The CSRC asked the Company to supplement the specific performance of regulatory procedures such as overseas investment and foreign exchange management in establishing overseas subsidiaries and to issue a concluding opinion on compliance; and, in light of its solvency, to supplement whether major borrowings and credit facility contracts before and after completion of the offering may lead to major ownership disputes or cause changes in its major shareholders, as well as the specific circumstances of all pending litigation and arbitration involving the Company, whether they may have a material adverse impact on its future operations, whether they constitute a substantive obstacle to the offering, and whether they have been fully disclosed.

The Company must also further explain the necessity and reasonableness of this Hong Kong listing in light of the use of proceeds, and supplement the status of its intelligent robotics business and whether it involves embodied intelligent robotics.

The CSRC asked the Company to supplement the specific performance of regulatory procedures such as overseas investment and foreign exchange management in establishing overseas subsidiaries and to issue a concluding opinion on compliance; and, in light of its solvency, to supplement whether major borrowings and credit facility contracts before and after completion of the offering may lead to major ownership disputes or cause changes in its major shareholders, as well as the specific circumstances of all pending litigation and arbitration involving the Company, whether they may have a material adverse impact on its future operations, whether they constitute a substantive obstacle to the offering, and whether they have been fully disclosed.

In addition, the Company must list item by item the specific amounts and proportions of the proceeds to be used for domestic and overseas investment projects and explain the performance of the relevant approval, verification or filing procedures, and must undertake to repatriate all proceeds to the PRC if such procedures are still in progress; it must further explain the necessity and reasonableness of this Hong Kong listing in light of the use of proceeds. It must also supplement the specifics of transactions with Foxconn Industrial Internet and others during the reporting period, whether the pricing of such connected transactions is fair and whether there is any benefit transfer, as well as the status of its property management and cultural and artistic exchange activities.

On equity matters, the CSRC asked the Company to explain the pricing basis of each capital increase and equity transfer, the fairness of certain equity transfers priced at RMB0 or RMB1 and the income tax paid by the relevant transferors, whether such transfers are lawful and compliant and whether there is any benefit transfer, and to issue concluding opinions on the legality and compliance of its establishment and successive equity changes and on its qualifications and valid existence; it must also explain the background and reasonableness of granting equity incentives to external advisers, their basic information, and the comparison of their subscription prices with employee incentive prices and external investors' subscription prices in the same period, together with the pricing basis and fairness.

As 13 shareholders including Ma Jinsong signed a concert party agreement in January 2023, holding approximately 18.12% in aggregate, the Company must explain the agreement's main terms, how effective resolutions are formed when parties disagree, and whether control may change materially upon its expiry, and must explain the basis and reasonableness of its determination that it has "no controlling shareholder and no actual controller" and whether its corporate governance mechanism is sound; it must also explain the background and reasons for Zou Bo's exit, whether any pending disputes or potential controversies exist between Zou Bo and the Company or its other shareholders (including control and intellectual property ownership), and whether Zou Bo engaged in the same or similar business after exiting. In addition, the Company must supplement the progress of its state-owned shareholder identification and the performance of state-owned asset management procedures, explain the estimated proceeds assuming the over-allotment option is exercised in full and whether shares to be involved in the "Full Circulation" are pledged, frozen or subject to other rights defects, explain the details and termination reasons of its earlier A-share listing tutoring, whether it plans to continue pursuing an A-share listing, and whether its business involves AI large models and complies with the Administrative Measures for Generative AI Services.

The CSRC asked the Company to explain whether the property management business within its business scope is actually carried out and, if so, its business model, revenue scale and proportion; to explain, given that the Company and its subsidiaries hold Pollutant Discharge Permits and are registered for stationary pollution sources, whether the industry it belongs to is a "high energy consumption" or "high emission" industry and whether it has any such projects, with supporting evidence; and, in respect of the administrative penalty imposed on Huizhou POCO for a work safety accident, to provide an opinion from the municipal emergency management department confirming whether the accident constitutes a major work safety accident and whether it constitutes a major violation of laws and regulations. The Company must also explain the performance of regulatory procedures such as overseas investment and foreign exchange registration in establishing overseas subsidiaries, with its lawyers to verify and issue a concluding opinion on compliance, and further explain the necessity and reasonableness of this Hong Kong listing in light of the use of proceeds.

More specifically, the CSRC asked the Company to explain the pricing basis and paid-in capital of each capital increase and equity (share) transfer, whether any abnormal subscription price, failure to perform capital contribution obligations, capital withdrawal or defective contribution methods exist, whether the foreign investment involved complies with relevant rules, and whether any shareholding on trust or direct or indirect shareholding by entities prohibited by law exists, and to issue concluding opinions on the legality and compliance of the Company's establishment and successive equity changes and on whether there is any benefit transfer. With reference to the CSRC's Guidance on Regulatory Rules Application - Overseas Offering and Listing No. 2, the Company shall explain the background, membership, price fairness and decision-making procedures of its employee shareholding plan - including the subscription price, pricing basis and source of funds where any external persons participate - and elaborate on the exercise price basis and fairness of its option incentive plan and whether reserved equity is set aside. In addition, the Company shall list whether its business scope and actual operations involve restricted or prohibited areas under the Special Administrative Measures for Foreign Investment Access (Negative List) (2024 Edition) and whether it continuously complies with foreign investment access policies before and after this offering and listing and the "Full Circulation", describe in plain language the core patented technologies, application scenarios and specific functions of its main products or services, explain why several controlled subsidiaries have no actual external business operations, and supplement whether the shares held by shareholders to participate in the "Full Circulation" are pledged, frozen or subject to other rights defects.

The notice states that, from the date of issuance until the completion of the overseas offering and listing, the Company shall report any material event through the CSRC's filing administration information system in accordance with the relevant rules on overseas securities offering and listing by domestic enterprises; within 15 working days after completing the overseas offering and listing, the Company shall report the offering and listing status through the same system, and it shall strictly comply with the relevant domestic and overseas laws, regulations and rules during the process.

The notice also states that if the Company fails to complete the overseas offering and listing within 12 months from the date of issuance of the notice and intends to proceed, it shall update its filing materials. The notice only confirms the filing information of the Company's overseas offering and listing; it does not indicate that the CSRC makes any substantive judgment or guarantee on the investment value of the Company's securities or investors' returns, nor does it indicate any guarantee or confirmation by the CSRC as to the truthfulness, accuracy and completeness of the filing materials.

I. Weekly Changes: BAIGE DIGITAL Up 27.36%, CHINA SANDI Down 45.83%

Source: Choice / NewTimeSpace Research Institute, as of the close on October 9, 2026

Among the recent listings with the largest weekly gains, BAIGE DIGITAL rose 27.36% for the week, DIRECT DRIVE TECH rose 27.35%, YUNJI rose 19.42%, GLORY FLAME rose 18.00%, and BONJOUR HOLD (Old) rose 15.65%. On the decline side, CHINA SANDI fell 45.83% for the week, SINO ENGY CONS fell 39.41%, BRETON fell 34.90%, TH MEDICAL-B fell 34.55%, and CENTURY GP INTL (Old) fell 25.70%.

II. Review of Lock-up Expiries This Week: None

No recent listing completed a lock-up expiry this week (October 5 – October 11).

III. Next Week’s Lock-up Expiry Preview:

Three recent listings will see their lock-up restrictions lifted next week, with a total of 99.0526 million shares unlocked. SIGENERGY will see 6.7604 million shares released from lock-up on October 16, 2026; MANYCORE TECH will see 59.647 million shares released from lock-up on October 17, 2026; and GPIXEL will see 32.6452 million shares released from lock-up on October 17, 2026.

IV. Liquidity Observations:

Source: Choice / NewTimeSpace Research Institute, as of the close on October 9, 2026

The liquidity rankings shifted this week. Z.AI had an average daily turnover of HK$208,939.70 ten thousand, or approximately HK$2.089 billion, with an average daily turnover rate of 1.2036%; MINIMAX-W had an average daily turnover of HK$134,565.55 ten thousand, or approximately HK$1.346 billion, with an average daily turnover rate of 2.2536%; CATL had an average daily turnover of HK$107,874.12 ten thousand, or approximately HK$1.079 billion, with an average daily turnover rate of 1.0159%; ZHONGJI INNOLIGHT had an average daily turnover of HK$94,508.79 ten thousand, or approximately HK$945 million, with an average daily turnover rate of 1.4813%; and INSILICO had an average daily turnover of HK$69,439.52 ten thousand, or approximately HK$694 million, with an average daily turnover rate of 2.3219%, the highest among the top five. Among the bottom-ranked stocks, GF HEALTHCARE (Old) had an average daily turnover of HK$106.0, CAPITAL IND FIN (Old) HK$873.4, BIOSTAR PHARM-B HK$1,384.0, AUGROUP HK$1,404.0, and JINYAN KAOLIN HK$1,429.5.

V. Deviation from IPO Price: DEEPZERO Up 1,071.17% Ranks First, REFIRE Down 96.89%

Source: Choice / NewTimeSpace Research Institute, as of the close on October 9, 2026

Compared with the issue price, DEEPZERO closed at HK$650.00, deviating 1,071.17% from its issue price of HK$55.50, ranking first; QIYUNSHAN FOOD deviated 1,060.00%, NEW GONOW RV 883.46%, Z.AI 452.07%, and BAIGE DIGITAL 375.96%. On the issue-price-break side, REFIRE closed at HK$4.565, deviating -96.89% from its issue price of HK$147.00, making it the recent listing with the largest decline below its issue price; GUOFUHEE deviated -94.89%, ZG GROUP-W -93.35%, HESAI-W -92.62%, and CIDI -92.44%.

Matters to Watch Next Week

1. Lock-up expiry: next week, SIGENERGY will see 6.7604 million shares released from lock-up on October 16, 2026, MANYCORE TECH 59.647 million shares on October 17, 2026, and GPIXEL 32.6452 million shares on October 17, 2026, a total of 99.0526 million shares.

2. Liquidity: Z.AI had an average daily turnover of HK$208,939.70 ten thousand, or approximately HK$2.089 billion, with an average daily turnover rate of 1.2036%, ranking Liquidity TOP1; MINIMAX-W had an average daily turnover of HK$134,565.55 ten thousand, or approximately HK$1.346 billion, with an average daily turnover rate of 2.2536%.

3. Weekly change and deviation: BAIGE DIGITAL topped the list with a weekly gain of 27.36%, while CHINA SANDI ranked last with a weekly decline of 45.83%; DEEPZERO topped the list with a deviation of 1,071.17% from its issue price, while REFIRE topped the list with a decline of 96.89% below its issue price.

Note: This report defines newly listed stocks as HK-listed targets listed for less than 24 months. Note that YUNJI (02670.HK) had a capital reorganisation involving parallel old and new share codes during the period; its weekly change is presented on the adjusted basis of the data source.

Summary:

Hong Kong recent listings diverged this week, with BAIGE DIGITAL up 27.36%; CHINA SANDI down 45.83%; Z.AI led turnover at HK$2.089 billion; REFIRE slid 96.89%.

According to the announcement, immediately following Completion the Company will hold 50% of the equity interests in IEC and exercise joint control over it together with Isuzu; IEC's financial results will be accounted for by the Company using the equity method and will not be consolidated into the Group's financial statements. Earlier, on 20 March 2026, the Company, Qingling Group, Isuzu and IEC entered into a targeted capital reduction agreement reducing Isuzu's targeted share capital by USD3,955,972, lowering IEC's registered share capital from USD324,260,000 to USD320,304,028 at a consideration of RMB26,484,338.95; their contribution ratios then changed from 50.61%/30.06%/19.33% to 50%/30.43%/19.57%.

As Qingling Group holds approximately 50.10% of the Company's entire issued share capital and is its controlling shareholder, the transaction constitutes a connected transaction; as all applicable percentage ratios exceed 5% and one of them exceeds 25% but all are below 100%, the Acquisition also constitutes a major transaction subject to announcement, circular and Independent Shareholders' approval requirements. As at 30 June 2026, IEC's unaudited net asset value was approximately RMB2,175.288 million; the fair value of the approximately 30.43% equity interest, assessed under the asset-based approach as at the Valuation Benchmark Date, was approximately RMB669,594,957.05; profit before taxation was approximately RMB32.0 million in 2024 and RMB36.7 million in 2025. The Company expects to despatch the circular on or before 15 November 2026.

As at the date of the announcement, the Company's total share capital was 533,360,000 shares, comprising 133,360,000 H Shares (approximately 25.00% of the total share capital) and 400,000,000 Domestic Shares (approximately 75.00%). The 400,000,000 Domestic Shares intended for the application represent approximately 100.00% of the total Domestic Shares and approximately 75.00% of the total share capital. Upon completion, the total number of H Shares will change to 533,360,000, or approximately 100.00% of the total share capital, and none of the Domestic Shares will remain in issue.

The Domestic Shareholders participating in the application are Zhejiang Jujiang Holdings Group Co., Ltd. with 204,000,000 shares (38.25%) and Zhejiang Jujiang Equity Investment Management Co., Ltd. with 196,000,000 shares (36.75%). The Company said the filing with the CSRC has not been completed as at the date of the announcement, the implementation plan of the H Share Full Circulation and the Conversion and Listing has not been finalised, and the final number of shares to be converted is subject to the number filed with the CSRC.

According to the announcement, in order to re-comply with Rule 21.04(1) of the Listing Rules on the Executive Director issue, the Company has been placing advertisements and engaging its contacts in the finance industry, but has received little positive feedback from prospective candidates. The Company hopes to publish a further announcement as soon as practicable on its progress in identifying suitable candidates and on re-complying with Rule 3.05 on the authorised representative requirements.

On business operations, due to the Executive Director issue, there have been no material dealings in the Company's listed and unlisted investments, and its unaudited consolidated net asset value per share was approximately HK$ 0.30 as at 28 February 2026. Shareholders and potential investors are advised to exercise caution when dealing in the securities of the Company.

According to the prospectus, the company was the largest EIIR product provider in China by 2025 revenue, with a market share of approximately 20.0%. China Insights Consultancy data showed that embodied intelligent industrial robots accounted for 1.2% of China's industrial AI-enabled equipment industry in 2025, and the share is expected to reach 14.2% by 2030.

During the track record period, revenue grew from RMB 434.0 million in 2023 to RMB 795.5 million in 2025, while revenue from the EIIR product line rose from RMB 114.1 million to RMB 453.3 million, increasing from 26.3% to 57.0% of total revenue, with gross margin up from 47.9% to 53.5%. The company recorded a net loss of RMB 113.8 million in 2023 on strategic upfront investment, including R&D spending of RMB 178.3 million, or 41.1% of revenue, before returning to net profit of RMB 15.7 million in 2024 and RMB 5.1 million in 2025. For the five months ended 31 May 2026, revenue rose 22.6% to RMB 423.8 million and profit reached RMB 22.5 million, with EIIR revenue up 39.7% to RMB 260.2 million.

Following approval, the product forms a dual-dosage-form, dual-specification product matrix together with the subsidiary's existing 75mg 13C-urea breath test kit, with the two products complementing each other in dosage form and specification and providing clinicians with more flexible treatment options.

The subsidiary is now making every effort to advance its GMP compliance inspection, and the product is expected to commence production and launch in December 2026.

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Reference is made to the Company's announcements dated 17 June 2026, 26 August 2026 and 17 September 2026 regarding the share consolidation, the change in board lot size and the subscription; the expected timetable for the share consolidation and the change in board lot size set out in those announcements will be revised accordingly and set out in the circular and/or further announcements to be issued by the Company.

The announcement was signed by Chairman Fan Xuefei in Hong Kong on 9 October 2026; as at that date, the board comprised four executive directors, one non-executive director and three independent non-executive directors.

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The board further announced that he has also resigned as the Company's authorised representative appointed under Rule 3.05 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited with effect from 9 October 2026; executive director Ms. Liu Min (刘敏) has been appointed by the board as the authorised representative with effect from the same date.

The board expressed its sincere gratitude for his valuable contributions to the Company during his tenure. As at the date of the announcement, the executive directors are Ms. Liu Min and Mr. Yu Jianjun, and the independent non-executive directors are Mr. Wu Chengjian, Mr. Chen Jun and Mr. Guo Zheng.

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As at the date of the announcement, the Company has received the full principal and interest under the product. The transaction was funded by the Group's internal resources and no proceeds from the global offering were used. The Company considers that the transaction was undertaken for treasury management purposes to make the best use of surplus cash from its business operations; with a term of only four months and a relatively low risk profile, it delivers a better return than ordinary commercial bank deposits, and the Company has closely and effectively monitored and managed the related risks.

Under the Listing Rules, as the highest applicable percentage ratios of the transaction (on a standalone basis) exceed 5% but are below 25%, it constitutes a discloseable transaction under Chapter 14 and is subject to the announcement requirements; in addition, as the product also constitutes an advance by the Group to an entity and the assets ratio of such advances exceeds 8%, the transaction is also required to be disclosed under Rule 13.13.

The announcement acknowledged that the Company failed to publish an announcement in respect of the transaction on a timely basis, as it had not initially classified the product as an advance to an entity under Chapter 13 or a transaction under Chapter 14; after re-examining the product with professional advisers and the Stock Exchange, the Company confirmed that it should have constituted such an advance and transaction, and has implemented the internal control measures described in its previous announcement to prevent recurrence.

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On proprietary IP, MINISO's flagship proprietary IP YOYO recorded GMV of over RMB1 billion in the first nine months of 2026, joining the global IP "billion-yuan club"; since its first product launch in June 2025, YOYO has expanded to 53 countries and regions worldwide, becoming one of the fastest-scaling Chinese original IPs globally.

On overseas markets, MINISO's overseas performance was broadly in line with the Company's guidance; in 26Q3, its US market recorded GMV growth of about 20% year-on-year, with growth in September 2026 rebounding to over 30% on new product arrivals, alongside positive same-store sales growth.

The announcement noted that the figures are based on a preliminary review of the Company's operating data and not on any figures or information audited or reviewed by the auditors, and may be subject to change and adjustment; IP product performance may be affected by seasonality, marketing cycles and the timing of new product launches, and the operating data during the National Day holiday reflects only a short period and may not reflect the Company's performance for the entire fourth quarter of 2026 or any future period.

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The announcement disclosed that, upon the share subdivision becoming effective, the authorised share capital of the Company will remain HKD 100,000,000 divided into 40,000,000,000 subdivided shares, of which 5,040,000,000 subdivided shares (including 920,000 treasury shares) will be issued and fully paid or credited as fully paid (assuming no further issue or repurchase of shares before the subdivision becomes effective). The subdivided shares will rank pari passu in all respects with each other, and the share subdivision will not result in any change in the relevant rights of shareholders. The board further proposes that, upon the subdivision becoming effective, the board lot for trading the subdivided shares on the Stock Exchange be changed from 2,500 shares to 500 subdivided shares; the change in board lot will not result in any change in the relative rights of shareholders and, as no fractional shares will arise, no odd-lot trading arrangements are required.

The Company stated that the share subdivision is subject to three conditions: approval by shareholders of an ordinary resolution at an extraordinary general meeting; the Stock Exchange granting approval for the listing of and permission to deal in the subdivided shares (and any new subdivided shares that may be issued upon exercise of options under the share option scheme); and compliance with all relevant procedures and requirements under Cayman Islands law (if applicable) and the Listing Rules. The share subdivision will become effective on the second business day after the conditions are fulfilled. An extraordinary general meeting will be held at 11:00 a.m. on 19 November 2026, and a circular is expected to be despatched on or before 13 October 2026; the effective date of the subdivision is expected to be 23 November 2026, when trading in the subdivided shares will commence on a temporary counter in board lots of 10,000 subdivided shares (in existing share certificates) from 9:00 a.m., and the original counter will reopen for trading in board lots of 500 subdivided shares (in new share certificates) on 7 December 2026 with parallel trading commencing, which will end at 4:10 p.m. on 28 December 2026.

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The announcement disclosed that for September 2026, for the Hong Kong e-commerce business (excluding sales of HKTVmall cash coupons), the average daily number of orders was 50,000 (52,700 in August 2026 and 49,700 in September 2025; down 5.1% month on month and up 0.6% year on year); the average order value was HKD 510 (HKD 497 in August and HKD 435 in September 2025; up 2.6% month on month and up 17.2% year on year); the average daily gross merchandise value (GMV) was HKD 25.5 million (HKD 26.2 million in August and HKD 21.6 million in September 2025; down 2.7% month on month and up 18.1% year on year); and the monthly GMV was HKD 764 million (HKD 812 million in August and HKD 649 million in September 2025; down 5.9% month on month and up 17.7% year on year).

The Company stated that the number of unique customers during the period was 673,000 (699,000 in August and 610,000 in September 2025; up 10.3% year on year), and the monthly active unique devices were 1,598,000 (1,642,000 in August and 1,572,000 in September 2025). The board reminds shareholders and potential investors that the above data are unaudited and prepared based on the Group's preliminary internal information, and given various uncertainties in the collection process, may differ from figures disclosed in the audited or unaudited consolidated financial statements published on an annual or semi-annual basis; shareholders and potential investors should exercise caution when dealing in the Company's securities.

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The announcement disclosed that, upon completion of the capital increase, the Company's cumulative capital contribution to Datang Nuclear Power Company will be RMB 2,513,696,600, with its total shareholding remaining at 40%; and Datang Group's cumulative contribution will be RMB 3,770,554,800, with its total shareholding remaining at 60%. The Company's contribution to the registered capital will be paid from internal funds. The total capital increase was determined by the parties based on the development and project construction funding needs of Datang Nuclear Power Company, and will mainly fund: the Liaoning Xudabao nuclear power project (about RMB 740,710,000), the Fujian Ningde nuclear power phase II project (about RMB 562,950,000), the Liaoning Zhuanghe nuclear power project phase I (about RMB 159,900,000), and preliminary costs of the Guangdong Yangxi nuclear power project (about RMB 105,800,000).

The Company stated that, as of the announcement date, Datang Group is the controlling shareholder of the Company, holding, together with its subsidiaries, approximately 53.04% of the issued share capital, and is therefore a connected person of the Company; Datang Nuclear Power Company is 60%-held by Datang Group, is an associate of Datang Group and hence a connected person of the Company, so the transaction under the capital increase agreement constitutes a connected transaction of the Company. Under Rules 14.22 and 14A.81 of the Listing Rules, the transaction and past transactions must be aggregated and treated as one; as the highest applicable percentage ratio exceeds 0.1% but is below 5%, the transaction is subject to the reporting and announcement requirements under Chapter 14A but exempt from independent shareholders' approval, and does not constitute a discloseable transaction under Chapter 14.

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The announcement disclosed that the Company recently received a notice from Hongyi Investment that, on 8 October 2026, Hongyi Investment completed a supplementary pledge under a stock pledge repo transaction with CITIC Securities Company Limited ("CITIC Securities"). The supplementary pledge covers 10,010,000 A shares, with a pledge start date of 8 October 2026 and a pledge maturity date of 20 March 2027, with CITIC Securities as pledgee. The supplementary pledged shares are not used as security for matters such as performance compensation in material asset restructuring or other guarantee purposes, and the supplementary pledge does not involve any new financing arrangement.

The Company stated that, upon completion of the supplementary pledge, Hongyi Investment has cumulatively pledged 115,820,000 A shares of the Company, representing 43.87% of its holdings and 6.49% of the total share capital. Hongyi Investment's party acting in concert is Henan Asset Management Co., Ltd. ("Henan Asset"), which holds 77,854,357 shares (4.36%) free of pledge; together they hold 341,840,076 shares (19.15%) of the Company, with cumulative pledged shares of 115,820,000, representing 33.88% of their holdings and 6.49% of the total share capital. As of the disclosure date, Hongyi Investment's credit standing is sound, the pledged shares carry no risk of forced liquidation or compulsory transfer, and the pledge risk is controllable; should any liquidation risk arise, it will respond by partial repayment, early repurchase or supplementary pledge.

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The announcement disclosed that the Company focuses on developing Atlas graph solutions and Atlas agents through graph-model fusion technology and providing industry-grade artificial intelligence solutions; Jointown is a leading pharmaceutical distribution industry group in China, whose A shares are listed on the Shanghai Stock Exchange (stock code: 600998), with a nationwide distribution, logistics and terminal service network and deep business accumulation across the entire circulation chain including procurement, inventory, warehousing, transportation, orders, quality control, finance and customer operations.

The Company stated that the board believes the strategic cooperation under the framework agreement will achieve complementary resources and coordinated development through the parties' respective technological advantages, industry experience and market resources, supporting the digital and intelligent transformation (i.e. AI upgrade) of the pharmaceutical distribution industry. The framework agreement is a framework document, and specific cooperation will be separately negotiated and executed by the parties; the Company will make further announcements under the Listing Rules as necessary or appropriate.

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The announcement disclosed that, as disclosed in that announcement, the making of the partial offer is subject to the Executive's consent to the partial offer being obtained under Rule 28.1 of the Takeovers Code. The offeror is pleased to announce that, on 9 October 2026, the Executive's consent to the partial offer was obtained under Rule 28.1, and the pre-condition has therefore been fulfilled; WM Capital will make the partial offer to qualifying shareholders for and on behalf of the offeror. Under Rule 8.2 of the Takeovers Code, the offeror must despatch the offer document to shareholders within 21 days after the date of that announcement (or such later date as permitted by the Takeovers Code and consented to by the Executive), containing the terms and expected timetable of the partial offer; the offeror is finalising the offer document in accordance with the Takeovers Code and will make further announcements on its despatch as appropriate.

The Company stated that shareholders and potential investors should note that the partial offer is subject to conditions and may or may not become unconditional; if it does not become unconditional, it will lapse. Shareholders and potential investors should exercise caution when dealing in the securities of the offeree company.

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The announcement disclosed that the board wishes to inform shareholders and potential investors that, as at the date of the announcement, the Company has fully repaid the amounts owed to the Petitioner (except for legal costs). The Company will make further announcements on any updates as and when appropriate, and reminds shareholders and other investors to exercise caution when dealing in the Company's securities.

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The announcement disclosed that the board intends to exercise its powers under the Repurchase Mandate, and the Company will repurchase H shares on the open market from time to time subject to market conditions and the terms of the Repurchase Mandate, in an amount not exceeding RMB 5 million. The Repurchase Mandate will expire on the earliest of: the conclusion of the Company's next annual general meeting; the expiry of the period within which the Company is required by its articles of association or any applicable law to hold its next annual general meeting; and the date on which shareholders pass the necessary resolution to revoke or vary the authorisation granted under the Repurchase Mandate. The share repurchase programme will be funded from its own financial resources rather than the proceeds from the H-share listing.

The Company stated that the share repurchase programme reflects the board's confidence in the Company's long-term development, its current operational growth prospects and financial position, taking into account recent market conditions. The board considers that the current trading price of the H shares undervalues the Company's intrinsic value and business prospects, and that the programme will enhance shareholder value; the Repurchase Mandate will only be implemented when the board considers it appropriate and in the overall interests of the Company and its shareholders. The Company reminds shareholders and potential investors that exercise of the Repurchase Mandate depends on market conditions and is at the board's full discretion, and that no assurance can be given as to the timing, number or price of any repurchase or whether any repurchase will be made.

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The announcement disclosed that the resumption guidance requires the Company to: (a) publish all outstanding financial results required under the Listing Rules and address any audit modifications; (b) demonstrate compliance with Rule 13.24; (c) appoint an independent internal control adviser to conduct an independent internal control review and confirm that material deficiencies relating to the trading suspension have been remedied, all necessary remedial measures have been properly implemented, and the Company's internal controls are adequate to enable it to comply with the Listing Rules and other legal and regulatory requirements (including the financial reporting cycle); and (d) inform the market of all material information for shareholders and investors to appraise the Company's position. Before trading is permitted to resume, the Company must comply with all resumption guidance, resolve the issues causing the suspension and fully comply with the Exchange's rules to its satisfaction.

The Company stated that under Rule 6.01A(1), the Exchange may cancel the listing of any securities that have been suspended for 18 consecutive months; in the Company's case, the 18-month period expires on 1 January 2028. If the Company fails to remedy the matters causing the suspension, fully comply with the Listing Rules to the Exchange's satisfaction and resume trading before 1 January 2028, the Listing Division will recommend that the Listing Committee cancel the Company's listing status; the Exchange may also impose a shorter specific remedial period or cancel the listing immediately where appropriate. The Company is taking the necessary steps to resolve the matters as soon as practicable. On business, the Group has been engaged in investment holding for short-to-long-term capital appreciation and investment in listed and unlisted securities, and its daily operations have not been affected by the announcements. On resumption progress, the annual results are expected to be published on or before 31 October 2026 and the annual report on or before 30 November 2026. At the Company's request, trading in its shares has been suspended since 9:00 a.m. on 2 July 2026 and will remain suspended until the Company publishes the annual results and fulfils all resumption guidance.

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The announcement disclosed that Suhao Hongye plans to reduce its shareholding through centralized bidding by up to 4,400,000 shares (approximately 0.4366% of total share capital) within three months after 15 trading days from the disclosure date (2 November 2026 to 30 January 2027). The reduction is due to the Company's operational management and asset structure adjustment needs, to further focus on its principal business; the price will be determined by the market price at the time of reduction. If the Company carries out bonus issues, capitalisation issues, rights issues or other equity changes during the reduction period, the number of shares and shareholding ratio will be adjusted accordingly.

The Company stated that Suhao Hongye has given undertakings in the Company's A-share IPO prospectus and listing announcement regarding share lock-up, shareholding and reduction intentions, and measures in case of non-performance; as of the announcement date it has strictly performed all such undertakings with no breach, and the proposed reduction is consistent with its previously disclosed shareholding and reduction intentions. Implementation of the reduction plan is subject to uncertainty, with Suhao Hongye to decide based on market and share price conditions and to implement only after approval by its shareholders' meeting; the reduction is a normal shareholder action that will not materially affect the Company's governance structure, shareholding structure or future operations, nor result in a change of control.

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The announcement disclosed that, on wealth management, the Company resolved at the eighth meeting of the fourth board on 8 April 2026 to use no more than RMB 5 billion (inclusive) of idle own funds to purchase wealth management products, including structured deposits, large-denomination certificates of deposit and principal-protected bank wealth management products; and at the eleventh meeting of the fourth board on 15 June 2026 resolved to increase the cap by no more than RMB 4 billion (inclusive). After the increase, the cap for purchasing wealth management products with idle own funds is no more than RMB 9 billion (inclusive), with funds revolving within the cap. The Company has recently purchased several wealth management products within the authorised scope through counterparties including BNP Paribas Hong Kong, Industrial Bank, Citibank, ICBC, Bank of China and China Guangfa Bank, in product types including time deposits, net-value wealth management products, large-denomination certificates of deposit, structured deposits, USD wealth management and asset management plans. On cash management, as of 30 September 2026, the aggregate outstanding amount of cash management using part of the temporarily idle raised funds was RMB 495 million (including this one), within the board's authorised investment amount.

The Company stated that, on convertible bonds, the conversion period of the "Anker Convertible Bonds" (bond code: 123257) runs from 22 December 2025 to 15 June 2031, with the latest effective conversion price of RMB 105.96 per share as of the announcement date; in the third quarter of 2026, 366 Anker Convertible Bonds were converted (with an aggregate face value of RMB 36,600), converting into 335 Anker Innovations shares (stock code: 300866); and as of the end of the third quarter of 2026, the remaining aggregate face value of the Anker Convertible Bonds was RMB 1,104,624,200.

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The announcement disclosed that the four agreements and their proposed annual caps are: (i) the 2029 Exceltech Sale and Purchase Agreement, under which the Group agreed to supply products to Exceltech Food, Excellent International and Exceltech International, with proposed annual caps of RMB 4,000,000 for 2027, RMB 5,000,000 for 2028 and RMB 6,000,000 for 2029; (ii) the 2029 Junye Agreement, under which Wuzhou Junye agreed to supply packaging materials to the Group, with proposed annual caps of RMB 52,000,000, RMB 63,000,000 and RMB 75,000,000; (iii) the 2029 Zhongbai Agreement, under which Wuzhou Zhongbai agreed to supply packaging materials to the Group, with proposed annual caps of RMB 12,000,000, RMB 14,000,000 and RMB 17,000,000; and (iv) the 2029 Zhiguan Framework Agreement, under which Guangxi Zhiguan agreed to supply cattle hide and provide hide processing services to the Group, with proposed annual caps of RMB 410,000,000, RMB 490,000,000 and RMB 590,000,000. On pricing, prices for products supplied to the three Exceltech companies must not be lower than the average prices of similar products of the specific product categories exported by the Company to independent customers in Southeast Asia; prices for packaging materials purchased from Wuzhou Junye and Wuzhou Zhongbai must not be higher than those offered by two to three independent suppliers; and hide purchase prices and processing fees are determined by reference to independent suppliers' prices and market processing fees.

The Company stated that Exceltech Food, Excellent International and Exceltech International are each associates of Dato' Sri Lau, a non-executive Director and substantial shareholder; and Wuzhou Junye, Wuzhou Zhongbai and Guangxi Zhiguan are each associates of Ms. Zhou, an executive Director and controlling shareholder, so the transactions under each agreement constitute continuing connected transactions. As the applicable percentage ratios for the proposed annual caps of the 2029 Exceltech Agreement are below 5%, its transactions are subject to the reporting, announcement and annual review requirements but exempt from independent shareholders' approval; as the applicable percentage ratios for the aggregate proposed annual caps of the 2029 Junye and Zhongbai Agreements and for the 2029 Zhiguan Framework Agreement exceed 5%, their transactions are subject to the reporting, announcement, annual review and independent shareholders' approval requirements. An extraordinary general meeting will be convened for independent shareholders to consider and approve, and a circular is expected to be despatched on or before 2 November 2026; Maisie Capital has been appointed as independent financial adviser.

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The announcement disclosed that a circular containing, among other things, further information on the disposal, the valuation report on the property, other information required to be disclosed under the Listing Rules and the notice of the general meeting to approve the disposal was expected to be despatched to shareholders on or before 9 October 2026. As the Company requires additional time to finalise the financial information and the valuation report for inclusion in the circular, the despatch date is expected to be delayed to on or before Friday, 23 October 2026.

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The announcement disclosed that the leased assets are certain vehicles located across China owned by the lessee, with a total value determined through the Company's internal assessment process of approximately RMB 195,000,000. The rent is VAT-inclusive and payable in RMB, comprising the lease principal and lease interest: the lease principal equals the transfer price, totalling approximately RMB 183,000,000; lease interest totals approximately RMB 5,900,000 over the lease term, payable by the lessee in monthly instalments. The lessee agreed to transfer and/or register the leased assets in the lessor's name during the lease term, and the lessor agreed to lease the assets to the lessee for possession, use and enjoyment of income; upon expiry, the lessee may repurchase the leased assets at a nominal price of RMB 100 per vehicle.

The Company stated that, in the 12 months before this transaction, the Company as lessor entered into several finance lease contracts with the same lessee for an aggregate consideration of approximately RMB 751,000,000 (lease terms of 12 to 36 months), with the highest applicable percentage ratio below 5%. As the lessee under this transaction and the several transactions is the same party, they must be aggregated under Rule 14.22 of the Listing Rules; the aggregated highest applicable percentage ratio exceeds 5% but is below 25%, so this transaction constitutes a discloseable transaction subject to the reporting and announcement requirements under Chapter 14 but exempt from the circular and shareholders' approval requirements. The lessee and its ultimate beneficial owners are independent third parties; the contract was entered into in the ordinary and usual course of business and will help increase the Company's finance leasing income, consistent with its business development strategy.

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On October 9, 2026, the three major Hong Kong indices rebounded, with the Hang Seng Index up 1.79%, the Hang Seng TECH Index up 3.06%, and the Hang Seng China Enterprises Index up 1.71%. Full-day turnover on the Hang Seng Index reached HKD 209.2 billion, up slightly from HKD 207.3 billion a day earlier.

On the board, among Stock Connect constituent stocks, YUNJI rose 26.15%, TOPNC rose 15.74%, YUNFENG FIN rose 15.23%, SHOUGANG LANZA rose 14.90% and DEEPZERO rose 11.30%; on the downside, TH MEDICAL-B fell 34.17%, UISEE TECH fell 19.28%, DHI fell 15.94%, DELTON fell 10.09% and DTECH fell 9.95%. Robot-related names rose in line with the broader market, while AI hardware came under pressure after overnight weakness in US peers.

Southbound capital recorded net buying of HK$291 million on the day, comprising net selling of HK$2.331 billion via Stock Connect (Shanghai) and net buying of HK$2.622 billion via Stock Connect (Shenzhen), a divergence between the two channels.

II. HK Stock Connect Stock Rankings

2.1 HK Stock Connect Stock Gainers and Decliners

Source: Wind, HKEX. The content of this article is for the objective presentation of data only and does not constitute any investment advice, nor does it represent a recommendation for or value judgment on any security. The market involves risks; investment requires caution.

2.2 HK Stock Connect Active Stocks (ranked by southbound turnover)

Source: Wind, HKEX. The content of this article is for the objective presentation of data only and does not constitute any investment advice, nor does it represent a recommendation for or value judgment on any security. The market involves risks; investment requires caution.

III. HK Stock Connect-related A-share ETF Rankings

3.1 HK Stock Connect-related A-share ETF Gainers and Decliners

Source: Wind. The content of this article is for the objective presentation of data only and does not constitute any investment advice, nor does it represent a recommendation for or value judgment on any security. The market involves risks; investment requires caution.

3.2 HK Stock Connect-related A-share ETF Active Rankings (ranked by turnover)

Source: Wind. The content of this article is for the objective presentation of data only and does not constitute any investment advice, nor does it represent a recommendation for or value judgment on any security. The market involves risks; investment requires caution.

IV. Industry and Corporate Updates

1. YUNJI Tops Stock Connect Gainers with a 26.15% Rise as Robot Sector Momentum Continues

On October 9, YUNJI (02670.HK) closed up 26.15% at HKD 7.380, the top gainer among Stock Connect stocks on the day. The company is a commercial service robot provider whose business covers robot hardware and scenario-based service solutions. Robot-related names extended their recent momentum, with mass production progress along the supply chain the main driver: Changying Precision said it delivered more than 1.1 million precision components for humanoid robots from January to August 2026, with third- and fourth-quarter order growth outpacing the first half, while Guosheng Securities said Tesla is accelerating mass production preparation with solid supply chain progress, and domestic players including AgiBot have released new products.

2. TOPNC Rises 15.74% as First-Half New Orders Grow 115.6%

On October 9, TOPNC (07688.HK) closed up 15.74% at HKD 20.520. The company makes high-end CNC machine tools and intelligent manufacturing equipment and is a recently listed Hong Kong newcomer. It said new orders in the first half of 2026 grew 115.6% year on year. A total of 32.665 million cornerstone investor shares will be unlocked on November 20.

3. ROBOSENSE Rises 5.52% as Q3 LiDAR Shipments Hit a Record 595,600 Units

On October 9, ROBOSENSE (02498.HK) closed up 5.52% at HKD 16.250 after reporting third-quarter LiDAR shipments of 595,600 units, up 220.9% year on year and 53.1% quarter on quarter, a single-quarter record. ADAS LiDAR shipments reached 450,400 units, up 200.1%, while robotics and other applications accounted for 145,200 units, up 309.0%. For the first three quarters, cumulative shipments reached 1,314,800 units, already exceeding the 912,000 units shipped in all of 2025.

4. Southbound Net Buying Reaches HK$291 Million as the Two Channels Diverge

On October 9, southbound capital recorded net buying of HK$291 million, comprising net selling of HK$2.331 billion via Stock Connect (Shanghai) and net buying of HK$2.622 billion via Stock Connect (Shenzhen). At the stock level, southbound funds bought a net HK$1.066 billion of AIA (01299.HK), HK$611 million of ALIBABA-W (09988.HK) and HK$363 million of Z.AI (02513.HK), while selling a net HK$1.819 billion of Tracker Fund Of Hong Kong (02800.HK), HK$925 million of XIAOMI-W (01810.HK) and HK$557 million of YOFC (06869.HK).

5. OpenAI Revenue Falls Short of Expectations, Triggering a Global AI Hardware Selloff as DELTON Falls 10.09%

On October 9, media reports said OpenAI annualised revenue is approaching USD 50 billion, below the USD 70 billion previously circulating in the market, reviving concerns over the pace of AI monetisation and weighing on AI hardware globally. The Nasdaq fell more than 1% overnight; in the A-share market, MLCC, PCB and memory chip names weakened across the board, with Zhongji Innolight down more than 5% and Shennan Circuits down more than 9%. In Hong Kong, DELTON (01989.HK) fell 10.09%, DTECH (01377.HK) fell 9.95% and GIGADEVICE (03986.HK) fell 1.05%, while SMIC (00981.HK) rose 1.50% against the trend.

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The announcement stated that, after due consideration of recent market conditions, the Board has resolved not to pursue further acquisitions of artwork and has structured a two-year divestment schedule for the Group's artwork portfolio commencing from 1 September 2026, with an aim to optimise the Company's financial returns. The Company intends to divest around HK$ 500 million of the artwork portfolio by 31 August 2027 and around HK$ 900 million by 31 August 2028, though actual transaction volumes and timing may vary with the art market conditions and liquidity.

To implement the two-year phased divestment plan, the Company has set execution mechanisms for three dedicated sales channels, namely auction houses, modern online and digital art platforms, and a private referral network channel. A transactional compliance team of the Group will oversee the entire approval, sale and execution process, with pricing primarily benchmarked against the latest valuation report issued by an independent certified external valuer, and an external artwork consultant is to be appointed to provide recommendations; each sale transaction requires approval by the chairman of the Investment Committee and, where applicable, the Board. The Company reminded shareholders and potential investors to exercise caution when dealing in its shares.

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Following the repurchase, the number of issued shares (excluding treasury shares) decreased from 1,363,729,112 to 1,363,629,112, while treasury shares increased from 19,526,000 to 19,626,000; the total number of issued shares remained unchanged at 1,383,255,112. The change in issued shares represented approximately 0.0073% of the existing number of issued shares (excluding treasury shares) before the relevant event.

The Company's buy-back mandate was approved by resolution on 8 May 2026, permitting the repurchase of up to 136,644,711 shares; as at this repurchase, the Company had repurchased 2,818,000 shares under the mandate, representing approximately 0.206% of the issued shares (excluding treasury shares) as at the date the buy-back mandate resolution was passed. Under the Listing Rules, the Company may not issue new shares or sell or transfer any treasury shares during the period from this repurchase up to 8 November 2026.

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According to the announcement, the Company submitted its application for the proposed issue and listing to the Stock Exchange of Hong Kong on 27 May 2026 and published the application materials on the Stock Exchange's website on the same date. The proposed issue and listing remain subject to a number of conditions, including but not limited to obtaining the CSRC filing, and approvals from the Securities and Futures Commission of Hong Kong, the Stock Exchange of Hong Kong and other relevant regulatory authorities, and can only be implemented taking into account market conditions and other factors; there is therefore uncertainty. The Company will duly and timely fulfil its disclosure obligations in light of the progress of the matter and reminds investors to be aware of investment risks.

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The Group will act as the main contractor to provide building construction works, which commenced in early September 2026. 

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On October 9, 2026, the three major Hong Kong indices rebounded, with the Hang Seng Index up 1.79% at 24,211.35, the Hang Seng TECH Index up 3.06% at 4,197.84, and the Hang Seng China Enterprises Index up 1.71% at 8,147.87. Full-day turnover on the Hang Seng Index reached HKD 209.2 billion, up slightly from HKD 207.3 billion a day earlier. AI concept stocks gained broadly, with 12 of the 20 names closing higher, led by the LLM and embodied AI sectors.

In the LLM space, KUAISHOU-W (01024.HK) rose 5.47%, TENCENT (00700.HK) rose 3.26%, MEITUAN-W (03690.HK) rose 3.03%, MINIMAX-W (00100.HK) rose 2.80%, BABA-W (09988.HK) rose 2.59% and BIDU-W (09888.HK) rose 1.03%; Z.AI (02513.HK) fell 0.23%.

In the AI Chips space, BIRENTECH (06082.HK) rose 2.11% and SMIC (00981.HK) rose 1.50%; GIGADEVICE (03986.HK) fell 1.05%, HUA HONG GRACE (01347.HK) fell 1.10%, MONTAGETECH (06809.HK) fell 1.90% and ILUVATAR COREX (09903.HK) fell 4.28%, the worst performer among AI concept stocks. US AI hardware names weakened overnight, leaving Hong Kong semiconductors mixed.

In the Autonomous Driving space, ROBOSENSE (02498.HK) rose 5.52% and HORIZONROBOT-W (09660.HK) rose 4.18%; PONY-W (02026.HK) fell 0.48%, BLACK SESAME (02533.HK) fell 1.50% and WERIDE-W (00800.HK) fell 1.73%.

In the Embodied AI space, XIAOMI-W (01810.HK) rose 9.72%, the top gainer among AI concept stocks, and UBTECH ROBOTICS (09880.HK) rose 3.68%.

II. Market Performance of Representative AI Stocks

Data Source: HKEX. For reference only, not investment advice. Data as of market close on October 9, 2026.

III. AI Industry & Corporate Developments

1. XIAOMI-W Tops the Gainers with a 9.72% Rise as Xiaomi 17 Ultra Prices Rise by RMB 1,000

On October 9, XIAOMI-W (01810.HK) closed up 9.72% at HKD 25.960, the top gainer among AI concept stocks. The company raised prices across the Xiaomi 17 Ultra line by RMB 1,000 with effect from October 9, lifting the standard version from RMB 6,999 to RMB 7,999 and the top Leica edition to RMB 9,999, taking the flagship line into the RMB 10,000 range for the first time. The company attributed the increase to rising memory chip costs; group president Lu Weibing has said the pace and scale of memory price increases far exceeded expectations. On the auto side, Xiaomi Auto said cumulative locked orders for its Pengcheng series exceeded 70,000 units within 30 days of its September 7 launch, helping monthly deliveries top 40,000 units for the first time in September.

2. ROBOSENSE Rises 5.52% as Q3 LiDAR Shipments Hit a Record 595,600 Units

On October 9, ROBOSENSE (02498.HK) closed up 5.52% at HKD 16.250 after the company reported third-quarter LiDAR shipments of 595,600 units, up 220.9% year on year and 53.1% quarter on quarter, a single-quarter record. ADAS LiDAR shipments reached 450,400 units, up 200.1%, while robotics and other applications accounted for 145,200 units, up 309.0%. For the first three quarters, cumulative shipments reached 1,314,800 units, already exceeding the 912,000 units shipped in all of 2025. The company said its robotics LiDAR now serves more than 3,400 customers worldwide, providing three-dimensional perception data for robot navigation, obstacle avoidance and spatial information collection.

3. KUAISHOU-W Rises 5.47% as Kling 4.0 Enters Beta Testing Ahead of a Hong Kong Listing

On October 9, KUAISHOU-W (01024.HK) closed up 5.47% at HKD 30.100. The company's new Kling 4.0 video generation model has entered beta testing and is scheduled for an official launch in October, while Kling AI has selected investment banks to prepare a Hong Kong listing that aims to raise at least USD 1 billion. Kling AI previously completed independent financing with a total cap of USD 3 billion at a post-money valuation of USD 18 billion; its quarterly revenue has exceeded RMB 650 million and its annualised run rate is approaching USD 500 million.

4. TENCENT Rises 3.26% as It Weighs Up to USD 5 Billion of Offshore Bonds for AI Investment

On October 9, TENCENT (00700.HK) closed up 3.26% at HKD 424.800. The company is considering issuing up to USD 5 billion of offshore bonds denominated in US dollars and offshore renminbi, with an offering potentially starting as early as this month. The final use of proceeds has not been decided, and market participants widely expect the funds to support heavier artificial intelligence investment. Four months ago the company raised nearly USD 4.7 billion through dollar and renminbi notes. TENCENT also repurchased 241,000 shares on October 8 for HKD 100 million.

5. OpenAI Revenue Falls Short of Expectations, Weighing on AI Hardware as Hong Kong Chips Diverge

On October 9, media reports said OpenAI annualised revenue is approaching USD 50 billion, below the USD 70 billion previously circulating in the market, reviving concerns over the pace of AI monetisation. The three major US indices fell for a second straight session overnight, with the Nasdaq down more than 1% and the Philadelphia Semiconductor Index down more than 3%, led lower by memory and optical communication names. Hong Kong semiconductor stocks diverged: SMIC (00981.HK) rose 1.50% and BIRENTECH (06082.HK) rose 2.11%, while ILUVATAR COREX (09903.HK) fell 4.28%, MONTAGETECH (06809.HK) fell 1.90% and HUA HONG GRACE (01347.HK) fell 1.10%.

IV. Profiles of Representative AI Concept Stocks

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Gross and net proceeds were HKD 14.5 million and about HKD 14.3 million respectively, to be used as general working capital, including rental, staff costs, professional fees and other general administrative and operating expenses. Following completion, Dr. Jian Zhijian and Ms. Jian Gong Chuanli hold 4,484,029,568 shares (53.97%), Mr. Li Jixian holds 200,000 shares (0.01%), the subscriber holds 50,000,000 shares (0.60%), and other public shareholders hold 3,773,671,021 shares (45.42%). Total issued shares rose from 8,257,900,589 to 8,307,900,589. 

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Founded in June 2022, Xihe Superconductor is a high-tech enterprise engaged in the R&D, manufacture and sale of superconducting and cryogenic equipment for laboratory, industrial and special applications, covering controlled nuclear fusion, high-field research magnets, photovoltaic semiconductors, superconducting magnetic separation and advanced medical care. The Company said the investment will further enrich its information technology portfolio and optimize its investment mix.

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The leading gainers were the gold-mining theme. E Fund (HK) Solactive Global Gold Miner Select Index ETF, managed by E Fund Management (Hong Kong) Co., Limited, rose 5.50% to top the gainers list; GF MSCI Global Strategic Metals Select ETF, managed by GF International Investment Management Limited, rose 3.32% as the metals theme strengthened in tandem.

The internet theme was active. Samsung CSI China Dragon Internet ETF, managed by Samsung Asset Management (Hong Kong) Limited, rose 3.46%, tracking the CSI Global China Internet Index.

The Hang Seng TECH theme strengthened collectively. Global X Hang Seng TECH ETF, managed by Mirae Asset Global Investments (Hong Kong) Limited, rose 3.08%; ChinaAMC Hang Seng Tech Index ETF, managed by China Asset Management (Hong Kong) Limited, rose 2.99%; iShares Hang Seng Tech ETF, managed by BlackRock Asset Management North Asia Limited, rose 2.97%; CMS Hang Seng Tech Index ETF, managed by CMS Asset Management (HK) Co., Limited, rose 2.87%; and Hang Seng TECH Index ETF, managed by Hang Seng Investment Management Limited, rose 2.80% — all five tracking the Hang Seng TECH Index. In addition, Global X Hang Seng TECH Covered Call Active ETF, also managed by Mirae Asset Global Investments (Hong Kong) Limited, rose 2.81%.

The consumer theme also performed. Global X China Consumer Brand ETF, managed by Mirae Asset Global Investments (Hong Kong) Limited, rose 2.62%, tracking the Solactive China Consumer Brand Index (NTR).

On the downside, the 5G and blockchain themes led the decline. CSOP Yinhua CSI 5G Communications Theme ETF, managed by CSOP Asset Management Limited, fell 2.35% as the day's worst performer, tracking the 5G Communication Index; Pando Blockchain ETF, managed by Pando Limited, fell 2.28%.

Optical communication and AI infrastructure themes pulled back modestly. Value Partners Optical Communication Active ETF, managed by Value Partners Hong Kong Limited, fell 1.37%; Global X AI Infrastructure ETF, managed by Mirae Asset Global Investments (Hong Kong) Limited, fell 1.32%.

Korean and semiconductor themes weakened. Global X KOSPI 200 ETF, managed by Mirae Asset Global Investments (Hong Kong) Limited, fell 1.03%, tracking the KOSPI 200 Index; Xtrackers MSCI Korea UCITS ETF, managed by DWS Investment S.A., fell 0.97%; E Fund (HK) Solactive Asia Semiconductor Select Index ETF, managed by E Fund Management (Hong Kong) Co., Limited, fell 1.01%; and Bosera HKEX KRX Semiconductor Index ETF, managed by Bosera Asset Management (International) Co., Limited, fell 0.81%.

In addition, CSOP Saudi Arabia ETF, managed by CSOP Asset Management Limited, fell 0.98%, tracking the FTSE Saudi Arabia Index (SAR) (Net Total Return); Global X MSCI Asia Pacific ex Japan ETF, managed by Mirae Asset Global Investments (Hong Kong) Limited, fell 0.87%, tracking the MSCI AC Asia Pacific ex Japan Index.

Among southbound (Stock Connect) ETFs, Hang Seng TECH-themed products rose collectively while biotech edged lower, broadly in line with the market's overall price direction that day. The top five gainers were all Hang Seng TECH-themed: Global X Hang Seng TECH ETF (2837.HK) led with a 3.08% gain, followed by ChinaAMC Hang Seng Tech Index ETF (3088.HK) at 2.99%, iShares Hang Seng Tech ETF (3067.HK) at 2.97%, CMS Hang Seng Tech Index ETF (3423.HK) at 2.87%, and Hang Seng TECH Index ETF (3032.HK) at 2.80%.

Only one product appeared on the losers list: ChinaAMC Hang Seng Biotech ETF (3069.HK) fell 0.31%, tracking the Hang Seng Hong Kong-Listed Biotech Index.

NewTimeSpace Research data shows that the market on the day exhibited a "gold-mining leads, Hang Seng TECH strengthens collectively" structure. The gains were driven by multiple directions including gold-mining and metals, internet, and Hang Seng TECH, with E Fund (HK) Solactive Global Gold Miner Select Index ETF leading at 5.50% and five Hang Seng TECH-themed ETFs all up no less than 2.8%. The declines were concentrated in 5G, blockchain, optical communication and AI infrastructure, with a maximum drop of 2.35% and limited overall magnitude. On the southbound side, the top five gainers were all Hang Seng TECH-themed and only one biotech product declined, in line with the broader market direction.

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NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.

On the market, by industry. Themes such as media, non-ferrous metals, and consumer services led the gains. Themes such as defense and military, machinery, and pharmaceuticals and biotechnology led the declines.

Among the Hang Seng Index constituents, 79 rose and 14 fell. On the upside, XIAOMI rose 9.7%, KUAISHOU-W rose 5.5%, and ZIJIN MINING rose 5.3%. On the downside, CHINA LIFE fell 2.2%, CSPC PHARMA fell 2.1%, and CHINA OVERSEAS fell 2.1%.

Among the Hang Seng TECH Index constituents, 27 rose and 3 fell. On the upside, SENSETIME-W rose 5.3%, BYD ELECTRONIC rose 4.6%, and HORIZONROBOT-W rose 4.2%. On the downside, ILUVATAR COREX fell 4.3%, HUA HONG GRACE fell 1.1%, and Z.AI fell 0.2%.

Among Hong Kong Stock Connect constituents, YUNJI surged 26.2%, TOPNC surged 15.7%, and YUNFENG FIN surged 15.2%. On the downside, TH MEDICAL-B plunged 34.2%, UISEE TECH plunged 19.3%, and DAJIN fell 15.9%.

Wanlian Securities stated that the funding environment for Hong Kong stocks tightened marginally in September, but southbound funds maintained inflows, and with the implementation of policies related to outbound investment development and security, the liquidity of the Hong Kong stock market is expected to improve. The forecast earnings of Hong Kong stocks improved somewhat in September, which is expected to boost market performance. Valuations of Hong Kong stocks declined somewhat in September, and overall they possess medium- to long-term allocation value. In terms of industry allocation, it is suggested to pay attention to: (1) high-dividend/dividend assets benefiting from the current low-valuation advantage. (2) pro-cyclical industries benefiting from fundamental improvement and improvement in prosperity under supply constraints. (3) elastically allocate to the AI industry chain under the medium- to long-term main line. (Source: "Monthly Strategy Report: Hong Kong Stocks' Fundamentals Improve, Market Sentiment Recovers" by Wanlian Securities, 20261008)

NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.

On the news front, according to the Allotment Results Announcement previously disclosed by the company, the last day of the relevant lock-up undertaking in respect of a total of 3.08 million H shares held by five cornerstone investors is November 21, 2026; as that day falls on a Saturday, the shares will become tradable from November 23, 2026 (Monday). The cornerstone investor line-up includes AMR Action Fund, L.P., AMR Action Fund, SCSp, Hua Yuan International Limited, Orient Asset Management (Hong Kong) Limited and June Star Global Limited.

According to public information, TENNOR THERAP-B (06872.HK) was listed on the Main Board of The Stock Exchange of Hong Kong Limited on May 22, 2026, with a final offer price of 75.70 HKD. The global offering comprised 8.856 million H shares (after taking into account the partial exercise of the Offer Size Adjustment Option and the additional issue of 575,450 shares), of which 828,100 H shares were under the Hong Kong Public Offer, which was 9,015.11 times oversubscribed, and 8,027,900 H shares were under the International Offering, which was 9.24 times oversubscribed (with 81 placees). Gross proceeds amounted to approximately 670 million HKD and net proceeds to approximately 598 million HKD. There was no over-allocation in the International Offering, the Over-allotment Option will not be exercised, and no stabilising action will be taken. The number of issued shares of the company at the time of listing was 52,328,926, all held in the form of H shares, with a board lot size of 50 shares. The company's H shares have been included in Stock Connect (Southbound Trading) since September 7, 2026.

In terms of results, the company disclosed its first interim results after listing on August 26, 2026. In the first half of 2026, research and development expenses were 31.321 million RMB (same unit below), compared with 26.32 million RMB in the same period last year; administrative expenses were 32.013 million RMB, compared with 18.61 million RMB in the same period last year; and the loss for the period was 64.245 million RMB, compared with a loss of 78.17 million RMB in the same period last year. As at June 30, 2026, the company's cash and cash equivalents amounted to 715 million RMB and total equity amounted to 655 million RMB. The company has no product approved for marketing and has not generated any revenue from product sales. From 2023 to 2025, the company's losses for the year were 192 million RMB, 146 million RMB and 153 million RMB respectively.

In terms of business progress, according to the interim report, the company's core product rifasutenizol, in combination with amoxicillin and rabeprazole for the treatment of Helicobacter pylori infection, has entered the supplementary review stage with the NMPA, and the company has initiated the pharmacoeconomic study for this product. Another core product, rifaquizinone, administered via intra-articular injection for the treatment of prosthetic joint infection, has completed the enrolment of the last patient in its Phase Ib/IIa clinical trial, and the multicentre Phase IIb clinical trial has obtained clinical trial approval from the NMPA and has been initiated. In November 2024, the company granted the exclusive commercialisation rights of rifasutenizol in Greater China to Grand Life Science.

At the industry level, according to information from Frost & Sullivan cited in the prospectus, the number of people infected with Helicobacter pylori in China and globally exceeded 600 million and 4 billion respectively in 2024; the global market for Helicobacter pylori treatment grew from 5.3 billion USD in 2019 to 6.9 billion USD in 2024, and is expected to further grow to 16.1 billion USD by 2035. At present, no innovative antibacterial drug dedicated to the treatment of Helicobacter pylori infection has been approved for marketing in China.

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I. Daily Price Change Statistics for Recently Listed Hong Kong Stocks

On October 9, 2026, recently listed Hong Kong stocks showed mixed performance. On the upside, YUNJI (New) rose 26.15% to top the gainers; TOPNC gained 15.74%, SHOUGANG LANZA 14.90%, DEEPZERO 11.30% and DIRECT DRIVE 10.25%. These stocks are concentrated in robotics, CNC machine tools, environmental protection and artificial intelligence, with robotics and intelligent manufacturing concepts showing relatively active performance.

On the downside, TH MEDICAL-B fell 34.17%, UISEE TECH 19.28%, DAJIN 15.94%, DAZHONG DENTAL 10.23% and DELTON 10.09%. The decliners span healthcare, autonomous driving, wind power equipment and dental care.

Rank	Stock Code	Stock Name	Change (%)
Gainers Top 1	02670.HK	YUNJI (New)	26.15
Gainers Top 2	07688.HK	TOPNC	15.74
Gainers Top 3	02553.HK	SHOUGANG LANZA	14.90
Gainers Top 4	02723.HK	DEEPZERO	11.30
Gainers Top 5	06731.HK	DIRECT DRIVE	10.25
Decliners Bottom 5	01989.HK	DELTON	-10.09
Decliners Bottom 4	02651.HK	DAZHONG DENTAL	-10.23
Decliners Bottom 3	01081.HK	DAJIN	-15.94
Decliners Bottom 2	01511.HK	UISEE TECH	-19.28
Decliners Bottom 1	02697.HK	TH MEDICAL-B	-34.17
Data source/compilation: Choice/NewTimeSpace Research, as of October 9, 2026 close

II. Liquidity Watch

As of the October 9 close, Z.AI recorded turnover of HKD 3.145 billion with a turnover rate of 1.91%, ranking first among recently listed stocks in terms of trading scale; MINIMAX-W recorded turnover of HKD 2.152 billion with a turnover rate of 3.78%; CATL recorded turnover of HKD 1.691 billion with a turnover rate of 1.57%; ZJ INNOLIGHT recorded turnover of HKD 1.619 billion with a turnover rate of 2.70%; CIG recorded turnover of HKD 1.149 billion with a turnover rate of 11.77%.

Rank	Stock Code	Stock Name	Daily Turnover(HKD 10,000)	Daily Turnover Rate(%)
Liquidity Top 1	02513.HK	Z.AI	314,456.56	1.91
Liquidity Top 2	00100.HK	MINIMAX-W	215,166.53	3.78
Liquidity Top 3	03750.HK	CATL	169,140.60	1.57
Liquidity Top 4	03308.HK	ZJ INNOLIGHT	161,895.52	2.70
Liquidity Top 5	06166.HK	CIG	114,869.74	11.77
Data source/compilation: Choice/NewTimeSpace Research, as of October 9, 2026 close

III. Lock-up Releases for Recently Listed Stocks

1.Lock-up Releases This Week

As of October 9, there were no lock-up releases for recently listed stocks this week.

2.Next Week Lock-up Release Preview

Three recently listed stocks will see lock-up releases next week. SIGENERGY will release 6.7604 million shares on October 16, 2026; GPIXEL will release 32.6452 million shares on October 17, 2026; MANYCORE TECH will release 59.6470 million shares on October 17, 2026.

No.	Stock Code	Stock Short Name	Listing Date	Lock-up Expiry Date	Shares Unlocked (10,000 shares)
1	06656.HK	SIGENERGY	2026/4/16	2026/10/16	676.04
2	03277.HK	GPIXEL	2026/4/17	2026/10/17	3,264.52
3	00068.HK	MANYCORE TECH	2026/4/17	2026/10/17	5,964.70

NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.