hk-ipo/data/extracted_text/06082/allotment_results_2025-12-31_2025123102783.txt

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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.
Unless otherwise defined herein, capitalized terms used in this announcement shall have the same meanings as those
defined in the prospectus dated Monday, December 22, 2025 (the “Prospectus ”) of Shanghai Biren Technology Co.,
Ltd. (ʮ̡ ) (the “Company ”).
This announcement is for information purposes only and does not constitute an offer or an invitation to induce an offer
by any person to acquire, purchase or subscribe for any of the securities of the Company. This announcement is not a
prospectus. Potential investors should read the Prospectus for detailed information about the Global Offering described
below before deciding whether or not to invest in the Offer Shares. Any investment decision in relation to the Offer
Shares should be taken solely in reliance on the information provided in the Prospectus.
This announcement does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale
of Offer Shares in any jurisdiction in which such offer, solicitation or sales would be unlawful. This announcement is
not for release, publication or distribution, directly or indirectly, in or into the United States or any other jurisdiction
where such distribution is prohibited by law, nor is this announcement an offer for sale or solicitation to purchase or
subscribe for securities in the United States or any other jurisdictions. The Offer Shares have not been and will not
be registered under the U.S. Securities Act or any state securities laws in the United States and may not be offered,
sold, pledged or transferred within the United States or to, or for the account or benefit of U.S. persons (as defined
in Regulation S under the U.S. Securities Act), except in transactions exempt from, or not subject to, the registration
requirements of the U.S. Securities Act. 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.
In connection with the Global Offering, China International Capital Corporation Hong Kong Securities Limited, as
the stabilizing manager (the “Stabilizing Manager ”) (or any person acting for it), on behalf of the Underwriters,
may over-allocate or effect transactions with a view to stabilizing or supporting the market price of the Shares 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 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 Stabilizing Manager (or any person
acting for it) and in what the Stabilizing Manager (or any person acting for it) 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 after
the last day for lodging applications under the Hong Kong Public Offering (which is Wednesday, 28 January 2026).
Such stabilization 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 Shares for longer
than the stabilization period which begins on the Listing Date, and is expected to expire on Wednesday, 28 January
2026, the 30th day after the last day for the lodging of applications under the Hong Kong Public Offering. After this
date, when no further stabilizing action may be taken, demand for the Shares, and therefore the price of the Shares,
could fall.
The Hong Kong Offer Shares will be offered to the public in Hong Kong subject to the terms and conditions set out in
the Prospectus. The Hong Kong Offer Shares will not be offered to any person who is outside Hong Kong and/or not
resident in Hong Kong. Potential investors of the Offer Shares should note that the Joint Sponsors and the Sponsor-
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 (which is currently expected to be on Friday, January 2, 2026).


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Shanghai Biren Technology Co., Ltd.
上海壁仞科技股份有限公司
(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
: 284,846,600 H Shares (taking into account
the full exercise of the Offer Size
Adjustment Option and subject to the
Over-allotment Option)
Number of Hong Kong Offer Shares : 49,538,600 H Shares (as adjusted after
reallocation)
Number of International Offer Shares : 235,308,000 H Shares (taking into account
the full exercise of the Offer Size
Adjustment Option, as adjusted after
reallocation and subject to the Over-
allotment Option)
Final Offer Price : HK$19.60 per H Share, plus brokerage of
1.0%, SFC transaction levy of 0.0027%,
AFRC transaction levy of 0.00015% and
Stock Exchange trading fee of 0.00565%
(payable in full on application
in Hong Kong dollars, subject to refund)
Nominal value : RMB0.02 per H Share
Stock code : 6082
Joint Sponsors, Sponsor-OCs, Joint Global Coordinators,
Joint Bookrunners and Joint Lead Managers
Overall Coordinators, Joint Global Coordinators,
Joint Bookrunners and Joint Lead Managers
Joint Global Coordinator, Joint Bookrunner and Joint Lead Manager
Joint Bookrunner and Joint Lead Manager


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SHANGHAI BIREN TECHNOLOGY CO., LTD. / 上 海 壁 仞 科 技 股 份 有 限 公 司
ANNOUNCEMENT OF FINAL OFFER PRICE AND
ALLOTMENT RESULTS

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 Shares.
SUMMARY

Company information
Stock code  6082
Stock short name  BIREN TECH
Dealings commencement date  January 2, 2026*
*see note at the end of the announcement

Price Information
Final Offer Price  HK$19.60
Maximum Offer Price HK$19.60

Offer Shares and Share Capital
Number of Offer Shares (before exercise of the Over -
allotment Option)
284,846,600
Final Number of Offer Shares in Public Offer  (after
reallocation)
49,538,600
Final Number of Offer Shares in International Offer  (after
reallocation and the full exercise of the Offer Size
Adjustment Option) *
235,308,000
Number of issued shares upon Listing (before exercise of the
Over-allotment Option)
2,396,131,700
* The number of Offer Shares above is determined after taking into account  the additional Offer Shares
issued under the following Offer Size Adjustment Option.

Offer Size Adjustment Option (Upsize option)
Number of additional shares issued under the option 37,153,800
- Public Offer 0
- International Offer 37,153,800
The Offer Size Adjustment Option has been exercised in full, pursuant to which the Company is issuing
and allotting 37,153,800 additional Offer Shares, representing approximately 15.0% of the total number
of Offer Shares initially available under the Global Offering, at the final Offer Price.

Over-allocation
No. of Offer Shares over-allocated  42,726,800
- International Offer 42,726,800
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.


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Proceeds
Gross proceeds (Note)  HK$5,583.0 million
Less: Estimated listing expenses payable based on Final
Offer Price
HK$(208.5) million
Net proceeds  HK$5,374.5 million

Note: Gross proceeds refers to the amount which the Company is entitled to receive. For details of the use
of proceeds, please refer to the section headed “Future Plans and Use of Proceeds” of the Prospectus. The
Company will adjust the allocation of the net proceeds from the exercise of the Offer Size Adjustment Option
and the exercise of the Over -allotment Option (if any) for the purposes as set out in the section headed
“Future Plans and Use of Proceeds” of the Prospectus on a pro rata basis.


ALLOTMENT RESULTS DETAILS
PUBLIC OFFER

No. of valid applications  471,116
No. of successful applications  135,569
Subscription level  2,347.53 times
Claw-back triggered  Yes
No. of Offer Shares initially available under the Public Offer  12,384,800
No. of Offer Shares reallocated from the International Offer (claw-
back)
37,153,800
Final no. of Offer Shares under the Public Offer (after reallocation) 49,538,600
% of Offer Shares under the Public Offer to the Global Offering 17.39

Note: For details of the final allocation of Shares to the  Public Offer , investors can refer to
www.hkeipo.hk/iporesult to perform a search by identification number or www.hkeipo.hk/iporesult for the full
list of allottees.
INTERNATIONAL OFFER

No. of placees  359
Subscription Level  (before taking into account the Offer Size
Adjustment Option)
25.95 times
No. of Offer Shares initially available under the International Offer  235,308,000
No. of Offer Shares reallocated to the Public Offer (claw-back) 37,153,800
Final no. of Offer Shares under the International Offer (after
reallocation and the full exercise of the Offer Size Adjustment
Option)
235,308,000
% of Offer Shares under the International Offer to the Global
Offering
82.61%

The Directors confirm that, to the best of their knowledge, information and belief, save for a waiver under Rule
10.04 of the Listing Rules and consent 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 e xisting minority shareholders and /or their close associates as
cornerstone investors or placees, (i) none of the Offer Shares subscribed by the placees and the public have


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been financed directly or indirectly by  the Company, any of the Directors, chief executive of the Company,
Single Largest Group of 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, Single Largest Group of Shareholders , substantial Shareholders, existing
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.
The placees in the International Offer include the following:
Cornerstone Investors

Investor
No. of Offer
Shares
allocated
% of Offer
Shares
(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
3W Fund Management
Limited (“3W Fund”) 31,769,600 11.15% 1.33%  Yes
Qiming Venture Partners 13,899,200  4.88% 0.58%
- QM125 Limited 7,942,400 2.79% 0.33% Yes
- QM120 Limited 5,956,800 2.09% 0.25% Yes
Aspex Master Fund
(“AMF”) 11,913,600  4.18% 0.50% No
WT Asset Management
Limited (“WT Asset
Management”) 11,913,600  4.18% 0.50% No
Hao Great China Focus
Fund  7,942,400  2.79% 0.33% No
Ping An Life Insurance
Company of China, Ltd.
(“Ping An Life
Insurance”) 5,956,800 2.09% 0.25% Yes
Huadeng Technology
Peak Fortitude Ventures
Ltd (“Huadeng
Technology”) 5,956,800 2.09% 0.25% No
Lion Global Investors
Limited (“Lion Global”) 5,956,800 2.09% 0.25% No
Shanghai Greenwoods
and CICC Financial
Trading Limited (“CICC
FT”) (in connection with
Greenwoods OTC
Swaps) 5,956,800 2.09% 0.25% No
MY Asian Opportunities
Master Fund, L.P. (“MY
Asian”) 4,765,400 1.67% 0.20% No


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Investor
No. of Offer
Shares
allocated
% of Offer
Shares
(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
Eastspring Investments
(Singapore) Limited
 (“Eastspring”) 3,971,200 1.39% 0.17% No
UBS Asset Management
(Singapore) Ltd. (“UBS
AM Singapore”) 3,971,200 1.39% 0.17% No
Taikang Life Insurance
Co., Ltd (“Taikang
Life”) 3,971,200 1.39% 0.17% No
Aspirational China
Growth GP Limited
(“Aspirational China
Growth”) 3,971,200 1.39% 0.17% Yes
Charoen Pokphand
Robot Limited
(“Charoen Pokphand”) 3,971,200 1.39% 0.17% No
Digital China (HK)
Limited (神州數碼(香
港)有限公司) (“Digital
China”) 3,971,200 1.39% 0.17% No
Jinxiu 608 and GTJA HK
(in connection with the
GTJA Back-to-back TRS
and Zhonghe
OTC Swaps) 3,176,800 1.12% 0.13% Yes
China Southern Asset
Management Co., Ltd.
(南方基金管理有限公
司) (“China Southern”) 3,176,800 1.12% 0.13% No
Fullgoal Fund 3,176,600 1.12% 0.13%
Fullgoal Fund
Management Co.,
Ltd. (富國基金管理
有限公司)
(“Fullgoal Fund”) 1,906,000 0.67% 0.08% No
Fullgoal Asset
Management (HK)
Limited (“Fullgoal
HK”) 1,270,600 0.45% 0.05% No
Yeebo Alpha Limited
(“Yeebo”) 2,581,200 0.91% 0.11% No
Enhanced Investment
Products Limited
(“EIP”) 1,985,600 0.70% 0.08% No


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Investor
No. of Offer
Shares
allocated
% of Offer
Shares
(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
Tessy Holding Limited 1,985,600 0.70% 0.08% No
New Opportunities SPC 1,985,600 0.70% 0.08% Yes
Total 147,926,400 51.93% 6.17%


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Allotees with Waivers/Consents Obtained


Investor
No. of Offer
Shares allocated
% of Offer
Shares
(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
Allotees with waiver from strict compliance with Rule 10.04 of the Listing Rules and consent under
paragraph 1C(2) of the Placing Guidelines in relation to subscription for H Shares by existing
minority shareholders and/or its close associates as cornerstone investors and placees Note 1
Cornerstone Investors
3W Fund 31,769,600 11.15% 1.33%
A cornerstone
investor and a close
associate of an
existing minority
shareholder
QM120 Limited and
QM125 Limited 13,899,200 4.88% 0.58%
QM120 Limited is an
existing minority
shareholder.
QM125 Limited is a
close associate of
QM120.
Ping An Life Insurance 5,956,800 2.09% 0.25%
A cornerstone
investor and a close
associate of an
existing minority
shareholder
Aspirational China
Growth  3,971,200 1.39% 0.17%
A cornerstone
investor and an
existing minority
shareholder
New Opportunities SPC 1,985,600 0.70% 0.08%
A cornerstone
investor and a close
associate of an
existing minority
shareholder
Guotai Junan Investments
(Hong Kong) Limited
(“GTJA Investments”)
(in connection with the
GTJA Back -to-back TRS
and Zhonghe OTC Swaps) 3,176,800 1.12% 0.13%
A cornerstone
investor and a close
associate of existing
minority
shareholders


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Investor
No. of Offer
Shares allocated
% of Offer
Shares
(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
Also a connected
client
Placees
Black Dragon AP SPV1 1,238,800 0.43% 0.05% A placee and an
existing minority
shareholder
Sino Lion Ventures
Limited (“Sino Lion”)
198,400 0.07% 0.01% A placee and a close
associate of an
existing minority
shareholder
Haitong International
Asset Management (HK)
Limited (“Haitong AM”)
19,800 0.01% 0.00% A placee and a close
associate of existing
minority
shareholders
Also a connected
client
Guotai Junan Investments
(in connection with the
GTHT Client TRS)
(“GTJA Investments”)
576,400 0.20% 0.02% A placee and a close
associate of existing
minority
shareholders
Also a connected
client
Xinyuan Tianxun
Navigator Private
Securities Investment
Fund ( 芯源天循领航私
募证券投资基金 )
(“Xinyuan Tianxun”) (in
connection with the
Huatai Client TRS)
99,200 0.03% 0.00% A placee and a close
associate of an
existing minority
shareholder
HTI Financial Solutions
Limited (in connection
with the HTI TRS)
(“HTIFSL”)
4,175,600 1.47% 0.18% A placee and a close
associate of two
existing minority
shareholders
Also a connected
client


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Investor
No. of Offer
Shares allocated
% of Offer
Shares
(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
Dream'ee JuneBeast Fund 39,600 0.01% 0.00% A placee and a close
associate of an
existing minority
shareholder
Benchi Holding Limited 39,600 0.01% 0.00% A placee and a close
associate of an
existing minority
shareholder
ZhuoLing International
Limited
397,000 0.14% 0.02% A placee and a close
associate of an
existing minority
shareholder
Li Wei (厲偉) 198,400 0.07% 0.01% A placee and a close
associate of an
existing minority
shareholder
Shanghai Fame Limited 252,000 0.09% 0.01% A placee and a close
associate of an
existing minority
shareholder
Autumn Thrive Limited 3,971,200 1.39% 0.17% A placee and a close
associate of an
existing minority
shareholder
Shanghai Hua Hong
International, Inc.
2,959,000 1.04% 0.13% A placee and a close
associate of an
existing minority
shareholder
Lingang Wings Inc 595,600 0.21% 0.03% A placee and a close
associate of an
existing minority
shareholder
Aquila Composite Fund
SPC Ltd. - Aquila High
Frequency Strategy SP
39,600 0.01% 0.00% A placee and a close
associate of an
existing minority
shareholder
Allotees 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 Note 2


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Investor
No. of Offer
Shares allocated
% of Offer
Shares
(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
Ping An Life Insurance 5,956,800 2.09% 0.25%
Cornerstone investor
and connected client
CICC FT (in connection
with Greenwoods OTC
Swaps and the CICCFT
OTC Swaps)
5,956,800 2.09% 0.25%
Cornerstone investor
and connected client
(in connection with
Greenwoods OTC
Swaps)
587,200 0.21% 0.02%
Connected client (in
connection with the
CICCFT OTC
Swaps)
CITIC Securities
International Capital
Management Limited
(“CSI”)  443,000 0.16% 0.02% Connected client
GTJA Investments (in
connection with the
Zhonghe OTC Swaps and
the GTJAI Subscription)
3,176,800 1.12% 0.13%
Cornerstone investor
and connected client
(in connection with
Zhonghe OTC
Swaps)
576,400 0.20% 0.02%
Connected client (in
connection with the
GTJAI Subscription)
HTIFSL 4,175,600 1.47% 0.18% Connected client
Huatai Capital Investment
Limited (“HTCI”) 460,600 0.16% 0.02% Connected client
CITIC Securities Asset
Management Company
Limited (“CITICS AM”) 7,942,400  2.79% 0.34% Connected client
China Asset Management
(Hong Kong) Limited
(“China AMC HK”) 317,600 0.11% 0.01%   Connected client
China Universal Asset
Management (Hong
Kong) Company Limited
(“China Universal
(HK)”)  317,600 0.11% 0.01% Connected client


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Investor
No. of Offer
Shares allocated
% of Offer
Shares
(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
Orient Asset Management
(Hong Kong) Limited
(“Orient AM”)  8,000 0.00% 0.00% Connected client
Guosen Securities (HK)
Asset Management
Company Limited
(“Guosen HK AM”) 79,400 0.03% 0.00% Connected client
ICBC UBS Asset
Management Co., Ltd.
(“ICBC UBS”)  37,000 0.01% 0.00% Connected client
ICBC UBS Asset
Management
(International) Company
Limited ( “ICBC UBS
(International)”) 2,600 0.00% 0.00% Connected client
UBS Asset Management
(Singapore) Ltd. (“UBS
AM Singapore”) 3,971,200 1.39% 0.17%
Cornerstone investor
and connected client
Haitong International
Asset Management (HK)
Limited (“Haitong AM”) 19,800 0.01% 0.00% Connected client
Haitong International
Investment Managers
Limited (“Haitong IIM”) 9,900 0.00% 0.00% Connected client
Fullgoal Fund 3,176,600 1.12% 0.13%
Cornerstone investor
and connected client
China Southern 3,176,600 1.12% 0.13%
Cornerstone investor
and connected client
Notes:

1. See “Waivers – Waiver Under Rule 10.04 and Consent under Paragraph 1C(2) of Appendix F1 to the
Listing Rules in respect of Subscriptions of Offer Shares by Existing Shareholders and/or its Close
Associates as Cornerstone Investors” of the Prospectus and the section headed “Others / Additional
Information – Placing to existing shareholders and/or its close associates with a prior waiver under
Rule 10.04 and consent under paragraph 1C(1) of the Placing Guidelines” in this announcement for
further details.

2. Saved as listed out, t he H Shares placed to such allottees are held on behalf of independent third


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11


Investor
No. of Offer
Shares allocated
% of Offer
Shares
(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
parties (as defined in Chapter 4.15 of the Guide for New Listing Applicants and are in compliance
with all the conditions under the consent granted by the St ock Exchange. 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 a prior consent under paragraph 1C(1)
of the Placing Guidelines” in this announcement.


LOCK-UP UNDERTAKINGS
Key Persons (as defined under Rule 18C.14 of the Listing Rules)
Name Capacity
Total 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
undertakin
gs upon
Listing
% of total
issued H
Shares after
the Global
Offering
subject to
lock–up
undertaking
s upon
Listing Note 1
% of
shareholdin
g in the
Company
subject to
lock–up
undertaking
s upon
Listing
Note 1
Last day
subject to
the lock–
up
undertakin
gs Note 2
Wen ZHANG
(“Mr.
Zhang”)
Founder of
the Group, an
executive
Director and
Chief
Executive
Officer 183,174,800 – – 7.64%
January 1,
2027
Shanghai
Biliren
Enterprise
Management
Consulting
Partnership
(Limited
Partnership)*
(上海壁立仞
企業管理諮
詢合夥企業
(有限合夥))
(“Shanghai
Biliren”) Note 3
Close
associate of
Mr. Zhang 191,221,400 – – 7.98%
January 1,
2027


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Pathfinder SIIs

Subtotal - 374,396,200 - - 15.63%
Notes:
1. Assuming the Over–allotment Option is not exercised.
2. The lock-up period commencing on the date by reference to which disclosure of its shareholding
is made in the Prospectus and ending on the date which is 12 months from the Listing Date, i.e.
January 1, 2027.
3. Shanghai Biliren is the employee incentive platform of the Group. The Group had granted Share
Options to selected participants under the Pre –IPO Employee Incentive Scheme for indirect
limited partnership interests in 31 limited partners of Shanghai Biliren. Four of our Directors
(including Mr. Zhou HONG, our Chief Technology Officer, and Mr. Linglan ZHANG, our Chief
Operating Officer, who are also key management and core members of our R&D team) were
limited partners of four of the limited partners of Shanghai Biliren, including (i) Limited
Partnership 1 (a limited partner of Shanghai Biliren holding 46.54% of its partnership interests),
whereby Mr. Zhou HONG, Mr. Linglan ZHANG and Mr. Luting PAN held 35.32%, 22.91% and
1.28% of the partnership interests of Limited Partnership 1; (ii) Limited Partnership 2 (a limited
partner of Shanghai Biliren holding approximately 9.08% of its partnership interests), whereby
Mr. Xiao held 2.53% of the partnership interests of Limited Partnership 2; (iii) Limited
Partnership 3 (a limited partner of Shanghai Biliren holding 1.95% of its partnership interests),
whereby Mr. Xiao held 66.89% of the partnership interests of Limited Partnership 3; and (iv)
Limited Partnership 31 (a limited partner of Shanghai Biliren holding 2.83% of its partnership
interests), whereby Mr. Luting PAN held 17.23% of the partnership interests of Limited
Partnership 31. Such partnership interests held by our four executive Directors in the limited
partners of Shanghai Biliren will be subject to lock–up period ending on the expiry of 12 months
from the Listing Date. Save as disclosed above, there is no other senior management or key
management and core members of our R&D team who holds any interest in our Company.
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 after
the Global
Offering subject
to lock–up
undertakings
upon Listing Note
1
% of
shareholding in
the Company
subject to lock–
up undertakings
upon Listing
Note 1
Last day
subject to the
lock–up
undertakings
Note 2
QM120
Limited 91,773,400 45,886,700 3.96% 3.83%
January 1,
2027
Country
Garden Venture
Capital  Note 3   66,597,200 – – 2.78%
January 1,
2027
Sky9 Capital
Note 4 55,270,450 27,635,250 2.39% 2.31%
January 1,
2027
Zhuhai Gree
Venture Capital
Investment Co.,
Ltd. (珠海格力
創業投資有限
公司)
(“Zhuhai
Gree”) 45,904,650 22,952,300 1.98% 1.92%
January 1,
2027


--- page 15 ---
13


Existing shareholders

Shenzhen
Songhe Growth
Equity
Investment
Partnership
(Limited
Partnership)
(深圳市松禾成
長股權投資合
夥企業(有限合
夥))
(“Shenzhen
Songhe”) 39,967,350 39,967,350 3.45% 1.67%
January 1,
2027
Subtotal 299,513,050 136,441,600 11.78% 12.50%
Notes:

1. Each of the Shareholders listed in the above table is a pathfinder SII of the Company as defined
under Chapter 2.5 of the Guide for New Listing Applicants. Please refer to the section headed
“History, Development and Corporate Structure – Capitalization of our Company” in the
Prospectus for further details.
2. In accordance with Rule 18C.14(2) of the Listing Rules, the required lock–up period commences
on the date by reference to which disclosure of its shareholding  is made in the Prospectus and
ends on the date which is six month s from the Listing Date , i.e. July 2, 2026. In addition to the
lock-up requirement under Rule 18C.14(2) of the Listing  Rules, all existing Shareholders shall
not dispose of any of the Shares held by them within the 12 months following the Listing Date, i.e.
January 2, 2027, as required under the applicable PRC laws.
3. Includes 33,298,600 Shares held by Foshan Nanhai District Huibi No. 2 Equity Investment
Partnership (Limited Partnership) ( 佛山市南海區匯碧二號股權投資合夥企業 (有限合夥 ))
and 33,298,600 Shares held by Shenzhen Country Garden Innovation Investment Co., Ltd. (深圳
市碧桂園創新投資有限公司).
4. Includes 29,194,700 Shares held by Sky9 Alpha Limited, 20,400,500 Shares held by Sky9 Capital
MVP Fund II, L.P.  and 5,675,250 Shares held by  Shanghai Yunjiu No. 1 Venture Capital
Investment Partnership (Limited Partnership) (上海雲玖一號創業投資合夥企業(有限合夥)) .
Name Note 1
Total 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 after
the Global
Offering
subject to
lock–up
undertakings
upon Listing
Note 2
% of
shareholding
in the
Company
subject to
lock–up
undertakings
upon listing
Note 2
Last day
subject to the
lock–up
undertakings
Note 3
Shanghai
Shanghe 87,036,150 43,131,824 3.72% 3.63%
January 1,
2027


--- page 16 ---
14

Guangzhou
Industry
Investment 19,068,800 9,534,400 0.82% 0.80%
January 1,
2027
Knowledge
City 19,068,800 9,534,400 0.82% 0.80%
January 1,
2027
Zhuhai Da
Heng Qin 80,717,950 – – 3.37%
January 1,
2027
Yuanqi Liqian 60,446,300 30,223,150 2.61% 2.52%
January 1,
2027
Beijing Yurun 9,401,100 4,700,550 0.41% 0.39%
January 1,
2027
Mr. Liang 65,234,050 – – 2.72%
January 1,
2027
Qingdao
Huaxin Anchor 62,299,150 31,149,600 2.69% 2.60%
January 1,
2027
Clear Affluent 59,570,100 42,283,800 3.65% 2.49%
January 1,
2027
Linke Bixin 56,752,400 28,376,200 2.45% 2.37%
January 1,
2027
Minsheng
Tonghui 50,472,950 – – 2.11%
January 1,
2027
Gongqingcheng
Yunren 11,917,950 848,650 0.07% 0.50%
January 1,
2027
Ningbo
Meishan
Xingyinfeng 8,076,500 1,211,500 0.10% 0.34%
January 1,
2027
Gongqingcheng
Yunzhang 5,958,950 2,979,500 0.26% 0.25%
January 1,
2027
Gongqingcheng
Fengjue 5,671,650 1,985,100 0.17% 0.24%
January 1,
2027
SME Huaying
Fund 29,219,700 14,609,850 1.26% 1.22%
January 1,
2027
Jiuyi Zhixin 11,717,100 11,031,350 0.95% 0.49%
January 1,
2027
Hangzhou
Unicorn 25,114,150 – – 1.05%
January 1,
2027
Turing Anqian
11,350,500
 5,675,250 0.49% 0.47%
January 1,
2027
Turing
Anchang 10,094,600 – – 0.42%
January 1,
2027
Turing Anchi 2,791,750 – – 0.12%
January 1,
2027
Zhongtong
Ruide 22,952,300 – – 0.96%
January 1,
2027
Jiaxing Yufeng 12,153,600 – – 0.51%
January 1,
2027
Jiaxing Yuzhen 9,651,750 – – 0.40%
January 1,
2027
Gongqingcheng
Shenghe 16,295,200 – – 0.68%
January 1,
2027


--- page 17 ---
15

Suzhou Glory 11,476,150 5,738,100 0.50% 0.48%
January 1,
2027
Shanghai Qi’an
Jingjin Private
Equity
Fund
Partnership
(Limited
Partnership)
(上海奇安競進
私募基金合夥
企業(有限合
夥)) 10,094,600 – – 0.42%
January 1,
2027
Changsha
Qi’an Qilin
Venture
Investment
Fund
Partnership
(Limited
Partnership)
(長沙奇安麒麟
創業投資基金
合夥企業(有限
合夥)) 1,009,450 – – 0.04%
January 1,
2027
Hainan Nanbai
Suan
Technology
Co., Ltd. (海南
南佰算科技有
限公司) 10,094,600 – – 0.42%
January 1,
2027
Xiaobin LIU
(劉曉斌) 10,094,600 – – 0.42%
January 1,
2027
Qingdao Shuda
Equity
Investment
Fund
Partnership
(Limited
Partnership)
(青島樹達股權
投資基金合夥
企業(有限合
夥))

9,400,000


2,350,000 0.20% 0.39%
January 1,
2027
Xiamen Tanren 8,394,600 – – 0.35%
January 1,
2027
Puhua SME
Phase II
(Hangzhou) 8,075,650 – – 0.34%
January 1,
2027


--- page 18 ---
16

Venture
Investment
Partnership
(Limited
Partnership)
(普華中小二期
(杭州)創業投
資合夥企業(有
限合夥))
Yancheng
Huayao
Zhisuan Phase
II Venture
Investment
Partnership
(Limited
Partnership)
(鹽城華耀智算
二期創業投資
合夥企業(有限
合夥)) 2,220,800 – – 0.09%
January 1,
2027
Jupiter Global
Master Fund
Ltd. 7,611,800 – – 0.32%
January 1,
2027
Aspirational
China Growth
GP Limited 7,220,250 – – 0.30%
January 1,
2027
Shenzhen
Times
Xinchuang No.
16 Investment
Partnership
(Limited
Partnership)
(深圳時代信創
十六號投資合
夥企業(有限合
夥)) 6,860,000 – – 0.29%
January 1,
2027
Shenzhen
Ganshen
Wenhe Equity
Investment
Fund
Partnership
(Limited
Partnership)
(深圳市贛深文
合股權投資基 6,810,300 – – 0.28%
January 1,
2027


--- page 19 ---
17

金合夥企業
(有限合 夥))
Yancheng
Zhiping 6,481,950 – – 0.27%
January 1,
2027
Kun LAN (蘭
坤) 6,056,750 – – 0.25%
January 1,
2027
Quanzhou
Wolun
Hongshen
Venture
Capital
Investment
Partnership
(Limited
Partnership)
(泉州沃侖紅燊
創業投資合夥
企業(有限合
夥)) 5,675,250 – – 0.24%
January 1,
2027
Jiantou
Investment Co.,
Ltd. (建投投資
有限責任公司)

5,675,250 – – 0.24%
January 1,
2027
Jiangsu Jianyin
Investment Co.,
Ltd. (江蘇建銀
投資有限公司) 5,197,850 – – 0.22%
January 1,
2027
Li Song
Foundation
Company
Limited (李‧宋
基金會有限公
司) 5,047,300 – – 0.21%
January 1,
2027
Shaanxi Jinzi
Jinji Equity
Investment
Partnership
(Limited
Partnership)
(陝西金資金濟
股權投資合夥
企業(有限合
夥))

5,047,300 – – 0.21%
January 1,
2027
Shenzhen
Jinshi
Tiancheng
Technology

5,047,300 – – 0.21%
January 1,
2027


--- page 20 ---
18

Investment Co.,
Ltd.
(深圳金石天成
科技投資有限
公司)
YOUSU
GmbH

2,523,650 – – 0.11%
January 1,
2027
Yousu Hong
Kong Limited
(游素香港有限
公司) 2,523,650 – – 0.11%
January 1,
2027
Huaxu
(Guangzhou)
Industrial
Investment
Fund
Management
Partnership
(Limited
Partnership)
(華胥(廣州)產
業投資基金管
理合夥企業(有
限合夥)) 3,028,400 – – 0.13%
January 1,
2027
Chongqing
Huaxu Private
Equity
Investment
Fund
Partnership
(Limited
Partnership)
(重慶華胥私募
股權投資基金
合夥企業(有限
合夥)) 2,018,900 – – 0.08%
January 1,
2027
Gongqingcheng
Fangwei Equity
Investment
Partnership
(Limited
Partnership)
(共青城方維股
權投資合 夥企
業(有限合夥))
4,540,200
 908,050 0.08% 0.19%
January 1,
2027
Gongqingcheng
Chongtai Zhihe
Venture
Investment 4,414,100 – – 0.18%
January 1,
2027


--- page 21 ---
19

Partnership
(Limited
Partnership)
(共青城崇泰智
核創業投資合
夥企業(有限合
夥))
Julong Jingrun 4,093,450 – – 0.17%
January 1,
2027
Zhenchun
FANG (方振
淳) 4,037,850 – – 0.17%
January 1,
2027
Wuhan Huashi
Huitian Private
Equity
Investment
Fund
Partnership
(Limited
Partnership)
(武漢華實匯添
私募股權投資
基金合夥企業
(有限合夥)) 3,405,150 – – 0.14%
January 1,
2027
Suzhou
Xiangzhong
Venture
Investment
Partnership
(Limited
Partnership)
(蘇州祥仲創業
投資合夥企業
(有限合夥)) 2,422,700 – – 0.10%
January 1,
2027
Nanjing
Xiangzhong
Venture
Investment
Partnership
(Limited
Partnership)
(南京祥仲創業
投資合夥企業
(有限合夥)) 605,700 – – 0.03%
January 1,
2027
Suzhou Weixin
Taike Venture
Investment
Partnership
(Limited 2,018,900 – – 0.08%
January 1,
2027


--- page 22 ---
20

Partnership)
(蘇州維新鈦氪
創業投資合夥
企業(有限合
夥))
Gongqingcheng
Yintai Jiayi
Investment
Partnership
(Limited
Partnership)
(共青城銀泰嘉
益投資合夥企
業(有限合夥)) 3,028,400 – – 0.13%
January 1,
2027
Fuzhou
Innovation &
Tech Venture
Investment
Partnership
(Limited
Partnership)
(福州創新創科
投資合夥企業
(有限合夥)) 3,028,400 – – 0.13%
January 1,
2027
Ningbo Fengxi
Venture
Investment
Partnership
(Limited
Partnership)
(寧波豐曦創業
投資合夥企業
(有限合夥) 3,028,400 – – 0.13%
January 1,
2027
Zibo Pufeng
Darun Equity
Investment
Fund
Partnership
(Limited
Partnership)
(淄博普豐達潤
股權投資基金
合夥企業(有限
合夥) 2,577,350 1,288,700 0.11% 0.11%
January 1,
2027
Lighthouse
Capital (HK)
Financial 2,166,100 – – 0.09%
January 1,
2027


--- page 23 ---
21

Limited (光源
資本(香港)金
融有限公司)
Quanzhou
Hongzhao
Qiangxin
Venture
Investment
Partnership
(Limited
Partnership)
(泉州宏兆強芯
創業投資合夥
企業(有限合
夥) 2,018,900 – – 0.08%
January 1,
2027
Champ Earn 49,850,450 49,850,450 4.30% 2.08%
January 1,
2027
PA GCC 47,573,650 47,573,650 4.11% 1.99%
January 1,
2027
Huzhou Jingxin 36,217,700 36,217,700 3.13% 1.51%
January 1,
2027
Lobelia 30,447,100 30,447,100 2.63% 1.27%
January 1,
2027
Jiaxin Zhizao 29,049,500 29,049,500 2.51% 1.21%
January 1,
2027
Jiuyi Xinyuan

14,755,650

14,755,650 1.27% 0.62%
January 1,
2027
Suzhou Yuanqi

13,063,650

13,063,650 1.13% 0.55%
January 1,
2027
Matrice Capital 13,063,650 13,063,650 1.13% 0.55%
January 1,
2027
Tianjin Yuheng 23,280,200 23,280,200 2.01% 0.97%
January 1,
2027
3W Global 20,397,000 20,397,000 1.76% 0.85%
January 1,
2027
MSA Growth 19,029,450 19,029,450 1.64% 0.79%
January 1,
2027
Nantong
Jianghai Fund  18,882,200 18,882,200 1.63% 0.79%
January 1,
2027
Gaorong
Kangteng 15,495,850 15,495,850 1.34% 0.65%
January 1,
2027
Gaorong
Kangyong 2,734,550 2,734,550 0.24% 0.11%
January 1,
2027
Champion
Forest 17,015,050 17,015,050 1.47% 0.71%
January 1,
2027
Suzhou Juyuan 16,394,500 16,394,500 1.42% 0.68%
January 1,
2027
Maxwise
Investments 15,223,550 15,223,550 1.31% 0.64%
January 1,
2027


--- page 24 ---
22

Limited (萬慧
投資有限公司)
Zhihui Unicorn  14,524,750 14,524,750 1.25% 0.61%
January 1,
2027
BAI GmbH 14,490,850 14,490,850 1.25% 0.60%
January 1,
2027
Shanghai GP 12,153,600 12,153,600 1.05% 0.51%
January 1,
2027
Shenzhen
Qianhai 9,722,900 9,722,900 0.84% 0.41%
January 1,
2027
Praise Fortune 9,514,750 9,514,750 0.82% 0.40%
January 1,
2027
RCIF 9,514,750 9,514,750 0.82% 0.40%
January 1,
2027
Yancheng
Huayao
Intelligent
Computing
Venture Capital
Investment
Partnership
(Limited
Partnership)
(鹽城華耀智算
創業投資合夥
企業(有限合
夥))

5,675,250

5,675,250 0.49% 0.24%
January 1,
2027
Jiaxing
Guangren 7,721,450 7,721,450 0.67% 0.32%
January 1,
2027
China
Insurance
Investment Co.,
Ltd.
(中保投資有限
責任公司) 5,561,750 5,561,750 0.48% 0.23%
January 1,
2027
Nanchang
Zhengtong
Equity
Investment
Fund
Partnership
(Limited
Partnership)
(南昌政通股權
投資基金合夥
企業(有限合
夥)) 5,277,950 5,277,950 0.46% 0.22%
January 1,
2027


--- page 25 ---
23



Cornerstone Investors
Shanghai
Haitong Zhida
Private
Equity
Investment
Fund
Partnership
(Limited
Partnership)
(上海海通智達
私募投資基金
合夥企業(有限
合夥)) 397,250 397,250 0.03% 0.02%
January 1,
2027
Jiaxing
Benshuo
Venture Capital
Investment
Partnership
(Limited
Partnership)
(嘉興犇碩創業
投資合夥企業
(有限合夥))

4,937,450

4,937,450 0.43% 0.21%
January 1,
2027
Black Dragon
AP SPV1 4,125,900 4,125,900 0.36% 0.17%
January 1,
2027
Shaanxi
Zhongtou
Zhanlu Phase II
Equity
Investment
Partnership
(Limited
Partnership)
(陝西眾投湛盧
二期股權投資
合夥企業(有限
合夥)) 2,043,100 2,043,100 0.18% 0.09%
January 1,
2027
Wimzie Zotac
Limited 1,135,050 1,135,050 0.10% 0.05%
January 1,
2027
Subtotal 1,437,375,850 736,830,424 63.62% 59.99%
Notes:
1. Please refer to the Prospectus for further details.
2. Assuming the Over–allotment Option is not exercised.
3. The expiry date of the lock–up period shown in the table above is pursuant to applicable PRC
laws.


--- page 26 ---
24

Name
Number of Shares held in
the Company subject to lock-
up undertakings upon
Listing
% of total issued Shares after the
Global Offering subject to lock -
up undertakings upon Listing
(assuming the Over -allotment
Option is not exercised)
Last day subject to the
lock-up undertakings
Note 2
3W Fund 31,769,600 1.33%  July 1, 2026
Qiming
Venture
Partners  13,899,200  0.58% July 1, 2026
AMF 11,913,600  0.50% July 1, 2026
WT Asset
Management 11,913,600  0.50% July 1, 2026
Hao Great
China Focus
Fund  7,942,400  0.33% July 1, 2026
Ping An Life
Insurance 5,956,800 0.25% July 1, 2026
Huadeng
Technology 5,956,800 0.25% July 1, 2026
Lion Global 5,956,800 0.25% July 1, 2026
CICC FT 5,956,800 0.25% July 1, 2026
MY Asian 4,765,400 0.20% July 1, 2026
Eastspring 3,971,200 0.17% July 1, 2026
UBS AM
Singapore 3,971,200 0.17% July 1, 2026
Taikang Life 3,971,200 0.17% July 1, 2026
Aspirational
China
Growth 3,971,200 0.17% July 1, 2026
Charoen
Pokphand 3,971,200 0.17% July 1, 2026
Digital China 3,971,200 0.17% July 1, 2026
GTJA HK
 3,176,800 0.13% July 1, 2026
China
Southern  3,176,800 0.13% July 1, 2026
Fullgoal
Fund  3,176,600 0.13% July 1, 2026
Yeebo 2,581,200 0.11% July 1, 2026
EIP 1,985,600 0.08% July 1, 2026
Tessy
Holding
Limited 1,985,600 0.08% July 1, 2026
New
Opportunitie
s SPC 1,985,600 0.08% July 1, 2026
Total 147,926,400 6.17%


--- page 27 ---
25

PLACEE CONCENTRATION ANALYSIS
Placees*
Number of Shares
allotted

Allotment as % of
International Offering
(assuming no exercise of
the Over -allotment
Option)
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 Shares are
issued)
Allotment as % of
International Offering
(assuming full exercise of the
Over-allotment Option)

Allotment as % of total Offer
Shares (assuming full
exercise of the Over -
allotment Option)

% of total issued share capital
upon Listing (assuming the
Over-allotment Option is fully
exercised and new Shares are
issued)
Top 1 31,769,600 13.5013%  11.1532%   1.3259% 11.4265% 9.6985% 1.3026%
Top 5 77,438,400  32.9094%   27.1860%  3.2318%  27.8521% 23.6400% 3.1752%
Top 10 111,098,000   47.2139%  39.0027%   4.6366%  39.9583% 33.9155% 4.5553%
Top 25 171,226,600  72.7670%   60.1119%  7.1460%  61.5846% 52.2712% 7.0208%

Note
* Ranking of placees is based on the number of Offer Shares allotted to the placees.

SHAREHOLDER CONCENTRATION ANALYSIS
H
Shareholders
*
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 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 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 Shares
are issued)
Number of Shares held
upon Listing
Top 1
-    0.0000% 0.0000% 0.0000% 0.0000%

-    0.0000% 0.0000%

374,396,200
Top 5
13,904,800  5.9092% 4.2448% 4.8815% 4.2448%

144,944,424  6.0491% 5.9431%

731,870,750
Top 10

17,459,400  7.4198% 5.3299% 6.1294% 5.3299%

255,102,124  10.6464% 10.4599%

1,068,309,15
0


--- page 28 ---
26

Top 25

59,454,600  25.2667% 18.1500% 20.8725% 18.1500%

694,108,024  28.9679% 28.4604%

1,667,719,55
0
Note
* Ranking of Shareholders is based on the number of Shares held by the Shareholders upon Listing.


H SHAREHOLDER CONCENTRATION ANALYSIS
H
Shareholders*
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
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 Shares are
issued)
Number of
Shares held upon Listing
Number of
 Shares held upon Listing
Top 1
13,899,200  5.9068% 4.8795%

59,785,900  2.4951%

105,632,600  4.4085%
Top 5
59,151,400  25.1379% 20.7661%

263,429,000  10.9939%

337,651,900  14.0915%
Top 10
59,355,400  25.2246% 20.8377%

467,254,774  19.5004%

644,689,450  26.9054%
Top 25
63,828,600  27.1256% 22.4081%

819,512,624  34.2015%

1,105,951,350  46.1557%
Note
* Ranking of Shareholders is based on the number of Shares (of all classes) held by the Shareholder upon Listing.
.


--- page 29 ---
27

BASIS OF ALLOCATION UNDER THE HONG KONG PUBLIC OFFERING
Subject to the satisfaction of the conditions set out in the Prospectus, 471,116 valid applications
made by the public 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
200 174,816

8,741 out of 174,816 applicants to
receive 200 H Shares
5.00%
400 25,420

1,954 out of 25,420 applicants to receive
200 H Shares
3.84%
600 19,979

1,996 out of 19,979 applicants to receive
200 H Shares
3.33%
800 9,280

1,062 out of 9,280 applicants to receive
200 H Shares
2.86%
1,000 13,714

1,716 out of 13,714 applicants to receive
200 H Shares
2.50%
1,200 6,869

912 out of 6,869 applicants to receive
200 H Shares
2.21%
1,400 8,272

1,194 out of 8,272 applicants to receive
200 H Shares
2.06%
1,600 6,977

1,084 out of 6,977 applicants to receive
200 H Shares
1.94%
1,800 6,525

1,110 out of 6,525 applicants to receive
200 H Shares
1.89%
2,000 35,199

6,495 out of 35,199 applicants to receive
200 H Shares
1.85%
3,000 9,407

2,341 out of 9,407 applicants to receive
200 H Shares
1.66%
4,000 9,206

2,578 out of 9,206 applicants to receive
200 H Shares
1.40%
5,000 11,145

3,357 out of 11,145 applicants to receive
200 H Shares
1.20%
6,000 9,328

2,979 out of 9,328 applicants to receive
200 H Shares
1.06%
7,000 4,560

1,585 out of 4,560 applicants to receive
200 H Shares
0.99%
8,000 4,554

1,702 out of 4,554 applicants to receive
200 H Shares
0.93%
9,000 3,269

1,303 out of 3,269 applicants to receive
200 H Shares
0.89%
10,000 21,045

8,882 out of 21,045 applicants to receive
200 H Shares
0.84%
20,000 12,176

7,502 out of 12,176 applicants to receive
200 H Shares
0.62%


--- page 30 ---
28

30,000 7,587

5,833 out of 7,587 applicants to receive
200 H Shares
0.51%
40,000 5,426

4,881 out of 5,426 applicants to receive
200 H Shares
0.45%
50,000 4,914

200 H Shares plus 78 out of 4,914
applicants to receive an additional 200 H
Shares
0.41%
60,000 3,573

200 H Shares plus 437 out of 3,573
applicants to receive an additional 200 H
Shares
0.37%
70,000 2,717

200 H Shares plus 600 out of 2,717
applicants to receive an additional 200 H
Shares
0.35%
80,000 2,493

200 H Shares plus 781 out of 2,493
applicants to receive an additional 200 H
Shares
0.33%
90,000 1,926

200 H Shares plus 771 out of 1,926
applicants to receive an additional 200 H
Shares
0.31%
100,000 12,802

200 H Shares plus 6,184 out of 12,802
applicants to receive an additional 200 H
Shares
0.30%
200,000 8,682  400 H Shares 0.20%

Total   441,861
Total number of Pool A successful
applicants: 106,314

POOL B
300,000 9,925

600 H Shares 0.20%
400,000 4,148

600 H Shares plus 1,695 out of 4,148
applicants to receive an additional 200 H
Shares
0.17%
500,000 2,877  600 H Shares plus 2,197 out of 2,877
applicants to receive an additional 200 H
Shares
0.15%
600,000 2,016  800 H Shares 0.13%
700,000 1,369  800 H Shares plus 507 out of 1,369
applicants to receive an additional 200 H
Shares
0.12%
800,000 1,140  800 H Shares plus 726 out of 1,140
applicants to receive an additional 200 H
Shares
0.12%
900,000 910  1,000 H Shares 0.11%
1,000,000 3,850  1,000 H Shares plus 459 out of 3,850
applicants to receive an additional 200 H
Shares
0.10%
2,000,000 1,489  1,200 H Shares plus 1,225 out of 1,489
applicants to receive an additional 200 H
Shares
0.07%


--- page 31 ---
29

3,000,000 559  1,400 H Shares plus 280 out of 559
applicants to receive an additional 200 H
Shares
0.05%
4,000,000 267  1,800 H Shares 0.05%
5,000,000 204  2,200 H Shares 0.04%
6,192,400 501  2,600 H Shares 0.04%

Total   29,255
Total number of Pool B successful
applicants: 29,255

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 Shares.
The Directors confirm that, to the best of their knowledge, no rebate has been, directly or indirectly,
provided by the issuer, its controlling shareholder(s), directors or syndicate members to any placees or
the public (as the case may be) and the consideration payable by them for each share (or, where
applicable, each unit of other equity securities or interests (which include equity securities, interests in
a REIT, stapled securities and securities of an investment company (as defined in Rule 21.01)) of the
issuer subscribed for or purchased by them is the same as the final offer price determined by the issuer,
in addition to any brokerage, AFRC transaction levy, SFC transaction levy and trading fee payable.
The Directors and the Overall Coordinators confirm that at least 50% of the total number of the Offer
Shares have been allocated to and taken up by independent price setting investors in compliance with
Rule 18C.08 of the Listing Rules.
The Directors further confirm that at least 20% of the issued share capital of the Company will be held
by sophisticated inde pendent investors at the time of Listing in compliance with Chapter 2.5 of the
Guide for New Listing Applicants.
OTHERS / ADDITIONAL INFORMATION

Offer Size Adjustment Option

The Offer Size Adjustment Option has been exercised in full, pursuant to which the Company is issuing
and allotting 37,153,800 additional Shares, representing approximately 15. 0% of the total number of
Shares initially available under the Global Offering, at the final Offer Price to increase the number of
Offer Shares available under the International Offering.

Accordingly, the total number of Offer Shares finally available under the Global Offering (after taking
into account the full exercise of the Offer Size Adjustment Option and before any exercise of the Over-
allotment Option) that would be allotted and issued by the Company is 284,846,600 Offer Shares and
the total issued share capital of the Company upon Listing (after taking into account the full ex ercise


--- page 32 ---
30

of the Offer Size Adjustment Option and before any exercise of the Over -allotment Option) will be
2,396,131,700 Shares.

Reallocation

As the Hong Kong Public Offering has been over -subscribed by more than 100 times of the total
number of Offer Shares initially available under the Hong Kong Public Offering, the reallocation
procedure as disclosed in the section headed “Structure of the Gl obal Offering – The Hong Kong
Public Offering – Reallocation” in the Prospectus has been applied.

The number of Offer Shares initially available under the Hong Kong Public Offering is 12,384,800
Shares, representing approximately 5% of the total number of  Offer Shares initially available under
the Global Offering (assuming the Offer Size Adjustment Option  and the Over-allotment Option are
not exercised). As a result of such reallocation, the final number of Offer Shares under the Hong Kong
Public Offering is adjusted to 49,538,600 Shares, representing approximately 20% of the total number
of Offer Shares initially available under the Global Offering ( assuming the Offer Size A djustment
Option and the Over-allotment Option are not exercised).

Placing to existing shareholders and/or its close associates with a prior waiver under Rule 10.04
and consent under paragraph 1C(1) of the Placing Guidelines

The Company has applied for a waiver under Rule 10.04 of the Listing Rules and a consent under
paragraph 1C(2) of Appendix F1 to the Listing Rules, to permit the existing shareholders and/or its
close associates to participate as either cornerstone investo rs or placees in the Global Offering to
subscribe for the Offer Shares to be issued by the Company under the International Offering (together,
the “Existing Shareholder Participants ”). The Stock Exchange has agreed to grant the requested
waiver and consent subject to the conditions that:

(a) the allocation to the Existing Shareholder Participants will not affect the Company’s ability to
satisfy its public float requirement under Rule 8.08(1) (as amended and replaced by Rule
19A.13A) of the Listing Rules;

(b) the Company and the Joint Sponsors confirm that no preferential treatment has been, nor will
be directly or indirectly, given to the Existing Shareholder Participants as cornerstone investors
or placees by virtue of their relationship with the Company in any allocation in the Global
Offering, other than the preferential treatment of assured entitlement under the cornerstone
investment at the Offer Price and the terms are substantially the same as other cornerstone
investors; and

(c) details of the subscription o f the Offer Shares by the Existing Shareholder Participants as
cornerstone investors or placees under the Global Offering have been disclosed in the
Prospectus, and details of the allocation are disclosed in this allotment results announcement
of the Company.

For details of the allocations of Offer Shares to such Existing Shareholder Participants, please refer to
the section headed “Allotment Results Details – International Offer ing – Allotees with
Waivers/Consents Obtained” in this announcement.

Placing to connected clients with a prior consent under paragraph 1C(1) of the Placing
Guidelines


--- page 33 ---
31


Under the International Offering, certain Offer Shares were placed to connected clients of their
connected distributors pursuant to the Placing Guidelines.

The Company has applied to the Stock Exchange for, and the Stock Exchange has granted, a  consent
under paragraph 1C(1) of the Placing Guidelines to permit the Company to allocate such Offer Shares
in the International Offering to the connected clients. The allocation of Offer Shares to such connected
clients is in compliance with all the conditions under the consent granted by the Stock  Exchange.
Details of the placement to connected clients are set out below:


--- page 34 ---
32

No. Connected
Distributo
r
Connected
Client
Relationship Identities of the ultimate
beneficial owners of the
Offer Shares or, where
applicable, details of the
structured products under
which the subscription by
the Connected Client was
made (e.g. OTC total return
swaps)
Whether the
Connected Client is
a collective
investment scheme
which is not
authorised by the
SFC or is expected
to hold the Offer
Shares on behalf of
such scheme
Maximum
amount of
Offer Shares to
be allocated to
the Connected
Client (based
on the low end
of the
indicative Offer
Price range)
Approximate
percentage of total
number of Offer
Shares under the
Global Offering
(assuming no
exercise of the
Over-allotment
Option)
Approximate
percentage of total
issued share capital
after the Global
Offering (assuming
no exercise of the
Over-allotment
Option)
Part A - Connected Client holding the beneficial interest of the Offer Shares on a non-discretionary basis on behalf of independent third parties
1.  China
Internation
al Capital
Corporatio
n Hong
Kong
Securities
Limited
(CICCHKS
)
CICC
Financial
Trading
Limited
(CICC FT)
Note 1 and note 2

CICC FT is a
member of the
same group of
CICCHKS.
Please refer to note (1). N 5,956,800 2.09% 0.25%
Please refer to note (2). N 587,200

0.21% 0.02%
2.  CLSA CITIC
Securities
Internation
al Capital
Manageme
nt Limited
(CSI) Note 3
CSI is a member
of the same group
of companies as
CLSA.
Please refer to note (3). No 443,000 0.16%

0.02%
3.  Guotai
Junan
Securities
(Hong
Kong)
Guotai
Junan
Investment
s (Hong
Kong)
GTJA Investment
is a member of
the same group as
Please refer to note (4). No 576,400 0.20% 0.02%
Please refer to note (5). 3,176,800 1.12% 0.13%


--- page 35 ---
33

Limited
(GTJA
HK) and
Haitong
Internation
al
Securities
Company
Limited
(HTI)
Limited
(GTJA
Investment
s) Note 4 and 5
GTJA HK and
HTI.
4.  HTI
Financial
Solutions
Limited
(HTIFSL)
Note 6
HTIFSL is a
member of the
same group as
GTJA HK and
HTI.
Please refer to note (6). No 4,175,600 1.47% 0.17%
5.  Huatai
Financial
Holdings
(Hong
Kong) Ltd
(HTFH)
Huatai
Capital
Investment
Limited
(HTCI) Note
7
HTCI is a
member of the
same group of
HTFH.
Please refer to note (7). No 460,600 0.16% 0.02%


No. Connected
Distributo
r
Connected Client Relationship Whether the Connected
Client is a collective
investment scheme
which is not authorised
by the SFC or is
expected to hold the
Offer Shares on behalf
of such scheme
Maximum amount
of Offer Shares to
be allocated to the
Connected Client
Approximate
percentage of total
number of Offer
Shares under the
Global Offering
(assuming no exercise
of the Over-allotment
Option)
Approximate
percentage of total
issued share capital
after the Global
Offering (assuming no
exercise of the Over-
allotment Option)
Part B - Connected Clients holding the beneficial interest of the Offer Shares on a discretionary basis on behalf of independent third parties
1.  C ITIC Securities
Asset Management
CITICS AM is a
member of the same
No 7,942,400  2.79% 0.33%


--- page 36 ---
34

No. Connected
Distributo
r
Connected Client Relationship Whether the Connected
Client is a collective
investment scheme
which is not authorised
by the SFC or is
expected to hold the
Offer Shares on behalf
of such scheme
Maximum amount
of Offer Shares to
be allocated to the
Connected Client
Approximate
percentage of total
number of Offer
Shares under the
Global Offering
(assuming no exercise
of the Over-allotment
Option)
Approximate
percentage of total
issued share capital
after the Global
Offering (assuming no
exercise of the Over-
allotment Option)
CLSA
Limited
(CLSA)

Company Limited
(CITICS AM) Note 8
group of companies as
CLSA.
2.  China Asset
Management (Hong
Kong) Limited (China
AMC HK)Note 9
China AMC HK is a
member of the same
group of companies
as CLSA.
N 317,600 0.11% 0.01%
3.  Orient
Securities
(Hong
Kong)
Limited
(Orient
Securities)

China Universal Asset
Management (Hong
Kong) Company
Limited (China
Universal (HK)) Note 10
China Universal (HK)
is a member of the
same group of
companies as Orient
Securities.
N 317,600 0.11% 0.01%
4.  Orient Asset
Management (Hong
Kong) Limited (Orient
AM) Note11
Orient AM is a
member of the same
group of Orient
Securities.
Y 8,000 0.00% 0.00%
5.  Guosen
Securities
(HK)
Brokerage
Company
Limited
(Guosen
Guosen Securities
(HK) Asset
Management
Company Limited
(Guosen HK AM) Note
12
Guosen HK AM is a
member of the same
group of companies as
Guosen HK
Brokerage.
N 79,400 0.03% 0.00%


--- page 37 ---
35

No. Connected
Distributo
r
Connected Client Relationship Whether the Connected
Client is a collective
investment scheme
which is not authorised
by the SFC or is
expected to hold the
Offer Shares on behalf
of such scheme
Maximum amount
of Offer Shares to
be allocated to the
Connected Client
Approximate
percentage of total
number of Offer
Shares under the
Global Offering
(assuming no exercise
of the Over-allotment
Option)
Approximate
percentage of total
issued share capital
after the Global
Offering (assuming no
exercise of the Over-
allotment Option)
HK
Brokerage)
6.  UBS AG
Hong Kong
Branch and
UBS AG
Singapore
Branch
(UBS AG)
ICBC UBS Asset
Management Co., Ltd.
(ICBC UBS) Note 13
Both ICBC UBS and
ICBC UBS
(International) are
members of the same
group of companies as
UBS AG.
N 37,000

0.01% 0.00%
7.  ICBC UBS Asset
Management
(International)
Company Limited
(ICBC UBS
(International)) Note 13
N 2,600 0.00% 0.00%
8.  UBS Asset
Management
(Singapore) Ltd. (UBS
AM Singapore) Note 14
UBS AM Singapore is
a member of the same
group of companies as
UBS AG.
N 3,971,200 1.39% 0.17%
9.  Guotai
Junan
Securities
(Hong
Kong)
Limited
(GTJA
Haitong International
Asset Management
(HK) Limited
(Haitong AM) Note 15
Haitong AM is a
member of the same
group as GTJA HK
and HTI.
N 19,800 0.01% 0.00%
10.  Management Co., Ltd.
(富國基金管理 有限
Guotai Haitong
Securities Co., Ltd.
N 1,906,000 0.67% 0.08%


--- page 38 ---
36

No. Connected
Distributo
r
Connected Client Relationship Whether the Connected
Client is a collective
investment scheme
which is not authorised
by the SFC or is
expected to hold the
Offer Shares on behalf
of such scheme
Maximum amount
of Offer Shares to
be allocated to the
Connected Client
Approximate
percentage of total
number of Offer
Shares under the
Global Offering
(assuming no exercise
of the Over-allotment
Option)
Approximate
percentage of total
issued share capital
after the Global
Offering (assuming no
exercise of the Over-
allotment Option)
HK) and
Haitong
Internation
al
Securities
Company
Limited
(HTI)
公司) (“Fullgoal
Fund”) Note16
(Guotai Haitong)
holds approximately
27.75% in the manager
of Fullgoal Fund.
Fullgoal Fund and
Fullgoal HK (together,
Fullgoal Fund) is a
member of the same
group as GTJA HK
and HTI.
11.  Fullgoal Asset
Management (HK)
Limited (“Fullgoal
HK”) Note 16
N 1,270,600 0.45% 0.05%
12.  HTFH China Southern Asset
Management Co., Ltd.
(南方基金管理股份
有限公司) (China
Southern) Note 17
China Southern is held
by Huatai Securities
Co., Ltd. (華泰證券股
份有限公司) as to
41.16%, which wholly
owns HTFH.
As such, China
Southern and HTFH is
a member of the same
group of companies.
N 3,176,800 1.12% 0.13%


--- page 39 ---
37

Note:
1. CICC FT has entered into cornerstone investment agreements with the Company, the Joint Sponsors and the Sponsor -OCs, to participate as a
cornerstone investor in the Global Offering to subscribe for the Offer Shares to be issued by the Company under the International Offering.
CICC FT and China International Capital Corporation Limited has entered into a series of cross border delta-one OTC swap transactions (collectively,
the Greenwoods OTC Swaps) with each other and the ultimate clients (the CICC FT Ultimate Clients (Greenwoods)), pursuant to which CICC FT
will hold the Offer Shares on a non-discretionary basis to hedge the Greenwoods OTC Swaps while the economic risks and returns of the underlying
Offer Shares are passed to the CICC FT Ultimate Clients (Greenwoods), subject to customary fees and commissions. The Greenwoods OTC Swaps
will be fully funded by the CICC FT Ultimate Clients (Greenwoods). During the terms of the Greenwoods OTC Swaps, all economic returns of the
Offer Shares subscribed by CICC FT will be passed to th e CICC FT Ultimate Clients (Greenwoods) and all economic loss shall be borne by the
CICC FT Ultimate Clients (Greenwoods) through the Greenwoods OTC Swaps, and CICC FT will not take part in any economic return or bear any
economic loss in relation to the Offer Shares.
To the best of CICC FT’s knowledge having made all reasonable inquiries, each of the CICC FT Ultimate Clients (Greenwoods) is an Independent
Third Party of CICC FT, CICCHKS and the companies which are members of the same group of CICCHKS, and no single ultimate beneficial owner
holds 30% or more interests in each of the CICC FT Ultimate Clients (Greenwoods).
2. CICC FT and China International Capital Corporation Limited ( CICCL) will enter into a series of cross border delta -one OTC equity swap
transactions (collectively, the “CICCFT OTC Swaps”) with each other and the ultimate clients (the “ CICC FT Ultimate Clients”), pursuant to
which CICC FT will hold the Offer Shares on a non-discretionary basis to hedge the CICCFT OTC Swaps  while the economic risks and returns of
the underlying Offer Shares are passed to the CICC FT Ultimate Client, subject to customary fees and commissions. The CICCFT OTC Swaps will
be fully funded by the CICC FT Ultimate Clients. During the term (which is one year although the CICC FT Ultimate Clients can terminate anytime)
of the CICCFT OTC Swaps , all economic returns of the Offer Shares subscribed by CICC FT as Connected Client will be passed t o the CICC FT
Ultimate Clients and all economic losses shall be borne by the CICC FT Ultimate Clients through the CICCFT OTC Swaps , and CICC FT will not
take part in any economic return or bear any economic loss in relation to the Offer Shares. The termination of the CICCFT OTC  Swaps will not
result CICC FT holding the Offer Shares in its proprietary account. Despite that CICC FT will hold the legal title of the Offer Shares by itself, it will
not exercise the voting rights attaching to the relevant Offer Shares during the terms of the CICCFT OTC Swaps according to i ts internal policy.
Consequently, CICC FT Ultimate Client is not entitled to any voting rights of the relevant Offer Shares.
The CICC FT Ultimate Clients are (i) Wangzheng Gongying No. 17 Private Securities Investment Fund ( 望正共贏 17 號私募證券投資基金),
whose manager is Shenzhe n Wangzheng Asset Management Co., Ltd ( 深圳望正資產管理有限公司 ). Other than Qu Qin ( 翟琴), no ultimate
beneficial owner holds 30% or more interest in the fund; (ii) Longrising Qiangshu Private Equity Investment Fund ( 源樂晟強樹私募證券投資基
金) managed by Tibet Longrising Asset Man agement Co., Ltd (西藏源樂晟資產管理有限公司), the UBO of which is Zeng Xiaojie; and (iii) the
following funds managed by Pinpoint Investment Management Limited ( 上海保銀私募基金管理有限公司): Pinpoint Jinqu No.1 Private Equity
Investment Fund ( 保銀進取 1 號私募證券投資基金) with no UBO of 30% or more interest, Pinpoint Duokong Stable No.1 Equity Investment
Fund (保銀多空穩健 1 號私募證券投資基金) whose UBO is Wang Qiang, and Pinpoint Duokong Stable No.2 Equity Investment Fund ( 保银多


--- page 40 ---
38

空稳健 2 号私募证券投资基金) whose UBO is Wang Qiang. To the best of CICC FT’s knowledge having mad e all reasonable inquiries, each of
the CICC FT Ultimate Clients is an independent third party of CICC FT, CICCHKS and the companies which are members of the sam e group of
CICCHKS.
3. CSI proposes to subscribe for and hold the Offer Shares as a placee under the International Offering on behalf of CSI Ultimate Clients, each of them
is an independent third party, on a non-discretionary basis, pursuant to which:
(i) CSI will act as the single counterparty of a back-to-back total return swap transaction (the CSI Back-to-back TRS) to be entered into by it in
connection with a total return swap order (the CSI Client TRS) placed and fully funded by the CSI Ultimate Client, by which CSI will pass
the full economic exposure of the Offer Shares placed to CSI to the CSI Ultimate Client.
(ii) As confirmed by CSI and CLSA, CSI will hold the legal title and beneficial interest in the Offer Shares, but will contractually agree to pass
on the full economic exposure and return of the Offer Shares to the CSI Ultimate Client, on a non -discretionary basis. The CSI Ultimate
Client may exercise their early termination rights to terminate the CSI Client TRS at any time from the trade date of the CSI  Client TRS
which should be on or after the date on which the Offer Shares are listed on the Stock Exchange.
(iii) Upon the final maturity or termination of the CSI Client TRS by the CSI Ultimate Client, CSI will dispose of the Offer Shares on the secondary
market and the CSI Ultimate Client will receive a final termination amount of the CSI Back-to-back TRS which will have taken into account
all the economic returns or economic loss in relation to the Offer Shares and the fixed amount of transaction fees of the CSI  Back- to-back
TRS and the CSI Client TRS. Due to its internal policy, CSI will not exercise the voting right of the Offer Shares during the terms of the CSI
Back-to-back TRS.
Details of the CSI Ultimate Clients include (i) certain funds managed by Shanghai Panjing  Investment Management Center (Limited Partnership)
(上海盤京投資管理中心（有限合夥）); (ii) a private equity fund managed by Shanghai Jindan Asset Management Co., Ltd. ( 上海金澹資產管
理有限公司); (iii) a private equity fund managed by Hainan Langrun Lifang Private Fund Management Co., Ltd. (海南朗潤利方私募基金管理有
限公司); and (iv) HY Capital Company Limited.
CSI has confirmed that, to the best of their knowledge and after making all reasonable enquiries, each of the CSI Ultimate Client and its ultimate
beneficial owner is an independent third party of CSI, CLSA and the companies which are members of the same group of companies as CLSA.
4. It is proposed that GTJA Investments participates as placee  to subscribe for the Offer Shares under the International Offering (the GTJAI
Subscription). In relation to the GTJAI Subscription, GTJA Investments shall hold the Offer Shares for hedging purpose as the single unde rlying
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 Clients), respectively. Such GTHT Client 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


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economic returns of the Offer Shares will be passed to the GTHT Onshore Ultimate Clients and a ll 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 c ash in accordance with the terms and conditions of the GTHT Back -to-back TRS and GTHT Client
TRS documents.
Due to its internal 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.
The GTHT Onshore Ultimate Client for purpose of this place subscription include (i) Beijing Yiyuanda Investment Management Co., Ltd. (北京逸
原達投資管理有限公司), with Huang Hui (黃輝) being its UBO; and (ii) Yucheng Private Equity Fund Management (Hainan) Partnership (Limited
Partnership) (宇誠私募基金管理（海南）合夥企業（有限合夥）), with ZHANG Weihua (張衛華) and HONG Yan (洪燕) being its UBOs.
GTJA Investments has confirmed that, to the best of their knowledge and after making all reasonable enquiries, each of the GTHT Onshore Ultimate
Clients and its ultimate beneficial owner is an independent third party of GTJA Investments, HTI and the companies which are members of the same
group of companies as HTI.
5. In addition, as disclosed in the Prospectus, (i) GTJA Investments has entered into a cornerstone investment agreement with th e Company, and (ii)
GTJA Investments and, among others, Jinxiu No. 608 Private Investment Fund ( Jinxiu 608) or (Guotai Haitong Ultimate Customer (Zhonghe))
managed by Jinxiu Zhonghe (Tianjin) Investment Management Co., Ltd. ( 錦繡中和(天津)投資管理有限公司) (Zhonghe Capital) will conduct a
series of cross-border Delta-one over-the-counter swap transactions (Zhonghe OTC Swaps). Under these transaction arrangements, GTJA HK will
hold the Offer Shares on a non -discretionary basis to hedge risks for Zhonghe OTC Swaps. After deducting customary fees and commissions, the
economic risks and benefits associated with the underlying offered shares will be transferred to Guotai Haitong Ultimate Customer (Zhonghe).
As far as GTJA Investments is aware, Guotai Haitong Ultimate Customer (Zhonghe) is an independent third party to GTJA Investments, HTI, and
companies within the same group as HTI.
6. HTIFSL has entered into a total return swap transaction trade (the HTI TRS) with each of (i) Shenzhen NewFoxon Investment Management CO.,
LTD. (深圳紐富斯投資管理有限公司), with ZHOU Cong (周聰) being its UBO; (ii) Lingding Investment Management Co., Ltd. (寧波梅山保稅
港區淩頂投資管理有限公司 ), with Xiong Nawei ( 熊納微) and Song Chen ( 宋辰) being its UBO ; (iii) SMIC Juyuan Private Equity Fund
Management (Shanghai) Co., Ltd ( 中芯聚源私募基金管理（上海）有限公司), which is a close associate of an existing shareholder ; and (iv)
Shanghai Weining Investment Mangement Co., Ltd ( 上海衛寧私募基金管理有限公司), with LIU YUTAO  (劉育濤) being its UBO, (the HTI
Ultimate Clients), pursuant to which HTIFSL will hold the Offering Shares on a non -discretionary basis as the single underlying holder under the
HTI TRS. The full economic exposure of the Offer Shares will be passed to each of the HTI Ultimate Clients, while HTIFSL will hold the beneficial
interest of the Offering Shares on behalf of each of the HTI Ultimate Clients.


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Due to its internal policy, HTIFSL will not exercise the voting rights of the Offer Shares during the term of HTI TRS.
To the best of HTCI’s knowledge having made all reasonable inquiries, each of the HTI Ultimate Clients and their respective u ltimate beneficial
owners is an independent third party of HTIFSL, HTI and the companies which are members of the same group of HTI.
7. Huatai Securities Co., Ltd. (“ Huatai Securities”) is one of the domestic securities firms licensed to undertake cross -border derivatives trading
activities. Huatai Securities entered into an ISDA agreement (the “ ISDA Agreement”) with its indirectly wholl y-owned subsidiary, HTCI, to set
out the principal terms of any future total return swap between Huatai Securities and HTCI.
HTCI is a member of the same group of  HTFH. Pursuant to the ISDA Agreement, HTCI, which intends to participate in the Global Offering as a
placee, will hold the beneficial interest of the Offer Shares on a non -discretionary basis as the single underlying holder under a back -to-back total
return swap (the “Back-to-back TRS”) to be entered by HTCI in connection with a Client TRS (as defined below) placed by and fully funded (i.e.
with no financing provided by HTCI) by the Huatai Ultimate Clients  (as defined below), by which, HTCI will, subject t o customary fees and
commissions, pass the full economic exposure of the Offer Shares ultimately to the Huatai Ultimate Clients, which in effect, HTCI will hold the
beneficial interest of the Offer Shares on behalf of the Huatai Ultimate Clients. HTFH and HTCI are indirectly wholly owned subsidiaries of Huatai
Securities. Accordingly, HTCI is considered as a “connected client” of HTFH pursuant to paragraph 1B of the Placing Guidelines.
Pursuant to the Cross-border Derivatives Trading Regime, the onshore investors (the “Huatai Ultimate Clients”) cannot directly subscribe for the
Offer Shares but may invest in derivative products issued by domestic securities firms licenced to undertake cross-border derivatives trading activities,
such as Huatai Securities, with the Offer Shares as the underlyin g assets. Instead of directly subscribing for the Offer Shares, the Huatai Ultimate
Clients, through its investment manager, will place a total return swap order (the “ Client TRS”) with Huatai Securities in connection with the
Company’s IPO and Huatai Secu rities will place a Back -to-back TRS order to HTCI on the terms of the ISDA Agreement. In order to hedge its
exposure under the Back-to-back TRS, HTCI participates in the Company’s initial public offering and subscribes the Offer Shares through placing
order with HTFH during the International Placing.
To the best of our knowledge and after making all reasonable enquiries, each of the Huatai Ultimate Clients is an independent third party of HTCI,
HTFH and the companies which are members of the same group of HTCI.
The purpose of HTCI to subscribe for the Offer Shares is for hedging the Back-to-back TRS in connection with the Client TRS order placed by the
Huatai Ultimate Clients. Pursuant to the terms of the contracts of the Back -to-back TRS and the Client TR S, during the tenor of the Back -to-back
TRS and the Client TRS, subject to customary fees and commissions, all economic returns of the Offer Shares will be ultimately passed to the Huatai
Ultimate Clients through the Back-to-back TRS and the Client TRS and all economic loss shall be ultimately borne by the Huatai Ultimate Clients.
HTCI will not take any economic return or bear any economic loss in relation to the Offer Shares.
Investment in the Back-to-back TRS and the Client TRS is similar to the investment in a qualified domestic institutional investor fund (“QDII”) in
the way that the Huatai Ultimate Clients would reap all the economic benefits of the underlying Offer Shares, except that a QDII fund would pass
through the exchange rate exposure on both the notional value of the investment and the profit and loss of the investment. In contrast, the profit and
loss of the Back-to-back TRS and the Client TRS factor into account the fluctuation in RMB exchange rate upon termination of the Client TRS by


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converting the profit and loss using the current exchange rate at the time of termination. As such, the Huatai Ultimate Clients would bear the exchange
rate exposure of the profit and loss on settlement date.
The Huatai Ultimate Clients may exercise an early termination right to terminate the Client TRS at any time from the issue date of the Client TRS
which should be on or after the date on which the Offer Shares are listed on the Stock Exchange at its own discretion. Upon t he termination upon
maturity or early termination of the Client TRS by the Huatai Ultimate Clients, HTCI will dispose the Offer Shares on the secondary market and the
Huatai Ultimate Clients will receive a final settlement amount in cash in accordance with the terms and conditions of the Back-to-back TRS and the
Client TRS which should have taken into account all the economic returns or economic loss in relation to the Offer Shares. If  upon the maturity of
the Client TRS, the Huatai Ultimate Clients intends to extend the investment period, subject to further agreement between Huatai Securities and the
relevant Huatai Ultimate Clients, the term of the Client TRS could be extended by way of a new issuance or a tenor extension. Accordingly, Huatai
Securities will extend the term of the Back-to-back TRS by way of a new issuance or a tenor extension.
It is proposed that HTCI will hold the legal title and the voting right of the Offer Shares by itself, and pass through the e conomic exposure to the
Huatai Ultimate C lients, each being an onshore client who places a Client TRS order with Huatai Securities in connection with the IPO of the
Company. HTCI will not exercise the voting right of the Offer Shares during the tenor of the Back-to-back TRS.
During the life of the Client TRS and Back-to-back TRS, HTCI may continue to hold the Offer Shares in its custodian account, or to hold some or
all of the Offer Shares in a prime brokerage account for stock borrowing purposes, where HTCI will lend out its holding of underlying Offer Shares
in the form of stock borrowing loans consistent with market practice to lower its finance costs, provided that HTCI has the a bility to call back the
Offer Shares on loan at any time in order to satisfy its obligations under the Back-to-back TRS to ensure the economic interests are ultimately passed
to the Huatai Ultimate Clients.
The HTCI Ultimate Clients are (i) Xinyuan Tianxun Navigator Private Securities Investment Fund ( 芯源天循領航私募證券投資基金), whose
manager is Shanghai Tianxun Jiuyi Private Equity Funds Management Co., Ltd. (上海天循久奕私募基金管理有限公司), which is a close associate
of two existing shareholders (See the waiver and consent application submitted for allocation to existing shareholders or their close associates for
details. Also see section head ed “Allotment Results Details – International Offering – Allotees with Waivers/Consents Obtained” in this
announcement); (ii) Liangke Dingan No.9 Private Equity Fund  (量客鼎安九号私募证券投资基金); (iii) Shanghai Daohe Equity Fund (道合承光
私募证券投资基金 ); (iv) Shenzhen Ruyuan Private Equity Fund Management Co., Ltd. ( 深圳如愿私募证券基金管理有限公司 ) ;  (v)
Ruizeruoshui No.1 Private Equity Fund ( 锐泽若水 1 号私募证券投资基金); (vi) Mingyi Haiying Private Equity Fund, Mingyi Yongtai Private
Equity Fund (明毅海盈私募证券投资基金、明毅永泰私募证券投资基金).
8. CITICS AM will hold the Offer Shares in its capacity as the discretionary fund manager managing the funds (the Funds) on behalf of their respective
investors. CITICS AM has confirmed that,  to the best of their knowledge and after making all reasonable enquiri es, no ultimate beneficial owner
holds 30% or more interest in each of such Funds.
CITICS AM has also confirmed that, to the best of their knowledge and after making all reasonable enquiries, each of the Fund s above is an
independent third party of CITICS AM, and the companies which are members of the same group of companies as CITICS AM and CLSA.


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9. China AMC HK will hold the Offer Shares in its capacity as the discretionary fund manager managing on behalf of its underlyin g clients, each of
which is an independent third party (the China AM HK Ultimate Clients). China AMC HK is an investment advisor and a delegate of the investment
manager of the China AM HK Ultimate Clients and manages assets (in its capacity as an investment advisor of China AM HK Ultimate Client) and
executes trades (in its capacity as a delegate of the investment manager of China AM HK Ultimate Client) for and on behalf of  China AM HK
Ultimate Client. To the best of China AMC HK’s knowledge and after making all reasonable enquiries, th e China AM HK Ultimate Client is an
independent third party of the Company, its subsidiaries, and its substantial shareholders, China AMC HK, CLSA and the compan ies which are
members of the same group of CLSA.
10. The subscription will be made by China Univers al (HK) in its capacity as the investment manager on a discretionary basis for and on behalf of its
underlying clients. China Universal (HK) has confirmed that, to the best of their knowledge and after making all reasonable enquiries, each of its
underlying clients and its UBO (if applicable) listed above is an independent third party of China Universal (HK), and the companies which are
members of the same group of companies as Orient Securities.
11. Orient AM will hold the Offer Shares on a discretionary basis  on behalf of its underlying clients . To the best knowledge of Orient AM after due
enquiry, there is no UBO holding 30% or more in each of its underlying clients, and each of the underlying clients of Orient AM is an independent
third party of Orient AM and Orient Securities and the companies which are members of the same group of companies as Orient Securities.
12. Guosen HK Brokerage is a sub-distributor in connection with the Global Offering. Guosen HK AM will participate as a placee and hold the Offer
Shares in account in its capacity as the discretionary investment manager managing assets on behalf of its underlying client (t he Guosen HK AM
Client). Guosen HK AM is to invest on discretionary basis on behalf of the Guosen HK AM Client which is an independ ent third party and no
proprietary money is used for the subscription. Guosen HK AM has confirmed that, to the best of their knowledge and after mak ing all reasonable
enquiries, each of the Guosen HK AM Client and its ultimate beneficial owner listed above  is an independent third party of Guosen HK AM, and
the companies which are members of the same group of companies as Guosen HK Brokerage.
13. ICBC UBS and ICBC UBS (International) will hold the Offer Shares in its capacity as the discretionary fund manager on behalf of certain funds,
who are independent third parties of the Company, its subsidiaries, its substantial shareholders, ICBC UBS, ICBC UBS (Internat ional), UBS AG
and the companies which are members of the same group of UBS AG.
14. UBS AM Singapore will hold the Offer Shares in its capacity as the discretionary fund manager on behalf of the following fund s: (i) UBS (Lux)
Equity Fund — Greater China (USD); (ii) UBS (Lux) Equity Fund — China Opportunity (USD); (iii) UBS (HK) Fund Series — China Opportunity
Equity (USD); (iv) UBS (Lux) Equity SICAV — All China (USD); (v) UBS (Lux) Investment SICAV — China A Opportunity (USD); (vi) UBS
(CAY) China A Opportunity; and (vii) certain other segregated accounts and mandates. There is no single ultimate beneficial o wner holding 30%
or more interests in such funds.
UBS AM Singapore has confirmed that, to the best of its knowledge and after making all reasonable enquiries, each of the funds is an independent
third party of UBS AM Singapore, UBS AG and the companies which are members of the same group of UBS AG.


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15. Haitong AM will hold the Offer Shares in its capacity as the discretionary fund manager of an independent third party, and no proprietary money is
used for the subscription. Haitong AM has confirmed that, to the best of its knowledge and after making all reasonable enquiries, the ultimate client
is an independent third party of Haitong AM, HTI and the companies which are members of the same group of HTI.
16. Fullgoal Fund will hold the Offer Shares (on a discretionary basis) on behalf of its underlying clients. Each of the underlying clients is an independent
third party of the Company, its subsidiaries, its substantial shareholders, and Fullgoal Fund. Fullgoal Fund has confirmed that, to the best  of their
knowledge, each of the underlying clients are independent third parties of Fullgoal Fund, HTI and the companies which are  members of the same
group of companies as HTI.
17. China Southern, a qualified domestic institutional investor as approved by the relevant PRC authority to conduct asset manage ment business, will
hold the Offer Shares as the independent agent and discretionary manager of certain QDII funds. China Southern has confirmed that, to the best of
their knowledge, each of such underlying clients are independent third parties of China Southern, HTFH and the companies which are members of
the same group of companies as HTFH.


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DISCLAIMERS

Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited  and Hong
Kong Securities Clearing Company Limited 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 Offer Shares have not been and will not
be registered under the United States Securities Act of 1933 , as amended (the “ U.S. Securities Act ”)
or any state securities laws  in the United States and may not be offered, sold, pledged or transferred
within the United States or to, or for the  account or benefit of U.S. persons (as defined in Regulation
S under the U.S. Securities Act) , except in transactions  exempt from, or not subject to, the registration
requirements of the U.S. Securities Act. The Offer Shares are being  offered and sold outside the United
States in offshore transactions in reliance on Regulation S under the U.S. Sec urities 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 December 22, 2025 issued by Shanghai Biren Technology
Co., Ltd. for detailed information about the Global Offering described below before deciding whether
or not to invest in the H Shares thereby being offered.
*Potential investors of the Offer Shares should note that the Joint Sponsors  and the  Sponsor-OCs (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 (which is currently
expected  to be on January 2, 2026 ).


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PUBLIC FLOAT AND FREE FLOAT
Immediately following the completion of the Global Offering (after taking into account the full
exercise of the Offer Size Adjustment Option and before any exercise of the Over-allotment
Option), the total number of the H Shares held by the public represents approximately 48.33% of
the total issued share capital of the Company, which is higher than the prescribed percentage of H
Shares required to be held in public hands of 10.00% under Rule 8.08(1) (as amended and replaced
by Rule 19A.13A(1)) of the Listing Rules calculated based on the final Offer Price of HK$19.60
per H Share, thereby satisfying the public float requirement under Rule 8.08(1) (as amended and
replaced by Rule 19A.13A(1)) of the Listing Rules.
Each of the Cornerstone Investors has agreed to a lock-up period of six months following the
Listing Date. As such, Shares held by the Cornerstone Investors upon the Listing shall not be
counted towards the free float of the Shares of the Company at the time of Listing. Based on the
final Offer Price of HK$19.60 per H Share, the Company satisfies the free float requirement under
Rule 19A.13C(1)(b) of the Listing Rules.
The Directors confirm that, immediately following the completion of the Global Offering (after
taking into account the full exercise of the Offer Size Adjustment Option and before any exercise
of the Over-allotment Option), (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 immediately after the Global Offering; (iii) the three
largest public shareholders of the Company do not hold more than 50% of the 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
The Share certificates will only become valid evidence of title at 8:00 a.m. on Friday, January 2,
2026 (Hong Kong time), provided that the Global Offering has become unconditional and the right
of termination 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 the Shares on the basis of publicly available allocation details
prior to the receipt of Share certificates or prior to the Share certificates becoming valid evidence
of title do so entirely at their own risk.
Assuming that the Global Offering becomes unconditional at or before 8:00 a.m. on Friday,
January 2, 2026 (Hong Kong time), it is expected that dealings in the H Shares on the Stock
Exchange will commence at 9:00 a.m. on Friday, January 2, 2026 (Hong Kong time). The H Shares
will be traded in board lots of 200 Shares each, and the stock code of the H Shares will be 6082.
By order of the Board
Shanghai Biren Technology Co., Ltd.
ʮ̡
Mr. ZHANG WEN
Chairman of the Board, executive Director and Chief Executive Officer
Shanghai, December 31, 2025
As of the date of this announcement, the Board comprises: (i) Zhang Wen, Hong Zhou, Zhang
Linglan, Xiao Bing and Pan Luting as executive Directors; (ii) Liu Jingguo as a non-executive
Director; and (iii) Wang Yuan, Lam Siu Wing and Liu Jin as independent non-executive Directors.