hk-ipo/data/extracted_text/02715/allotment_results_2026-03-06_2026030601391.txt

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Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited (the “Stock Exchange ”,
or the “Hong Kong Stock Exchange ”) and Hong Kong Securities Clearing Company Limited ( “HKSCC ”) take no
responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and
expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any
part of the contents of this announcement.
Unless otherwise defined herein, capitalized terms used in this announcement shall have the same meanings as those
defined in the prospectus dated February 27, 2026 (the “Prospectus ”) of ESTUN AUTOMATION CO., LTD (ԯ
ʮ̡ ) (the “Company ”). This announcement is made by the order of the board (the “Board ”)
of directors (the “Directors ”) of the Company. The Board collectively and individually accept responsibility for the
accuracy of this announcement.
This announcement is for information purposes only and does not constitute an invitation or offer to acquire, purchase
or subscribe for any securities. This announcement is not a prospectus. Potential investors should read the Prospectus
for detailed information about the Global Offering described below before deciding whether or not to invest in
the Offer Shares. Any investment decision in relation to the Offer Shares should be taken solely in reliance on the
information provided in the Prospectus.
This announcement is not for release, publication or 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 or any other
jurisdiction where such distribution is prohibited by laws). This announcement does not constitute or form a part of
any offer or solicitation to purchase or subscribe for securities in the United States or in any other jurisdictions. The
securities mentioned herein have not been, and will not be, registered under the United States Securities Act of 1933
as amended from time to time (the “U.S. Securities Act ”) or securities law of any state or other jurisdiction of the
United States. The securities may not be offered, sold, pledged or otherwise transferred within the United States except
pursuant to an exemption from the registration requirements of the U.S. Securities Act and in compliance with any
applicable state securities laws, or 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.
In connection with the Global Offering, Huatai Financial Holdings (Hong Kong) Limited as stabilizing manager (the
“Stabilizing Manager ”) (or its affiliates or any person acting for it), on behalf of the Underwriters, to the extent
permitted by the applicable laws and regulatory requirements of Hong Kong or elsewhere, may over-allocate or effect
transactions with a view to stabilizing or supporting the market price of the H Shares at such price, in such amounts
and in such manners as the Stabilizing Manager, its affiliates or any person acting for it may determine and at a
level higher than that which might otherwise prevail for a limited period after the Listing Date. However, there is
no obligation on the Stabilizing Manager (or its affiliates or any person acting for it) to conduct any such stabilizing
action. Such stabilizing action, if taken, (a) will be conducted at the absolute discretion of the Stabilizing Manager (or
its affiliates or any person acting for it) and in what the Stabilizing Manager reasonably regards as the best interest of
the Company, (b) may be discontinued at any time and (c) is required to be brought to an end within 30 days of the last
day for lodging applications under the Hong Kong Public Offering (which is Friday, April 3, 2026). Such Stabilizing
action, if taken, may be effected in all jurisdictions where it is permissible to do so, in each case in compliance with
all applicable laws, rules and regulatory requirements, including the Securities and Futures (Price Stabilizing) Rules
(Chapter 571W of the Laws of Hong Kong), as amended, made under the Securities and Futures Ordinance (Chapter
571 of the Laws of Hong Kong).
Potential investors should be aware that no stabilizing action can be taken to support the price of the H Shares for
longer than the stabilization period, which will begin on the Listing Date, and is expected to expire on the 30th day
after the last day for lodging applications under the Hong Kong Public Offering (which is Friday, April 3, 2026). After
this date, when no further stabilizing action may be taken, demand for the H Shares, and therefore the price of the H
Shares, could fall.
The Hong Kong Offer Shares will be offered to the public in Hong Kong subject to terms and conditions set out
in the Prospectus. The Hong Kong Offer Shares will not be offered to any person who is outside Hong Kong and/
or not resident in Hong Kong. Potential investors of the Offer Shares should note that the Sole Sponsor and the
Sponsor-Overall Coordinator (for itself and on behalf of the Hong Kong Underwriters) shall be entitled to terminate
the Hong Kong Underwriting Agreement with immediate effect upon the occurrence of any of the events set out in the
section headed “Underwriting {  Underwriting Arrangements and Expenses {  Hong Kong Public Offering {  Grounds
for Termination ” in the Prospectus at any time prior to 8:00 a.m. on the Listing Date.


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ESTUN AUTOMATION CO., LTD
ʮ̡
(A joint stock company incorporated in the People ’s Republic of China with limited liability)
GLOBAL OFFERING
Number of Offer Shares under the Global
Offering
: 96,780,000 H Shares (subject to the Over-
allotment Option)
Number of Hong Kong Offer Shares : 9,678,000 H Shares
Number of International Offer Shares : 87,102,000 H Shares (subject to the Over-
allotment Option)
Final Offer Price : HK$15.36 per H Share, plus brokerage of
1.0%, SFC transaction levy of 0.0027%,
Hong Kong Stock Exchange trading fee of
0.00565% and AFRC transaction levy of
0.00015%
Nominal value : RMB1.00 per H Share
Stock code : 2715
Sole Sponsor, Sponsor-Overall Coordinator, Joint Global Coordinator,
Joint Bookrunner and Joint Lead Manager
Overall Coordinators, Joint Global Coordinators, Joint Bookrunners and Joint Lead Managers
Joint Global Coordinator, Joint Bookrunner and Joint Lead Manager
Joint Bookrunner and Joint Lead Manager


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ESTUN AUTOMATION CO., LTD
ʮ̡
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 February 27, 2026 (the “Prospectus ”) issued by
ESTUN AUTOMATION CO., LTD (the “Company ”).
Warning: In view of high concentration of shareholding in a small number of Shareholders,
Shareholders and prospective investors should be aware that the price of the H Shares
could move substantially even with a small number of H Shares traded and should exercise
extreme caution when dealing in the H Shares.
SUMMARY
Company information
Stock code 2715
Stock short name ESTUN
Dealings commencement date March 9, 2026*
* see note at the end of the announcement
Price Information
Final Offer Price HK$15.36
Offer Price Range HK$15.36-HK$17.00
Offer Price Adjustment N/A
Offer Shares and Share Capital
Number of Offer Shares 96,780,000
Final Number of Offer Shares in Hong
Kong Public Offering
9,678,000
Final Number of Offer Shares in
International Offering (before exercise of
the Over-allotment Option)
87,102,000
Number of issued Shares upon Listing
(before exercise of the Over-allotment
Option)
967,798,453


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Over-allocation
Number of Offer Shares over-allocated (Note) 14,517,000
Note: Such over-allocation may be covered by exercising the Over-allotment Option or by making purchases in the
secondary market at prices that do not exceed the Offer Price or through deferred delivery or a combination
of these means. In the event the Over-allotment Option is exercised, an announcement will be made on the
Stock Exchange ’s website.
Proceeds
Gross proceeds (Note) HK$1,486.54 million
 Less:  Estimated listing expenses payable
based on Final Offer Price
HK$75.01 million
Net proceeds HK$1,411.53 million
Note: Gross proceeds refers to the amount which the Company is entitled to receive. For details of the use of
proceeds, please refer to the section headed “Future Plans and Use of Proceeds ” of the Prospectus. The
Company will adjust the allocation of the net proceeds from the exercise of the Over-allotment Option (if
any) for the purposes as set out in the section headed “Future Plans and Use of Proceeds ” of the Prospectus
on a pro rata basis.
ALLOTMENT RESULTS DETAILS
HONG KONG PUBLIC OFFERING
No. of valid applications 27,190
No. of successful applications 6,799
Subscription level 19.67 times
Claw-back triggered N/A
No. of Offer Shares initially available under
the Hong Kong Public Offering
9,678,000
Final no. of Offer Shares under the Hong
Kong Public Offering
9,678,000
% of Offer Shares under the Hong Kong
Public Offering to the Global Offering
10.00%
Note: For details of the final allocation of 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.


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INTERNATIONAL OFFERING
No. of placees 87
Subscription Level 3.34 times
No. of Offer Shares initially available under
the International Offering
87,102,000
Final no. of Offer Shares under the
International Offering
87,102,000
% of Offer Shares under the International
Offering to the Global Offering
90.00%
The Directors confirm that, to the best of their knowledge, information and belief, save for (a) a
waiver from strict compliance with Rule 10.04 of the Listing Rules and a consent under paragraph
1C(2) of Appendix F1 to the Listing Rules (the “Placing Guidelines ”) granted by the Stock
Exchange to permit the Company to allocate certain Offer Shares in the International Offering
to certain Existing Minority Shareholders and/or their close associates, and (b) a consent under
paragraph 18 of Chapter 4.15 of the Guide for New Listing Applicants to permit the Company
to, among other things, allocate further H Shares in the International Offering to certain existing
Shareholders and/or their close associates and Cornerstone Investors, (i) none of the Offer Shares
subscribed by the placees and the public have been financed directly or indirectly by the Company,
any of the Directors, 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 its Directors, chief executive,
Controlling Shareholders, substantial Shareholders, existing Shareholders of the Company or any
of its subsidiaries or their respective close associates in relation to the acquisition, disposal, voting
or other disposition of H Shares registered in his/her/its name or otherwise held by him/her/it.
The placees in the International Offering include the following:


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Cornerstone Investors
Cornerstone Investors
No. of Offer
Shares allocated (1)
Approximate % of
total issued
H Shares after the
Global Offering (2)(3)
Approximate
% of total issued
share capital
after the Global
Offering (3)
Existing
shareholders
or their close
associates
Harvest International
Premium Value (Secondary
Market) Fund SPC acting
on behalf of and for the
account of Harvest Oriental
SP (“Harvest Oriental ”) 10,177,200 10.52% 1.05% No
Hengtong Optic-electric
International Co., Limited
(“Hengtong Optic-electric
International ”) 7,633,000 7.89% 0.79% No
Dream ’ee (Hong Kong)
Open-ended Fund Company
(“Dream ’ee HK Fund ”) 5,208,200 5.38% 0.54% No
Deep Source Holdings
Limited
(“Deep Source ”) 5,088,600 5.26% 0.53% No
Haitian Huayuan
(Singapore) Pte. Ltd.
(“Haitian Huayuan ”) 2,481,400 2.56% 0.26% No
New Fortune Holdings
Group Limited ( “New
Fortune ”) 1,933,600 2.00% 0.20% No
Qianhai Hezhong
Investment Holding
Limited ( “Qianhai
Hezhong Investment ”) 1,526,600 1.58% 0.16% No
Total 34,048,600 35.18% 3.52%
Notes:
(1) The number of Offer Shares allocated to such investors only represents the number of Offer Shares allocated
to the investors as cornerstone investors in the International Offering. For allocations of Offer Shares to
the relevant investors as placees (if any), please refer to the section headed “Allotment Results Details –
International Offering – Allottees with waiver/consents obtained ” in this announcement.
(2) The number of H Shares immediately after the Global Offering is the same as the number of Offer Shares to
be issued under the Global Offering.
(3) Assuming the Over-allotment Option is not exercised.
(4) In addition to the Offer Shares subscribed for as Cornerstone Investors, Dream ’ee HK Fund, Qianhai Hezhong
Investment, a close associate of New Fortune, and a close associate of Harvest Oriental were allocated further
Offer Shares as placees in the International Offering. Please refer to the section headed “Allotment Results
Details { International Offering {  Allottees with Waivers/Consents Obtained ” in this announcement for
details. Only the Offer Shares subscribed for as Cornerstone Investors are subject to lock-up as indicated
below. For details, please refer to the section headed “Lock-up Undertakings {  Cornerstone Investors ” in
this announcement.


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Allottees with Waivers/Consents Obtained
Investor
No. of Offer
Shares allocated
Approximate
% of total issued
H Shares after the
Global Offering (1)(2)
Approximate % of
total issued
share capital
after the Global
Offering (2) Relationship
Allottees with waiver from strict compliance with Rule 10.04 of the Listing Rules and consent under paragraph 1C(2) of the
Placing Guidelines in relation to subscription for H Shares by Existing Minority Shareholders holding more than 1% of the issued
share capital of the Company immediately prior to the completion of the Global Offering and/or their close associates (3)
Nil Nil Nil Nil Nil
Allottees with consent under paragraph 18 of Chapter 4.15 of the Guide for New Listing Applicants in relation to allocations of
further H Shares to Cornerstone Investors (4)
Dream’ee HK Fund 3,515,600 3.63% 0.36% Same entity as the
Cornerstone Investor
Qianhai Hezhong Investment 1,025,800 1.06% 0.11% Same entity as the
Cornerstone Investor
Mr. Sang Kangqiao 1,442,800 1.49% 0.15% A close associate
of New Fortune, a
Cornerstone Investor
Harvest Global Capital
Investment Limited
10,684,600 11.04% 1.10% A close associate of
Harvest Oriental, a
Cornerstone Investor
Allottees with consent under paragraph 1C(1) of the Placing Guidelines and Chapter 4.15 of the Guide for New Listing Applicants
in relation to allocations to connected clients (5)


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Investor
No. of Offer
Shares allocated
Approximate
% of total issued
H Shares after the
Global Offering (1)(2)
Approximate % of
total issued
share capital
after the Global
Offering (2) Relationship
GF Global Capital Limited
(“GFGC”)
1,780,000 1.84% 0.18% Connected client
as a placee
CITIC Securities
International Capital
Management Limited ( “CSI”)
1,272,000 1.31% 0.13% Connected client
as a placee
(1) The number of H Shares immediately after the Global Offering is the same as the number of Offer Shares to be issued under the Global Offering.
(2) Assuming the Over-allotment Option is not exercised.
(3) The Stock Exchange has granted a waiver from strict compliance with the requirements under Rule 10.04 of the Listing Rules and consent under Paragraph
1C(2) of the Placing Guidelines to permit H Shares in the International Offering to be placed to such Existing Minority Shareholders. Please refer to
the section headed “Waivers from Strict Compliance With the Listing Rules and Exemption From Compliance with the Companies (Winding Up and
Miscellaneous Provisions) Ordinance {  Allocation of H Shares to Existing Minority Shareholders and Their Close Associates ” of the Prospectus for details.
The Stock Exchange has granted the waiver on the condition that, among others, details of the allocation to the Existing Minority Shareholders holding
more than 1% of the issued share capital of the Company (including the treasury Shares) immediately prior to the completion of the Global Offering will be
disclosed in the Prospectus and/or allotment results announcement.
(4) The number of Offer Shares allocated to the relevant investors listed in this subsection only represents the number of Offer Shares allocated to the investors
as placees in the International Offering. For allocations of Offer Shares to the relevant investors as Cornerstone Investors, please refer to the section headed
“Allotment Results Details {  International Offering {  Cornerstone Investors ” in this announcement. For details of the consent under paragraph 18 of Chapter
4.15 of the Guide for New Listing Applicants in relation to allocations of further H Shares to the Cornerstone Investors, please refer to the section headed
“Others/Additional Information {  Allocations of Offer Shares to certain Cornerstone Investors and/or their close associates with a consent under paragraph
18 of Chapter 4.15 of the Guide for New Listing Applicants ” in this announcement.
(5) For details of the consent under paragraph 1C(1) of the Placing Guidelines and Chapter 4.15 of the Guide for New Listing Applicants in relation to allocations
to connected clients, please refer to the sections headed “Others/Additional Information {  Placing to connected clients with a prior consent under paragraph
1C(1) of the Placing Guidelines ” in this announcement.


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LOCK-UP UNDERTAKINGS
Controlling Shareholders
Name
Number of Shares
held in the Company
subject to lock-up
undertakings
upon Listing
% of total issued
H Shares after the
Global Offering
subject to lock-up
undertakings
upon Listing (1)(2)
% of shareholding
in Company
subject to lock-up
undertakings
upon Listing (2)
Last day subject
to the lock-up
undertakings (3)
Mr. Wu Bo 110,996,700 – 11.47% September 8, 2026
(First Six-Month
Period) (4)
March 8, 2027
(Second Six-Month
Period) (5)
Mr. Wu Kan 1,263,033 – 0.13% September 8, 2026
(First Six-Month
Period) (4)
March 8, 2027
(Second Six-Month
Period) (5)
Nanjing Primest Technology
Co., Ltd. (߅
ʮ̡ )
254,894,742 – 26.34% September 8, 2026
(First Six-Month
Period) (4)
March 8, 2027
(Second Six-Month
Period) (5)
Sub-total 367,154,475 – 37.94%
Notes:
(1) The number of H Shares immediately after the Global Offering is the same as the number of Offer Shares to be issued under the Global Offering.
(2) Assuming the Over-allotment Option is not exercised.
(3) In accordance with the applicable Listing Rules, the required lock-up for the first six month period will end on September 8, 2026 and for the second
six-month period will end on March 8, 2027.
(4) Each member of the Controlling Shareholders may dispose of or transfer Shares after the indicated date subject to that the any member of Controlling
Shareholders will not cease to be a controlling shareholder (as defined in the Listing Rules).
(5) The Controlling Shareholders will cease to be prohibited from disposing of or transferring Shares after the indicated date.


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Cornerstone Investors
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 (1)(2)
% of shareholding
in Company
subject to lock-up
undertakings
upon Listing (2)
Last day subject
to the lock-up
undertakings (3)
Harvest Oriental 10,177,200 10.52% 1.05% September 8, 2026
Hengtong Optic-electric
International
7,633,000 7.89% 0.79% September 8, 2026
Dream ’ee HK Fund 5,208,200 5.38% 0.54% September 8, 2026
Deep Source 5,088,600 5.26% 0.53% September 8, 2026
Haitian Huayuan 2,481,400 2.56% 0.26% September 8, 2026
New Fortune 1,933,600 2.00% 0.20% September 8, 2026
Qianhai Hezhong
Investment
1,526,600 1.58% 0.16% September 8, 2026
Sub-total 34,048,600 35.18% 3.52%
Notes:
(6) The number of H Shares immediately after the Global Offering is the same as the number of Offer Shares to be issued under the Global Offering.
(7) Assuming the Over-allotment Option is not exercised.
(8) In accordance with the respective cornerstone investment agreements, the required lock-up periods will end on September 8, 2026. The Cornerstone
Investors will cease to be prohibited from disposing of or transferring the Shares subscribed for pursuant to their respective cornerstone investment
agreements after the indicated date.


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PLACEE CONCENTRATION ANALYSIS
Placees*
Number of
H Shares
allotted
Allotment
as % of
International
Offering
(assuming
no exercise
of the
Over-
allotment
Option)
Allotment
as % of
International
Offering
(assuming
the Over-
allotment
Option is
exercised
and new
H Shares
are issued)
Allotment
as % of
total Offer
Shares
(assuming
no exercise
 of the
Over-
allotment
Option
Allotment
as % of
total Offer
Shares
(assuming
the Over-
allotment
Option is
exercised
and new
H Shares
are issued)
Number of
H Shares
held upon
Listing
% of total
issued share
capital upon
Listing
(assuming
no exercise
of the
Over-
allotment
Option)
% of total
issued share
capital upon
Listing
(assuming
the Over-
allotment
Option is
exercised
and new
H Shares
are issued)
Top 1 20,861,800 24.0% 20.5% 21.6% 18.7% 20,861,800 2.2% 2.1%
Top 5 46,877,200 53.8% 46.1% 48.4% 42.1% 46,877,200 4.8% 4.8%
Top 10 61,518,000 70.6% 60.5% 63.6% 55.3% 61,518,000 6.4% 6.3%
Top 25 82,324,600 94.5% 81.0% 85.1% 74.0% 82,324,600 8.5% 8.4%
Notes
* Ranking of placees is based on the number of H Shares allotted to the placees.
H SHAREHOLDER CONCENTRATION ANALYSIS
H
Shareholders*
Number of
H Shares
allotted
Allotment
as % of
International
Offering
(assuming
no exercise
of the
Over-
allotment
Option)
Allotment
as % of
International
Offering
(assuming
the Over-
allotment
Option is
exercised
and new
H Shares
are issued)
Allotment
as % of
total Offer
Shares
(assuming
no exercise
of the
Over-
allotment
Option)
Allotment
as % of
total Offer
Shares
(assuming
the Over-
allotment
Option is
exercised
and new
H Shares
are issued)
Number of
H Shares
held upon
Listing
% of
total issued
H Shares
capital
upon
Listing
(assuming
no exercise
of the
Over-
allotment
Option)
% of
total issued
H Shares
capital upon
Listing
(assuming
the Over-
allotment
Option is
exercised
and new
H Shares
are issued)
Number of
Shares
held upon
Listing
Top 1 20,861,800 24.0% 20.5% 21.6% 18.7% 20,861,800 21.6% 18.7% 20,861,800
Top 5 46,877,200 53.8% 46.1% 48.4% 42.1% 46,877,200 48.4% 42.1% 46,877,200
Top 10 61,518,000 70.6% 60.5% 63.6% 55.3% 61,518,000 63.6% 55.3% 61,518,000
Top 25 82,324,600 94.5% 81.0% 85.1% 74.0% 82,324,600 85.1% 74.0% 82,324,600
Notes
* Ranking of H Shareholders is based on the number of H Shares held by the H Shareholders upon Listing.


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12
SHAREHOLDER CONCENTRATION ANALYSIS
Shareholders*
Number of
H Shares
allotted
Allotment
as % of
International
Offering
(assuming
no exercise
of the
Over-
allotment
Option)
Allotment
as % of
International
Offering
(assuming
 the Over-
allotment
Option is
exercised
and new
H Shares
are issued)
Allotment
as % of
total Offer
Shares
(assuming
no exercise
of the
Over-
allotment
Option)
Allotment
as % of
total Offer
Shares
(assuming
the Over-
allotment
Option is
exercised
and new
H Shares
are issued)
Number of
H Shares
held upon
Listing
Number of
Shares held
upon Listing
% of total
issued share
capital upon
Listing
(assuming
no exercise
of the
Over-
allotment
Option)
% of
total issued
share capital
upon Listing
(assuming
the Over-
allotment
Option is
exercised
and new
H Shares
are issued)
Top 1 0 0.0% 0.0% 0.0% 0.0% 0 367,154,475 37.9% 37.4%
Top 5 20,861,800 24.0% 20.5% 21.6% 18.7% 20,861,800 449,583,689 46.5% 45.8%
Top 10 42,307,200 48.6% 41.6% 43.7% 38.0% 42,307,200 483,809,363 50.0% 49.3%
Top 25 67,186,200 77.1% 66.1% 69.4% 60.4% 67,186,200 525,761,148 54.3% 53.5%
Notes
* Ranking of Shareholders is based on the number of Shares (of all classes) held by the Shareholder upon Listing.


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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
200 12,869 642 out of 12,869 to receive 200
Shares
4.99%
400 4,206 420 out of 4,206 to receive 200 Shares 4.99%
600 1,471 220 out of 1,471 to receive 200 Shares 4.99%
800 593 118 out of 593 to receive 200 Shares 4.97%
1,000 1,093 271 out of 1,093 to receive 200 Shares 4.96%
1,200 384 114 out of 384 to receive 200 Shares 4.95%
1,400 200 69 out of 200 to receive 200 Shares 4.93%
1,600 197 77 out of 197 to receive 200 Shares 4.89%
1,800 207 90 out of 207 to receive 200 Shares 4.83%
2,000 1,966 943 out of 1,966 to receive 200 Shares 4.80%
3,000 553 398 out of 553 to receive 200 Shares 4.80%
4,000 348 334 out of 348 to receive 200 Shares 4.80%
5,000 375 200 Shares plus 74 out of  375 to
receive additional 200 Shares
4.79%
6,000 359 200 Shares plus 157 out of  359 to
receive additional 200 Shares
4.79%
7,000 122 200 Shares plus 82 out of  122 to
receive additional 200 Shares
4.78%
8,000 115 200 Shares plus 105 out of  115 to
receive additional 200 Shares
4.78%
9,000 89 400 Shares plus 13 out of  89 to
receive additional 200 Shares
4.77%
10,000 639 400 Shares plus 245 out of  639 to
receive additional 200 Shares
4.77%
20,000 380 800 Shares plus 293 out of  380 to
receive additional 200 Shares
4.77%
30,000 213 1,400 Shares plus 34 out of  213 to
receive additional 200 Shares
4.77%


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NO. OF SHARES
APPLIED FOR
NO. OF VALID
APPLICATIONS BASIS OF ALLOTMENT / BALLOT
APPROXIMATE
PERCENTAGE
ALLOTTED
OF THE TOTAL
NO. OF
SHARES
APPLIED FOR
40,000 132 1,800 Shares plus 72 out of  132 to
receive additional 200 Shares
4.77%
50,000 80 2,200 Shares plus 74 out of  80 to
receive additional 200 Shares
4.77%
60,000 94 2,800 Shares plus 30 out of  94 to
receive additional 200 Shares
4.77%
70,000 21 3,200 Shares plus 14 out of  21 to
receive additional 200 Shares
4.76%
80,000 48 3,800 Shares plus 2 out of  48 to
receive additional 200 Shares
4.76%
90,000 24 4,200 Shares plus 10 out of  24 to
receive additional 200 Shares
4.76%
100,000 181 4,600 Shares plus 137 out of  181 to
receive additional 200 Shares
4.75%
200,000 93 9,400 Shares plus 49 out of  93 to
receive additional 200 Shares
4.75%
Total 27,052 Total number of Pool A successful
applicants: 6,661
POOL B
300,000 71 16,200 Shares plus 28 out of  71 to
receive additional 200 Shares
5.43%
400,000 16 21,600 Shares plus 8 out of  16 to
receive additional 200 Shares
5.43%
500,000 7 27,000 Shares plus 5 out of  7 to
receive additional 200 Shares
5.43%
600,000 8 32,400 Shares plus 6 out of  8 to
receive additional 200 Shares
5.43%
700,000 3 38,000 Shares 5.43%
800,000 4 43,400 Shares 5.43%


--- 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
900,000 3 48,800 Shares plus 1 out of  3 to
receive additional 200 Shares
5.43%
1,000,000 11 54,200 Shares plus 3 out of  11 to
receive additional 200 Shares
5.43%
1,500,000 5 81,400 Shares 5.43%
2,000,000 7 108,400 Shares plus 4 out of  7 to
receive additional 200 Shares
5.43%
3,000,000 1 162,800 Shares 5.43%
4,839,000 2 262,600 Shares 5.43%
Total 138 Total number of Pool B successful
applicants: 138
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, no rebate has been, directly or
indirectly, provided by the Company, its Controlling Shareholders, Directors or syndicate members
to any placees or the public (as the case may be) and the consideration paid by the placees or the
public (as the case may be) directly or indirectly for each Offer Share subscribed for or purchased
by them was the same as the final Offer Price in addition to any brokerage, AFRC transaction levy,
SFC transaction levy and Stock Exchange trading fee payable.


--- page 16 ---
16
OTHERS/ADDITIONAL INFORMATION
Allocation of H Shares to existing minority shareholders and their close associates with a
waiver from the strict compliance with Rule 10.04 of the Listing Rules and a prior consent
under paragraph 1C(2) of the Placing Guidelines
The Company has applied to the Stock Exchange for, and the Stock Exchange has granted to the
Company, a waiver from strict compliance with the requirements under Rule 10.04 and consent
under Paragraph 1C(2) of Appendix F1 to the Listing Rules to permit H Shares in the International
Offering to be placed to certain existing minority Shareholders and/or their close associates who
will participate only as either cornerstone investors or placees (but not both) in the International
Offering (together, the “Existing Minority Shareholders ”) on the conditions that:
(i) each Existing Minority Shareholder to whom our Company may allocate the H Shares in the
International Offering holds less than 5% of the total number of A Shares in issue of our
Company before Listing;
(ii) each Existing Minority Shareholder is not, and will not be, a core connected person of our
Company or any close associate of any such core connected person immediately prior to or
following the Global Offering;
(iii) none of the Existing Minority Shareholders have the right to appoint a Director and/or have
any other special rights;
(iv) allocation to the Existing Minority Shareholders or their close associates will not affect our
ability to satisfy the public float requirement as prescribed by the Stock Exchange under Rule
8.08 (as amended and replaced by Rule 19A.13A(2) when applied to PRC issuers with other
listed shares) of the Listing Rules;
(v) the Sole Sponsor will confirm to the Stock Exchange in writing that based on (i) its
discussions with our Company and the Sponsor-Overall Coordinator; and (ii) the
confirmations provided to the Stock Exchange by our Company and the Sponsor-Overall
Coordinator (confirmations (vi) and (vii) mentioned below), and to the best of its knowledge
and belief, it has no reason to believe that any of the Existing Minority Shareholders or their
close associates received any preferential treatment, or is in a position to exert influence
on the Company to obtain actual or perceived preferential treatment in the allocation either
as a cornerstone investor or as a placee by virtue of their relationship with our Company
other than the preferential treatment of assured entitlement under a cornerstone investment
following the principles set out in Chapter 4.15 of the Guide for New Listing Applicants,
and details of the allocation to the Existing Minority Shareholders holding more than 1% of
the issued share capital of the Company immediately prior to the completion of the Global
Offering will be disclosed in this announcement;


--- page 17 ---
17
(vi) our Company will confirm to the Stock Exchange in writing that:
(a). in the case of participation as cornerstone investors, no preferential treatment has been,
nor will be, given to the Existing Minority Shareholders or their close associates by
virtue of their relationship with our Company, other than the preferential treatment of
assured entitlement under a cornerstone investment following the principles set out in
Chapter 4.15 of the Guide for New Listing Applicants, nor is the Existing Minority
Shareholder in a position to exert influence on the Company to obtain actual or
perceived preferential treatment, and the Existing Minority Shareholders or their close
associates ’ cornerstone investment agreements do not contain any material terms which
are more favorable to the Existing Minority Shareholders or their close associates than
those in other cornerstone investment agreements; or
(b). in the case of participation as placees, no preferential treatment has been, no will be,
given to the Existing Minority Shareholders or their close associates, nor is the Existing
Minority Shareholder in a position to exert influence on the Company to obtain actual
or perceived preferential treatment, by virtue of their relationship with our Company in
any allocation in the placing tranche;
(vii) in the case of participation as placees, the Sponsor-Overall Coordinator will confirm to the
Stock Exchange that, to the best of its knowledge and belief, no preferential treatment has
been, nor will be, given to the Existing Minority Shareholders or their close associates by
virtue of their relationship with our Company in any allocation in the placing tranche.
Please refer to the section headed “Waivers from Strict Compliance with Listing Rules and
Exemption from Compliance with the Companies (Winding Up and Miscellaneous Provisions)
Ordinance – Allocation of H Shares to Existing Minority Shareholders and Their Close Associates ”
in the Prospectus for further details of the waiver and consent. The allocation of Offer Shares to
such Existing Minority Shareholders is in compliance with all the conditions under the waiver/
consent granted by the Stock Exchange.
Allocations of Offer Shares to certain Cornerstone Investors and/or their close associates with
a consent under paragraph 18 of Chapter 4.15 of the Guide for New Listing Applicants
The Company has applied to, and the Stock Exchange has granted, a consent under paragraph
18 of Chapter 4.15 of the Guide for New Listing Applicants to permit the Company to allocate
further Offer Shares in the International Offering to certain Cornerstone Investors and/or their
close associates as placees, subject to the following conditions (the “Allocation to Size-based
Exemption Participants ”):
(a) the final offering size of the Global Offering, excluding any over-allocation, will be of a total
value of at least HK$1 billion;


--- page 18 ---
18
(b) the Allocation to Size-based Exemption Participants will not affect the Company ’s ability
to satisfy its public float requirement as prescribed by the Stock Exchange under the waiver
from strict compliance with the requirement of Rule 19A.13A(2) of the Listing Rules;
(c) Each of the Directors, chief executives and Controlling Shareholders of the Company has
confirmed that no Offer Shares will be allocated to any of them or their respective close
associates under this exemption;
(d) the details of allocation to the Cornerstone Investors under the size-based exemption will be
disclosed in this announcement.
Such allocations of Offer Shares are in compliance with all the conditions under the consent
granted by the Stock Exchange.
For details of the allocations of Offer Shares to Cornerstone Investors, please refer to the section
headed “Allotment Results Details – International Offering – Allottees with Waivers/Consents
Obtained ” in this announcement.
Placing to connected clients with a prior consent under paragraph 1C(1) of the Placing
Guidelines
Under the International Offering, certain Offer Shares were placed to connected clients of their
connected distributors pursuant to the Placing Guidelines as placees. Please refer to the section
headed “Allotment Results Details {  International Offering {  Allottees with Waivers/Consents
Obtained ” in this announcement for details.
The Company has applied to the Stock Exchange for, and the Stock Exchange has granted, a
consent under paragraph 1C(1) of the Placing Guidelines to permit the Company to allocate such
Offer Shares in the International Offering to the connected clients as placees. The allocation of
Offer Shares to such connected clients is in compliance with all the conditions under the consent
granted by the Stock Exchange. Details of the placement to connected clients as placees are set out
below:


--- page 19 ---
19
No.
Connected
Distributor
Connected
Client (3)
Relationship
between the
Connected
Client and
the Connected
Distributor(s)
Whether the
Connected
Client will
hold the
beneficial
interests of
the Offer
Shares
on a
nondiscretionary
basis or
discretionary
basis for
independent
third parties
Number of
H Shares
to be
allocated
Approximate
% of the total
Offer Shares
in the Global
Offering
(assuming the
Over-allotment
Option is not
exercised)
Approximate
% of the total
Offer Shares
in the Global
Offering
(assuming the
Over-allotment
Option is fully
exercised)
Approximate
%
of the total
issued share
capital
immediately
following
completion
of the Global
Offering
(assuming the
Over-allotment
Option is not
exercised)
Approximate
%
of the total
issued share
capital
immediately
following
completion
of the Global
Offering
(assuming the
Over-
allotment
Option is fully
exercised)
1. GF Securities
(Hong Kong)
Brokerage
Limited
GFGC(1) GF Securities
(Hong Kong)
Brokerage
Limited and
GFGC are
member of the
same group of
companies
Non-discretionary
basis
1,780,000 1.84% 1.60% 0.18% 0.18%
2. CITIC Securities
Brokerage (HK)
Limited ( “CITIC
Brokerage ”)
CSI(2) CITIC
Brokerage
and CSI are
members of the
same group of
companies.
Non-discretionary
basis
1,272,000 1.31% 1.14% 0.13% 0.13%


--- page 20 ---
20
Notes:
(1). GFGC is to invest on non-discretionary basis. GFGC and GF Securities Co., Ltd. will enter into a series of cross
border delta one OTC swap transactions (the “OTC Swaps ”) with each other and the ultimate client (the “GFGC
Ultimate Client ”), pursuant to which GFGC will hold the Offer Shares on a non-discretionary basis to hedge
the OTC Swaps while the economic risks and returns of the underlying Offer Shares are passed to the GFGC
Ultimate Client, subject to customary fees and commissions. The OTC swaps will be fully funded by the GFGC
Ultimate Client. During the terms of the OTC Swaps, all economic returns of the Offer Shares subscribed by
GFGC will be passed to the GFGC Ultimate Client and all economic loss shall be borne by the GFGC Ultimate
Client through the OTC Swaps, and GFGC will not take part in any economic return or bear any economic loss
in relation to the Offer Shares. The OTC Swaps are linked to the Offer Shares and the GFGC Ultimate Client
may request GFGC to redeem it at their own discretions, upon which GFGC shall dispose of the Offer Shares
and settle OTC Swaps in cash in accordance with the terms and conditions of the OTC Swap. Despite that
GFGC will hold the legal title of the Offer Shares by itself, it will not exercise the voting rights attaching to the
relevant Offer Shares during the terms of the OTC Swaps according to its internal policy.
GFGC will hold the Offer Shares for and on behalf of one ultimate client on non-discretionary basis, namely
Jifu Venture Capital Co., Ltd. (ʮ̡ ), where except for Dong Zhengqing, no ultimate
beneficial owners hold 30% or more interest.
To the best of GFGC ’s knowledge, the GFGC Ultimate Client is an Independent Third Party of GFGC, GF
Securities (Hong Kong) Brokerage Limited and the companies which are members of the same group of GFGC
and GF Securities (Hong Kong) Brokerage.
(2). CSI and CITIC Securities Company Limited will enter into a series of cross border OTC swap transactions
(“OTC Swaps ”) with the investment manager for and on behalf of its ultimate client (the “CSI Ultimate
Client ”). CSI will hold the Offer Shares to be subscribed for and on behalf of the CSI Ultimate Client to hedge
the OTC Swaps while the economic risks and returns of the underlying Offer Shares are passed to the CSI
Ultimate Client, subject to customary fees and commissions. CSI will enter into the OTC Swaps on behalf of
the CSI Ultimate Client on a non-discretionary basis. CSI will not take part in any economic returns or bear
any economic losses in relation to the Offer Shares. The OTC Swaps will be fully funded by the CSI Ultimate
Client.
CSI will hold the Offer Shares for and on behalf of one ultimate client on non-discretionary basis, namely HY
Capital Company Limited, where except for Xia Hui and Lu Ang, no ultimate beneficial owners hold 30% or
more interest.
CSI has confirmed that, to the best of their knowledge, each of the CSI Ultimate Client and its ultimate
beneficial owners are independent third parties of CSI, CITIC Connected Distributors and the companies which
are members of the same group of companies as CITIC Brokerage.
(3). Each of the Connected Client is not a collective investment scheme which is not authorized by the SFC, nor is it
holding the Offer Shares on behalf of such schemes.


--- page 21 ---
21
DISCLAIMERS
Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited and
Hong Kong Securities Clearing Company Limited take no responsibility for the contents of this
announcement, make no representation as to its accuracy or completeness and expressly disclaim
any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or
any part of the contents of this announcement.
This announcement is not for release, publication, distribution, directly or indirectly, in or into
the United States (including its territories and possessions, any state of the United States and
the District of Columbia). This announcement does not constitute or form a part of any offer or
solicitation to purchase or subscribe for securities in the United States. The securities mentioned
herein have not been, and will not be, registered under the United States Securities Act of 1933,
as amended (the “U.S. Securities Act ”). The securities may not be offered or sold in the United
States except pursuant to an exemption from the registration requirements of the U.S. Securities
Act and in compliance with any applicable state securities laws, or outside the United States
unless in compliance with Regulation S under the U.S. Securities Act. There will be no public
offer of securities in the United States.
The Offer Shares are being offered and sold outside the United States in offshore transactions in
reliance on Regulation S under the U.S. Securities Act.
This announcement is for information purposes only and does not constitute an invitation or offer
to acquire, purchase or subscribe for securities. This announcement is not a prospectus. Potential
investors should read the Prospectus dated February 27, 2026 issued by ESTUN AUTOMATION
CO., LTD for detailed information about the Global Offering described below before deciding
whether or not to invest in the H Shares thereby being offered.
* Potential investors of the Offer Shares should note that the Sole Sponsor and the Sponsor-
Overall Coordinator (for itself and on behalf of the Hong Kong Underwriters) shall be entitled
to terminate its obligations under the Hong Kong Underwriting Agreement with immediate
effect upon the occurrence of any of the events set out in the section headed “Underwriting
– Underwriting Arrangements and Expenses – Hong Kong Public Offering – Grounds for
Termination ” in the Prospectus at any time prior to 8:00 a.m. (Hong Kong time) on the Listing
Date (which is currently expected to be on Monday, March 9, 2026).


--- page 22 ---
22
PUBLIC FLOAT AND FREE FLOAT
Immediately after the completion of the Global Offering, the number of the H Shares to be held by
the public represents approximately 10.00% of the total issued share capital of our Company, the
Company will therefore satisfy the public float requirement as required under Rule 19A.13A(2)(a)
of the Listing Rules.
Each of the Cornerstone Investors has agreed to a lock-up period of six months following the
Listing Date. As such, H Shares held by the Cornerstone Investors upon the Listing shall not be
counted towards the free float of the H Shares of the Company at the time of Listing. Based on the
final Offer Price of HK$15.36 per H Share, the Company satisfies the free float requirement under
Rule 8.08A (as amended and replaced by Rule 19A.13C) of the Listing Rules.
The Directors confirm that, immediately following completion of the Global Offering (before any
exercise of the Over-allotment Option): (i) the Shares will be held by at least 300 Shareholders
at the time of Listing, in compliance with Rule 8.08(2) of the Listing Rules; (ii) the three largest
public Shareholders will not hold more than 50% of the H Shares held in public hands at the
time of Listing, in compliance with Rules 8.08(3) and 8.24 of the Listing Rules; (iii) no placee
will, individually, be placed more than 10% of the enlarged issued share capital of the Company
immediately after the Global Offering; and (iv) there will not be any new substantial Shareholder
(as defined in the Listing Rules) immediately after the Global Offering.
COMMENCEMENT OF DEALINGS
The H Share certificates will only become valid evidence of title at 8:00 a.m. on Monday, March 9,
2026 (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 Monday,
March 9, 2026 (Hong Kong time), it is expected that dealings in the H Shares on the Stock
Exchange will commence at 9:00 a.m. on Monday, March 9, 2026 (Hong Kong time). The H
Shares will be traded in board lots of 200 H Shares each, and the stock code of the H Shares will
be 2715.
By order of the Board
ESTUN AUTOMATION CO., LTD
Mr. WU Bo
Chairman of the Board and executive Director
Hong Kong, March 6, 2026
As of the date of this announcement, the Board comprises: (i) Mr. WU Bo, Mr. WU Kan, Mr. ZHU
Chunhua, Mr. ZHOU Ailin and Mr. HE Lingjun as executive Directors; (ii) Ms. CHEN Yinlan as
non-executive Director; and (iii) Dr. TANG Wencheng, Dr. HAN Xiaofang and Mr. LIN Jinjun as
independent non-executive Directors.