hk-ipo/data/extracted_text/01021/allotment_results_2026-03-27_2026032703804.txt

--- page 1 ---
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 in this announcement, capitalized terms used herein shall have the same meanings as those
defined in the prospectus dated March 20, 2026 (the “Prospectus ”) issued by Guangdong Huayan Robotics Co., Ltd.
(ʮ̡ ) (the “Company ”).
This announcement is for information purposes only and does not constitute an invitation or offer to acquire, purchase
or subscribe for securities. Potential investors should read Prospectus for detailed information about the Company and
the Global Offering described below before deciding whether or not to invest in the Offer Shares.
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 or in any other jurisdictions. The securities mentioned herein have not been, and will not be,
registered under the United States Securities Act of 1933 as amended from time to time (the “U.S. Securities Act ”) or
securities law of any state or other jurisdiction of the United States and may not be offered, sold, pledged or otherwise
transferred within the United States except in transactions exempt from, or not subject to, the registration requirements
of the U.S. Securities Act. There will be no public offer of securities in the United States. The Offer Shares are being
offered and sold outside the United States in offshore transactions in reliance on Regulation S under the U.S. Securities
Act.
In connection with the Global Offering, China International Capital Corporation Hong Kong Securities Limited, as
stabilizing manager (the “Stabilizing Manager ”), or any person acting for it, on behalf of the Underwriters, may
over-allocate or effect transactions with a view to stabilizing or supporting the market price of the Shares at a level
higher than that which might otherwise prevail for a limited period after the Listing Date. However, there is no
obligation on the Stabilizing Manager, or any person acting for it to conduct any such stabilizing action, which, if
commenced, will be done at the sole and absolute discretion of the Stabilizing Manager, or any person acting for
it, and may be discontinued at any time. Any such stabilizing action is required to be brought to an end on the 30th
day after the last day for the lodging of applications under the Hong Kong Public Offering. Such stabilizing action,
if taken, may be effected in all jurisdictions where it is permissible to do so, in each case in compliance with all
applicable laws, rules and regulatory requirements, including the Securities and Futures (Price Stabilizing) Rules
(Chapter 571W of the Laws of Hong Kong), as amended, made under the Securities and Futures Ordinance (Chapter
571 of the Laws of Hong Kong).
Potential investors should be aware that no stabilizing action can be taken to support the price of the Shares for longer
than the stabilization period, which begins on the Listing Date and is expected to expire on the 30th day after the last
day for lodging applications under the Hong Kong Public Offering. After this date, when no further stabilizing action
may be taken, demand for the Shares, and therefore the price of the Shares, could fall.
Potential investors of the Offer Shares should note that the Sponsor-Overall Coordinators (for themselves and on
behalf of the Hong Kong Underwriters and Overall Coordinators) 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 Monday, March 30, 2026).


--- page 2 ---
2
Guangdong Huayan Robotics Co., Ltd.
ʮ̡
(A joint stock company incorporated in the People ’s Republic of China with limited liability)
Global Offering
Number of Offer Shares under the
Global Offering
: 92,902,600 H Shares (taking into account
the full exercise of the Offer Size
Adjustment Option and subject to the
Over-allotment Option)
Number of Hong Kong Offer Shares : 16,157,000 H Shares (taking into account
reallocation)
Number of International Offer Shares : 76,745,600 H Shares (taking into account
the full exercise of the Offer Size
Adjustment Option, reallocation and
subject to the Over-allotment Option)
Final Offer Price : HK$17.00 per H Share, plus brokerage
of 1.0%, SFC transaction levy of
0.0027%, Hong Kong Stock Exchange
trading fee of 0.00565% and AFRC
transaction levy of 0.00015%
Nominal Value : RMB 0.2 per H Share
Stock Code : 1021
Joint Sponsors, Overall Coordinators, Joint Global Coordinators,
Joint Bookrunners and Joint Lead Managers
Joint Bookrunners and Joint Lead Managers


--- page 3 ---
3
Guangdong Huayan Robotics Co., Ltd.
ʮ̡
ANNOUNCEMENT OF FINAL OFFER PRICE AND ALLOTMENT RESULTS
Unless otherwise defined herein, capitalised terms used in this announcement shall have the same
meanings as those defined in the prospectus dated 20 March 2026 (the “Prospectus ”) issued by
Guangdong Huayan Robotics Co., Ltd. (the “Company ”).
Warning: In view of high concentration of shareholding in a small number of Shareholders,
Shareholders and prospective investors should be aware that the price of the H Shares could
move substantially even with a small number of H Shares traded and should exercise extreme
caution when dealing in the H Shares.
SUMMARY
Company information
Stock code 1021
Stock short name HUAYAN ROBOTICS
Dealings commencement date 30 March 2026*
* see note at the end of the announcement
Price Information
Final Offer Price HK$17.00
Offer Price Range N/A
Offer Price Adjustment exercised N/A
Offer Shares and Share Capital
Number of Offer Shares (taking into account the full exercise
of the Offer Size Adjustment Option and before exercise of the
Over-allotment Option)
92,902,600
Number of Offer Shares in Hong Kong Public Offering (after
reallocation)
16,157,000
Number of offer shares in International Offering (after
reallocation and taking into account the full exercise of the
Offer Size Adjustment Option and before exercise of the Over-
allotment Option)
76,745,600
Number of issued shares upon Listing (before exercise of the
Over-allotment Option)
543,597,580


--- page 4 ---
4
Offer Size Adjustment Option (Upsize option)
Number of additional shares issued under the option 12,117,600
– Hong Kong Public Offering 0
– International Offering 12,117,600
The Offer Size Adjustment Option has been exercised in full, pursuant to which the Company
is issuing and allotting 12,117,600 additional Offer Shares, representing approximately 15% of
the total number of Offer Shares initially available under the Global Offering, at the final Offer
Price.
The additional Offer Shares issued pursuant to the Offer Size Adjustment Option will be
allocated to the International Offering.
Over-allocation
No. of Offer Shares over-allocated 13,935,200
Such over-allocation may be covered by exercising the Over-allotment Option or by making
purchases in the secondary market at prices that do not exceed the Offer Price or through
deferred delivery or a combination of these means. In the event the Over-allotment Option is
exercised, an announcement will be made on the Stock Exchange ’s website.
Proceeds
Gross proceeds (Note) HK$1,579.34 million
Less: Estimated listing expenses payable based on Final Offer
Price
HK$(101.17) million
Net proceeds HK$1,478.18 million
Note: Gross proceeds refers to the amount to which the issuer 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 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.


--- page 5 ---
5
ALLOTMENT RESULTS DETAILS
HONG KONG PUBLIC OFFERING
No. of valid applications 227,070
No. of successful applications 66,270
Subscription level (before taking into account the Offer Size
Adjustment Option)
5,059.38 times
Claw-back triggered Yes
No. of Offer Shares initially available under the Hong Kong
Public Offering
4,039,400
No. of Offer Shares reallocated from the International Offering
(claw-back)
12,117,600
Final no. of Offer Shares under the Hong Kong Public Offering
(after reallocation)
16,157,000
% of Offer Shares under the Hong Kong Public Offering to the
Global Offering (after taking into account the full exercise of the
Offer Size Adjustment Option)
17.4%
Note: For details of the final allocation of Shares to the Hong Kong Public Offering, investors can
refer to https://www.hkeipo.hk/iporesult to perform a search by identification number or
https://www.hkeipo.hk/iporesult for the full list of allottees.


--- page 6 ---
6
INTERNATIONAL OFFERING
No. of placees 151
Subscription Level (before taking into account the Offer Size
Adjustment Option)
16.65 times
No. of Offer Shares initially available under the International
Offering
76,745,600
Final no. of Offer Shares under the International Offering (after
reallocation and taking into account the full exercise of the Offer
Size Adjustment Option)
76,745,600
% of Offer Shares under the International Offering to the Global
Offering (after taking into account the full exercise of the Offer
Size Adjustment Option)
82.6%
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 consent under paragraph
1C(2) of Appendix F1 to the Listing Rules (the “Placing Guidelines ”) granted by the Stock
Exchange to permit the Company to allocate certain Offer Shares in the International Offering to
close associates of existing shareholders as a cornerstone investor and a placee, (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 shareholders,
substantial shareholders, existing shareholders of the Company or any of its subsidiaries or their
respective close associates; and (ii) none of the placees and the public who have purchased the
Offer Shares are accustomed to taking instructions from the Company, any of the Directors, chief
executive of the Company, controlling shareholders, substantial shareholders, existing shareholders
of the Company or any of its subsidiaries or their respective close associates in relation to the
acquisition, disposal, voting or other disposition of Shares registered in his/her/its name or
otherwise held by him/her/it.


--- page 7 ---
7
Cornerstone Investors
Name Note 1
No. of Offer
Shares
allocated
% of total
issued H –
shares after
the Global
Offering Note 2
% of total
issued share
capital after
the Global
Offering Note 2
Existing
shareholders
or their close
associates
HHLR Advisors, Ltd. 13,802,400 2.63% 2.54% No
GF Fund 13,802,200 Note 3 2.63% 2.54% No
Morgan Stanley & Co.
International plc
4,600,800 0.88% 0.85% No
Samson Group Limited/ණྠ
ʮ̡
2,941,000 0.56% 0.54% No
Haojun Investment and HTCI
(in connection with Haojun
Investment OTC Swaps) Note 4
2,667,800 0.51% 0.49% No
Eternal Summer Consulting
Company Ltd.
2,300,400 0.44% 0.42% No
Shrewd Pioneer Limited 2,300,400 0.44% 0.42% No
Richfirm (Hong Kong)
Development Limited/ Όන(ಥ)
ʮ̡
1,470,400 0.28% 0.27% Yes
VVC Technology Fund Ltd. 1,380,200 0.26% 0.25% No
Subtotal 45,265,600 8.61% 8.33%
Notes:
1. For further details of the cornerstone investors, please refer to the section headed “Cornerstone Investors ” of the
Prospectus.
2. After taking into account the full exercise of the Offer Size Adjustment Option and assuming the Over-allotment Option
is not exercised.
3. The discrepancy between final number of allocated Offer Shares and disclosure in the Prospectus was due to rounding
adjustments.
4. 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 “Allottees with waivers/
consents obtained – International Offering – 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 ” of this
announcement.


--- page 8 ---
8
Allotees with Waivers/Consents Obtained
Investor
No. of Offer
Shares
allocated
% of Offer
Shares
% of total
issued
H-shares after
the Global
Offering upon
listing Note 1
% of
shareholding in
the Company
listing Note 1 Relationship
Allotees with waiver from strict compliance with Rule 10.04 of the Listing Rules and consent under paragraph 1C(2) of the Placing
Guidelines in relation to subscription for H Shares by a close associate of existing shareholders Note 2
Cornerstone Investor
Richfirm (Hong Kong)
Development Limited/ Όන(࠰
ಥ)ʮ̡ ( “Richfirm ”)
1,470,400 1.58% 0.28% 0.27% A cornerstone investor
and close associate of
existing shareholders
Placee
Yihe No. 22 Private Securities
Investment Fund/ ᎚ձ 22 ಂ
ږ“( Yihe No.
22”)
4,236,200 4.56% 0.81% 0.78% A placee and close
associate of existing
shareholders
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
Huatai Capital Investment
Limited ( “HTCI”) Note 3
8,668,600 9.33% 1.65% 1.59% connected client and
a close associate of
existing minority
shareholder
CICC Financial Trading Limited
(“CICC FT ”) Note 3
35,200 0.04% 0.01% 0.01% connected client
ICBC UBS Asset Management
Co., (International) Ltd.
(“ICBC UBS ”) Note 3
311,000 0.33% 0.06% 0.06% connected client
ICBC International Fund
Management Limited ( “ICBCI
FM”) Note 3
13,800 0.01% 0.00% 0.00% connected client
ICBC UBS Asset Management
(International) Company
Limited ( “ICBC UBS
International ”) Note 3
100,600 0.11% 0.02% 0.02% connected client
China Asset Management (Hong
Kong) Limited ( “China AMC
HK”) Note 3
411,600 0.44% 0.08% 0.08% connected client
Bosera Asset Management
(International) Co., Limited
(“Bosera Asset Management ”)
Note 3
345,000 0.37% 0.07% 0.06% connected client


--- page 9 ---
9
Investor
No. of Offer
Shares
allocated
% of Offer
Shares
% of total
issued
H-shares after
the Global
Offering upon
listing Note 1
% of
shareholding in
the Company
listing Note 1 Relationship
Notes:
1. After taking into account the full exercise of the Offer Size Adjustment Option and assuming the Over-allotment Option is not exercised.
2. The Stock Exchange has granted a waiver from strict compliance with the requirements under Rule 10.04 of the Listing Rules and consent under Paragraph
1C(2) of the Placing Guidelines to permit H Shares in the International Offering to be placed to close associates of existing shareholders as a cornerstone
investor and a placee. For details of the consent under paragraph 1C(2) of the Placing Guidelines in relation to allocations to existing shareholder, please
refer to the section headed “Waiver and Exemption – Waiver and consent in respect of subscriptions of offer shares by close associates of existing
shareholder as cornerstone investor ” in the Prospectus and the section headed “Allottees with waivers/consents obtained – International Offering – 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 ” of this announcement.
To the best knowledge, information and belief of the Company after due enquiry, details of the allocation to a close associate of existing shareholders
holding more than 1% of the issued share capital of the Company immediately prior to the completion of the Global Offering have been disclosed in this
announcement.
3. 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 “Allottees with waivers/consents obtained – International Offering – 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 ” of
this announcement.


--- page 10 ---
10
LOCK-UP UNDERTAKINGS
Shareholders of Unlisted Shares
Name
Number of
shares held in
the Company
subject to
lock-up
undertakings
upon listing
Number of H
Shares held in
the Company
subject to lock-
up undertakings
upon listing
% of total
issued H-shares
after the Global
Offering subject
to lock-up
undertakings
upon listing Note 1
% of
shareholding in
the Company
subject to lock-
up undertakings
upon listing Note 1
Last day
subject to
the lock-up
undertakings
Note 2
Shenzhen Zhirenxue
Enterprise Management
Partnership (Limited
Partnership)/ ଉέ̹
౽ɛኪΆุ၍ଣΥ
ྫΆุ(Υྫ )
(“Zhirenxue ”) 8,617,800 – – 1.59% 29 March 2027
Shenzhen Zhirenle
Enterprise Management
Partnership (Limited
Partnership)/ ଉέ̹
౽ɛᆀΆุ၍ଣΥ
ྫΆุ(Υྫ )
(“Zhirenle ”) 5,000,000 – – 0.92% 29 March 2027
Shenzhen Zhirenju
Enterprise Management
Partnership (Limited
Partnership)/ ଉέ̹
౽ɛၳΆุ၍ଣΥ
ྫΆุ(Υྫ )
(“Zhirenju ”) 2,500,000 – – 0.46% 29 March 2027
Shenzhen Zhirenyun
Enterprise Management
Partnership (Limited
Partnership)/ ଉέ̹
౽ɛථΆุ၍ଣϞ
Υྫ(Υྫ )
(“Zhirenyun ”) 1,910,000 – – 0.35% 29 March 2027
Subtotal 18,027,800 – – 3.32%
Notes:
1. After taking into account the full exercise of the Offer Size Adjustment Option and assuming the Over-
allotment Option is not exercised.
2. The expiry date of the lock-up period shown in the table above is pursuant to applicable PRC laws and
relevant lock-up undertakings as disclosed in the Prospectus.


--- page 11 ---
11
Controlling Shareholders
Name
Number of H –
shares held in
the Company
subject to lock-
up undertakings
upon listing
% of total issued
H-shares after
the Global
Offering subject
to lock-up
undertakings
upon listing Note 1
% of
shareholding in
the Company
subject to lock-
up undertakings
upon listing Note 1
Last day subject
to the lock-up
undertakings Note 2
Mr. Wang Guangneng/ ˮΈঐ(“Mr.
Wang”) 14,218,750 2.71% 2.62% 29 March 2027
Mr. Zhang Guoping/ ੵ਷̻(“Mr.
Zhang ”) 2,031,250 0.39% 0.37% 29 March 2027
Sichuan Zhirentuan Enterprise
Management Partnership (Limited
Partnership)/ ̬ʇ౽ɛྠΆุ၍ଣΥ
ྫΆุ(Υྫ ) (“Zhirentuan ”) 113,107,850 21.52% 20.81% 29 March 2027
Shenzhen Zhirenxing Enterprise
Management Partnership (Limited
Partnership)/ ଉέ̹౽ɛБΆุ၍ଣ
ΥྫΆุ (Υྫ ) (“Zhirenxing ”) 18,950,440 3.61% 3.49% 29 March 2027
Shenzhen Xianzhikong Enterprise
Management Partnership (Limited
Partnership)/ ଉέ̹ᘠ౽છΆ
ุ၍ଣΥྫΆุ (Υྫ )
(“Xianzhikong ”) 7,774,540 1.48% 1.43% 29 March 2027
Foshan Zhirenying Enterprise
Management Partnership (Limited
Partnership)/ Нʆ̹౽ɛᐄΆุ၍ଣ
Υྫ (Υྫ ) (“Zhirenying ”) 3,659,970 0.70% 0.67% 29 March 2027
Subtotal 159,742,800 30.39% 29.39%
Notes:
1. After taking into account the full exercise of the Offer Size Adjustment Option and assuming the Over-
allotment Option is not exercised.
2. The expiry date of the lock-up period shown in the table above is pursuant to applicable PRC laws and
relevant lock-up undertakings as disclosed in the Prospectus.


--- page 12 ---
12
Key Persons (as defined under Rule 18C.14 of the Listing Rules)
Name
Number of
shares held in
the Company
subject to
lock-up
undertakings
upon listing
Number of H –
shares held in
the Company
subject to
lock-up
undertakings
upon listing
% of total issued
H-shares after
the Global
Offering subject
to lock-up
undertakings
upon listing Note 1
% of
shareholding in
the Company
subject to lock-
up undertakings
upon listing Note 1
Last day
subject to
the lock-up
undertakings
Note 2
Mr. Wang 14,218,750 14,218,750 2.71% 2.62% 29 March 2027
Mr. Zhang 2,031,250 2,031,250 0.39% 0.37% 29 March 2027
Zhirentuan Note 3 113,107,850 113,107,850 21.52% 20.81% 29 March 2027
Zhirenxing Note 4/Note 7 18,950,440 18,950,440 3.61% 3.49% 29 March 2027
Xianzhikong Note 5 7,774,540 7,774,540 1.48% 1.43% 29 March 2027
Zhirenying Note 6 3,659,970 3,659,970 0.70% 0.67% 29 March 2027
Zhirenxue Note 4/Note 8 8,617,800 – – 1.59% 29 March 2027
Zhirenle Note 4/Note 9 5,000,000 – – 0.92% 29 March 2027
Zhirenju Note 4/Note 10 2,500,000 – – 0.46% 29 March 2027
Zhirenyun Note 4/Note 11 1,910,000 – – 0.35% 29 March 2027
Subtotal 159,742,800 30.39% 29.39%
Notes:
1. After taking into account the full exercise of the Offer Size Adjustment Option and assuming the Over-
allotment Option is not exercised.
2. Each of such core R&D members of the Company and/or Directors has undertaken that the partnership
interests held by him/her in these partnerships are subject to a lock-up period of 12 months after the Listing
Date (the “Partnership Lock-up Period ”) pursuant to Rule 18C.14 of the Listing Rules. According to
partnership agreements of these partnerships, transfer/disposal of partnership interests therein by the
partners shall be subject to approval by the respective general partner of such partnerships (i.e. Zhirentuan).
Zhirentuan has confirmed that it will not approve any transfer/disposal of such partnership interests by the
core R&D members of the Company and/or Directors during the Partnership Lock-up Period.
3. As co-founders, Mr. Wang and Mr. Zhang decided to hold majority of their interest in the Company via
a partnership (i.e. Zhirentuan) with both of them involved as partners, to enable the consolidation and
stabilization of the founders ’ voting rights, thereby enhancing corporate governance alignment. Mr. Wang
and Mr. Zhang, as limited partners, hold approximately 81.14% and 11.73% partnership interests therein,
respectively.


--- page 13 ---
13
4. In light of the requirement on number of partners of a partnership under PRC laws and regulations, each
of Zhirenxing, Zhirenle, Zhirenju, Zhirenxue, and Zhirenyun was established as an Employee Incentive
Platform with Zhirentuan (which is controlled by Mr. Wang) as the general partner. In addition, Mr. Wang
and Mr. Zhang, as Directors and core R&D members, who have led and contributed to the development of the
Company were granted batches of incentives in Employee Incentive Platforms. See “Appendix IV {  Statutory
and General Information {  5. Employee Incentive Schemes ” in the Prospectus.
5. For purpose of further consolidating control over the Company by Mr. Wang, thereby further enhancing the
decision-making efficiency at the general meetings of the Company and ensure the effective implementation
of the strategy of the Group, Wang Xianli and Mr. Wang agreed for Zhirentuan to act as the general partner
of Xianzhikong. Mr. Wang and Mr. Wang Xianli, as limited partners, hold approximately 0.78% and 76.91%
partnership interests therein, respectively.
6. Zhirenying was established as an employee shareholding platform to provide employees opportunities to invest
in the Company, with Zhirentuan as the general partner for further control consolidating by Mr. Wang. Du
Weimin (one of our core R&D members), as a limited partner, holds approximately 1.07% partnership interests
therein.
7. Among the limited partners, Zhang Yingtao (an executive Director), Hao Yu (one of our core R&D members),
Gao Yuebo (one of our core R&D members), Zhang Peng (one of our core R&D members), Wang Xianli (our
connected person), Zhao Yi (our connected person) hold approximately 19.77%, 3.6%, 3.28%, 2.44%, 12.59%
and 12.53% partnership interests therein, respectively.
8. Among the limited partners, Mr. Wang (one of the Founders and Controlling Shareholders, an executive
Director, the chairperson of the Board and the general manager of the Company), Zhang Yingtao (an executive
Director), Hao Yu (one of our core R&D members), Gao Yuebo (one of our core R&D members), Zhang Peng
(one of our core R&D members), Zhao Yi (our connected person) hold approximately 1.54%, 10.44%, 2.90%,
3.48%, 3.83%, and 4.64% partnership interests therein, respectively.
9. Among the limited partners, Mr. Wang (one of the Founders and Controlling Shareholders, an executive
Director, the chairperson of the Board and the general manager of the Company), Mr. Zhang (one of the
Founders and Controlling Shareholders, an executive Director and the chief technology officer of the
Company), Du Weimin (one of our core R&D members) hold approximately 4.20%, 10.00% and 5.00%
partnership interests therein, respectively.
10. Among the limited partners, Mr. Wang (one of the Founders and Controlling Shareholders, an executive
Director, the chairperson of the Board and the general manager of the Company) holds approximately 19.00%
partnership interests therein.
11. Among the limited partners, Mr. Wang (one of the Founders and Controlling Shareholders, an executive
Director, the chairperson of the Board and the general manager of the Company) holds approximately 42.30%
partnership interests therein.


--- page 14 ---
14
Pathfinder SIIs
Name
Number of
shares held in
the Company
subject to
lock-up
undertakings
upon listing
Number of H
Shares held in
the Company
subject to
lock-up
undertakings
upon listing
% of total issued
H-shares after
the Global
Offering subject
to lock-up
undertakings
upon listing Note 1
% of
shareholding in
the Company
subject to lock-
up undertakings
upon listing Note 1
Last day
subject to
the lock-up
undertakings
Note 2
Han’s Laser
Technology Industry
Group Co., Ltd./ ɽૄ
ٰ
ʮ̡
75,586,735 75,586,735 14.38% 13.90% 29 March 2027
Shenzhen Zhongshen
Xinchuang Equity
Investment Partnership
(Limited Partnership)/
ᛆҳ
༟ΥྫΆุ (Υྫ )
33,163,265 33,163,265 6.31% 6.10% 29 March 2027
Zhaoying (Zhucheng)
Venture Capital
Partnership (Limited
Partnership)/ޮם(መ
۬)௴ุҳ༟ΥྫΆุ
(Υྫ )
11,054,420 11,054,420 2.10% 2.03% 29 March 2027
Foshan Zhaoke
Innovation Intelligent
Industry Investment
Fund Partnership
(Limited Partnership)/
௴อ౽ঐ
ΥྫΆ
ุ(Υྫ )
11,054,420 11,054,420 2.10% 2.03% 29 March 2027
Subtotal 130,858,840 130,858,840 24.90% 24.07%
Notes:
1. Each of the Shareholders listed in the above table is a pathfinder SII of the Company as defined under
Chapter.
2. 2.5 of the Guide for New Listing Applicants. Please refer to the section headed “History, Development and
Corporate Structure – Capitalization of our Company ” in the Prospectus for further details.
3. All Pathfinder SIIs shall not dispose of any of the Shares held by them within the 12 months following the
Listing Date as required under the applicable PRC laws and relevant lock-up undertakings as disclosed in the
Prospectus. In accordance with Rule 18C.14(2) of the Listing Rules, the required lock-up period commences
on the date by reference to which disclosure of its shareholding is made in the Prospectus and ends on the
date which is six months from the Listing Date.


--- page 15 ---
15
Pre-IPO Investors
Name
Number of H –
shares held in
the Company
subject to lock-
up undertakings
upon listing
% of total issued
H-shares after
the Global
Offering subject
to lock-up
undertakings
upon listing Note 1
% of
shareholding in
the Company
subject to lock-
up undertakings
upon listing Note 1
Last day subject
to the lock-up
undertakings Note 2
Beijing Guoke Ruihua Phase IV
Equity Investment Fund Partnership
Enterprise (Limited Partnership)/ ̏
Υྫ
Άุ(Υྫ )
9,735,015 1.85% 1.79% 29 March 2027
Shenzhen Baoshi Xinqiao Guoke
Ruihua Private Equity Investment
Fund Partnership Enterprise (Limited
Partnership)/๿
ΥྫΆุ (ࠢ
Υྫ)
9,735,015 1.85% 1.79% 29 March 2027
Mr. Liang Jianhong/҃ 18,804,660 3.58% 3.46% 29 March 2027
Fujian Min ’an Tongfu Enterprise
Management Partnership (Limited
Partnership)/͏τΝబΆุ၍ଣ
ΥྫΆุ (Υྫ )
18,658,890 3.55% 3.43% 29 March 2027
Suzhou Tengxin Venture Capital
Partnership (Limited Partnership)/ ᘽ
௴ุҳ༟ΥྫΆุ (Υ
ྫ)
11,661,810 2.22% 2.15% 29 March 2027
Yantai Xinzhen Tianying Equity
Investment Center (Limited
Partnership)/ᛆҳ༟
ʕː(Υྫ )
11,054,420 2.10% 2.03% 29 March 2027
Shenzhen Zhongxiaodan Venture
Capital Co., Ltd./ ଉέ̹ʕʃዄ௴ุ
ʮ̡
3,887,270 0.74% 0.72% 29 March 2027


--- page 16 ---
16
Name
Number of H –
shares held in
the Company
subject to lock-
up undertakings
upon listing
% of total issued
H-shares after
the Global
Offering subject
to lock-up
undertakings
upon listing Note 1
% of
shareholding in
the Company
subject to lock-
up undertakings
upon listing Note 1
Last day subject
to the lock-up
undertakings Note 2
Shenzhen Talent Innovation
Entrepreneurship No. 3 Phase II
Equity Investment Fund Partnership
(Limited Partnership)/ ଉέ̹ɛʑ௴
Υྫ
Άุ(Υྫ )
3,887,270 0.74% 0.72% 29 March 2027
Shenzhen Toposcend Zhongxiaowei
Venture Capital Enterprise (Limited
Partnership)/ऎʕʃฆ
௴ุҳ༟Άุ (Υྫ )
6,632,655 1.26% 1.22% 29 March 2027
Guangdong Yuecai Industrial
Investment Fund Partnership
(Limited Partnership)/ຽৌପุ
ΥྫΆุ (Υྫ )
4,719,388 0.90% 0.87% 29 March 2027
Guangzhou Chuangying Jianke
Investment Partnership (Limited
Partnership)/ҳ༟Υྫ
Άุ(Υྫ )
28,317 0.01% 0.01% 29 March 2027
Foshan Pengxia Jufu Enterprise
Management Partnership (Limited
Partnership)/ Нʆ̹ᘄขၳబΆุ၍
ଣΥྫΆุ (Υྫ )
10,402,330 1.98% 1.91% 29 March 2027
Shenzhen Qielou Xingwen
Management Partnership (Limited
Partnership)/ ଉέᗨБᖢ၍ଣΥྫΆ
ุ(Υྫ )
9,438,775 1.80% 1.74% 29 March 2027
Shanghai Huaqi Investment
Management Partnership (Limited
Partnership)/ ɪऎ೥೘ҳ༟၍ଣΥྫ
Άุ(Υྫ )
4,737,610 0.90% 0.87% 29 March 2027


--- page 17 ---
17
Name
Number of H –
shares held in
the Company
subject to lock-
up undertakings
upon listing
% of total issued
H-shares after
the Global
Offering subject
to lock-up
undertakings
upon listing Note 1
% of
shareholding in
the Company
subject to lock-
up undertakings
upon listing Note 1
Last day subject
to the lock-up
undertakings Note 2
Shenzhen Qunte Investment Co.,
Ltd./ப΂ʮ̡
4,413,988 0.84% 0.81% 29 March 2027
Wuxi High-tech Zone Xindongneng
Industry Development Fund (Limited
Partnership)/ ೌ፼৷อਜอਗঐପุ
ږ( Υྫ )
4,719,390 0.90% 0.87% 29 March 2027
Founder Securities Investment Co.,
Ltd./ʮ̡
4,421,770 0.84% 0.81% 29 March 2027
Shenzhen Shuohang Enterprise
Management Partnership (Limited
Partnership)/ ଉέ̹၂ঘΆุ၍ଣΥ
ྫ(Υྫ )
3,178,760 0.60% 0.58% 29 March 2027
Ms. Liu Hong/ ᄎ҃ 1,751,547 0.33% 0.32% 29 March 2027
Beijing CAS Zhengdao Investment
Center (Limited Partnership)/ ̏ԯ਷
͍༸ҳ༟ʕː (Υྫ )
196,660 0.04% 0.04% 29 March 2027
Subtotal 142,065,540 27.03% 26.13%
Notes:
1. After taking into account the full exercise of the Offer Size Adjustment Option and assuming the Over-allotment Option is not exercised.
2. The expiry date of the lock-up period shown in the table above is pursuant to applicable PRC laws.


--- page 18 ---
18
Cornerstone Investors
Name
Number of H –
shares held in
the Company
subject to lock-
up undertakings
upon listing
% of total issued
H-shares after
the Global
Offering subject
to lock-up
undertakings
upon listing Note 1
% of
shareholding in
the Company
subject to lock-
up undertakings
upon listing Note 1
Last day subject
to the lock-up
undertakings Note 2
HHLR Advisors, Ltd. 13,802,400 2.63% 2.54% 29 September 2026
GF Fund 13,802,200 Note 3 2.63% 2.54% 29 September 2026
Morgan Stanley & Co. International
plc
4,600,800 0.88% 0.85% 29 September 2026
Samson Group Limited/ණྠϞ
ʮ̡
2,941,000 0.56% 0.54% 29 September 2026
Haojun Investment and HTCI (in
connection with Haojun Investment
OTC Swaps)
2,667,800 0.51% 0.49% 29 September 2026
Eternal Summer Consulting
Company Ltd.
2,300,400 0.44% 0.42% 29 September 2026
Shrewd Pioneer Limited 2,300,400 0.44% 0.42% 29 September 2026
Richfirm (Hong Kong) Development
Limited/ Όන(ಥ)ʮ̡
1,470,400 0.28% 0.27% 29 September 2026
VVC Technology Fund Ltd. 1,380,200 0.26% 0.25% 29 September 2026
Subtotal 45,265,600 8.61% 8.33%
Notes:
1. After taking into account the full exercise of the Offer Size Adjustment Option and assuming the Over-
allotment Option is not exercised.
2. In accordance with the relevant cornerstone investment agreements, the required lock-up ends on 29
September 2026. The Cornerstone Investors will cease to be prohibited from disposing of or transferring H
Shares subscribed for pursuant to the relevant cornerstone investment agreements after the indicated date.
3. The discrepancy between final number of allocated Offer Shares and disclosure in the Prospectus was due to
rounding adjustments.


--- page 19 ---
19
PLACEE CONCENTRATION ANALYSIS**
Placees*
Number of
H Shares
allotted
Allotment
as % of
International
Offering
(assuming
no exercise
of the Over-
allotment
Option)
Allotment
as % of
International
Offering
(assuming
the Over –
allotment
Option
is fully
exercised and
new H 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 H Shares
are issued)
Number of H
Shares held
upon Listing
% of total
issued H
Share capital
upon Listing
(assuming no
exercise of
the Over –
allotment
Option)
% of total
issued H
share capital
upon Listing
(assuming
the Over –
allotment
Option
is fully
exercised and
new H 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 H Shares
are issued)
Top 1 13,802,400 17.98% 15.22% 14.86% 12.92% 13,802,400 2.63% 2.56% 2.54% 2.48%
Top 5 42,323,800 55.15% 46.67% 45.56% 39.62% 42,323,800 8.05% 7.84% 7.79% 7.59%
Top 10 54,651,000 71.21% 60.27% 58.83% 51.15% 54,651,000 10.40% 10.13% 10.05% 9.80%
Top 25 74,413,400 96.96% 82.06% 80.10% 69.65% 74,413,400 14.16% 13.79% 13.69% 13.35%
Notes
* Ranking of placees is based on the number of H Shares allotted to the placees.
** Taking into account the full exercise of the Offer Size Adjustment Option.
H SHAREHOLDER CONCENTRATION ANALYSIS**
H Shareholders*
Number of
H Shares
allotted
Allotment
as % of
International
Offering
(assuming
no exercise
of the Over-
allotment
Option)
Allotment
as % of
International
Offering
(assuming
the Over –
allotment
Option
is fully
exercised and
new
H 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 H Shares
are issued)
Number of H
Shares held
upon Listing
% of total
issued H
Share capital
upon Listing
(assuming no
exercise of
the Over –
allotment
Option)
% of total
issued H
Share capital
upon Listing
(assuming
the Over –
allotment
Option
is fully
exercised and
new H 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 H Shares
are issued)
Top 1 – 0.00% 0.00% 0.00% 0.00% 159,742,800 30.39% 29.61% 29.39% 28.65%
Top 5 1,470,400 1.92% 1.62% 1.58% 1.38% 311,226,940 59.22% 57.69% 57.25% 55.82%
Top 10 29,075,000 37.88% 32.06% 31.30% 27.21% 395,765,120 75.30% 73.36% 72.80% 70.99%
Top 25 54,003,800 70.37% 59.55% 58.13% 50.55% 484,722,773 92.23% 89.85% 89.17% 86.94%
Notes
* Ranking of H Shareholders is based on the number of H Shares (of all classes) held by the H Shareholders upon
Listing.
** Taking into account the full exercise of the Offer Size Adjustment Option.


--- page 20 ---
20
SHAREHOLDER CONCENTRATION ANALYSIS**
Shareholders*
Number of
H Shares
allotted
Allotment
as % of
International
Offering
(assuming
no exercise
of the Over-
allotment
Option)
Allotment
as % of
International
Offering
(assuming
the Over –
allotment
Option is fully
exercised and
new H 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 H Shares
are issued)
Number of H
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 H Shares
are issued)
Top 1 0 0.00% 0.00% 0.00% 0.00% 159,742,800 17,777,0600 32.70% 31.89%
Top 5 1,470,400 1.92% 1.62% 1.58% 1.38% 311,226,940 329,254,740 60.57% 59.06%
Top 10 29,075,000 37.88% 32.06% 31.30% 27.21% 395,765,120 413,792,920 76.12% 74.22%
Top 25 54,003,800 70.37% 59.55% 58.13% 50.55% 484,722,773 502,750,573 92.49% 90.17%
Notes
* Ranking of Shareholders is based on the number of Shares (of all classes) held by the Shareholder upon Listing.
** Taking into account the full exercise of the Offer Size Adjustment Option.
BASIS OF ALLOCATION UNDER THE HONG KONG PUBLIC OFFERING
Subject to the satisfaction of the conditions set out in the Prospectus, a total of 227,070 valid
applications made by the public will be conditionally allocated on the basis set out below:
NO. OF H SHARES
APPLIED FOR
NO. OF VALID
APPLICATIONS BASIS OF ALLOCATION/BALLOT
APPROXIMATE
PERCENTAGE
ALLOTED OF THE
TOTAL NO. OF H
SHARES APPLIED FOR
POOL A
200 46,102 2,306 out of 46,102 applicants to receive 200 H Shares 5.00%
400 39,888 3,192 out of 39,888 applicants to receive 200 H Shares 4.00%
600 7,784 818 out of 7,784 applicants to receive 200 H Shares 3.50%
800 3,614 434 out of 3,614 applicants to receive 200 H Shares 3.00%
1,000 5,085 712 out of 5,085 applicants to receive 200 H Shares 2.80%
1,200 2,948 425 out of 2,948 applicants to receive 200 H Shares 2.40%
1,400 2,384 368 out of 2,384 applicants to receive 200 H Shares 2.21%
1,600 2,225 356 out of 2,225 applicants to receive 200 H Shares 2.00%
1,800 1,340 225 out of 1,340 applicants to receive 200 H Shares 1.87%
2,000 14,358 2,513 out of 14,358 applicants to receive 200 H Shares 1.75%
3,000 3,669 695 out of 3,669 applicants to receive 200 H Shares 1.26%
4,000 3,341 649 out of 3,341 applicants to receive 200 H Shares 0.97%
5,000 5,349 1,070 out of 5,349 applicants to receive 200 H Shares 0.80%
6,000 2,907 594 out of 2,907 applicants to receive 200 H Shares 0.68%
7,000 1,552 326 out of 1,552 applicants to receive 200 H Shares 0.60%
8,000 1,503 325 out of 1,503 applicants to receive 200 H Shares 0.54%


--- page 21 ---
21
NO. OF H SHARES
APPLIED FOR
NO. OF VALID
APPLICATIONS BASIS OF ALLOCATION/BALLOT
APPROXIMATE
PERCENTAGE
ALLOTED OF THE
TOTAL NO. OF H
SHARES APPLIED FOR
POOL A
9,000 1,275 287 out of 1,275 applicants to receive 200 H Shares 0.50%
10,000 9,596 2,208 out of 9,596 applicants to receive 200 H Shares 0.46%
20,000 7,340 2,056 out of 7,340 applicants to receive 200 H Shares 0.28%
30,000 5,167 1,628 out of 5,167 applicants to receive 200 H Shares 0.21%
40,000 3,820 1,331 out of 3,820 applicants to receive 200 H Shares 0.17%
50,000 3,266 1,199 out of 3,266 applicants to receive 200 H Shares 0.15%
60,000 3,282 1,379 out of 3,282 applicants to receive 200 H Shares 0.14%
70,000 1,789 814 out of 1,789 applicants to receive 200 H Shares 0.13%
80,000 1,835 881 out of 1,835 applicants to receive 200 H Shares 0.12%
90,000 1,510 748 out of 1,510 applicants to receive 200 H Shares 0.11%
100,000 9,067 4,534 out of 9,067 applicants to receive 200 H Shares 0.10%
200,000 9,197 8,320 out of 9,197 applicants to receive 200 H Shares 0.09%
Total: 201,193 Total number of Pool A successful applicants: 40,393
POOL B
300,000 11,350 200 H Shares plus 2,270 out of 11,350 applicants to receive an additional 200 H Shares 0.08%
400,000 3,426 200 H Shares plus 1,236 out of 3,426 applicants to receive an additional 200 H Shares 0.07%
500,000 2,170 200 H Shares plus 1,086 out of 2,170 applicants to receive an additional 200 H Shares 0.06%
600,000 1,612 200 H Shares plus 1,007 out of 1,612 applicants to receive an additional 200 H Shares 0.05%
700,000 960 200 H Shares plus 709 out of 960 applicants to receive an additional 200 H Shares 0.05%
800,000 870 200 H Shares plus 733 out of 870 applicants to receive an additional 200 H Shares 0.05%
900,000 674 200 H Shares plus 633 out of 674 applicants to receive an additional 200 H Shares 0.04%
1,000,000 1,767 400 H Shares 0.04%
1,500,000 1,030 400 H Shares plus 437 out of 1,030 applicants to receive an additional 200 H Shares 0.03%
2,019,600 2,018 400 H Shares plus 1,589 out of 2,018 applicants to receive an additional 200 H Shares 0.03%
Total: 25,877 Total number of Pool B successful applicants: 25,877
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.


--- page 22 ---
22
COMPLIANCE WITH LISTING RULES AND GUIDANCE
The Directors confirm that, except for the Listing Rules that have been waived and/or in respect of
which consent has been obtained, the Company has complied with the Listing Rules and guidance
materials in relation to the placing, allotment and listing of the Company ’s H 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 was the same as the final Offer Price in addition to any brokerage, AFRC
transaction levy, SFC transaction levy and Stock Exchange trading fee payable.
The Directors and the Overall Coordinators confirm that at least 50% of the total number of the
Offer Shares (excluding any Shares issued and/or to be issued pursuant to the exercise of the Offer
Size Adjustment Option and/or Over-allotment Option) 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 by the Company in full, pursuant to which
the Company is issuing and allotting 12,117,600 additional H Shares, representing approximately
15.0% of the total number of H Shares initially available under the Global Offering, at the final
Offer Price.
Accordingly, the total number of Offer Shares finally available under the Global Offering (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 92,902,600
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 543,597,580 Shares.
The additional Offer Shares issued pursuant to the Offer Size Adjustment Option will be allocated
to the International Offering.
Reallocation
As (i) the Hong Kong Public Offering is oversubscribed by more than 50 times and (ii) the
reallocation pursuant to Chapter 4.14 of the Guide for New Listing Applicants as described
in the section headed “Structure of the Global Offering – The Hong Kong Public Offering –
Reallocation ” of the Prospectus is exercised, the clawback arrangement is triggered and Offer
Shares were reallocated to the Hong Kong Public Offering from the International Offering, so that
the total number of Offer Shares available under the Hong Kong Public Offering is 16,157,000
Offer Shares, representing 20% of the Offer Shares initially available under the Global Offering,
assuming the Offer Size Adjustment Option is not exercised.


--- page 23 ---
23
Allocations of Further H Shares to close associates of existing shareholders as a cornerstone
investor and a placee with a waiver from strict compliance with Rule 10.04 of the Listing
Rules and consent under paragraph 1C(2) of the Placing Guidelines
The Company has applied to, and the Stock Exchange has granted, a waiver from strict compliance
with Rule 10.04 of the Listing Rules and consent under paragraph 1C(2) of the Placing Guidelines
to allocate further H Shares in the International Offering to a close associate of existing
shareholder as cornerstone investor, subject to the following conditions:
(a) the Company will comply with the public float requirements of Rules 19A.13A and 18C.08
of the Listing Rules and the free float requirements of Rule 19A.13C of the Listing Rules;
(b) the Company and the Joint Sponsors confirm that no preferential treatment has been, nor
will be directly or indirectly, given to Richfirm as a cornerstone investor by virtue of its
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 Shares by Richfirm as Cornerstone Investor under the
Global Offering are disclosed in the Prospectus, and details of the allocation will be disclosed
in the allotment results announcement of our Company. For further information about the
relevant cornerstone investments, please refer to the section headed “Cornerstone Investors ”
in the Prospectus.
The Company has applied to, and the Stock Exchange has granted, a waiver from strict compliance
with Rule 10.04 of the Listing Rules and consent under paragraph 1C(2) of the Placing Guidelines
to allocate further H Shares in the International Offering to a close associate of existing
shareholder as placee, subject to the following conditions:
(a) the Company will comply with the public float requirements of Rules 19A.13A and 18C.08
of the Listing Rules and the free float requirements of Rule 19A.13C of the Listing Rules;
and
(b) the Company and the Joint Sponsors confirm that no preferential treatment has been, nor will
be directly or indirectly, given to Yihe No. 22 as a placee by virtue of its relationship with
the Company in any allocation in the Global Offering.
Such allocations of Offer Shares are in compliance with all the conditions under the consent
granted by the Stock Exchange.
For details of the allocations of Offer Shares to close associates of existing shareholders as a
cornerstone investor and a placee, please refer to the section headed “Allotment Results Details –
International Offering – Allotees with Waivers/Consents Obtained ” in this announcement.


--- page 24 ---
24
Placing to connected 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. Please refer to the section headed
“Allotment Results Details – International Offering – Allotees with Waivers/Consents Obtained ” in
this announcement for details. 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.
Part A – Connected Clients holding the beneficial interest of the Offer Shares on a
non-discretionary basis on behalf of independent third parties
No.
Connected
Distributor
Connected
Client
Relationship
with the
Connected
Distributor
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
Number of
Offer Shares
allocated to
the connected
client
Approximate
percentage
of total
number of
Offer Shares
(assuming
the Over-
allotment
Option is not
exercised)
Approximate
percentage of
total Shares
in issue
immediately
following the
completion
of Global
Offering
(assuming
the Over-
allotment
Option is not
exercised)
1. Huatai Financial
Holdings (Hong
Kong) Limited
(“HTFH”)
Huatai Capital
Investment
Limited
(“HTCI”)
Members
of the same
group
Please refer to
Note 1
No 8,668,600 9.33% 1.59%
2. China International
Capital
Corporation
Hong Kong
Securities Limited
(“CICCHKS ”)
CICC
Financial
Trading
Limited
(“CICC FT ”)
Members
of the same
group
Please refer to
Note 2
No 35,200 0.04% 0.01%


--- page 25 ---
25
Part B – Connected Clients holding the beneficial interest of the Offer Shares on a
discretionary basis on behalf of independent third parties
No.
Connected
Distributor Connected Clients
Relationship
with the
Connected
Distributor
Whether the
Connected Client
is a collective
investment scheme
which is not
authorised by the
SFC or is expected
to hold the Offer
Shares on behalf of
such scheme
Maximum
number of
Offer Shares
(rounded down
to nearest
whole board lot
of 10 Shares) to
be allocated to
the connected
client
Approximate
percentage
of total
number of
Offer Shares
(assuming
the Over-
allotment
Option is not
exercised)
Approximate
percentage of
total Shares in
issue immediately
following the
completion of Global
Offering (assuming
the Over-allotment
Option is not
exercised)
3. ICBC International
Securities Limited
(“ICBCI ”)
ICBC UBS Asset
Management Co.,
(International) Ltd.
(“ICBC UBS ”) (Note 3)
Members of the
same group
No 311,000 0.33% 0.06%
4. ICBCI ICBC International
Fund Management
Limited ( “ICBCI
FM”) (Note 4)
Members of the
same group
No 13,800 0.01% 0.00%
5. ICBCI ICBC UBS Asset
Management
(International)
Company Limited
(“ICBC UBS
International ”) (Note 5)
Members of the
same group
No 100,600 0.11% 0.02%
6. Citic Securities
Brokerage (HK)
Limited ( “CITIC
Brokerage HK ”)
China Asset
Management (Hong
Kong) Limited
(“China AMC
HK”) (Note 6)
Members of the
same group
No 411,600 0.44% 0.08%
7. China Merchants
Securities (HK)
Co., Limited
(“CMS”)
Bosera Asset
Management
(International)
Co., Limited
(“Bosera Asset
Management ”) (Note 8)
Members of the
same group
No 345,000 0.37% 0.06%


--- page 26 ---
26
Notes:
1. 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 ”).
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 of the Global Offering. 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 ultimately to the Huatai Ultimate Clients, which in effect, HTCI will hold the beneficial interest
of the Offer Shares on behalf of the Huatai Ultimate Clients. HTFH and HTCI are indirectly wholly-owned
subsidiaries of Huatai Securities. Accordingly, HTCI is considered as a “connected client ” of HTFH pursuant to
paragraph 1B(7) of the Placing Guidelines.
Pursuant to the Cross-border Derivatives Trading Regime, the onshore investors (the “Huatai Ultimate
Clients ”) cannot directly subscribe for the Offer Shares but may invest in derivative products issued by domestic
securities firms licenced to undertake cross-border derivatives trading activities, such as Huatai Securities,
with the Offer Shares as the underlying assets. Instead of directly subscribing for the Offer Shares, the Huatai
Ultimate Clients, through its investment manager, will place a total return swap order (the “Client TRS ”) with
Huatai Securities in connection with the Company ’s IPO and Huatai 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 IPO and subscribes the Offer Shares through placing order with HTFH
during the International Offering.
To the best of our knowledge and after making all reasonable enquiries, save for Yihe No. 22 Private Securities
Investment Fund ( ᎚ձ 22 ږeach of the other Huatai Ultimate Clients is an independent
third party of (i) the Company and their respective close 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 economic loss shall be
ultimately borne by the Huatai Ultimate Clients. HTCI will not take any economic return or bear any economic
loss in relation to the Offer Shares.
Investment in the Back-to-back TRS and the Client TRS is similar to the investment in a qualified domestic
institutional investor fund ( “QDII”) in the way that the Huatai Ultimate Clients would reap all the economic
benefits of the underlying Offer Shares, except that a QDII fund would pass through the exchange rate exposure
on both the notional value of the investment and the profit and loss of the investment. In contrast, the profit and
loss of the Back-to-back TRS and the Client TRS factor into account the fluctuation in RMB exchange rate upon
termination of the Client TRS by 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 27 ---
27
The Huatai Ultimate Clients may exercise an early termination right to terminate the Client TRS at any time
from the issue date of the Client TRS which should be on or after the date on which the Offer Shares are listed
on the Stock Exchange at 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 interests are ultimately passed to the Huatai Ultimate Clients.
The Huatai Ultimate Clients for purpose of this placing subscription are as follows:
(i) Ningbo Meishan Free Trade Port Zone Haojun Investment Management Co., Ltd. (೼ಥਜ㒊
ʮ̡ ) ( “Haojun Investment ”) and the ultimate beneficial owners are Shi Yu and Chen
Chen, each holding as to 60% and 40% of the interests, respectively. Among the 8,668,600 Offer Shares
allocated to HTCI, 2,667,800 Offer Shares will be beneficially owned by Haojun Investment.
Haojun Investment is one of the cornerstone investors of the Company. Haojun Investment 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 Global Offering and subscribes the
Offer Shares through placing order with HTFH during the International Offering. For details of Haojun
Investment and the cornerstone investment in the Company, please refer to the section headed “Haojun
Investment and HTCI (in connection with Haojun Investment OTC Swaps) - Cornerstone Investors ” of
the Prospectus. After the issuance of the prospectus, HTFH became a distributor of the Global Offering
and as result HTCI become a connected client of HTFH pursuant to paragraph 1B(7) of the Placing
Guidelines.
(ii) Yihe No. 22 Private Securities Investment Fund ( ᎚ձ22ږ“() Yihe No. 22 ”), a fund
management by Beijing Palace Asset Management Co., Ltd. (ʮ̡ ) ( “Palace
AM”). The ultimate beneficial owner and controlling shareholder of Palace AM is Mr. Jiang Renfei (΂
࠭“()Mr. Jiang ”), holding as to 66.07 of the shareholdings interests in Palace AM. Among the 8,668,600
Offer Shares allocated to HTCI, 4,236,200 Offer Shares will be beneficially owned by Yihe No. 22.
Shenzhen Qielou Xingwen Management Partnership (Limited Partnership) ( ଉέᒡᗨБᖢ၍ଣΥྫΆุ
(Υྫ )) ( “Qielou Xingwen ”) is an existing shareholder of the Company holding as to 2.09% of the
interests in the Company. Mr. Jiang holds as to 58.1341% of the partnership interests in Qielou Xingwen.
Accordingly, Palace AM, an entity controlled by Mr. Jiang, is a close associate of the Company ’s existing
shareholder Qielou Xingwen. The Company has applied 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, to
permit Yihe No. 22 to participate in the Global Offering.
(iii) CSC Financial Co., Ltd., acting on behalf of the CSC “Juejin No. 1 ” Single Asset Management Plan ( ʕ
ږ1 ྌ ) ( “Juejin No. 1 ”) and the ultimate
beneficial owner is Kunlun-Western Securities Innovative Institutional Wealth Trust (ج
ৄ ), which is a pooled funds trust plan established under the laws of the PRC and administered
by Kunlun Trust Co., Ltd. (ப΂ʮ̡ ) as trustee. The sole settlor of the trust is Western
Securities Innovation Investment Co., Ltd. (ʮ̡ ), which holds 100% of the trust
benefits. For the avoidance of doubt, CSC Financial Co., Ltd. is an independent third party of CITIC
Brokerage HK pursuant to paragraph 6 of Chapter 4.15 of the Guide. Among the 8,668,600 Offer Shares
allocated to HTCI, 1,764,600 Offer Shares will be beneficially owned by Juejin No. 1.


--- page 28 ---
28
2. CICC FT and China International Capital Corporation Limited will enter into a series of cross border delta-one
OTC swap transactions (the “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 OTC
Swaps while the economic risks and returns of the underlying Offer Shares are passed to the CICC FT Ultimate
Clients, subject to customary fees and commissions. The OTC Swaps will be fully funded by the CICC FT
Ultimate Clients. During the terms of the OTC Swaps, all economic returns of the Offer Shares subscribed by
CICC FT will be passed to the CICC FT Ultimate Clients and all economic loss shall be borne by the CICC FT
Ultimate Clients through the 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 OTC Swaps are linked to the Offer Shares and the CICC FT
Ultimate Clients may request CICC FT to redeem it at their own discretion, upon which CICC FT shall dispose
of the Offer Shares and settle OTC Swaps in cash in accordance with the terms and conditions of the OTC Swap.
Despite that CICC FT will hold the legal title of the Offer Shares by itself, it will not exercise the voting rights
attaching to the relevant Offer Shares during the terms of the OTC Swaps according to its internal policy. The
CICC FT Ultimate Clients for purpose of this placee subscription include Lesheng Qiangye Private Securities
Investment Fund (ږand Yuanlesheng Qiangshu Private Securities Investment Fund
(ږwhich are funds managed by Tibet Yuanlesheng Asset Management Company
Limited (ʮ̡ ).
To the best of CICC FT ’s knowledge having made all reasonable inquiries, each of the CICC FT Ultimate
Clients is an independent third party of CICC FT, CICCHKS and the companies which are members of the same
group of companies as CICCHKS.
3. ICBCI is a distributor of the Global Offering. ICBC UBS will hold the Offer Shares in its capacity as the
discretionary fund manager managing the funds on behalf of a discretionary account, who is an independent
third party of the Company, its subsidiaries, its substantial shareholders, ICBC UBS, ICBCI and the companies
which are members of the same group of ICBCI.
4. ICBCI is a distributor of the Global Offering. New Era Development Fund SPC (ږSPC) -
Dynamic Allocation Equity Fund SP ( “DAEF”) will hold the Offer Shares with ICBCI FM acting as the
discretionary fund manager for the DAEF. Each of the end investors of DAEF is an independent third party
of ICBCI FM and ICBCI (distributor of DAEF), both of which are wholly-owned subsidiaries of ICBC
International Holdings Limited.
5. ICBCI is a distributor 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), ICBCI and the companies which are members of the same
group of ICBCI.
6. CITIC Brokerage HK is a distributor of the Global Offering. China AMC HK is a member of the same group of
companies as CITIC Brokerage HK and China AMC HK is therefore considered as a connected client of CITIC
Brokerage HK pursuant to paragraph 1B(7) of Appendix F1 to the Listing Rules. China AMC HK will hold the
Offer Shares in its capacity as the discretionary fund manager managing on behalf of its underlying clients, each
of which is an independent third party of the Company, its subsidiaries, its substantial shareholders, China AMC
HK, CITIC Brokerage HK and the companies which are members of the same group of CITIC Brokerage HK.
CMS is a broker dealer of the Global Offering. Bosera Asset Management is held as to 55% by Bosera Asset
Management Co., Ltd. and 45% by China Merchants Fund Management Co., Ltd. China Merchants Securities
Co., Ltd. currently holds 49% of the equity interest of Bosera Asset Management Co., Ltd. and 45% of the
equity interest of China Merchants Fund Management Co., Ltd. CMS is a wholly-owned subsidiary of China
Merchants Securities Co., Ltd. Therefore, Bosera Asset Management is a member of same group of companies
as CMS.
Bosera Asset Management will hold the Offer Shares in its capacity as the discretionary fund manager managing
four sub-funds (namely, Bosera Hong Kong Equity Plus Fund (SFC Authorised Fund), Bosera Global Select
Equity Fund SP, Navigator Technology Limited IPO Mandate and Fortuna Capital Management Limited IPO
Mandate) on behalf of its underlying client. There is no investor holding 30% or more interest in Bosera Hong
Kong Equity Plus Fund (SFC Authorised Fund). The only investor holding 30% or more interest in Bosera
Global Select Equity Fund SP is Zhang Lei ( ੵཤ), holding as to 53.67% of the interest. The ultimate beneficial
owner of Navigator Technology Limited IPO Mandate is Zheng Fuhua (ڀThe ultimate beneficial owner
of Fortuna Capital Management Limited IPO Mandate is Yang Dehui.


--- page 29 ---
29
DISCLAIMERS
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.
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 securities mentioned
herein have not been, and will not be, registered under the United States Securities Act of 1933,
as amended (the “U.S. Securities Act ”). The securities may not be offered or sold in the United
States except pursuant to an exemption from the registration requirements of the U.S. Securities
Act and in compliance with any applicable state securities laws, or outside the United States
unless in compliance with Regulation S under the U.S. Securities Act. There will be no public
offer of securities in the United States.
The Offer Shares are being offered and sold (i) solely to qualified institutional buyers as defined
in Rule 144A under the U.S. Securities Act pursuant to an exemption from registration under
the U.S. Securities Act and (ii) 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 20 March 2026 issued by Guangdong
Huayan Robotics Co., Ltd. for detailed information about the Global Offering described below
before deciding whether or not to invest in the Shares thereby being offered.
* Potential investors of the Offer Shares should note that the Overall Coordinators (for themselves and
on behalf of the Hong Kong Underwriters and Overall Coordinators) 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 paragraph 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 30 March 2026).


--- page 30 ---
30
PUBLIC FLOAT
Pursuant to Rule 19A.13A of the Listing Rules, assuming that the Over-allotment Option is
not exercised, based on the Offer Price of HK$17.00 per Offer Share, our expected market
capitalization upon the Listing is HK$9,241 million, and the minimum prescribed public float
percentage applicable to our Shares is 16.23%.
Immediately following the completion of the Global Offering (following full exercise of the Offer
Size Adjustment Option and before any exercise of the Over-allotment Option) an aggregate
of 290,240,245 H Shares, representing approximately 53.39% of the issued share capital of our
Company will count towards the public float. Therefore, the number of H Shares held in public
hands is higher than the prescribed percentage of H Shares required to be held in public hands of
16.23% under Rule 19A.13A(1) of the Listing Rules.
Based on the final Offer Price of HK$17.00 per H Share, the Company satisfies the free float
requirement under Rule 19A.13C of the Listing Rules.
The Directors confirm that, immediately following the completion of the Global Offering: (i) no
placee will, individually, be placed more than 10% of the enlarged issued share capital of our
Company; (ii) there will not be any new substantial Shareholder (as defined in the Listing Rules)
of our Company; (iii) the three largest public shareholders of the Company do not hold more than
50% of the H 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 H Share certificates will only become valid evidence of title at 8:00 a.m. on Monday, March
30, 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 – Hong Kong Underwriting Agreement – Grounds for
Termination ” in the Prospectus has not been exercised. Investors who trade the H Shares on the
basis of publicly available allocation details prior to the receipt of H Share certificates or prior to
the H Share certificates becoming valid evidence of title do so entirely at their own risk.
Assuming that the Global Offering becomes unconditional at or before 8:00 a.m. on Monday,
March 30, 2026 (Hong Kong time), it is expected that dealings in the H Shares on the Stock
Exchange will commence at 9:00 a.m. on Monday, March 30, 2026 (Hong Kong time). The H
Shares will be traded in board lots of 200 H Shares each, and the stock code of the H Shares will
be 1021.
By order of the Board
Guangdong Huayan Robotics Co., Ltd.
Mr. Wang Guangneng
Executive Director and Chairman of the Board
Hong Kong, March 27, 2026
Directors of the Company named in the application to which this announcement relates are: (i)
Mr. Wang Guangneng, Mr. Zhang Guoping and Mr. Zhang Yingtao as executive directors; (ii) Dr.
Fang Bin as non-executive director; and (iii) Dr. Wang Yihua, Dr. Huang Kai and Ms. Gao Li as
independent non-executive directors.