hk-ipo/data/extracted_text/02050/allotment_results_2025-06-20_2025062002236.txt

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Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited (the “ Hong Kong
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 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. The securities may not
be offered, sold, pledged or otherwise transferred within 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 (1) 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 (2) 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.
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 Friday, June 13, 2025 (the “ Prospectus ”) issued by Zhejiang Sanhua Intelligent Controls Co.,
Ltd. (
ʮ̡ ) (the “ Company ”) for detailed information about the Global Offering
described below before deciding whether or not to invest in the H Shares thereby being offered. Any investment
decision in relation to the Offer Shares should be taken solely in reliance on the information in the Prospectus.
The Company has not been and will not be registered under the U.S. Investment Company Act of 1940, as
amended.
Unless otherwise defined in this announcement, capitalized terms used herein shall have the same meanings as
those defined in the Prospectus.
In connection with the Global Offering, China International Capital Corporation Hong Kong Securities Limited,
as stabilizing manager (the “ Stabilizing Manager ”) (or its affiliates or any person acting for it), on behalf of
the Underwriters, the extent permitted by the applicable laws and regulatory requirements of Hong Kong or
elsewhere, may over-allocate or effect transactions with a view to stabilizing or supporting the market price of
the H Shares at such price, in such amounts and in such manners as the Stabilizing Manager, its affiliates or any
person acting for it may determine and 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 its affiliates 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 Stabilization Manager (or its affiliates or any person acting for it) and in what
the Stabilizing Manager 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 of the last day for lodging applications under the
Hong Kong Public Offering (which is Friday, July 18, 2025). 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 H Shares
for longer than the stabilization period, which will begin 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 (which is Friday,
July 18, 2025). After this date, when no further stabilizing action may be taken, demand for the H Shares, and
therefore the price of the H Shares, could fall.
Potential investors of the Offer Shares should note that 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 – 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 Monday, June 23, 2025).


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Zhejiang Sanhua Intelligent Controls 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
: 414,379,500 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 : 109,810,600 H Shares (taking into
account the full exercise of the
Offer Size Adjustment Option and
as adjusted after reallocation)
Number of International Offer Shares : 304,568,900 H 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$22.53 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% (payable in full on application
in Hong Kong dollars and subject to
refund)
Nominal value : RMB1.00 per H Share
Stock Code : 2050
Joint Sponsors, Overall Coordinators, Joint Global Coordinators,
Joint Bookrunners and Joint Lead Managers
Joint Bookrunners and Joint Lead Managers (in alphabetical order)


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1
ZHEJIANG SANHUA INTELLIGENT CONTROLS CO., LTD. /
浙江三花智能控制股份有限公司
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 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 2050
Stock Short Name SANHUA
Dealings commencement date June 23, 2025*
* see note at the end of the announcement
Price Information
Final Offer Price HK$22.53
Offer Price Range HK$21.21 – HK$22.53
Offer Price Adjustment exercised N/A
Offer Shares and Share Capital
Number of Offer Shares 414,379,500
Number of Offer Shares in Hong Kong
Public Offering (after taking into
account the full exercise of the Offer Size
Adjustment Option and reallocation)
109,810,600
Number of Offer Shares in International
Offering (after taking into account the
full exercise of the Offer Size Adjustment
Option and reallocation)
304,568,900
Number of issued Shares upon Listing
(before exercise of the Over- allotment
Option) (Note)
4,146,769,035
The number of Offer Shares above is determined after taking into account the additional
Offer Shares issued under the following Offer Size Adjustment Option.
Note: The number of issued Shares includes 2,707,721 A Shares being held as treasury
Shares repurchased by the Company pursuant to the repurchase mandates approved by
Shareholders.
Offer Size Adjustment Option (Upsize option)
Number of additional shares issued 54,049,500


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2
under the option
- Hong Kong Public Offering 14,323,100
- International Offering 39,726,400
The Offer Size Adjustment Option has been exercised in full, pursuant to which the Company
is issuing and allotting 54,049,500 additional Offer Shares, representing approximately
15.00% 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 62,156,900
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$9,336 million
Less: Estimated listing expenses
payable based on Final Offer
Price
HK$159 million
Net Proceeds HK$9,177 million
Note: Gross proceeds refers 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 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. During the Track Record Period, the listing expenses of
RMB1.3 million has been charged to the consolidated statements of profit or loss of the
Company, therefore the actual net proceeds received by the Company will be HK$9,178
million.
ALLOTMENT RESULTS DETAILS
HONG KONG PUBLIC OFFERING
No. of valid applications 334,840
No. of successful applications 215,361
Subscription level (before taking into account the Offer Size
Adjustment Option and reallocation)
747.92 times
Claw-back triggered Yes
No. of Offer Shares initially available under the Hong Kong Public
Offering
25,223,100


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3
Final no. of Offer Shares under the Hong Kong Public Offering (after
taking into account the full exercise of the Offer Size Adjustment
Option)
109,810,600
% 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)
26.50%
Note: For details of the final allocation of H Shares to the Hong Kong Public Offering,
investors can refer to www.eipo.com.hk/eIPOAllotment to perform a search by identification
number or www.eipo.com.hk/eIPOAllotment for the full list of allottees.
INTERNATIONAL OFFERING
No. of placees 256
Subscription Level (before taking into account the Offer Size
Adjustment Option and reallocation)
23.57 times
No. of Offer Shares initially available under the International Offering 335,106,900
Final no. of Offer Shares under the International Offering (after taking
into account the full exercise of the Offer Size Adjustment Option)
304,568,900
% of Offer Shares under the International Offering to the Global
Offering (after taking into account the full exercise of the Offer Size
Adjustment Option)
73.50%
The Directors confirm that, to the best of their knowledge, information and belief, save for (a)
a waiver from strict compliance with Rule 10.04 of the Listing Rules and a consent under
paragraph 5(2) of Appendix F1 to the Listing Rules (the “Placing Guidelines”) granted by the
Stock Exchange to permit H Shares in the International Offering to be placed to certain
Existing Minority Shareholders and/or their close associates, and (b) a consent under Chapter
4.15 of the Guide for New Listing Applicants to permit the Company to, among other things,
allocate further H Shares in the International Offering to certain existing Shareholders and/or
their close associates and Cornerstone Investors, (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, Supervisors, chief executive, 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, Supervisors,
chief executive, 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 H Shares registered in his/her/its name or
otherwise held by him/her/it.
The placees in the International Offering include the following:


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4
Cornerstone Investors
Investor
No. of
Offer
Shares
allocated
% of total issued H
Shares 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)
% 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
Schroder
Investment
Management
Limited,
Schroder
Investment
Management
(Singapore)
Ltd and
Schroder
Investment
Management
(Hong Kong)
Limited
(“Schroders”)49,443,600 11.93% 1.19% Yes
GIC Private
Limited
(“GIC”) 31,337,400 7.56% 0.76% Yes
Greenwoods
Asset
Management
Hong Kong
Limited (“HK
Greenwoods”)6,963,800 1.68% 0.17% No
Shanghai
Greenwoods
Asset
Management
Co., Ltd (上海
景林資產管理 6,963,800 1.68% 0.17% No


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5
有限公司)
(“Shanghai
Greenwoods”)
and Huatai
Capital
Investment
Limited
(“HTCI”) (in
connection
with
Greenwoods
OTC Swaps
(as defined in
the
Prospectus))
Green Better
Limited
(“Green
Better”) 10,445,800 2.52% 0.25% No
Verition Multi-
Strategy
Master Fund
Ltd.
(“Verition”) 10,445,800 2.52% 0.25% No
Eastern Bell
Capital VIII
Investment
Limited
(“Eastern Bell
Capital VIII”)10,445,800 2.52% 0.25% No
Mirae Asset
Securities Co.,
Ltd (“Mirae
Securities”) 6,963,800 1.68% 0.17% No
ICBC Wealth
Management
Co., Ltd.
(“ICBC
Wealth”) 6,963,800 1.68% 0.17% No
PSBC Wealth
Management
Co., Ltd.
(“PSBC
Wealth”) 6,963,800 1.68% 0.17% No


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6
(through
GF SecuritiesA
sset Manageme
nt (Guangdong)
Co., Ltd (“GF
Securities
AM”) as the
qualified
domestic
institutional
investor)
Taikang Life
Insurance Co.,
Ltd (“Taikang
Life”) 6,963,800 1.68% 0.17% No
Mega Prime
Development
Limited
(“Mega
Prime”) 6,963,800 1.68% 0.17% Yes
Wind Sabre
Fund SPC on
behalf of Wind
Sabre
Opportunities
Fund SP
(“Wind
Sabre”) 6,963,800 1.68% 0.17% No
Martis Fund,
L.P . (“Martis
Fund”) 6,963,800 1.68% 0.17% No
Morgan Stanley
& Co.
International
plc (“MSIP”)6,963,800 1.68% 0.17% Yes
Jane Street Asia
Trading
Limited (“Jane
Street”) 6,963,800 1.68% 0.17% Yes
3W Fund
Management
Limited (“3W
Fund”) 6,963,800 1.68% 0.17% No
Total 195,684,000 47.22% 4.72%


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Notes:
(1) The number of H Shares immediately after the Global Offering is the same as the number of Offer
Shares to be issued under the Global Offering.
(2) In addition to the Offer Shares subscribed for as Cornerstone Investors, Schroders, GIC, ICBC
Wealth, MSIP , Jane Street, V erition, Mirae Securities, PSBC Wealth, Taikang , HK Greenwoods,
Shanghai Greenwoods, Wind Sabre, Martis Fund, 3W Fund and/or their respective close associates,
where applicable, were allocated further Offer Shares as placees in the International Offering. Please
refer to the section headed “Allotment Results Details – International Offering – Allotees with
Waivers/Consents Obtained” in this announcement for details. Only the Offer Shares subscribed for
as Cornerstone Investors are subject to lock-up as indicated below. For details, please refer to the
section headed “Lock-up Undertakings – Cornerstone Investors” in this announcement.
Allotees with waivers/consents obtained
Investor
No. of
Offer
Share
s
alloca
ted
% of
total
issued H
Shares
after the
Global
Offering
Note 4
% of
total
issued
share
capital
after the
Global
Offering
Note 5 Relationship
Allotees with waiver from strict compliance with Rule 10.04 of the Listing Rules and
consent under paragraph 5(2) of the Placing Guidelines in relation to subscription for H
Shares by Existing Minority Shareholders holding more than 1% of the issued share
capital of the Company immediately prior to the completion of the Global Offering and/or
their close associates Note 1
Nil Note 1 Nil Nil Nil Nil
Allotees with consent under Chapter 4.15 of the Guide for New Listing Applicants in
relation to allocations of further H Shares to the existing Shareholders and/or their close
associates and Cornerstone Investors Note 2
SchroderInvestmentManagem
ent (Singapore) Ltd
10,44
5,800 2.52% 0.25%
Same entity as Cornerstone
Investor
GIC Private Limited
6,963,
800 1.68% 0.17%
Same entity as Cornerstone
Investor
ICBC Asset Management(Glo
bal) CompanyLimited
348,0
00 0.08% 0.01%
ICBC Asset Management(
Global)CompanyLimited
is a close associate of ICBC
Wealth, a Cornerstone
Investor


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8
Invesco Hong Kong Limited
1,045,
000 0.25% 0.03%
Invesco Hong Kong
Limited is a close associate
of Invesco Great Wall
QDII, through which ICBC
Wealth makes its
cornerstone investment
Morgan Stanley & Co.
International plc
348,0
00 0.08% 0.01%
Same entity as Cornerstone
Investor.
Jane StreetFinancialLimited
348,0
00 0.08% 0.01%
Jane StreetFinancialLimite
d is a close associate of
Jane Street, a Cornerstone
Investor
V eritionMulti-
StrategyMasterFund Ltd.
348,0
00 0.08% 0.01%
Same entity as Cornerstone
Investor
Mirae Asset Securities Co., Ltd.
348,0
00 0.08% 0.01%
Same entity as Cornerstone
Investor.
Mirae Asset Global
Investments (Hong Kong) Ltd
70,00
0 0.02% 0.002%
Mirae Asset Global
Investments (Hong Kong)
Ltd is a close associate of
Mirae Securities, a
Cornerstone Investor
Mirae Asset Securities (HK)
Limited
35,00
0 0.01% 0.001%
Mirae Asset Securities
(HK) Limited is a close
associate of Mirae
Securities, a Cornerstone
Investor
PSBC Wealth (through GF
Securities AM as the qualified
domestic institutional investor)
348,0
00 0.08% 0.01%
Same entity as Cornerstone
Investor
TaikangLife InsuranceCo., Lt
d
348,0
00 0.08% 0.01%
Same entity as Cornerstone
Investor
Greenwoods Asset
Management Limited
984,7
00 0.24% 0.02%
Greenwoods Asset
Management Limited is a
close associate of Hong
Kong Greenwoods and
Shanghai Greenwoods,
each a Cornerstone Investor
HTCI (in connection with
Greenwoods OTC Swaps)
1,105,
300 0.27% 0.03%
Same entity as Cornerstone
Investor
Wind Sabre Capital Limited
348,0
00 0.08% 0.01%
Wind Sabre Capital
Limited is a close associate
of Wind Sabre, a
Cornerstone Investor
Martis Fund, L.P . 348,0 0.08% 0.01% Same entity as Cornerstone


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9
00 Investor
3W Fund Management Limited
348,0
00 0.08% 0.01%
Same entity as Cornerstone
Investor
Allotees with consent under paragraph 5(1) of the Placing Guidelines and Chapter 4.15
of the Guide for New Listing Applicants in relation to allocations to connected clients Note
3
E Fund Management Co.,
Ltd. (“E Fund”) and E Fund
Management (Hong Kong)
Co., Limited (“E Fund Hong
Kong”)
1,045,
000 0.25% 0.03% Connected client
HTCI (in connection with
Greenwoods OTC Swaps)
6,963,
800 1.68% 0.17%
Connected client as a
Cornerstone Investor
1,105,
300 0.27% 0.03%
Connected client as a
placee
HTCI
575,0
00 0.14% 0.01% Connected client
CSOP Asset Management
Limited (“CSOP AM”) and
CSOP Asset Management Pte.
Ltd. (“CSOP SG”)
313,0
00 0.08% 0.01%
Connected client
731,0
00 0.18% 0.02%
PSBC Wealth (through GF
Securities AM as the qualified
domestic institutional investor)
6,963,
800 1.68% 0.17%
Connected client as a
Cornerstone Investor
348,0
00 0.08% 0.01%
Connected client as a
placee
V alue Partners Hong Kong
Limited (“VP”)
175,0
00 0.04% 0.004% Connected client
CICC Financial Trading
Limited (“CICCFT”)
874,0
00 0.21% 0.02% Connected client
CITIC Securities International
Capital Management Limited
(“CSI”)
4,361,
700 1.05% 0.11% Connected client
CITIC Securities Asset
Management (HK) Limited
(“CSAM”)
69,50
0 0.02% 0.002% Connected client
Notes:
1. Among the Cornerstone Investors, Schroders, GIC, MSIP , Jane Street and Mega Prime are either Existing
Minority Shareholders of the Company or their close associates. 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 5(2) of the Placing Guidelines to permit H Shares in the International Offering to be placed to
certain Existing Minority Shareholders and/or their close associates. Please refer to the section headed
“Waivers and Exemptions – Allocation of H Shares to Existing Minority Shareholders and Their Close


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10
Associates” of the Prospectus for details.
To the best knowledge, information and belief of the Company after due enquiry, details of the allocations
to the Existing Minority 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.
2. The number of Offer Shares allocated to the relevant investors listed in this subsection only represents the
number of Offer Shares allocated to the investors as placees in the International Offering. For allocations
of Offer Shares to the relevant investors as Cornerstone Investors, please refer to the section headed
“Allotment Results Details – International Offering – Cornerstone Investors” in this announcement. For
details of the consent under Chapter 4.15 of the Guide for New Listing Applicants in relation to allocations
of further H Shares to the existing Shareholders and/or their close associates and Cornerstone investors,
please refer to the section headed “Others/Additional Information – Allocations of Offer Shares to the
existing Shareholders and/or their close associates and Cornerstone investors with a consent under
Chapter 4.15 of the Guide for New Listing Applicants” in this announcement.
3. For details of the consent under paragraph 5(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 5(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.
4. The number of H Shares immediately after the Global Offering is the same as the number of Offer Shares
to be issued under the Global Offering. The figures take into account the full exercise of the Offer Size
Adjustment Option and assume the Over-allotment Option is not exercised.
5. Not taking into account any A Shares held by the relevant investors. The figures take into account the full
exercise of the Offer Size Adjustment Option and assume the Over-allotment Option is not exercised. The
calculation of the percentage also includes 2,707,721 A Shares being held as treasury Shares repurchased
by the Company pursuant to the repurchase mandates approved by Shareholders.
LOCK-UP UNDERTAKINGS
Controlling Shareholders
Name
Number of 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
% of
shareholding
in the
Company
subject to
lock-up
undertakings
upon Listing
Last day
subject to the
lock-up
undertakings
Note 2


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11
(after taking
into account
the full
exercise of
the Offer
Size
Adjustment
Option and
assuming
the Over-
allotment
Option is not
exercised) Note
1
(after taking
into account
the full
exercise of
the Offer
Size
Adjustment
Option and
assuming
the Over-
allotment
Option is not
exercised)
Zhang Y abo 39,024,200 - 0.94%
December
22, 2025
(First Six-
Month
Period)Note 3
June 22,
2026
(Second Six-
Month
Period)Note 4
SanhuaHolding
(as defined in the
Prospectus) 948,487,077 - 22.87%
December
22, 2025
(First Six-
Month
Period)Note 3
June 22,
2026
(Second Six-
Month
Period)Note 4
Sanhua Green
Energy (as defined
in the Prospectus) 677,851,480 - 16.35%
December
22, 2025
(First Six-
Month
Period)Note 3
June 22,
2026
(Second Six-
Month
Period)Note 4
Notes:


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12
1. The number of H Shares immediately after the Global Offering is the same as the number
of Offer Shares to be issued under the Global Offering. The figures take 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 Listing Rule/guidance materials, the required lock- up
for the first six month period on December 22, 2025 and for the second six-month period,
on June 22, 2026.
3. The Controlling Shareholders may dispose of or transfer Shares after the indicated date
subject to that the Controlling Shareholders will not cease to be a Controlling
Shareholder.
4. The Controlling Shareholders will cease to be prohibited from disposing of or
transferring Shares after the indicated date.
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
(after taking
into account
the full
exercise of
the Offer
Size
Adjustment
Option and
assuming
the Over-
allotment
Option is not
exercised)Note 1
% of
shareholding
in the
Company
subject to
lock-up
undertakings
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 2
Schroders 49,443,600 11.93% 1.19%
December
22, 2025
GIC 31,337,400 7.56% 0.76%
December
22, 2025


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13
HK Greenwoods 6,963,800 1.68% 0.17%
December
22, 2025
Shanghai
Greenwoods and
HTCI (in
connection with
Greenwoods OTC
Swaps) 6,963,800 1.68% 0.17%
December
22, 2025
Green Better 10,445,800 2.52% 0.25%
December
22, 2025
Verition 10,445,800 2.52% 0.25%
December
22, 2025
Eastern Bell
Capital VIII 10,445,800 2.52% 0.25%
December
22, 2025
Mirae Securities 6,963,800 1.68% 0.17%
December
22, 2025
ICBC Wealth 6,963,800 1.68% 0.17%
December
22, 2025
PSBC Wealth 6,963,800 1.68% 0.17%
December
22, 2025
Taikang Life 6,963,800 1.68% 0.17%
December
22, 2025
Mega Prime 6,963,800 1.68% 0.17%
December
22, 2025
Wind Sabre 6,963,800 1.68% 0.17%
December
22, 2025
Martis Fund 6,963,800 1.68% 0.17%
December
22, 2025
MSIP 6,963,800 1.68% 0.17%
December
22, 2025
Jane Street 6,963,800 1.68% 0.17%
December
22, 2025
3W Fund 6,963,800 1.68% 0.17%
December
22, 2025
Notes:
1. The number of H Shares immediately after the Global Offering is the same as the number
of Offer Shares to be issued under the Global Offering.
2. In accordance with the relevant cornerstone investment agreements, the required lock-
up ends on December 22, 2025. 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.


--- page 16 ---
14
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 59,889,400 19.66% 16.33% 14.45% 12.57% 59,889,400 14.45% 12.57% 1.44% 1.42%
Top 5 135,447,800 44.47% 36.93% 32.69% 28.42% 135,447,800 32.69% 28.42% 3.27% 3.22%
Top 10 178,574,700 58.63% 48.69% 43.09% 37.47% 178,574,700 43.09% 37.47% 4.31% 4.24%
Top 25 262,139,100 86.07% 71.48% 63.26% 55.01% 262,139,100 63.26% 55.01% 6.32% 6.23%
Note
* Ranking of placees is based on the number of H Shares allotted to the placees.
H SHAREHOLDERS CONCENTRATION ANALYSIS


--- page 17 ---
15
H
Shareholder
s *
Number of
H Shares
allotted
Allotment
as % of
Internationa
l Offering
(assuming
no exercise
of the Over-
allotment
Option)
Allotment
as % of
Internationa
l Offering
(assuming
the Over-
allotment
Option is
fully
exercised
and new H
Shares are
issued)
Allotmen
t as % of
total
Offer
Shares
(assumin
g no
exercise
of the
Over-
allotment
Option)
Allotment
as % of
total
Offer
Shares
(assumin
g 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
(assumin
g no
exercise
of the
Over-
allotment
Option)
% of total
issued H
share
capital
upon
Listing
(assumin
g the
Over-
allotment
Option is
fully
exercised
and new
H Shares
are
issued)
% of total
issued
share
capital
upon
Listing
(assumin
g no
exercise
of the
Over
allotment
Option)
% of total
issued
share
capital
upon
Listing
(assumin
g the
Over-
allotment
Option is
fully
exercised
and new
H Shares
are
issued)
Top 1 59,889,400 19.66% 16.33% 14.45% 12.57% 59,889,400 14.45% 12.57% 1.44% 1.42%
Top 5 135,447,80
0 44.47% 36.93% 32.69% 28.42%
135,447,80
0 32.69% 28.42% 3.27% 3.22%
Top 10 178,574,70
0 58.63% 48.69% 43.09% 37.47%
178,574,70
0 43.09% 37.47% 4.31% 4.24%
Top 25 262,139,10
0 86.07% 71.48% 63.26% 55.01%
262,139,10
0 63.26% 55.01% 6.32% 6.23%
Note
* Ranking of H Shareholders is based on the number of H Shares held by the H Shareholders upon Listing.


--- page 18 ---
16
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
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 -   0.00% 0.00% 0.00% 0.00% - 1,665,362,757 40.16% 39.57%
Top 5 98,190,600 32.24% 26.77% 23.70% 20.61% 98,190,600 1,989,166,724 47.97% 47.26%
Top 10 114,208,200 37.50% 31.14% 27.56% 23.97% 114,208,200 2,089,976,842 50.40% 49.66%
Top 25 166,978,900 54.82% 45.53% 40.30% 35.04% 166,978,900 2,277,632,508 54.93% 54.11%
Note
 Ranking of Shareholders is based on the number of Shares (of all classes) held by the Shareholder upon Listing.
 Among the top 25 placees, certain placees are also existing Shareholders. To the best knowledge, information and belief of the Company
after due enquiry, details of the allocations to the Existing Minority Shareholders holding more than 1% of the issued share capital of the


--- page 19 ---
17
Company immediately prior to the completion of the Global Offering have been disclosed in this announcement. Please refer to the section
headed “Allotees with Waivers/Consents Obtained - Allotees with waiver from strict compliance with Rule 10.04 of the Listing Rules and
consent under paragraph 5(2) of the Placing Guidelines in relation to subscription for H Shares by Existing Minority Shareholders holding
more than 1% of the issued share capital of the Company immediately prior to the completion of the Global Offering and/or their close
associates”. As the top 25 placees who are also existing shareholders held less than 1% of the issued share capital of the Company
immediately prior to the completion of the Global Offering, the number of A Shares held by them are not counted into the number of Shares
held upon Listing.


--- page 20 ---
18
BASIS OF ALLOCATION UNDER THE HONG KONG PUBLIC OFFERING
Subject to the satisfaction of the conditions set out in the Prospectus, a total of 334,840 valid
applications made by the public will be conditionally allocated on the basis set out below:
NO. OF SHARES
APPLIED FOR
NO. OF V ALID
APPLICATIONS
BASIS OF
ALLOTMENT /
BALLOT
APPROXIMATE
PERCENTAGE
ALLOTTED OF
THE TOTAL NO.
OF H SHARES
APPLIED FOR
POOL A
100 40,886
6,133 out of 40,886
to receive 100
Shares
15.00%
200 10,462
2,720 out of 10,462
to receive 100
Shares
13.00%
300 11,734
3,520 out of 11,734
to receive 100
Shares
10.00%
400 8,373 2,806 out of 8,373 to
receive 100 Shares 8.38%
500 41,948
14,892 out of 41,948
to receive 100
Shares
7.10%
600 9,922 3,602 out of 9,922 to
receive 100 Shares 6.05%
700 7,452 2,718 out of 7,452 to
receive 100 Shares 5.21%
800 7,748 3,164 out of 7,748 to
receive 100 Shares 5.10%
900 7,114 3,240 out of 7,114 to
receive 100 Shares 5.06%
1,000 33,607
16,972 out of 33,607
to receive 100
Shares
5.05%
2,000 18,234 100 Shares 5.00%
3,000 8,940
100 Shares plus 82
out of 8,940 to
receive additional
100 Shares
3.36%
4,000 10,525 100 Shares plus 3.35%


--- page 21 ---
19
3,594 out of 10,525
to receive additional
100 Shares
5,000 7,515
100 Shares plus
5,048 out of 7,515 to
receive additional
100 Shares
3.34%
6,000 4,084 200 Shares 3.33%
7,000 3,518
200 Shares plus 427
out of 3,518 to
receive additional
100 Shares
3.03%
8,000 4,131
200 Shares plus
1,720 out of 4,131 to
receive additional
100 Shares
3.02%
9,000 3,325
200 Shares plus
2,358 out of 3,325 to
receive additional
100 Shares
3.01%
10,000 22,868 300 Shares 3.00%
20,000 12,056 400 Shares 2.00%
30,000 8,434 500 Shares 1.67%
40,000 5,324 600 Shares 1.50%
50,000 11,659 700 Shares 1.40%
100,000 6,693 800 Shares 0.80%
150,000 4,320 1,000 Shares 0.67%
200,000 2,619 1,200 Shares 0.60%
313,491
Total number of
Pool A successful
applicants: 194,012
POOL B
250,000 6,171 1,300 Shares 0.52%
300,000 4,504 1,500 Shares 0.50%
350,000 1,479 1,700 Shares 0.49%
400,000 1,155 1,900 Shares 0.48%
450,000 1,151 2,000 Shares 0.44%
500,000 2,438 2,100 Shares 0.42%
750,000 1,304 3,000 Shares 0.40%
1,000,000 865 3,500 Shares 0.35%
1,250,000 464 4,200 Shares 0.34%
1,500,000 526 4,900 Shares 0.33%
2,000,000 425 6,300 Shares 0.32%


--- page 22 ---
20
3,000,000 250 9,000 Shares 0.30%
4,000,000 139 11,600 Shares 0.29%
5,000,000 106 13,900 Shares 0.28%
6,000,000 70 16,300 Shares 0.27%
7,000,000 34 18,300 Shares 0.26%
8,000,000 35 19,900 Shares 0.25%
9,000,000 28 21,600 Shares 0.24%
10,000,000 48 23,000 Shares 0.23%
12,611,500 157 27,700 Shares 0.22%
21,349
Total number of
Pool B successful
applicants: 21,349
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 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.
OTHERS / ADDITIONAL INFORMATION
Offer Size Adjustment Option and Reallocation
The Offer Size Adjustment Option has been exercised by the Company in full, pursuant to
which the Company is issuing and allotting 54,049,500 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.
As the Hong Kong Public Offering has been oversubscribed by more than 93 times, the
reallocation as described in the section headed “Structure of the Global Offering – The Hong
Kong Public Offering – Reallocation” of the Prospectus has been applied. The additional Offer
Shares that would be allotted and issued by the Company pursuant to the partial exercise of the
Offer Size Adjustment Option will be allocated between the International Offering and the
Hong Kong Public Offering according to the 26.5:73.5 ratio.


--- page 23 ---
21
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
414,379,500 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 4,146,769,035 Shares.
Allocation of H Shares to existing minority Shareholders and their close associates
The Company has applied to the Stock Exchange for, and the Stock Exchange has granted to
the Company, a waiver from strict compliance with the requirements under Rule 10.04 and
consent under Paragraph 5(2) of Appendix F1 to the Listing Rules to permit H Shares in the
International Offering to be placed to certain existing minority Shareholders who will
participate only as either cornerstone investors or placees (but not both) in the International
Offering (together, the “Existing Minority Shareholders”) on the conditions that each of them:
(a) to whom the Company may allocate the H Shares in the International Offering holds less
than 5% of the total voting rights in the Company before Listing;
(b) is not, and will not be, a core connected person of the Company or any close associate of
any such core connected person immediately prior to or following the Global Offering;
(c) does not have the right to appoint a Director and/or have any other special rights;
(d) allocation to the Existing Minority Shareholders or their close associates will not affect the
Company’s ability to satisfy the public float requirement as prescribed by the Stock
Exchange under Rule 8.08 of the Listing Rules or otherwise approved by the Stock
Exchange; and
(e) no preferential treatment is given to the Existing Minority Shareholders or their close
associates (other than the assured entitlement for a cornerstone investor)and details of the
allocation to the Existing Minority Shareholders holding more than 1% of the issued share
capital of the Company immediately prior to the completion of the Global Offering will be
disclosed in this announcement;
Please refer to the section headed “Waivers and Exemptions – Allocation of H Shares to
Existing Minority Shareholders and their close associates” in the Prospectus for further details
of the waiver and consent.
Each of the Joint Sponsors and the Company has provided the required confirmations as
elaborated in the Prospectus. In particular, as the Company’s A Shares are listed on the
Shenzhen Stock Exchange since June 2005, the Company has a highly extensive base of
existing Shareholders and disclosure of details of allocations to all Existing Minority
Shareholders will not be meaningful to investors, the proposed disclosure threshold, i.e.


--- page 24 ---
22
condition (e) of the waiver and consent which provides that details of the allocation to the
Existing Minority Shareholders holding more than 1% of the issued share capital of the
Company immediately prior to the completion of the Global Offering will be disclosed in this
announcement, is appropriate. Nonetheless, as no allocation has been made to any such
Existing Minority Shareholders holding more than 1% of the issued share capital of the
Company, no disclosure has been made in this announcement.
All allocations of Offer Shares to the Existing Minority Shareholders are in compliance with
all the conditions under the waiver and consent granted by the Stock Exchange.
Waiver from Strict Compliance with Rule 10.04 of and Consent under paragraph 5(2) of
Appendix F1 to the Listing Rules and Paragraph 17 of Chapter 4.15 to the Guide for New
Listing Applicants in respect of Offer Shares by existing Shareholders and/or their close
associates and Cornerstone Investors
The Company has applied to, and the Stock Exchange has granted, a consent under Chapter
4.15 of the Guide for New Listing Applicants to permit the Company to allocate further Offer
Shares in the International Offering to certain Cornerstone Investors as placees, subject to the
following conditions:
(a) the final offering size of the Global Offering (excluding any over-allocation) will be of a
total value of at least HK$1 billion;
(b) the Offer Shares allocated to all existing Shareholders and their close associates (whether
as cornerstone investors and/or as placees) as permitted under the size-based exemption
(under Paragraph 17 of Chapter 4.15 to the Guide for New Listing Applicants) do not
exceed 30% of the total number of the H Shares offered under the Global Offering;
(c) each Director, chief executive, Supervisor and Controlling Shareholder of the Company
confirms that no securities have been allocated to them or their respective close associates
under this exemption;
(d) the Company will comply with the public float requirement under Rule 8.08(1) of the
Listing Rules; and
(e) details of the allocation to such Cornerstone Investors under this exemption will be
disclosed in this announcement.
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 existing Shareholders and/or their close
associates and Cornerstone Investors, please refer to the section headed “Allotment Results
Details – International Offering – Allotees with Waivers/Consents Obtained” in this
announcement.
Placing to connected clients with a prior consent under paragraph 5(1) of the Placing
Guidelines


--- page 25 ---
23
The Company has applied to the Stock Exchange for, and the Stock Exchange has granted,
consent under paragraph 5(1) of the Placing Guidelines to permit HTCI (in connection with the
Greenwoods OTC Swaps) and GF Securities AM (as the qualified domestic institutional
investor for PSBC Wealth) to participate in the Global Offering as connected clients to
participate in the Global Offering as Cornerstone Investors. For details of the consent granted,
please refer to the section headed “Allotment Results Details – International Offering –
Cornerstone Investors” in this announcement.
In addition, 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 5(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 26 ---
24
No. Connected
Distributor
Connected
Client
Relationship
with the
Connected
Distributor
Whether the
connected clients
will hold the
beneficial interests
of the Offer Shares
on a non-
discretionary basis
or discretionary
basis for
independent third
partis
Number of Offer
Shares to be
allocated to the
connected client
Approximate
percentage of
Offer Shares
allocated to the
connected client
(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
after 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)
1. Huatai
Financial
Holdings
(Hong
Kong)
Limited
(“HTFH”)
HTCI (in
connection
with
Greenwoods
OTC
Swaps)
HTCI(1)
HTCI is a
member of
the same
group of
HTFH.
non-discretionary
basis
1,105,300 0.27% 0.03%


--- page 27 ---
25
2. HTFH HTCI(2) HTCI is a
member of
the same
group of
HTFH.
non-discretionary
basis
575,000 0.14% 0.01%
3. HTFH CSOP AM
and CSOP
SG(3)
CSOP AM
and CSOP
SG are
members of
the same
group of
HTFH.
discretionary basis 313,000 0.08% 0.01%
731,000 0.18% 0.02%
4. GF
Securities
(Hong
Kong)
Brokerage
Limited
(“GF
Securities
(Hong
Kong)
Brokerage”
)
E Fund and
E Fund
Hong Kong
（4）
E Fund and
E Fund Hong
Kong are
members of
the same
group of GF
Securities
(Hong Kong)
Brokerage.
discretionary basis 1,045,000 0.25% 0.03%
5. GF PSBC GF non-discretionary 348,000 0.08% 0.01%


--- page 28 ---
26
Securities
(Hong
Kong)
Brokerage
Wealth
(through GF
Securities
AM as
qualified
domestic
institutional
investor)(5)
Securities
AM is a
member of
the same
group of GF
Securities
(Hong Kong)
Brokerage.
basis
6. GF
Securities
(Hong
Kong)
Brokerage
VP(6) VP is a
member of
the same
group of GF
Securities
(Hong Kong)
Brokerage.
discretionary basis 175,000 0.04% 0.004%
7. China
International
Capital
Corporation
Hong Kong
Securities
Limited
(“CICC”)
CICCFT (7) CICCFT and
CICC are
members of
the same
group.
non-discretionary
basis
874,000 0.21% 0.02%
8. CITIC
Securities
Brokerage
(HK)
Limited
CSI(8) CITIC
Securities
and CSI are
members of
the same
non-discretionary
basis
4,361,700 1.05% 0.11%


--- page 29 ---
27
(“CITIC
Securities”)
group
9 CITIC
Securities
CSAM(9) CITIC
Securities
and CSAM
are members
of the same
group
discretionary basis 69,500 0.02% 0.002%
(1) The number of Offer Shares to be allocated to HTCI listed above only represents the Offer Shares allocated to HTCI as a placee. For
Offer Shares allocated to HTCI as a Cornerstone Investor, please refer to the section headed “Allotment Results Details – International
Offering – Allotees with Waivers/Consents Obtained” in this announcement.
To the best of HTCI’s knowledge and after making all reasonable enquiries, each of the HTCI Ultimate Clients (Greenwoods) (as defined
in the Prospectus) is an independent third party of the Company, its subsidiaries, its Controlling Shareholders and its substantial
shareholders, HTCI, HTFH and the companies which are members of the same group of HTFH
(2) 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.
For the purposes of the Global Offering, Huatai Financial Holdings (Hong Kong) Limited (“ Huatai”) acts as one of the Overall
Coordinators of the Global Offering. Pursuant to the ISDA Agreement, HTCI, which intends to participate in the Global Offering as a


--- page 30 ---
28
placee, will hold 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 pass the full economic exposure
of the Offer Shares 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. Huatai and HTCI are indirectly wholly-owned subsidiaries of Huatai Securities. Accordingly, HTCI is
considered as a “connected client” of Huatai pursuant to Paragraph 13(7) of Appendix F1 of the Listing Rules.
Pursuant to the Cross-border Derivatives Trading Regime, the onshore investors (the “Huatai Onshore 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 will place a total return swap order (the “Onshore 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.
The offshore investors (the “Huatai Offshore Ultimate Clients”, together with Huatai Onshore Ultimate Clients, the “Huatai Ultimate
Clients”) invest in derivative products to undertake derivatives trading activities, with the Offer Shares as the underlying assets. Instead
of directly subscribing for the Offer Shares, the Huatai Offshore Ultimate Clients will place a total return swap order (the “Offshore
Client TRS”, together with the Onshore Client TRS, the “Client TRS”) with HTCI in connection with the Global Offering.
In order to hedge its exposure under the Back-to-back TRS and Client TRS, HTCI participates in the Global Offering and subscribes the
Offer Shares through placing order with Huatai during the International Offering.
To the best of HTCI’s knowledge and after making all reasonable enquiries, each of the Huatai Ultimate Clients is an independent third
party of the Company, its subsidiaries, its Controlling Shareholders and its substantial shareholders, HTCI, HTFH and the companies
which are members of the same group of HTFH.
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


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tenor of the Back-to-back TRS and the Client TRS, all economic returns of the Offer Shares will be passed to the Huatai Ultimate Clients
through the Back-to-back TRS and the Client TRS and all economic loss shall be 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.
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. 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 termination amount of the Back-to-back 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. Due to its internal policy, 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 (as further described below).


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As permitted under the contractual arrangement with the Huatai Ultimate Clients, 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 to be passed to the Huatai Ultimate Clients will remain unchanged.
(3) CSOP AM is the discretionary investment manager of China New Balance Opportunity Fund (the “CSOP AM Ultimate Client”) whose
investors are, to the best of CSOP AM’s knowledge, independent third parties of CSOP AM, Huatai and the companies which are members
of the same group of Huatai.
CSOP SG is a wholly-owned subsidiary of CSOP AM. CSOP SG is the discretionary investment manager of CSOP Asia Opportunities
Fund (the “CSOP SG Ultimate Client”) whose investors are, to the best of CSOP SG’s knowledge, independent third parties of CSOP
SG, Huatai and the companies which are members of the same group of Huatai.
Each of CSOP AM and CSOP SG confirms that, to the best of its knowledge, for the funds and sub-funds under its respective management,
any investors holding 30% or more interest and their ultimate beneficial owners do not have any relationship with each of the Company,
its subsidiaries, its Controlling Shareholders and its substantial shareholders.
(4) The Offer Shares to be placed to E Fund and E Fund Hong Kong are to be held on discretionary basis on behalf of their underlying clients,
who are independent third parties of the Company, its subsidiaries, its Controlling Shareholders, its substantial shareholders, GF Securities
(Hong Kong) Brokerage, E Fund, E Fund Hong Kong and the companies which are members of the same group of companies as GF
Securities (Hong Kong) Brokerage.
(5) The number of Offer Shares to be allocated to GF Securities AM (as the qualified domestic institutional investor for PSBC Wealth) listed
above only represents the Offer Shares allocated to GF Securities AM (as the qualified domestic institutional investor for PSBC Wealth)
as a placee. For Offer Shares allocated to GF Securities AM (as the qualified domestic institutional investor for PSBC Wealth) as a
Cornerstone Investor, please refer to the section headed “Allotment Results Details – International Offering – Allotees with
Waivers/Consents Obtained” in this announcement.


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For the purpose of participation in the International Offering as a placee, PSBC Wealth has engaged GF Securities AM, an asset manager
that is a qualified domestic institutional investor as approved by the relevant PRC authority, ICBC(ASIA)LTD-PAB-GFAM ZHONGYOU
NO.1 ASSET MANAGEMENT ACCOUNT(QDII) ( 广 发 资 管 中 邮 理 财 港 股 策 略 1 号 单 一 资 产 管 理 计 划 (QDII)) and
ICBC(ASIA)LTD-PAB-GFAM ZHONGYOU NO.2 ASSET MANAGEMENT ACCOUNT(QDII) ( 广发资管中邮理财港股策略 2 号
单一资产管理计划(QDII)), to subscribe for and hold such Offer Shares on a non-discretionary basis on behalf of PSBC Wealth.
GF Securities (Hong Kong) Brokerage has been appointed as a Capital Market Intermediaries and acts as one of the Hong Kong Underwriters
and International Underwriters in the Global Offering. GF Securities AM is a direct wholly-owned subsidiary of GF Securities Co., Ltd. (Stock
Code: 1776) (“GF Securities”) and GF Securities (Hong Kong) Brokerage is an indirect wholly-owned subsidiary of GF Securities. Each
of GF Securities AM and GF Securities (Hong Kong) Brokerage is a member of the same group of companies. As a result, GF Securities
AM is a connected client of GF Securities (Hong Kong) Brokerage for the purpose of paragraph 13(7) of Appendix F1 to the Listing
Rules.
As confirmed by GF Securities AM, (i) the Offer Shares to be placed to GF Securities AM are to be held on a non-discretionary basis on
behalf of independent third parties, (ii) the ultimate beneficial owner of PSBC Wealth is China Post Group Corporation Limited; and (iii)
each of PSBC Wealth and its ultimate beneficial owner is an independent third party of the Company, its subsidiaries, its Controlling
Shareholders, its substantial shareholders, GF Securities AM, GF Securities (Hong Kong) Brokerage and the companies which are
members of the same group of companies as GF Securities (Hong Kong) Brokerage.
(6) VP will hold the Offer Shares in its capacity as the discretionary fund manager managing assets on behalf of its underlying clients (the
“VP Ultimate Clients”). VP is a member of the same group of GF Securities (Hong Kong) Brokerage and therefore is a "connected
client" of GF Securities (Hong Kong) Brokerage as defined under the Listing Rules.
To the best knowledge of VP after making all reasonable enquiries, the VP Ultimate Clients are independent third parties of the Company,
its subsidiaries, its Controlling Shareholders, its substantial shareholders, GF Securities (Hong Kong) Brokerage, VP and the companies
which are members of the same group of companies as GF Securities (Hong Kong) Brokerage.


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(7) The Offer Shares to be placed to CICCFT are to be held on non-discretionary basis on behalf of their underlying clients, who are
independent third parties of the Company, its subsidiaries, its Controlling Shareholders, its substantial shareholders , CICCFT, CICC and
the companies which are members of the same group of companies as CICC.
(8) 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 CSI in connection with a total return swap order (the “CSI Client TRS”) placed and fully funded by its ultimate clients, which are
funds (the “CSI Ultimate Clients”), by which CSI will pass the full economic exposure of the Offer Shares placed to CSI to the CSI
Ultimate Clients. CITIC Securities and CSI are members of the same group. Accordingly, CSI is considered as a “connected client” of
CITIC Securities pursuant to Paragraph 13(7) of Appendix F1 of the Listing Rules.
As confirmed by CSI and CITIC Securities, 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 Clients, all being independent third parties,
on a non-discretionary basis. The CSI Ultimate Clients 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. Upon the final maturity or termination of the CSI Client TRS by the CSI Ultimate Clients, CSI will dispose of the Offer Shares
on the secondary market and the CSI Ultimate Clients 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.
To the best of CSI’s knowledge and after making all reasonable enquiries, each of the CSI Ultimate Clients is an independent third party
of the Company, its subsidiaries, its Controlling Shareholders and its substantial shareholders, CSI, CITIC Securities and the companies
which are members of the same group of CITIC Securities.
(9) CSAM is the discretionary fund manager of Yuexiu Financial International Holdings Limited (the “CSAM Ultimate Client”) who is, to the best of
CSAM’s knowledge, independent third party of the Company, its subsidiaries, its Controlling Shareholders, its substantial shareholders,
CSAM, CITIC Securities and the companies which are members of the same group of CITIC Securities. The CSAM Ultimate Client is wholly owned
by Guangzhou Yuexiu Capital Holdings Group Co., Ltd which is a company listed on the Shenzhen Stock Exchange (000987.SZ).


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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
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 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 June 13, 2025 issued by Zhejiang
Sanhua Intelligent Controls Co., Ltd. for detailed information about the Global Offering
described below before deciding whether or not to invest in the H 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 – 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 June 23, 2025).


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PUBLIC FLOAT
The Stock Exchange has granted the Company a waiver from strict compliance with the
requirements of Rule 8.08(1)(b) of the Listing Rules that the minimum percentage of the H
Shares of the Company to be held by the public from time to time shall be no less than 6.67%
of the Company’s total issued share capital.
Immediately after 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 number of H Shares held in public hands represents approximately 10.0% of the
total issued share capital of the Company.
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 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, June
23, 2025 (Hong Kong time), provided that the Global Offering has become unconditional and
the right of termination described in the section headed “Underwriting – Underwriting
Arrangements – Hong Kong Public Offering – 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,
June 23, 2025 (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, June 23, 2025 (Hong Kong time). The H
Shares will be traded in board lots of 100 H Shares each, and the stock code of the H Shares
will be 2050.
By order of the Board
Zhejiang Sanhua Intelligent Controls Co., Ltd.
Zhang Yabo
Chairman of the Board and Executive Director
Hong Kong, June 20, 2025


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As at the date of this announcement, the Board comprises: (i) Mr. ZHANG Yabo, Mr. WANG
Dayong, Mr. NI Xiaoming and Mr. CHEN Yuzhong as executive directors; (ii) Mr. ZHANG
Shaobo and Mr. REN Jintu as non-executive directors and (iii) Mr. BAO Ensi, Mr. SHI Jianhui
and Ms. P AN Yalan as independent non-executive directors, and Mr. GE Jun as proposed
independent non-executive director.