hk-ipo/data/extracted_text/02659/allotment_results_2025-12-09_2025120901444.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 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
any state securities law of the United States. The securities may not be offered, sold, pledged or transferred within the
United States or to, or for the account or benefit of U.S. persons (as defined in Regulation S under the U.S. Securities
Act ( “Regulation S ”)), except in transactions exempt from, or not subject to, the registration requirements of the U.S.
Securities Act. The Offer Shares may be offered, sold or delivered outside the United States to non-U.S. persons in
offshore transactions in accordance with Regulation S.
This announcement is for information purposes only and does not constitute an invitation or offer to acquire, purchase
or subscribe for securities. This announcement is not a prospectus. Potential investors should read the prospectus dated
December 2, 2025 (the “Prospectus ”) issued by Shanghai Bao Pharmaceuticals Co., Ltd. (ʮ
̡) (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.
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 paragraph 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 Wednesday, December 10, 2025).


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2
Shanghai Bao Pharmaceuticals Co., Ltd.
ʮ̡
(A joint stock company established in the People ’s Republic of China with limited liability)
GLOBAL OFFERING
Number of Offer Shares under the
Global Offering
: 37,911,700 H Shares
Number of Hong Kong Offer Shares : 3,791,200 H Shares
Number of International Offer Shares : 34,120,500 H Shares
Offer Price : HK$26.38 per H Share, plus brokerage
 of 1.0%, AFRC transaction levy of
 0.00015%, SFC transaction levy of
 0.0027% and Stock Exchange trading
 fee of 0.00565% (payable in full on
 application in Hong Kong dollars and
 subject to refund)
Nominal value : RMB0.20 per H Share
Stock code : 2659
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
(in alphabetical order)
Joint Lead Managers
(in alphabetical order)


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3
Shanghai Bao Pharmaceuticals Co., Ltd.
ʮ̡
ANNOUNCEMENT OF FINAL OFFER PRICE
 AND ALLOTMENT RESULTS
Unless otherwise defined herein, capitalized terms used in this announcement shall have the same
meanings as those defined in the prospectus dated December 2, 2025 (the “Prospectus ”) issued by
Shanghai Bao Pharmaceuticals Co., Ltd. (ʮ̡ ) (the “Company ”).
SUMMARY
Company information
Stock code 2659
Stock short name BAO PHARMA-B
Dealings commencement date December 10, 2025*
* see note at the end of the announcement
Price Information
Offer Price HK$26.38
Offer Shares and Share Capital
Number of Offer Shares 37,911,700
H Shares
Final Number of Offer Shares in Hong Kong Public Offering 3,791,200
H Shares
Final Number of Offer Shares in International Offering 34,120,500
H Shares
Number of issued Shares upon Listing 325,981,465
Shares
Proceeds
Gross proceeds (Note) HK$1,000.1 million
 Less: Es timated listing expenses payable based on
Offer Price
HK$(78.6) million
Net proceeds HK$921.5 million
Note: Gross proceeds refers to the amount to which the Company is entitled receive. For details of the use of
proceeds, please refer to the section headed “Future Plans and Use of Proceeds ” of the Prospectus.


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ALLOTMENT RESULTS DETAILS
HONG KONG PUBLIC OFFERING
No. of valid applications 282,687
No. of successful applications 37,912
Subscription level 3,526.34 times
Claw-back triggered N/A
No. of Offer Shares initially available under the Hong Kong Public
Offering 3,791,200 H Shares
No. of Offer Shares reallocated from the International Offering
(claw-back) N/A
Final no. of Offer Shares under the Hong Kong Public Offering 3,791,200 H Shares
% of Offer Shares under the Hong Kong Public Offering to the
Global Offering 10%
Note: For details of the final allocation of the 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 97
Subscription level 6.59 times
No. of Offer Shares initially available under the International
Offering 34,120,500 H Shares
No. of Offer Shares reallocated to the Hong Kong Public Offering
(claw-back) N/A
Final no. of Offer Shares under the International Offering 34,120,500 H Shares
% of Offer Shares under the International Offering to the Global
Offering 90%
The Directors confirm that, to the best of their knowledge, information and belief, save for
consents under paragraphs 1C(1) and 1C(2) of Appendix F1 to the Listing Rules (the “Placing
Guidelines ”) and Chapter 4.15 of the Guide for New Listing Applicants ( “Listing Guide ”) granted
by the Stock Exchange to permit the Company to, among other things, place certain H Shares in the
International Offering to close associates of certain existing Shareholders and a connected client,
(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,
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 of the Company, Controlling Shareholders,
substantial Shareholders, existing Shareholders of the Company or any of its subsidiaries or their
respective close associates in relation to the acquisition, disposal, voting or other disposition of H
Shares registered in his/her/its name or otherwise held by him/her/it.


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The placees in the International Offering include the following:
Cornerstone Investors
Investor  Note 1
No. of Offer
Shares
allocated
% of Offer
 Shares
% of total
issued H
Shares after
the Global
Offering
% of total
issued share
capital after
the Global
Offering
Existing
shareholders
or their close
associates
AnkeBio
(Hong Kong)
Co., Limited
(“AnkeBio HK ”)
4,245,600 11.20% 2.75% 1.30% No
Derivatives China
Alpha Fund SPC
(acting for and on
behalf of
Derivatives China
Fundamental
Fund SP)
(“DC Alpha SPC ”)
1,895,300 5.00% 1.23% 0.58% No
Guotai Junan
Investments
(Hong Kong)
Limited (in
connection with
the Zhonghe OTC
Swaps) ( “GTINV”)
1,463,200 3.86% 0.95% 0.45% Yes
Total 7,604,100 20.06% 4.93% 2.33%
Notes:
(1) For further details of the Cornerstone Investors, please refer to the section headed “Cornerstone Investors ” in
the Prospectus.
(2) Among the Cornerstone Investors, GTINV is a close associate of an existing Shareholder and a connected
client. The Stock Exchange has granted consents under paragraphs 1C(1) and 1C(2) of the Placing Guidelines
to permit GTINV to participate in the International Offering as a cornerstone investor. Please refer to
the section headed “Waivers from Strict Compliance with the Listing Rules and Exemption from Strict
Compliance with the Companies (Winding Up and Miscellaneous Provisions) Ordinance {  Consent in
Respect of the Proposed Subscription of Offer Shares by a Cornerstone Investor as a Connected Client and
Close Associate of an Existing Minority Shareholder ” of the Prospectus for details.


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Allottees with Consents Obtained
Investor
No. of Offer
Shares
allocated
% of Offer
Shares
% of total
issued H
Shares after
the Global
Offering
% of total
issued share
capital after
the Global
Offering Relationship
Allottees with consent under paragraph 1C(2) of the Placing Guidelines and Chapter 4.15 of the
Listing Guide in relation to subscription for Offer Shares by close associates of existing Shareholders
Prudence SPC I (acting
for and on behalf of Core
SP) ( “Prudence SPC ”)
2,200,000 5.80% 1.43% 0.67% A close
associate of
an existing
Shareholder
Mr. Ling Chao (൴)
(“Mr. Ling ”)
1,890,000 4.99% 1.22% 0.58% A close
associate of
an existing
Shareholder
Begonia No. 2 LPF ( ऎ
ږ )
“(Begonia No. 2 ”)
540,000 1.42% 0.35% 0.17% A close
associate of
an existing
Shareholder
Allottees with consent under paragraph 1C(1) of the Placing Guidelines and Chapter 4.15 of the
Listing Guide in relation to allocations to connected clients Note 1
CITIC Securities
International Capital
Management Limited
(“CSICM ”)
2,000,000 5.28% 1.30% 0.61% A connected
client


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Notes:
1. The Stock Exchange has granted a consent under paragraph 1C(2) of the Placing Guidelines to permit Offer
Shares be placed the above placees who are close associates of certain existing Shareholders. Please refer to
the section headed “Others/Additional Information – Placing to close associates of existing Shareholders with
prior consent under paragraph 1C(2) of the Placing Guidelines ” in this announcement.
2. For details of the consent under paragraph 1C(1) of the Placing Guidelines and Chapter 4.15 of the Listing
Guide in relation to allocations to a connected client, please refer to the section headed “Others/Additional
Information – Placing to a connected client with prior consent under paragraph 1C(1) of the Placing
Guidelines ” in this announcement.
LOCK-UP UNDERTAKINGS
Controlling Shareholders
Name
Number of Unlisted
Shares held in the
Company subject
to lock-up
undertakings upon
Listing
Number of H
Shares held in
the Company
subject to lock-up
undertakings upon
Listing
% of total
issued H
Shares after
the Global Offering
subject to lock-up
undertakings upon
Listing
% of
shareholding in the
Company subject
to lock-up
undertakings upon
Listing
Last day subject
to the lock-up
undertakings Note 1
Dr. Liu Yanjun (ё) 54,977,530 6,108,615 3.96% 18.74% December 9, 2026
Ms. Wang Zheng ( ˮᅄ) 20,250,000 2,250,000 1.46% 6.90% December 9, 2026
Mr. Tan Jingwei ( ᗈཨਃ) 7,500,000 7,500,000 4.86% 4.60% December 9, 2026
Shanghai Luoxu Management
Consulting Partnership (Limited
Partnership) ( ɪऎᖯϛ၍ଣፔ༔Υྫ
Άุ(Υྫ ))
13,125,000 5,625,000 3.64% 5.75% December 9, 2026
Shanghai Luojun Management
Consulting Partnership (Limited
Partnership) ( ɪऎᖯё၍ଣፔ༔Υྫ
Άุ(Υྫ ))
7,255,915 3,109,680 2.01% 3.18% December 9, 2026
Ningbo Hongsheng Enterprise
Management Partnership (Limited
Partnership) (ᒿ᳅Άุ၍ଣΥྫ
Άุ(Υྫ ))
3,181,785 1,363,620 0.88% 1.39% December 9, 2026
Subtotal 106,290,230 25,956,915 16.81% 40.56%
Note:
1. The expiry date of the lock-up period shown in the table above is pursuant to the PRC Company Laws. The
required lock-up for the Controlling Shareholders ends on December 9, 2026, being 12 months following the
Listing Date.


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8
Cornerstone Investors
Investor Note 1
Number of
Unlisted Shares
held
in the
Company
subject to
lock-up
undertakings
upon Listing
Number of
 H Shares
held in the
Company
subject to
lock-up
undertakings
upon Listing
% of total
issued H
Shares after
the Global
Offering
subject to
lock-up
undertakings
upon Listing
% of
shareholding
 in the
Company
subject to
lock-up
undertakings
upon Listing
Last day
subject to
 the lock-up
 undertaking Note 1
AnkeBio HK – 4,245,600 2.75% 1.30% June 9, 2026
DC Alpha SPC – 1,895,300 1.23% 0.58% June 9, 2026
GTINV – 1,463,200 0.95% 0.45% June 9, 2026
Subtotal – 7,604,100 4.93% 2.33%
Note:
1. In accordance with the relevant cornerstone investment agreements, the required lock-up ends on June 9,
2026, being six months following the Listing Date. 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.


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9
Other Existing Shareholders (including the Pre-IPO Investors as defined in the “History,
Development and Corporate Structure ” section of the Prospectus)
Name
Number of Unlisted
 Shares held
in the Company
subject to lock-up
undertakings upon
Listing
Number of H
Shares held in the
Company subject
to lock-up
undertakings upon
Listing
% of total issued
H Shares after the
Global Offering
subject to lock-up
undertakings upon
Listing
% of
shareholding in the
Company subject to
lock-up
undertakings upon
Listing
Last day subject
to the lock-up
undertakings Note 11
Center Lab 31,924,265 7,981,065 5.17% 12.24% December 9, 2026
Venus Capital HK Limited ( “Venus
Capital ”)
– 16,111,110 10.44% 4.94% December 9, 2026
PCJ Bao Holdings Limited ( “PCJ
Bao”)
– 5,550,000 3.60% 1.70% December 9, 2026
Shanghai Healthcare Capital
Partnership (Limited Partnership) ( ɪ
Υྫ
Άุ(Υྫ ))
2,957,170 8,871,510 5.75% 3.63% December 9, 2026
Shenzhen Fuhai Junyong No. 6
Venture Capital Enterprise (Limited
Partnership) ( ଉέబऎཡ͑ʬ໮௴ุ
ҳ༟Άุ (Υྫ ))
2,291,345 2,291,340 1.48% 1.41% December 9, 2026
Shenzhen Fuhai Junyong No. 2
Venture Capital Enterprise (Limited
Partnership) ( ଉέబऎཡ͑ɚ໮௴ุ
ҳ༟Άุ (Υྫ ))
982,005 982,000 0.64% 0.60% December 9, 2026
Fuhai Jingxuan No. 2 Venture Capital
(Hangzhou) Partnership (Limited
Partnership) ( బऎၚ፯ɚ໮௴ุҳ༟
(ψ)ΥྫΆุ (Υྫ ))
727,410 727,410 0.47% 0.45% December 9, 2026
Shenzhen Fuhai Youxuan No. 2 High
Tech Venture Capital Partnership
(Limited Partnership) ( ଉέ̹బऎᎴ
Ҧ௴ุҳ༟ΥྫΆุ (Ϟ
Υྫ))
727,410 727,410 0.47% 0.45% December 9, 2026
Jinan Chanfa Saixingyuanchuang
Venture Capital Partnership (Limited
Partnership) (๕௴௴ุ
ҳ༟ΥྫΆุ (Υྫ ))
1,854,895 1,854,895 1.20% 1.14% December 9, 2026
Shandong Caixin Chantou No. 2
Yuanchuang Investment Partnership
Enterprise (Limited Partnership) ( ʆ
ପҳɚ໮๕௴ҳ༟ΥྫΆ
ุ(Υྫ ))
887,150 887,150 0.57% 0.54% December 9, 2026


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Name
Number of Unlisted
 Shares held
in the Company
subject to lock-up
undertakings upon
Listing
Number of H
Shares held in the
Company subject
to lock-up
undertakings upon
Listing
% of total issued
H Shares after the
Global Offering
subject to lock-up
undertakings upon
Listing
% of
shareholding in the
Company subject to
lock-up
undertakings upon
Listing
Last day subject
to the lock-up
undertakings Note 11
Qingdao Yuanchuang Energy
Conservation and Environmental
Protection Venture Capital Fund
Partnership Enterprise (Limited
Partnership) (௴ุ
ΥྫΆุ (Υྫ ))
833,325 833,325 0.54% 0.51% December 9, 2026
Yantai Duoying New Kinetic Energy
Investment Center (L.P.) (ޮ
อਗঐҳ༟ʕː (Υྫ ))
833,325 833,325 0.54% 0.51% December 9, 2026
Jiaxing Xiqi Venture Capital
Partnership (Limited Partnership) ( ྗ
௴ุҳ༟ΥྫΆุ (Υ
ྫ)) ( “Jiaxing Xiqi ”)
– 5,819,280 3.77% 1.79% December 9, 2026
Shanghai Cixi Venture Capital Center
(Limited Partnership) ( ɪऎฉဢ௴
ุҳ༟ʕː (Υྫ )) (“Shanghai
Cixi”)
– 2,500,000 1.62% 0.77% December 9, 2026
Shanghai Luohui Management
Consulting Partnership Enterprise
(Limited Partnership) ( ɪऎᖯሾ၍ଣ
ፔ༔ΥྫΆุ (Υྫ ))
761,110 5,238,890 3.39% 1.84% December 9, 2026
Haitong Innovation Securities
Investment Co., Ltd. ( ऎஷ௴อᗇՎ
ʮ̡ )
4,364,460 – – 1.34% December 9, 2026
Zhang Yahong (ߎ2,838,885 709,720 0.46% 1.09% December 9, 2026
Shanghai Luoqun Management
Consulting Partnership Enterprise
(Limited Partnership) ( ɪऎᖯ໊၍ଣ
ፔ༔ΥྫΆุ (Υྫ ))
1,316,655 2,116,645 1.37% 1.05% December 9, 2026
Xiamen Youlang Equity Investment
Partnership Enterprise (Limited
Partnership) (ᛆҳ༟Υྫ
Άุ(Υྫ ))
– 3,333,320 2.16% 1.02% December 9, 2026
Shanghai Guqing Enterprise
Management Center ( ɪऎᇅ౹Άุ
၍ଣʕː )
3,333,300 – – 1.02% December 9, 2026
Fan Hong (ߎ2,365,735 591,435 0.38% 0.91% December 9, 2026


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Name
Number of Unlisted
 Shares held
in the Company
subject to lock-up
undertakings upon
Listing
Number of H
Shares held in the
Company subject
to lock-up
undertakings upon
Listing
% of total issued
H Shares after the
Global Offering
subject to lock-up
undertakings upon
Listing
% of
shareholding in the
Company subject to
lock-up
undertakings upon
Listing
Last day subject
to the lock-up
undertakings Note 11
Shanghai Luoyuan Management
Consulting Partnership Enterprise
(Limited Partnership) ( ɪऎᖯ෤၍ଣ
ፔ༔ΥྫΆุ (Υྫ ))
– 2,222,200 1.44% 0.68% December 9, 2026
Zheng Keqing (ڡ222,220 1,999,980 1.30% 0.68% December 9, 2026
Zheng Xiaodong (؇ࣖ2,182,230 1.41% 0.67% December 9, 2026
Nanjing United Future Jianfeng
Medical Industry Investment
Partnership (Limited Partnership) (ی
ᔼᐕପุҳ༟Υྫ
Άุ(Υྫ ))
– 2,182,230 1.41% 0.67% December 9, 2026
Yangtze River Delta Industrial
Innovation Phase II (Shanghai)
Private Investment Fund Partnership
(Limited Partnership) (ɧԉପุ
௴อɚಂ (ɪऎ)Υྫ
Άุ(Υྫ )) ( “Yangtze River
Delta Industrial ”)
– 2,182,230 1.41% 0.67% December 9, 2026
Ningbo Longhuahui Boyuan Venture
Capital Partnership (Limited
Partnership) (ඤശි௹๕௴ุҳ
༟ΥྫΆุ (Υྫ ))
– 2,182,230 1.41% 0.67% December 9, 2026
Shenzhen Jiaxing No. 2 Investment
Partnership Enterprise (Limited
Partnership) (ɚ໮ҳ༟Υ
ྫΆุ(Υྫ ))
982,000 982,005 0.64% 0.60% December 9, 2026
Shanghai Technology Venture
Capital (Group) Co., Ltd. (Ҧ
௴ุҳ༟ (ණྠ)ʮ̡ )
– 1,874,845 1.21% 0.58% December 9, 2026
Shanghai Jifu Supply Chain
Management Partnership Enterprise
(Limited Partnership) ( ɪऎ᏶၅ԶᏐ
ᗡ၍ଣΥྫΆุ (Υྫ ))
– 1,782,485 1.16% 0.55% December 9, 2026
Nie Miao ( ᔗ↿) – 1,666,650 1.08% 0.51% December 9, 2026


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Name
Number of Unlisted
 Shares held
in the Company
subject to lock-up
undertakings upon
Listing
Number of H
Shares held in the
Company subject
to lock-up
undertakings upon
Listing
% of total issued
H Shares after the
Global Offering
subject to lock-up
undertakings upon
Listing
% of
shareholding in the
Company subject to
lock-up
undertakings upon
Listing
Last day subject
to the lock-up
undertakings Note 11
North Shanghai Biomedical Industry
Park Development (Shanghai) Co.,
Ltd. (ᔼᖹପุ෤ක೯ (ɪ
ऎ)ʮ̡ )
727,410 727,410 0.47% 0.45% December 9, 2026
ROSY ELEGANT COMPANY
LIMITED
1,250,000 – – 0.38% December 9, 2026
Shanghai Baoshan State-owned
Capital Investment Management
(Group) Co., Ltd. ( ɪऎᘒʆ਷Ϟ༟
͉ҳ༟၍ଣ (ණྠ)ʮ̡ )
1,182,870 – – 0.36% December 9, 2026
Wang Jufang (ٹ581,930 145,480 0.09% 0.22% December 9, 2026
Yuanxiong Real Estate Development
(China) Co., Ltd. (ήପක೯
ණྠ(ʕ਷)ʮ̡ )
473,145 118,290 0.08% 0.18% December 9, 2026
Cui Hongyan (ᜮ) – 509,185 0.33% 0.16% December 9, 2026
Liu Jintao (ᏹ) – 509,185 0.33% 0.16% December 9, 2026
Huang Haitao ( රऎᏹ) 181,855 181,850 0.12% 0.11% December 9, 2026
Tianjin Bo ’ao Enterprise
Management Partnership (Limited
Partnership) (௹ෳΆุ၍ଣΥྫ
Άุ(Υྫ ))
– 363,700 0.24% 0.11% December 9, 2026
Chen Zhan (࢝295,715 – – 0.09% December 9, 2026
Xu Sumin ( ஢९ઽ) – 290,965 0.19% 0.09% December 9, 2026
Chen Jichun (݆ߏ218,225 0.14% 0.07% December 9, 2026
Luo Chun ( Ꭳॱ) 218,225 – – 0.07% December 9, 2026
Song Aihui ( ҂ฌฯ) 88,715 88,715 0.06% 0.05% December 9, 2026
Zhao Liping ( Ⴛ஁റ) 88,715 88,715 0.06% 0.05% December 9, 2026
Li Jueping ( ҽ䊌റ) 72,740 – – 0.02% December 9, 2026
Subtotal 65,363,985 90,458,635 58.61% 47.80%
Note:
1. The expiry date of the lock-up period shown in the table above is pursuant to the PRC Company Laws. The
required lock-up for existing Shareholders ends on December 9, 2026, being 12 months following the Listing
Date.


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13
PLACEE CONCENTRATION ANALYSIS
Placees
Number of
H Shares
allotted
Allotment
as % of
International
Offering
Allotment
as % of
total Offer
Shares
Number of
Shares held
upon Listing
% of total
issued share
capital upon
Listing
Top 1 4,245,600 12.44% 11.20% 4,245,600 1.30%
Top 5 12,230,900 35.85% 32.26% 42,211,290 12.95%
Top 10 19,442,900 56.98% 51.28% 49,423,290 15.16%
Top 25 29,188,600 85.55% 76.99% 61,351,220 18.82%
Note:
* Ranking of placees is based on the number of H Shares allotted to the placees.
H SHAREHOLDERS CONCENTRATION ANALYSIS
H Shareholders*
Number of
H Shares
allotted
Allotment
as % of
International
Offering
Allotment
as % of
total Offer
Shares
Number of
H Shares held
upon Listing
% of total
issued H Shares
capital upon
Listing
Number of
Shares held
upon Listing
Top 1 0 0.00% 0.00% 25,956,915 16.82% 132,247,145
Top 5 4,090,000 11.99% 10.79% 78,754,725 51.03% 224,290,850
Top 10 8,335,600 24.43% 21.99% 100,709,390 65.26% 256,143,490
Top 25 18,737,400 54.92% 49.42% 129,628,070 84.00% 286,601,045
Note:
* Ranking of H Shareholders is based on the number of H Shares held by the H Shareholders upon Listing.
SHAREHOLDERS CONCENTRATION ANALYSIS
Shareholders
Number of
H Shares
allotted
Allotment
as % of
International
Offering
Allotment
as % of
total Offer
Shares
Number of
H Shares
held upon
Listing
Number of
Shares held
upon Listing
% of total
issued share
capital upon
Listing
Top 1 0 0.00% 0.00% 25,956,915 132,247,145 40.57%
Top 5 4,090,000 11.99% 10.79% 78,754,725 224,290,850 68.80%
Top 10 8,335,600 24.43% 21.99% 98,085,790 256,358,775 78.64%
Top 25 12,770,900 37.43% 33.69% 125,944,730 292,437,625 89.71%
Note:
* Ranking of Shareholders is based on the number of Shares (of all classes) held by the Shareholder upon Listing.


--- page 14 ---
14
BASIS OF ALLOCATION UNDER THE HONG KONG PUBLIC OFFERING
Subject to the satisfaction of the conditions set out in the Prospectus, valid applications made by
the public will be conditionally allocated on the basis set out below:
NO. OF
SHARES
APPLIED FOR
NO. OF
VALID
APPLICATIONS BASIS OF ALLOTMENT / BALLOT
APPROXIMATE
PERCENTAGE
ALLOTTED
OF THE TOTAL
NO. OF SHARES
APPLIED FOR
POOL A
100 84,381 5,907 out of 84,381 to receive 100 Shares 7.00%
200 13,791 988 out of 13,791 to receive 100 Shares 3.58%
300 22,684 1,630 out of 22,684 to receive 100 Shares 2.40%
400 11,164 803 out of 11,164 to receive 100 Shares 1.80%
500 8,334 601 out of 8,334 to receive 100 Shares 1.44%
600 4,781 345 out of 4,781 to receive 100 Shares 1.20%
700 5,393 390 out of 5,393 to receive 100 Shares 1.03%
800 4,482 326 out of 4,482 to receive 100 Shares 0.91%
900 3,413 249 out of 3,413 to receive 100 Shares 0.81%
1,000 19,870 1,455 out of 19,870 to receive 100 Shares 0.73%
1,500 14,403 1,056 out of 14,403 to receive 100 Shares 0.49%
2,000 3,636 267 out of 3,636 to receive 100 Shares 0.37%
2,500 2,149 158 out of 2,149 to receive 100 Shares 0.29%
3,000 2,532 187 out of 2,532 to receive 100 Shares 0.25%
3,500 3,116 231 out of 3,116 to receive 100 Shares 0.21%
4,000 2,146 160 out of 2,146 to receive 100 Shares 0.19%
4,500 1,237 93 out of 1,237 to receive 100 Shares 0.17%
5,000 2,649 200 out of 2,649 to receive 100 Shares 0.15%
6,000 1,941 147 out of 1,941 to receive 100 Shares 0.13%
7,000 1,925 146 out of 1,925 to receive 100 Shares 0.11%
8,000 1,767 135 out of 1,767 to receive 100 Shares 0.10%
9,000 1,251 96 out of 1,251 to receive 100 Shares 0.09%
10,000 9,654 741 out of 9,654 to receive 100 Shares 0.08%
20,000 6,337 487 out of 6,337 to receive 100 Shares 0.04%
30,000 4,147 319 out of 4,147 to receive 100 Shares 0.03%
40,000 3,476 268 out of 3,476 to receive 100 Shares 0.02%
50,000 2,566 198 out of 2,566 to receive 100 Shares 0.02%
60,000 1,997 155 out of 1,997 to receive 100 Shares 0.01%
70,000 1,465 114 out of 1,465 to receive 100 Shares 0.01%
80,000 1,588 124 out of 1,588 to receive 100 Shares 0.01%
90,000 1,250 98 out of 1,250 to receive 100 Shares 0.01%
100,000 11,249 882 out of 11,249 to receive 100 Shares 0.01%
260,774 Total number of Pool A successful applicants: 18,956


--- page 15 ---
15
NO. OF
SHARES
APPLIED FOR
NO. OF
VALID
APPLICATIONS BASIS OF ALLOTMENT / BALLOT
APPROXIMATE
PERCENTAGE
ALLOTTED
OF THE TOTAL
NO. OF SHARES
APPLIED FOR
POOL B
200,000 9,298 7,981 out of 9,298 to receive 100 Shares 0.04%
300,000 3,112 2,672 out of 3,112 to receive 100 Shares 0.03%
400,000 2,268 1,950 out of 2,268 to receive 100 Shares 0.02%
500,000 1,377 1,184 out of 1,377 to receive 100 Shares 0.02%
600,000 939 808 out of 939 to receive 100 Shares 0.01%
700,000 758 653 out of 758 to receive 100 Shares 0.01%
800,000 630 544 out of 630 to receive 100 Shares 0.01%
900,000 410 355 out of 410 to receive 100 Shares 0.01%
1,000,000 898 778 out of 898 to receive 100 Shares 0.01%
1,250,000 480 416 out of 480 to receive 100 Shares 0.01%
1,500,000 458 397 out of 458 to receive 100 Shares 0.01%
1,895,600 1,285 1,218 out of 1,285 to receive 100 Shares 0.01%
21,913 Total number of Pool B successful applicants: 18,956
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 Offer Price in addition to any brokerage, AFRC transaction
levy, SFC transaction levy and trading fee payable.


--- page 16 ---
16
OTHERS/ADDITIONAL INFORMATION
Placing to close associates of existing Shareholders with prior consent under paragraph 1C(2)
of the Placing Guidelines
The Company has applied to the Stock Exchange, and the Stock Exchange has granted a consent
under paragraph 1C(2) of the Placing Guidelines to permit the Company to allocate such Offer
Shares in the International Offering to Prudence SPC, Mr. Ling and Begonia No. 2.
Prudence SPC
Prudence SPC is a fund established in the Cayman Islands and managed by Prudence Investment
Management (Hong Kong) Limited ( “Prudence Investment ”). Prudence Investment is a Hong
Kong-registered asset management company, holding a license from the SFC to carry out Type 4
(advising on securities) and Type 9 (asset management) regulated activities as defined in the SFO.
Specializing as an asset and investment management firm, Prudence Investment is committed to
increasing investment diversification, reducing risk, and improving returns through flexible asset
allocation strategies. Prudence Investment is wholly owned by Prudence Financial Group, an
exempted company incorporated in the Cayman Islands. Fangyuan Capital, the fund manager of
Fangyuan Growth SPC and Fangyuan Fund, managing such two funds that hold the Shares through
PCJ Bao and Venus Capital (the direct Shareholders), is owned as to 51% by Prudence Financial
Group. Therefore, Prudence SPC is a close associate of Fangyuan Capital. Prudence SPC is owned
as to approximately 36.5% by RuiLian Global Master OFC – RuiLian GStone Fund ( “RuiLian ”),
an Open-Ended Fund registered under the SFO. Except for RuiLian, there is no other investor
holding 30% or more interest in Prudence SPC.
Mr. Ling
Shanghai Dongxi Investment Development Co., Ltd. (ʮ̡ ) ( “Shanghai
Dongxi ”), holds the Shares of the Company through Shanghai Cixi and Jiaxing Xiqi, the direct
Shareholders of the Company. The general partner of Shanghai Cixi is Shanghai Xihao Investment
Management Co., Ltd. (ʮ̡ ) ( “Shanghai Xihao ”), holding approximately
0.10% of the partnership interest of Shanghai Cixi. The general partner of Jiaxing Xiqi is Shanghai
Xihao, holding approximately 1.11% of the partnership interests of Jiaxing Xiqi.
Shanghai Xihao is owned as to 50% by Li Jiaqi ( ҽԳೡ), 30% by Shanghai Dongxi, and 20% by
Yuan Liangyong ( ঺Ԅ͑), respectively. Shanghai Dongxi is owned as to 99% by Mr. Ling and
1% by Shanghai Yu Hai Enterprise Development Group Co., Ltd. (ʮ
̡), a wholly owned subsidiary of Mr. Ling. Therefore, Mr. Ling is a close associate of Shanghai
Dongxi.
Begonia No. 2
The general partner of Yangtze River Delta Industrial, a direct Shareholder of the Company,
is Shanghai Shengshi Jiayi Enterprise Management Co., Ltd. (ʮ
̡) ( “Shengshi Jiayi ”), holding approximately 0.3% of its partnership interest. Shengshi Jiayi is
owned as to 30% by Shanghai Sun Rock Capital Management Co., Ltd. (ࠢ
ʮ̡) ( “Sun Rock Capital ”), which is owned as to 35% by Ningbo Guxin Lecheng Investment
Management Partnership (Limited Partnership) (ᆀϓҳ༟၍ଣΥྫΆุ (Υྫ )),
ultimately controlled by Mr. Zhou Daohong (ݳNone of the other shareholders of Sun Rock
Capital held more than 30% of equity interest.


--- page 17 ---
17
Begonia No. 2, incorporated under the laws of Hong Kong, is a private equity fund managed by
Ocean Cedar Asset Management Company Limited (ʮ̡ ) ( “Ocean Cedar ”)
acting as its investment manager. The general partner of Begonia No. 2 is Sun Rock (Hong
Kong) Management Limited ( ସͩ(ಥ)ʮ̡ ) ( “Sun Rock HK ”), which is wholly
owned by Sun Rock Capital. Ocean Cedar, a company incorporated under the laws of Hong
Kong on July 9, 2019, is licensed by the SFC to carry out Type 4 (advising on securities) and
Type 9 (asset management) regulated activities as defined in the SFO. Ocean Cedar is ultimately
owned as to 33% by Sun Rock HK and 34% by Mr. Liu Xin, an Independent Third Party; the
remaining shareholders of Ocean Cedar ’s parent company each hold no more than 20% and are
all Independent Third Parties. Begonia No. 2 is also directly owned as to 37.66% by Mr. Zhou
Daohong (ݳas its limited partner. Other than Mr. Zhou Daohong (ݳno other limited
partner holds 30% or more of the interest in Begonia No. 2. Therefore, Begonia No. 2 is a close
associate of Yangtze River Delta Industrial.
The allocation of Offer Shares to the aforementioned close associates of existing Shareholders as
placees is in compliance with all the conditions under the consent granted by the Stock Exchange,
including but not limited to (i) the Company complies with Rules 19A.13A and 19A.13C of the
Listing Rules, and (ii) no preference in allocation was given to these close associates of existing
Shareholders as placees.
For details of the allocations of Offer Shares to close associates of existing Shareholders, please
refer to the section headed “Allotment Results Details – International Offering – Allottees with
Consents Obtained ” in this announcement.


--- page 18 ---
18
Placing to a connected client with prior consent under paragraph 1C(1) of the Placing
Guidelines
Under the International Offering, certain Offer Shares were placed to a connected client of a
connected distributor pursuant to the Placing Guidelines. Details of the placement to this connected
client are set out below.
Connected client
Connected
distributor
Relationship with the
connected distributor
Whether the
connected client
will hold beneficial
interests of
Offer Shares on
a non-discretionary or
discretionary basis for
independent
third parties
Number of
Offer Shares to
be allocated to
the connected
client
Appropriate
percentage of
total number of
Offer Shares
Approximate
percentage
of total H
Shares in issue
immediately
following the
completion of
Global Offering
CSICM Note 1 CLSA CSICM and CLSA are
members of the same
group of companies.
CSICM is therefore
considered a connected
client of CLSA pursuant
to paragraph 1B(7) of
Appendix F1 to the
Listing Rules.
Non-discretionary basis 2,000,000 5.28% 1.30%
Note:
1. Currently, PRC investors are 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 ”).
CITIC Securities Company Limited ( “CITIC Securities ”), the shares of which are listed on both the
Shanghai Stock Exchange (stock code: 600030) and the Stock Exchange (stock code: 6030), is one of the
domestic securities firms licensed to undertake cross-border derivatives trading activities. CITIC Securities
entered into an International Swaps and Derivatives Association agreement (the “ISDA Agreement ”) with
its indirectly wholly-owned subsidiary, CSICM, to set out the principal terms of any future total return swap
between CITIC Securities and CSICM.


--- page 19 ---
19
CLSA is an Overall Coordinator, Joint Global Coordinator, Joint Bookrunner, Joint Lead Manager and
CMI in connection with the Global Offering. Pursuant to the ISDA Agreement, CSICM, which intends to
participate in the International 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 CSICM with CITIC Securities in connection with a Client TRS (as defined below) placed by and fully
funded (i.e. with no financing provided by CSICM) the CSICM Ultimate Client (as defined below), pursuant
to which CSICM will pass the full economic exposure of the Offer Shares to the CSICM Ultimate Client,
which in effect, CSICM will hold the beneficial interest of the Offer Shares on behalf of the CSICM Ultimate
Client. CSICM is indirectly wholly owned by CITIC Securities. CLSA is also indirectly wholly owned by
CITIC Securities. Therefore, CSICM is a member of the same group of companies as CLSA. Accordingly,
CSICM is considered a “connected client ” of CLSA pursuant to paragraph 1B(7) of Appendix F1 of the
Listing Rules.
Pursuant to the Cross-border Derivatives Trading Regime, the CSICM Ultimate Client cannot directly
subscribe for the Offer Shares but may invest in derivative products issued by domestic securities firms
licensed to undertake cross-border derivatives trading activities, such as CITIC Securities, with the Offer
Shares as the underlying assets. Instead of directly subscribing for the Offer Shares, the CSICM Ultimate
Client will place a total return swap order (the “Client TRS ”) with CITIC Securities in connection with
the Offer Shares and CITIC Securities will place a Back-to-back TRS order to CSICM on the terms of the
ISDA Agreement. In order to hedge its exposure under the Back-to-back TRS, CSICM participates in the
Company ’s Proposed Listing and subscribes to the Offer Shares through placing order with CLSA during the
International Offering.
The CSICM Ultimate Client for purpose of this placing subscription include the investment fund managed by
Shanghai Jiuming Investment Management Co., Ltd. (ʮ̡ ). The ultimate beneficial
owner holding 30% interests or more in the fund is WANG Jingyi ( ˮ౺ᑈ).
To the best of our knowledge and after making all reasonable enquiries, the CSICM Ultimate Client is an
independent third party of CSICM and the Company.
The purpose of CSICM to subscribe for the Offer Shares is to hedge the Back-to-back TRS in connection
with the Client TRS order placed by the CSICM Ultimate Client. 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 CSICM Ultimate Client through the Back-to-back
TRS and the Client TRS, and all economic loss shall be borne by the CSICM Ultimate Client. CSICM 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 CSICM Ultimate Client 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 CSICM Ultimate Client would bear the exchange rate
exposure of the profit and loss on the settlement date.


--- page 20 ---
20
The CSICM Ultimate Client 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 CSICM Ultimate Client, CSICM will dispose of the Offer Shares on the secondary market and the CSICM
Ultimate Client will receive a final settlement 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 CSICM Ultimate Client intends to extend the investment period, subject to further agreement
between CSICM and the relevant CSICM Ultimate Client, the term of the Client TRS could be extended by
way of a new issuance or a tenor extension. Accordingly, CSICM will extend the term of the Back-to-back
TRS by way of a new issuance or a tenor extension.
It is proposed that CSICM will hold the legal title and the voting right of the Offer Shares by itself, and pass
through the economic exposure to the CSICM Ultimate Client, which places a Client TRS order through its
asset manager with CITIC Securities in connection with the Offer Shares. Due to its internal policy, CSICM
will not exercise the voting right of the Offer Shares during the tenor of the Back-to-back TRS.
The Company has applied to the Stock Exchange for, and the Stock Exchange has granted, a
consent under paragraph 1C(1) of the Placing Guidelines to permit the Company to allocate such
Offer Shares in the International Offering to the connected client listed above. The allocation of
Offer Shares to such connected client is in compliance with all the conditions under the consent
granted by the Stock Exchange.


--- page 21 ---
21
DISCLAIMERS
Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited (the
“Stock Exchange ”) and Hong Kong Securities Clearing Company Limited ( “HKSCC ”) take no
responsibility for the contents of this announcement, make no representation as to its accuracy
or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising
from or in reliance upon the whole or any part of the contents of this announcement.
This announcement is not for release, publication, distribution, directly or indirectly, in or into
the United States (including its territories and possessions, any state of the United States and
the District of Columbia). This announcement does not constitute or form a part of any offer or
solicitation to purchase or subscribe for securities in the United States. The securities mentioned
herein have not been, and will not be, registered under the United States Securities Act of 1933,
as amended (the “U.S. Securities Act ”). The securities may not be offered or sold in the United
States except pursuant to an exemption from the registration requirements of the U.S. Securities
Act and in compliance with any applicable state securities laws, or outside the United States
unless in compliance with Regulation S under the U.S. Securities Act. There will be no public
offer of securities in the United States.
The Offer Shares are being offered and sold solely outside the United States in offshore
transactions in reliance on Regulation S under the U.S. Securities Act.
This announcement is for information purposes only and does not constitute an invitation or
offer to acquire, purchase or subscribe for securities. This announcement is not a prospectus.
Potential investors should read the Prospectus dated December 2, 2025 issued by Shanghai
Bao Pharmaceuticals Co., Ltd. (ʮ̡ ) 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 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 paragraph headed “Underwriting – Underwriting
Arrangements and Expenses – Hong Kong Public Offering – Hong Kong Underwriting
Agreement – Grounds for Termination ” in the Prospectus at any time prior to 8:00 a.m. (Hong
Kong time) on the Listing Date (which is currently expected to be on December 10, 2025).


--- page 22 ---
22
PUBLIC FLOAT AND FREE FLOAT
Upon Listing, 120,389,270 H Shares, equivalent to 36.93% of the total number of issued Shares
of the Company, will be counted towards the public float. Under Rule 19A.13A(1) of the Listing
Rules, in the event the expected market value of the Company ’s H Shares upon Listing does not
exceed HK$6 billion, at least 25% of the total issued H Shares must be held by the public upon
Listing. Therefore, the number of H Shares held in public hands is higher than the prescribed
percentage of H Shares required to be held in public hands under Rule 19A.13A(1) of the Listing
Rules.
Excluding the Offer Shares to be allocated to the cornerstone investors that are subject to a lock-up
period of six months following the Listing Date, the Company ’s H Shares to be counted towards
the free float upon Listing will be 30,307,600 Shares. Based on the Offer Price of HK$26.38 per H
Share, the Company will satisfy the free float requirement under Rule 19A.13C(1)(b) of the Listing
Rules.
The Directors confirm that, immediately following the completion of the Global Offering, (i)
no placee will, individually, be placed more than 10% of the enlarged issued share capital of
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 Wednesday,
December 10, 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 Wednesday,
December 10, 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 Wednesday, December 10, 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 2659.
By order of the Board
Shanghai Bao Pharmaceuticals Co., Ltd.
Dr. Liu Yanjun
Chairman of the Board and Executive Director
Hong Kong, December 9, 2025
As at the date of this announcement, the Board comprises (i) Dr. Liu Yanjun, Ms. Wang Zheng,
Mr. Tan Jingwei and Ms. Li Cui as executive Directors; (ii) Ms. Lin Chia-Ling, Mr. Diao Juanhuan
and Mr. Li Chen as non-executive Directors; and (iii) Mr. Cai Zhongxi, Dr. Zeng Fanyi, Dr. Ju
Dianwen and Mr. Zhang Senquan as independent non-executive Directors.