hk-ipo/data/extracted_text/06657/allotment_results_2024-07-08_2024070801055.txt

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BAIWANG CO., LTD. / 百望股份有限公司
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 28, 2024 (the “Prospectus”) issued by Baiwang Co., Ltd. (the “Company”).

Warning:  In view of high concentration of shareholding in a small number of H Shareholders, H 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  6657
Stock short name  BAIWANG CO
Dealings commencement date  July 9, 2024*
*see note at the end of the announcement

Price Information
Final Offer Price  HK$36.00
Offer Price Range HK$36.00 - HK$40.00
Offer Price Adjustment exercised  No

Offer Shares and Share Capital
Number of Offer Shares  9,262,000
Number of Offer Shares in Public Offer  926,200
Number of offer shares in International Offer  8,335,800
Number of issued shares upon Listing  225,906,754


Over-allocation
No. of Offer Shares over-allocated  0
Note: There has been no over-allocation of Offer Shares in the Placing. Therefore, the Over-allotment Option will
not be exercised and will lapse upon Listing.

Proceeds
Gross proceeds (Note)  HK$ 333.43 million
Less: Estimated listing expenses payable based on Final Offer
Price
HK$ (104.56) million
Net proceeds  HK$ 228.87 million

Note: Gross proceeds refers to the amount to which the issuer is entitled receive. For details of the use of proceeds,
please refer to the Prospectus dated June 28, 2024.


ALLOTMENT RESULTS DETAILS
PUBLIC OFFER

No. of valid applications  3,809
No. of successful applications  2,338
Subscription level  6.58 times
Claw-back triggered  No
No. of Offer Shares initially available under the Public Offer  926,200


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Final no. of Offer Shares under the Public Offer  926,200
% of Offer Shares under the Public Offer to the Global Offering 10%

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

No. of placees  132
Subscription Level  1.04 times
No. of Offer Shares initially available under the International Offer  8,335,800
Final no. of Offer Shares under the International Offer  8,335,800
% of Offer Shares under the International Offer to the Global Offering 90.0%

The Directors confirm that, to the best of their knowledge, information and belief, (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.

The placees in the International Offer include the following:
Cornerstone Investor

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
Existing
shareholders or
their close
associates
Jiangsu Yuanli
Industrial
Investment Co.,
Ltd. / 江蘇原力
產業投資有限公
司
7,222,200 77.98% 7.95% 3.20% No
Total 7,222,200 77.98% 7.95% 3.20%


LOCK-UP UNDERTAKINGS
According to the PRC Company Law, all the Shares held by existing Shareholders (which consists of the Controlling
Shareholders and the Pre-IPO Investors) prior to the Global Offering are subject to a lock-up period of one year from the
Listing Date.


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Controlling Shareholders
Name
Number of Shares
held in the
Company subject to
lock-up
undertakings  upon
listing


% of total issued H
Shares after the
Global Offering
subject to lock-up
undertakings upon
Listing
% of shareholding in
the Company subject
to lock-up
undertakings upon
listing
Last day subject  to
the lock-up
undertakings
Ms. Chen Jie / 陳杰
女士
58,700,000 N/A 25.98% July 8, 2025
Ningbo Xiu’an
Enterprise
Management
Partnership (Limited
Partnership) / 寧波修
安企業管理合夥企
業（有限合夥）
20,000,000
(including
6,000,000 H Shares)
6.60% 8.85% July 8, 2025
Tianjin Duoying
Technology Center
(Limited Partnership)
/ 天津多盈科技中心
（有限合夥）
14,922,174
(including
4,476,652 H Shares)
4.93% 6.61% July 8, 2025
Subtotal 93,622,174 11.53% 41.44%

Note:
The expiry date of the lock-up period shown in the table above is pursuant to the PRC Company Law.

Pre-IPO Investors (As defined in the History and Corporate Structure section of the Prospectus)
 Name
Number of Shares
held in the
Company subject to
lock-up
undertakings  upon
Listing


% of total issued H
Shares after the
Global Offering
subject to lock-up
undertakings upon
Listing
% of shareholding
in  the Company
subject to lock-up
undertakings  upon
listing
Last day subject  to
the lock-up
undertakings
Alibaba (China)
Technology Co., Ltd.
/ 阿里巴巴(中國)網
絡科技有限公司

25,724,721
(including
16,386,647 H
Shares)
18.04% 11.39% July 8, 2025
Beijing Watertek
Information
Technology Co., Ltd.
/ 北京旋極信息技術
股份有限公司
21,463,466
(including 6,439,040
H Shares)
7.09% 9.50% July 8, 2025
Fosun Group(1) / 復
星集團(1)
11,512,873
(including 7,333,700
H Shares)
8.07% 5.10% July 8, 2025
Oriental Fortune
Group(2) /東方富海
集團(2)
10,426,011
(including 6,641,369
H Shares)

7.31% 4.62% July 8, 2025


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Name
Number of Shares
held in the
Company subject to
lock-up
undertakings  upon
Listing


% of total issued H
Shares after the
Global Offering
subject to lock-up
undertakings upon
Listing
% of shareholding
in  the Company
subject to lock-up
undertakings  upon
listing
Last day subject  to
the lock-up
undertakings
SCGC Group(3) / 深
圳市創新投資集團
(3)

7,819,508
(including 4,981,027
H Shares)
5.48% 3.46% July 8, 2025
Shanghai Dazhong
Public Utilities
(Group) Co., Ltd. /
上海大眾公用事業
(集團)股份有限公司
7,000,000
(including 4,459,000
H Shares)
4.91% 3.10% July 8, 2025
Shanghai Guoxin
Venture Capital
Investment Co., Ltd.
/ 上海國鑫創業投資
有限公司
5,564,786
(including 3,544,769
H Shares)
3.90% 2.46% July 8, 2025
Jiuzhao Group(4) / 玖
兆集團(4)
5,297,690
(including 3,374,629
H Shares)

3.71% 2.35% July 8, 2025
Hongzheng Junfang
Investment Co., Ltd.
/ 紅正均方投資有限
公司
4,687,500
(including 2,985,938
H Shares)
3.29% 2.07% July 8, 2025
Shenzhen Gongtong
Jiayuan Management
Co., Ltd. / 深圳市共
同家園管理有限公
司)
3,926,774
(including 2,501,355
H Shares)
2.75% 1.74% July 8, 2025
Tongxiang Zhongrun
Enterprise
Management Co.,
Ltd. / 桐鄉市眾潤企
業管理有限公司
2,007,008
(including 1,278,464
H Shares)
1.41% 0.89% July 8, 2025
Jinjiang Fangzhou
No. 2 Equity
Investment
Partnership (Limited
Partnership) / 晉江方
舟二號股權投資合
夥企業(有限合夥)
1,939,314
(including 1,235,343
H Shares)
1.36% 0.86% July 8, 2025
Yancheng Yannan
Unicorn Investment
Fund Partnership
(Limited Partnership)
/ 鹽城市鹽南獨角獸
投資基金合夥企業
(有限合夥)
1,907,470
(including 1,215,058
H Shares)
1.34% 0.84% July 8, 2025


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Name
Number of Shares
held in the
Company subject to
lock-up
undertakings  upon
Listing


% of total issued H
Shares after the
Global Offering
subject to lock-up
undertakings upon
Listing
% of shareholding
in  the Company
subject to lock-up
undertakings  upon
listing
Last day subject  to
the lock-up
undertakings
Suzhou Wanjia
Venture Capital
Partnership (Limited
Partnership) / (蘇州
萬佳創業投資合夥
企業(有限合夥)
1,700,854
(including 1,083,444
H Shares)
1.19% 0.75% July 8, 2025
Mr. Zhang Lianwen /
張連文先生
1,442,308
(including 918,750
H Shares)

1.01% 0.64% July 8, 2025
Mr. Guo Xixing / 郭
夕興先生
1,154,606
(including 735,484
H Shares)

0.81% 0.51% July 8, 2025
Yinhe Yuanhui
Investment Co., Ltd.
/ 銀河源匯投資有限
公司
1,150,000
(including 732,550
H Shares)
0.81% 0.51% July 8, 2025
Gongqingcheng
Henghui Ruicheng
Equity Investment
Management
Partnership (Limited
Partnership) /共青城
恆匯瑞誠股權投資
管理合夥企業(有限
合夥)
1,100,000
(including 700,700
H Shares)
0.77% 0.49% July 8, 2025
Jinan Haiwang
Equity Investment
Partnership (Limited
partnership) / 濟南海
望股權投資合夥企
業(有限合夥)
1,000,000
(including 637,000
H Shares)
0.70% 0.44% July 8, 2025
Beijing Cuihu
Original Innovation
No. 1 Venture
Capital Fund
(Limited Partnership)
/ 北京翠湖原始創新
一號創業投資基金
(有限合夥)
800,000
(including 509,600
H Shares)
0.56% 0.35% July 8, 2025
Changzhou Tianning
Hongya Industrial
Investment
Partnership (Limited
Partnership) /常州市
769,230
(including 490,000
H Shares)
0.54% 0.34% July 8, 2025


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Name
Number of Shares
held in the
Company subject to
lock-up
undertakings  upon
Listing


% of total issued H
Shares after the
Global Offering
subject to lock-up
undertakings upon
Listing
% of shareholding
in  the Company
subject to lock-up
undertakings  upon
listing
Last day subject  to
the lock-up
undertakings
天寧弘亞實業投資
合夥企業(有限合夥)
Ms. Yan Xia / 顏霞
女士
769,230
(including 490,000
H Shares)

0.54% 0.34% July 8, 2025
Tianjin Jinxintong
Technology Center
(Limited Partnership)
/ 天津金鑫通科技中
心(有限合夥)
730,000
(including 465,010
H Shares)
0.51% 0.32% July 8, 2025
Qingdao Hongma
Shengshi Private
Equity Investment
Fund Partnership
(Limited Partnership)
/ 青島紅馬盛世私募
股權投資基金合夥
企業（有限合夥）
421,052
(including 268,210
H Shares)
0.30% 0.19% July 8, 2025
Chongqing
Liangjiang Zhongxin
Jialiang Financial
Technology RMB
Equity Investment
Fund Partnership
(Limited Partnership)
/ 重慶兩江中新嘉量
金融科技人民幣股
權投資基金合夥企
業(有限合夥)
400,000
(including 254,800
H Shares)
0.28% 0.18% July 8, 2025
Qingdao Ruibeita
Equity Investment
Partnership (Limited
Partnership) / 青島睿
貝塔股權投資合夥
企業(有限合夥)
346,153
(including 220,499
H Shares)
0.24% 0.15% July 8, 2025
Changzhou Xinxing
No. 1 Investment
Partnership
Enterprise (Limited
Partnership) / 常州市
新興壹號投資合夥
企業(有限合夥)
340,171
(including 216,689
H Shares)
0.24% 0.15% July 8, 2025
Suzhou Muhua
Equity Investment
Partnership (Limited
340,171
(including 216,689
H Shares)
0.24% 0.15% July 8, 2025


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Name
Number of Shares
held in the
Company subject to
lock-up
undertakings  upon
Listing


% of total issued H
Shares after the
Global Offering
subject to lock-up
undertakings upon
Listing
% of shareholding
in  the Company
subject to lock-up
undertakings  upon
listing
Last day subject  to
the lock-up
undertakings
Partnership) / 蘇州慕
華股權投資合夥企
業(有限合夥)
Mr. Wen Xiaoming /
文曉鳴先生
340,171
(including 216,689
H Shares)
0.24% 0.15% July 8, 2025
Ms. Zhu Liping / 朱
莉萍女士
236,762
(including 150,817
H Shares)

0.17% 0.10% July 8, 2025
Suqian Qianshan
Xinzhuo Equity
Investment
Partnership (Limited
Partnership) / 宿遷千
山信卓股權投資合
夥企業(有限合夥)
200,000
(including 127,400
H Shares)
0.14% 0.09% July 8, 2025
Chuanjiang
Investment Co., Ltd.
/ 川江投資有限公司
192,307
(including 122,500
H Shares)

0.13% 0.09% July 8, 2025
Mr. Huang Shanfan /
黃善繁先生
110,580
(including 70,439 H
Shares)

0.08% 0.05% July 8, 2025
Mr. Chen Xin / 陳欣
先生
61,538
(including 39,200 H
Shares)

0.04% 0.03% July 8, 2025
Mr. Ma Jingping / 麻
靜平先生
57,692
(including 36,750 H
Shares)

0.04% 0.03% July 8, 2025
Mr. Huang Miao / 黃
淼先生
45,215 N/A 0.02% July 8, 2025
Mr. Liu Ning / 劉寧
先生
13,607
(including 8,668 H
Shares)

0.010% 0.006% July 8, 2025
Ms. Yu Xiao / 餘曉
女士
13,607
(including 8,668 H
Shares)
0.010% 0.006% July 8, 2025
Mr. Shi Zhenyi / 石
振毅先生
10,205
(including 6,501 H
Shares)

0.007% 0.005% July 8, 2025
Subtotal 123,022,580 78.27% 54.46%


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Name
Number of Shares
held in the
Company subject to
lock-up
undertakings  upon
Listing


% of total issued H
Shares after the
Global Offering
subject to lock-up
undertakings upon
Listing
% of shareholding
in  the Company
subject to lock-up
undertakings  upon
listing
Last day subject  to
the lock-up
undertakings
Note:
The expiry date of the lock-up period shown in the table above is pursuant to the PRC Company Law

(1) Fosun Group includes Shanghai Fosun High Technology (Group) Co., Ltd., Shanghai Fosun Weishi Fund, Beijing
Xingshi Investment Management Center (Limited Partnership) and Wuxi Fosun Venture Capital Investment
Partnership.

(2) Oriental Fortune Group includes Shenzhen Fortune Gutoubang No. 6 Investment Enterprise (Limited Partnership)
and Small and Medium-sized Enterprises Development Fund (Shenzhen Nanshan Limited Partnership).

(3) SCGC Group includes Shenzhen Capital Group  Co., Ltd., Shenzhen Hongtu Intelligent Equity Investment Fund
Partnership (Limited Partnership) and Dongguan Hongtu Venture Capital Fund Partnership (Limited Partnership).

(4) Jiuzhao Group includes Suqian Jiuzhao Fengya Equity Investment Partnership (Limited Partnership), Pingxiang
Jiuzhao Hongxin Equity Investment Partnership (Limited Partnership), Suqian Jiuzhao Yunlian Equity Investment
Partnership (Limited Partnership), Jiaxing Jiuzhao Hexuan Equity Investment Partnership (Limited Partnership) and
Pingxiang Jiuzhao Anyuan Equity Investment Partnership (Limited Partnership)


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Cornerstone Investor
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
% of shareholding in
the Company subject
to lock-up
undertakings  upon
listing
Last day subject  to
the lock-up
undertakings
Jiangsu Yuanli
Industrial Investment
Co., Ltd. / 江蘇原力
產業投資有限公司
7,222,200 7.95% 3.20% January 8, 2025
Subtotal 7,222,200 7.95% 3.20%

Note:
In accordance with Chapter 4.15 (Placing -related Matters) of the Guide, the required lock -up ends on January 8,
2025.


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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 7,222,200 86.64% 77.98% 7,222,200 3.20%
Top 5 8,315,500 99.76% 89.78% 8,315,500 3.68%
Top 10 8,318,100 99.79% 89.81% 8,318,100 3.68%
Top 25 8,323,400 99.85% 89.87% 8,323,400 3.68%

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


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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% 16,386,647 18.04% 25,724,721
Top 5 7,222,200 86.64% 77.98% 48,060,568 52.91% 148,507,979
Top 10 7,222,200 86.64% 77.98% 70,859,033 78.00% 195,653,429
Top 25 8,073,300 96.85% 87.17% 87,223,819 96.02% 220,858,823

Notes
* 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% 10,476,652 93,622,174 41.44%
Top 5 0 0.00% 0.00% 47,277,408 162,749,245 72.04%
Top 10 7,222,200 86.64% 77.98% 70,859,033 195,653,429 86.61%
Top 25 8,073,300 96.85% 87.17% 87,223,819 220,858,823 97.77%

Notes
* Ranking of Shareholders is based on the number of Shares (of all classes) held by the Shareholder upon
Listing.

BASIS OF ALLOCATION UNDER THE HONG KONG PUBLIC OFFERING
Subject to the satisfaction of the conditions set out in the Prospectus, 3,809 valid applications made by the
public will be conditionally allocated on the basis set out belo w:

No. of H
Shares
applied for
No. of valid
application  Basis of allotment / ballot
Approximate
percentage
allotted of the
total no. of H
Shares applied
for
   POOL A
100 2,007  803 out of 2,007 to receive 100 Shares 40.01%
200 528  317 out of 528 to receive 100 Shares 30.02%
300 116  87 out of 116 to receive 100 Shares 25.00%


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400 49  39 out of 49 to receive 100 Shares 19.90%
500 162  146 out of 162 to receive 100 Shares 18.02%
600 24  23 out of 24 to receive 100 Shares 15.97%
700 30  100 Shares 14.29%
800 21  100 Shares plus 2 out of  21 to receive additional 100
Shares 13.69%
900 50  100 Shares plus 9 out of  50 to receive additional 100
Shares 13.11%
1,000 352  100 Shares plus 84 out of  352 to receive additional 100
Shares 12.39%
1,500 58  100 Shares plus 38 out of  58 to receive additional 100
Shares 11.03%
2,000 104  200 Shares 10.00%
2,500 21  200 Shares plus 8 out of  21 to receive additional 100
Shares 9.52%
3,000 29  200 Shares plus 20 out of  29 to receive additional 100
Shares 8.97%
3,500 6  300 Shares 8.57%
4,000 16  300 Shares plus 6 out of  16 to receive additional 100
Shares 8.44%
4,500 16  300 Shares plus 12 out of  16 to receive additional 100
Shares 8.33%
5,000 60  400 Shares 8.00%
6,000 15  400 Shares plus 8 out of  15 to receive additional 100
Shares 7.56%
7,000 9  500 Shares 7.14%
8,000 4  500 Shares plus 2 out of  4 to receive additional 100 Shares 6.88%
9,000 3  600 Shares 6.67%
10,000 53  600 Shares plus 21 out of  53 to receive additional 100
Shares 6.40%
20,000 22  1,200 Shares 6.00%
30,000 27  1,600 Shares 5.33%
40,000 2  2,000 Shares 5.00%
50,000 1  2,400 Shares 4.80%
60,000 12  2,800 Shares 4.67%
70,000 2  3,200 Shares 4.57%
80,000 1  3,600 Shares 4.50%
100,000 4  4,400 Shares 4.40%
 3,804  Total number of Pool A successful applicants: 2,333

   POOL B
150,000 4  81,800 Shares 54.53%
250,000 1  135,900 Shares 54.36%
 5  Total number of Pool B successful applicants: 5


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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 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
trading fee payable.
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 s olicitation 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 ma y 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.
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 28, 2024 issued by 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.
*Potential investors of  the Offer Shares should note that the Sponsor-OC (for itself 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 July 9, 2024).

PUBLIC FLOAT
Immediately following the completion of the Global Offering, (i) at least 25% of the total issued Shares will be
held by the public in accordance with Rule 8.08(1)(a) of the Listing Rules; (ii) the three largest  public
Shareholders will not hold more than 50% of the Shares held in the public hands at the time  of Listing in
compliance with Rules 8.08(3) and 8.24 of the Listing Rules; and (iii) there will be at least 300 Shareholders at
the time of Listing in compliance with Rule 8.08(2) of the Listing Rules.


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The Directors confirm that immediately after 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; and (ii) there will
not be any new substantial shareholder (as defined in the Listing Rules) of the Company.
COMMENCEMENT OF DEALINGS
Share certificates will only become valid evidence of title at 8:00 a.m. on Tuesday, July 9, 2024, provided that
the Global Offering has become unconditional in all respects at or before that time.
Investors who trade Shares on the basis of publicly available allocation details or prior to the receipt of Share
certificates or prior to the Share certificates becoming valid evidence of title do so entirely at their own risk.
Assuming that the Global Offering becomes unconditional at or before 8:00 a.m. (Hong Kong time) on Tuesday,
July 9, 2024, it is expected that dealings in the Shares on the Stock Exchange will commence at 9:00 a.m. on
Tuesday, July 9, 2024. The Shares will be traded in board lots of 100 Shares each and the stock code of the
Shares will be 6657.
  By order of the Board
Baiwang Co., Ltd.
Ms. Chen Jie
Chairlady of the Board and
Executive Director

Hong Kong, July 8, 2024

As at the date of this announcement, the Executive Directors are Ms. Chen Jie, Mr. Yang Zhengdao, Mr. Zou
Yan and Ms. Jin Xin ; the Non -executive Directors are Mr. Huang Miao and Mr. Diao Juanhuan;  and the
proposed Independent non-executive Directors are Mr. Tian Lixin, Dr. Wu Changhai, Dr. Song Hua and Mr.
Ng Kwok Yin.