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hk-ipo/data/extracted_text/09690/allotment_results_summary_2023-09-25_2023092500014.txt
T
geometrybase 6d05056609 Backfill structured T1 demand from archived text 
Request:
- Use archivist to close the 137 T1 ipo_demand source-only gaps using extracted PDF text.

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

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

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

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

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--- page 1 ---
3
ANNOUNCEMENT OF FINAL OFFER PRICE AND ALLOTMENT RESULTS
SUMMARY
Final Offer Price
• The final Offer Price has been determined at HK$28.00 per Offer Share (exclusive of
brokerage of 1.0%, SFC transaction levy of 0.0027%, AFRC transaction levy of 0.00015%
and Stock Exchange trading fee of 0.00565%).
Offer Size Adjustment Option
• The Offer Size Adjustment Option was exercised in part, pursuant to which the Company
is issuing and allotting 1,827,700 additional Offer Shares, representing approximately 4.5%
of the total number of Offer Shares initially available under the Global Offering, at the final
Offer Price.
• Accordingly, the total number of Offer Shares finally available under the Global Offering
(taking into account of the partial exercise of the Offer Size Adjustment Option and before
any exercise of the Over-allotment Option) that may be allotted and issued by the Company
is 42,444,800 Offer Shares and the total issued share capital of the Company upon Listing
(taking into account of the partial exercise of the Offer Size Adjustment Option and before
any exercise of the Over-allotment Option and assuming no Shares are issued under the
Equity Incentive Schemes) will be 814,371,439 Shares.
Net Proceeds from the Global Offering
• Based on the final Offer Price of HK$28.00 per Offer Share, the net proceeds from the Global
Offering to be received by the Company, after deduction of the underwriting commissions
and other estimated offering expenses paid and payable by the Company in connection
with the Global Offering and taking into account of the partial exercise of the Offer Size
Adjustment Option and before any exercise of the Over-allotment Option, are estimated to
be approximately HK$1,081 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$173 million for 6,366,700 additional Offer Shares to
be issued and allotted upon the exercise of the Over-allotment Option, after deduction of
the underwriting commissions and other estimated offering expenses paid and 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.
--- page 2 ---
4
Applications and Indications of Interest Received
Hong Kong Public Offering
• The Hong Kong Offer Shares initially offered under the Hong Kong Public Offering have
been over-subscribed. A total of 9,305 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 10,854,400 Hong Kong Offer Shares, representing
approximately 2.67 times of the total number of 4,061,800 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.
• Due to the partial exercise of the Offer Size Adjustment Option, the final number of Offer
Shares under the Hong Kong Public Offering is 4,244,500 Offer Shares, representing 10%
of the Offer Shares under the Global Offering, and being allocated to 9,305 successful
applicants under the Hong Kong Public Offering.
International Offering
• The Offer Shares initially offered under the International Offering were moderately over-
subscribed. A total of 83,304,825 Offer Shares under the International Offering (including the
subscription by the Cornerstone Investors) have been subscribed, representing approximately
2.3 times of the total number of Offer Shares initially available under the International Offering.
• Due to the partial exercise of the Offer Size Adjustment Option, the final number of Offer
Shares under the International Offering is 38,200,300 Offer Shares, representing 90% of the
Offer Shares under the Global Offering. There has been an over-allocation of 6,366,700 Offer
Shares. Please refer to the section headed “Applications and Indications of Interest Received
— International Offering — Over-allotment Option” in this announcement.
• There are a total of 140 placees under the International Offering.
• A total of 105 placees have been allotted four board lots of Offer Shares or less, representing
approximately 75.00% of 140 placees under the International Offering. These placees have
been allotted 15,600 Offer Shares, representing approximately 0.04% of the Offer Shares
available under the International Offering (taking into account of the partial exercise of the
Offer Size Adjustment Option and before any exercise of the Over-allotment Option).
--- page 3 ---
5
• A total of 102 placees have been allotted three board lots of Offer Shares or less, representing
approximately 72.86% of 140 placees under the International Offering. These placees have
been allotted 14,400 Offer Shares, representing approximately 0.04% of the Offer Shares
available under the International Offering (taking into account of the partial exercise of the
Offer Size Adjustment Option and before any exercise of the Over-allotment Option).
• A total of 95 placees have been allotted two board lots of Offer Shares or less, representing
approximately 67.86% of 140 placees under the International Offering. These placees have
been allotted 12,300 Offer Shares, representing approximately 0.03% of the Offer Shares
available under the International Offering (taking into account of the partial exercise of the
Offer Size Adjustment Option and before any exercise of the Over-allotment Option).
• A total of 67 placees have been allotted one board lots of Offer Shares, representing
approximately 47.86% of 140 placees under the International Offering. These placees have
been allotted 6,700 Offer Shares, representing approximately 0.02% of the Offer Shares
available under the International Offering (taking into account of the partial exercise of the
Offer Size Adjustment Option and before any exercise of the Over-allotment Option).
Cornerstone Investors
• Based on the final Offer Price of HK$28.00 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 28,021,300 Offer Shares, representing (i)
approximately 66.0% of the Offer Shares under the Global Offering; and (ii) approximately
3.4% of the total issued share capital of the Company upon Listing (taking into account of
the partial exercise of the Offer Size Adjustment Option and before any exercise of the Over-
allotment Option, and assuming no Shares are issued under the Equity Incentive Schemes).
Please refer to the section headed “Applications and Indications of Interest Received —
International Offering — 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 waiver from strict compliance with the requirements under Rules 9.09(b)
and 10.04 of, and a consent under paragraph 5(2) of Appendix 6 to, the Listing Rules (the
“Placing Guidelines ”), to permit the Company to allocate the Offer Shares in the Global
Offering to Image Frame Investment (HK) Limited, an existing Shareholder of the Company,
as a Cornerstone Investor. Please refer to the sections headed “Waivers and Exemptions”
and “Cornerstone Investors” in the Prospectus, and the section headed “Applications and
Indications of Interest Received — International Offering — Cornerstone Investors” in this
announcement for further details.
--- page 4 ---
6
Placees with Waiver/Consent from the Stock Exchange
Connected Client as a Placee with the Consent under Paragraph 5(1) of the Placing Guidelines
• Under the International Offering, a total of 4,171,400 Offer Shares were placed to a
connected client, namely Orient Asset Management (Hong Kong) Limited (“ Orient AM ”),
within the meaning of the Placing Guidelines, representing (i) approximately 9.8% of the
Offer Shares under the Global Offering; and (ii) approximately 0.5% of the total issued share
capital of the Company upon Listing (taking into account of the partial exercise of the Offer
Size Adjustment Option and before any exercise of the Over-allotment Option, and assuming
no Shares are issued under the Equity Incentive Schemes). The connected client will hold the
Offer Shares on behalf of independent third parties on a discretionary basis.
• The Company has applied to the Stock Exchange for, and the Stock Exchange has granted
to the Company, its consent under paragraph 5(1) of the Placing Guidelines to permit the
Company to allocate Offer Shares in the International Offering to Orient AM. The Offer
Shares placed to Orient AM are held by Orient AM on behalf of independent third parties and
are in compliance with all the conditions under the consent granted by the Stock Exchange.
Please refer to the section headed “Applications and Indications of Interest Received —
International Offering — Placees with the Consent from the Stock Exchange” in this
announcement for further details.
A Close Associate of Existing Shareholders as a Placee with the Waiver and Consent under Rule
10.04 of the Listing Rule and Paragraph 5(2) of the Placing Guidelines
• Under the International Offering, a total of 4,617,500 Offer Shares were allocated to FIL
Investment Management (Hong Kong) Limited, a close associate of existing Shareholders of
the Company holding in aggregate less than 5% of the Company’s voting rights as a placee
under the placing tranche of the Global Offering, representing (i) approximately 10.9% of the
Offer Shares under the Global Offering; and (ii) approximately 0.6% of the total issued share
capital of the Company upon Listing (taking into account of the partial exercise of the Offer
Size Adjustment Option and before any exercise of the Over-allotment Option, and assuming
no Shares are issued under the Equity Incentive Schemes).
• The Company has applied to the Stock Exchange for, and the Stock Exchange has granted
to the Company, a waiver from strict compliance with the requirements of Rule 10.04 of the
Listing Rules and its consent under Paragraph 5(2) of the Placing Guidelines to permit the
Company to allocate Offer Shares in the Global Offering to existing Shareholders holding
less than 5% of the Company’s voting rights and their close associates as placees under the
placing tranche of the Global Offering. Please refer to the section headed “Applications and
Indications of Interest Received — International Offering — Placees with the Consent from
the Stock Exchange” in this announcement for further details.
--- page 5 ---
7
Confirmations Regarding Public Shareholders in the Hong Kong Public Offering and
Placees in the International Offering
• Save as disclosed the sections headed “Applications and Indications of Interest Received
— Cornerstone Investors” and “Applications and Indications of Interest Received —
Placees with Waiver/Consent from the Stock Exchange”, the Directors confirmed that no
Offer Shares placed by or through the Joint Sponsor-Overall Coordinators, Joint Global
Coordinators, 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 the Placing Guidelines, whether
in their own names or through nominees. The International Offering is in compliance with the
Placing Guidelines.
• Save as disclosed the sections headed “Applications and Indications of Interest Received —
Cornerstone Investors” and “Applications and Indications of Interest Received — Placees
with Waiver/Consent from the Stock Exchange”, the Directors further confirm that, to the
best of their knowledge and information, all placees under the International Offering and their
ultimate beneficial owners are independent of and are not (a) the core connected persons (as
defined in the Listing Rules) of the Company, (b) the directors or existing shareholders of the
Company or any of the Company’s subsidiaries, or (c) the close associates (as defined in the
Listing Rules) of (a) and/or (b) above whether in their own names or through nominees.
• Save as disclosed the sections headed “Applications and Indications of Interest Received —
Cornerstone Investors” and “Applications and Indications of Interest Received — Placees
with Waiver/Consent from the Stock Exchange”, the Directors, to the best of their knowledge
and information, confirm that, (i) none of the Offer Shares subscribed by public Shareholders
in the Hong Kong Public Offering and placees in the International Offering has been financed
directly or indirectly by the Company, any of the Directors, chief executive, the Controlling
Shareholders, substantial Shareholders or existing Shareholders of the Company or any of
its subsidiaries or their respective close associates; (ii) none of the public Shareholders in
the Hong Kong Public Offering and placees in the International Offering who has subscribed
for the Offer Shares is accustomed to taking instructions from the Company, any of the
Directors, chief executive, the Controlling Shareholders, substantial Shareholders or 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 the Offer Shares
registered in his/her/its name or otherwise held by him/her/it; (iii) there is no side agreement
or arrangement between the Company, any of the Directors, chief executive, the Controlling
Shareholders, substantial shareholders, existing Shareholders of the Company or any of its
subsidiaries or their respective close associates, on one hand, and the public subscribers or the
placee who has subscribed for the Offer Shares, on the other hand; (iv) no rebate has been,
directly or indirectly, provided by the Company, any of the Directors, chief executive of the
Company, the Controlling Shareholders, substantial Shareholders or existing Shareholders,
or any of their subsidiaries or their respective close associates, or syndicate members, or
any other brokers involved in the Offering, to any public investors in the Hong Kong Public
Offering or placees in the International Offering; and (v) the consideration payable by the
public investors in the Hong Kong Public Offering and placees in the International Offering
for each Offer Share subscribed for, or purchased by them, is the same as the Final Offer
Price as determined by the Company, plus brokerage of 1%, AFRC transaction levy of
0.00015%, SFC transaction levy of 0.0027% and Hong Kong Stock Exchange trading fee of
0.00565%.
--- page 6 ---
8
Over-allotment Option
• In connection with the Global Offering, the Company granted the Over-allotment Option
to the International Underwriters, exercisable by the Joint Sponsor-Overall Coordinators
(for themselves and on behalf of the International Underwriters), at any time from the
Listing Date to Thursday, 19 October 2023, being the 30th day after the last day for lodging
applications under the Hong Kong Public Offering, to require the Company to allot and issue
up to an aggregate of 6,366,700 additional Offer Shares, representing approximately 15%
of the Offer Shares under the Global Offering, at the final Offer Price, to cover the over-
allocations in the International Offering, if any.
• There has been an over-allocation of 6,366,700 Offer Shares in the International Offering
and such over-allocation will be settled using Class A Shares to be borrowed under the Stock
Borrowing Agreement between Joy Capital Opportunity, L.P. and the Stabilising Manager
(or its affiliates or any person acting for it). Such borrowed Class A 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 final 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 www.tuhu.cn 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 Controlling 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 www.tuhu.cn
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) announcement of the Hong Kong Public Offering to be published on the websites
of the Company and the Stock Exchange at www.tuhu.cn and www.hkexnews.hk ,
respectively, by no later than 9:00 a.m. on Monday, 25 September 2023;
--- page 7 ---
9
(ii) results of allocations for the Hong Kong Public Offering will be available 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
from 8:00 a.m. on Monday, 25 September 2023 to 12:00 midnight on Sunday, 1 October
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 Monday, 25 September 2023, Tuesday, 26 September 2023,
Wednesday, 27 September 2023 and Thursday, 28 September 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 applied for 1,000,000 or more Hong Kong Offer Shares 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 Monday, 25 September 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.
--- page 8 ---
10
• Applicants who applied for less than 1,000,000 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 Monday, 25 September 2023 by
ordinary post and at their own risk.
• 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 Monday, 25 September 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 Monday, 25 September 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 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 Monday, 25 September
2023.
--- page 9 ---
11
• 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
Monday, 25 September 2023.
• Share certificates for the Hong Kong Offer Shares are expected to be issued on Monday,
25 September 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 Tuesday, 26 September 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 Class A Shares. No receipt
will be issued for sums paid on application.
Public Float
• Upon Listing, approximately 67.16% of the total issued share capital of the Company
(taking into account of the partial exercise of the Offer Size Adjustment Option and before
any exercise of the Over-allotment Option, and assuming no Shares are issued under the
Equity Incentive Schemes) will be counted towards the public float, satisfying the minimum
percentage prescribed by Rule 8.08 of the Listing Rules.
• The Directors also confirm that (i) no placee will, individually, be placed more than 10% of
the enlarged issued share capital of the Company immediately after the Global Offering; (ii)
there will not be any new substantial Shareholder of the Company upon Listing (taking into
account of the partial exercise of the Offer Size Adjustment Option and before any exercise
of the Over-allotment Option, and assuming no Shares are issued under the Equity Incentive
Schemes); (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 Tuesday, 26 September 2023 (Hong Kong time), dealings in the Class A Shares on
the Stock Exchange are expected to commence at 9:00 a.m. on Tuesday, 26 September 2023
(Hong Kong time). The Class A Shares will be traded in board lots of 100 Class A Shares
each. The stock code of the Class A Shares is 9690.
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 Class A Shares
could move substantially even with a small number of Class A Shares traded, and should
exercise extreme caution when dealing in Class A Shares.
--- page 10 ---
12
FINAL OFFER PRICE
The final Offer Price has been determined at HK$28.00 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%).
OFFER SIZE ADJUSTMENT OPTION
The Offer Size Adjustment Option was exercised in part, pursuant to which the Company is issuing
and allotting 1,827,700 additional Offer Shares, representing approximately 4.5% of the total
number of Offer Shares initially available under the Global Offering, at the final Offer Price.
Accordingly, the total number of Offer Shares finally available under the Global Offering (taking
into account of the partial exercise of the Offer Size Adjustment Option and before any exercise of
the Over-allotment Option, and assuming no Shares are issued under the Equity Incentive Schemes)
that may be allotted and issued by the Company is 42,444,800 Offer Shares and the total issued
share capital of the Company upon Listing (taking into account of the partial exercise of the Offer
Size Adjustment Option and before any exercise of the Over-allotment Option, and assuming no
Shares are issued under the Equity Incentive Schemes) will be 814,371,439 Shares.
NET PROCEEDS FROM THE GLOBAL OFFERING
Based on the final Offer Price of HK$28.00 per Offer Share, the net proceeds from the Global
Offering to be received by the Company, after deduction of the underwriting commissions and
other estimated offering expenses paid and payable by the Company in connection with the Global
Offering and taking into account of the partial exercise of the Offer Size Adjustment Option and
before any exercise of the Over-allotment Option, are estimated to be approximately HK$1,081.5
million.
The Company intends to apply such net proceeds for the following purposes:
• Approximately 35% (approximately HK$378.5 million) of the net proceeds is expected to
be used over the next three years for the enhancement of the supply chain capability of the
Company.
• Approximately 20% (approximately HK$216.3 million) of the net proceeds is expected to
be used over the next three years for research and development to advance the data analytics
technologies and further enhance the operating efficiency. The Company will continue to
recruit and retain research and development talents.
• Approximately 15% (approximately HK$162.2 million) of the net proceeds is expected to be
used over the next three years for expanding the store network and franchisee base, especially
in the tier 2 and below cities and counties, enlarging its operations and supporting team, and
further tightening its relationship with franchisees.
--- page 11 ---
13
• Approximately 20% (approximately HK$216.3 million) of the net proceeds is expected to
be used over the next three years to fund investment related to automotive services for NEV
owners as well as investment in tools and equipment related to these services.
• Approximately 10% (approximately HK$108.2 million) of the net proceeds is expected to be
used for working capital and general corporate purposes.
If the Over-allotment Option is exercised in full, the Company will receive additional net proceeds
of approximately HK$173 million for 6,366,700 additional Offer Shares to be issued and allotted
upon the exercise of the Over-allotment Option, after deduction of the underwriting commissions
and other estimated offering expenses paid and 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 above.
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 Tuesday, 19 September
2023, a total of 9,305 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
10,854,400 Hong Kong Offer Shares, representing approximately 2.67 times of the total number of
4,061,800 Hong Kong Offer Shares initially available for subscription under the Hong Kong Public
Offering, among which:
• 9,294 valid applications in respect of a total of 8,354,400 Hong Kong Offer Shares were for
the Hong Kong Public Offering with an aggregate subscription amount based on the maximum
Offer Price of HK$31.00 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%) of HK$5 million or less, representing approximately 4.11 times of the 2,030,900
Hong Kong Offer Shares initially comprised in Pool A of the Hong Kong Public Offering; and
• 11 valid applications in respect of a total of 2,500,000 Hong Kong Offer Shares were for the
Hong Kong Public Offering with an aggregate subscription amount based on the maximum
Offer Price of HK$31.00 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%) of more than HK$5 million, representing approximately 1.23 times of the 2,030,900
Hong Kong Offer Shares initially comprised in Pool B of the Hong Kong Public Offering.
--- page 12 ---
14
No application has been rejected due to invalid application. Four multiple or suspected multiple
applications have been identified and rejected. No application has been rejected due to dishonored
payment. No application for more than 2,030,900 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.
Due to the partial exercise of the Offer Size Adjustment Option, the final number of Offer Shares
under the Hong Kong Public Offering is 4,244,500 Offer Shares, representing 10% of the Offer
Shares under the Global Offering, and being allocated to 9,305 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.
International Offering
The Offer Shares initially offered under the International Offering were moderately over-
subscribed. A total of 83,304,825 Offer Shares under the International Offering (including the
subscription by the Cornerstone Investors) have been subscribed, representing approximately 2.3
times of the total number of Offer Shares initially available under the International Offering.
Due to the partial exercise of the Offer Size Adjustment Option, the final number of Offer Shares
under the International Offering is 38,200,300 Offer Shares, representing 90% of the Offer Shares
under the Global Offering. There has been an over-allocation of 6,366,700 Offer Shares. Please
refer to the section headed “Applications and Indications of Interest Received — International
Offering — Over-allotment Option” in this announcement.
There are a total of 140 placees under the International Offering.
A total of 105 placees have been allotted four board lots of Offer Shares or less, representing
approximately 75.00% of 140 placees under the International Offering. These placees have been
allotted 15,600 Offer Shares, representing approximately 0.04% of the Offer Shares available under
the International Offering (taking into account of the partial exercise of the Offer Size Adjustment
Option and before any exercise of the Over-allotment Option).
--- page 13 ---
15
A total of 102 placees have been allotted three board lots of Offer Shares or less, representing
approximately 72.86% of 140 placees under the International Offering. These placees have been
allotted 14,400 Offer Shares, representing approximately 0.04% of the Offer Shares available under
the International Offering (taking into account of the partial exercise of the Offer Size Adjustment
Option and before any exercise of the Over-allotment Option).
A total of 95 placees have been allotted two board lots of Offer Shares or less, representing
approximately 67.86% of 140 placees under the International Offering. These placees have been
allotted 12,300 Offer Shares, representing approximately 0.03% of the Offer Shares available under
the International Offering (taking into account of the partial exercise of the Offer Size Adjustment
Option and before any exercise of the Over-allotment Option).
A total of 67 placees have been allotted one board lots of Offer Shares, representing approximately
47.86% of 140 placees under the International Offering. These placees have been allotted
6,700 Offer Shares, representing approximately 0.02% of the Offer Shares available under the
International Offering (taking into account of the partial exercise of the Offer Size Adjustment
Option and before any exercise of the Over-allotment Option).
Cornerstone Investors
Based on the final Offer Price of HK$28.00 per Offer Share (exclusive of brokerage of 1.0%, SFC
transaction levy of 0.0027%, Stock Exchange trading fee of 0.00565% and AFRC transaction levy
of 0.00015%) and pursuant to the Cornerstone Investment Agreements as disclosed in the section
headed “Cornerstone Investors” in the Prospectus, the Cornerstone Investors have subscribed for a
total of 28,021,300 Offer Shares, representing (i) approximately 66.0% of the Offer Shares under
the Global Offering; and (ii) approximately 3.4% of the total issued share capital of the Company
(taking into account of the partial exercise of the Offer Size Adjustment Option and before any
exercise of the Over-allotment Option, and assuming no Shares are issued under the Equity
Incentive Schemes).
--- page 14 ---
16
The number of Offer Shares subscribed for by the Cornerstone Investors is determined as set out
below:
Assuming the Over-Allotment
Option is not exercised
Assuming the Over-Allotment
Option is fully exercised
Cornerstone Investor
Subscription
amount
Number of
Offer Shares
(1)
% of the
Offer Shares
(2)
% of the total
issued share
capital of the
Company
upon Listing
(2)
% of the
Offer Shares
(2)
% of the total
issued share
capital of the
Company
upon Listing
(2)
(US$ in million)
Zhejiang Leapmotor
Technology Co., Ltd. 30.0 8,406,400 19.81 1.03 17.22 1.02
Gotion High-Tech Co., Ltd. 30.0 8,406,400 19.81 1.03 17.22 1.02
Image Frame Investment
(HK) Limited 25.0 7,005,400 16.50 0.86 14.35 0.85
Castrol Holdings International
Limited 10.0 2,802,100 6.60 0.34 5.74 0.34
Shanghai Zizhu High-tech
Zone (Group) Co., Ltd 5.0 1,401,000 3.30 0.17 2.87 0.17
Total 100.0 28,021,300 66.02 3.44 57.41 3.41
Notes:
(1) Calculated based on the exchange rate set out in the section headed “Information about this document and the Global
Offering — Exchange rate conversion” in the Prospectus. The number of Offer Shares are subject to rounding down to the
nearest whole board lot of 100 Class A Shares.
(2) Taking into account of the partial exercise of the Offer Size Adjustment Option and assuming no Shares are issued under the
Equity Incentive Schemes. The percentage figures are subject to rounding adjustments.
One of the Cornerstone Investors, namely Image Frame Investment (HK) Limited, which is an
existing Shareholder of the Company or their close associates, has been granted a waiver from strict
compliance with the requirements under Rules 9.09(b) and 10.04 of, and a consent under paragraph
5(2) of the Placing Guidelines to, the Listing Rules (as applicable) by the Stock Exchange. For
further details, please see the section headed “Waivers and Exemptions” in the Prospectus.
--- page 15 ---
17
To the Company’s best knowledge, save for Image Frame Investment (HK) Limited which is
ultimately controlled by one of the substantial Shareholders of the Company and is an existing
Shareholder of the Company, each of Cornerstone Investors (and, for Cornerstone Investors who
will subscribe for the Offer Shares through a QDII, each of such QDIIs) is (i) not accustomed
to take instructions from the Company, its Directors, chief executive, Controlling Shareholders,
substantial Shareholders or 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; (ii) not financed, directly or indirectly, by
the Company, its Directors, chief executive, Controlling Shareholders, substantial Shareholders
or existing Shareholders or any of its subsidiaries or their respective close associates; and (iii)
independent of the other Cornerstone Investors, the Group, the connected persons of the Company
and their respective associates, and is not an existing Shareholder or a close associate of the Group.
Further, upon Listing (taking into account of the partial exercise of the Offer Size Adjustment
Option and before any exercise of the Over-allotment Option, and assuming no Shares are issued
under the Equity Incentive Schemes), save for Image Frame Investment (HK) Limited, none of
the Cornerstone Investors will have any Board representation in the Company, and none of the
Cornerstone Investors will become a substantial Shareholder of the Company.
There will be no delayed delivery or deferred settlement of Offer Shares to be subscribed by the
Cornerstone Investors and the consideration will be settled by the Cornerstone Investors before
the Listing Date. Please refer to the section headed “Cornerstone Investors” in the Prospectus for
further details relating to the Cornerstone Investors.
Each of the Cornerstone Investors has agreed that it will not, whether directly or indirectly, at any
time during the period of six months from the Listing Date, 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 who will be bound
by the same obligations of such Cornerstone Investor.
--- page 16 ---
18
Placees with Waiver/Consent from the Stock Exchange
Connected Client as Placee with the Consent Under Paragraph 5(1) of the Placing Guidelines
Under the International Offering, a total of 4,171,400 Offer Shares were placed to a connected
client, namely Orient Asset Management (Hong Kong) Limited (“ Orient AM”), within the meaning
of the Placing Guidelines, representing (i) approximately 9.8% of the Offer Shares under the Global
Offering; and (ii) approximately 0.5% of the total issued share capital of the Company (taking into
account of the partial exercise of the Offer Size Adjustment Option and before any exercise of the
Over-allotment Option, and assuming no Shares are issued under the Equity Incentive Schemes).
The connected client will hold the Offer Shares on behalf of independent third parties on a
discretionary basis, details of which are set out below:
Placee
Connected
Distributor
Relationship with the
Connected Distributor
Number of Offer
Shares placed
% of the Offer
Shares under the
Global Offering
(1)
% of the
total issued
share capital
of the Company
upon Listing
(1)
Orient AM
(2)
Orient
Securities
(Hong Kong)
Limited
(“Orient
Securities ”)
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.
4,171,400 9.8 0.5
Notes:
(1) Taking into account of the partial exercise of the Offer Size Adjustment Option and before any exercise of the Over-
allotment Option, and assuming no Shares are issued under the Equity Incentive Schemes. The percentage figures are subject
to rounding adjustments.
(2) 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.
The Company has applied to the Stock Exchange for, and the Stock Exchange has granted to the
Company, its consent under paragraph 5(1) of the Placing Guidelines to permit the Company to
allocate such Offer Shares in the International Offering to Orient Asset. The Offer Shares placed to
Orient Asset are held by Orient Asset on behalf of independent third parties and are in compliance
with all the conditions under the consent granted by the Stock Exchange.
--- page 17 ---
19
A Close Associate of Existing Shareholders as a Placee with the Waiver and Consent under Rule
10.04 of the Listing Rule and Paragraph 5(2) of the Placing Guidelines
Under the International Offering, a total of 4,617,500 Offer Shares were allocated to FIL Investment
Management (Hong Kong) Limited (“ FIL-Hong Kong ”), a close associate of existing Shareholders
of the Company holding in aggregate less than 5% of the Company’s voting rights as a placee
under the placing tranche of the Global Offering, representing (i) approximately 10.9% of the Offer
Shares under the Global Offering; and (ii) approximately 0.6% of the total issued share capital of
the Company upon Listing (taking into account of the partial exercise of the Offer Size Adjustment
Option and before any exercise of the Over-allotment Option, and assuming no Shares are issued
under the Equity Incentive Schemes) details of which are set out below:
Placee
Relationship with the
Company
Number of Offer
Shares placed
% of the Offer
Shares under the
Global Offering
(1)
% of the
total issued
share capital
of the Company
upon Listing
(1)
FIL-Hong Kong FIL-Hong Kong is a close
associate of certain existing
Shareholders, namely Fidelity
China Special Situations PLC,
Fidelity Asian Values PLC,
Fidelity Investment Funds, and
Fidelity Funds
4,617,500 10.9 0.6
Note:
(1) Taking into account of the partial exercise of the Offer Size Adjustment Option and before any exercise of the Over-
allotment Option, and assuming no Shares are issued under the Equity Incentive Schemes. The percentage figures are subject
to rounding adjustments.
The Company has applied to the Stock Exchange for, and the Stock Exchange has granted to the
Company, a waiver from strict compliance with the requirements of Rule 10.04 of the Listing
Rules and its consent under Paragraph 5(2) of the Placing Guidelines to permit the Company to
allocate Class A Shares in the Global Offering to existing Shareholders holding less than 5% of
the Company’s voting rights and their close associates as placees under the placing tranche of the
Global Offering.
--- page 18 ---
20
CONFIRMATIONS REGARDING PUBLIC SHAREHOLDERS IN
THE HONG KONG PUBLIC OFFERING AND PLACEES IN THE
INTERNATIONAL OFFERING
Save as disclosed the sections headed “Applications and Indications of Interest Received —
Cornerstone Investors” and “Applications and Indications of Interest Received — Placees with
Waiver/Consent from the Stock Exchange”, the Directors confirmed that no Offer Shares placed
by or through the Joint Sponsor-Overall Coordinators, Joint Global Coordinators, 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 the Placing Guidelines, whether in their own names or through nominees. The
International Offering is in compliance with the Placing Guidelines.
Save as disclosed the sections headed “Applications and Indications of Interest Received —
Cornerstone Investors” and “Applications and Indications of Interest Received — Placees with
Waiver/Consent from the Stock Exchange”, the Directors further confirm that, to the best of
their knowledge and information, all placees under the International Offering and their ultimate
beneficial owners are independent of and are not (a) the core connected persons (as defined in the
Listing Rules) of the Company, (b) the directors or existing shareholders of the Company or any of
the Company’s subsidiaries, or (c) the close associates (as defined in the Listing Rules) of (a) and/or
(b) above whether in their own names or through nominees.
Save as disclosed the sections headed “Applications and Indications of Interest Received —
Cornerstone Investors” and “Applications and Indications of Interest Received — Placees with
Waiver/Consent from the Stock Exchange”, the Directors, to the best of their knowledge and
information, confirm that, (i) none of the Offer Shares subscribed by public Shareholders in the
Hong Kong Public Offering and placees in the International Offering has been financed directly
or indirectly by the Company, any of the Directors, chief executive, the Controlling Shareholders,
substantial Shareholders or existing Shareholders of the Company or any of its subsidiaries or their
respective close associates; (ii) none of the public Shareholders in the Hong Kong Public Offering
and placees in the International Offering who has subscribed for the Offer Shares is accustomed
to taking instructions from the Company, any of the Directors, chief executive, the Controlling
Shareholders, substantial Shareholders or 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 the Offer Shares registered in his/her/its name or otherwise held by him/her/it;
(iii) there is no side agreement or arrangement between the Company, any of the Directors, chief
executive, the Controlling Shareholders, substantial shareholders, existing Shareholders of the
Company or any of its subsidiaries or their respective close associates, on one hand, and the public
subscribers or the placee who has subscribed for the Offer Shares, on the other hand; (iv) no rebate
has been, directly or indirectly, provided by the Company, any of the Directors, chief executive of
the Company, the Controlling Shareholders, substantial Shareholders or existing Shareholders, or
any of their subsidiaries or their respective close associates, or syndicate members, or any other
brokers involved in the Offering, to any public investors in the Hong Kong Public Offering or
placees in the International Offering; and (v) the consideration payable by the public investors
in the Hong Kong Public Offering and placees in the International Offering for each Offer Share
subscribed for, or purchased by them, is the same as the final Offer Price as determined by the
Company, plus brokerage of 1%, AFRC transaction levy of 0.00015%, SFC transaction levy of
0.0027% and Hong Kong Stock Exchange trading fee of 0.00565%.
--- page 19 ---
21
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 upon Listing (taking
into account of the partial exercise of the Offer Size Adjustment Option and before any exercise
of the Over-allotment Option, and assuming no Shares are issued under the Equity Incentive
Schemes); (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.
OVER-ALLOTMENT OPTION
In connection with the Global Offering, the Company granted the Over-allotment Option to the
International Underwriters, exercisable by the Joint Sponsor-Overall Coordinators (for themselves
and on behalf of the International Underwriters), at any time from the Listing Date to Thursday,
19 October 2023, being the 30th day after the last day for lodging applications under the Hong
Kong Public Offering, to require the Company to allot and issue up to an aggregate of 6,366,700
additional Offer Shares, representing approximately 15% of the Offer Shares under the Global
Offering, at the final Offer Price, to cover the over-allocations in the International Offering, if any.
There has been an over-allocation of 6,366,700 Offer Shares in the International Offering and such
over-allocation will be settled using Class A Shares to be borrowed under the Stock Borrowing
Agreement between Joy Capital Opportunity, L.P. and the Stabilising Manager (or its affiliates or
any person acting for it). Such borrowed Class A 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 final 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 www.tuhu.cn 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 20 ---
22
LOCK-UP ARRANGEMENT
Each of the Company, its Controlling 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
% of the total issued
share capital
of the Company
upon Listing
which are subject
to the Lock-up
Arrangement
(1)
Last day of the
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 March 26, 2024
Controlling Shareholders
(3)
(subject to lock-up obligations
pursuant to the Listing Rules and the
Hong Kong Underwriting Agreement)
Mr. Chen Min, Ilnewgnay
Investment Limited and
Nholresi Investment Limited
12,487,564
Class A Shares
68,949,580
Class B Shares
10.0 March 26, 2024
(First Six-Month Period)
September 26, 2024
(Second Six-Month Period)
All other existing Shareholders
(4)
(subject to lock-up obligations
pursuant to the separate lock-up
undertakings entered into by
certain existing Shareholders and
the shareholders’ agreement
dated January 20, 2022)
690,489,495
Class A Shares
84.8 March 12, 2024 or
March 24, 2024
(as the case may be)
Cornerstone Investors
(5)
(subject to lock-up obligations
pursuant to the Cornerstone
Investment Agreements)
Zhejiang Leapmotor Technology
Co., Ltd.
8,406,400
Class A Shares
1.03 March 26, 2024
Gotion High-Tech Co., Ltd. 8,406,400
Class A Shares
1.03 March 26, 2024
Image Frame Investment (HK)
Limited
7,005,400
Class A Shares
0.86 March 26, 2024
--- page 21 ---
23
Name
Number of Shares
to the Lock-up
Arrangement
% of the total issued
share capital
of the Company
upon Listing
which are subject
to the Lock-up
Arrangement
(1)
Last day of the
lock-up period
Castrol Holdings International
Limited
2,802,100
Class A Shares
0.34 March 26, 2024
Shanghai Zizhu High-tech Zone
(Group) Co., Ltd
1,401,000
Class A Shares
0.17 March 26, 2024
Total 730,998,359
Class A Shares
68,949,580
Class B Shares
98.2
Notes:
(1) Taking into account of the partial exercise of the Offer Size Adjustment Option and before any exercise of the Over-
allotment Option, and assuming no Shares are issued under the Equity Incentive Schemes. The percentage figures are subject
to rounding adjustments.
(2) The Company may not issue Shares prior to the indicated date except otherwise permitted by the Listing Rules. For
details of the Lock-up Arrangement of the Company, please refer to the paragraph headed “Underwriting — Underwriting
Arrangements and Expenses — Undertakings to the Stock Exchange Pursuant to the Listing Rules — Undertakings by the
Company” in the Prospectus.
(3) For details of the Lock-up Arrangement of the Controlling Shareholders, please refer to the paragraph headed “Underwriting
— Underwriting Arrangements and Expenses — Undertakings to the Stock Exchange Pursuant to the Listing Rules —
Undertakings by the Controlling Shareholders” in the Prospectus.
(4) For details of all existing Shareholders, please refer to the paragraph headed “History, Reorganisation, and Corporate
Structure — Capitalization of our Company” in the Prospectus. For details of the Lock-up Arrangement of the existing
Shareholders of the Company, please refer to the paragraph headed “Underwriting — Underwriting Arrangements and
Expenses — Lock-up Restrictions of Existing Shareholders” in the Prospectus.
In addition, all the Pre-IPO Investors that are sophisticated investors (i.e., Tencent Entities, Joy Capital Entities, Sequoia
China and FountainVest Entity) will retain at least an aggregate of 50% of their investment at the time of Listing for a period
of at least six months following the Listing, in accordance with the Stock Exchange’s Guidance Letter HKEX-GL93-18.
(5) For details of the lock-up arrangement of the Cornerstone Investors, please refer to the paragraph headed “Cornerstone
Investors — Restriction on Disposals by the Cornerstone Investors” in the Prospectus.
--- page 22 ---
24
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, 9,305 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 OFFER
SHARES
APPLIED FOR
NO. OF VALID
APPLICATIONS BASIS OF ALLOTMENT/BALLOT
APPROXIMATE
PERCENTAGE
ALLOTTED
OF THE TOTAL
NO. OF OFFER
SHARES
APPLIED FOR
POOL A
100 4,761 100 Offer Shares 100.00%
200 782 100 Offer Shares plus 704 out of 782 to receive additional 100 Offer Shares 95.01%
300 1,367 100 Offer Shares plus 1,253 out of 1,367 to receive additional 100 Offer Shares 63.89%
400 163 100 Offer Shares plus 155 out of 163 to receive additional 100 Offer Shares 48.77%
500 390 200 Offer Shares 40.00%
600 121 200 Offer Shares plus 47 out of 121 to receive additional 100 Offer Shares 39.81%
700 59 200 Offer Shares plus 39 out of 59 to receive additional 100 Offer Shares 38.01%
800 47 200 Offer Shares plus 46 out of 47 to receive additional 100 Offer Shares 37.23%
900 29 300 Offer Shares 33.33%
1,000 355 300 Offer Shares plus 118 out of 355 to receive additional 100 Offer Shares 33.32%
1,500 570 300 Offer Shares plus 510 out of 570 to receive additional 100 Offer Shares 25.96%
2,000 126 400 Offer Shares 20.00%
2,500 37 400 Offer Shares plus 28 out of 37 to receive additional 100 Offer Shares 19.03%
3,000 92 500 Offer Shares 16.67%
3,500 24 500 Offer Shares plus 18 out of 24 to receive additional 100 Offer Shares 16.43%
4,000 29 600 Offer Shares 15.00%
4,500 15 600 Offer Shares plus 11 out of 15 to receive additional 100 Offer Shares 14.96%
5,000 62 700 Offer Shares 14.00%
6,000 78 800 Offer Shares 13.33%
7,000 18 900 Offer Shares 12.86%
8,000 19 1,000 Offer Shares 12.50%
9,000 10 1,100 Offer Shares 12.22%
10,000 68 1,200 Offer Shares 12.00%
20,000 27 2,300 Offer Shares 11.50%
30,000 15 3,400 Offer Shares 11.33%
40,000 6 4,500 Offer Shares 11.25%
50,000 10 5,600 Offer Shares 11.20%
70,000 5 7,800 Offer Shares 11.14%
--- page 23 ---
25
NO. OF OFFER
SHARES
APPLIED FOR
NO. OF VALID
APPLICATIONS BASIS OF ALLOTMENT/BALLOT
APPROXIMATE
PERCENTAGE
ALLOTTED
OF THE TOTAL
NO. OF OFFER
SHARES
APPLIED FOR
80,000 1 8,800 Offer Shares 11.00%
90,000 1 9,800 Offer Shares 10.89%
100,000 7 10,800 Offer Shares 10.80%
9,294 Total number of Pool A successful applicants: 9,294
POOL B
200,000 10 169,800 Offer Shares 84.90%
500,000 1 424,200 Offer Shares 84.84%
11 Total number of Pool B successful applicants: 11
The final number of Offer Shares under the Hong Kong Public Offering is 4,244,500 Offer Shares,
representing 10% of the Offer Shares under the Global Offering.
--- page 24 ---
26
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 www.tuhu.cn 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:
• announcement of the Hong Kong Public Offering to be published on the websites of the
Company and the Stock Exchange at www.tuhu.cn and www.hkexnews.hk , respectively, by no
later than 9:00 a.m. on Monday, 25 September 2023;
• results of allocations for the Hong Kong Public Offering will be available 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 from 8:00
a.m. on Monday, 25 September 2023 to 12:00 midnight on Sunday, 1 October 2023; and
• from the allocation results telephone enquiry line by calling +852 2862 8555 between 9:00 a.m.
and 6:00 p.m. on Monday, 25 September 2023, Tuesday, 26 September 2023, Wednesday, 27
September 2023 and Thursday, 28 September 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.
--- page 25 ---
27
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:
Assuming the Over-Allotment Option is not exercised Assuming the Over-Allotment Option is fully exercised
Placee
Number of
Class A Shares
subscribed for
Number of
Shares held
upon Listing
Number of
Class A Shares
subscribed
for as %
of the total
number of the
International
Offer
Shares
(1)
Number of
Class A Shares
subscribed
for as %
of the Offer
Shares Under
the Global
Offering
(1)
Number
of Shares
held upon
Listing as %
of the total
issued share
capital of the
Company upon
Listing
(1)
Number of
Shares held
upon Listing
Number of
Class A Shares
subscribed
for as %
of the total
number of the
International
Offer
Shares
(1)
Number of
Class A Shares
subscribed
for as %
of the Offer
Shares Under
the Global
Offering
(1)
Number
of Shares
held upon
Listing as %
of the total
issued share
capital of the
Company upon
Listing
(1)
Top 1 8,406,400 8,406,400 22.01 19.81 1.03 8,406,400 18.86 17.22 1.02
Top 5 33,910,300 193,104,290 88.77 79.89 23.71 193,104,290 76.09 69.47 23.53
Top 10 42,934,800 202,128,790 112.39 101.15 24.82 202,128,790 96.34 87.96 24.63
Top 20 44,233,400 203,427,390 115.79 104.21 24.98 203,427,390 99.25 90.62 24.79
Top 25 44,387,400 203,581,390 116.20 104.58 25.00 203,581,390 99.60 90.94 24.80
Note:
(1) Taking into account of the partial exercise of the Offer Size Adjustment Option and assuming no Shares are issued under the
Equity Incentive Schemes. The percentage figures are subject to rounding adjustments.
--- page 26 ---
28
• Top 1, 5, 10, 20 and 25 Shareholders upon Listing:
Assuming the Over-Allotment Option is not exercised Assuming the Over-Allotment Option is fully exercised
Shareholder
Number of
Class A Shares
subscribed for
Number of
Shares held
upon Listing
Number of
Class A Shares
subscribed
for as %
of the total
number of the
International
Offer
Shares
(1)
Number of
Class A Shares
subscribed
for as %
of the Offer
Shares Under
the Global
Offering
(1)
Number
of Shares
held upon
Listing as %
of the total
issued share
capital of the
Company upon
Listing
(1)
Number of
Shares held
upon Listing
Number of
Class A Shares
subscribed
for as %
of the total
number of the
International
Offer
Shares
(1)
Number of
Class A Shares
subscribed
for as %
of the Offer
Shares Under
the Global
Offering
(1)
Number
of Shares
held upon
Listing as %
of the total
issued share
capital of the
Company upon
Listing
(1)
Top 1 7,005,400 158,895,235 18.34 16.50 19.51 158,895,235 15.72 14.35 19.36
Top 5 7,005,400 412,493,459 18.34 16.50 50.65 412,493,459 15.72 14.35 50.26
Top 10 7,005,400 562,866,754 18.34 16.50 69.12 562,866,754 15.72 14.35 68.58
Top 20 11,622,900 717,992,194 30.43 27.38 88.17 717,992,194 26.08 23.81 87.48
Top 25 28,435,700 753,780,299 74.44 66.99 92.56 753,780,299 63.80 58.26 91.84
Note:
(1) Taking into account of the partial exercise of the Offer Size Adjustment Option and assuming no Shares are issued under the
Equity Incentive Schemes. The percentage figures are subject to rounding adjustments.
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 Class A Shares
could move substantially even with a small number of Class A Shares traded, and should
exercise extreme caution when dealing in Class A Shares.
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