hk-ipo/data/extracted_text/00100/allotment_results_2026-01-08_2026010801342.txt

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1
Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited (the “Stock Exchange ”)
and Hong Kong Securities Clearing Company Limited ( “HKSCC ”) take no responsibility for the contents of this
announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability
whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this
announcement.
Unless otherwise defined herein, capitalized terms used in this announcement shall have the same meanings as those
defined in the prospectus dated Wednesday, December 31, 2025 (the “Prospectus ”) of MiniMax Group Inc. (the
“Company ”).
This announcement is for information purposes only and does not constitute an offer or an invitation to induce an offer
by any person to acquire, purchase or subscribe for any of the securities of the Company. This announcement is not a
prospectus. Potential investors should read the Prospectus for detailed information about the Global Offering described
below before deciding whether or not to invest in the Offer Shares. Any investment decision in relation to the Offer
Shares should be taken solely in reliance on the information provided in the Prospectus.
This announcement does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale
of Offer Shares in any jurisdiction in which such offer, solicitation or sales would be unlawful. This announcement is
not for release, publication or distribution, directly or indirectly, in or into the United States or any other jurisdiction
where such distribution is prohibited by law, nor is this announcement an offer for sale or solicitation to purchase or
subscribe for securities in the United States or any other jurisdictions. The Offer Shares have not been and will not
be registered under the U.S. Securities Act or any state securities laws in the United States and may not be offered,
sold, pledged or transferred within the United States or to, or for the account or benefit of U.S. persons (as defined
in Regulation S under the U.S. Securities Act), except in transactions exempt from, or not subject to, the registration
requirements of the U.S. Securities Act. The Offer Shares are being offered and sold (1) solely to qualified institutional
buyers as defined in Rule 144A in reliance on Rule 144A or another exemption from, or in a transaction not subject
to, registration under the U.S. Securities Act and (2) outside the United States in offshore transactions in reliance on
Regulation S under the U.S. Securities Act.
In connection with the Global Offering, China International Capital Corporation Hong Kong Securities Limited, as
the stabilizing manager (the “Stabilizing Manager ”) (or any person acting for it), on behalf of the Underwriters, may
over-allocate or effect transactions with a view to stabilizing or supporting the market price of the Class A Ordinary
Shares at a level higher than that which might otherwise prevail for a limited period after the Listing Date. However,
there is no obligation on the Stabilizing Manager (or any person acting for it) to conduct any such stabilizing action.
Such stabilizing action, if taken, (a) will be conducted at the absolute discretion of the Stabilizing Manager (or any
person acting for it) and in what the Stabilizing Manager (or any person acting for it) reasonably regards as the best
interest of our Company, (b) may be discontinued at any time, and (c) is required to be brought to an end within 30
days after the last day for lodging applications under the Hong Kong Public Offering (which is Thursday, February 5,
2026). Such stabilization action, if taken, may be effected in all jurisdictions where it is permissible to do so, in each
case in compliance with all applicable laws, rules and regulatory requirements, including the Securities and Futures
(Price Stabilizing) Rules (Chapter 571W of the Laws of Hong Kong), as amended, made under the Securities and
Futures Ordinance (Chapter 571 of the Laws of Hong Kong).
Potential investors should be aware that no stabilizing action can be taken to support the price of the Class A
Ordinary Shares for longer than the stabilization period which begins on the Listing Date, and is expected to expire on
Thursday, February 5, 2026, the 30th day after the last day for the lodging of applications under the Hong Kong Public
Offering. After this date, when no further stabilizing action may be taken, demand for the Class A Ordinary Shares,
and therefore the price of the Class A Ordinary Shares, could fall.
The Hong Kong Offer Shares will be offered to the public in Hong Kong subject to the terms and conditions set out
in the Prospectus. The Hong Kong Offer Shares will not be offered to any person who is outside Hong Kong and/
or not resident in Hong Kong. Potential investors of the Offer Shares should note that the Joint Sponsors and the
Overall Coordinators (for themselves and on behalf of the Hong Kong Underwriters) shall be entitled to terminate their
obligations under the Hong Kong Underwriting Agreement with immediate effect upon the occurrence of any of the
events set out in the section headed “Underwriting – Underwriting Arrangements and Expenses – Hong Kong Public
Offering – Hong Kong Underwriting Agreement – Grounds for Termination ” in the Prospectus at any time prior to 8:00
a.m. (Hong Kong time) on the Listing Date (which is currently expected to be on Friday, January 9, 2026).


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2
MiniMax Group Inc.
(A company controlled through weighted voting rights and incorporated in the Cayman Islands with limited liability)
GLOBAL OFFERING
Number of Offer Shares under
the Global Offering
: 29,197,600 Offer Shares (taking into
 account the full exercise of the Offer Size
 Adjustment Option and subject to the
 Over-allotment Option)
Number of Hong Kong Offer Shares : 5,077,860 Offer Shares (as adjusted after
 reallocation)
Number of International Offer Shares : 24,119,740 Offer Shares (taking into
 account the full exercise of the Offer
 Size Adjustment Option, as adjusted
 after reallocation and subject to the
 Over-allotment Option)
Final Offer Price : HK$165.00 per Offer Share, plus
 brokerage of 1%, SFC transaction levy
 of 0.0027%, Stock Exchange trading fee
 of 0.00565% and AFRC transaction levy
 of 0.00015% (payable in full on
 application in Hong Kong dollars and
 subject to refund)
Nominal value : US$0.0001 per Offer Share
Stock code : 0100
Joint Sponsors, Overall Coordinators, Joint Global Coordinators,
Joint Bookrunners and Joint Lead Managers
(in alphabetical order)
Overall Coordinators, Joint Global Coordinators,
Joint Bookrunners and Joint Lead Managers
(in alphabetical order)
Joint Bookrunners and Joint Lead Managers
(in alphabetical order)


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3

MiniMax Group Inc.
ANNOUNCEMENT OF FINAL OFFER PRICE AND ALLOTMENT RESULTS

Warning: In view of high concentration of shareholding in a small number of Shareholders,
Shareholders and prospective investors should be aware that the price of the Class A Ordinary Shares
could move substantially even with a small number of the Class A Ordinary Shares traded and should
exercise extreme caution when dealing in the Class A Ordinary Shares.
SUMMARY

Company information
Stock code  0100
Stock short name  MINIMAX - WP
Dealings commencement date January 9, 2026*
*see note at the end of the announcement

Price Information
Final Public Offer Price and International Offer Price (the
“Offer Price”)
HK$165.00
Offer Price Range HK$151.00 - HK$165.00

Offer Shares and Share Capital
Number of Offer Shares (after full exercise of the Offer Size
Adjustment Option)
29,197,600
Final Number of Offer Shares in Public Offer (after
reallocation)
5,077,860
Final Number of Offer Shares in International Offer ( after
reallocation and the full exercise of the Offer Size
Adjustment Option)
24,119,740
Number of issued Shares upon Listing (before exercise of the
Over-allotment Option)
309,255,668
The number of Offer Shares above is determined after taking into account the additional Offer Shares issued
under the following Offer Size Adjustment Option.

Offer Size Adjustment Option (Upsize option)
Number of additional shares issued under the option 3,808,380
- Public Offer 0
- International Offer 3,808,380
The Offer Size Adjustment Option has been exercised in full, pursuant to which the Company is issuing
and allotting 3,808,380 additional Offer Shares, representing approximately 15% of the total number of
Offer Shares initially available under the Global Offering, at the final Offer Price.

Over-allocation
No. of Offer Shares over-allocated 4,379,640
- International Offer 4,379,640
Such over-allocation may be covered by exercising the Over -allotment Option or by making purchases
in the secondary market at prices that do not exceed the Offer Price or through deferred delivery or a


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combination of these means. In the event the Over -allotment Option is exercised, an announcement will
be made on the Stock Exchange’s website.

Proceeds
Gross proceeds (Note)  HK$4,817.6 million
Less: Estimated listing expenses payable based on final
Offer Price
HK$(221.5) million
Net proceeds  HK$4,596.1 million

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


ALLOTMENT RESULTS DETAILS
PUBLIC OFFER

No. of valid applications  417,646
No. of successful applications  104,901
Subscription level  1,837.17 times
Claw-back triggered  Yes
No. of Offer Shares initially available under the Public Offer  1,269,480
No. of Offer Shares reallocated from the International Offer (claw-
back)
3,808,380
Final no. of Offer Shares under the Public Offer (after reallocation) 5,077,860
% of Offer Shares  under the Public Offer to the Global Offering
(after the full exercise of the Offer Size Adjustment Option)
17.4%

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

No. of placees 376
Subscription level (before taking into account the Offer Size
Adjustment Option)
36.76 times
No. of Offer Shares initially available under the International Offer  24,119,740
No. of Offer Shares reallocated to the Public Offer (claw-back) 3,808,380
Final no. of Offer Shares under the International Offer (after
reallocation and the full exercise of the Offer Size Adjustment
Option)
24,119,740
% of Offer Shares under the International Offer to the Global
Offering (after the full exercise of the Offer Size Adjustment
Option)
82.6%


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5

The Directors confirm that, to the best of their knowledge, information and belief, save for a waiver from strict
compliance with Rule 10.04 of the Listing Rules and a consent under paragraph 1C (2) of Appendix F1 to the
Listing Rules (the “ Placing Guidelines ”) granted by the Stock Exchange to permit Offer  Shares in the
International Offering to be placed to certain existing minority shareholders and/or their close associates, (i)
none of the Offer Shares subscribed by the placees and the public have been financed directly or indirectly by
the Company, any of the Directors, chief executive of the Company, Controlling Shareholder s, substantial
Shareholders, existing Shareholders of the Company or any of its subsidiaries or their respective close
associates; and (ii) none of the placees and the public who have purchased the Offer Shares are accustomed
to taking instructions from  the Company, any of the Directors, chief executive of the Company, Controlling
Shareholders, substantial Shareholders , existing Shareholders of the Company or any of its subsidiari es or
their respective close associates in relation to the acquisition, disposal, voting or other disposition of the Class
A Ordinary Shares registered in his/her/its name or otherwise held by him/her/it.
The placees in the International Offer include the following:
Cornerstone Investors

Investor
No. of
Offer
Shares
allocated
% of Offer
Shares (after
taking into
account the full
exercise of the
Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised)
% of total issued
Class A
Ordinary Shares
(after taking
into account the
full exercise of
the Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised)
% of total issued
share capital
after the Global
Offering (after
taking into
account the full
exercise of the
Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised)
Existing
shareholders
or their close
associates
Abu Dhabi
Investment
Authority
(“ADIA”) 3,065,040 10.50% 1.34% 0.99% No
Alisoft China
Holding Limited
(“Alisoft China”) 1,414,640 4.85% 0.62% 0.46% Yes
Aspex Master
Fund  1,650,400 5.65% 0.72% 0.53% Yes
Abstract Enigma
Limited 1,650,400 5.65% 0.72% 0.53% Yes
China Universal
Asset
Management
(Hong Kong)
Company Limited
(“China
Universal (HK)”) 707,320 2.42% 0.31% 0.23% No


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6


Investor
No. of
Offer
Shares
allocated
% of Offer
Shares (after
taking into
account the full
exercise of the
Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised)
% of total issued
Class A
Ordinary Shares
(after taking
into account the
full exercise of
the Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised)
% of total issued
share capital
after the Global
Offering (after
taking into
account the full
exercise of the
Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised)
Existing
shareholders
or their close
associates
Eastspring
Investments
(Singapore)
Limited
(“Eastspring”) 707,320 2.42% 0.31% 0.23% No
E Fund
Management Co.,
Ltd. (“E Fund
Management”) 471,540 1.61% 0.21% 0.15% No
IDG Breyer
Capital Fund L.P.
(“IDG Breyer
Fund”) 707,320 2.42% 0.31% 0.23% Yes
Janchor Partners
Pan-Asian Master
Fund and Janchor
Partners
Opportunities
Master Fund III
(“Janchor
Funds”) 1,650,400 5.65% 0.72% 0.53% Yes
Martis Fund, L.P. 707,320  2.42% 0.31% 0.23% No
Mirae Asset
Securities Co.,
Ltd. (“Mirae
Asset Securities”) 943,080  3.23% 0.41% 0.30% No
MPC VII Pte. Ltd.
(“MPC VII”) 707,320  2.42% 0.31% 0.23% Yes
Perseverance
Asset
Management
International
(Singapore) Pte.
Ltd.
(“Perseverance 1,178,860  4.04% 0.52% 0.38% No


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7


Investor
No. of
Offer
Shares
allocated
% of Offer
Shares (after
taking into
account the full
exercise of the
Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised)
% of total issued
Class A
Ordinary Shares
(after taking
into account the
full exercise of
the Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised)
% of total issued
share capital
after the Global
Offering (after
taking into
account the full
exercise of the
Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised)
Existing
shareholders
or their close
associates
Asset
Management”)
Taikang Life
Insurance Co., Ltd
(“Taikang Life”) 943,080  3.23% 0.41% 0.30% No
Total 16,504,040  56.53% 7.23% 5.34%


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8


Allotees with Waivers/Consents Obtained


Investor
No. of
Offer
Shares
allocated
% of Offer
Shares (after
taking into
account the full
exercise of the
Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised)
% of total issued
Class A
Ordinary
Shares (after
taking into
account the full
exercise of the
Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised)
% of total issued
share capital
after the Global
Offering (after
taking into
account the full
exercise of the
Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised)  Relationship
Allotees with waiver from strict compliance with Rule 10.04 of the Listing Rules and consent under
paragraph 1C(2) of the Placing Guidelines in relation to subscription for Offer  Shares by existing
minority shareholders and/or its close associates as cornerstone investors and placees Note 1
Cornerstone Investors
Alisoft China 1,414,640 4.85% 0.62% 0.46% A cornerstone
investor and an
existing
minority
shareholder
Aspex Master
Fund
1,650,400 5.65% 0.72% 0.53% A cornerstone
investor and a
close associate
of an existing
minority
shareholder
Abstract Enigma
Limited
1,650,400 5.65% 0.72% 0.53% A cornerstone
investor and a
close associate
of an existing
minority
shareholder
IDG Breyer Fund 707,320 2.42% 0.31% 0.23% A cornerstone
investor and a
close associate
of an existing
minority
shareholder
Janchor Funds 1,650,400 5.65% 0.72% 0.53% A cornerstone
investor and an
existing


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9


Investor
No. of
Offer
Shares
allocated
% of Offer
Shares (after
taking into
account the full
exercise of the
Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised)
% of total issued
Class A
Ordinary
Shares (after
taking into
account the full
exercise of the
Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised)
% of total issued
share capital
after the Global
Offering (after
taking into
account the full
exercise of the
Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised)  Relationship
minority
shareholder
MPC VII 707,320  2.42% 0.31% 0.23% A cornerstone
investor and an
existing
minority
shareholder
Placees
Planetree Existing Shareholders and their close associate
Planetree
Partners III, L.P.
120 0.00% 0.00% 0.00% A placee and an
existing
minority
shareholder
Planetree
Partners III -A,
L.P.
20 0.00% 0.00% 0.00% A placee and an
existing
minority
shareholder
Farseer L.P. 120 0.00% 0.00% 0.00% A placee  and a
close associate
of Planetree
Partners III,
L.P., Planetree
Partners III -A,
L.P. and
Planetree
PARTNERS
HARVEST l,
L.P.
Subtotal 260 0.00% 0.00% 0.00% -
China Orient and its close associate
China Orient
Enhanced
Income Fund
8,500 0.03% 0.00% 0.00% A placee and an
existing


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10


Investor
No. of
Offer
Shares
allocated
% of Offer
Shares (after
taking into
account the full
exercise of the
Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised)
% of total issued
Class A
Ordinary
Shares (after
taking into
account the full
exercise of the
Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised)
% of total issued
share capital
after the Global
Offering (after
taking into
account the full
exercise of the
Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised)  Relationship
(“China
Orient”)
minority
shareholder
China Orient
Multi-Strategy
Master Fund
7,100 0.02% 0.00% 0.00% A placee and a
close associate
of existing
minority
shareholders
Subtotal 15,600 0.05% 0.01% 0.00% -
Close associates of MNM Holdings Limited and XAM Holdings Limited
Hillhouse
Investment
Management
Limited
238,160 0.82% 0.10% 0.08% A placee and a
close associate
of existing
minority
shareholders
HHLR Advisors,
Ltd.
238,140 0.82% 0.10% 0.08% A placee and a
close associate
of existing
minority
shareholders
Subtotal 476,300 1.63% 0.21% 0.15% -
VitalFamily II
Limited
2,360 0.01% 0.00% 0.00% A placee  and a
close associate
of an existing
minority
shareholder
HCEP
Management
Limited
23,560 0.08% 0.01% 0.01% A placee and a
close associate
of an existing
minority
shareholder
CICC Financial
Trading Limited
in connection
24,760 0.08% 0.01% 0.01% A placee and a
close associate
of existing


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11


Investor
No. of
Offer
Shares
allocated
% of Offer
Shares (after
taking into
account the full
exercise of the
Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised)
% of total issued
Class A
Ordinary
Shares (after
taking into
account the full
exercise of the
Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised)
% of total issued
share capital
after the Global
Offering (after
taking into
account the full
exercise of the
Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised)  Relationship
with the CICCFT
OTC Swaps (as
defined below)
minority
shareholders
Also a
connected client
Guotai Junan
Investments
(Hong Kong)
Limited in
connection with
the GTJAI
Subscription (as
defined below)
18,100 0.06% 0.01% 0.01% A placee and a
close associate
of an existing
minority
shareholder
Also a
connected client
Allotees with consent under paragraph 1C(1) of the Placing Guidelines and Chapter 4.15 of the
Guide for New Listing Applicants in relation to allocations to connected clients Note 2
CICC Financial
Trading Limited
24,760 0.08% 0.01% 0.01% Connected client
Also a close
associate of an
existing
minority
shareholder
Guotai Junan
Investments
(Hong Kong)
Limited
18,100 0.06% 0.01% 0.01% Connected client
Also a close
associate of an
existing
minority
shareholder
CITIC Securities
International
Capital
Management
Limited
940 0.00% 0.00% 0.00% Connected client


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12


Investor
No. of
Offer
Shares
allocated
% of Offer
Shares (after
taking into
account the full
exercise of the
Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised)
% of total issued
Class A
Ordinary
Shares (after
taking into
account the full
exercise of the
Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised)
% of total issued
share capital
after the Global
Offering (after
taking into
account the full
exercise of the
Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised)  Relationship
Huatai Capital
Investment
Limited
10,040 0.03% 0.00% 0.00% Connected client

Bosera Asset
Management
(International)
Co., Ltd
9,400 0.03% 0.00% 0.00% Connected client
China Asset
Management
(Hong Kong)
Limited
23,560 0.08% 0.01% 0.01% Connected client
China Asset
Management
Co., Ltd.
71,000 0.24% 0.03% 0.02% Connected client
CITIC Securities
Asset
Management
Company
Limited
480 0.00% 0.00% 0.00% Connected client
ICBC UBS Asset
Management
(International)
Company
Limited
1,400 0.00% 0.00% 0.00% Connected client
Notes:

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

2. For details of the consent under paragraph 1C(1) of the Placing Guidelines and Chapter 4.15 of the Guide
for New Listing Applicants in relation to allocations to connected clients, please refer to the section headed
“Others / Additional Information – Placing to connected clients with a prior consent under paragraph


--- page 13 ---
13


Investor
No. of
Offer
Shares
allocated
% of Offer
Shares (after
taking into
account the full
exercise of the
Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised)
% of total issued
Class A
Ordinary
Shares (after
taking into
account the full
exercise of the
Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised)
% of total issued
share capital
after the Global
Offering (after
taking into
account the full
exercise of the
Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised)  Relationship
1C(1) of the Placing Guidelines” in this announcement.

LOCK-UP UNDERTAKINGS
Key Persons (as defined under Rule 18C.14 of the Listing Rules)
Name Capacity
Number of Shares
held in the Company
subject to lock -up
undertakings upon
Listing
% of total issued Shares
after the Global Offering
upon Listing (after
taking into account the
full exercise of the Offer
Size Adjustment Option
and assuming the Over-
allotment Option is not
exercised)
Last day subject
to the lock -up
undertakings
Note 1
Dr. Yan Junjie (“Dr. Yan”) Note 2
Alpha EXP
Limited
(“Alpha
EXP”)
Dr. Yan’s close
associates
62,593,180 Class B
Ordinary Shares
20.24% January 8, 2028


MiniMax
Awakening
Limited

(“MiniMax
Awakening”)
Dr. Yan’s close
associates
11,509,339 Class B
Ordinary Shares
3.72% January 8, 2028

MiniMax
Matrix
Limited
(“MiniMax
Matrix”)
Dr. Yan’s close
associates
5,000,000 Class A
Ordinary Shares
1.62% January 8, 2028

MiniMax
Limited
Dr. Yan’s close
associates
15 Class B Ordinary
Shares
0.000005%  January 8, 2028

Ms. Yun Yeyi (“Ms. Yun”) Note 2
Floating Sky
Limited
(“Floating
Sky”)
Ms. Yun close
associates
7,000,000 Class B
Ordinary Shares
2.26% January 8, 2028

Notes:


--- page 14 ---
14

Name Capacity
Number of Shares
held in the Company
subject to lock -up
undertakings upon
Listing
% of total issued Shares
after the Global Offering
upon Listing (after
taking into account the
full exercise of the Offer
Size Adjustment Option
and assuming the Over-
allotment Option is not
exercised)
Last day subject
to the lock -up
undertakings
Note 1

1. The lock-up period commences on the date by reference to which disclosure of its shareholding is made in the
Prospectus and ends on the date which is 24 months from the Listing Date, i.e. January 8, 2028. In the event
that upon the notification by the Stock Exchange that the Company will no longer be regarded as a Pre -
Commercial Company after the Listing, the lock-up period will expire on the later of: (i) the date on which
such lock-up periods would have ended if the Company had applied for listing as a Commercial Company;
and (2) the date falling on the 30th day after the announcement on the removal of designation as a Pre -
Commercial Company as required under Rule 18C.24 of the Listing Rules.

2. Dr. Yan and Ms. Yun are our founders, WVR beneficiaries, executive Directors and senior management and
Dr. Yan is also our key personnel responsible for our technical operations and/or the research and
development of our Specialist Technology Products, who are subject to lock-up requirements pursuant to Rule
18C.14 of the Listing Rules.

Pathfinder SIIs
Name Capacity
Number of Shares
held in the Company
subject to lock-up
undertakings upon
Listing
% of total issued
Class A
Ordinary Shares
(after taking into
account the full
exercise of the
Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised)
% of total issued
Shares after the
Global Offering
upon Listing
(after taking into
account the full
exercise of the
Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised)
Last day
subject to the
lock-up
undertakings
Note 1
Shanghai
Mihoyo
Argo
Technology
Co., Ltd
(
上海米哈
游阿爾戈
科技有限
公司)
Pathfinder
SII
1,912,399 Class A
Ordinary Shares
0.84% 0.62% January 8 ,
2027


miHoYo
Limited
Pathfinder
SII
16,015,779 Class A
Ordinary Shares
7.02% 5.18% January 8 ,
2027


--- page 15 ---
15

Name Capacity
Number of Shares
held in the Company
subject to lock-up
undertakings upon
Listing
% of total issued
Class A
Ordinary Shares
(after taking into
account the full
exercise of the
Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised)
% of total issued
Shares after the
Global Offering
upon Listing
(after taking into
account the full
exercise of the
Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised)
Last day
subject to the
lock-up
undertakings
Note 1
Cosmic
Station
Limited
Pathfinder
SII
7,301,687 Class A
Ordinary Shares
3.20% 2.36% January 8 ,
2027

Seasonal
Charm
Limited
Pathfinder
SII
535,263 Class A
Ordinary Shares
0.23% 0.17% January 8 ,
2027

Note:

1. In accordance with Rule 18C.14 of the Listing Rules , the required lock-up period commences on the date by
reference to which disclosure of its shareholding is made in the Prospectus and ends  on the date which is 12
months from the Listing Date, i.e. January 8, 202 7. In the event that upon the notification by the  Stock
Exchange that the Company will no longer be regarded as a Pre-Commercial Company after the Listing, the
lock-up period will expire on the later of: (i) the date on which such lock -up periods would have ended if the
Company had applied for listing as a Commercial Company; and (2) the date falling on the 30th day after the
announcement on the removal of designation as a Pre-Commercial Company as required under Rule 18C.24
of the Listing Rules.

Controlling Shareholders
Name
Number of Shares held in
the Company subject to lock-
up undertakings upon
Listing
% of total issued Shares after the
Global Offering upon Listing
(after taking into account the full
exercise of the Offer Size
Adjustment Option and assuming
the Over-allotment Option is not
exercised)
Last day subject to the
lock-up undertakings
Note 1
Alpha EXP 62,593,180 Class B Ordinary
Shares
20.24% January 8, 2028


MiniMax
Awakening
11,509,339 Class B Ordinary
Shares
3.72% January 8, 2028

MiniMax
Matrix
5,000,000 Class A Ordinary
Shares
1.62% January 8, 2028

MiniMax
Limited
15 Class B Ordinary Shares 0.000005% January 8, 2028

Note:


--- page 16 ---
16

Name
Number of Shares held in
the Company subject to lock-
up undertakings upon
Listing
% of total issued Shares after the
Global Offering upon Listing
(after taking into account the full
exercise of the Offer Size
Adjustment Option and assuming
the Over-allotment Option is not
exercised)
Last day subject to the
lock-up undertakings
Note 1
1. The lock-up period commences on the date by reference to which disclosure of its shareholding is made in the
Prospectus and ends on the date which is 24 months from the Listing Date, i.e. January 8, 2028. In the event
that upon the notification by the Stock Exchange that the Company will no longer be regarded as a Pre -
Commercial Company after the Listing, the lock-up period will expire on the later of: (i) the date on which
such lock-up periods would have ended if the Company had applied for listing as a Commercial Company;
and (2) the date falling on the 30th day after the announcement on the removal of designation as a Pre -
Commercial Company as required under Rule 18C.24 of the Listing Rules.


Existing Shareholders
Name
Number of Shares
held in the
Company subject
to lock- up
undertakings
upon Listing
% of total issued Class
A Ordinary Shares
(after taking into
account the full
exercise of the Offer
Size Adjustment
Option and assuming
the Over- allotment
Option is not
exercised)
% of total issued
Shares after the Global
Offering upon Listing
(after taking into
account the full
exercise of the Offer
Size Adjustment
Option and assuming
the Over- allotment
Option is not
exercised)
Last day
subject to the
lock-up
undertakings
Note 1
MiniMax Gene
Limited Note 3
20,890,736 Class
A Ordinary Shares
9.16% 6.76% the earlier of
(i) the
twentieth
(20th) trading
day starting
from the date
on which the
Class A
Ordinary
Shares are
included as an
eligible stocks
of Stock
Connect and
can be traded
via Stock
Connect of the
Stock
Exchange, or
(ii) October 8,
2026Note 2
miHoYo
Limited Note 4 and
13
16,015,779 Class
A Ordinary Shares
7.02% 5.18%
Shanghai
Mihoyo Argo
Technology
Co., Ltd
 Note 4 and
13
1,912,399 Class A
Ordinary Shares
0.84% 0.62%
MPC VII Pte.
Ltd. Note 13
7,772,332 Class A
Ordinary Shares
3.41% 2.51%
Bravo Ideas
Investments
Limited Note 13
3,633,558 Class A
Ordinary Shares
1.59% 1.17%
GW Investment
Group Ltd.
1,651,111 Class A
Ordinary Shares
0.72% 0.53%
Sidsi Holding
Limited
396,266 Class A
Ordinary Shares
0.17% 0.13%
Nanshan Alauda
Limited
723,208 Class A
Ordinary Shares
0.32% 0.23%


--- page 17 ---
17

Name
Number of Shares
held in the
Company subject
to lock- up
undertakings
upon Listing
% of total issued Class
A Ordinary Shares
(after taking into
account the full
exercise of the Offer
Size Adjustment
Option and assuming
the Over- allotment
Option is not
exercised)
% of total issued
Shares after the Global
Offering upon Listing
(after taking into
account the full
exercise of the Offer
Size Adjustment
Option and assuming
the Over- allotment
Option is not
exercised)
Last day
subject to the
lock-up
undertakings
Note 1
Elephant Vision
Technologies
Limited
330,222 Class A
Ordinary Shares
0.14% 0.11%
AIH Global Pte.
Ltd.
330,222 Class A
Ordinary Shares
0.14% 0.11%
CloudAlpha
Master Fund
792,533 Class A
Ordinary Shares
0.35% 0.26%
Yang Family
Investments
Limited
198,133 Class A
Ordinary Shares
0.09% 0.06%
Futron Capital
Limited
330,222 Class A
Ordinary Shares
0.14% 0.11%
Nexus Vector
Limited
1,981,333 Class A
Ordinary Shares
0.87% 0.64%
Cosmic Station
Limited Note 4 and
13
7,301,687 Class A
Ordinary Shares
3.20% 2.36% July 8, 2026
Seasonal Charm
Limited Note 4 and
13
535,263 Class A
Ordinary Shares
0.23% 0.17% July 8, 2026
Alisoft China
Holding
Limited Note 13
38,247,987 Class
A Ordinary Shares
16.76% 12.37% July 8, 2026
Image Frame
Investment
(HK) Limited
Note 13
7,232,084 Class A
Ordinary Shares
3.17% 2.34% July 8, 2026
XAM Holdings
Limited Note 13
14,201,184 Class
A Ordinary Shares
6.22% 4.59% July 8, 2026
MNM Holdings
Limited Note 13
2,343,196 Class A
Ordinary Shares
1.03% 0.76% July 8, 2026
Miheng
Holdings
Limited Note 5
3,442,472 Class A
Ordinary Shares
1.51% 1.11% July 8, 2026
Himalia
Holding
Limited Note 13
1,656,805 Class A
Ordinary Shares
0.73% 0.54% July 8, 2026
HSG Growth
VII Holdco E,
Ltd. Note 13
9,011,235 Class A
Ordinary Shares
3.95% 2.91% July 8, 2026


--- page 18 ---
18

Name
Number of Shares
held in the
Company subject
to lock- up
undertakings
upon Listing
% of total issued Class
A Ordinary Shares
(after taking into
account the full
exercise of the Offer
Size Adjustment
Option and assuming
the Over- allotment
Option is not
exercised)
% of total issued
Shares after the Global
Offering upon Listing
(after taking into
account the full
exercise of the Offer
Size Adjustment
Option and assuming
the Over- allotment
Option is not
exercised)
Last day
subject to the
lock-up
undertakings
Note 1
Astrend
Opportunity IV
Beta Limited Note
13
2,260,471 Class A
Ordinary Shares
0.99% 0.73% July 8, 2026
Astrend X Fund,
L.P. Note 13
1,446,417 Class A
Ordinary Shares
0.63% 0.47% July 8, 2026
Astrend X -2
Limited Note 13
814,054 Class A
Ordinary Shares
0.36% 0.26% July 8, 2026
Golden Horizon
Limited Note 13
411,097 Class A
Ordinary Shares
0.18% 0.13% July 8, 2026
Future Capital
Discovery Fund
IV, L.P. Note 13
2,519,330 Class A
Ordinary Shares
1.10% 0.81% July 8, 2026
Ideafication
Holdings L.P.
Note 13
1,111,903 Class A
Ordinary Shares
0.49% 0.36% July 8, 2026
Lingham
Beauty Limited
Note 6
4,817,351 Class A
Ordinary Shares
2.11% 1.56% July 8, 2026
Forever Gain
Limited Note 6
478,100 Class A
Ordinary Shares
0.21% 0.15% July 8, 2026
China Life
(Shenzhen)
Technology
Innovation
Private Equity
Investment
Fund
Partnership
(Limited
Partnership)(
國
壽 ( 深圳) 科技
創新私募股權
投資基金合夥
企業( 有限合
夥)) Note 7
2,825,791 Class A
Ordinary Shares
1.24% 0.91% July 8, 2026
Hefei China
Life Carbon
Peak and
330,021 Class A
Ordinary Shares
0.14% 0.11% July 8, 2026


--- page 19 ---
19

Name
Number of Shares
held in the
Company subject
to lock- up
undertakings
upon Listing
% of total issued Class
A Ordinary Shares
(after taking into
account the full
exercise of the Offer
Size Adjustment
Option and assuming
the Over- allotment
Option is not
exercised)
% of total issued
Shares after the Global
Offering upon Listing
(after taking into
account the full
exercise of the Offer
Size Adjustment
Option and assuming
the Over- allotment
Option is not
exercised)
Last day
subject to the
lock-up
undertakings
Note 1
Carbon
Neutrality Phase
I Equity
Investment
Fund
Partnership
(Limited
Partnership)(
合
肥國壽碳峰碳
中一期股權投
資基金合夥企
業( 有限合夥
))
Note 7
Planetree
PARTNERS
HARVEST I,
L.P. Note 8
478,100 Class A
Ordinary Shares
0.21% 0.15% July 8, 2026
Planetree
Partners III, L.P.
Note 8
2,154,046 Class A
Ordinary Shares
0.94% 0.70% July 8, 2026
Planetree
Partners III -A,
L.P. Note 8
253,416 Class A
Ordinary Shares
0.11% 0.08% July 8, 2026
Star Bairui
Holdings
Limited
2,438,309 Class A
Ordinary Shares
1.07% 0.79% July 8, 2026
Vitalbridge
Fund II, L.P.
2,280,734 Class A
Ordinary Shares
1.00% 0.74% July 8, 2026
Beijing Shunjin
Shunying
Enterprise
Management
Partnership
(Limited
Partnership) (
北
京順金順贏企
業管理合夥企
業(有限合夥))
2,260,471 Class A
Ordinary Shares
0.99% 0.73% July 8, 2026


--- page 20 ---
20

Name
Number of Shares
held in the
Company subject
to lock- up
undertakings
upon Listing
% of total issued Class
A Ordinary Shares
(after taking into
account the full
exercise of the Offer
Size Adjustment
Option and assuming
the Over- allotment
Option is not
exercised)
% of total issued
Shares after the Global
Offering upon Listing
(after taking into
account the full
exercise of the Offer
Size Adjustment
Option and assuming
the Over- allotment
Option is not
exercised)
Last day
subject to the
lock-up
undertakings
Note 1
Xinnuo Yuheng
Ltd.
1,912,399 Class A
Ordinary Shares
0.84% 0.62% July 8, 2026
Trend Xpand
Limited
1,446,417 Class A
Ordinary Shares
0.63% 0.47% July 8, 2026
Shanghai
Lianxin
Technology
Equity
Investment
Center (Limited
Partnership) (
上
海聯新科技股
權投資中心 (有
限合夥))
1,434,300 Class A
Ordinary Shares
0.63% 0.46% July 8, 2026
Anhui
Transportation
Holding CICC
Industrial
Development
Fund
Partnership
(Limited
Partnership) (
安
徽交控中金產
業發展基金合
夥企業 (有限合
夥
)) Note 9
217,000 Class A
Ordinary Shares
0.10% 0.07% July 8, 2026
Suzhou CICC
SAIC Emerging
Industry Equity
Investment
Fund
Partnership
(Limited
Partnership) (
蘇
州中金上汽新
興產業股權投
資基金合夥企
814,052 Class A
Ordinary Shares
0.36% 0.26% July 8, 2026


--- page 21 ---
21

Name
Number of Shares
held in the
Company subject
to lock- up
undertakings
upon Listing
% of total issued Class
A Ordinary Shares
(after taking into
account the full
exercise of the Offer
Size Adjustment
Option and assuming
the Over- allotment
Option is not
exercised)
% of total issued
Shares after the Global
Offering upon Listing
(after taking into
account the full
exercise of the Offer
Size Adjustment
Option and assuming
the Over- allotment
Option is not
exercised)
Last day
subject to the
lock-up
undertakings
Note 1
業( 有限合夥 ))
Note 9
Shanghai
Fortera FOF
Investment
Fund (Limited
Partnership) ( 上
海國孚領航投
資合夥企業 (有
限合夥)) Note 10
814,054 Class A
Ordinary Shares
0.36% 0.26% July 8, 2026
Shanghai
Modou Venture
Capital
Partnership
(Limited
Partnership) (
上
海魔豆創業投
資合夥企業 (有
限合夥)) Note 10
445,800 Class A
Ordinary Shares
0.20% 0.14% July 8, 2026
Shenzhen
Pengyuan
Cornerstone
Private Equity
Investment
Fund
Partnership
(Limited
Partnership) (
深
圳市鵬遠基石
私募股權投資
基金合夥企業
(有限合夥
)) Note
11
552,394 Class A
Ordinary Shares
0.24% 0.18% July 8, 2026
Nanjing Lingyi
Cornerstone
Equity
Investment
Partnership
220,958 Class A
Ordinary Shares
0.10% 0.07% July 8, 2026


--- page 22 ---
22

Name
Number of Shares
held in the
Company subject
to lock- up
undertakings
upon Listing
% of total issued Class
A Ordinary Shares
(after taking into
account the full
exercise of the Offer
Size Adjustment
Option and assuming
the Over- allotment
Option is not
exercised)
% of total issued
Shares after the Global
Offering upon Listing
(after taking into
account the full
exercise of the Offer
Size Adjustment
Option and assuming
the Over- allotment
Option is not
exercised)
Last day
subject to the
lock-up
undertakings
Note 1
(Limited
Partnership) ( 南
京領益基石股
權投資合夥企
業( 有限合夥 ))
Note 11
JointForce Fund
I LP
407,027 Class A
Ordinary Shares
0.18% 0.13% July 8, 2026
Shanghai
Guangqihuichan
Phase I Private
Equity
Investment
Fund
Partnership
(Limited
Partnership) (
上
海光啟匯產一
期私募投資基
金合夥企業 (有
限合夥))
1,298,626 Class A
Ordinary Shares
0.57% 0.42% July 8, 2026
Shanghai
Guofang Kapa
Enterprise
Management
Partnership
(Limited
Partnership)(
上
海國方卡帕企
業管理合夥企
業(有限合夥))
384,392 Class A
Ordinary Shares
0.17% 0.12% July 8, 2026
Cloud Maximus
Limited
334,670 Class A
Ordinary Shares
0.15% 0.11% July 8, 2026
Shanghai SSCI
Leading
Artificial
Intelligence
Private Equity
891,599 Class A
Ordinary Shares
0.39% 0.29% July 8, 2026


--- page 23 ---
23

Name
Number of Shares
held in the
Company subject
to lock- up
undertakings
upon Listing
% of total issued Class
A Ordinary Shares
(after taking into
account the full
exercise of the Offer
Size Adjustment
Option and assuming
the Over- allotment
Option is not
exercised)
% of total issued
Shares after the Global
Offering upon Listing
(after taking into
account the full
exercise of the Offer
Size Adjustment
Option and assuming
the Over- allotment
Option is not
exercised)
Last day
subject to the
lock-up
undertakings
Note 1
Investment
Fund
Partnership
(Limited
Partnership) (
上
海國投先導人
工智能私募投
資基金合夥企
業(有限合夥) )
CMG Media
Convergence
Industry
Investment
Fund (Limited
Partnership) ( 央
視融媒體產業
投資基金( 有限
合夥))
891,599 Class A
Ordinary Shares
0.39% 0.29% July 8, 2026
Mentor Group
Limited
924,622 Class A
Ordinary Shares
0.41% 0.30% July 8, 2026
XEP-1 Holdings
Limited
2,971,999 Class A
Ordinary Shares
1.30% 0.96% July 8, 2026
TAL China
Focus Master
Fund
1,320,888 Class A
Ordinary Shares
0.58% 0.43% July 8, 2026
Janchor Partners
Pan-Asian
Master Fund Note
12
2,044,706 Class A
Ordinary Shares
0.90% 0.66% July 8, 2026
Janchor Partners
Opportunities
Master Fund III
Note 12
332,893 Class A
Ordinary Shares
0.15% 0.11% July 8, 2026
China Orient
Enhanced
Income Fund
1,320,888 Class A
Ordinary Shares
0.58% 0.43% July 8, 2026
Alliance
Winford
Limited
1,320,888 Class A
Ordinary Shares
0.58% 0.43% July 8, 2026


--- page 24 ---
24

Name
Number of Shares
held in the
Company subject
to lock- up
undertakings
upon Listing
% of total issued Class
A Ordinary Shares
(after taking into
account the full
exercise of the Offer
Size Adjustment
Option and assuming
the Over- allotment
Option is not
exercised)
% of total issued
Shares after the Global
Offering upon Listing
(after taking into
account the full
exercise of the Offer
Size Adjustment
Option and assuming
the Over- allotment
Option is not
exercised)
Last day
subject to the
lock-up
undertakings
Note 1
Jupiter Global
Master Fund
Ltd.
541,564 Class A
Ordinary Shares
0.24% 0.18% July 8, 2026
CoreView
Master Fund
Limited
990,666 Class A
Ordinary Shares
0.43% 0.32% July 8, 2026
LI FAMILY
HOLDINGS
PTE. LTD
330,222 Class A
Ordinary Shares
0.14% 0.11% July 8, 2026
Charoen
Pokphand
Robot Limited
1,981,333 Class A
Ordinary Shares
0.87% 0.64% July 8, 2026
Notes:

1. The expiry date of the lock– up period shown in the table above is pursuant to the relevant Lock-up
Undertakings as set out in the Prospectus.

2. The lock-up period commenc es from the date of their respective Lock-up Undertakings or the date of th e
Prospectus and ending on a date which is the earlier of (i) the twentieth (20th) trading day starting from the
date on which the Class A Ordinary Shares are included as an eligible stocks of Stock Connect and can be
traded via Stock Connect of the Stock Exchange, or (ii) nine months from the Listing Date , subject to
customary exceptions.

3. being the Company's Employee Shareholding Platform.

4. being one of the Company’s Pathfinder SIIs. In accordance with Rule 18C.14 of the Listing Rules , it also
subject to the required lock-up period commenc es on the date by reference to which disclosure of its
shareholding is made in the Prospectus and ends on the date which is 12 months from the Listing Date, i.e.
January 8, 2027.

5. Miheng Holdings Limited is an exempted company with limited liability incorporated under the laws of
Cayman Islands, which is wholly controlled by Beijing Miheng Enterprise Management Consulting
Partnership (Limited Partnership) (
北京觅恒企业管理咨询合伙企业（有限合伙）) (“Beijing Miheng
”). The general partner of Beijing Miheng is Wuxi Ningjun Enterprise Management Co., Ltd. (无锡宁袀
企业管理有限公司), which is controlled by Zhuhai Gao Ling Private Fund Management Co., Ltd. The
limited partners of Beijing Miheng are five private equity  funds that are record -filed with Asset
Management Association of China. There is no individual who directly or indirectly holds an interest of
30% or more in Beijing Miheng.

6. These entities are under common control.

7.  All the entities are ultimately controlled by China Life Insurance (Group) Company ( 中國人壽保險(集
團)公司).


--- page 25 ---
25

Name
Number of Shares
held in the
Company subject
to lock- up
undertakings
upon Listing
% of total issued Class
A Ordinary Shares
(after taking into
account the full
exercise of the Offer
Size Adjustment
Option and assuming
the Over- allotment
Option is not
exercised)
% of total issued
Shares after the Global
Offering upon Listing
(after taking into
account the full
exercise of the Offer
Size Adjustment
Option and assuming
the Over- allotment
Option is not
exercised)
Last day
subject to the
lock-up
undertakings
Note 1

8. All the entities are under Planetree Partners.

9. The executive partners of both entitles are subsidiaries of China International Capital Corporation Limited
(中國國際金融股份有限公司).

10. These entities are under common control.

11. These entities are under common control.

12. These entities are under common control.

13. For details of the background of relevant Shareholders, please refer to the section headed “H istory,
Reorganization and Corporate Structure – Pre-IPO Investments – 4. Information relating to our key Pre-
IPO Investor”.

14. The above notes, where applicable, reflect the latest and current shareholding structure of relevant
Shareholders as of the date of this announcement.


Cornerstone Investors
Name
Number of Offer
Shares held in
the Company
subject to lock-up
undertakings
upon Listing
% of total issued
Class A Ordinary
Shares (after
taking into
account the full
exercise of the
Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised)
% of total issued
Shares after the
Global Offering upon
Listing (after taking
into account the full
exercise of the Offer
Size Adjustment
Option and assuming
the Over- allotment
Option is not
exercised)
Last day subject to the
lock-up undertakings
Note 1
ADIA 3,065,040 1.34% 0.99% July 8, 2026
Alisoft China 1,414,640 0.62% 0.46% July 8, 2026
Aspex Master
Fund  1,650,400 0.72% 0.53%
July 8, 2026
Abstract
Enigma
Limited 1,650,400 0.72% 0.53%
July 8, 2026


--- page 26 ---
26

Name
Number of Offer
Shares held in
the Company
subject to lock-up
undertakings
upon Listing
% of total issued
Class A Ordinary
Shares (after
taking into
account the full
exercise of the
Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised)
% of total issued
Shares after the
Global Offering upon
Listing (after taking
into account the full
exercise of the Offer
Size Adjustment
Option and assuming
the Over- allotment
Option is not
exercised)
Last day subject to the
lock-up undertakings
Note 1
China
Universal
(HK) 707,320 0.31% 0.23%
July 8, 2026
Eastspring 707,320 0.31% 0.23% July 8, 2026
E Fund
Management 471,540 0.21% 0.15%
July 8, 2026
IDG Breyer
Fund 707,320 0.31% 0.23%
July 8, 2026
Janchor Funds 1,650,400 0.72% 0.53% July 8, 2026
Martis Fund,
L.P. 707,320  0.31% 0.23%
July 8, 2026
Mirae Asset
Securities 943,080  0.41% 0.30%
July 8, 2026
MPC VII 707,320  0.31% 0.23% July 8, 2026
Perseverance
Asset
Management 1,178,860  0.52% 0.38%
July 8, 2026
Taikang Life 943,080  0.41% 0.30% July 8, 2026
Total 16,504,040  7.23% 5.34% July 8, 2026
Note:

1. In accordance with the relevant cornerstone investment agreements, the required lock-up ends on July 8, 2026.
The Cornerstone Investors will cease to be prohibited from disposing of or transferring the Class A Ordinary
Shares subscribed for pursuant to the relevant cornerstone investment agreements after the indicated date.


--- page 27 ---
27

PLACEE CONCENTRATION ANALYSIS**
Placees*
Number of
Class A
Ordinary
Shares
allotted
Allotment
as % of the
International
Offering
(assuming no
exercise of
the Over-
allotment
Option)
Allotment
as % of the
International
Offering
(assuming
the Over-
allotment
Option is
fully
exercised
and new
Class A
Ordinary
Shares are
issued)
Allotment
as % of
total
Offer
Shares
(assuming
no
exercise
of the
Over-
allotment
Option)
Allotment
as % of
total Offer
Shares
(assuming
the Over-
allotment
Option is
fully
exercised
and new
Class A
Ordinary
Shares are
issued)
Number of
Class A
Ordinary
Shares held
upon Listing
% of total
issued
Class A
Ordinary
Shares
upon
Listing
(assuming
no exercise
of the
Over-
allotment
Option)
% of total
issued
Class A
Ordinary
Shares
upon
Listing
(assuming
the Over-
allotment
Option is
fully
exercised
and new
Class A
Ordinary
Shares are
issued)
% of total
issued
share
capital
upon
Listing
(assuming
no exercise
of the
Over-
allotment
Option)
% of total
issued share
capital upon
Listing
(assuming
the Over-
allotment
Option is
fully
exercised
and new
Class A
Ordinary
Shares are
issued)
Top 1  3,543,516  14.69% 12.43% 12.14% 10.55%  3,543,516  1.55% 1.52% 1.15% 1.13%
Top 5  10,521,056  43.62% 36.92% 36.03% 31.33%  17,851,987  7.82% 7.68% 5.77% 5.69%
Top 10  15,708,036  65.13% 55.12% 53.80% 46.78%  69,059,286  30.27% 29.70% 22.33% 22.02%
Top 25  24,178,736  100.24% 84.84% 82.81% 72.01%  99,369,817  43.55% 42.73% 32.13% 31.68%

Notes:
* Ranking of placees is based on the number of Offer Shares allotted to the placees.
** Taking into account the full exercise of the Offer Size Adjustment Option.


--- page 28 ---
28

CLASS A SHAREHOLDER CONCENTRATION ANALYSIS**
Class A
Shareholder*
Number
of Class A
Ordinary
Shares
allotted
Allotment
as % of the
International
Offering
(assuming no
exercise of the
Over-
allotment
Option)
Allotment
as % of the
International
Offering
(assuming the
Over-
allotment
Option is fully
exercised and
new Class A
Ordinary
Shares are
issued)
Allotment
as % of
total Offer
Shares
(assuming
no exercise
of the
Over-
allotment
Option)
Allotment
as % of
total Offer
Shares
(assuming
the Over-
allotment
Option is
fully
exercised
and new
Class A
Ordinary
Shares are
issued)
Number of
Class A
Ordinary
Shares
held upon
Listing
% of total
issued
Class A
Ordinary
Shares
upon
Listing
(assuming
no exercise
of the
Over-
allotment
Option)
% of total
issued
Class A
Ordinary
Shares
upon
Listing
(assuming
the Over-
allotment
Option is
fully
exercised
and new
Class A
Ordinary
Shares are
issued)
% of total
issued
share
capital
upon
Listing
(assuming
no exercise
of the
Over-
allotment
Option)
% of total
issued
share
capital
upon
Listing
(assuming
the Over-
allotment
Option is
fully
exercised
and new
Class A
Ordinary
Shares are
issued)
Top 1  1,414,640  5.87% 4.96% 4.85% 4.21% 39,662,627  17.38% 17.06% 12.83% 12.65%
Top 5  1,914,500  7.94% 6.72% 6.56% 5.70% 106,193,821  46.54% 45.67% 34.34% 33.86%
Top 10  3,329,140  13.80% 11.68% 11.40% 9.91% 140,745,278  61.69% 60.53% 45.51% 44.88%
Top 25  13,852,816  57.43% 48.61% 47.45% 41.26% 189,241,408  82.94% 81.38% 61.19% 60.34%

Notes:
* Ranking of Class A Shareholders is based on the number of Class A Ordinary Shares held by the Class A Shareholders upon Listing.
** Taking into account the full exercise of the Offer Size Adjustment Option.


--- page 29 ---
29

SHAREHOLDER CONCENTRATION ANALYSIS**
Shareholder*
Number of
Class A
Ordinary
Shares
allotted
Allotment as %
of the
International
Offering
(assuming no
exercise of the
Over-allotment
Option)
Allotment as %
of the
International
Offering
(assuming the
Over-allotment
Option is fully
exercised and
new Class A
Ordinary
Shares are
issued)
Allotment
as % of
total Offer
Shares
(assuming
no exercise
of the Over-
allotment
Option)
Allotment
as % of
total Offer
Shares
(assuming
the Over-
allotment
Option is
fully
exercised
and new
Class A
Ordinary
Shares are
issued)
Number of
Class A
Ordinary
Shares held
upon
Listing
Number of
total Shares
held upon
Listing
% of total
issued share
capital
upon
Listing
(assuming
no exercise
of the Over-
allotment
Option)
% of total
issued
share
capital
upon
Listing
(assuming
the Over-
allotment
Option is
fully
exercised
and new
Class A
Ordinary
Shares are
issued)
Top 1  -    0.00% 0.00% 0.00% 0.00% 5,000,000   79,102,534  25.58% 25.22%
Top 5  1,890,940  7.84% 6.64% 6.48% 5.63% 100,025,921   174,128,455 56.31% 55.52%
Top 10  2,621,820  10.87% 9.20% 8.98% 7.81% 134,266,207   215,368,741  69.64% 68.67%
Top 25  13,852,816  57.43% 48.61% 47.45% 41.26% 186,783,775   267,886,309 86.62% 85.41%

Notes:
* Ranking of Shareholders is based on the number of Shares (of all classes) held by the Shareholders upon Listing.
** Taking into account the full exercise of the Offer Size Adjustment Option.


--- page 30 ---
30

BASIS OF ALLOCATION UNDER THE HONG KONG PUBLIC OFFERING
Subject to the satisfaction of the conditions set out in the Prospectus, valid applications made by
the public will be conditionally allocated on the basis set out below:

NO. OF
OFFER
SHARES
APPLIED
FOR
NO. OF VALID
APPLICATIONS
BASIS OF ALLOTMENT /
BALLOT
APPROXIMATE
PERCENTAGE
ALLOTTED OF THE
TOTAL NO. OF
OFFER SHARES
APPLIED FOR
  POOL A
20 139,314
3,911 out of 139,314 applicants to
receive 20 shares 2.81%
40 39,265
1,582 out of 39,265 applicants to
receive 20 shares 2.01%
60 23,720
1,135 out of 23,720 applicants to
receive 20 shares 1.59%
80 7,002
412 out of 7,002 applicants to
receive 20 shares 1.47%
100 10,391
716 out of 10,391 applicants to
receive 20 shares 1.38%
120 7,508
589 out of 7,508 applicants to
receive 20 shares 1.31%
140 4,698
411 out of 4,698 applicants to
receive 20 shares 1.25%
160 4,622
445 out of 4,622 applicants to
receive 20 shares 1.20%
180 5,194
544 out of 5,194 applicants to
receive 20 shares 1.16%
200 32,223
3,634 out of 32,223 applicants to
receive 20 shares 1.13%
300 15,651
2,357 out of 15,651 applicants to
receive 20 shares 1.00%
400 7,267
1,343 out of 7,267 applicants to
receive 20 shares 0.92%
500 4,760
1,032 out of 4,760 applicants to
receive 20 shares 0.87%
600 7,570
1,868 out of 7,570 applicants to
receive 20 shares 0.82%
700 3,843
1,058 out of 3,843 applicants to
receive 20 shares 0.79%
800 3,291
997 out of 3,291 applicants to
receive 20 shares 0.76%
900 2,495
822 out of 2,495 applicants to
receive 20 shares 0.73%
1,000 16,195
5,748 out of 16,195 applicants to
receive 20 shares 0.71%
2,000 11,308
6,576 out of 11,308 applicants to
receive 20 shares 0.58%
3,000 7,187
5,579 out of 7,187 applicants to
receive 20 shares 0.52%
4,000 5,704 20 shares 0.50%


--- page 31 ---
31

5,000 5,035
20 shares plus 589 out of 5,035
applicants to receive an additional
20 shares 0.45%
6,000 4,273
20 shares plus 1,162 out of 4,273
applicants to receive an additional
20 shares 0.42%
7,000 2,845
20 shares plus 1,194 out of 2,845
applicants to receive an additional
20 shares 0.41%
8,000 2,524
20 shares plus 1,417 out of 2,524
applicants to rece ive an additional
20 shares 0.39%
9,000 1,855
20 shares plus 1,295 out of 1,855
applicants to receive an additional
20 shares 0.38%
10,000 10,634
20 shares plus 8,827 out of 10,634
applicants to receive an additional
20 shares 0.37%
20,000 6,429
40 shares plus 6,419 out of 6,429
applicants to receive an additional
20 shares 0.30%
30,000 4,886
80 shares plus 13 out of 4,886
applicants to receive an additional
20 shares 0.27%
Total 397,689
Total number of Pool A
successful applicants: 84,944

  POOL B
40,000 9,721 100 shares 0.25%
50,000 2,163
100 shares plus 1,099 out of 2,163
applicants to receive an additional
20 shares 0.22%
60,000 1,555
100 shares plus 1,494 out of 1,555
applicants to receive an additional
20 shares 0.20%
70,000 1,027
120 shares plus 383 out of 1,027
applicants to receive an additional
20 shares 0.18%
80,000 759
120 shares plus 571 out of 759
applicants to receive an additional
20 shares 0.17%
90,000 548
140 shares plus 58 out of 548
applicants to receive an additional
20 shares 0.16%
100,000 2,167
140 shares plus 949 out of 2,167
applicants to receive an additional
20 shares 0.15%
200,000 864
200 shares plus 38 out of 864
applicants to receive an additional
20 shares 0.10%
300,000 344
220 shares plus 335 out of 344
applicants to receive an additional
20 shares 0.08%


--- page 32 ---
32

400,000 172
260 shares plus 97 out of 172
applicants to receive an additional
20 shares 0.07%
500,000 128
280 shares plus 121 out of 128
applicants to receive an additional
20 shares 0.06%
634,740 509
320 shares plus 289 out of 509
applicants to receive an additional
20 shares 0.05%
Total 19,957
Total number of Pool B
successful applicants: 19,957

As of the date of this announcement, the relevant subscription monies previously deposited in the
designated nominee accounts have been remitted back to the accounts of all HKSCC participants .
Investors should contact their relevant brokers for any inquiries.

COMPLIANCE WITH LISTING RULES AND GUIDANCE
The Directors confirm that, except for the Listing Rules that have been waived  and/or in respect of
which consent has been obtained, the Company has complied with the Listing Rules and guidance
materials in relation to the placing, allotment and listing of the Class A Ordinary Shares.
The Directors confirm that, to the best of their knowledge, the consideration paid by the placees or the
public (as the case may be) directly or indirectly for each Offer Share subscribed for or purchased by
them is the same as the final Offer Price in addition to any brokerage, AFRC transaction levy, SFC
transaction levy and trading fee payable.
The Directors and the Overall Coordinators confirm that at least 50% of the total number of the Offer
Shares have been allocated to and taken up by independent price setting investors in compliance with
Rule 18C.08 of the Listing Rules.
The Directors further confirm that at least 20% of the issued share capital of the Company will be held
by sophisticated independent investors at the time of Listing in compliance with Chapter 2.5 of the
Guide for New Listing Applicants.
OTHERS / ADDITIONAL INFORMATION

Offer Size Adjustment Option

The Offer Size Adjustment Option has been exercised in full, pursuant to which the Company is issuing
and allotting 3,808,380 additional Offer Shares, representing approximately 15% of the total number
of Offer Shares initially available under the Global O ffering, at the final Offer Price
 to increase the
number of Offer Shares available under the International Offering.

Accordingly, the total number of Offer Shares available under the Global Offering (after taking into
account the full exercise of the Offer Size Adjustment Option and before any exercise of the Over-
allotment Option) that would be allotted and issued by the Company is 29,197,600 Offer Shares and
the total issued share capital of the Company upon Listing (after taking into account the full exercise
of the Offer Size Adjustment Option and before any exercise of the Over -allotment Option) will be

309,255,668 Shares.


--- page 33 ---
33

Reallocation

As the Hong Kong Public Offering has been over -subscribed by more than 1,800 times of the total
number of Offer Shares initially available under the Hong Kong Public Offering, the reallocation
procedure as disclosed in the section he aded “Structure of the Global Offering – The Hong Kong
Public Offering – Reallocation” in the Prospectus has been applied.

The number of Offer Shares initially available under the Hong Kong Public Offering is 1,269,480
Offer Shares, representing approximately 5% of the total number of Offer Shares initially available
under the Global Offering (assuming the Offer Size Adjustment Option and the Over-allotment Option
are not exercised). As a result of such reallocation, the final  number of Offer Shares under the Hong
Kong Public Offering is adjusted to 5,077,860 Offer Shares, representing approximately 20% of the
total number of Offer Shares initially available under the Global Offering (assuming the Offer Size
Adjustment Option and the Over-allotment Option are not exercised).

Placing to existing shareholders and/or its close associates with a prior waiver under Rule 10.04
and consent under paragraph 1C(2) of the Placing Guidelines

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

(a) the allocation to the Existing Shareholder Participants will not affect the Company’s ability to
satisfy relevant requirements under Rules 8.08(1), 18C.08 and 8.08A of the Listing Rules,
respectively;

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

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

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

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

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


--- page 34 ---
34

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


--- page 35 ---
35

No. Connected
Distributor
Connecte
d Client
Relationship Identities of the
ultimate
beneficial
owners of the
Offer Shares or,
where
applicable,
details of the
structured
products under
which the
subscription by
the Connected
Client was
made (e.g. OTC
total return
swaps)
Whether the
Connected
Client is a
collective
investment
scheme which
is not
authorised by
the SFC or is
expected to
hold the Offer
Shares on
behalf of such
scheme
Amount of
Offer Shares
to be
allocated to
the
Connected
Client
Approximate
percentage of
total number of
Offer Shares
under the
Global Offering
(after taking
into account the
full exercise of
the Offer Size
Adjustment
Option and
assuming no
exercise of the
Over-allotment
Option)
Approximate
percentage of
total issued
Class A
Ordinary
Shares under
the Global
Offering (after
taking into
account the full
exercise of the
Offer Size
Adjustment
Option and
assuming no
exercise of the
Over-allotment
Option)
Approximate
percentage of
total issued
share capital
immediately
following the
Global Offering
(after taking
into account the
full exercise of
the Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised)
Part A - Connected Client holding the beneficial interest of the Offer Shares on a non-discretionary basis on behalf of independent third parties
1.  China
International
Capital
Corporation
Hong Kong
Securities
Limited
(CICCHKS)
CICC
Financial
Trading
Limited
(CICC
FT) (Note
1)
CICCFT is a
member of
the same
group as
CICCHKS.
Please refer to
Note (1).
N 24,760 0.08% 0.01% 0.01%
2.  Guotai Junan
Securities
(Hong Kong)
Limited
(GTJA HK)
Guotai
Junan
Investme
nts (Hong
Kong)
Limited
(GTJA
Investme
GTJA
Investment is
a member of
the same
group as
GTJA HK.
Please refer to
Note (2).
N 18,100 0.06% 0.01% 0.01%


--- page 36 ---
36

No. Connected
Distributor
Connecte
d Client
Relationship Identities of the
ultimate
beneficial
owners of the
Offer Shares or,
where
applicable,
details of the
structured
products under
which the
subscription by
the Connected
Client was
made (e.g. OTC
total return
swaps)
Whether the
Connected
Client is a
collective
investment
scheme which
is not
authorised by
the SFC or is
expected to
hold the Offer
Shares on
behalf of such
scheme
Amount of
Offer Shares
to be
allocated to
the
Connected
Client
Approximate
percentage of
total number of
Offer Shares
under the
Global Offering
(after taking
into account the
full exercise of
the Offer Size
Adjustment
Option and
assuming no
exercise of the
Over-allotment
Option)
Approximate
percentage of
total issued
Class A
Ordinary
Shares under
the Global
Offering (after
taking into
account the full
exercise of the
Offer Size
Adjustment
Option and
assuming no
exercise of the
Over-allotment
Option)
Approximate
percentage of
total issued
share capital
immediately
following the
Global Offering
(after taking
into account the
full exercise of
the Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised)
nts) (Note
2)
3.  CITIC
Securities
Brokerage
(HK) Limited
(CSB)
CITIC
Securities
Internatio
nal
Capital
Managem
ent
Limited
(CSI)
(Note 3)
CSI is a
member of
the same
group of
companies as
CSB.
Please refer to
Note (3).
N 940 0.00% 0.00% 0.00%
4.  Huatai
Financial
Holdings
(Hong Kong)
Huatai
Capital
Investme
nt
Limited
HTCI is a
member of
the same
group of
HTFH.
Please refer to
Note (4).
N 10,040 0.03% 0.00% 0.00%


--- page 37 ---
37

No. Connected
Distributor
Connecte
d Client
Relationship Identities of the
ultimate
beneficial
owners of the
Offer Shares or,
where
applicable,
details of the
structured
products under
which the
subscription by
the Connected
Client was
made (e.g. OTC
total return
swaps)
Whether the
Connected
Client is a
collective
investment
scheme which
is not
authorised by
the SFC or is
expected to
hold the Offer
Shares on
behalf of such
scheme
Amount of
Offer Shares
to be
allocated to
the
Connected
Client
Approximate
percentage of
total number of
Offer Shares
under the
Global Offering
(after taking
into account the
full exercise of
the Offer Size
Adjustment
Option and
assuming no
exercise of the
Over-allotment
Option)
Approximate
percentage of
total issued
Class A
Ordinary
Shares under
the Global
Offering (after
taking into
account the full
exercise of the
Offer Size
Adjustment
Option and
assuming no
exercise of the
Over-allotment
Option)
Approximate
percentage of
total issued
share capital
immediately
following the
Global Offering
(after taking
into account the
full exercise of
the Offer Size
Adjustment
Option and
assuming the
Over-allotment
Option is not
exercised)
Limited
(HTFH)
(HTCI)
(Note 4)


--- page 38 ---
38

No. Connected
Distributor
Connected
Client
Relationship Whether the
Connected Client is a
collective investment
scheme which is not
authorised by the
SFC or is expected to
hold the Offer Shares
on behalf of such
scheme
Amount of
Offer Shares
to be
allocated to
the
Connected
Client
Approximate
percentage of
total number
of Offer
Shares under
the Global
Offering (after
taking into
account the
full exercise of
the Offer Size
Adjustment
Option and
assuming no
exercise of the
Over-
allotment
Option)
Approximate
percentage of
total issued
Class A
Ordinary
Shares under
the Global
Offering (after
taking into
account the
full exercise of
the Offer Size
Adjustment
Option and
assuming no
exercise of the
Over-
allotment
Option)
Approximate
percentage of
total issued
share capital
immediately
following the
Global
Offering (after
taking into
account the
full exercise of
the Offer Size
Adjustment
Option and
assuming the
Over-
allotment
Option is not
exercised)
Part B - Connected Clients holding the beneficial interest of the Offer Shares on a discretionary basis on behalf of independent third parties
1.  CMB
International
Securities
Limited and
CMB
International
Global
Markets
Limited
(collectively,
CMBI) and
China
Merchants
Securities
Bosera Asset
Management
(International)
Co., Ltd
(Bosera AM)
(Note 5)
Bosera AM is a
member of the
same group of
CMBI and CMS
HK.
N 9,400 0.03% 0.00% 0.00%


--- page 39 ---
39

No. Connected
Distributor
Connected
Client
Relationship Whether the
Connected Client is a
collective investment
scheme which is not
authorised by the
SFC or is expected to
hold the Offer Shares
on behalf of such
scheme
Amount of
Offer Shares
to be
allocated to
the
Connected
Client
Approximate
percentage of
total number
of Offer
Shares under
the Global
Offering (after
taking into
account the
full exercise of
the Offer Size
Adjustment
Option and
assuming no
exercise of the
Over-
allotment
Option)
Approximate
percentage of
total issued
Class A
Ordinary
Shares under
the Global
Offering (after
taking into
account the
full exercise of
the Offer Size
Adjustment
Option and
assuming no
exercise of the
Over-
allotment
Option)
Approximate
percentage of
total issued
share capital
immediately
following the
Global
Offering (after
taking into
account the
full exercise of
the Offer Size
Adjustment
Option and
assuming the
Over-
allotment
Option is not
exercised)
(HK) Co.,
Ltd (CMS
HK)
2.  CSB China Asset
Management
(Hong Kong)
Limited (China
AMC HK)
(Note 6)
CSB, China
AMC HK and
China AMC are
members of the
same group.
N 23,560 0.08% 0.01% 0.01%
3.  China Asset
Management
Co., Ltd.
(China AMC)
(Note 7)
N 71,000 0.24% 0.03% 0.02%


--- page 40 ---
40

No. Connected
Distributor
Connected
Client
Relationship Whether the
Connected Client is a
collective investment
scheme which is not
authorised by the
SFC or is expected to
hold the Offer Shares
on behalf of such
scheme
Amount of
Offer Shares
to be
allocated to
the
Connected
Client
Approximate
percentage of
total number
of Offer
Shares under
the Global
Offering (after
taking into
account the
full exercise of
the Offer Size
Adjustment
Option and
assuming no
exercise of the
Over-
allotment
Option)
Approximate
percentage of
total issued
Class A
Ordinary
Shares under
the Global
Offering (after
taking into
account the
full exercise of
the Offer Size
Adjustment
Option and
assuming no
exercise of the
Over-
allotment
Option)
Approximate
percentage of
total issued
share capital
immediately
following the
Global
Offering (after
taking into
account the
full exercise of
the Offer Size
Adjustment
Option and
assuming the
Over-
allotment
Option is not
exercised)
4.  CITIC
Securities Asset
Management
Company
Limited
(CITICS AM)
(Note 8)
N 480 0.00% 0.00% 0.00%
5.  UBS AG
Hong Kong
Branch
(UBS AG)
ICBC UBS
Asset
Management
(International)
Company
Limited (ICBC
UBS
ICBC UBS
(International) is
a member of the
same group of
companies as
UBS AG.
N 1,400 0.00% 0.00% 0.00%


--- page 41 ---
41

No. Connected
Distributor
Connected
Client
Relationship Whether the
Connected Client is a
collective investment
scheme which is not
authorised by the
SFC or is expected to
hold the Offer Shares
on behalf of such
scheme
Amount of
Offer Shares
to be
allocated to
the
Connected
Client
Approximate
percentage of
total number
of Offer
Shares under
the Global
Offering (after
taking into
account the
full exercise of
the Offer Size
Adjustment
Option and
assuming no
exercise of the
Over-
allotment
Option)
Approximate
percentage of
total issued
Class A
Ordinary
Shares under
the Global
Offering (after
taking into
account the
full exercise of
the Offer Size
Adjustment
Option and
assuming no
exercise of the
Over-
allotment
Option)
Approximate
percentage of
total issued
share capital
immediately
following the
Global
Offering (after
taking into
account the
full exercise of
the Offer Size
Adjustment
Option and
assuming the
Over-
allotment
Option is not
exercised)
(International))
(Note 9)

Notes:

1) CICC FT and CICC will enter into a series of cross border delta-one OTC equity swap transactions (collectively, the CICCFT OTC Swaps) with each
other and the ultimate clients (the CICC FT Ultimate Clients ), pursuant to which CICC FT will hold the Offer Shares on a non-discretionary basis to
hedge the CICCFT OTC Swaps  while the economic risks and returns of the underlying Offer Shares are passed to the CICC FT Ultimate Client, subject
to customary fees and commissions. The CICCFT OTC Swaps will be fully funded by the CICC FT Ultimate Clients . During the term (which is one
year although the CICC FT Ultimate Clients can terminate anytime) of the CICCFT OTC Swaps , all economic returns of the Offer Shares subscribed
by CICC FT as Connected Client will be passed to the CICC FT Ultimate Clients and all economic losses shall be borne by the CICC FT Ultimate
Clients through the CICCFT OTC Swaps , and CICC FT will not take part in any economic return or bear any economic loss in relation to the Offer
Shares. The termination of the CICCFT OTC Swaps will not result CICC FT holding the Offer Shares in its proprietary account. Despite that CICC FT
will hold the legal title of the Offer Shares by itself, it will not exerc ise the voting rights attaching to the relevant Offer Shares during the terms of the


--- page 42 ---
42

CICCFT OTC Swaps according to its internal policy. Consequently, CICC FT Ultimate Client is not entitled to any voting rights of the relevant Offer
Shares.
The CICCFT OTC Swaps  are linked to performance of the Offer Shares and the CICC FT Ultimate Clients may, after expiration of the lock-up period
beginning from the date of the cornerstone agreement entered into between CICC FT and the Company and ending on the date which is six months
from the Listing Date, request to early terminate the CICCFT OTC Swaps  at their own discretions, upon which CICC FT may dispose of the Offer
Shares and settle the CICCFT OTC Swaps  in cash in accordance with the terms and conditions of the CICCFT OTC Swaps. Despite that CICC FT will
hold the legal title of the Offer Shares by itself, it will not exercise the voting rights attaching to the relevant Offer Sh ares during the terms of the
CICCFT OTC Swaps according to its internal policy. Consequently, the CICC FT Ultimate Clients is not entitled to any voting rights of the rele vant
Offer Shares.
Details of the CICC FT Ultimate Clients are set out as below:
Name of the CICC FT Ultimate Client Ultimate beneficial owner(s)
holding 30% or more interest (if
any)
Evolution Darwin Shangshan No.3 Private Securities Investment Fund (進化論達爾文上善三號私募證券投
資基金) NA
Qinchen Senyu No.1 Private Securities Investment Fund (勤辰森裕 1 號私募證券投資基金) NA
Qinchen Senyu No.2 Private Securities Investment Fund (勤辰森裕 2 號私募證券投資基金) NA
Qinchen Senyu No.3 Private Securities Investment Fund (勤辰森裕 3 號私募證券投資基金) NA
Qinchen Jinxuan Senyu No.1 Private Securities Investment Fund (勤辰金選森裕 1 號私募證券投資基金) NA
Qinchen Jiaxuan Senyu No.1 Private Securities Investment Fund (勤辰嘉選森裕 1 號私募證券投資基金) NA
Baoyin Jinqu No.1 Private Securities Investment Fund (保銀進取 1 號私募證券投資基金) NA
Baoyin Long-Short Stable No.1 Private Securities Investment Fund (保銀多空穩健 1 號私募證券投資基金) WANG Qiang(王强)
Baoyin Long-Short Stable No.2 Private Securities Investment Fund (保銀多空穩健 2 號私募證券投資基金) WANG Qiang(王强)

To the best of CICC FT’s knowledge having made all reasonable inquiries, each of the CICC FT Ultimate Clients and their respective ultimate beneficial
owner holding 30% or more interest is an independent third party of CICC FT, CICCHKS and the companies which are members of the same group of
CICCHKS.
2) GTJA HK is a distributor in connection with the Global Offering.
It is proposed that GTJA Investments participates as placee to subscribe for the Offer Shares under the International Offering (the GTJAI Subscription).
In relation to the GTJAI Subscription, GTJA Investments shall hold the Offer Shares for hedging purpose as the single underlying asset of several sets


--- page 43 ---
43

of back -to-back total return swap transaction (the GTHT Back -to-back TRS ) to be entered into between GTJA Investments and Guotai Haitong
Securities Co., Ltd. (the GTHT On -shore Parent) in connection with several total return swap orders (the GTHT Client TRS) to be entered into by
GTHT Onshore Parent and several ultimate clients (the GTHT Onshore Ultimate Clients ), respectively. Such GTHT Client TRS is to be fully funded
by the GTHT Onshore Ultimate Client s. GTJA Investments will hold the Offer Shares on a no n-discretionary basis for the purpose of hedging the
economic exposure under the GTHT Back-to-back TRS and GTHT Client TRS only, During the tenor of the GTHT Client TRS, all economic returns
of the Offer Shares will be passed to the GTHT Onshore Ultimate Clients and all economic losses shall be borne by the GTHT Onshore Ultimate Client,
subject to the terms and conditions of the GTHT Back-to-back TRS and GTHT Client TRS, and GTJA Investments will not take part in any economic
return or bear any economic los s in relation to the price of the Offer Shares. The GTHT Onshore Ultimate Client may request to redeem the Offer
Shares at their own discretion, upon which GTJA Investments shall dispose of the Offer Shares and settle the GTHT Back -to-back TRS and GTHT
Client TRS in cash in accordance with the terms and conditions of the GTHT Back-to-back TRS and GTHT Client TRS documents.
Due to its internal policy, GTJA Investments will not exercise the voting right attaching to the Offer Shares during the tenor of the GTHT Back-to-back
TRS and GTHT Client TRS.
The GTHT Onshore Ultimate Clients for purpose of this placee subscription are set out as below:
No. Name of the GTHT Onshore Ultimate Client
Ultimate beneficial owner(s) holding 30% or
more interest (if any)
1.  上海孚騰私募基金管理有限公司 (Shanghai Futeng Private Equity Fund Management
Co., Ltd.)
Fei Fei (費飛)
2.  通怡安鑫 2 號私募證券投資基金 (Tongyi Anxin No.2 Private Equity Securities Investment
Fund) and 通怡裕鑫 2 號私募證券投資基金 (Tongyi Yuxin No.2 Private Equity Securities
Investment Fund)
Huang Shilin (黃世霖)
3.  通怡桃李 1 號私募證券投資基金 (Tongyi Taoli No.1 Private Equity Securities Investment
Fund) and 通怡全球價值 1 號私募證券投資基金 (Tongyi Quanqiu Jiazhi  No.1 Private
Equity Securities Investment Fund)
Wang Jing (王靜)
4.  通怡低波組合 1 號私募證券投資基金  (Tongyi Low Volatility Strategy Fund No. 1, a
private securities investment fund)
Sun Yuan (孫遠)
5.  廣州凱得資本運營有限公司 (Guangzhou Get Capital Operation Co., Ltd.) Yu Bo (餘波)
6.  廣州開發區美芯科技發展有限公司 (Guangzhou Development District Meixin
Technology Development Co., Ltd.)
He Xuegang (何學剛)
7.  錦繡中和（天津）投資管理有限公司-中和資本耕耘 810 號私募證券投資基金
(Splendid Zhonghe (tianjin) Investment management Co. Ltd - Zhonghe Capital Cultivation
810 Private Securities Investment Fund)
Wang Diansuo (王殿鎖)


--- page 44 ---
44

No. Name of the GTHT Onshore Ultimate Client
Ultimate beneficial owner(s) holding 30% or
more interest (if any)
8.  上海衛寧私募基金管理有限公司-衛甯啟航 2 號私募證券投資基金 (Shanghai Weining
Investment Mangement Co , Ltd-Weining Qihang No. 2 Private Securities Investment
Fund)
ZHANG YUN (張韞)

GTJA Investments has confirmed that, to the best of their knowledge and after making all reasonable enquiries, each of the GTHT Onshore Ultimate
Clients and its ultimate beneficial owner is an independent third party of GTJA Investments, GTJA HK and the companies which are members of the
same group of companies as GTJA HK.

3) CSI proposes to subscribe for and hold the Offer Shares as a placee under the International Offering on behalf of Global Multi Alpha Fund SP (the CSI
Ultimate Client), which is an independent third party, on a non-discretionary basis, pursuant to which:
(i) CSI will act as the single counterparty of a back -to-back total return swap transaction (the CSI Back -to-back TRS) to be entered into by it in
connection with a total return swap order (the CSI Client TRS) placed and fully funded by the CSI Ultimate Client, by which CSI will pass the
full economic exposure of the Offer Shares placed to CSI to the CSI Ultimate Client.
(ii) As confirmed by CSI and CLSA, CSI will hold the legal title and beneficial interest in the Offer Shares, but will contractually agree to pass on
the full economic exposure and return of the Offer Shares to the CSI Ultimate Client, on a non-discretionary basis. The CSI Ultimate Client
may exercise their early termination rights to terminate the CSI Client TRS at any time from the trade date of the CSI Client TRS which should
be on or after the date on which the Offer Shares are listed on the Stock Exchange.
(iii) Upon the final maturity or termination of the CSI Client TRS by the CSI Ultimate Client, CSI will dispose of the Offer Shares on the secondary
market and the CSI Ultimate Client will receive a final termination amount of the CSI Back -to-back TRS which will have taken into account
all the economic returns or economic loss in relation to the Offer Shares and the fixed amount of transaction fees of the CSI Back- to-back TRS
and the CSI Client TRS. Due to its internal policy, CSI will not exercise the voting right of the Offer Shares during the terms of the CSI Back -
to-back TRS.
The ultimate beneficial owner(s) holding 30% or more interest of the CSI Ultimate Client is Zeng Shuzhen.
CSI has confirmed that, to the best of their knowledge and after making all reasonable enquiries, the CSI Ultimate Client and  its ultimate beneficial
owner is an independent third party of CSI, CSB and the companies which are members of the same group of companies as CSB.
4) PRC investors are currently not permitted under applicable PRC laws to participate directly in initial public offerings (IPOs) in Hong Kong. However,
PRC investors are permitted to invest in products issued by appropriate domestic securities firms licensed to undertake cross-border derivatives trading
activities. In connection with such products, the licensed domestic securities firms, through their Hong Kong affiliates, may  participate in Hong Kong
IPOs either as placees or cornerstone investors (the Cross-border Derivatives Trading Regime).


--- page 45 ---
45

Huatai Securities Co., Ltd. (Huatai Securities), the shares of which are listed on both the Shanghai Stock Exchange (stock code: 601688) and the Stock
Exchange (stock code: 6886), is one of the domestic securities firms licensed to undertake cross-border derivatives trading activities. Huatai Securities
entered into an ISDA agreement (the ISDA Agreement) with its indirectly wholly-owned subsidiary, HTCI, to set out the principal terms of any future
total return swap between Huatai Securities and HTCI.
HTFH is a distributor in connection with the Global Offering. HTCI is a member of the same group of HTFH. Pursuant to the ISDA Agreement, HTCI,
which intends to participate in the Global Offering as a placee, will hold the beneficial interest of the Offer Shares on a non -discretionary basis as the
single underlying holder under a back-to -back total return swap (the Back -to-back TRS) to be entered by HTCI in connection with a Client TRS (as
defined below) placed by and fully funded (i.e. with no financing provided by HTCI) by the Huatai Ultimate Clients  (as defined below), by which,
HTCI will, subject to customary fees and commissions, pass the full economic exposure of the Offer Shares ulti mately to the Huatai Ultimate Clients,
which in effect, HTCI will hold the beneficial interest of the Offer Shares on behalf of the Huatai Ultimate Clients . HTFH and HTCI are indirectly
wholly owned subsidiaries of Huatai Securities. Accordingly, HTCI is considered as a “connected client” of HTFH pursuant to paragraph 1B of the
Placing Guidelines.
Pursuant to the Cross-border Derivatives Trading Regime, the onshore investor s (the Huatai Ultimate Clients) cannot directly subscribe for the Offer
Shares but may invest in derivative products issued by domestic securities firms licenced to undertake cross-border derivatives trading activities, such
as Huatai Securities, with the Offer Shares as the underlying assets. Instead of directly subscribing for the Offer  Shares, the Huatai Ultimate Clients ,
through their respective investment manager, will place a total return swap order (the Client TRS) with Huatai Securities in connection with the
Company’s IPO and Huatai Securities will place a Back-to-back TRS order to HTCI on the terms of the ISDA Agreement. In order to hedge its exposure
under the Back-to-back TRS, HTCI participates in the Company’ s initial public offering and subscribes the Offer Shares through placing order with
HTFH during the International Placing.
To the best of our knowledge and after making all reasonable enquiries, each of the Huatai Ultimate Clients and their respective ultimate beneficial
owner holding 30% or more interest  is an independent third party of (i) the Company, the connected person or the associates thereof, and (ii)  HTCI,
HTFH and the companies which are members of the same group of HTCI.
The purpose of HTCI to subscribe for the Offer Shares is for hedging the Back-to -back TRS in connection with the Client TRS order placed by the
Huatai Ultimate Clients. Pursuant to the terms of the contracts of the Back-to-back TRS and the Client TRS, during the tenor of the Back-to-back TRS
and the Client TRS, subject to customary fees and commissions, all economic returns of the Offer Shares will be ultimately passed to the Huatai Ultimate
Clients through the Back-to-back TRS and the Client TRS and all ec onomic loss shall be ultimately borne by the Huatai Ultimate Clients . HTCI will
not take any economic return or bear any economic loss in relation to the Offer Shares.
Investment in the Back-to-back TRS and the Client TRS is similar to the investment in a qualified domestic institutional investor fund (“QDII”) in the
way that the Huatai Ultimate Clients would reap all the economic benefits of the underlying Offer Shares, except that a QDII fund would pass through
the exchange rate exposure on both the notional value of the investment and the profit and loss of the investment. In contrast, the profit and loss of the
Back-to-back TRS and the Client TRS factor into account the fluctuation in RMB exchange rate upon termination of the Client TRS by converting the
profit and loss using the current exchange rate at the time of termination. As such, the Huatai Ultimate Clients  would bear the exchange rate exposure
of the profit and loss on settlement date.


--- page 46 ---
46

The Huatai Ultimate Clients  may exercise an early terminati on right to terminate the Client TRS at any time from the issue date of the Client TRS
which should be on or after the date on which the Offer Shares are listed on the Stock Exchange at their  own discretion. Upon the termination upon
maturity or early termination of the Client TRS by the Huatai Ultimate Clients , HTCI will dispose the Offer Shares on the secondary market and the
Huatai Ultimate Clients will receive a final settlement amount in cash in accordance with the terms and conditions of the Back -to-back TRS and the
Client TRS which should have taken into account all the economic returns or economic loss in relation to the Offer Shares. If  upon the maturity of the
Client TRS, the Huatai Ultimate Clients intend to extend the investment period, subject to further agreement between Huatai Securities and the relevant
Huatai Ultimate Clients, the term of the Client TRS could be extended by way of a new issuance or a tenor extension. Accordingly, Huatai Securities
will extend the term of the Back-to-back TRS by way of a new issuance or a tenor extension.
It is proposed that HTCI will hold the legal title and the voting right of the Offer Shares by itself, and pass through the economic exposure to the Huatai
Ultimate Clients, each being an onshore client who places a Client TRS order with Huatai Securities in connection with the IPO of the Company. HTCI
will not exercise the voting right of the Offer Shares during the tenor of the Back-to-back TRS.
During the life of the Client TRS and Back -to-back TRS, HTCI may continue to hold the Offer Shares in its custodian account, or to hold some or all
of the Offer Shares in a prime brokerage account for stock borrowing purposes, where HTCI will lend out its holding of underlying Offer Shares in the
form of stock borrowing loans consistent with market practice to lower its finance costs, provided that HTCI has the ability to call back the Offer Shares
on loan at any time in order to satisfy its obligations under the Back-to -back TRS to ensure the economic inter ests are ultimately passed to the Huatai
Ultimate Clients.
Details of the Huatai Ultimate Clients are set out as below:
Name of the Huatai Ultimate Clients Ultimate beneficial owner(s) holding 30% or more interest
(if any)
源峰穩健私募證券投資基金 (Yuanfeng Wenjian Private Equity Fund) N/A
艾方金科 3 號私募證券投資基金 (Aifang Jinke No.3 Private Equity Fund) Leng Ling (冷玲)
道合承光私募證券投資基金 (Daohe Chengguang Private Equity Fund) ZHONG SHANSHAN

5) Each of CMBI and CMS HK is distributor of the Global Offering. Bosera AM  intends to subscribe and hold the Offer Shares in its capacity as the
discretionary fund manager on behalf of its sub-funds, which are all independent third parties. To the best knowledge of Bosera AM after due enquiry,
each of the sub-funds and their respective ultimate beneficial owner holding 30% or more interest is an independent third party of Bosera AM and each
of CMBI and CMS HK, and the companies which are members of the same group of companies as each of CMBI and CMS HK.
6) CSB is a distributor of the Global Offering. China AMC HK will hold the Offer Shares in its capacity as the discretionary fund manager managing
assets on behalf of its underlying clients or mandates, which are independent third parties. To the best knowledge of China AMC HK after due enquiry,
each of the underlying clients or mandates of China AMC HK  and their respective ultimate beneficial owner holding 30% or more interest  is an
independent third party of China AMC HK and CSB, and the companies which are members of the same group of companies as CSB.


--- page 47 ---
47

7) CSB is a distributor of the Global Offering. China AMC will hold the Offer Shares in its capacity on behalf of its underlying client , which is an
independent third party. There is no ultimate beneficial owner holding 30% interest or more in such underlying client. To the best knowledge of China
AMC after due enquiry, the underlying client of China AMC is an independent third party of China AMC  and CSB, and the companies which are
members of the same group of companies as CSB.
8) CSB is a distributor of the Global Offering. CITICS AM  will hold the Offer Shares in its capacity as the discretionary fund manager on behalf of its
underlying client, which is an independent third party. There is no u ltimate beneficial owner holding 30% interest o r more in such underlying client.
To the best knowledge of CITICS AM after due enquiry, the underlying client of CITICS AM  is an independent third party of CITICS AM  and CSB,
and the companies which are members of the same group of companies as CSB.
9) UBS AG is an underwriter of the Global Offering. ICBC UBS (International) will hold the Offer Shares in its capacity as the discretionary fund manager
on behalf of its underlying client, who, and its ultimate beneficial owner holding 30% interest or more , is an independent third party of the Company,
its subsidiaries, its substantial shareholders, ICBC UBS (International), UBS AG and the companies which are members of the same group of UBS AG.


--- page 48 ---
48

DISCLAIMERS

Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited  and Hong
Kong Securities Clearing Company Limited take no responsibility for the contents of this
announcement, make no representation as to its accuracy or completeness and expressly disclaim
any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any
part of the contents of this announcement.
This announcement is not for release, publication, distribution, directly or indirectly, in or into the
United States (including its territories and possessions, any state of the United States and the District
of Columbia). This announcement does not constitute or form a part of any offer or solicitation to
purchase or subscribe for securities in the United States. The Offer Shares have not been and will not
be registered under the United States Securities Act of 1933, as amended (the “ U.S. Securities Act”)or
any state securities laws in the United States and may not be offered, sold, pledged or transferred
within the United States or to, or for the account or benefit of U.S. persons (as defined in Regulation
S under the U.S. Securities Act), except in transactions exempt from, or not subject to, the registration
requirements of the U.S. Securities Act. The Offer Shares are being offered and sold (1) solely to
qualified institutional buyers as defined in Rule 144A in reliance on Rule 144A or another exem ption
from, or in a transaction not subject to, registration under the U.S. Securities Act and (2) outside the
United States in offshore transactions in reliance on Regulation S under the U.S. Securities Act.
This announcement is for information purposes only and does not constitute an invitation or offer to
acquire, purchase or subscribe for securities. This announcement is not a prospectus. Potential
investors should read the Prospectus dated December 31, 2025 issued by MiniMax Group Inc.  for
detailed information about the Global Offering described below before deciding whether or not to
invest in the Offer Shares thereby being offered.
*Potential investors of the Offer Shares should note that the Joint Sponsors and the  Overall
Coordinators  (for themselves  and on  behalf of the Hong Kong Underwriters) shall be entitled to
terminate their obligations under the Hong Kong Underwriting Agreement with immediate effect upon
the occurrence of any of the events set out in the section headed “Underwriting – Underwriting
Arrangements and Expenses – Hong Kong Public Offering – Grounds for Termination ” in the
Prospectus at any time prior to 8:00 a.m. (Hong Kong time) on  the Listing Date (which is currently
expected  to be on January 9, 2026).


--- page 49 ---
49
PUBLIC FLOAT AND FREE FLOAT
Immediately following the completion of the Global Offering (after taking into account the full
exercise of the Offer Size Adjustment Option and before any exercise of the Over-allotment
Option), the total number of the Class A Ordinary Shares held by the public represents
approximately 80.4% of the total number of issued Class A Ordinary Shares of the Company,
which is higher than the prescribed percentage of Class A Ordinary Shares required to be held in
public hands of 12.2% under Rule 8.08(1) of the Listing Rules calculated based on the final Offer
Price of HK$165.00 per Share, thereby satisfying the public float requirement under Rule 8.08(1)
of the Listing Rules.
Each of the Cornerstone Investors has agreed to a lock-up period of six months following the
Listing Date. As such, Class A Ordinary Shares held by the Cornerstone Investors upon the Listing
shall not be counted towards the free float of the Class A Ordinary Shares of the Company at the
time of Listing. Based on the final Offer Price of HK$165.00 per Share, the Company satisfies the
free float requirement under Rule 8.08A of the Listing Rules.
The Directors confirm that, immediately following the completion of the Global Offering (after
taking into account the full exercise of the Offer Size Adjustment Option and before any exercise
of the Over-allotment Option), (i) no placee will, individually, be placed more than 10% of the
enlarged issued share capital of the Company immediately after the Global Offering; (ii) there
will not be any new substantial Shareholder immediately after the Global Offering; (iii) the three
largest public shareholders of the Company do not hold more than 50% of the shares in public
hands at the time of the Listing in compliance with Rules 8.08(3) and 8.24 of the Listing Rules;
and (iv) there will be at least 300 Shareholders at the time of the Listing in compliance with Rule
8.08(2) of the Listing Rules.
COMMENCEMENT OF DEALINGS
The Share certificates will only become valid evidence of title at 8:00 a.m. on Friday, January
9, 2026 (Hong Kong time), provided that the Global Offering has become unconditional and the
right of termination described in the section headed “Underwriting – Underwriting Arrangements
and Expenses – Hong Kong Public Offering – Grounds for Termination ” in the Prospectus has
not been exercised. Investors who trade the Class A Ordinary Shares on the basis of publicly
available allocation details prior to the receipt of Share certificates or prior to the Share certificates
becoming valid evidence of title do so entirely at their own risk.


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Assuming that the Global Offering becomes unconditional at or before 8:00 a.m. on Friday,
January 9, 2026 (Hong Kong time), it is expected that dealings in the Class A Ordinary Shares on
the Stock Exchange will commence at 9:00 a.m. on Friday, January 9, 2026 (Hong Kong time).
The Class A Ordinary Shares will be traded in board lots of 20 Class A Ordinary Shares each, and
the stock code of the Shares will be 0100.
By order of the Board
MiniMax Group Inc.
Dr. Yan Junjie
Chairman of the Board and Executive Director
Hong Kong, January 8, 2026
As of the date of this announcement, the Board comprises: (i) Dr. Yan Junjie, Ms. Yun Yeyi, Mr.
Zhao Pengyu and Mr. Zhou Yucong as executive Directors; (ii) Mr. Chen Yingjie and Mr. Liu
Wei as non-executive Directors; and (iii) Mr. Huang Guobin, Dr. Wang Pengcheng and Dr. Zhu
Huaxing as proposed independent non-executive Directors.