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hk-ipo/data/extracted_text/09885/allotment_results_summary_2023-06-27_2023062700056.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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50 KiB
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Raw Blame History

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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 set at HK$20.0 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%).
NET PROCEEDS FROM THE GLOBAL OFFERING
• Assuming the Over-allotment Option is not exercised, based on the final Offer Price of
HK$20.0 per Offer Share, the net proceeds from the Global Offering to be received by
the Company, after deduction of the underwriting fees and commissions and estimated
expenses payable by the Company in connection with the Global Offering, are estimated
to be approximately HK$215.0 million. The Company intends to use the net proceeds from
the Global Offering in accordance with the purposes as set out in the section headed “Net
Proceeds from the Global Offering” in this announcement.
• Assuming the Over-allotment Option is exercised in full, we will receive additional net
proceeds of approximately HK$47.4 million for 2,371,200 additional Shares to be issued and
allotted upon the exercise of the Over-allotment Option after deduction of the underwriting
fees and commissions and estimated expenses payable by the Company in connection with
the Global Offering. The additional proceeds will be allocated to the use of proceeds as set
out in the section headed “Net Proceeds from the Global Offering” in this announcement in
the event that the Over-allotment Option is exercised.
APPLICATIONS AND INDICATIONS OF INTEREST RECEIVED
Hong Kong Public Offering
• The Hong Kong Offer Shares initially offered under the Hong Kong Public Offering have
been moderately over-subscribed. A total of 5,155 valid applications have been received
pursuant to the Hong Kong Public Offering through the HK eIPO White Form service
and through the CCASS EIPO service for a total of 8,850,600 Hong Kong Offer Shares,
representing approximately 5.60 times of the total number of 1,581,200 Hong Kong Offer
Shares initially available for subscription under the Hong Kong Public Offering.
--- page 2 ---
4
• As the over-subscription in the Hong Kong Public Offering is less than 15 times, the
reallocation procedures as described in the section headed “Structure of the Global Offering
— The Hong Kong Public Offering — Reallocation” in the Prospectus have not been applied
and no International Offer Shares have been reallocated from the International Offering to the
Hong Kong Public Offering. The final number of Offer Shares allocated to the Hong Kong
Public Offering is 1,581,200 Shares, representing approximately 10.0% of the total number
of Offer Shares initially available under the Global Offering (before any exercise of the Over-
allotment Option), which have been allocated to 2,621 successful applicants under the Hong
Kong Public Offering, among which 2,006 applicants have been allotted with one board lot of
Offer Shares.
International Offering
• The International Offer Shares initially offered under the International Offering were
moderately over-subscribed, representing approximately 2.08 times of the total number of
14,227,600 International Offer Shares initially available under the International Offering.
The final number of International Offer Shares under the International Offering is 14,227,600
Offer Shares, representing approximately 90.0% of the total number of Offer Shares initially
available under the Global Offering (before any exercise of the Over-allotment Option).
• There has been an over-allocation of 2,371,200 Offer Shares in the International Offering and
there are a total of 126 placees under the International Offering. A total of 114 placees have
been allotted five board lots of International Offer Shares or less, representing approximately
90.48% of the total number of placees under the International Offering. These placees have
been allotted 54,400 Shares in total, representing approximately 0.38% of the International
Offer Shares initially available under the International Offering (before any exercise of the
Over-allotment Option) and 0.34% of the total number of Offer Shares under the Global
Offering (before any exercise of the Over-allotment Option). A total of 19 placees have been
allotted one board lot of International Offer Shares, representing approximately 15.08% of
the total number of placees under the International Offering. These placees have been allotted
3,800 Shares in total, representing approximately 0.03% of the International Offer Shares
initially available under the International Offering (before any exercise of the Over-allotment
Option) and 0.02% of the total number of Offer Shares under the Global Offering (before any
exercise of the Over-allotment Option).
Cornerstone Investor
• Based on the Offer Price of HK$20.0 per Offer Share (exclusive of brokerage of 1%, SFC
transaction levy of 0.0027%, AFRC transaction levy of 0.00015% and Stock Exchange
trading fee of 0.00565%) and pursuant to the Cornerstone Investment Agreement, the
Cornerstone Investor has subscribed for a total of 5,014,400 Offer Shares, representing (a)
approximately 0.79% of the total issued share capital of the Company immediately upon
completion of the Global Offering (assuming the Over-allotment Option is not exercised);
and (b) approximately 31.72% of the number of Offer Shares under the Global Offering
(assuming the Over-allotment Option is not exercised).
--- page 3 ---
5
• To our Company’s best knowledge, the Cornerstone Investor is: (i) an Independent Third
Party and is not a connected person; (ii) not accustomed to take instructions from us, our
Directors, chief executive, substantial shareholders, existing Shareholders or any of its
subsidiaries or their respective close associates in relation to the acquisition, disposal, voting
or other disposition of the Shares registered in their name or otherwise held by them; and
(iii) not financed by us, our Directors, chief executive, substantial shareholders, existing
Shareholders or any of its subsidiaries or their respective close associates. The Cornerstone
Placing will form part of the International Offering, and Cornerstone Investor will not
acquire any Offer Shares under the Global Offering (other than pursuant to the Cornerstone
Investment Agreement). The Offer Shares to be acquired by the Cornerstone Investor will
rank pari passu in all respects with the fully paid Shares in issue and will be counted towards
the public float of our Company under Rule 8.24 of the Listing Rules. The Cornerstone
Investor will not constitute a substantial shareholder of our Company, nor will it have any
Board representation in our Company upon completion of the Global Offering.
• As confirmed by the Cornerstone Investor, its subscription under the Cornerstone Placing
would be financed by its own internal resources and/or the financial resources of its
shareholders. Other than a guaranteed allocation of the relevant Offer Shares at the final
Offer Price, the Cornerstone Investor does not have any preferential rights under the
Cornerstone Investment Agreement, as compared with other public Shareholders. There
are no side arrangements between us and the Cornerstone Investor or any benefit, direct or
indirect, conferred on the Cornerstone Investor by virtue of or in relation to the Cornerstone
Placing, other than a guaranteed allocation of the relevant Offer Shares at the final Offer
Price. The Cornerstone Investor has confirmed that all necessary approvals have been
obtained with respect to its Cornerstone Placing and that no specific approval from any stock
exchange (if relevant) or its shareholders is required for the Cornerstone Placing.
Please refer to the section headed “Cornerstone Investor” in the Prospectus for further details of
the Cornerstone Investor.
--- page 4 ---
6
Compliance with Placing Guidelines of the Listing Rules
To the best knowledge, information and belief of the Directors, save as disclosed in this
announcement, (i) none of the Offer Shares subscribed by public Shareholders in the Hong
Kong Public Offering and placees in the International Offering has been directly or indirectly
financed by the Company or any of its subsidiaries, their directors, chief executive, substantial
shareholders, existing Shareholders, or any of their respective close associates; (ii) none of the
public Shareholders in the Hong Kong Public Offering and placees in the International Offering
who have subscribed for the Offer Shares is accustomed to taking instructions from the Company
or any of its subsidiaries, their directors, chief executive, substantial shareholders, existing
Shareholders, or any of their respective close associates in relation to the acquisition, disposal,
voting or other disposition of the Shares registered in their names or otherwise held by them; (iii)
no Offer Shares placed by or through the Sole Overall Coordinator, the Joint Global Coordinators,
the Joint Bookrunners, the Underwriters under the Global Offering have been placed with
applicants who are core connected persons (as defined in the Listing Rules) 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;
(iv) no rebate or discount has been, directly or indirectly, provided by the Company, or any of its
subsidiaries, their directors, chief executive, substantial Shareholders, existing Shareholders or
any of their respective close associates or syndicate members or any other brokers or underwriters
to any public Shareholders in the Hong Kong Public Offering or placees in the International
Offering; (v) the consideration payable by the public Shareholders in the Hong Kong Public
Offering and placees in the International Offering for each Share subscribed for or purchased
by them is the same as the final Offer Price as determined by the Company, in additional to
brokerage, SFC transaction levy, AFRC transaction levy and Stock Exchange trading fee; and
(vi) there is no side agreement or arrangement between the Company or any of its subsidiaries,
their directors, chief executive, substantial shareholders, existing Shareholders, or any of their
respective close associates or syndicate members or any other brokers or underwriters, on one
hand, and the public subscribers or the placees who have subscribed for the Offer Shares, on the
other hand. The International Offering is in compliance with the Placing Guidelines.
PUBLIC FLOAT
Immediately upon completion of the Global Offering, an aggregate of 271,163,704 Shares will be
held in the hands of the public, representing approximately 42.88% of the total number of Shares
in issue (assuming the Over-allotment Option is not exercised). The Company confirms that (i) no
placee will, individually, hold more than 10% of the enlarged issued share capital of the Company
immediately after the Global Offering; (ii) there will not be any new substantial shareholder (as
defined in the Listing Rules) of the Company immediately after the Global Offering; (iii) the
number of Shares to be held by the public will satisfy the minimum percentage prescribed by
Rule 8.08(1)(a) of the Listing Rules immediately after the completion of the Global Offering; (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; and (v) 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.
--- page 5 ---
7
OVER-ALLOTMENT OPTION
In connection with the Global Offering, the Company has granted the Over-allotment Option
to the International Underwriters, exercisable by the Sole Overall Coordinator on behalf of
the International Underwriters, at any time from the Listing Date until 30 days after the last
day for lodging applications under the Hong Kong Public Offering, being Thursday, 20 July
2023, to require our Company to issue up to an aggregate of 2,371,200 additional Offer Shares,
representing not more than 15% of the total number of Offer Shares initially available under
the Global Offering, at the final Offer Price under the International Offering to, among other
things, cover over-allocations in the International Offering, if any. There was an over-allocation
of 2,371,200 Shares in the International Offering and such over-allocation will be settled using
Shares to be borrowed under the Stock Borrowing Agreement between MIYT Holdings Limited
and the Stabilising Manager (or any person acting for it). Such borrowed Shares may be settled
by, among other methods, exercising the Over-allotment Option in full or in part, using the Shares
purchased in the secondary market or a combination of these means. In the event the Over-
allotment Option is exercised, an announcement will be made on the Company’s website and the
website of the Stock Exchange at www.ysbang.cn and www.hkexnews.hk , respectively. As at
the date of this announcement, the Over-allotment Option has not been exercised.
LOCK-UP UNDERTAKINGS
The Company, existing Shareholders of the Company and the Cornerstone Investor are subject
to certain lock-up undertakings as set out in the section headed “Lock-up Undertakings” in this
announcement.
RESULTS OF ALLOCATIONS
The final Offer Price, results of allocations and the Hong Kong identity card/passport/Hong Kong
business registration/certificate of incorporation numbers of successful applicants under the Hong
Kong Public Offering (if provided) will be available at the times and dates and in the manner set
out below:
• in the announcement to be posted on the Company’s website and the website of Stock
Exchange at www.ysbang.cn and www.hkexnews.hk , respectively, by no later than 9:00
a.m. on Tuesday, 27 June 2023;
• from the “IPO Results” function in the IPO App or at www.tricor.com.hk/ipo/result or
www.hkeipo.hk/IPOResult with a “search by ID” function on a 24 hour basis from 8:00
a.m. on Tuesday, 27 June 2023 to 12:00 midnight on Monday, 3 July 2023; and
• from the allocation results telephone enquiry line by calling +852 3691 8488 between 9:00
a.m. and 6:00 p.m. from Tuesday, 27 June 2023 to Friday, 30 June 2023.
--- page 6 ---
8
This announcement contains a list of identification document numbers. Identification document
numbers shown in the section headed “Results of Applications Made by HK eIPO White
Form” 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 or via the HK eIPO White
Form service 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 or nominees can
consult their brokers or nominees 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 HK
eIPO White Form ” 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-AUTO
REFUND PAYMENT INSTRUCTIONS/REFUND CHEQUES
For each applicant applying for Hong Kong Offer Shares through the HK eIPO White Form
service:
• Applicants who have applied for 500,000 Hong Kong Offer Shares or more through the
HK eIPO White Form service and whose application is wholly or partially successful may
collect Share certificate(s) and/or refund cheque(s) (where applicable) in person from the
Hong Kong Share Registrar, Tricor Investor Services Limited, at 17/F, Far East Finance
Centre, 16 Harcourt Road, Hong Kong, from 9:00 a.m. to 1:00 p.m. on Tuesday, 27 June
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 the Hong Kong Share Registrar.
--- page 7 ---
9
If Share certificate(s) and/or refund cheque(s) (where applicable) are not collected personally
within the time specified for collection, they will be sent to the address specified in the
application instructions by ordinary post and at the applicant’s own risk.
• For applicants who have applied for less than 500,000 Hong Kong Offer Shares through
the HK eIPO White Form service, the Share certificate(s) and/or refund cheque(s) (where
applicable) will be sent to the address specified in the application instructions on or before
Tuesday, 27 June 2023 by ordinary post and at the applicant’s own risk.
• If the application monies have been paid from a single bank account, any refund monies will
be despatched to that bank account in the form of e-Auto Refund payment instructions. If
the application monies have been paid from multiple bank accounts, any refund monies will
be despatched to the address specified in the application instructions in the form of refund
cheque(s) in the name of the applicant (or, in the case of joint applications, the first named
applicant) by ordinary post and at the applicant’s own risk.
For each applicant applying for Hong Kong Offer Shares through the CCASS EIPO service:
• For the purposes of allocating Hong Kong Offer Shares, HKSCC Nominees will not be
treated as an applicant. Instead, each CCASS Participant who gives electronic application
instructions or each person for whose benefit instructions are given will be treated as an
applicant.
• Where the application is wholly or partially successful, the Share certificate(s) will be issued
in the name of HKSCC Nominees and deposited into CCASS for the credit of the designated
CCASS Participant’s stock account or the applicant’s CCASS Investor Participant stock
account on Tuesday, 27 June 2023 or on any other date determined by HKSCC or HKSCC
Nominees.
• The applicant should check the application results of CCASS Participants (and where the
CCASS Participant is a broker or custodian, information relating to the relevant beneficial
owner is included) and the successful applicants’ Hong Kong identity card/passport/Hong
Kong business registration number or other identification code (Hong Kong business
registration number for corporations) published by the Company on Tuesday, 27 June 2023
in the manners specified in “Results of Allocations” in this announcement, and report any
discrepancies to HKSCC before 5:00 p.m. on Tuesday, 27 June 2023 or such other date as
determined by HKSCC or HKSCC Nominees.
• Where the applicant has instructed a broker or custodian who is a CCASS Clearing
Participant or a CCASS Custodian Participant to give electronic application instructions via
CCASS terminals to apply for the Hong Kong Offer Shares on his/her/its behalf, the applicant
can also check the number of the Hong Kong Offer Shares allocated to him/her/it and the
amount of refund monies (if any) payable to him/her/it with that broker or custodian.
--- page 8 ---
10
• Where the applicant has applied as a CCASS Investor Participant, he/she/it can also check the
number of Hong Kong Offer Shares allocated to him/her/it and the amount of refund monies
(if any) payable to him/her/it 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) on Tuesday, 27 June 2023. Immediately following the credit of
the Hong Kong Offer Shares to the applicant’s stock account and the credit of the refund
monies to his/her/its bank account, HKSCC will also make available to him/her/it an activity
statement showing the number of Hong Kong Offer Shares credited to his/her/its CCASS
Investor Participant stock account and the amount of refund monies (if any) credited to his/
her/its designated bank account.
• Refund of the application monies (if any) in respect of wholly and partially unsuccessful
applications and/or difference between the Offer Price and the maximum Offer Price per
Offer Share initially paid on application (including brokerage, SFC transaction levy, AFRC
transaction levy and Stock Exchange trading fee but without interest) will be credited to the
applicant’s designated bank account or the designated bank account of the applicant’s broker
or custodian on Tuesday, 27 June 2023.
Share certificates will only become valid at 8:00 a.m. on Wednesday, 28 June 2023, provided
that the Global Offering has become unconditional in all respects and neither of the Underwriting
Agreements has been terminated in accordance with their respective terms at or before that time.
Investors who trade Shares on the basis of publicly available allocation details or prior to the
receipt of the Share certificates or prior to the Share certificates becoming valid do so entirely at
their own risk.
No temporary evidence of title will be issued in respect of the Shares. No receipt will be issued
for sums paid on application.
COMMENCEMENT OF DEALINGS
• Assuming that the Hong Kong Public Offering becomes unconditional at or before 8:00 a.m.
in Hong Kong on Wednesday, 28 June 2023, it is expected that dealings in the Shares on the
Stock Exchange will commence at 9:00 a.m. on Wednesday, 28 June 2023. The Shares will
be traded in board lots of 200 Shares each and the stock code of the Shares will be 9885.
In view of the high concentration of shareholding in a small number of Shareholders,
Shareholders and prospective investors should be aware that the price of the Shares could
move substantially even with a small number of Shares traded, and should exercise extreme
caution when dealing in the Shares.
--- page 9 ---
11
FINAL OFFER PRICE
The final Offer Price has been set at HK$20.0 per Offer Share (exclusive of brokerage of 1%, SFC
transaction levy of 0.0027%, AFRC transaction levy of 0.00015% and Stock Exchange trading fee
of 0.00565%).
NET PROCEEDS FROM THE GLOBAL OFFERING
Assuming the Over-allotment Option is not exercised, based on the final Offer Price of HK$20.0
per Offer Share, the net proceeds from the Global Offering to be received by the Company, after
deduction of the underwriting fees and commissions and estimated expenses payable by the
Company in connection with the Global Offering, are estimated to be approximately HK$215.0
million. The Company intends to use the net proceeds for the following purposes:
• approximately 45% of the net proceeds, or HK$96.7 million, is expected to be used for further
developing the Company’s pharmaceutical circulation business;
• approximately 25% of the net proceeds, or HK$53.7 million, is expected to be used for further
developing our other businesses;
• approximately 22% of the net proceeds, or HK$47.3 million, is expected to be used for research
and development; and
• approximately 8% of the net proceeds, or HK$17.2 million, is expected to be used for working
capital and general corporate purposes.
Assuming the Over-allotment Option is exercised in full, the Company will receive additional
net proceeds of approximately HK$47.4 million for 2,371,200 additional Shares to be issued and
allotted upon the exercise of the Over-allotment Option after deduction of the underwriting fees
and commissions and estimated expenses payable by the Company in connection with the Global
Offering. The additional net proceeds will be allocated to the purposes set out above in the event
that the Over-allotment Option is exercised. For further information, please refer to the section
headed “Future Plans and Use of Proceeds” in the Prospectus.
--- page 10 ---
12
Taking into consideration the contributions made by CICC to the success of the Global Offering,
in addition to the underwriting commission and incentive fee disclosed in the section headed
“Underwriting — Underwriting Arrangements and Expenses — International Offering —
Commissions and Expenses” in the Prospectus, the Company agrees to pay an additional incentive
fee of US$3 million (the “ Special Bonus ”) to CICC upon the Listing. Taking account of the Special
Bonus, based on the final Offer Price of HK$20.00 per Offer Share, assuming the Over-allotment
Option is not exercised and no additional Shares are issued pursuant to the Share Incentive Plans,
the total estimated listing expenses in relation to the Global Offering will be approximately
HK$101.2 million. The Special Bonus was proposed by the Company on 16 June 2023, and it was
not discussed between the Company and CICC prior to 16 June 2023.
Both of the Company and the Sole Sponsor are of view that the adjustments to the listing expenses
and use of proceeds as a result of the Special Bonus are not material to the business operations,
financial positions and prospect of the Company for the following reasons: (i) changes of amount
of the net proceeds to be used for each purpose disclosed in the Prospectus are less than 10%; (ii)
the Company believes it is still able to sufficiently fund each of the intended purposes disclosed
in the Prospectus with its liquidity resources, including the bank balances and cash, time deposits,
restricted bank deposits, and financial assets at fair value through profit and loss, amounting to
RMB2.2 billion as of 31 December 2022; and (iii) the updated listing expenses and use of proceeds
are disclosed in this announcement.
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
moderately over-subscribed. A total of 5,155 valid applications have been received pursuant to the
Hong Kong Public Offering through the HK eIPO White Form service and through the CCASS
EIPO service for a total of 8,850,600 Hong Kong Offer Shares, representing approximately 5.60
times of the total number of 1,581,200 Hong Kong Offer Shares initially available for subscription
under the Hong Kong Public Offering, among which:
• 5,149 valid applications were made in respect of a total of 7,350,600 Hong Kong Offer Shares
under the Hong Kong Public Offering, each with an aggregate subscription amount based on
--- page 11 ---
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the maximum Offer Price of HK$23.00 per Offer Share (excluding brokerage of 1%, SFC
transaction levy of 0.0027%, AFRC transaction levy of 0.00015% and Stock Exchange trading
fee of 0.00565%) of HK$5,000,000 or less, representing approximately 9.30 times of the
number of 790,600 Hong Kong Offer Shares initially available in Pool A of the Hong Kong
Public Offering.
• 6 valid applications were made in respect of a total of 1,500,000 Hong Kong Offer Shares
under the Hong Kong Public Offering, each with an aggregate subscription amount based on
the maximum Offer Price of HK$23.00 per Offer Share (excluding brokerage of 1%, SFC
transaction levy of 0.0027%, AFRC transaction levy of 0.00015% and Stock Exchange trading
fee of 0.00565%) of more than HK$5,000,000, representing approximately 1.90 times of the
number of 790,600 Hong Kong Offer Shares initially available in Pool B of the Hong Kong
Public Offering.
Under the Hong Kong Public Offering, (i) no application has been rejected due to dishonored
payments; (ii) no invalid application has been identified and rejected; (iii) no multiple application
or suspected multiple application has been identified and rejected; and (iv) no application for more
than 790,600 Shares (being 50% of the Hong Kong Offer Shares initially available under the Hong
Kong Public Offering) has been identified.
As the over-subscription in the Hong Kong Public Offering is less than 15 times, the reallocation
procedures as described in the section headed “Structure of the Global Offering — The Hong Kong
Public Offering — Reallocation” in the Prospectus have not been applied and no International Offer
Shares have been reallocated from the International Offering to the Hong Kong Public Offering.
The final number of Offer Shares allocated to the Hong Kong Public Offering is 1,581,200 Shares,
representing approximately 10.0% of the total number of Offer Shares initially available under the
Global Offering (before any exercise of the Over-allotment Option), which have been allocated to
2,621 successful applicants under the Hong Kong Public Offering, among which 2,006 applicants
have been allotted with one board lot of Offer Shares.
The Offer Shares offered in the Hong Kong Public Offering were conditionally allocated on the
basis set out in the section headed “Basis of Allocation under the Hong Kong Public Offering” in
this announcement.
International Offering
The International Offer Shares initially offered under the International Offering were moderately
over-subscribed, representing approximately 2.08 times of the total number of 14,227,600
International Offer Shares initially available under the International Offering. The final number of
International Offer Shares under the International Offering is 14,227,600 Offer Shares, representing
approximately 90.0% of the total number of Offer Shares initially available under the Global
Offering (before any exercise of the Over-allotment Option).
--- page 12 ---
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There has been an over-allocation of 2,371,200 Offer Shares in the International Offering and there
are a total of 126 placees under the International Offering. A total of 114 placees have been allotted
five board lots of International Offer Shares or less, representing approximately 90.48% of the total
number of placees under the International Offering. These placees have been allotted 54,400 Shares
in total, representing approximately 0.38% of the International Offer Shares initially available under
the International Offering (before any exercise of the Over-allotment Option) and 0.34% of the
total number of Offer Shares under the Global Offering (before any exercise of the Over-allotment
Option). A total of 19 placees have been allotted one board lot of International Offer Shares,
representing approximately 15.08% of the total number of placees under the International Offering.
These placees have been allotted 3,800 Shares in total, representing approximately 0.03% of the
International Offer Shares initially available under the International Offering (before any exercise
of the Over-allotment Option) and 0.02% of the total number of Offer Shares under the Global
Offering (before any exercise of the Over-allotment Option).
Cornerstone Investor
Based on the Offer Price of HK$20.0 per Offer Share (exclusive of brokerage of 1.0%, SFC
transaction levy of 0.0027%, AFRC transaction levy of 0.00015% and Stock Exchange trading fee
of 0.00565%) and pursuant to the Cornerstone Investment Agreement as disclosed in the section
headed “Cornerstone Investor” in the Prospectus, the number of Offer Shares subscribed for by the
Cornerstone Investor is determined as set out below:
Subscription
Amount
(US$ in millions)
Number of
Offer Shares
(rounded down
to nearest whole
board lot of
200 Shares)
acquired
Approximate %
of the
Offer Shares
(1)
Approximate %
of the
issued share
capital
(1)
ZGC International Limited 12.8 5,014,400 31.72% 0.79%
Total 12.8 5,014,400 31.72% 0.79%
Notes:
(1) Assuming the Over-allotment Option is not exercised.
--- page 13 ---
15
To our Company’s best knowledge, the Cornerstone Investor is: (i) an Independent Third Party
and is not a connected person; (ii) not accustomed to take instructions from us, our Directors,
chief executive, substantial shareholders, existing Shareholders or any of its subsidiaries or their
respective close associates in relation to the acquisition, disposal, voting or other disposition of
the Shares registered in their name or otherwise held by them; and (iii) not financed by us, our
Directors, chief executive, substantial shareholders, existing Shareholders or any of its subsidiaries
or their respective close associates. The Cornerstone Placing will form part of the International
Offering, and Cornerstone Investor will not acquire any Offer Shares under the Global Offering
(other than pursuant to the Cornerstone Investment Agreement). The Offer Shares to be acquired by
the Cornerstone Investor will rank pari passu in all respects with the fully paid Shares in issue and
will be counted towards the public float of our Company under Rule 8.24 of the Listing Rules. The
Cornerstone Investor will not constitute a substantial shareholder of our Company, nor will it have
any Board representation in our Company upon completion of the Global Offering.
As confirmed by the Cornerstone Investor, its subscription under the Cornerstone Placing would
be financed by its own internal resources and/or the financial resources of its shareholders. Other
than a guaranteed allocation of the relevant Offer Shares at the final Offer Price, the Cornerstone
Investor does not have any preferential rights under the Cornerstone Investment Agreement, as
compared with other public Shareholders. There are no side arrangements between us and the
Cornerstone Investor or any benefit, direct or indirect, conferred on the Cornerstone Investor by
virtue of or in relation to the Cornerstone Placing, other than a guaranteed allocation of the relevant
Offer Shares at the final Offer Price. The Cornerstone Investor has confirmed that all necessary
approvals have been obtained with respect to its Cornerstone Placing and that no specific approval
from any stock exchange (if relevant) or its shareholders is required for the Cornerstone Placing.
Please refer to the section headed “Cornerstone Investor” in the Prospectus for further details
relating to the Cornerstone Investor.
--- page 14 ---
16
Compliance with Placing Guidelines of the Listing Rules
To the best knowledge, information and belief of the Directors, save as disclosed in this
announcement, (i) none of the Offer Shares subscribed by public Shareholders in the Hong Kong
Public Offering and placees in the International Offering has been directly or indirectly financed
by the Company or any of its subsidiaries, their directors, chief executive, substantial shareholders,
existing Shareholders, or any of their respective close associates; (ii) none of the public
Shareholders in the Hong Kong Public Offering and placees in the International Offering who have
subscribed for the Offer Shares is accustomed to taking instructions from the Company or any of its
subsidiaries, their directors, chief executive, substantial shareholders, existing Shareholders, or any
of their respective close associates in relation to the acquisition, disposal, voting or other disposition
of the Shares registered in their names or otherwise held by them; (iii) no Offer Shares placed by
or through the Sole Overall Coordinator, the Joint Global Coordinators, the Joint Bookrunners, the
Underwriters under the Global Offering have been placed with applicants who are core connected
persons (as defined in the Listing Rules) 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; (iv) no rebate or discount has been,
directly or indirectly, provided by the Company, or any of its subsidiaries, their directors, chief
executive, substantial Shareholders, existing Shareholders or any of their respective close associates
or syndicate members or any other brokers or underwriters to any public Shareholders in the
Hong Kong Public Offering or placees in the International Offering; (v) the consideration payable
by the public Shareholders in the Hong Kong Public Offering and placees in the International
Offering for each Share subscribed for or purchased by them is the same as the final Offer Price as
determined by the Company, in additional to brokerage, SFC transaction levy, AFRC transaction
levy and Stock Exchange trading fee; and (vi) there is no side agreement or arrangement between
the Company or any of its subsidiaries, their directors, chief executive, substantial shareholders,
existing Shareholders, or any of their respective close associates or syndicate members or any other
brokers or underwriters, on one hand, and the public subscribers or the placees who have subscribed
for the Offer Shares, on the other hand. The International Offering is in compliance with the Placing
Guidelines.
PUBLIC FLOAT
Immediately upon completion of the Global Offering, an aggregate of 271,163,704 Shares will be
held in the hands of the public, representing approximately 42.88% of the total number of Shares
in issue (assuming the Over-allotment Option is not exercised). The Company confirms that (i) no
placee will, individually, hold more than 10% of the enlarged issued share capital of the Company
immediately after the Global Offering; (ii) there will not be any new substantial shareholder (as
defined in the Listing Rules) of the Company immediately after the Global Offering; (iii) the
number of Shares to be held by the public will satisfy the minimum percentage prescribed by Rule
8.08(1)(a) of the Listing Rules immediately after the completion of the Global Offering; (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; and (v) 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.
--- page 15 ---
17
OVER-ALLOTMENT OPTION
In connection with the Global Offering, the Company has granted the Over-allotment Option
to the International Underwriters, exercisable by the Sole Overall Coordinator on behalf of the
International Underwriters, at any time from the Listing Date until 30 days after the last day for
lodging applications under the Hong Kong Public Offering, being Thursday, 20 July 2023, to
require our Company to issue up to an aggregate of 2,371,200 additional Offer Shares, representing
not more than 15% of the total number of Offer Shares initially available under the Global
Offering, at the final Offer Price under the International Offering to, among other things, cover
over-allocations in the International Offering, if any. There was an over-allocation of 2,371,200
Shares in the International Offering and such over-allocation will be settled using Shares to
be borrowed under the Stock Borrowing Agreement between MIYT Holdings Limited and the
Stabilising Manager (or any person acting for it). Such borrowed Shares may be settled by, among
other methods, exercising the Over-allotment Option in full or in part, using the Shares purchased
in the secondary market or a combination of these means. In the event the Over-allotment Option
is exercised, an announcement will be made on the Company’s website and the website of the
Stock Exchange at www.ysbang.cn and www.hkexnews.hk , respectively. As at the date of this
announcement, the Over-allotment Option has not been exercised.
--- page 16 ---
18
LOCK-UP UNDERTAKINGS
The Company, existing Shareholders of the Company and the Cornerstone Investor are subject to
the following lock-up undertakings (the “ Lock-up Undertakings ”) in respect of the Shares. The
major terms of the Lock-up Undertakings are set out as follows:
Name
Number of
Shares subject
to the Lock-up
Undertakings
after Listing
Number of
Shares subject
to the Lock-up
Undertakings as
percentage of the
total issued share
capital upon
Listing
(1)
Last day of the
lock-up period
The Company
(subject to lock-up obligations
pursuant to the Listing Rules and
the Hong Kong Underwriting
Agreement)
(2)
N/A N/A 28 December 2023
Existing Shareholders
of the Company
(subject to lock-up obligations
pursuant to the lock-up
agreement)
(3)
616,541,252 97.50% 12 December 2023
Cornerstone Investor
(subject to lock-up obligations
pursuant to the Cornerstone
Investment Agreement)
(4)
5,014,400 0.79% 28 December 2023
Total 621,555,652 98.29%
Notes:
(1) Assuming the Over-allotment Option is not exercised.
(2) The Company may issue Shares without any lock-up obligations after the indicated date in accordance with Rule 10.08 of
the Listing Rules.
(3) For details of the lock-up arrangement of existing Shareholders of the Company, please refer to the section headed
“Underwriting — Underwriting Arrangements and Expenses — Hong Kong Public Offering — Undertakings by the
Existing Shareholders” in the Prospectus.
(4) The Cornerstone Investor shall not dispose of any of the Offer Shares it has purchased pursuant to the Cornerstone Investor
Agreement, save for in certain limited circumstances, on or before the indicated date.
--- page 17 ---
19
BASIS OF ALLOCATION UNDER THE HONG KONG PUBLIC OFFERING
Subject to the satisfaction of the conditions set out in the paragraph headed “Structure of the Global
Offering — Conditions of the Global Offering” in the Prospectus, 5,155 valid applications made
by the public through the HK eIPO White Form service and the CCASS EIPO service will be
conditionally allocated on the basis set out below:
Number
of shares
applied for
Number
of valid
applications Basis of allocation/ballot
Approximate
percentage
allotted of the
total number of
shares applied for
Pool A
200 2,689 807 out of 2,689 applicants to receive 200 shares 30.01%
400 846 339 out of 846 applicants to receive 200 shares 20.04%
600 195 112 out of 195 applicants to receive 200 shares 19.15%
800 105 76 out of 105 applicants to receive 200 shares 18.10%
1,000 225 192 out of 225 applicants to receive 200 shares 17.07%
1,200 50 200 shares 16.67%
1,400 45 200 shares plus 4 out of 45 applicants to receive an additional 200 shares 15.56%
1,600 32 200 shares plus 7 out of 32 applicants to receive an additional 200 shares 15.23%
1,800 34 200 shares plus 9 out of 34 applicants to receive an additional 200 shares 14.05%
2,000 547 200 shares plus 208 out of 547 applicants to receive an additional 200 shares 13.80%
3,000 50 400 shares 13.33%
4,000 71 400 shares plus 15 out of 71 applicants to receive an additional 200 shares 11.06%
5,000 47 400 shares plus 24 out of 47 applicants to receive an additional 200 shares 10.04%
6,000 32 400 shares plus 23 out of 32 applicants to receive an additional 200 shares 9.06%
7,000 7 600 shares 8.57%
8,000 35 600 shares plus 10 out of 35 applicants to receive an additional 200 shares 8.21%
9,000 21 600 shares plus 11 out of 21 applicants to receive an additional 200 shares 7.83%
10,000 50 600 shares plus 33 out of 50 applicants to receive an additional 200 shares 7.32%
20,000 32 1,000 shares 5.00%
30,000 12 1,400 shares 4.67%
40,000 2 1,800 shares 4.50%
50,000 8 2,200 shares 4.40%
60,000 2 2,600 shares 4.33%
70,000 2 3,000 shares 4.29%
80,000 2 3,400 shares 4.25%
90,000 1 3,800 shares 4.22%
100,000 5 4,200 shares 4.20%
150,000 1 6,200 shares 4.13%
200,000 1 8,200 shares 4.10%
Total 5,149 Total number of Pool A successful applicants: 2,615
--- page 18 ---
20
Number
of shares
applied for
Number
of valid
applications Basis of allocation/ballot
Approximate
percentage
allotted of the
total number of
shares applied for
Pool B
250,000 6 131,600 shares plus 5 out of 6 applicants to receive an additional 200 shares 52.71%
Total 6 Total number of Pool B successful applicants: 6
The final number of Offer Shares comprising the Hong Kong Public Offering is 1,581,200 Offer
Shares, representing approximately 10.0% of the total number of Offer Shares initially available
under the Global Offering (before any exercise of the Over-allotment Option).
RESULTS OF ALLOCATIONS
The final Offer Price, results of allocations and the Hong Kong identity card/passport/Hong Kong
business registration/certificate of incorporation numbers of successful applicants under the Hong
Kong Public Offering (if provided) will be available at the times and dates and in the manner set out
below:
• in the announcement to be posted on the Company’s website and the website of Stock Exchange
at www.ysbang.cn and www.hkexnews.hk , respectively, by no later than 9:00 a.m. on
Tuesday, 27 June 2023;
• from the “IPO Results” function in the IPO App or at www.tricor.com.hk/ipo/result or
www.hkeipo.hk/IPOResult with a “search by ID” function on a 24 hour basis from 8:00 a.m.
on Tuesday, 27 June 2023 to 12:00 midnight on Monday, 3 July 2023; and
• from the allocation results telephone enquiry line by calling +852 3691 8488 between 9:00 a.m.
and 6:00 p.m. from Tuesday, 27 June 2023 to Friday, 30 June 2023.
This announcement contains a list of identification document numbers. Identification document
numbers shown in the section headed “Results of Applications Made by HK eIPO White Form ”
in this announcement refer to Hong Kong identity card numbers/passport numbers/Hong Kong
business registration numbers/certificate of incorporation numbers/beneficial owner identification
codes (if such applications are made by nominees as agent for the benefit of another person)
whereas those displayed in the section headed “Results of Applications Made by Giving Electronic
Application Instructions to HKSCC via CCASS” in this announcement are provided by CCASS
Participants via CCASS. Therefore, the identification document numbers shown in the two sections
are different in nature.
--- page 19 ---
21
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 or via the HK eIPO White
Form service 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 or nominees can consult their brokers
or nominees 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 HK eIPO
White Form ” and “Results of Applications Made by Giving Electronic Application Instructions
to HKSCC via CCASS” are redacted and not all details of applications are disclosed in this
announcement.
SHAREHOLDING CONCENTRATION ANALYSIS
The tables below set out the analysis of shareholding concentration in the International Offering.
• Top 1, 5, 10, 20 and 25 of the placees in the International Offering:
Placee
Number of
shares
subscribed
for
Number of
Shares held
upon Listing
Number of
Shares
subscribed for
as percentage
of the total
number of the
International
Offer Shares
(assuming
no exercise
of the
Over-allotment
Option)
Number of
Shares
subscribed for
as percentage
of the total
number of the
International
Offer Shares
(assuming the
Over-allotment
Option is
exercised
in full)
Number of
Shares
subscribed for
as percentage
of the total
number of the
Offer Shares
(assuming
no exercise
of the
Over-allotment
Option)
Number of
Shares
subscribed for
as percentage
of the total
number of the
Offer Shares
(assuming the
Over-allotment
Option is
exercised
in full)
Number of
Shares
held upon
Listing as
percentage
of the total
issued share
capital upon
Listing
(assuming
no exercise
of the
Over-allotment
Option)
Number of
Shares
held upon
Listing as
percentage
of the total
issued share
capital upon
Listing
(assuming the
Over-allotment
Option is
exercised
in full)
Top 1 6,030,800 6,030,800 42.39% 36.33% 38.15% 33.17% 0.95% 0.95%
Top 5 16,125,200 16,125,200 113.34% 97.15% 102.00% 88.70% 2.55% 2.54%
Top 10 16,538,200 16,538,200 116.24% 99.63% 104.61% 90.97% 2.62% 2.61%
Top 20 16,551,200 16,551,200 116.33% 99.71% 104.70% 91.04% 2.62% 2.61%
Top 25 16,555,200 16,555,200 116.36% 99.74% 104.72% 91.06% 2.62% 2.61%
--- page 20 ---
22
• Top 1, 5, 10, 20 and 25 Shareholders upon Listing:
Shareholder
Number of
shares
subscribed
for
Number of
Shares
held upon
Listing
(assuming
no exercise
of the
Over-allotment
Option)
Number of
Shares
held upon
Listing
(assuming the
Over-allotment
Option is
exercised
in full)
Number of
Shares
subscribed
for as
percentage
of the
total number
of the
International
Offer Shares
(assuming
no exercise
of the
Over-allotment
Option)
Number of
Shares
subscribed
for as
percentage
of the
total number
of the
International
Offer Shares
(assuming the
Over-allotment
Option is
exercised
in full)
Number of
Shares
subscribed
for as
percentage
of the
total number
of the
Offer Shares
(assuming
no exercise
of the
Over-allotment
Option)
Number of
Shares
subscribed
for as
percentage
of the
total number
of the
Offer Shares
(assuming the
Over-allotment
Option is
exercised
in full)
Number of
Shares
held upon
Listing as
percentage
of the
total issued
share capital
upon Listing
(assuming
no exercise
of the
Over-allotment
Option)
Number of
Shares
held upon
Listing as
percentage
of the
total issued
share capital
upon Listing
(assuming the
Over-allotment
Option is
exercised
in full)
Top 1 — 125,316,184 125,316,184 0.00% 0.00% 0.00% 0.00% 19.82% 19.74%
Top 5 — 402,184,772 402,184,772 0.00% 0.00% 0.00% 0.00% 63.60% 63.36%
Top 10 — 557,306,496 557,306,496 0.00% 0.00% 0.00% 0.00% 88.13% 87.80%
Top 20 13,785,200 628,863,880 628,863,880 96.89% 83.05% 87.20% 75.83% 99.45% 99.08%
Top 25 16,417,000 632,958,252 632,958,252 114.46% 98.11% 103.85% 90.30% 100.10% 99.72%
In view of the high concentration of shareholding in a small number of Shareholders,
Shareholders and prospective investors should be aware that the price of the Shares could
move substantially even with a small number of Shares traded, and should exercise extreme
caution when dealing in the Shares.
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