hk-ipo/data/extracted_text/02648/allotment_results_2025-07-03_2025070302241.txt

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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 the Offer
Shares in the United States or in any other jurisdictions. The Offer Shares 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 Offer Shares 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. The Offer Shares are being
offered and sold (1) solely to qualified institutional buyers as defined in Rule 144A under the U.S. Securities Act in
accordance with Rule 144A under the U.S. Securities Act, or pursuant to another available exemption from registration
under the U.S. Securities Act and any applicable state securities law, and (2) outside the United States to investors that
are not U.S. persons nor persons acquiring for the account or benefit of U.S. persons in reliance on Regulation S under
the U.S. Securities Act. There will be no public offer of the Offer Shares 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 June 25, 2025 (the “Prospectus ”) issued by Anjoy Foods Group 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.
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, Goldman Sachs (Asia) L.L.C, 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 Wednesday, July 30, 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 571 W 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 Wednesday, July 30, 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 and Expenses – Hong Kong Public Offering – Grounds for Termination ” in the
Prospectus at any time prior to 8:00 a.m. (Hong Kong time) on the Listing Date (which is currently expected to be on
Friday, July 4, 2025).


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ANJOY FOODS GROUP 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
: 39,994,700 H Shares (subject to the
 Over-allotment Option)
Number of Hong Kong Offer Shares : 11,998,500 H Shares
Number of International Offer Shares : 27,996,200 H Shares (subject to
 the Over-allotment
 Option)
Final Offer Price : HK$60.00 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% (payable
 in full on application in Hong Kong
 dollars and subject to refund)
Nominal value : RMB1.00 per H Share
Stock code : 2648
Joint Sponsors, Overall Coordinators, Joint Global Coordinators,
Joint Bookrunners and Joint Lead Managers
Joint Global Coordinators, Joint Bookrunners and Joint Lead Managers
Joint Bookrunners and Joint Lead Managers


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1

ANJOY FOODS GROUP CO., LTD. /
安井食品集團股份有限公司
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 June 25, 2025 (the “Prospectus”) issued by Anjoy Foods Group 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 2648
Stock short name ANJOY FOOD
Dealings commencement date July 4, 2025*
*see note at the end of the announcement
Price Information
Final Offer Price HK$60.00
Maximum Offer Price  HK$66.00
Offer Price Adjustment N/A

Offer Shares and Share Capital
Number of Offer Shares 39,994,700
Number of Offer Shares in Hong Kong Public Offering (after
reallocation)
11,998,500
Number of Offer Shares in International Offering (after
reallocation)
27,996,200
Number of issued Shares upon Listing (before exercise of the
Over-allotment Option)
333,288,932

Over-allocation
No. of Offer Shares over-allocated 5,999,200
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$2,400 million
Less: Estimated listing expenses payable based on Final
Offer Price
HK$97 million
Net proceeds HK$2,302 million


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2


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 Over-allotment Option (if
any) for the purposes as set out in the section headed “Future Plans and Use of Proceeds” of the Prospectus
on a pro rata basis.
ALLOTMENT RESULTS DETAILS
HONG KONG PUBLIC OFFERING

No. of valid applications 32,830
No. of successful applications 27,727
Subscription level  44.2 times
Claw-back triggered Yes
No. of Offer Shares initially available under the Hong Kong Public
Offering
3,999,500
No. of Offer Shares reallocated from the International Offering (claw-
back)
7,999,000
Final no. of Offer Shares under the Hong Kong Public Offering (after
reallocation)
11,998,500
% of Offer Shares under the Hong Kong Public Offering to the Global
Offering
30%

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 document number or
www.eipo.com.hk/eIPOAllotment for the full list of allottees.
INTERNATIONAL OFFERING

No. of placees 131
Subscription Level  5.85 times

No. of Offer Shares initially available under the International Offering 35,995,200
Final no. of Offer Shares under the International Offering  27,996,200
% of Offer Shares under the International Offering to the Global
Offering
70%

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 the Company to allocate
certain Offer Shares in the International Offering 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


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3

to, among other things, allocate further H Shares in the International Offering to the 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 of the Company, s ubstantial 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 of the Company, 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:
Cornerstone Investors
Investor
No. of Offer
Shares allocated
% of total issued H
Shares after the
Global Offering
(assuming the
Over-allotment
Option is not
exercised)
% of total issued
share capital in the
Company after the
Global Offering
(assuming the Over-
allotment Option is
not exercised)
Existing shareholders
or their close
associates
Shanghai Greenwoods
Asset Management Co.,
Ltd. (上海景林資產管
理有限公司)
(“Shanghai
Greenwoods”) and
Huatai Capital
Investment Limited
(“HTCI”) (in
connection with the
Greenwoods OTC
Swaps (as defined in
the Prospectus))
2,616,400 6.54% 0.79% No
Greenwoods Asset
Management Hong
Kong Limited (“HK
Greenwoods”)
2,616,400 6.54% 0.79% No
HT Investment Limited
(“Hosen Capital”)
2,616,400 6.54% 0.79% No
QRT Master Fund SPC
and its segregated
portfolio Torus
Fund SP, which is
managed by Qube
Research &
Technologies Hong Kong
Limited ("QRT HK") and
certain affiliates of QRT
HK (collectively “QRT”)
1,308,200 3.27% 0.39% No


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4

FCP Domains Co., Ltd.
(“FCP Domains”)
1,308,200 3.27% 0.39% No
NonaVerse (Hong
Kong) Limited
(“NonaVerse”)
1,308,200 3.27% 0.39% No
Total 11,773,800 29.44% 3.53%
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  (assuming the Over -allotment Option is not
exercised).
2. In addition to the Offer Shares subscribed for as Cornerstone Investors, HTCI, Hosen Capital, QRT
and FCP Domains  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
Shares
allocated
% of total issued H
Shares after the
Global Offering
(assuming the Over-
allotment Option is
not exercised) Note 4
% of total issued share
capital in the Company
after the Global
Offering (assuming the
Over-allotment Option
is not exercised) 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
Schroders Investment
Management
Singapore Ltd
("Schroders")
1,900,000  4.75%  0.57%  Schroders is an
existing Shareholder
of the Company
Allotees with consent under Chapter 4.15 of the Guide for New Listing Applicants in relation to allocations
of further H Shares to Cornerstone Investors Note 2
HTCI 904,600 2.26% 0.27% HTCI is a
Cornerstone Investor
(in connection with
the Greenwoods OTC
Swaps)
Hosen Capital 650,000 1.63% 0.20% Hosen Capital is a
Cornerstone Investor


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5

QRT 650,000 1.63% 0.20% QRT is a Cornerstone
Investor
FCP Domains 393,000 0.98% 0.12% FCP Domains is a
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
HTCI (in connection
with the Greenwoods
OTC Swaps)
2,616,400 6.54% 0.79% Connected client as a
Cornerstone Investor
HTCI 904,600 2.26% 0.27% Connected client as a
placee
CICC Financial
Trading Limited
("CICC FT")
92,000 0.23% 0.03% Connected client
GF global Capital
limited ("GFGC")
13,500 0.03% 0.004% Connected client


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6

Notes:
1. 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. Please
refer to the section headed “Waivers and Exemptions – Allocation of H Shares to Existing Minority
Shareholders and their Close 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 Shareholder holding more than 1% of the issued share capital of
the Company immediately prior to the completion of the Globa l 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 investo rs 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 Cornerstone Investors, please refer to the section
headed “Others/Additional Information – Allocations of Offer Shares to the 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 “Others / Additional Information – Placing to connected clients with a prior consent
under paragraph 5(1) of the Placing Guidelines” in 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 (assuming the Over-allotment Option is not exercised).
5. Not taking into account any A Shares held by the relevant investors. The figures are based on
assumption that the Over-allotment Option is not exercised.


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7

LOCK-UP UNDERTAKINGS
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 (assuming the
Over-allotment
Option is not
exercised)Note 1
% of total issued
share capital in the
Company subject to
lock-up undertakings
upon Listing
(assuming the Over-
allotment
Option is not
exercised)
Last day subject to
the lock-up
undertakingsNote 2
Shanghai
Greenwoods and
HTCI (in connection
with the Greenwoods
OTC Swaps)
2,616,400 6.54% 0.79% January 3, 2026

HK Greenwoods 2,616,400 6.54% 0.79% January 3, 2026
Hosen Capital 2,616,400 6.54% 0.79% January 3, 2026
QRT 1,308,200 3.27% 0.39% January 3, 2026
FCP Domains 1,308,200 3.27% 0.39% January 3, 2026
NonaVerse 1,308,200 3.27% 0.39% January 3, 2026
Total 11,773,800 29.44% 3.53%
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
January 3 , 2026. The Cornerstone Investors will cease to be prohibited from disposing of or
transferring H Shares subscribed pursuant to the relevant cornerstone investment agreements after
the indicated date.


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8

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 5,232,800  18.7% 15.4% 13.1% 11.4% 5,232,800  13.1% 11.4% 1.6% 1.5%
Top 5 14,058,600  50.2% 41.4% 35.2% 30.6% 14,058,600  35.2% 30.6% 4.2% 4.1%
Top 10 20,966,800  74.9% 61.7% 52.4% 45.6% 20,966,800  52.4% 45.6% 6.3% 6.2%
Top 25 29,096,500  103.9% 85.6% 72.8% 63.3% 29,096,500  72.8% 63.3% 8.7% 8.6%

Note:
* Ranking of placees is based on the number of H Shares allotted to the placees.


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9

H SHAREHOLDER CONCENTRATION ANALYSIS
H
Sharehol
ders
*
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 5,232,800  18.7% 15.4% 13.1% 11.4% 5,232,800  13.1% 11.4% 1.6% 1.5%
Top 5 14,058,600  50.2% 41.4% 35.2% 30.6% 14,058,600  35.2% 30.6% 4.2% 4.1%
Top 10 20,966,800  74.9% 61.7% 52.4% 45.6% 20,966,800  52.4% 45.6% 6.3% 6.2%
Top 25 29,096,500  103.9% 85.6% 72.8% 63.3% 29,096,500  72.8% 63.3% 8.7% 8.6%

Note:
* Ranking of H Shareholders is based on the number of H Shares held by the H Shareholders upon Listing.


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10

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  -    -  -  -  -  -  73,321,219  22.0% 21.6%
Top 5  -    -  -  -  -  -  115,592,762  34.7% 34.1%
Top 10 5,232,800  18.7% 15.4% 13.1% 11.4%  5,232,800  137,777,082  41.3% 40.6%
Top 25 14,058,600  50.2% 41.4% 35.2% 30.6% 14,058,600  170,236,523  51.1% 50.2%

Note:
* Ranking of Shareholders is based on the number of Shares (of all classes) held by the Shareholders upon Listing.
# Among the top 25 placees,  Schroders is also an existing Shareholder. To the best knowledge, information and belief of the Company after due enquiry, details of the allocations to
the Existing Minority Shareholder 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. 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 Shar eholder holding more than 1% of the issued share
capital of the Company immediately prior to the completion of the Global Offering”. For the purpose of concentration analysis, Shares in connection with Greenwoods OTC Swaps
and HK Greenwoods were aggregated, Shares ultimately owned by Sichuan Pu Xin and Weining were aggregated, and Shares held on behalf of Pinpoint and one other placee were
aggregated. As the top 25 placees who are also existing shareholders held less than 1.5% 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.


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11

BASIS OF ALLOCATION UNDER THE HONG KONG PUBLIC OFFERING
Subject to the satisfaction of the conditions set out in the Prospectus, a total of 32,830 valid applications
made by the public will be conditionally allocated on the basis set out below:
   Approximate
  Pool A percentage
   allotted of the
Number of Number  total number of
H Shares of valid  H Shares applied
applied for applications Basis of allocation/ballot for
100 13,989 9,792 out of 13,989 to receive 100 Shares 70.00%
200 2,832 2,322 out of 2,832 to receive 100 Shares 41.00%
300 1,622 1,411 out of 1,622 to receive 100 Shares 29.00%
400 827 751 out of 827 to receive 100 Shares 22.70%
500 1,329 1,229 out of 1,329 to receive 100 Shares 18.50%
600 523 518 out of 523 to receive 100 Shares 16.51%
700 584 580 out of 584 to receive 100 Shares 14.19%
800 373 100 Shares 12.50%
900 224 100 Shares plus 18 out of  224 to receive additional 100 Shares 12.00%
1,000 2,428 100 Shares plus 291 out of  2,428 to receive additional 100 Shares 11.20%
1,500 1,054 100 Shares plus 559 out of  1,054 to receive additional 100 Shares 10.20%
2,000 987 100 Shares plus 888 out of  987 to receive additional 100 Shares 9.50%
2,500 434 100 Shares plus 412 out of  434 to receive additional 100 Shares 7.80%
3,000 633 200 Shares 6.67%
3,500 261 200 Shares plus 81 out of  261 to receive additional 100 Shares 6.60%
4,000 322 200 Shares plus 200 out of  322 to receive additional 100 Shares 6.55%
4,500 220 200 Shares plus 199 out of  220 to receive additional 100 Shares 6.45%
5,000 656 300 Shares 6.00%
6,000 261 300 Shares plus 149 out of  261 to receive additional 100 Shares 5.95%
7,000 236 400 Shares 5.71%
8,000 192 400 Shares plus 100 out of  192 to receive additional 100 Shares 5.65%
9,000 145 500 Shares 5.56%
10,000 1,028 500 Shares plus 535 out of  1,028 to receive additional 100 Shares 5.52%
20,000 468 1,100 Shares 5.50%
30,000 285 1,600 Shares 5.33%
40,000 140 2,100 Shares 5.25%
50,000 119 2,600 Shares 5.20%
60,000 56 3,100 Shares 5.17%
70,000 105 3,600 Shares 5.14%
Total 32,333 Total number of Pool A successful applicants: 27,230


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12

  Pool B Approximate
   percentage
   allotted of the
Number Number  total number of
of H Shares of valid  H Shares applied
applied for applications Basis of allocation/ballot for
80,000 186 5,000 Shares 6.25%
90,000 25 5,600 Shares 6.22%
100,000 159 6,100 Shares 6.10%
200,000 49 12,100 Shares 6.05%
300,000 25 18,000 Shares 6.00%
400,000 9 23,900 Shares 5.98%
500,000 8 29,700 Shares 5.94%
600,000 6 35,500 Shares 5.92%
700,000 6 41,200 Shares 5.89%
800,000 6 47,000 Shares 5.88%
900,000 1 52,700 Shares 5.86%
1,000,000 1 58,500 Shares 5.85%
1,250,000 3 73,000 Shares 5.84%
1,500,000 4 87,500 Shares 5.83%
1,999,700 9 115,700 Shares 5.79%
Total 497 Total number of Pool B successful applicants: 497


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 15 ---
13

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
Reallocation
As the Hong Kong Public Offering has been over-subscribed by 15 times or more but less than 50 times
of the number of the Offer Shares initially available for subscription under the Hong Kong Public
Offering, the reallocation procedure as disclosed in the paragraph headed "Structure of the Global
Offering – The Hong Kong Public Offering – Reallocation and Clawback" in the Prospectus has been
applied.
The number of Offer Shares initially available under the Hong Kong Public Offering was 3,999,500 H
Shares, representing approximately 10% of the total number of Offer Shares initially available under the
Global Offering. As a result of such reallocation, the final number of Offer Shares under the Hong Kong
Public Offering is adjusted to 11,998,500 H Shares, representing approximately 30% of Offer Shares
initially available under the Global Offering.
Allocations of Offer Shares to the Cornerstone Investors with a consent under Chapter 4.15 of the
Guide for New Listing Applicants
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
(“Allocation to Size-based Exemption Participants”):
(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 (as defined
in the Guide for New Listing Applicants) do not exceed 30% of the total number of the H Shares
offered under the Global Offering;
(c) the Allocation to Size -based Exemption Participants will not affect the Company’s ability to
satisfy its public float requirement as prescribed by the Stock Exchange under the waiver from
strict compliance with the requirements of Rule 8.08(1)(a) of the Listing Rules;
(d) each Director, chief executive and Supervisor of the Company confirms that no securities have
been allocated to them or their respective close associates under the Size-based Exemption; and
(e) details of the allocation to Cornerstone  Investors under the Size -based Exemption will be
disclosed in this announcement.


--- page 16 ---
14

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 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
Under the International Offering, certain Offer Shares were placed to connected clients of their connected
distributors pursuant to the Placing Guidelines. Details of the placement to connected clients are set out
below. The Company has applied to the Stock Exchange for, and the Stock Exchange has granted,
consents 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 un der the consent granted by the Stock
Exchange.


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15


No. Connected
distributor
Connected client Relationship Whether the
connected clients
will hold the
beneficial interests
of the Offer Shares
on a non-
discretionary basis
or discretionary
basis for
independent third
parties
Number of Offer
Shares to be
allocated to the
connected client
Approximate
percentage of Offer
Shares allocated to
the connected client
(assuming no
exercise of the
Over-allotment
Option)
Approximate
percentage of total
issued share capital
after the Global
Offering (assuming
no exercise of the
Over-allotment
Option)
1.  Huatai Financial
Holdings (Hong
Kong) Limited
("HTFH")
HTCI (in connection
with Greenwoods
OTC Swaps) (1)
HTCI is a member of
the same group of
HTFH.
non-discretionary
basis
2,616,000 6.54% 0.79%
2.  HTFH HTCI (as a
placee)(2)
HTCI is a member of
the same group of
HTFH.
non-discretionary
basis
904,600 2.26% 0.27%
3.  China International
Capital Corporation
Hong Kong
Securities Limited
("CICCHKS")
CICC FT(3)  CICC FT is a member
of the same group of
CICCHKS.
non-discretionary
basis
92,000 0.23% 0.03%


--- page 18 ---
16

4.  GF Securities (Hong
Kong) Brokerage
Limited ("GF
Securities (Hong
Kong) Brokerage")
GFGC(4) GFGC is a member of
the same group of GF
Securities (Hong
Kong) Brokerage.
non-discretionary
basis
13,500 0.03% 0.004%

Notes:
(1) 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 and its substantial shareholders, HTCI, HTFH and the co mpanies 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 Securit ies 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 joint global coordinator in connection with the Global Offering. Pursuant to the ISDA Agreement, HTCI, which intends to participate
in the Global Offering as a 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 financin g 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. HTFH, the Overall Coordi nator, and HTCI are indirectly wholly -
owned subsidiaries of Huatai Securities. Accordingly, HTCI is considered as a “connected client” of HTFH pursuant to paragraph 13(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 will place a total return swap or der (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


--- page 19 ---
17

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. The Huatai Ultimate Clients for purpose of this placee subscription include (i) Weining Qihang No.1 Private Equity
Securities Investment Fund ( 衛甯啟航1號私募證券投資基金) ("Weining"). The only ultimate beneficial owner holding 30% or more interest of Weining includes Liu
Yutao (劉育濤). No other single ultimate benefi cial owner holds 30% or more interests therein; and (ii) Sichuan Pu Xin Chan Rong Investment Co., Ltd. ( 四川璞信產
融投資有限責任公司) ("Sichuan Pu Xin"). Sichuan Pu Xin is a limited liability company and is wholly owned by Luzhou Laojiao Group Co., Ltd. ( 瀘州老窖集團有
限責任公司) (“Luzhou Laojiao”) and mainly engaged in equity investment and investment in securities market. Luzhou Laojiao is ultimately controlled by Lu zhou
State-owned Assets Supervision and Administration Commission (瀘州市國有資產監督管理委員會). There is no relationship between each of Weining and Sichuan Pu
Xin and their respective ultimate beneficial owners.
To the best of HTCI’s knowledge and after making all reasonable enquiries, each of the Huatai Ultimate Clients is an independ ent third party of the Company, its
subsidiaries 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 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 i nto
account the fluctuation in RMB exchange rate upon termination of the Client TRS by converting the profit and loss using the c urrent 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 term ination 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 f inal termination amount of the Back -to-
back TRS which sh ould 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 e xtend 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).


--- page 20 ---
18

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) 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 O ffer Shares and the CICC FT Ultimate
Clients may request CICC FT to redeem it at their own discretions, 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 (i)如願基金玄武私募證券投資基金 and 如願基金鳳凰私募證券投資基金 (collectively, "Ruyuan Funds"), which are managed by Shenzhen Ruyuan Private
Equity Fund Management Co., Ltd. ( 深圳如願私募基金管理有限公司) ("Shenzhen Ruyuan"). None of the single shareholders hold 30% or more interest in each of
the Ruyuan Funds and the only ultimate beneficial owner holding 30% or more interest of Shenzhen Ruyuan includes Lin Sheng ( 林聖); and (ii) 保銀多空穩健1號
("Pinpoint No.1") and 保銀多空穩健2號 ("Pinpoint No.2", collectively, "Pinpoint"), which are managed by Shanghai Pinpoint Private Equity Fund Management Co.,
Ltd. (上海保銀私募基金管理有限公司) ("Shanghai Pinpoint"). None of the single shareholders hold 30% or more interest in Pinpoint No.1 and the single ultimate
beneficial owner holding 30% or more interest in Pinpoint No. 2 includes Mr. Wang Qiang ( 王强). The only ultimate beneficial owner holding 30% or more interest of
Shanghai Pinpoint includes Li Mo (李墨).
To the best of CICC FT’s knowledge having made all reasonable inquiries, each of the CICC FT Ultimate Clients is an independe nt third party of CICC FT, CICCHKS
and the companies which are members of the same group of companies as CICCHKS.
CICC FT has confirmed that, to the best of their knowledge, each of the CICC FT Ultimate Clients and its ultimate beneficial owner is an independent third party of
CICC FT, CICCHKS and the companies which are members of the same group of companies as CICCHKS.
Based on the confirmation provided by CICC FT, the Overall Coordinators confirm that the Offer Shares to be placed to CICC FT are to be held on behalf of independent
third parties.
(4) GFGC is to invest on non -discretionary basis. GFGC and GF Securities Co., Ltd. will enter into a series of cross border delta -one OTC swap transactions (the " OTC
Swaps") with each other and the ultimate clients (the " GFGC Ultimate Clients"), pursuant to which GFGC 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 GFGC Ultimate Clien ts, subject to customary fees and
commissions. The OTC swaps will be fully funded by the GFGC Ultimate Clients. During the terms of the OTC Swaps, all economic returns of the Offer Shares subscribed
by GFGC will be passed to the GFGC Ultimate Clients and all economic loss shall be borne by the GFGC Ultimate Clients through the OTC Swaps, and GFGC 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 GFGC Ultimate Clients
may request GFGC to redeem it at their own discretions, upon which GFGC shall dispose of the Offer Shares and settle OTC Swaps in cash in accordance with the terms


--- page 21 ---
19

and conditions of the OTC Swap. Despite that GFGC will hold the legal title of the Offer Shares by itself, it will not exerci se the voting rights attaching to the relevant
Offer Shares during the terms of the OTC Swaps according to its internal policy. The GFGC Ultimate Clients for purpose of this placee subscription is Yinwan Quanying
No. 9 Private Equity Securities Investment Fund (銀萬全盈9號私募證券投資基金) ("Yinwan Quanying"), which is managed by Zhejiang Yinwan Private Equity Fund
Management Co., Ltd. (浙江銀萬私募基金管理有限公司) ("Zhejiang Yinwan"). None of the single shareholders hold 30% or more interest in each of Yinwan Quanying
and Zhejiang Yinwan.

GFGC has confirmed that, to the best of their knowledge, each of the GFGC Ultimate Clients and its ultimate beneficial owner is an independent third party of GFGC,
GF Securities (Hong Kong) Brokerage and the companies which are members of the same group of companies as GF Securities (Hong Kong) Brokerage.

Based on the confirmation provided by GFGC, the Overall Coordinators confirm that the Offer Shares to be placed to GFGC are to be held on behalf of independent
third parties.


--- page 22 ---
20

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 the Offer Shares in the United S tates or in any other jurisdictions. The Offer Shares 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 Offer
Shares 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 U.S. Investment Company
Act of 1940, as amended (“U.S. Investment Company Act ”), and in compliance with any applicable state
securities laws. There will be no public offer of the Offer Shares in the United States.
The Offer Shares are being offered and sold (1) solely to qualified institutional buyers as defined in Rule
144A under the U.S. Securities Act and qualified purchasers as defined in Section 2(a)(51) of the U.S.
Investment Company Act in accordance with Rule 144A under the U.S. Securities Act, or pursuant to another
available exemption from registration under the U.S. Securities Act and any applicable state securities law,
and (2) outside the United States to investors that are not U.S. persons nor persons acquiring for the account
or benefit of U.S. persons 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 25, 2025 issued by Anjoy Foods Group 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 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 July 4, 2025).


--- page 23 ---
21

PUBLIC FLOAT
The Stock Exchange has granted the Company a waiver from strict compliance with the requirements
of Rules 8.08(1)(b) and 19A.13A 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 12% of the Company’s
total issued share capital (excluding treasury Shares).
Immediately after the completion of the Global Offering (before any exercise of the Over-allotment
Option), the number of H Shares held in public hands represents approximately 12% of the total issued
share capital of the Company (excluding treasury Shares).
The Directors confirm that, immediately following the completion of the Global Offering (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 Friday, July 4, 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 and Expenses
– 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 Friday, July
4, 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 Friday, July 4, 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 2648.
By order of the Board
Anjoy Foods Group Co., Ltd.
Mr. Liu Mingming
Chairman of the Board and Executive Director
Xiamen, China, July 3, 2025
Directors of the Company named in the application to which this announcement relates are: (i) Mr. Liu
Mingming, Mr. Zhang Gaolu, Mr. Zhang Qingmiao and Mr. Huang Jianlian as executive Directors; (ii) Dr.
Zheng Yanan and Mr. Dai Fan as non-executive Directors; and (iii) Dr. Zhao Bei, Ms. Zhang Mei, Mr. Zhang
Yueping and Dr. Liu Xiaofeng as independent non-executive Directors.