through Lightmap Limited and Persistent Courage Holdings Limited. Mr. Wang will be
interested in and will be entitled to exercise 16.62% of the total issued equity interests and voting rights of the issued
Shares in general meetings of the Company (assuming the Presumptions). Additionally, pursuant to the Voting Proxy
Agreements, Mr. Wang Ning, through Persistent Courage Holdings Limited, will be entitled to the voting rights attached
to 21,652,719 Shares representing an aggregate of 4.12% of the Company’s total issued share capital upon Listing
(assuming the Presumptions). For more details, please refer to the section headed “Voting Proxy Arrangements — History,
Reorganization, and Corporate Structure” of the Prospectus.
 In the event that the 21,652,719 Shares subject to the Voting Proxy Arrangements were beneficially owned by Mr. Wang
Ning, Shareholders and prospective investors should be aware that each percentage in the above shareholding
concentration analysis shall be subject to change . For illustration purpose, assuming that the 21,652,719 Shares subject
to the Voting Proxy Arrangements were beneficially owned by Mr. Wang Ning, then the top 25 Shareholders upon the
Listing will in aggregate hold a total of 525,656,487 Shares, representing approximately 99.9971% of the total issued share
capital upon Listing (assuming no exercise of the Over-allotment Option) and approximately 99.6888% of the total issued
share capital upon Listing (assuming the Over-allotment Option is exercised in full).
In view of the high concentration of shareholding in a small number of Shareholders,
Shareholders and prospective investors should be aware that the price of the Shares could
move substantially even with a small number of Shares traded, and should exercise extreme
caution when dealing in Shares.