hk-ipo/data/extracted_text/09890/allotment_results_summary_2023-09-27_2023092700048.txt

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ANNOUNCEMENT OF OFFER PRICE AND
ALLOTMENT RESULTS
SUMMARY
Offer Price
• The final Offer Price has been determined at HK$14.00 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%).
Net Proceeds from the Global Offering
• Based on the Offer Price of HK$14.00 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$138.1 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 fully exercised to cover the over-allocation of 2,846,400
Offer Shares in the International Offering, the Company will receive additional net proceeds
of approximately HK$38.4 million for 2,846,400 additional Offer Shares to be issued and
allotted upon the exercise of the Over-allotment Option, after deduction of the underwriting
fees and commissions and estimated expenses payable by the Company in connection with
the Global Offering. The allocation of the additional net proceeds will be adjusted on a pro-
rata basis in accordance with the purposes set out in the section headed “Net Proceeds from
the Global Offering” in this announcement in the event that the Over-allotment Option is
exercised.
Applications and Indications of Interest Received in the Hong Kong Public Offering
• The Hong Kong Public Offer Shares initially offered under the Hong Kong Public Offering
have been very significantly over-subscribed. A total of 17,818 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 197,345,200 Hong Kong Public
Offer Shares, representing approximately 104.00 times of the total number of 1,897,600
Hong Kong Public Offer Shares initially available for subscription under the Hong Kong
Public Offering.
• As the over-subscription in the Hong Kong Public Offering represents 100 times or more
the number of the Offer Shares initially available for subscription under the Hong Kong
Public Offering, the reallocation procedure as disclosed in the section headed “Structure of
the Global Offering — The Hong Kong Public Offering — Reallocation” in the Prospectus
has been applied and 7,590,400 Offer Shares have been reallocated from the International
Offering to the Hong Kong Public Offering. The final number of Offer Shares under the
Hong Kong Public Offering is 9,488,000 Shares, representing 50% of the total number of
Offer Shares initially available under the Global Offering, and being allocated to 13,483
successful applicants under the Hong Kong Public Offering, 8,822 of which have been
allocated one board lot of Shares totaling 1,764,400 Shares, representing approximately of
18.60% of total Offer Shares under the Hong Kong Public Offering.


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International Offering
• The Offer Shares initially offered under the International Offering have been slightly over-
subscribed, representing approximately 1.67 times of the total number of Offer Shares
initially available under the International Offering. The final number of Offer Shares under
the International Offering is 9,488,000 Shares, representing approximately 50% 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 2,846,400 Offer Shares.
Please refer to the section headed “International Offering — Over-allotment Option” in this
announcement.
• There are a total of 138 placees under the International Offering, among which 106 placees,
representing 76.81% of the total number of placees under the International Offering, have
been allotted five or fewer board lots of Offer Shares, totaling 21,200 Shares, representing
0.22% of the total number of Offer Shares available under the International Offering
(assuming the Over-allotment Option is not exercised). A total of 106 placees have been
allotted one board lot of Offer Shares, representing approximately 76.81% of the total
number of placees under the International Offering, totaling 21,200 Shares, representing
approximately 0.22% of the total number of the Offer Shares available under the International
Offering (assuming the Over-allotment Option is not exercised).
Cornerstone Investor
• Based on the Offer Price of HK$14.00 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, the
Cornerstone Investors have subscribed for a total of 6,307,800 Offer Shares, representing
(a) approximately 33.24% of the number of Offer Shares initially available under the
Global Offering and (b) approximately 1.18% of the Shares in issue immediately following
completion of the Global Offering (assuming the Over-allotment Option is not exercised).
Please refer to the section headed “Cornerstone Investors” in the Prospectus for further
details of the Cornerstone Investors.
Connected Client Placee with Consent under the Placing Guidelines
• We have applied to the Stock Exchange for, and the Stock Exchange has granted us, a
consent under Paragraph 5(1) of Appendix 6 to the Listing Rules (the “ Placing Guidelines ”)
to permit the Company to allocate Offer Shares in the International Offering to the placee set
out in the section headed “International Offering — Connected Client Placee with Consent
under the Placing Guidelines” in this announcement.
Over-allotment Option
• In connection with the Global Offering, we have granted the Over-allotment Option to the
International Underwriters, exercisable by the Overall Coordinators (for themselves and on
behalf of the International Underwriters), at any time from the Listing Date to Saturday,
October 21, 2023, being the 30th day after the last day for lodging applications under the
Hong Kong Public Offering, to require us to allot and issue up to an aggregate of 2,846,400
Shares, representing 15% of the Shares initially being offered under the Global Offering at
the Offer Price to cover the over-allocations in the International Offering, if any.


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• There has been an over-allocation of 2,846,400 Offer Shares in the International Offering
and such over-allocation will be settled by using Shares borrowed under the Stock Borrowing
Agreement. Such borrowed Shares will be covered by amongst other methods, exercising
the Over-allotment Option in full or in part or by using Shares purchased by the Stabilizing
Manager (or through its affiliates or any person acting for it) in the secondary market at
prices that do not exceed the Offer Price or a combination of these means. In the event the
Over-allotment Option is exercised, an announcement will be made on the Stock Exchange’s
website at www.hkexnews.hk  and the Company’s website at www.zx.com. As of the date of
this announcement, the Over-allotment Option has not been exercised.
Confirmations Regarding Public Shareholders in the Hong Kong Public Offering and
Placees in the International Offering
• Save as disclosed in the section headed “International Offering — Connected Client Placee
with Consent under the Placing Guidelines” in this announcement, to the best knowledge,
information and belief of the Directors, no Offer Shares placed by or through the Overall
Coordinators, the Joint Global Coordinators, the Joint Bookrunners, the Joint Lead Managers,
or the Underwriters under the Global Offering have been placed with applicants or their
respective ultimate beneficial owners who are core connected persons (as defined in the
Listing Rules) of the Company 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.
• The Directors confirm that, to the best of their knowledge, information and belief, (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 of the Company, the Controlling Shareholders, the
substantial Shareholders, the existing Shareholders or any of their 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
of the Company, the Controlling Shareholders, the substantial Shareholders, the existing
Shareholders or any of their 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; (iii) no rebate has been, directly or indirectly, provided by the
Company, the Directors, chief executive of the Company, the Controlling Shareholders,
the substantial Shareholders, the existing Shareholders or any of their subsidiaries, or
their respective close associates, or syndicate members or any brokers or underwriters to
any public Shareholders in the Hong Kong Public Offering or placees in the International
Offering; (iv) the consideration payable by the public Shareholders 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, in
additional to 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 (v) there is no side agreement
or arrangement between the Company, any of the Directors, chief executive of the Company,
the Controlling Shareholders, the substantial Shareholders of the Company, the existing
Shareholders or any of their subsidiaries or their respective close associates or syndicate
members or any other brokers or underwriters, on one hand, and the public subscribers or the
placee who has subscribed for the Offer Shares, on the other hand.


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• None of the Joint Sponsors, the Overall Coordinators, the Joint Global Coordinators, the
Joint Bookrunners, the Joint Lead Managers, the Underwriters, and their respective affiliated
companies and connected clients of the lead broker or of any distributors (as defined in
the Placing Guidelines) has taken up any Offer Shares for its own benefit under the Global
Offering.
• The Directors confirm that none of the placees under the International Offering was
placed more than 10% of the enlarged issued share capital of the Company immediately
after completion of the Global Offering. Accordingly, the Directors confirm that none of
the placees will become a substantial shareholder (as defined under the Listing Rules) of
the Company after the completion of the Global Offering, and there will not be any new
substantial shareholder (as defined under the Listing Rules) of the Company immediately
after completion of the Global Offering.
Lock-up Undertakings
• Each of the Company, the Controlling Shareholders, the Pre-IPO Investor and the
Cornerstone Investors is subject to certain lock-up undertakings as set out in the section
headed “Lock-up Undertakings” in this announcement.
Results of Allocations
• The level of indications of interest in the International Offering, the level of applications in
the Hong Kong Public Offering and the basis of allocation of the Hong Kong Public Offer
Shares will be published on Wednesday, September 27, 2023 on the website of the Stock
Exchange at www.hkexnews.hk  and the Company’s website at www.zx.com .
• The results of allocations of the Hong Kong Public Offer Shares under the Hong Kong
Public Offering successfully applied for through the HK eIPO White Form  service or
through the CCASS EIPO  service, including the Hong Kong identity card numbers, passport
numbers, Hong Kong business registration numbers or certificate of incorporation numbers of
successful applicants (where applicable) and the number of Hong Kong Public Offer Shares,
successfully applied for, will be made available at the times and dates and in the manner
specified below:
(i) in the announcement to be posted on the Company’s website and the Stock Exchange’s
website at www.zx.com  and www.hkexnews.hk  , respectively, by no later than 9:00 a.m.
on Wednesday, September 27, 2023. 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  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 Public Offer Shares through their brokers or nominees can consult their
brokers or nominees to enquire about their application results;
(ii) from “IPO Results” function in the IPO App  or at www.hkeipo.hk/IPOResult  (or
www.tricor.com.hk/ipo/result ) with a “search by ID” function on a 24-hour basis from
8:00 a.m. on Wednesday, September 27, 2023 to 12:00 midnight on Tuesday, October 3,
2023; and
(iii) from the allocation results telephone enquiry line by calling +852 3691 8488 between
9:00 a.m. and 6:00 p.m. from Wednesday, September 27, 2023 to Tuesday, October 3,
2023 (excluding Saturday, Sunday and public holidays in Hong Kong).


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• 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.
• 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 Checks
• Applicants who applied for 500,000 Hong Kong Public Offer Shares or more through the
HK eIPO White Form service and who have been wholly or partially successfully allocated
Hong Kong Public Offer Shares and are eligible to collect Share certificates in person may
collect Share certificates 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 Wednesday, September 27, 2023, or such other date as notified by the Company
as the date of despatch/collection of Share certificates/refund monies.
• 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 Tricor Investor Services Limited.
• Share certificates for Hong Kong Public Offer Shares allotted to applicants who applied
for less than 500,000 Hong Kong Public Offer Shares through the HK eIPO White Form
service are expected to be despatched to those entitled to the addresses specified in the
relevant application instructions by ordinary post at their own risk on or before Wednesday,
September 27, 2023.
• Share certificates for Hong Kong Public Offer Shares allocated to applicants who applied
through the HK eIPO White Form  service which are either not available for personal
collection or which are available but are not collected in person by 1:00 p.m. on Wednesday,
September 27, 2023 are expected to be despatched by ordinary post to those entitled to
the address specified in the relevant application at their own risk on or before Wednesday,
September 27, 2023.


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• Wholly or partially successful applicants who applied by giving electronic application
instructions  to HKSCC via CCASS will have their Share certificates issued in the name of
HKSCC Nominees Limited and deposited into CCASS for credit to their CCASS Investor
Participant stock accounts or the stock accounts of their designated CCASS Participants
who gave electronic application instructions  on their behalf on Wednesday, September 27,
2023.
• Applicants who applied through a designated CCASS Participant (other than a CCASS
Investor Participant) should check the number of Hong Kong Public 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 should check and report any discrepancies to HKSCC
before 5:00 p.m. on Wednesday, September 27, 2023, or such other date as shall be
determined by HKSCC or HKSCC Nominees. Applicants who applied as a CCASS Investor
Participant by giving electronic application instructions  to HKSCC via CCASS may
also check the results of their applications and the amount of refund monies 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 Public Offer Shares to the
CCASS Investor Participants 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 number of Hong Kong Public Offer Shares
credited to their stock accounts and the refund amount credited to their respective designated
bank accounts (if any).
• Applicants who applied through the HK eIPO White Form  service and paid the application
monies from a single bank account will have refund monies (if any) despatched to their
application payment accounts in the form of e-Auto Refund payment instructions on
Wednesday, September 27, 2023. Applicants who applied through the HK eIPO White
Form service and paid the application monies from multiple bank accounts will have refund
monies (if any) despatched to the addresses specified in their application instructions in the
form of refund check(s) in favour of the applicant (or, in the case of joint applications, the
first-named applicant) by ordinary post at their own risk on or before Wednesday, September
27, 2023. No interest will be paid thereon.
• Refund monies (if any) for applicants who have 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 brokers or custodians on
Wednesday, September 27, 2023.
• Share certificates will only become valid evidence of title at 8:00 a.m. on the Listing Date
which is expected to be Thursday, September 28, 2023, provided that the Global Offering
has become unconditional in all respects at or before that time and the right of termination
described in the section headed “Underwriting — Underwriting Arrangements and Expenses
— Hong Kong Public Offering — Grounds for Termination” in the Prospectus has not been
exercised.


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• The Company will not issue any temporary documents of title in respect of the Offer Shares
and will not issue any receipt for application monies received.
Public Float
• Immediately following the completion of the Global Offering (assuming the Over-allotment
Option is not exercised), approximately 32.18% of the total issued Shares will be held by the
public in compliance with the requirements under Rule 8.08 of the Listing Rules.
• The Directors confirm that immediately after the Global Offering, (i) at least 25% of the
Company’s enlarged issued share capital would be held by the public hands in compliance
with Rule 8.08(1) of the Listing Rules, (ii) no placee will, individually, be placed more than
10% of the enlarged issued share capital of the Company, (iii) there will not be any new
substantial shareholder (as defined in the Listing Rules) of the Company, (iv) 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 (v) 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 Thursday, September 28, 2023 (Hong Kong time), dealings in the Shares on the Main
Board of the Stock Exchange are expected to commence at 9:00 a.m. on Thursday, September
28, 2023 (Hong Kong time). The Shares will be traded in board lots of 200 Shares each. The
stock code of the Shares is 9890.
In view of the high concentration of shareholding in a small number of Shareholders,
Shareholders and prospective investors should be aware that the price of the Shares could
move substantially even with a small number of Shares traded, and should exercise extreme
caution when dealing in Shares.
OFFER PRICE
The Offer Price has been determined at HK$14.00 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%).
NET PROCEEDS FROM THE GLOBAL OFFERING
Based on the Offer Price of HK$14.00 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
the other estimated expenses payable by the Company in connection with the Global Offering,
are estimated to be approximately HK$138.1 million. The estimated total listing expenses
are approximately HK$127.5 million, or 48.0% of the gross proceeds of the Global Offering,
comprising HK$29.5 million underwriting-related expenses, HK$64.7 million fees and expenses of
legal advisors and accountants, and HK$33.3 million other fees and expenses.


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The Company intends to apply the net proceeds as follows:
1. approximately 30.0%, or HK$41.4 million, will be used to enhance and expand its online game
publishing business and other marketing business and consumer product business over the next
four years:
a. approximately 25.0%, or HK$34.5 million, will be used to enhance and expand the product/
sector coverage of its online game publishing business and other marketing business over
the next four years:
i. approximately 12.5%, or HK$17.3 million, will be used to enhance and expand the
product/sector coverage of its online game publishing business and other marketing
business over the next four years. Specifically, approximately 5.0%, or HK$6.9
million, will be used to convert game products in development that we have been
authorized to market and operate from the pipeline status to final commercialization;
ii. approximately 10.0%, or HK$13.8 million, will be used to purchase new game IPs over
the next four years;
iii. approximately 2.5%, or HK$3.5 million, will be used to expand its portfolio beyond
game products over the next four years;
b. approximately 5.0%, or HK$6.9 million, will be used to enhance and expand its consumer
product business over the next four years:
i. approximately 2.5%, or HK$3.5 million, will be used to enhance its Zha Zha Hui
brand through expanding its instant food products categories and enhancing its brand
recognition over the next four years;
ii. approximately 1.5%, or HK$2.1 million, will be used to enhance its Bro Kooli brand
over the next four years;
iii. approximately 1.0%, or HK$1.4 million, will be used to potentially build new
consumer product business or brands, including recruit approximately five consumer
product designers with expertise in expanding a brand matrix into new verticals over
the next four years;
2. approximately 30.0%, or HK$41.4 million, will be allocated to expand and deepen its
partnership with major market participants throughout the full lifecycle value chain to fulfill its
growth strategy over the next four years:
a. approximately 28.0%, or HK$38.7 million, will be used to strengthen its relationships with
mainstream media platforms to enhance its brand awareness and end-user coverage over the
next four years;
b. approximately 2.0%, or HK$2.8 million, will be used to hire additional marketing and
operation personnel with competitive compensation over the next four years;


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3. approximately 10.0%, or HK$13.8 million, will be allocated to improve its technology
infrastructure and enhance its internal research and development capabilities over the next four
years:
a. approximately 6.0%, or HK$8.3 million, will be used to upgrade and strengthen its IT
infrastructure to support its business growth over the next four years;
b. approximately 4.0%, or HK$5.5 million, will be used to build up its IT team and strengthen
its R&D capabilities over the next four years;
4. approximately 10.0%, or HK$13.8 million, will be used to support its overall strategies of
expanding into select markets outside China and developing its overseas operation over the next
four years:
a. approximately 4.5%, or HK$6.2 million, will be used to expand the market share of its
online game publishing business and consumer product business over the next four years;
b. approximately 4.0%, or HK$5.5 million, will be used to develop its marketing and
operation capabilities overseas through engaging international celebrities and KOLs to
enhance its brand recognition over the next four years;
c. approximately 1.5%, or HK$2.1 million, will be used to recruit additional talents to support
its expansion and development strategies in overseas markets over the next four years;
5. approximately 10.0%, or HK$13.8 million, will be used for exploring potential strategic
acquisition opportunities starting from the second through the fourth year after the Listing;
6. approximately 10.0%, or HK$13.8 million, will be used for its working capital and general
corporate purposes.
If the Over-allotment Option is fully exercised to cover the over-allocation of 2,846,400 Offer
Shares in the International Offering, the Company will receive additional net proceeds of
approximately HK$38.4 million for 2,846,400 additional Offer Shares to be issued and allotted
upon the exercise of the Over-allotment Option, after deduction of the underwriting fees and
commissions and estimated expenses payable by the Company in connection with the Global
Offering. The allocation of the additional net proceeds will be adjusted on a pro-rata basis in
accordance with the purposes 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.
For further information, please refer to the section headed “Future Plans and Use of Proceeds” in
the Prospectus.


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APPLICATIONS AND INDICATIONS OF INTEREST RECEIVED IN
THE HONG KONG PUBLIC OFFERING
The Hong Kong Public Offer Shares initially available under the Hong Kong Public Offering
have been very significantly over-subscribed. At the close of the application lists at 12:00 noon on
Thursday, September 21, 2023, a total of 17,818 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 197,345,200 Hong Kong Public Offer Shares, representing
approximately 104.00 times of the total number of 1,897,600 Hong Kong Public Offer Shares
initially available for subscription under the Hong Kong Public Offering, 8,822 of which have been
allocated one board lot of Shares totaling 1,764,400 Shares, among which:
• 17,592 valid applications in respect of a total of 79,388,400 Hong Kong Public Offer Shares
were for the Hong Kong Public Offering with an aggregate subscription amount based on
the maximum Offer Price of HK$14.00 per Offer Share (excluding brokerage of 1.0%, SFC
transaction levy of 0.0027%, Stock Exchange trading fee of 0.00565% and AFRC transaction
levy of 0.00015%) of HK$5 million or less, representing approximately 83.67 times of the
948,800 Hong Kong Public Offer Shares initially comprised in Pool A; and
• 226 valid application in respect of a total of 117,956,800 Hong Kong Public Offer Shares
were for the Hong Kong Public Offering with an aggregate subscription amount based on
the maximum Offer Price of HK$14.00 per Offer Share (excluding brokerage of 1.0%, SFC
transaction levy of 0.0027%, Stock Exchange trading fee of 0.00565% and AFRC transaction
levy of 0.00015%) of more than HK$5 million, representing approximately 124.32 times of the
948,800 Hong Kong Public Offer Shares initially comprised in Pool B.
No application has been rejected due to invalid application. 10 multiple or suspected multiple
applications have been identified and rejected. One application has been rejected due to dishonored
payment. No application for more than 948,800 Hong Kong Public Offer Shares (being 50% of the
Hong Kong Public Offer Shares initially available under the Hong Kong Public Offering) has been
identified.
As the over-subscription in the Hong Kong Public Offering represents 100 times or more the
number of the Offer Shares initially available for subscription under the Hong Kong Public
Offering, the reallocation procedure as disclosed in the section headed “Structure of the Global
Offering — The Hong Kong Public Offering — Reallocation” in the Prospectus has been applied
and 7,590,400 Offer Shares have been reallocated from the International Offering to the Hong
Kong Public Offering. The final number of Offer Shares under the Hong Kong Public Offering is
9,488,000 Shares, representing 50% of the total number of Offer Shares initially available under the
Global Offering, and being allocated to 13,483 successful applicants under the Hong Kong Public
Offering, 8,822 of which have been allocated one board lot of Shares totaling 1,764,400 Shares,
representing approximately of 18.60% of total Offer Shares under the Hong Kong Public Offering.


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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 have been slightly over-
subscribed, representing approximately 1.67 times of the total number of Offer Shares initially
available under the International Offering. The final number of Offer Shares under the International
Offering is 9,488,000 Shares, representing approximately 50% 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 2,846,400 Offer Shares. Please refer to the section headed
“International Offering — Over-allotment Option” in this announcement.
There are a total of 138 placees under the International Offering, among which 106 placees,
representing 76.81% of the total number of placees under the International Offering, have been
allotted five or fewer board lots of Offer Shares, totaling 21,200 Shares, representing 0.22% of
the total number of Offer Shares available under the International Offering (assuming the Over-
allotment Option is not exercised). A total of 106 placees have been allotted one board lot of Offer
Shares, representing approximately 76.81% of the total number of placees under the International
Offering, totaling 21,200 Shares, representing approximately 0.22% of the total number of the
Offer Shares available under the International Offering (assuming the Over-allotment Option is not
exercised).


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14
Cornerstone Investors
Based on the Offer Price of HK$14.00 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 shareholding information of the cornerstone
investors is set out below:
Cornerstone Investors
Investment
Amount
(1)
(in million)
Hong Kong
dollar
equivalent
(2)
(in million)
Number
of Offer
Shares
(3)
Approximate
% of total
number of
Offer Shares
(assuming
the Over-
allotment
Option is not
exercised)
Approximate
% of total
number of
Offer Shares
(assuming
the Over-
allotment
Option
is fully
exercised)
Approximate
% of the
total Shares
in issue
immediately
following
completion
of the Global
Offering
(assuming
the Over-
allotment
Option is not
exercised)
Approximate
% of the
total Shares
in issue
immediately
following
completion
of the Global
Offering
(assuming
the Over-
allotment
Option
is fully
exercised)
Shangrao High-speed Rail
 Economy Experimental
 Zone Industrial Investment
 Development Co., Ltd.
 ( ɪᙘ৷᚛຾᏶༊᜕ਜପุ
 ʮ̡ ) RMB30.00 31.99 2,284,800 12.04% 10.47% 0.43% 0.43%
4399 Net Limited US$4.00 31.35 2,239,000 11.80% 10.26% 0.42% 0.42%
Hong Kong Longsin
 Co., Limited
 (ʮ̡ ) US$2.00 15.67 1,119,400 5.90% 5.13% 0.21% 0.21%
Aofei Data International
 Company Limited
 (ʮ̡ ) HK$9.31 9.31 664,600 3.50% 3.05% 0.12% 0.12%

Total 88.32 6,307,800 33.24% 28.91% 1.18% 1.17%

Notes:
(1) 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%.
(2) Calculated based on the actual exchange rate prescribed in the relevant Cornerstone Investment Agreement.
(3) Rounded down to the nearest whole board lot of 200 Shares.


--- page 13 ---
15
The Cornerstone Investors have agreed to pay for the relevant Offer Shares that they have
subscribed before dealings in the Shares commence on the Stock Exchange. There will be no
delayed delivery or delayed settlement of the Offer Shares to be subscribed by the Cornerstone
Investors. The Company has confirmed that (i) each Cornerstone Investor (and, for the Cornerstone
Investor who will subscribe for our Offer Shares through a qualified domestic institutional investor
(“QDII”), such QDII and the Cornerstone Investor) is an independent third party and is not the
Company’s connected person (as defined in the Listing Rules) nor an existing Shareholder; (ii) the
Cornerstone Investors are independent from each other; (iii) none of the Cornerstone Investors is
accustomed to take instructions from the Company, the Directors, chief executive of the Company,
the Controlling Shareholders, the substantial Shareholders, or the existing Shareholders or any of
its subsidiaries or their respective close associates in relation to the acquisition, disposal, voting or
other disposition of the Offer Shares; and (iv) none of the subscriptions made by the Cornerstone
Investors has been financed by the Company, the Directors, chief executive of the Company, the
Controlling Shareholders, the substantial Shareholders, other existing Shareholders or any of its
subsidiaries or their respective close associates. As confirmed by each Cornerstone Investor, their
subscriptions under the Cornerstone Placing would be financed by their own internal financial
resources and/or the financial resources of their ultimate beneficial owners, and that they have
sufficient funds to settle their respective investments under the Cornerstone Placing. There are
no side agreements/arrangements between the Company and the Cornerstone Investors or any
benefit, direct or indirect, conferred on the Cornerstone Investors by virtue of or in relation to the
Cornerstone Placing, other than a guaranteed allocation of the relevant Offer Shares at the Offer
Price. Each of the Cornerstone Investors has confirmed that all necessary approvals have been
obtained with respect to the Cornerstone Placing and that no specific approval from any stock
exchange or its shareholders is required for the relevant cornerstone investment.
The Cornerstone Placing forms part of the International Offering, and the Cornerstone Investors
will not acquire any Offer Shares under the Global Offering other than pursuant to the cornerstone
investment agreements. The Offer Shares to be subscribed by the Cornerstone Investors will rank
pari passu  in all respects with the fully paid Shares in issue and will be counted towards the public
float for the purpose of Rule 8.08 of the Listing Rules. Immediately following the completion of the
Global Offering, the Cornerstone Investors will not have any Board representation in the Company;
and none of the Cornerstone Investors will become a substantial Shareholder.
Each of the Cornerstone Investors has agreed that without the prior written consent of each of
the Company, the Overall Coordinators and the Joint Sponsors, it will not, whether directly or
indirectly, at any time during the period of twelve months following the Listing Date (the “ Lock-
up Period ”), dispose of any of the Offer Shares they have subscribed for pursuant to the relevant
Cornerstone Investment Agreements (the “ Relevant Shares ”) or any interest in any company or
entity holding any of the Relevant Shares.
Each Cornerstone Investor may transfer the Relevant Shares in certain limited circumstances set
out in Cornerstone Investment Agreements, such as a transfer to a wholly-owned subsidiary that
will be bound by the relevant Cornerstone Investor’s obligations under its Cornerstone Investment
Agreement, and be subject to the restrictions on disposal of Relevant Shares imposed on such
Cornerstone Investor.


--- page 14 ---
16
Please refer to the section headed “Cornerstone Investors” in the Prospectus for further details
relating to the Cornerstone Investors.
Connected Client Placee with Consent under the Placing Guidelines
The Company has applied to the Stock Exchange for, and the Stock Exchange has granted, a
consent under Paragraph 5(1) of the Placing Guidelines to permit the Company to allocate Offer
Shares in the International Offering to the following placee:
Placee
Connected
Distributors
Relationship with
the Connected
Distributors
Number of
Offer Shares
Placed
Approximate
percentage of
Offer Shares
in the Global
Offering
(1)
Approximate
percentage
of the total
issued share
capital
immediately
following
completion
of the Global
Offering
(1)
Connected client holding Offer Shares on a non-discretionary basis:
CSI Capital
 Management Limited
 (“CSICM”)
(2)
CLSA Limited
(“CLSA”)
CSICM is a member
of the same group of
companies as CLSA.
557,000 2.94% 0.10%
CITIC Securities
Brokerage (HK)
Limited (“ CSB”)
CSICM is a member
of the same group of
companies as CSB.
Notes:
(1) Assuming the Over-allotment Option is not exercised.
(2) CSICM will act as the single counterparty of a back-to-back total return swap transaction (the “ CSICM Back-to-back
TRS”) to be entered into by CSICM in connection with a total return swap order (the “ CSICM Client TRS ”) placed by its
ultimate client (the “ CSICM Ultimate Client ”), by which CSICM will pass the full economic exposure of the Offer Shares
placed to CSICM (the “ CSICM Offer Shares ”) to the CSICM Ultimate Client, meaning in effect, CSICM will hold the
beneficial interest of the CSICM Offer Shares on behalf of the CSICM Ultimate Client on a non-discretionary basis. CSICM
will hold the legal title and beneficial interest in the CSICM Offer Shares, but will contractually agree to pass on the full
economic exposure and return of the CSICM Offer Shares to the CSICM Ultimate Client. The CSICM Ultimate Clients may
exercise an early termination right to early terminate the CSICM Client TRS at any time from the trade date of the CSICM
Client TRS which should be on or after the date on which the CSICM Offer Shares are listed on the Stock Exchange. Upon
the final maturity or early termination of the CSICM Client TRS by the CSICM Ultimate Client, CSICM will dispose of the
CSICM Offer Shares on the secondary market and the CSICM Ultimate Client will receive a final termination amount of the
CSICM Back-to-back TRS which should have taken into account all the economic returns or economic loss in relation to the
CSICM Offer Shares and the fixed amount of transaction fees of the CSICM Back-to back TRS and the CSICM Client TRS.
CSICM will not exercise the voting right of the CSICM Offer Shares during the tenor of the CSICM Back-to-back TRS. To
the best of CSICM’s knowledge, after making all reasonable inquiries, each of the CSICM Ultimate Client and its ultimate
beneficial owner is a third party independent from each of the Company, CSICM, CLSA and CSB.


--- page 15 ---
17
The Offer Shares placed to the above placee are in compliance with all the conditions under the
consent granted by the Stock Exchange.
Over-allotment Option
In connection with the Global Offering, we have granted the Over-allotment Option to the
International Underwriters, exercisable by the Overall Coordinators (for themselves and on be-half
of the International Underwriters), at any time from the Listing Date to Saturday, October 21, 2023,
being the 30th day after the last day for lodging applications under the Hong Kong Public Offering,
to require us to allot and issue up to an aggregate of 2,846,400 Shares, representing approximately
15% of the Shares initially being offered under the Global Offering at the Offer Price to cover the
over-allocations in the International Offering, if any.
There has been an over-allocation of 2,846,400 Offer Shares in the International Offering and such
over-allocation will be settled by using Shares borrowed under the Stock Borrowing Agreement.
Such borrowed Shares will be covered by amongst other methods, exercising the Over-allotment
Option in full or in part or by using Shares purchased by the Stabilizing Manager (or through
its affiliates or any person acting for it) in the secondary market at prices that do not exceed the
Offer Price or a combination of these means. In the event the Over-allotment Option is exercised,
an announcement will be made on the Stock Exchange’s website at www.hkexnews.hk  and the
Company’s website at www.zx.com. As of the date of this announcement, the Over-allotment
Option has not been exercised.
Confirmations Regarding Public Shareholders in the Hong Kong Public Offering and Placees
in the International Offering
Save as disclosed in the section headed “International Offering — Connected Client Placee with
Consent under the Placing Guidelines” in this announcement, to the best knowledge, information
and belief of the Directors, no Offer Shares placed by or through the Overall Coordinators, the Joint
Global Coordinators, the Joint Bookrunners, the Joint Lead Managers, or the Underwriters under
the Global Offering have been placed with applicants or their respective ultimate beneficial owners
who are core connected persons (as defined in the Listing Rules) of the Company 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.


--- page 16 ---
18
The Directors confirm that, to the best of their knowledge, information and belief, (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 of the Company, the Controlling Shareholders, the substantial
Shareholders, the existing Shareholders or any of their 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 of the Company, the
Controlling Shareholders, the substantial Shareholders, the existing Shareholders or any of their
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; (iii) no rebate
has been, directly or indirectly, provided by the Company, the Directors, chief executive of the
Company, the Controlling Shareholders, the substantial Shareholders, the existing Shareholders or
any of their subsidiaries, or their respective close associates, or syndicate members or any brokers
or underwriters to any public Shareholders in the Hong Kong Public Offering or placees in the
International Offering; (iv) the consideration payable by the public Shareholders 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, in additional
to 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 (v) there is no side agreement or arrangement
between the Company, any of the Directors, chief executive of the Company, the Controlling
Shareholders, the substantial Shareholders of the Company, the existing Shareholders or any of
their subsidiaries or their respective close associates or syndicate members or any other brokers or
underwriters, on one hand, and the public subscribers or the placee who has subscribed for the Offer
Shares, on the other hand.
None of the Joint Sponsors, the Overall Coordinators, the Joint Global Coordinators, the Joint
Bookrunners, the Joint Lead Managers, the Underwriters, and their respective affiliated companies
and connected clients of the lead broker or of any distributors (as defined in the Placing Guidelines)
has taken up any Offer Shares for its own benefit under the Global Offering.
The Directors confirm that none of the placees under the International Offering was placed more
than 10% of the enlarged issued share capital of the Company immediately after completion of
the Global Offering. Accordingly, the Directors confirm that none of the placees will become a
substantial shareholder (as defined under the Listing Rules) of the Company after the completion
of the Global Offering, and there will not be any new substantial shareholder (as defined under the
Listing Rules) of the Company immediately after completion of the Global Offering.


--- page 17 ---
19
LOCK-UP UNDERTAKINGS
Each of the Company, the Controlling Shareholders, the Pre-IPO Investor and the Cornerstone
Investors has given certain undertakings in relation to the issue or disposal of Shares (the “ Lock-up
Undertakings ”). The major terms of the Lock-Up Undertakings are set out as follows:
Name
Number of
Lock-up
Shares held in
the Company
subject to
the Lock-up
Undertakings
upon Listing
Approximate
percentage of
shareholding in
the Company
subject to
the Lock-up
Undertakings
upon Listing
(1)
Last day subject to the
Lock-up Undertakings
The Company
 (subject to lock-up obligations
 pursuant to the Listing Rules and
 the Hong Kong Underwriting
 Agreement)
N/A N/A March 27, 2024
(2)
Cornerstone Investors
 (subject to lock-up obligations
 pursuant to the relevant
 Cornerstone Investment
 Agreements)
Shangrao High-speed Industrial
 Investment
2,284,800 0.43% September 27, 2024
(3)
4399 2,239,000 0.42% September 27, 2024
(3)
Longsin 1,119,400 0.21% September 27, 2024
(3)
Aofei International 664,600 0.12% September 27, 2024
(3)
Controlling Shareholders
 (subject to lock-up obligations
 pursuant to the Listing Rules
 and the Hong Kong Underwriting
 Agreement)
Mr. WU Xubo, WXB BVI 1,
 WXB BVI 2 and WXB Holdco
264,263,000 49.45% March 27, 2024
(4)
September 27, 2024
(4)


--- page 18 ---
20
Name
Number of
Lock-up
Shares held in
the Company
subject to
the Lock-up
Undertakings
upon Listing
Approximate
percentage of
shareholding in
the Company
subject to
the Lock-up
Undertakings
upon Listing
(1)
Last day subject to the
Lock-up Undertakings
Pre-IPO Investor
 (subject to lock-up obligations
 pursuant to its separate lock-up
 undertaking)
Duoxian International Limited 25,000,000 4.68% September 27, 2024
(5)
Notes:
(1) Assuming the Over-allotment Option is not exercised.
(2) The Company may not issue Shares prior to the indicated date except otherwise permitted by the Listing Rules and the Stock
Exchange.
(3) Each of the Cornerstone Investors may dispose of any of the Offer Shares subscribed in the Global Offering after the
indicated date.
(4) The Controlling Shareholders shall not (a) dispose of any of the relevant securities of the Company in the First Six-
Month Period and the First Lock-up Period; or (b) dispose of any of the relevant securities of the Company in the Second
Six-Month Period if immediately following such disposal the Controlling Shareholder would cease to be a controlling
shareholder (as defined in the Listing Rules) of the Company, or dispose of any of the relevant securities of the Company in
the Second Lock-up Period if immediately following such disposal another shareholder or person holding beneficial interests
in the Shares or securities of the Company would become a controlling shareholder (as defined in the Listing Rules) of the
Company.
For further details, please refer to the sections headed “Underwriting — Undertakings to the Stock Exchange pursuant to the
Listing Rules — Undertakings by our Controlling Shareholders” and “Underwriting — Undertakings pursuant to the Hong
Kong Underwriting Agreement — Undertakings by our Controlling Shareholders” in the Prospectus.
(5) The Pre-IPO Investor may dispose of or transfer Shares without any lock-up obligation after the indicated date.


--- page 19 ---
21
BASIS OF ALLOCATION UNDER THE HONG KONG PUBLIC
OFFERING
Subject to the satisfaction of the conditions set out in the section headed “Structure of the Global
Offering — Conditions of the Global Offering” in the Prospectus, 17,818 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:
Pool A
Number
of shares
applied for
Number
of valid
applications Basis of allocation/ballot
Approximate
percentage
allotted of the
total number
of shares
applied for
200 6,608 3,304 out of 6,608 applicants to receive 200 shares 50.00%
400 885 617 out of 885 applicants to receive 200 shares 34.86%
600 2,057 1,486 out of 2,057 applicants to receive 200 shares 24.08%
800 360 273 out of 360 applicants to receive 200 shares 18.96%
1,000 459 368 out of 459 applicants to receive 200 shares 16.03%
1,200 146 132 out of 146 applicants to receive 200 shares 15.07%
1,400 156 200 shares 14.29%
1,600 109 200 shares plus 5 out of 109 applicants to receive
an additional 200 shares
13.07%
1,800 87 200 shares plus 7 out of 87 applicants to receive
an additional 200 shares
12.01%
2,000 481 200 shares plus 49 out of 481 applicants to receive
an additional 200 shares
11.02%
3,000 3,667 200 shares plus 1,834 out of 3,667 applicants to receive
an additional 200 shares
10.00%
4,000 189 200 shares plus 152 out of 189 applicants to receive
an additional 200 shares
9.02%
5,000 132 400 shares 8.00%
6,000 167 400 shares plus 17 out of 167 applicants to receive
an additional 200 shares
7.01%
7,000 191 400 shares plus 40 out of 191 applicants to receive
an additional 200 shares
6.31%
8,000 122 400 shares plus 59 out of 122 applicants to receive
an additional 200 shares
6.21%
9,000 57 400 shares plus 43 out of 57 applicants to receive
an additional 200 shares
6.12%
10,000 894 600 shares 6.00%


--- page 20 ---
22
Pool A
Number
of shares
applied for
Number
of valid
applications Basis of allocation/ballot
Approximate
percentage
allotted of the
total number
of shares
applied for
20,000 282 800 shares 4.00%
30,000 124 1,000 shares 3.33%
40,000 83 1,200 shares 3.00%
50,000 56 1,400 shares 2.80%
60,000 46 1,600 shares 2.67%
70,000 42 1,800 shares 2.57%
80,000 17 2,000 shares 2.50%
90,000 8 2,200 shares 2.44%
100,000 96 2,400 shares 2.40%
200,000 53 4,600 shares 2.30%
300,000 18 6,800 shares 2.27%

Total 17,592 Total number of Pool A successful applicants: 13,257

Pool B
400,000 151 16,400 shares 4.10%
500,000 19 20,200 shares 4.04%
600,000 6 24,000 shares 4.00%
700,000 11 27,800 shares 3.97%
800,000 1 31,600 shares 3.95%
900,000 2 35,200 shares 3.91%
948,800 36 37,000 shares 3.90%

Total 226 Total number of Pool B successful applicants: 226

The final number of Offer Shares under the Hong Kong Public Offering is 9,488,000 Offer Shares,
representing 50% of the total number of Offer Shares initially available under the Global Offering.


--- page 21 ---
23
RESULTS OF ALLOCATIONS
The level of indications of interest in the International Offering, the level of applications in the
Hong Kong Public Offering and the basis of allocation of the Hong Kong Public Offer Shares
will be published on Wednesday, September 27, 2023 on the website of the Stock Exchange at
www.hkexnews.hk  and the Company’s website at www.zx.com .
The results of allocations of the Hong Kong Public Offer Shares under the Hong Kong Public
Offering successfully applied for through the HK eIPO White Form  service or through the
CCASS EIPO  service, including the Hong Kong identity card numbers, passport numbers, Hong
Kong business registration numbers or certificate of incorporation numbers of successful applicants
(where applicable) and the number of Hong Kong Public Offer Shares, successfully applied for, will
be made available at the times and dates and in the manner specified below:
• in the announcement to be posted on the Company’s website and the Stock Exchange’s
website at www.zx.com  and www.hkexnews.hk  , respectively, by no later than 9:00 a.m. on
Wednesday, September 27, 2023. 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  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 Public Offer Shares
through their brokers or nominees can consult their brokers or nominees to enquire about their
application results;
• from “IPO Results” function in the IPO App  or at www.hkeipo.hk/IPOResult (or
www.tricor.com.hk/ipo/result) with a “search by ID” function on a 24-hour basis from 8:00 a.m.
on Wednesday, September 27, 2023 to 12:00 midnight on Tuesday, October 3, 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 Wednesday, September 27, 2023 to Tuesday, October 3, 2023 (excluding
Saturday, Sunday and public holidays in Hong Kong).
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.
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.


--- page 22 ---
24
SHAREHOLDING CONCENTRATION ANALYSIS
A summary of allotment results under the International Offering is set out below:
• Top 1, 5, 10, 20 and 25 of the placees in the International Offering:
Placee(s) Subscription
Shares held
following the
Global
Offering
Subscription
as % of
International
Offering
(assuming the
Over-allotment
Option is
not exercised)
Subscription
as % of
International
Offering
(assuming the
Over-allotment
Option is
fully exercised)
Subscription
as % of total
Offer Shares
(assuming the
Over-allotment
Option is
not exercised)
Subscription
as % of total
Offer Shares
(assuming the
Over-allotment
Option is
fully exercised)
% of the
total issued
share capital
upon Listing
(assuming the
Over-allotment
Option is
not exercised)
% of the
total issued
share capital
upon Listing
(assuming the
Over-allotment
Option is
fully exercised)
Top 1 2,284,800 2,284,800 24.08% 18.52% 12.04% 10.47% 0.43% 0.43%
Top 5 7,579,000 7,579,000 79.88% 61.45% 39.94% 34.73% 1.42% 1.41%
Top 10 10,635,600 10,635,600 112.10% 86.23% 56.05% 48.74% 1.99% 1.98%
Top 20 11,996,000 11,996,000 126.43% 97.26% 63.22% 54.97% 2.24% 2.23%
Top 25 12,162,200 12,162,200 128.19% 98.60% 64.09% 55.73% 2.28% 2.26%
• Top 1, 5, 10, 20 and 25 Shareholders upon Listing:
Shareholder(s) Subscription
Shares held
following the
Global
Offering
Subscription
as % of
International
Offering
(assuming the
Over-allotment
Option is not
exercised)
(1)
Subscription
as % of
International
Offering
(assuming the
Over-allotment
Option is
fully exercised)
(1)
Subscription
as % of total
Offer Shares
(assuming the
Over-allotment
Option is not
exercised)
Subscription
as % of total
Offer Shares
(assuming the
Over-allotment
Option is
fully exercised)
% of the
total issued
share capital
upon Listing
(assuming the
Over-allotment
Option is not
exercised)
% of the
total issued
share capital
upon Listing
(assuming the
Over-allotment
Option is
fully exercised)
Top 1 — 264,263,000 0.00% 0.00% 0.00% 0.00% 49.45% 49.18%
Top 5 — 380,750,000 0.00% 0.00% 0.00% 0.00% 71.24% 70.87%
Top 10 — 470,963,918 0.00% 0.00% 0.00% 0.00% 88.12% 87.66%
Top 20 8,299,000 523,762,918 87.47% 67.28% 43.73% 38.03% 98.00% 97.48%
Top 25 11,023,600 526,487,518 116.18% 89.37% 58.09% 50.52% 98.51% 97.99%
Note:
(1) Represents the subscription level as a percentage of the total number of Shares allocated under the International Offering
without taking into account the subscription by successful applicants under the Hong Kong Public Offering.
In view of the high concentration of shareholding in a small number of Shareholders,
Shareholders and prospective investors should be aware that the price of the Shares could
move substantially even with a small number of Shares traded, and should exercise extreme
caution when dealing in Shares.