hk-ipo/data/extracted_text/02451/allotment_results_summary_2023-10-11_2023101100036.txt

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ANNOUNCEMENT OF OFFER PRICE AND
ALLOTMENT RESULTS
SUMMARY
Offer Price
• The final Offer Price has been determined at HK$7.37 per Offer Share (exclusive of
brokerage of 1.0%, SFC transaction levy of 0.0027%, Stock Exchange trading fee of
0.00565% and AFRC transaction levy of 0.00015%).
Net Proceeds from the Global Offering
• Based on the Offer Price of HK$7.37 per Offer Share, the net proceeds from the Global
Offering to be received by the Company, after deduction of the underwriting fees and
commissions and other estimated expenses paid and payable by the Company in relation to
the Global Offering, are estimated to be approximately HK$706.4 million. The Company
intends to use the net proceeds from the Global Offering in the manner as set out in the
section headed “Net Proceeds from the Global Offering ” in this announcement.
Applications and Indications of Interest Received in the Hong Kong Public Offering
• The Hong Kong Offer Shares initially offered under the Hong Kong Public Offering have
been slightly over-subscribed. A total of 5,104 valid applications have been received
pursuant to the Hong Kong Public Offering through the HK eIPO White Form service
and through the CCASS EIPO service for a total of 81,761,000 Hong Kong Offer Shares,
representing approximately 7.66 times of the total number of 10,667,000 Hong Kong Offer
Shares initially available for subscription under the Hong Kong Public Offering.
• As the over-subscription in the Hong Kong Public Offering represents less than 15 times
the number of the Offer Shares initially available for subscription under the Hong Kong
Public Offering, no reallocation procedure as disclosed in the section headed “Structure of
the Global Offering {  The Hong Kong Public Offering {  Reallocation ” in the Prospectus
has been applied and no Offer Shares have been reallocated from the International Offering
to the Hong Kong Public Offering. The final number of Offer Shares under the Hong Kong
Public Offering is 10,667,000 Shares, representing approximately 10% of the total number
of Offer Shares initially available under the Global Offering, and being allocated to 4,483
successful applicants under the Hong Kong Public Offering, 3,125 of which have been
allocated one board lot of Shares totaling 1,562,500 Shares, representing approximately
14.65% of total Offer Shares under the Hong Kong Public Offering.


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International Offering
• The Offer Shares initially offered under the International Offering have been slightly over-
subscribed, representing approximately 1.13 times of the total number of Offer Shares
initially available under the International Offering. The final number of Offer Shares under
the International Offering is 96,000,000 Shares, representing approximately 90% of the
total number of Offer Shares initially available under the Global Offering.
• There are a total of 134 placees under the International Offering, among which 118 placees,
representing approximately 88.06% of the total number of placees under the International
Offering, have been allotted five or fewer board lots of Offer Shares, totalling 59,000
Shares, representing approximately 0.06% of the total number of the Offer Shares available
under the International Offering. A total of 118 placees have been allotted one board lot of
Offer Shares, totaling 59,000 Shares, representing approximately 0.06% of the total number
of the Offer Shares available under the International Offering.
Cornerstone Investors
• Based on the Offer Price of HK$7.37 per Offer Share (exclusive of brokerage of 1.0%,
SFC transaction levy of 0.0027%, Stock Exchange trading fee of 0.00565% and AFRC
transaction levy of 0.00015%) and pursuant to the Cornerstone Investment Agreements, the
Cornerstone Investors have subscribed for a total of 60,196,500 Offer Shares, representing
(a) approximately 56.43% of the number of Offer Shares pursuant to the Global Offering
and (b) approximately 14.11% of the Shares in issue immediately following completion of
the Global Offering (without taking into account any Shares which may be issued under the
Post-IPO Share Scheme). Please refer to the section headed “Cornerstone Investors ” in the
Prospectus for further details of the Cornerstone Investors.
Connected Client Placee with Consent under the Placing Guidelines
• We have applied to the Stock Exchange for, and the Stock Exchange has granted
us, a consent under paragraph 5(1) of Appendix 6 to the Listing Rules (the “Placing
Guidelines ”) to permit the Company to allocate Offer Shares in the Global Offering to the
placee set out in the section headed “International Offering {  Connected Client Placee
with Consent under the Placing Guidelines ” in this announcement.


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Confirmations Regarding Public Shareholders in the Hong Kong Public Offering and
Placees in the International Offering
• Save as disclosed in the section headed “International Offering {  Connected Client Placee
with Consent under the Placing Guidelines ” in this announcement, to the best knowledge,
information and belief of the Directors, no Offer Shares placed by or through the Sole
Overall Coordinator, the Sole Global Coordinator, the Joint Bookrunners, the Joint Lead
Managers, or the Underwriters under the Global Offering have been placed with applicants
or their respective ultimate beneficial owners who are core connected persons (as defined
in the Listing Rules) of the Company or Directors of the Company, or to any connected
clients (as set out in paragraph 5(1) of the Placing Guidelines), or persons set out in
paragraph 5(2) of the Placing Guidelines, whether in their own names or through nominees.
The International Offering is in compliance with the Placing Guidelines.
• The Directors confirm that, to the best of their knowledge, information and belief, (i)
none of the Offer Shares subscribed by public Shareholders in the Hong Kong Public
Offering and placees in the International Offering has been financed directly or indirectly
by the Company, any of the Directors, chief executive of the Company, the Controlling
Shareholders, the substantial Shareholders, the existing Shareholders or any of their
subsidiaries or their respective close associates; (ii) none of the public Shareholders in the
Hong Kong Public Offering and placees in the International Offering who has subscribed
for the Offer Shares is accustomed to taking instructions from the Company, any of the
Directors, chief executive of the Company, the Controlling Shareholders, the substantial
Shareholders, the existing Shareholders or any of their subsidiaries or their respective close
associates in relation to the acquisition, disposal, voting or other disposition of the Shares
registered in their name or otherwise held by them; (iii) no rebate has been, directly or
indirectly, provided by the Company, the Directors, chief executive of the Company, the
Controlling Shareholders, the substantial Shareholders, the existing Shareholders or any of
their subsidiaries, or their respective close associates, or syndicate members or any brokers
or underwriters to any public Shareholders in the Hong Kong Public Offering or placees in
the International Offering; (iv) the consideration payable by the public Shareholders in the
Hong Kong Public Offering and placees in the International Offering for each Offer Share
subscribed for or purchased by them is the same as the final Offer Price as determined by
the Company, in additional to brokerage of 1.0%, SFC transaction levy of 0.0027%, AFRC
transaction levy of 0.00015% and Stock Exchange trading fee of 0.00565%; and (v) there
is no side agreement or arrangement between the Company, any of the Directors, chief
executive of the Company, the Controlling Shareholders, the substantial Shareholders of
the Company, the existing Shareholders or any of their subsidiaries or their respective close
associates or syndicate members or any other brokers or underwriters, on one hand, and the
public subscribers or the placee who has subscribed for the Offer Shares, on the other hand.


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• None of the Sole Sponsor, the Sole Overall Coordinator, the Sole Global Coordinator,
the Joint Bookrunners, the Joint Lead Managers, the Underwriters, and their respective
affiliated companies and connected clients of the lead broker or of any distributors (as
defined in the Placing Guidelines) has taken up any Offer Shares for its own benefit under
the Global Offering.
Lock-up Undertakings
• Each of the Company, the Controlling Shareholders, Shipston (the “Pre-IPO Investor ”)
and the Cornerstone Investors is subject to certain lock-up undertakings as set out in the
section headed “Lock-up Undertakings ” in this announcement.
Results of Allocations
• The final Offer Price, the level of indications of interest in the International Offering,
the level of applications in the Hong Kong Public Offering and the basis of allocation
of the Hong Kong Offer Shares will be published on Wednesday, October 11, 2023 on
the Company ’s website at www.luyuan.cn  and the website of the Stock Exchange at
www.hkexnews.hk .
• The results of allocations of the Hong Kong Offer Shares and the Hong Kong identity
card numbers, passport numbers, Hong Kong business registration numbers or certificate
of incorporation numbers of successful applicants (under the Hong Kong Public Offering
where applicable) will be available at the times and dates and in the manner set out below:
(i) in the announcement to be posted on our Company ’s website and the website of
the Stock Exchange at www.luyuan.cn  and www.hkexnews.hk , respectively on
Wednesday, October 11, 2023;
(ii) from the “IPO Results ” function in the IPO App and the designated results of
allocations website at www.tricor.com.hk/ipo/result  or www.hkeipo.hk/IPOResult
with a “search by ID ” function on a 24-hour basis from 8:00 a.m. on Wednesday,
October 11, 2023 to 12:00 midnight on Tuesday, October 17, 2023; and
(iii) from the allocation results telephone enquiry line by calling +852 3691 8488 between
9:00 a.m. and 6:00 p.m. from Wednesday, October 11, 2023 to Monday, October 16,
2023 (excluding Saturday, Sunday and public holiday in Hong Kong).


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• This announcement contains a list of identification document numbers. Identification
document numbers shown in the section headed “Results of Applications Made by HK
eIPO White Form ” in this announcement refer to Hong Kong identity card numbers,
passport numbers, Hong Kong business registration numbers, certificate of incorporation
numbers, beneficial owner identification codes (if such applications are made by nominees
as agent for the benefit of another person) whereas those displayed in the section headed
“Results of Applications Made by Giving Electronic Application Instructions to HKSCC
via CCASS ” in this announcement are provided by CCASS Participants via CCASS.
Therefore, the identification document numbers shown in the two sections are different
in nature. Please note that the list of identification document numbers set out in this
announcement may not be a complete list of successful applicants since only successful
applicants whose identification document numbers are provided to HKSCC by CCASS
Participants or via the HK eIPO White Form  service  are disclosed. Applicants with
beneficial names only but not identification document numbers are not disclosed due to
personal privacy issue as elaborated below. Applicants who applied for the Hong Kong
Offer Shares through their brokers or nominees can consult their brokers or nominees to
enquire about their application results;
• Since applications are subject to personal information collection statements, beneficial
owner identification codes displayed in the sections headed “Results of Applications Made
by HK eIPO White Form ” and “Results of Applications Made by Giving Electronic
Application Instructions to HKSCC via CCASS ” are redacted and not all details of
applications are disclosed in this announcement.
Dispatch/Collection of Share Certificates/e-Auto Refund Payment Instructions/Refund
Checks
• Applicants who have applied for 1,000,000 Hong Kong Offer Shares or more through
the HK eIPO White Form service and who have been wholly or partially successfully
allocated Hong Kong Offer Shares, may collect Share certificate(s) (where applicable) in
person from the Hong Kong Share Registrar, Tricor Investor Services Limited, at 17/F,
Far East Finance Centre, 16 Harcourt Road, Hong Kong, from 9:00 a.m. to 1:00 p.m. on
Wednesday, October 11, 2023, or any other place or date notified by the Company as the
date of dispatch or collection of Share certificates.
• Applicants being individuals who are eligible for personal collection must not authorize any
other person to collect on their behalf. Corporate applicants which are eligible for personal
collection must attend by their authorized representative bearing letters of authorization
from their corporations stamped with the corporations ’ chops. Both individuals and
authorized representatives must produce, at the time of collection, evidence of identity
acceptable to Tricor Investor Services Limited.
• Share certificates for Hong Kong Offer Shares allotted to applicants who applied for
less than 1,000,000 Hong Kong Offer Shares through the HK eIPO White Form service
are expected to be dispatched to those entitled to the addresses specified in the relevant
application instructions by ordinary post at their own risk on or before Wednesday, October
11, 2023.
• Share certificates for Hong Kong Offer Shares allotted to applicants who applied through
the HK eIPO White Form service which are either not available for personal collection
or which are available but are not collected in person by 1:00 p.m. on Wednesday, October
11, 2023 are expected to be despatched by ordinary post to those entitled to the address
specified in the relevant application at their own risk on or before Wednesday, October 11,
2023.


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• Wholly or partially successful applicants who applied by giving electronic application
instructions to HKSCC via CCASS will have their Share certificates issued in the name of
HKSCC Nominees Limited and deposited into CCASS for credit to their CCASS Investor
Participant stock accounts or the stock accounts of their designated CCASS Participants
who gave electronic application instructions on their behalf on Wednesday, October 11,
2023.
• Applicants who applied through a designated CCASS Participant (other than a CCASS
Investor Participant) should check the number of Hong Kong Offer Shares allocated to
them with that CCASS Participant.
• Applicants who applied as a CCASS Investor Participant by giving electronic application
instructions to HKSCC via CCASS should check and report any discrepancies to
HKSCC before 5:00 p.m. on Wednesday, October 11, 2023, or such other date as shall
be determined by HKSCC or HKSCC Nominees. Applicants who applied as a CCASS
Investor Participant by giving electronic application instructions to HKSCC via CCASS
may also check the results of their applications and the amount of refund monies payable to
them via the CCASS Phone System and the CCASS Internet System (under the procedures
contained in HKSCC ’s “An Operating Guide for Investor Participants ” in effect from time
to time). Immediately after the crediting of the Hong Kong Offer Shares to the CCASS
Investor Participants stock accounts and the credit of refund monies to the CCASS Investor
Participants bank accounts, HKSCC will also make available to the CCASS Investor
Participants an activity statement showing the number of Hong Kong Offer Shares credited
to their stock accounts and the refund amount credited to their respective designated bank
accounts (if any).
• Applicants who applied through the HK eIPO White Form service and paid the
application monies from a single bank account will have refund monies (if any) despatched
to their application payment accounts in the form of e-Auto Refund payment instructions on
Wednesday, October 11, 2023. Applicants who applied through the HK eIPO White Form
service and paid the application monies from multiple bank accounts will have refund
monies (if any) despatched to the addresses specified in their application instructions in the
form of refund check(s) in favour of the applicant (or, in the case of joint applications, the
first-named applicant) by ordinary post at their own risk on or before Wednesday, October
11, 2023. No interest will be paid thereon.
• Refund monies (if any) for applicants who have applied by giving electronic application
instructions to HKSCC via CCASS are expected to be credited to the relevant applicants ’
designated bank accounts or the designated bank accounts of their brokers or custodians on
Wednesday, October 11, 2023.
• Share certificates will only become valid at 8:00 a.m. on Thursday, October 12, 2023,
provided that the Global Offering has become unconditional in all respects at or before
that time 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.


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• The Company will not issue any temporary documents of title in respect of the Offer
Shares and will not issue any receipt for application monies received.
Public Float
• Immediately following the completion of the Global Offering, approximately 25% of the
total issued Shares will be held by the public in compliance with the requirements under
Rule 8.08 of the Listing Rules.
• The Directors confirm that immediately after the Global Offering, (i) at least 25% of the
Company ’s enlarged issued share capital will be held by the public hands in compliance
with Rule 8.08(1) of the Listing Rules, (ii) no placee will, individually, be placed more
than 10% of the enlarged issued share capital of the Company, (iii) there will not be any
new substantial shareholder (as defined in the Listing Rules) of the Company, (iv) the three
largest public Shareholders will not hold more than 50% of the shares held in public hands
at the time of the Listing in compliance with Rules 8.08(3) and 8.24 of the Listing Rules,
and (v) 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
• Assuming that the Global Offering becomes unconditional in all respects at or before 8:00
a.m. on Thursday, October 12, 2023 (Hong Kong time), dealings in the Shares on the Stock
Exchange will commence at 9:00 a.m. on Thursday, October 12, 2023 (Hong Kong time).
The Shares will be traded in board lots of 500 Shares each. The stock code of the Shares is
2451.
In view of the high concentration of shareholding in a small number of Shareholders,
Shareholders and prospective investors should be aware that the price of the Shares could
move substantially even with a small number of Shares traded, and should exercise extreme
caution when dealing in Shares.
OFFER PRICE
The Offer Price is HK$7.37 per Offer Share (exclusive of brokerage of 1.0%, SFC transaction levy
of 0.0027%, Stock Exchange trading fee of 0.00565% and AFRC transaction levy of 0.00015%).
NET PROCEEDS FROM THE GLOBAL OFFERING
Based on the Offer Price of HK$7.37 per Offer Share, the net proceeds from the Global Offering
to be received by the Company, after deduction of the underwriting fees and commissions and
the other estimated expenses payable by the Company in connection with the Global Offering,
are estimated to be approximately HK$706.4 million. The estimated total listing expenses are
approximately HK$79.7 million, or 10.1% of the gross proceeds of the Global Offering, comprising
HK$31.5 million underwriting-related expenses, HK$30.2 million fees and expenses of legal
advisors and the Reporting Accountant, and HK$18.0 million other fees and expenses.


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The Company intends to apply the net proceeds as follows:
• approximately 30.0%, or HK$211.9 million, is expected to be used for the Group ’s research
and development efforts to maintain the Group ’s technical edge. In particular:
(i) approximately 24.0%, or HK$169.5 million, will be used for the research and
development of new and upgraded products as well as technologies;
(ii) approximately 3.0%, or HK$21.2 million, will be used to recruit additional research and
development personnel, including high caliber talents specializing in areas including
battery swapping, IoT technologies, software programing, circuit design and structural
simulation; and
(iii) approximately 3.0%, or HK$21.2 million, will be used for other research and
development costs, such as purchasing and upgrading research and development
equipment to enhance the Group ’s research and development infrastructure and support
the Group ’s research and development personnel.
• approximately 30.0%, or HK$211.9 million, is expected to be used to strengthen the Group ’s
sales and distribution channels and for branding and marketing activities to raise the Group ’s
brand awareness. In particular:
(i) approximately 18.0%, or HK$127.2 million, will be used for the expansion of the
Group’s distributor retail outlets across China;
(ii) approximately 9.0%, or HK$63.6 million, will be used for branding and marketing
activities;
(iii) approximately 1.5%, or HK$10.6 million, will be used to enhance the Group ’s online
channels and bring online traffic to the Group ’s physical retail outlets; and
(iv) approximately 1.5%, or HK$10.6 million, will be used to expand the Group ’s sales in
international markets, with a focus on the markets in Europe, the U.S. and Southeast
Asia, and take advantage of favorable policies globally, including carbon neutral
strategies and green mobility policies.
• approximately 30.0%, or HK$211.9 million, is expected to be used to strengthen the Group ’s
production capabilities, mainly involving the construction of new production facilities and
upgrading of production equipment and machinery. In particular:
(i) approximately 12.0%, or HK$84.8 million, will be used for acquisition of land use
rights and production infrastructure construction in relation to the construction of a
new production facility in a Southwestern China city with mature supply chains and
supporting resources;
(ii) approximately 9.0%, or HK$63.6 million, will be used for the capacity expansion plan
of the Group ’s Shandong Plant; and
(iii) approximately 9.0%, or HK$63.6 million, will be used for the capacity expansion plan
of the Group ’s Guangxi Plant.


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• approximately 10.0%, or HK$70.6 million, is expected to be used for working capital and
other general corporate purposes.
For further information, please refer to the section headed “Future Plans and Use of Proceeds ” in
the Prospectus.
APPLICATIONS AND INDICATIONS OF INTEREST RECEIVED IN THE HONG KONG
PUBLIC OFFERING
The Hong Kong Offer Shares initially available under the Hong Kong Public Offering have been
slightly over-subscribed. At the close of the application lists at 12:00 noon on Wednesday, October
4, 2023, a total of 5,104 valid applications have been received pursuant to the Hong Kong Public
Offering through the HK eIPO White Form service and through the CCASS EIPO service for
a total of 81,761,000 Hong Kong Offer Shares, representing approximately 7.66 times of the
total number of 10,667,000 Hong Kong Offer Shares initially available for subscription under the
Hong Kong Public Offering, 3,125 of which have been allocated one board lot of Shares totaling
1,562,500 Shares, among which:
• 5,053 valid applications in respect of a total of 32,627,500 Hong Kong Offer Shares were
for the Hong Kong Public Offering with an aggregate subscription amount based on the
maximum Offer Price of HK$8.00 per Offer Share (excluding brokerage of 1.0%, SFC
transaction levy of 0.0027%, Stock Exchange trading fee of 0.00565% and AFRC transaction
levy of 0.00015%) of HK$5 million or less, representing approximately 6.12 times of the
5,333,500 Hong Kong Offer Shares initially comprised in Pool A; and
• 51 valid applications in respect of a total of 49,133,500 Hong Kong Offer Shares were for the
Hong Kong Public Offering with an aggregate subscription amount based on the maximum
Offer Price of HK$8.00 per Offer Share (excluding brokerage of 1.0%, SFC transaction
levy of 0.0027%, Stock Exchange trading fee of 0.00565% and AFRC transaction levy
of 0.00015%) of more than HK$5 million, representing approximately 9.21 times of the
5,333,500 Hong Kong Offer Shares initially comprised in Pool B.
No application has been rejected due to invalid application. Two multiple or suspected multiple
applications have been identified and rejected. No application has been rejected due to dishonored
payment. No application for more than 5,333,500 Hong Kong Offer Shares (being 50% of the Hong
Kong Offer Shares initially available under the Hong Kong Public Offering) has been identified.
As the over-subscription in the Hong Kong Public Offering represents less than 15 times the
number of the Offer Shares initially available for subscription under the Hong Kong Public
Offering, no reallocation procedure as disclosed in the section headed “Structure of the Global
Offering { The Hong Kong Public Offering {  Reallocation ” in the Prospectus has been applied
and no Offer Shares have been reallocated from the International Offering to the Hong Kong
Public Offering. The final number of Offer Shares under the Hong Kong Public Offering is
10,667,000 Shares, representing approximately  10% of the total number of Offer Shares initially
available under the Global Offering, and being allocated to 4,483 successful applicants under the
Hong Kong Public Offering, 3,125 of which have been allocated one board lot of Shares totaling
1,562,500 Shares, representing approximately 14.65% of total Offer Shares under the Hong Kong
Public Offering.
The Offer Shares offered in the Hong Kong Public Offering were conditionally allocated on the
basis set out in the section headed “Basis of Allocation under the Hong Kong Public Offering ”
below.


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INTERNATIONAL OFFERING
The Offer Shares initially offered under the International Offering have been slightly over-
subscribed, representing approximately 1.13 times of the total number of Offer Shares initially
available under the International Offering. The final number of Offer Shares under the International
Offering is 96,000,000 Shares, representing approximately 90% of the total number of Offer Shares
initially available under the Global Offering.
There are a total of 134 placees under the International Offering, among which 118 placees,
representing approximately 88.06% of the total number of placees under the International Offering,
have been allotted five or fewer board lots of Offer Shares, totalling 59,000 Shares, representing
approximately 0.06% of the total number of the Offer Shares available under the International
Offering. A total of 118 placees have been allotted one board lot of Offer Shares, totaling 59,000
Shares, representing approximately 0.06% of the total number of the Offer Shares available under
the International Offering.
Cornerstone Investors
Based on the Offer Price of HK$7.37 per Offer Share (exclusive of brokerage of 1.0%, SFC
transaction levy of 0.0027%, Stock Exchange trading fee of 0.00565% and AFRC transaction levy
of 0.00015%), and pursuant to the Cornerstone Investment Agreements as disclosed in the section
headed “Cornerstone Investors ” in the Prospectus, the number of Offer Shares subscribed for by
the cornerstone investors has now been determined and is set out below:
Cornerstone Investor
Investment
Amount (1)
Number of
Offer Shares (2)
Approximate %
of total number
of Offer Shares
Approximate %
of total Shares in
issue immediately
following the
completion of
Global Offering
(HK$ in million)
Jinhua Jinkai State Owned Capital
 Investments Co., Ltd.
 (ʮ̡ )
 ( “Jinhua Jinkai ”)(3) 135.36 18,367,000 17.22% 4.30%
Chongqing Dazuhuaiyuan Construction
 Investment Co., Ltd
 (ʮ̡ )
 ( “Chongqing Dazuhuaiyuan ”)(3) 85.24 11,565,500 10.84% 2.71%
Hainan Dongfang Runze Private Equity
 Fund Management Co., Ltd.
 (ʮ̡ )
 ( “Hainan Dongfang ”) 85.00 11,533,000 10.81% 2.70%


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Cornerstone Investor
Investment
Amount (1)
Number of
Offer Shares (2)
Approximate %
of total number
of Offer Shares
Approximate %
of total Shares in
issue immediately
following the
completion of
Global Offering
(HK$ in million)
Jinhua Industrial Fund Co., Ltd.
 (ʮ̡ )
 ( “Jinhua Industrial ”)(3) 84.38 11,448,500 10.73% 2.68%
Phylion Battery Co., Ltd.
 (ʮ̡ )
 ( “Phylion Battery ”) 53.67 7,282,500 6.83% 1.71%
443.65 60,196,500 56.43% 14.11%
Notes:
1. For illustrative purposes only, all investment amounts are exclusive of brokerage, the SFC transaction levy, the
Stock Exchange trading fee and AFRC transaction levy.
2. Rounded down to the nearest whole board lot of 500 Offer Shares. The final number of Offer Shares allotted
to the relevant Cornerstone Investors was calculated with reference to the actual exchange rate to be used
as prescribed in the relevant Cornerstone Investment Agreements. Due to the currency exchange difference,
the final number of Offer Shares allotted may be different from the illustrative number of Offer Shares to be
subscribed by certain Cornerstone Investors as disclosed in the Prospectus.
3. As disclosed in the section headed “Cornerstone Investors ” in the Prospectus, the Offer Shares to be subscribed
by Jinhua Jinkai and Jinhua Industrial will be aggregated when counting towards the public float of the
Company. As the Offer Price is finally determined to be HK$7.37 and the total Offer Shares allocated to
the three largest public Shareholders (comprising (i) Jinhua Jiinkai and Jinhua Industrial, (ii) Chongqing
Dazuhuaiyuan and (iii) a public investor who is not a Cornerstone Investor) would not exceed 50% of the
Shares in public hands, the LR8.08(3) Adjustment as set out in the section headed “Cornerstone Investors ” in
the Prospectus has not been triggered.


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The Cornerstone Investors have agreed to pay for the relevant Offer Shares that they have
subscribed before dealings in the Shares commence on the Stock Exchange. There will be no
delayed delivery or delayed settlement of the Offer Shares to be subscribed by the Cornerstone
Investors. The Company has confirmed that (i) each Cornerstone Investor (and, for the Cornerstone
Investor who will subscribe for our Offer Shares through a qualified domestic institutional investor
(“QDII”), such QDII and the Cornerstone Investor) is an independent third party and is not the
Company ’s connected person (as defined in the Listing Rules), their respective associates nor an
existing Shareholder; (ii) the Cornerstone Investors are independent from each other; (iii) none of
the Cornerstone Investors is accustomed to taking instructions from the Company, the Directors,
chief executive of the Company, the Controlling Shareholders, the substantial Shareholders, the
existing Shareholders or any of their respective close associates in relation to the acquisition,
disposal, voting or other disposition of the Offer Shares registered in its name or otherwise held
by it; and (iv) none of the subscriptions made by the Cornerstone Investors has been financed
by the Company, the Directors, chief executive of the Company, the Controlling Shareholders,
the substantial Shareholders, other existing Shareholders or their respective close associates. As
confirmed by each Cornerstone Investor, its subscription under the Cornerstone Placing would
be directly or indirectly financed by its own internal financial resources, and each of them has
sufficient funds to settle its respective investments under the Cornerstone Placing. There are
no side agreements/arrangements between the Company and the Cornerstone Investors or any
benefit, direct or indirect, conferred on the Cornerstone Investors by virtue of or in relation to the
Cornerstone Placing, other than a guaranteed allocation of the relevant Offer Shares at the Offer
Price. Each of the Cornerstone Investors has confirmed that all necessary approvals have been
obtained with respect to the Cornerstone Placing and that no specific approval from any stock
exchange or its shareholders is required for the relevant cornerstone investment.
The Cornerstone Placing forms part of the International Offering, and the Cornerstone Investors
will not subscribe for any Offer Shares under the Global Offering other than pursuant to the
Cornerstone Investment Agreements. The Offer Shares to be subscribed by the Cornerstone
Investors will rank pari passu in all respects with the fully paid Shares in issue and will be counted
towards the public float for the purpose of Rule 8.08 of the Listing Rules. Immediately following
the completion of the Global Offering, the Cornerstone Investors will not have any Board
representation in the Company; and none of the Cornerstone Investors will become a substantial
Shareholder. Other than a guaranteed allocation of the relevant Offer Shares at the Offer Price,
the Cornerstone Investor does not have any preferential rights in the Cornerstone Investment
Agreement compared with other public Shareholders.
Each of the Cornerstone Investors has agreed that it will not, whether directly or indirectly, at
any time during the period of six months from and inclusive of the Listing Date (the “Lock–
up Period ”), dispose of any of the Offer Shares it has subscribed pursuant to the Cornerstone
Investment Agreements, save for certain limited circumstances set out in Cornerstone Investment
Agreements, such as transfers to any of its wholly-owned subsidiaries who will be bound by the
same obligations of such Cornerstone Investor, including the Lock-up Period restrictions.
Please refer to the section headed “Cornerstone Investors ” in the Prospectus for further details
relating to the Cornerstone Investors.


--- page 13 ---
15
Connected Client Placee with Consent under the Placing Guidelines
The Company has applied to the Stock Exchange for, and the Stock Exchange has granted, a
consent under paragraph 5(1) of the Placing Guidelines to permit the Company to allocate Offer
Shares in the International Offering to the following placee:
Placee
Connected
Distributor
Relationship with
the Connected
Distributor
Number of
Offer Shares
Placed
Approximate
% of total
number of
Offer Shares
Approximate
% of total
Shares in issue
immediately
following the
completion
of Global
Offering
Connected client holding Offer Shares on a discretionary basis:
Galaxy Jinhui
 Securities Asset
 Management
 Co., Ltd.
 ( “Galaxy Jinhui ”)(1)
China Galaxy
 International
 Securities
 (Hong Kong)
 Co., Limited
 ( “CGIS”)
Each of Galaxy
 Jinhui and CGIS
 is a wholly-owned
 subsidiary of China
 Galaxy Securities
 Co., Ltd.
11,533,000 10.81% 2.70%
Note:
1. Galaxy Jinhui was engaged by Hainan Dongfang as an asset manager that is a qualified domestic institutional
investor (QDII) as approved by the relevant PRC authority, to subscribe for and hold such number of Offer
Shares as set out herein on a discretionary basis on behalf of Hainan Dongfang.
The Offer Shares placed to the above placee are in compliance with all the conditions under the
consent granted by the Stock Exchange.
Confirmations Regarding Public Shareholders in the Hong Kong Public Offering and Placees
in the International Offering
Save as disclosed in the section headed “International Offering {  Connected Client Placee with
Consent under the Placing Guidelines ” in this announcement, to the best knowledge, information
and belief of the Directors, no Offer Shares placed by or through the Sole Overall Coordinator,
the Sole Global Coordinator, the Joint Bookrunners, the Joint Lead Managers, or the Underwriters
under the Global Offering have been placed with applicants or their respective ultimate beneficial
owners who are core connected persons (as defined in the Listing Rules) of the Company or
Directors of the Company, or to any connected clients (as set out in paragraph 5(1) of the Placing
Guidelines), or persons set out in paragraph 5(2) of the Placing Guidelines, whether in their
own names or through nominees. The International Offering is in compliance with the Placing
Guidelines.


--- page 14 ---
16
The Directors confirm that, to the best of their knowledge, information and belief, (i) none of the
Offer Shares subscribed by public Shareholders in the Hong Kong Public Offering and placees
in the International Offering has been financed directly or indirectly by the Company, any of
the Directors, chief executive of the Company, the Controlling Shareholders, the substantial
Shareholders, the existing Shareholders or any of their subsidiaries or their respective close
associates; (ii) none of the public Shareholders in the Hong Kong Public Offering and placees
in the International Offering who has subscribed for the Offer Shares is accustomed to taking
instructions from the Company, any of the Directors, chief executive of the Company, the
Controlling Shareholders, the substantial Shareholders, the existing Shareholders or any of their
subsidiaries or their respective close associates in relation to the acquisition, disposal, voting or
other disposition of the Shares registered in their name or otherwise held by them; (iii) no rebate
has been, directly or indirectly, provided by the Company, the Directors, chief executive of the
Company, the Controlling Shareholders, the substantial Shareholders, the existing Shareholders
or any of their subsidiaries, or their respective close associates, or syndicate members or any
brokers or underwriters to any public Shareholders in the Hong Kong Public Offering or placees in
the International Offering; (iv) the consideration payable by the public Shareholders in the Hong
Kong Public Offering and placees in the International Offering for each Offer Share subscribed
for or purchased by them is the same as the final Offer Price as determined by the Company, in
additional to brokerage of 1.0%, SFC transaction levy of 0.0027%, AFRC transaction levy of
0.00015% and Stock Exchange trading fee of 0.00565%; and (v) there is no side agreement or
arrangement between the Company, any of the Directors, chief executive of the Company, the
Controlling Shareholders, the substantial Shareholders of the Company, the existing Shareholders
or any of their subsidiaries or their respective close associates or syndicate members or any other
brokers or underwriters, on one hand, and the public subscribers or the placee who has subscribed
for the Offer Shares, on the other hand.
None of the Sole Sponsor, the Sole Overall Coordinator, the Sole Global Coordinator, the
Joint Bookrunners, the Joint Lead Managers, the Underwriters, and their respective affiliated
companies and connected clients of the lead broker or of any distributors (as defined in the Placing
Guidelines) has taken up any Offer Shares for its own benefit under the Global Offering.


--- page 15 ---
17
LOCK-UP UNDERTAKINGS
Each of the Company, the Controlling Shareholders, the Pre-IPO Investor and the Cornerstone
Investors has given certain undertakings in relation to the issue or disposal of Shares (the “Lock-up
Undertakings ”). The major terms of the Lock-Up Undertakings are set out as follows:
Name
Number of
Lock-up
Shares held in
the Company
subject to
the Lock-up
Undertakings
upon Listing
Approximate
percentage of
shareholding in
the Company
subject to
the Lock-up
Undertakings
upon Listing
Last day subject to the
Lock-up Undertakings
The Company
 (subject to lock-up obligations
 pursuant to the Listing Rules
 and the Hong Kong Underwriting
 Agreement)
N/A N/A April 11, 2024 (1)
(First Six-Month Period)
October 11, 2024 (1)
(Second Six-Month Period)
Cornerstone Investors
 (subject to lock-up obligations
 pursuant to the relevant
 Cornerstone Investment
 Agreements)
Jinhua Jinkai 18,367,000 4.30% April 11, 2024 (2)
Chongqing Dazuhuaiyuan 11,565,500 2.71% April 11, 2024 (2)
Hainan Dongfang 11,533,000 2.70% April 11, 2024 (2)
Jinhua Industrial 11,448,500 2.68% April 11, 2024 (2)
Phylion Battery 7,282,500 1.71% April 11, 2024 (2)
Controlling Shareholders
 (subject to lock-up obligations
 pursuant to the Listing Rules
 and the Hong Kong Underwriting
 Agreement)
Mr. Ni, Ms. Hu, Drago Investments,
 Apex Marine and Best Expand
277,664,000 65.08% April 11, 2024 (3)
(First Six-Month Period)
October 11, 2024 (3)
(Second Six-Month Period)


--- page 16 ---
18
Name
Number of
Lock-up
Shares held in
the Company
subject to
the Lock-up
Undertakings
upon Listing
Approximate
percentage of
shareholding in
the Company
subject to
the Lock-up
Undertakings
upon Listing
Last day subject to the
Lock-up Undertakings
Pre-IPO Investor
 (subject to lock-up obligations
 pursuant to its separate lock-up
 undertaking)
Shipston 25,600,000 6.00% April 11, 2024
Notes:
(1) The Company may not, among others, issue or agree to issue or publicly announce its intention to issue Shares
or securities of the Company during the First Six-Month Period except for the issue of the Shares pursuant to
the Capitalization Issue, the Global Offering, the issue of any Shares pursuant to the Post-IPO Share Scheme
or as otherwise with the prior written consent of the Sole Global Coordinator (for itself and on behalf of the
Hong Kong Underwriters), and unless in compliance with the Listing Rules. In the event the Company does
so by virtue of the aforesaid exceptions or during the Second Six-Month Period, the Company will take all
reasonable steps to ensure that such action will not create a disorderly or false market in any of the securities
of the Company. For details of the lock-up arrangements of the Company, please refer to the paragraphs headed
“Underwriting { Undertakings Pursuant to the Hong Kong Underwriting Agreement {  Undertakings by our
Company ” in the Prospectus.
(2) Each of the Cornerstone Investors may dispose of any of the Offer Shares subscribed in the Global Offering
after the indicated date.
(3) The Controlling Shareholders shall not (a) dispose of any of the relevant securities of the Company in the First
Six–Month Period; or (b) dispose of any of the relevant securities of the Company in the Second Six-Month
Period if immediately following such disposal the Controlling Shareholder would cease to be a controlling
shareholder (as defined in the Listing Rules) of the Company, or dispose of any of the relevant securities of the
Company in the Second Lock-up Period if immediately following such disposal the Controlling Shareholders
as a group would cease to be a controlling shareholder (as defined in the Listing Rules) of the Company. As set
out in “Underwriting {  Undertakings pursuant to the Hong Kong Underwriting Agreement {  Undertakings by
our Controlling Shareholders ” in the Prospectus, for the avoidance of doubt, our Controlling Shareholders as a
controlling group would cease to be a controlling shareholder of our Company if (a) there is any change in the
shareholders constituting our Controlling Shareholders as a controlling group due to any addition or departure
of shareholder(s); (b) there is any material change in the voting interests directly or indirectly held by each
Controlling Shareholder in our Company; and/or (c) our Controlling Shareholders as a group fail to maintain an
aggregate voting interests of at least 30% in our Company.
For further details, please refer to the sections headed “Underwriting {  Undertakings to the Stock Exchange
pursuant to the Listing Rules {  Undertakings by our group of Controlling Shareholders ” and “Underwriting
{ Undertakings pursuant to the Hong Kong Underwriting Agreement {  Undertakings by our Controlling
Shareholders ” in the Prospectus.


--- page 17 ---
19
BASIS OF ALLOCATION UNDER THE HONG KONG PUBLIC OFFERING
Subject to the satisfaction of the conditions set out in the section headed “Structure of the Global
Offering { Conditions of the Global Offering ” in the Prospectus, 5,104 valid applications made
by the public through the HK eIPO White Form service and the CCASS EIPO service will be
conditionally allocated on the basis set out below:
Pool A
Number
of Shares
applied for
Number
of valid
applications Basis of allocation/ballot
Approximate
percentage
allotted of the
total number
of Shares
applied for
500 2,464 1,972 out of 2,464 applicants to receive
 500 Shares
80.03%
1,000 1,004 886 out of 1,004 applicants to receive
 500 Shares
44.12%
1,500 110 99 out of 110 applicants to receive 500 Shares 30.00%
2,000 67 500 Shares 25.00%
2,500 78 500 Shares plus 16 out of 78 applicants to
 receive an additional 500 Shares
24.10%
3,000 43 500 Shares plus 18 out of 43 applicants to
 receive an additional 500 Shares
23.64%
3,500 21 500 Shares plus 13 out of 21 applicants to
 receive an additional 500 Shares
23.13%
4,000 30 500 Shares plus 24 out of 30 applicants to
 receive an additional 500 Shares
22.50%
4,500 20 1,000 Shares 22.22%
5,000 71 1,000 Shares plus 11 out of 71 applicants to
 receive an additional 500 Shares
21.55%
6,000 576 1,000 Shares plus 261 out of 576 applicants to
 receive an additional 500 Shares
20.44%
7,000 25 1,000 Shares plus 17 out of 25 applicants to
 receive an additional 500 Shares
19.14%
8,000 10 1,500 Shares 18.75%
9,000 11 1,500 Shares plus 4 out of 11 applicants to
 receive an additional 500 Shares
18.69%
10,000 146 1,500 Shares plus 73 out of 146 applicants to
 receive an additional 500 Shares
17.50%
15,000 31 2,000 Shares 13.33%
20,000 194 2,500 Shares 12.50%
25,000 17 3,000 Shares 12.00%


--- page 18 ---
20
Pool A
Number
of Shares
applied for
Number
of valid
applications Basis of allocation/ballot
Approximate
percentage
allotted of the
total number
of Shares
applied for
30,000 13 3,500 Shares 11.67%
35,000 9 4,000 Shares 11.43%
40,000 10 4,500 Shares 11.25%
45,000 1 5,000 Shares 11.11%
50,000 13 5,500 Shares 11.00%
60,000 10 6,500 Shares 10.83%
70,000 8 7,500 Shares 10.71%
80,000 2 8,500 Shares 10.63%
90,000 3 9,500 Shares 10.56%
100,000 28 10,500 Shares 10.50%
200,000 16 20,500 Shares 10.25%
300,000 4 30,500 Shares 10.17%
400,000 8 40,500 Shares 10.13%
500,000 7 50,500 Shares 10.10%
600,000 3 60,500 Shares 10.08%
Total 5,053 Total number of Pool A successful applicants: 4,432
Pool B
Number
of Shares
applied for
Number
of valid
applications Basis of allocation/ballot
Approximate
percentage
allotted of the
total number
of Shares
applied for
700,000 36 76,500 Shares 10.93%
800,000 7 86,500 Shares 10.81%
1,000,000 4 108,000 Shares 10.80%
2,000,000 1 215,500 Shares 10.78%
3,000,000 1 323,000 Shares 10.77%
4,000,000 1 430,500 Shares 10.76%
5,333,500 1 573,000 Shares 10.74%
Total 51 Total number of Pool B successful applicants: 51
The final number of Offer Shares under the Hong Kong Public Offering is 10,667,000 Offer
Shares, representing approximately 10% of the total number of Offer Shares initially available
under the Global Offering.


--- page 19 ---
21
RESULTS OF ALLOCATIONS
The final Offer Price, the level of indications of interest in the International Offering, the level of
applications in the Hong Kong Public Offering and the basis of allocation of the Hong Kong Offer
Shares will be published on Wednesday, October 11, 2023 on the Company ’s website at www.
luyuan.cn  and the website of the Stock Exchange at www.hkexnews.hk .
The results of allocations of the Hong Kong Offer Shares and the Hong Kong identity card
numbers, passport numbers, Hong Kong business registration numbers or certificate of
incorporation numbers of successful applicants (under the Hong Kong Public Offering where
applicable) will be available at the times and dates and in the manner set out below:
• in the announcement to be posted on our Company ’s website and the website of the Stock
Exchange at www.luyuan.cn  and www.hkexnews.hk , respectively on Wednesday, October
11, 2023;
• from the “IPO Results ” function in the IPO App and the designated results of allocations
website at www.tricor.com.hk/ipo/result  or www.hkeipo.hk/IPOResult  with a “search by
ID” function on a 24-hour basis from 8:00 a.m. on Wednesday, October 11, 2023 to 12:00
midnight on Tuesday, October 17, 2023; and
• from the allocation results telephone enquiry line by calling +852 3691 8488 between
9:00 a.m. and 6:00 p.m. from Wednesday, October 11, 2023 to Monday, October 16, 2023
(excluding Saturday, Sunday and public holidays in Hong Kong).
This announcement contains a list of identification document numbers. Identification document
numbers shown in the section headed “Results of Applications Made by HK eIPO White Form ”
in this announcement refer to Hong Kong identity card numbers, passport numbers, Hong Kong
business registration numbers, certificate of incorporation numbers, beneficial owner identification
codes (if such applications are made by nominees as agent for the benefit of another person)
whereas those displayed in the section headed “Results of Applications Made by Giving Electronic
Application Instructions to HKSCC via CCASS ” in this announcement are provided by CCASS
Participants via CCASS. Therefore, the identification document numbers shown in the two sections
are different in nature. Please note that the list of identification document numbers set out in this
announcement may not be a complete list of successful applicants since only successful applicants
whose identification document numbers are provided to HKSCC by CCASS Participants or via
the HK eIPO White Form service are disclosed. Applicants with beneficial names only but not
identification document numbers are not disclosed due to personal privacy issue as elaborated
below. Applicants who applied for the Hong Kong Offer Shares through their brokers or nominees
can consult their brokers or nominees to enquire about their application results;
Since applications are subject to personal information collection statements, beneficial owner
identification codes displayed in the sections headed “Results of Applications Made by HK eIPO
White Form ” and “Results of Applications Made by Giving Electronic Application Instructions
to HKSCC via CCASS ” are redacted and not all details of applications are disclosed in this
announcement.


--- page 20 ---
22
SHAREHOLDING CONCENTRATION ANALYSIS
A summary of allotment results under the International Offering is set out below:
• Top 1, 5, 10, 20 and 25 of the placees in the International Offering:
Placee(s) Subscription
Shares held
following the
Global
Offering
Subscription
as % of
International
Offering
Subscription
as % of total
Offer Shares
% of the
total issued
share capital
upon Listing
Top 1 29,815,500 29,815,500 31.06% 27.95% 6.99%
Top 5 71,767,000 71,767,000 74.76% 67.28% 16.82%
Top 10 90,529,000 90,529,000 94.30% 84.87% 21.22%
Top 20 95,943,000 95,943,000 99.94% 89.95% 22.49%
Top 25 95,945,500 95,945,500 99.94% 89.95% 22.49%
• Top 1, 5, 10, 20 and 25 Shareholders upon Listing:
Shareholder(s)
Subscription of
Hong Kong
Offer Shares
Subscription of
International
Offer Shares
Subscription of
total Offer
Shares
Shares held
following the
Global
Offering
Subscription
as % of
Hong Kong
Public Offering
Subscription
as % of
International
Offering
Subscription
as % of total
Offer Shares
% of the
total issued
share capital
upon Listing
Top 1 – – Ñ 277,664,000 – 0.00% 0.00% 65.08%
Top 5 – 41,386,000 41,386,000 361,386,000 – 43.11% 38.80% 84.70%
Top 10 – 81,314,000 81,314,000 401,314,000 – 84.70% 76.23% 94.06%
Top 20 1,003,500 95,783,000 96,786,500 416,786,500 9.41% 99.77% 90.74% 97.68%
Top 25 1,758,000 95,941,000 97,699,000 417,699,000 16.48% 99.94% 91.59% 97.90%
In view of the high concentration of shareholding in a small number of Shareholders,
Shareholders and prospective investors should be aware that the price of the Shares could
move substantially even with a small number of Shares traded, and should exercise extreme
caution when dealing in Shares.