The matters include: (i) explaining the pricing basis of each historical capital increase and equity transfer of the issuer, whether capital contributions have been fully paid, whether there are any circumstances of failure to perform capital contribution obligations, withdrawal of capital or defects in the method of capital contribution, and issuing a clear concluding opinion on whether each historical change in equity is lawful and compliant.

(ii) Listing the names of both parties to the shareholding entrustment arrangements in the Company's history, the entrusted shareholding ratios, the commencement and termination dates of the entrustment, and the methods of unwinding the entrustment; explaining, in light of the positions held by the entrusted parties during the entrustment period and in accordance with the relevant provisions of the Guidelines for the Application of Regulatory Rules - Overseas Issuance and Listing Type 2, the reasons for the formation of the shareholding entrustment, its evolution, lawfulness and compliance, whether any disputes or potential disputes exist, and whether the entrusted parties during the entrustment period constitute subjects prohibited by laws and regulations from holding shares (including whether they breached non-competition provisions); and explaining, in light of the above and in accordance with Article 8 of the Trial Administrative Measures for Overseas Securities Offering and Listing by Domestic Companies, whether the shares held by the controlling shareholder are subject to any material title disputes.

(iii) Explaining the specific performance of regulatory procedures for overseas investment and foreign exchange registration in respect of the establishment of overseas subsidiaries, with a concluding opinion on compliance. (iv) Explaining the progress of the state-owned shareholders' performance of state-owned share marking and other state-owned assets management procedures, and the basis for determining the authority responsible for state-owned share marking. (v) Explaining whether the participants in the employee equity incentive plans (including the equity incentive involving shares released and granted to specific employees in 2020) are employees of the Company, the specific composition and positions of the participants, whether they have any relationship with the issuer's other shareholders, directors, supervisors or senior management, and the pricing basis, with a clear concluding opinion on whether the implemented equity incentive plans are lawful and compliant and free of benefit transfer.

(vi) Explaining whether the shares held by shareholders proposed to participate in the "full circulation" are subject to any pledge, freezing or other defects in title.

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The matters include: (i) explaining the prices and pricing basis of each historical capital increase and equity transfer, whether there are any abnormal subscription prices or benefit transfer, whether capital contributions have been fully paid, and whether there are any circumstances of failure to perform capital contribution obligations, withdrawal of capital or defects in the method of capital contribution; explaining whether any shareholding entrustment arrangements existed in the Company's history; and issuing a concluding opinion on whether the establishment of the Company and each historical change in equity are lawful and compliant, and on the Company's legal personality and valid existence.

(ii) Explaining the pricing basis of shares subscribed by new shareholders within the 12 months prior to the submission of the overseas listing filing application, the reasons for and reasonableness of any difference from the pricing of capital increases in the same period, and the income tax payment status of the relevant transferors in the equity transfer transactions, with a clear concluding opinion on whether any benefit transfer exists. (iii) Explaining, by reference to the regulatory guidelines, the reasonableness of the Company's determination that it has no controlling shareholder or de facto controller, with specific basis provided. (iv) Explaining the progress of the state-owned shareholders' performance of state-owned share marking and other state-owned assets management procedures, and the approval or internal decision-making procedures performed in respect of the "full circulation" of shares. (v) Explaining the progress of the industrial and commercial change procedures of the employee shareholding platform, the handling of granted shares voluntarily abandoned by employees, and whether the employee shareholding plan holds any reserved shares, and whether it is lawful and compliant and free of benefit transfer.

(vi) Explaining the relevant approval, vetting or filing procedures performed for the proposed use of proceeds projects of this offering; for proposed overseas projects, explaining the performance of overseas investment approval, vetting or filing procedures. (vii) Explaining whether the shares held by shareholders proposed to participate in the "full circulation" are subject to any pledge, freezing or other defects in title.

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The matters include: (i) explaining the prices and pricing basis of each historical capital increase and equity transfer, whether there are any abnormal subscription prices or benefit transfer, whether capital contributions have been fully paid, and whether there are any circumstances of failure to perform capital contribution obligations, withdrawal of capital or defects in the method of capital contribution; explaining whether any shareholding entrustment arrangements existed in the Company's history; explaining the basis for the determination that the Company has no controlling shareholder; and issuing a concluding opinion on whether the establishment of the Company and each historical change in equity are lawful and compliant, and on the Company's legal personality and valid existence.

(ii) Explaining the pricing basis of shares subscribed by new shareholders within the 12 months prior to the submission of the overseas listing filing application, the reasons for and reasonableness of any difference from the pricing of capital increases in the same period, and the income tax payment status of the relevant transferors in the above equity transfer transactions, with a clear concluding opinion on whether any benefit transfer exists.

(iii) Explaining the subscription price and fairness of the Company's employee shareholding plan, whether the holding of incentive interests by employees after departure complies with the relevant agreement, whether any disputes or potential disputes exist, and whether any benefit transfer exists; and whether the employee shareholding platform holds any reserved or ungranted interests.

(iv) Explaining the impact on the business operations of the Company and its subsidiaries of vehicles and drivers on the ride-hailing business operation platforms that have not correspondingly obtained the "Ride-hailing Transport Certificate" and the "Ride-hailing Driver Certificate", and whether this constitutes an obstacle to this listing and issuance; whether the small and mini passenger vehicle rental business of the Company and its subsidiaries has been filed in accordance with relevant laws and regulations, the impact of any failure to complete the filing, and whether this constitutes an obstacle to this listing and issuance; and whether the business scope and actual business of the Company and its subsidiaries involve fields restricted or prohibited for foreign investment, the foreign shareholding ratio and the specific method of calculation after this listing and issuance and the "full circulation", and whether the Company will continue to comply with foreign investment access requirements.

(v) Explaining whether the shares held by shareholders proposed to participate in the "full circulation" are subject to any pledge, freezing or other defects in title.

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The matters include: (i) explaining the prices and pricing basis of each capital increase and equity or share transfer in the Company's history, whether there are any abnormal subscription prices or benefit transfer, whether capital contributions have been fully paid, and whether there are any circumstances of failure to perform capital contribution obligations, withdrawal of capital or defects in the method of capital contribution; and issuing a concluding opinion on whether the establishment of the Company and each historical change in equity are lawful and compliant, and whether there are any subjects prohibited by laws and regulations from holding shares.

(ii) Explaining, in light of the business scope of the Company and its subsidiaries, whether, apart from cognitive intelligence algorithm products, the Company actually engages in or plans to carry out business in other fields and whether it has obtained the necessary qualifications and licences; explaining, in accordance with the Special Administrative Measures for Foreign Investment Access (Negative List) and other relevant foreign investment management regulations, the circumstances in which the business, business scope, qualifications and licences of the Company and its subsidiaries involve fields prohibited or restricted for foreign investment; and explaining the current status of the Value-Added Telecommunication Business Operation Licence held by the Company, and whether it will continue to comply with relevant foreign investment management regulations before and after this listing and issuance and the "full circulation".

(iii) Explaining the progress of the state-owned shareholder's state-owned share marking procedures, and whether the shares held by shareholders proposed to participate in the "full circulation" are subject to any pledge, freezing or other defects in title; and conducting look-through verification of shareholders including Shanghai Wumu Enterprise Management Consulting Partnership (Limited Partnership) strictly in accordance with the requirements of Guidelines for the Application of Regulatory Rules - Overseas Issuance and Listing Type 2, and explaining whether any subject prohibited by laws and regulations from holding shares directly or indirectly holds shares in the issuer among the Company's major shareholders.

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The matters include: (i) explaining whether any relationship exists among shareholders holding less than 5% of the shares, and if so, whether their shareholdings should be aggregated, with shareholders exceeding 5% subject to look-through verification; (ii) explaining the pricing basis and reasonableness of shares subscribed by new shareholders within the last 12 months, and whether the pricing is fair and free of benefit transfer; (iii) explaining the composition and positions of equity incentive participants, whether they have any relationship with the Company's other shareholders, directors, supervisors or senior management, and whether any participant is prohibited by laws and regulations from participating in the equity incentive, together with the fairness of the subscription price, agreement terms and decision-making procedures; (iv) explaining the full details of special shareholder rights arrangements, the specific circumstances of the termination provisions and the decision-making procedures performed, whether all shareholders have reached consensus, whether any disputes exist, and whether such arrangements constitute a material obstacle to this overseas listing and issuance.

The matters also include: (v) explaining, with reference to the Special Administrative Measures for Foreign Investment Access (Negative List) (2024 version), whether the business and business scope of the Company and its subsidiaries involve areas restricted or prohibited under the foreign investment access negative list, and whether the Company will continue to comply with foreign investment access policies before and after this listing and issuance and the "full circulation", as well as the specific circumstances of subsidiaries whose business scope includes real estate brokerage and property management and whether such businesses are actually carried out; (vi) listing the principal business of each domestic operating entity and its role in the overall business layout, qualifications obtained, and explaining the business model and core competitiveness in plain language; (vii) explaining the specific performance of regulatory procedures for overseas investment and foreign exchange management involving the Company's overseas subsidiaries, with a conclusion on compliance; (viii) explaining whether the shares held by shareholders proposed to participate in the "full circulation" are subject to any pledge, freezing or other defects in title; and (ix) explaining the specific project details of using the proceeds for brand promotion and the construction of a global marketing centre, the countries and regions involved, whether overseas investment is involved and whether it complies with relevant overseas investment regulations, together with the performance of relevant approvals, vetting or filing procedures, and a commitment to repatriate all proceeds to China if such procedures are still in progress.

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According to the filing notice: from the date of issuance of the filing notice until the completion of this overseas issuance and listing, if any major matter occurs, the Company shall report through the CSRC filing management information system in accordance with the relevant provisions on overseas issuance and listing of domestic companies; within 15 working days after completing its overseas listing and issuance, the Company shall report the status of the listing and issuance through the filing management information system; and if the Company intends to continue and has not completed the overseas listing and issuance and share conversion within 12 months from the date of the filing notice, it shall update the filing materials.

The filing notice only confirms the filing information of the Company's overseas listing and issuance and "full circulation", and does not constitute a substantive judgement by the CSRC on the investment value of the Company's securities or investors' returns, nor a guarantee by the CSRC of the authenticity, accuracy or completeness of the Company's filing materials.

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According to the filing notice: from the date of issuance of the filing notice until the completion of this overseas issuance and listing, if any major matter occurs, the Company shall report through the CSRC filing management information system in accordance with the relevant provisions on overseas issuance and listing of domestic companies; within 15 working days after completing its overseas listing and issuance, the Company shall report the status of the listing and issuance through the filing management information system; and if the Company intends to continue and has not completed the overseas listing and issuance and share conversion within 12 months from the date of the filing notice, it shall update the filing materials.

The filing notice only confirms the filing information of the Company's overseas listing and issuance and "full circulation", and does not constitute a substantive judgement by the CSRC on the investment value of the Company's securities or investors' returns, nor a guarantee by the CSRC of the authenticity, accuracy or completeness of the Company's filing materials.

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The Company expects to announce on 7 September 2026 (Monday) the details of the level of interest in the international offering, the application levels under the Hong Kong public offering, the basis of allotment of the Hong Kong offer shares and the allotment results of the Hong Kong public offering. Assuming the global offering becomes unconditional on or before 8:00 a.m. (Hong Kong time) on 8 September 2026 (Tuesday), the H shares are expected to commence trading on the Main Board of the Stock Exchange at 9:00 a.m. (Hong Kong time) on 8 September 2026, in board lots of 50 shares.

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In respect of the offering mechanism, the Company is listed under Chapter 18C of the Main Board Listing Rules (Specialist Technology Companies mechanism); the offering period ran from 31 August to 4 September 2026, and the listing date is 9 September 2026.

In respect of the offering structure, the Company made a global offering of 45,000,000 shares (representing approximately 10.81% of the enlarged total share capital of 416 million shares), comprising 2,250,000 shares under the Hong Kong public offering (5.00%) and 42,750,000 shares under the international placing (95.00%); the public offering comprised 22,500 board lots of 200 shares each, with an application fee of HKD 3,949.44, and an offer price range of HKD 14.450-19.550 per share.

In respect of the use of proceeds: approximately 48.5% (approximately HKD 332.5 million) will be used to further enhance R&D capabilities to expand the coverage of diverse scenarios across domestic and overseas markets and continue to strengthen technology; approximately 30.0% (approximately HKD 205.7 million) will be used for business expansion and strategic acquisitions; approximately 7.0% (approximately HKD 48.0 million) will be used to enhance sales and marketing capabilities; approximately 4.5% (approximately HKD 30.9 million) will be used for partial repayment of bank loans; and approximately 10% (approximately HKD 68.6 million) will be used for working capital and other general corporate purposes.

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Founded in 2011 in Shenzhen, Guangdong Province, the Company is a global medical device provider with three business segments: life support, minimally invasive intervention, and in-vitro diagnostics, meeting the clinical needs of clinical departments, wards and clinics within medical institutions, as well as community health centres, testing institutions and home care scenarios. As of 31 March 2026, the Company's product portfolio included over 60 life support products, 110 minimally invasive intervention products and 150 in-vitro diagnostic products. During the track record period, the Company strategically established five R&D centres and six production centres in China and the United Kingdom.

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CKM syndrome is a systemic disease characterised by pathophysiological interactions among metabolic risk factors, chronic kidney disease (CKD) and the cardiovascular system, with the prevalence of CKM syndrome among adults globally reaching 88.9% in 2025. Given the chronic nature of CKM syndrome, patients require long-term or even lifelong treatment, and mature innovative originator products typically deliver higher patient retention rates and longer commercial lifecycles. Revenue generated from the Company's sales of CKM syndrome drugs amounted to RMB 1,897.1 million, RMB 2,345.5 million and RMB 2,899.1 million in 2023, 2024 and 2025 respectively, and RMB 1,422.0 million and RMB 1,722.9 million for the six months ended 30 June 2025 and 2026 respectively, representing 61.9%, 65.1%, 75.6%, 75.1% and 77.8% of total drug sales revenue in the respective periods.

The product portfolio is strategically centred on innovative drugs, further diversified into generics, biosimilars and medical devices to address the substantial unmet medical needs in the CKM syndrome area. As of the latest practicable date, the Company had six innovative drugs — Xinlitan (approved in 2013), Fulitan (approved in 2024), Xinliting (approved in 2024), Xinchaotuo (approved in 2025), Fulian (approved in 2025) and Ennaluo (initially approved in 2023, with an expanded indication approved in 2025). The proportion of innovative drug sales revenue in total drug sales revenue increased from 30.1% in 2023 to 37.7% in 2024 and further to 52.1% in 2025; for the six months ended 30 June 2026, the proportion was 54.8%, up from 50.5% in the corresponding period of 2025.

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In respect of offering details, the Company made a global offering of an aggregate of 26,077,800 shares (comprising 2,607,800 shares under the public offering, representing 10%, and 23,470,000 shares under the international placing, representing 90%), with a maximum offer price of HKD 240.60 per share and each board lot comprising 50 shares, implying an application fee of approximately HKD 12,151.32. Pricing is scheduled for 7 September 2026, with listing expected on 8 September 2026.

In respect of cornerstone investors, a total of 15 cornerstone investors were introduced for the global offering, with an aggregate subscription of approximately 4,926,050 shares; assuming the offer price adjustment option is not exercised, the cornerstone subscription accounts for approximately 18.89% of the total number of offer shares and approximately 1.08% of the issued shares.

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In respect of financials, as of 30 June 2026, the Company had cumulatively served more than 264,000 paying users. During the track record period, the Company's revenue grew 45.9% year on year to RMB 350.5 million in 2024, and 50.8% year on year to RMB 528.5 million in 2025; revenue further grew 65.6% from the six months ended 30 June 2025 to RMB 385.9 million in the corresponding period of 2026.

In respect of operations, the Company has established four business segments, including corporate finance and tax compliance, environmental compliance, product testing and certification, and intellectual property protection (IPP), and operates a one-stop global cross-border compliance platform through seven brands with distinct positioning — VATAI, Maidetong, Xiaomao Chuhai, Lvzhou, VATAi, Yisi Cross-border and Nengbiao Testing — covering seven service lines: VAT+, overseas corporate services, EPR, carbon compliance, responsible persons (RsP), testing inspection and certification (TIC) and IPP; the Company's proprietary cross-border compliance AI agent "Xiao O" provides an intuitive gateway to the platform. As of the latest practicable date, the Company managed over 6,000 active service SKUs covering complex compliance scenarios across these segments in 121 countries and regions, and held 27 categories of global regulatory licences and certifications required for or recognised in its business.

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The Company will complete the filing procedures with the China Securities Regulatory Commission (CSRC) in accordance with relevant laws and regulations. The H-share issuance and listing remains subject to the filing, approval or consent of the CSRC, the Hong Kong Securities and Futures Commission, the Hong Kong Stock Exchange and other relevant authorities, and there remains uncertainty as to whether the necessary filings, approvals or consents will be obtained and the timing thereof; the Company reminded investors to make cautious decisions and be aware of investment risks.

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According to the offering documents, the offer price was set at HKD 15.42 per share, with a total of 38,910,600 shares offered in the global offering, comprising 3,891,100 shares (10%) under the public offering and 35,019,500 shares (90%) under the international placing. Each board lot comprises 100 shares, with an application fee of approximately HKD 1,557.55. The offering represents approximately 7.22% of the enlarged share capital, with approximately 539 million shares in issue after the listing.

Total gross proceeds amount to approximately HKD 600 million, and after deducting listing expenses of approximately HKD 104 million, net proceeds amount to approximately HKD 496 million. In terms of the use of proceeds, approximately 35% (HKD 173.7 million) will be used for R&D to enrich the product pipeline, approximately 20% for developing manufacturing centres to expand production capacity, approximately 20% for enhancing sales and marketing capabilities, approximately 10% for global strategic investments and acquisitions, approximately 5% for upgrading IT infrastructure and digital platforms, and approximately 10% for working capital and other general corporate purposes.

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On 7 August, NASN TECH, a developer of intelligent driving motion control technology, was the first to land on the Hong Kong Stock Exchange, becoming the "first wire-controlled chassis stock" on the Hong Kong market. The final offer price was set at HKD 10.42 per share, with total IPO gross proceeds of approximately HKD 600 million, and the valid subscription multiple for the Hong Kong public offering reached as high as 2,513.54 times. On its debut day, NASN TECH closed at HKD 17.10, up 64.11% from the offer price, with full-day turnover of approximately HKD 231 million.

On 25 August, Ingenic Semiconductor, a "storage + computing + analog" chip provider, listed at an offer price of HKD 100 per share, with total IPO gross proceeds of approximately HKD 3.129 billion, far exceeding NASN TECH in size. The valid subscription multiple for the public offering was 927.37 times. The Company brought in 11 cornerstone investors, subscribing for approximately HKD 1.503 billion in aggregate, corresponding to 15.034 million shares. However, its debut performance was far less buoyant than the subscription side, and the stock eventually closed flat at HKD 100, with full-day turnover of approximately HKD 582 million. The greenshoe mechanism became key to holding the offer price.

While the number of new listings cooled temporarily, the HKEX pipeline of listing applications remained substantial. As of the end of August, there were 20 applications on the Main Board approved by the Listing Committee and pending listing, none on GEM, and 510 applications under processing, including 501 on the Main Board and 9 on GEM — a total of 530 companies queuing for listing. On the Main Board basis, in the first eight months of 2026, HKEX accepted 444 new listing applications, which, together with 372 carried forward from the end of 2025, totalled 816 processed, of which 104 had been successfully listed.

In terms of institutional participation, the two new listings this month attracted a total of 4 sponsors, 12 lead underwriters, 10 law firms, 2 auditors and 12 bookrunners.

Specifically, in the sponsor segment, NASN TECH was jointly sponsored by Haitong International Capital Limited and BOC International (Asia) Limited, while Ingenic Semiconductor was jointly sponsored by Guotai Junan Capital Limited and Guotai Junan Securities (Hong Kong) Limited. In the underwriter segment, Futu Securities International (Hong Kong) Limited participated in the underwriting and bookrunning of both new listings, making it the most active underwriter this month; the remaining 11 institutions each participated in one deal.

There were 12 bookrunners in total this month, evenly split between the two deals. In the law firm segment, a total of 10 law firms participated in the projects this month; NASN TECH engaged 5 law firms jointly (including domestic and Hong Kong law firms), while Ingenic engaged 5 law firms. In the auditor segment, Ernst & Young Hong Kong and ShineWing Certified Public Accountants each took charge of the audit of one company.

Overall, although the number of new listings in August remained low, the composition of intermediary participation still reflected the centralisation trend among leading investment banks and professional service institutions — the three sponsors Guotai Junan, Haitong International and BOC International accounted for all the projects, while Futu Securities became the most active underwriter this month through its cross-deal underwriting participation.

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According to the filing notice, the Company plans to issue no more than 53,815,500 overseas listed ordinary shares for listing on the Hong Kong Stock Exchange. The filing notice only confirms the Company's filing information for overseas listing and issuance, and does not constitute a substantive judgement by the CSRC on the investment value of the Company's securities or a guarantee of investors' returns. The Company shall report the status of the listing and issuance through the CSRC filing management information system within 15 working days after completing its overseas listing and issuance, and shall update the filing materials if it intends to continue and has not completed the overseas listing and issuance within 12 months from the date of the filing notice.

The H-share issuance and listing of the Company remains subject to the filing, approval or vetting of the Hong Kong Securities and Futures Commission, the Hong Kong Stock Exchange and other relevant regulatory bodies and stock exchanges, as well as market conditions and other factors, and there remains uncertainty. The Company will perform its information disclosure obligations in a timely manner in accordance with the progress of the relevant matters.

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According to Frost & Sullivan, by sales volume in 2025, the Company was the world's 10th largest electrolytic copper foil producer, with a market share of approximately 2.3%. In view of the upward trend and strong demand from downstream industries such as artificial intelligence and high-performance computing, the Group is strategically focusing on electronic circuit copper foil products such as reverse-treated foil (RTF) and ultra-low profile foil (HVLP), which it expects to become a key growth driver of its future business.

The Group supplies lithium battery copper foil, a key component of lithium batteries used in new energy vehicles (NEV), energy storage systems (ESS) and consumer electronics, as well as advanced electronic circuit copper foil essential for the manufacture of printed circuit boards (PCB) and copper clad laminates (CCL), serving markets including AI and high-performance computing, 5G/6G communications, consumer and automotive electronics, and commercial aerospace. In addition, the Group supplies RTF and HVLP products to a number of leading domestic PCB and CCL manufacturers targeting the AI and high-performance computing industry, and has sent samples of a new negative electrode current collector designed for solid-state and semi-solid-state batteries to leading global battery manufacturers.

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According to CIC, by revenue in 2025, the Company has become one of the global top 10 intelligent mobile robot companies, and in the industrial intelligent mobile robot segment, one of the global top 5 domestic companies. The Company is also one of the few intelligent mobile robot solution providers globally with independent R&D capabilities in both software and hardware.

All of the Company's products and solutions are built on a unified core technology platform integrating multi-modal perception, a self-developed core technology architecture and an extensible software and hardware stack, enabling reliable operation in complex environments with high-precision spatial perception, precise motion control and large-scale fleet scheduling. This shared technology base supports a diversified product portfolio including standard AMRs, omnidirectional heavy-load AMRs, forklift AMRs, outdoor AMRs and industry-specific AMRs. The Company's core technologies continue to generalise and extend into the embodied intelligence market, where it offers a full suite of products including embodied robot controllers, mobile manipulation robots and mobile chassis for embodied robots.

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The Company's services are delivered through three service centres located in Causeway Bay, Tsim Sha Tsui and Sha Tin in Hong Kong, each with a floor area of approximately 18,000 square feet. Its therapies are based on the "RDS+" methodology, inspired by the concept of meridian systems in traditional Chinese medicine, and utilise approximately 300 imported energy therapy devices sourced from Germany, South Korea and Japan. The services are provided by Chinese medicine practitioners, trained physiotherapists, senior functional enhancement consultants and nutritionists.

The Group's target clients are mainly middle-to-high-income individuals, who typically purchase prepaid packages. The average annual spending per client at the Company's service centres was approximately HKD 49,000, HKD 50,500 and HKD 60,000 in FY2024, FY2025 and FY2026 respectively. During the track record period, revenue from any single client did not account for 10% or more of the Group's total revenue, and the top five clients were all independent third parties.

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According to Frost & Sullivan, by shipment volume in 2025, the Company ranked first globally in automotive camera products, with a market share equivalent to the combined market share of the two competitors ranked after it; in the perception and cockpit segment, it was the world's largest provider of perception and cockpit products by shipment volume in 2025; and its automotive lens groups have ranked first globally in market share for 14 consecutive years by shipment volume.

The Company is one of the first enterprises to focus on automotive-grade applications and ADAS camera products, and one of the few in the industry capable of independent R&D and large-scale commercialisation of a full suite of automotive optical products, having built an extensive product line spanning optical products, product modules and system-level products. As of 30 June 2026, the Company has covered 8 of the top 10 Tier-1 suppliers and 19 of the top 20 OEMs globally.

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PL-5 (Pelaiganan, brand name Puyike), the core product, is a topical spray for the treatment of secondary infections of first-degree or superficial second-degree burn wounds caused by Staphylococcus epidermidis, Staphylococcus haemolyticus or Acinetobacter baumannii, and diabetic foot infections (DFI). According to Frost & Sullivan, PL-5 is the world's first first-in-class (FIC) gana-based drug to have obtained approval of a new drug application (NDA), and it received NDA approval from the National Medical Products Administration in June 2026 for the treatment of secondary infections of burn wounds. Based on the "membrane discrimination mechanism" theory first jointly proposed by the founders in 2006, PL-5 represents a new mechanism of action in which the peptide's secondary structure folds to disrupt the integrity of microbial membranes, addressing the challenges associated with antibiotic resistance. The product has been consecutively selected for the National "Major New Drug Creation" science and technology major projects during the 12th and 13th Five-Year Plan periods.

The Company plans to seek additional indications for secondary infections of other types of wounds, such as DFI and infections of wounds caused by physical trauma, through further clinical trials in China. The pipeline also includes PL-3301, a thermosensitive peptide gel for the treatment of oropharyngeal candidiasis (OPC), and PL-18, an AMP drug for the treatment of vulvovaginal candidiasis (VVC) and potentially a range of gynaecological infections, and is being extended to therapeutic areas including metabolic diseases, oncology and autoimmune diseases. Among them, the preclinical asset PL-MD-333 is an oral FGF19/FGF21 inducer and lipid metabolism modulator; preclinical studies have shown that it reduces fat mass, increases lean muscle mass percentage, and exhibits synergistic effects when used in combination with GLP-1 receptor agonists such as semaglutide.

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A leading provider of power‑generation power solutions, the company designs, develops, manufactures and sells power‑generation engines, marine engines, generator sets and engine components. Its products serve data centres, distributed power stations, infrastructure construction, telecommunications, healthcare, mining, agriculture, oil & gas, as well as shipping and vessel operation sectors. Per Frost & Sullivan data, the firm was China’s top‑ranked supplier of power‑generation engines measured by 2025 sales revenue, and placed second in the domestic medium‑ and high‑speed marine engine market.

The business traces its origin back to 1951. In 2022, Yuchai Co., Ltd. injected its marine and generator‑set business into the entity to build the Yuchai Marine and Genset Power brand. During the track record period, overseas sales maintained robust growth. Overseas revenue reached RMB233 million in H1 2026, jumping 120.5% from the corresponding period of 2025 and accounting for 5.2% of total revenue. Its overseas sales network covers Europe, the Middle East, Africa, Asia and South America.

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According to the announcement, the Company held the second meeting of the fourth session of the Board on 27 March 2025 and the annual general meeting for the year 2024 on 21 April 2025, at which resolutions relating to the issuance of H shares and the application for listing on the Main Board of HKEX were approved, with the relevant announcements disclosed on cninfo.com.cn on 28 March 2025 and 21 April 2025 respectively.

Taking into account the market environment and the Company's own development plans, and adhering to the principles of safeguarding shareholder interests and being responsible to shareholders, the Company held the eleventh meeting of the fourth session of the Board on 27 August 2026 and resolved to terminate the issuance of H shares and the listing on the Main Board of HKEX. The termination falls within the scope of authority delegated by the shareholders' meeting to the Board for full handling and does not require consideration by the shareholders' meeting.

The Company stated that its operations are currently normal, and the termination of the H-share issuance and listing is a prudent decision made after comprehensive weighing of multiple factors and the actual situation, which will not have a material impact on the Company's business operations and sustainable development, nor will it harm the interests of the Company and all shareholders, especially minority shareholders. Investors are reminded to pay attention to investment risks.

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The requirements include: explaining the prices and pricing basis of historical capital increases and equity transfers, capital contribution compliance and historical nominee shareholdings, with conclusions on the legality of establishment and historical equity changes and the valid existence of the entity; explaining the pricing basis of new shareholders added within 12 months prior to the filing, the reasons for price differences versus contemporaneous capital increases, and the income tax paid by the transferors; explaining the fairness and standard operation of the employee shareholding plan and whether there are reserved or unissued interests; explaining the historical changes of principal businesses, cooperation with universities and research institutes, the background of the acquisition of Zhongluhangmiao, and whether the business involves areas restricted under foreign investment access; and confirming whether shares of shareholders participating in the "full circulation" are subject to pledges, freezes or other title defects.

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The requirements include: explaining the business content of the Company's offshore subsidiaries and the specific procedures performed in respect of overseas investment and foreign exchange registration involved in establishing such subsidiaries, with a conclusion on compliance; and detailing the use of proceeds, including whether it involves overseas investment and whether the relevant approval, verification or filing procedures have been completed, with a commitment to repatriate all proceeds to China if such procedures have not been fully completed.

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The requirements include: explaining the pricing basis of historical capital increases and equity transfers, capital contribution compliance and any historical nominee shareholdings; verifying domestic entities behind shareholders holding more than 5% after upward penetration, the progress of the state-owned shareholder identification of Jiantou Investment, and the reasonableness of entry prices of shareholders added within the last 12 months; verifying whether five departed employees retain interests under the employee shareholding plan, with clear conclusions on the plan's compliance and any benefit transfer; explaining whether the business involves overcapacity controlled by the NDRC and MIIT and whether it complies with the national "anti-involution" policy; and stating the expected proceeds after full exercise of the over-allotment option and whether shares of shareholders participating in the "full circulation" are subject to pledges, freezes or other title defects.

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The requirements include: detailing the steps, procedures and tax treatment of dismantling the red-chip structure, with clear opinions on the compliance of each step; explaining the reasons for the change of controlling shareholder and actual controller within three years prior to the initial filing; verifying historical nominee shareholdings in Jianbang New Materials; disclosing basic information of directors and senior management; explaining whether the proposed use of part of the proceeds to build plants or R&D bases in the Middle East and other regions involves specific overseas investment projects that have completed approval, verification or filing procedures; issuing a clear conclusion on whether the equity incentive involves benefit transfer; and confirming whether the business involves areas restricted or prohibited under the negative list for foreign investment. The above matters are required to be verified by the issuer's legal counsel with clear legal opinions.

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According to the announcement, the Company's wireless communications solutions portfolio comprises three parts: wireless modules, which mainly convert digital data into radio signals and process received radio waves back into data to enable cloud connectivity and data transmission for devices such as smart thermostats and smart locks, with the Company also providing SDK development kits including coding tools, hardware drivers, libraries and software templates; antennas, which mainly capture radio waves received in the air and radiate signals into space, enabling signal enhancement and wireless communication stability for outdoor routers and asset trackers; and printed circuit board assembly (PCBA), which carries electronic components such as wireless modules and antennas as fully functional units in smart products such as gas sensors, temperature-controlled pots and alarm clocks.

As of the last practicable date, the Company offers solutions in over 160 specifications and serves more than 1,500 customers annually, enabling it to provide comprehensive solutions addressing compatibility and connectivity between customers' end products and their respective systems. The Company achieved 11.4% year-on-year revenue growth between 2024 and 2025.

In terms of customer structure, the Company's major customers are mainly located in China, accounting for 94.5%, 90.7%, 89.4% and 94.9% of total revenue for the two years ended 31 December 2024 and 2025 and the six months ended 30 June 2025 and 2026 respectively.

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In optical modules, in the data communications segment, the Company is one of the first optical module manufacturers in China to successfully develop and mass-produce 800G and 1.6T optical modules, and is actively researching next-generation 3.2T optical modules and 6.4T optical engines; it has successfully developed and commenced mass production of optical modules based on linear-drive pluggable optics (LPO) and linear-receive optics (LRO) in 2025 and the first quarter of 2026 respectively. As of the last practicable date, the Company has achieved initial commercialization of external laser small form factor pluggable (ELSFP) light source modules supporting near-package optics (NPO) and co-packaged optics (CPO) technologies, delivered 3.2T NPO optical engine samples for customer verification, and is jointly developing 6.4T NPO optical engines and next-generation 12.8T ultra-high-density pluggable optics (XPO) optical modules with customers. In the telecommunications segment, FTTx optical modules have been an important segment maintaining the Company's strong market position, and the Company is one of the first optical module manufacturers globally to successfully develop 50G passive optical network (PON) optical modules.

In optical chips, the Company has developed and produced DFB laser chips, including 75mW and 100mW high-power continuous wave (CW) DFB laser chips, and is currently developing 150mW/400mW CW-DFB laser chips; it has developed 100G EML laser chips and is developing 200G EML and 400G indium phosphide (InP) laser chips. The Company is also one of the first manufacturers in China to successfully develop and produce 10G EML laser chips, and is developing 50G EML laser chips for PON optical modules in the FTTx market. In optical network terminals, the Company focuses on broadband access (mainly optical network terminal boxes) and Wi-Fi coverage products, having mass-produced optical network terminals covering all mainstream and common rates in accordance with the latest industry standards, and is developing FTTR+X gateways with computing capabilities and AI-integrated smart terminals with edge computing capabilities (expected to complete development and commence delivery in the third quarter of 2026).

In terms of R&D, as of the last practicable date, the Company holds 1,581 patents and 716 pending patent applications globally, is an initiator or member of 18 industry standardization organizations, and has participated in the formulation of 61 industry standards. Through its cross-regional R&D network in Qingdao, Wuhan, Silicon Valley and Singapore, the Company has accumulated core technologies and products covering all major segments of the optical communications value chain, with proprietary capabilities in circuit design and core packaging technologies for optical modules, including transistor outline (TO-CAN), BOX, chip-on-board (COB) and silicon photonics packaging technologies, and has successfully developed two mature fabrication platforms for buried heterostructure and ridge waveguide.

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According to the announcement, the Company's products primarily include copper tubes, copper rods, copper bars and copper fittings for HVAC systems and industrial applications (used for heat transfer, power distribution and fluid transmission), ultra-thin copper foil as the conductive layer of lithium-ion batteries and substrate of printed circuit boards (PCBs), and copper-based heat dissipation modules and liquid cooling components that dissipate the heat generated by high-performance servers and processors in distributed AI data centers (AIDC) and other AI applications. The Company has a global footprint with 23 production bases in Asia, Europe, North America and Africa as of 31 May 2026, serving global customers.

According to the key achievements shown in the screenshot, the Company is the world's largest supplier of HVAC and industrial copper-processed products by shipment volume in 2025, and has ranked first globally in copper tube shipments for six consecutive years, with copper-based product shipments exceeding one million tonnes in 2025. In terms of sales globalization, the Company covers more than 100 countries and regions, with overseas revenue accounting for 37.5% of total in 2025 and a global market share of 18.0% in HVAC and industrial copper-processed products. In terms of production globalization, the Company operates 23 production bases worldwide, of which 12 are overseas bases, making it the first Chinese copper supplier to establish copper tube production bases overseas.

In terms of technology, the Company has achieved the production of 3.5 μm copper foil, possesses mass-production capability for solid-state battery copper foil, and has forward-deployed AIDC thermal management products; the Company is the only non-ferrous metal processing company to receive the China Industrial Award, and has participated in (referenced) the drafting of over 80% of national and industry standards for copper tube materials. In terms of financials, the Company's revenue in 2025 was RMB 83.3 billion, with revenue from lithium battery and PCB copper foil growing 102.5% year on year in 2025, and net profit increasing 61.9% year on year in 2025.

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According to the announcement, the Company has built a pipeline comprising two core products and five preclinical candidates. Core product bezesertinib is a selective JAK2 inhibitor currently under development for multiple indications including myelofibrosis (MF), polycythemia vera (PV) and essential thrombocythemia (ET); core product CX1440 is a selective Bruton's tyrosine kinase (BTK) inhibitor at the registration-stage clinical phase, currently under development for multiple indications including immune thrombocytopenia (ITP), chronic urticaria (CU) and autoimmune hemolytic anemia (AIHA); and there are five preclinical candidates, CX03, CX12, CX13, CX15 and CX16.

According to Frost & Sullivan, as of the last practicable date, bezesertinib is among the first three approved domestic JAK inhibitors in China for the treatment of MF; in terms of clinical progress, bezesertinib ranks first in China among JAK inhibitors for the treatment of PV and first globally among JAK inhibitors for the treatment of ET. The other core product, CX1440, is among the top three BTK inhibitors globally for the treatment of ITP and among the top two BTK inhibitors globally for the treatment of CU and AIHA.

The Company strategically focuses on building oral small-molecule candidates with broader and more differentiated indication coverage than competitors, aiming to address the high prevalence of hematological malignancies and autoimmune diseases.

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According to the announcement, by 2025 installations, the top five distributed AI storage solutions providers in China held a combined market share of 47.9%, with the Company accounting for 10.6% of the market, making it China's second-largest distributed AI storage solutions provider and the largest independent one; by 2025 revenue in China's overall data storage market, the Company ranked between 10th and 15th among market participants, with a market share of approximately 0.1%; by 2025 revenue in the distributed AI storage market (including both independent providers and non-independent large companies), it ranked between 10th and 15th, with a market share of approximately 2.7%.

The Company has developed proprietary technologies including XSEA, which focuses on fast, resilient and efficient large-scale data storage, and XScale, which manages large volumes of data in a flexible and scalable manner. Based on these technologies, the Company has developed two types of AI storage solutions — data lake storage solutions (for long-term data preservation, organization and governance) and training and inference storage solutions (providing fast data delivery for AI model training and inference) — delivered either as software-only deployments or as appliances integrating its proprietary software with specified hardware; revenue is primarily generated from the sale of AI storage solutions and AI storage services (including end-of-warranty, maintenance or renewal services and value-added services such as capacity expansion).

In terms of sales, the Company has built a sales and marketing team with relevant industry experience and also sells its AI storage solutions through third-party distributors. In terms of financials, the Company was loss-making during the track record period until it turned profitable in 2025, recording a profit of RMB 7.1 million for the year; it recorded a loss of RMB 10.5 million for the six months ended 30 June 2025, compared with a profit of RMB 0.3 million for the six months ended 30 June 2026, mainly due to increased revenue from AI storage solutions as rapid AI adoption across downstream industries drove demand for advanced storage products, partially offset by higher cost of sales, primarily due to the shift in project delivery mix toward appliance solutions and continued increases in hardware component prices during the period.

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According to the announcement, the Company has internally developed two core products and one key product: core product EXG102-031 is a candidate for the treatment of wet age-related macular degeneration (wAMD), EXG001-307 (SMA type 1) is a candidate for the treatment of spinal muscular atrophy (SMA) type 1; and key product EXG202 is used for the treatment of retinal neovascular diseases, including wAMD, diabetic macular edema (DME) and retinal vein occlusion (RVO).

In terms of clinical progress, for EXG102-031, the Company has conducted two clinical trials in China and the United States: in China, all subjects completed the 52-week follow-up of the Phase IIa trial in May 2026, with the Phase IIb/III trial expected to commence in the second half of 2026; in the US, the Phase I clinical trial has been completed, with the clinical database locked since 20 March 2026. For EXG001-307 (SMA type 1), the Company has completed all Phase I/II clinical trials in patients with SMA type 1, and plans to discuss the pivotal Phase III trial design with regulatory authorities in the second half of 2026.

EXG202 is currently being evaluated in two ongoing clinical trials in the United States and China: in the US, the Company obtained IND approval from the FDA in July 2025 and plans to leverage Phase I data generated in China to bypass the US Phase I study and proceed directly to Phase II; in China, the Company obtained NMPA approval in August 2025 to initiate a combined Phase I/II clinical study, with the Phase IIa trial initiated in March 2026 and the Phase IIb trial expected in the second half of 2026.

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According to the announcement, Club Med was founded in 1950 as the pioneer and leader of the premium all-inclusive resort industry, and is one of the few premium all-inclusive resort brands with global reach. Leveraging over 75 years of brand heritage and global operation experience, the Group has created and operates a diversified portfolio of premium resorts covering mountain ski and beach destinations through its sales network spanning more than 40 countries and regions across six continents; as of the last practicable date, the Group operated 69 premium resorts worldwide.

According to CIC, by 2025 turnover, Club Med is the largest resort brand globally, the largest resort brand in Europe-Africa-Middle East and Asia-Pacific, and among the top five resort brands in the Americas; by number of resorts and turnover in 2025, it is the world's largest all-inclusive resort brand; and by number of resorts in 2025, it is the world's largest mountain ski resort brand and the world's largest all-inclusive mountain ski resort brand.

In 2026, Club Med was included in TIME's "TIME100 Most Influential Companies" list, becoming the only hotel and resort brand on the list that year. Guided by a customer-centric philosophy, the Group continuously enhances customer experience and operational efficiency through product innovation, operational upgrades and digitalization, while achieving sustainable growth by optimizing global resources.

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As of the last practicable date, the Company's pipeline comprises six in-house developed rAAV gene therapy candidates, including two core products — FT-002, a candidate under investigation for the treatment of X-linked retinitis pigmentosa (XLRP), and FT-003, a candidate under investigation via intravitreal injection for the treatment of neovascular age-related macular degeneration (nAMD) and diabetic macular edema (DME); one key product, FT-001, a gene therapy candidate for inherited retinal disease (IRD) caused by biallelic mutations in the RPE65 gene (RPE65-related IRD); and three other gene therapy candidates at preclinical and early stages for ophthalmic and cardiovascular diseases.

In terms of intellectual property, as of the last practicable date, the Company's patent portfolio comprises one Japanese patent and 29 patent applications, including seven Patent Cooperation Treaty (PCT) applications, seven US applications, five China applications (including one Hong Kong application), two Canadian applications, three European applications, two Japanese applications, two Australian applications and one Korean application, mainly covering compositions, methods and uses related to its drug candidates and technology platforms.

With respect to the core products' patents, FT-002 has five patent applications in China, the United States, Europe and Japan, with one US application receiving a notice of allowance in May 2026; FT-003 obtained one patent in Japan in April 2026 and has seven patent applications in China (including Hong Kong), the United States, Europe, Canada and Australia, with its US application receiving a notice of allowance in June 2026. The Company has engaged IP counsel to oversee the comprehensive planning and development of its IP portfolio; during the track record period and up to the last practicable date, the Company has not received any material concerns or inquiries from relevant authorities.

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According to the announcement, among the Company's commercialized drugs, icotinib (Conmana/Kaima'na, an EGFR TKI), ensartinib (Ensacove/Beima'na, an ALK TKI) and vorolanib (Fumeina, a VEGFR/PDGFR inhibitor) are each the first domestic drug of their respective class to be approved in China or to enter the global market for their targeted indications.

The Company has built a comprehensive drug pipeline covering key lung cancer targets, including epidermal growth factor receptor (EGFR) and anaplastic lymphoma kinase (ALK), establishing a favorable position in innovative targeted lung cancer therapy, while also venturing into promising therapeutic areas including breast cancer, renal cancer, hematological diseases and ophthalmology; the Company remains committed to developing Class 1 innovative drugs designated by the NMPA, with a pipeline of more than ten clinical programs at various stages.

Through a portfolio strategy combining continuous value creation from commercialized products, global development of core pipeline assets and the steady advancement of next-generation candidates, the Company aims to build a sustainable innovation engine and deliver life-changing therapies to patients worldwide.

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The Company's core product GBS is a digestive endoscopic duodenal-jejunal bypass liner (DJBL) device for obesity, and the Company is expanding the approved indication of GBS to cover lower BMI (GBS-Low BMI). As the developer of China's first medical device approved for the endoscopic treatment of obesity, the Company has become a pioneer in advancing clinical applications in the metabolic disease field, offering treatment features distinct from pharmacotherapy and invasive bariatric surgery.

In terms of the market, according to Frost & Sullivan, China's obese patient population reached 233.7 million in 2025 (with obesity defined as BMI ≥ 28.0 kg/m² in China), expected to grow to 329.8 million by 2034; in 2025, the number of obese patients with MASH in China was 57.9 million, and the number of obese patients with type 2 diabetes reached 57.5 million. The global market for endoscopic bariatric and metabolic therapy (EBMT) devices is expected to grow from USD 148 million in 2025 to USD 1,248 million in 2030, representing a CAGR of 53.1%; in China, the EBMT device market is expected to grow from RMB 32 million in 2025 to RMB 1,352 million in 2030, representing a CAGR of 111.1%.

Led by a senior management team with extensive experience and insights in the medical device industry, the Company initiated the development of its core product GBS in 2017, and has successfully developed and commercialized one EBMT therapeutic device, with two complementary products facilitating device operation and one digital health management platform for comprehensive management having obtained registration approval; its pipeline covers indications including overweight, obesity, MASH with obesity and type 2 diabetes with obesity. The announcement cautioned that there is no guarantee that the Company will ultimately be able to successfully develop and market its core product or any pipeline product.

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The Company's core product iNOwill received approval from the NMPA in 2022 and EU CE certification in 2025. It delivers iNO as a selective pulmonary vasodilator that, while not curative, primarily provides support in acute critical care settings to patients with severe cardiopulmonary diseases such as pulmonary arterial hypertension requiring ICU and bedside care. Although the core product currently targets a specific patient subgroup with a relatively limited addressable market, the Company is seeking to expand the indications of iNOwill to broaden its potential clinical applications and target patient population, subject to successful clinical development and regulatory approval.

In terms of R&D, the Company's R&D team is led by Chief Executive Officer Dr. Mao and Chief Technology Officer Mr. Zhang Yuyan, comprising 47 employees as of the last practicable date, representing approximately 27.5% of total headcount. R&D expenses amounted to approximately RMB 33.0 million, RMB 34.7 million, RMB 13.7 million and RMB 20.3 million for 2024, 2025, and the six months ended 30 June 2025 and 2026 respectively, of which approximately RMB 12.3 million, RMB 14.5 million, RMB 5.1 million and RMB 8.7 million were attributable to the core product, representing 37.4%, 41.8%, 37.2% and 42.9% of total R&D costs in the respective periods.

In terms of production, during the track record period, the Company's commercialized products mainly include iNOwill, eNOaire, NovaPulse IABP, Reslink and eNOglow. As of 30 June 2026, the Company operated two principal production facilities, located in Yangzhou, Jiangsu Province and Fangchenggang, Guangxi Zhuang Autonomous Region, with total floor areas of approximately 2,200.0 square meters and 1,400.0 square meters respectively.

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As the last line of safety protection in power systems, the Company's low-voltage electrical products are used for circuit switching, control, protection, detection, conversion and regulation, while its instruments and meters support the measurement, metering, monitoring and management of power and other utility parameters. The Company was among the first in China's electrical products industry to expand into industrial automation, providing automated, digital and intelligent industrial control systems. Its products are equipped with intelligent functions including digital sensing, measurement, communication and embedded protection and control capabilities, enabling monitoring, diagnostics and intelligent control as part of the overall power distribution system.

In terms of channel network, as of 30 June 2026, the Company operates six production bases in China with nearly 400 domestic distributors of smart electrical products, covering 265 prefecture-level cities and municipalities, supported by a self-owned logistics network of over 40 domestic logistics centers; internationally, the Company has built a localized supply system through overseas production bases in Southeast Asia, West Asia and Africa, and serves customers across more than 50 countries and regions on five continents through over 20 overseas logistics centers.

In terms of industry position, the top five global low-voltage electrical products companies held a combined market share of 48.4% in 2025, and the Company ranked fifth globally and second in China, being the largest low-voltage electrical products company in China. In the residential PV segment, the top five global players accounted for 30.0% of cumulative completed residential PV installations in 2025, with the Company ranking first globally with cumulative completed residential PV installations of 58.0 GW as of 31 December 2025, representing a market share of 12.8%; by residential PV installed capacity it reached 26.7 GW (market share of 5.9%) and by cumulative residential PV installations sold it reached 30.0 GW, ranking first globally on both metrics. 

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The Company was founded in 2002, with its predecessor traceable to Shenzhen Zhoubang Chemical Co., Ltd., established by the founding team in 1996. With nearly three decades of industry experience, its business has expanded from early capacitor chemicals into three business segments: battery chemicals, organic fluorochemicals and electronic information chemicals.

The Company continues to increase R&D investment, enhancing technology and product capabilities vertically while broadening product categories horizontally, and by integrating the capabilities of its three business segments in technology development, manufacturing execution and customer collaboration, it shares platform resources, transfers expertise and deepens customer relationships across application areas and business segments, achieving more efficient product iteration, more comprehensive solution coverage and faster business expansion.

In terms of sales, the Company primarily adopts a direct sales model, supplemented by sales through trading companies; direct sales accounted for approximately 90% of the Company's revenue in 2023, 2024 and 2025 and for the six months ended 30 June 2026 respectively, while sales to trading companies accounted for 10.6%, 13.4%, 9.8% and 7.1% in the respective periods.

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The Company has two core products. VVN461 (high dose) is a high-dose formulation of the VVN461 eye drop, a novel selective dual-target inhibitor of Janus kinase 1 (JAK1) and tyrosine kinase 2 (TYK2), with non-infectious anterior uveitis (NIAU) as its primary indication; the Company has initiated a Phase III clinical trial of VVN461 (high dose) in NIAU patients in China. VVN001 is a second-generation lymphocyte function-associated antigen-1 (LFA-1) antagonist, an eye drop for the treatment of moderate-to-severe dry eye disease (DED); the Company has also initiated a Phase III clinical trial of VVN001 in China. As of the last practicable date, apart from the core products, the Company has three other clinical-stage drug candidates.

During the track record period, the Company engaged contract development and manufacturing organizations (CDMOs) to manufacture its drug candidates for preclinical and clinical use, and intends to continue cooperating with contract manufacturing organizations after regulatory approval to achieve future commercial production of its core products; the Company may also consider building in-house manufacturing capabilities in the future.

The Company is actively developing commercialization plans and expects to launch multiple potential products in the coming years, taking into account key factors including pricing, dosing regimens, patient economics, social and demographic characteristics, market access and reimbursement policies. As of the last practicable date, the Company has no approved drugs and has therefore not formulated any specific pricing strategy for its drug candidates; its primary commercialization approach will focus on collaboration with well-known pharmaceutical companies, supported by a dedicated in-house team with strong medical and scientific backgrounds.

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According to the announcement, the offer price range is HKD 14.45 to HKD 19.55 per H share, and the Company is applying for a listing under Chapter 18C of the Listing Rules. The par value of each H share is RMB 1.00; the stock code is 3231; each board lot consists of 200 H shares, with an entry fee of approximately HKD 3,949.44 per board lot (calculated at the maximum offer price).

In terms of the timetable, the Hong Kong public offering opens at 9:00 a.m. on 31 August 2026 and closes at 12:00 noon on 4 September 2026; the expected pricing date is by 12:00 noon on 7 September 2026 (Monday); the final offer price, application level and the level of indication of interest in the international offering will be announced by no later than 11:00 p.m. on 8 September 2026 (Tuesday); and the H shares are expected to commence trading on the Stock Exchange at 9:00 a.m. on 9 September 2026 (Wednesday). Under the clawback mechanism (Paragraph 4.2 of Practice Note 18 of the Listing Rules as modified by Rule 18C.09), if valid applications in the Hong Kong public offering are 10 times or more but less than 50 times the initial number of H shares offered under the Hong Kong public offering, the total number of H shares available under the Hong Kong public offering will increase to 4,500,000 H shares (approximately 10.0%); if 50 times or more, it will increase to 9,000,000 H shares (approximately 20.0%).

According to the list of cornerstone investors attached to the announcement, based on an offer price of HKD 17.00 per H share (the mid-point of the indicative offer price range), a total of 2 cornerstone investors have been introduced, with an aggregate subscription of approximately 1,389,200 offer shares, representing approximately 3.09% of the offer shares and approximately 0.33% of the issued share capital immediately upon completion of the global offering. SensePower subscribed for USD 2,000,000 (approximately 926,200 shares, 2.06% of the offer shares), and CYGG subscribed for USD 1,000,000 (approximately 463,000 shares, 1.03%).

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According to the announcement, the maximum offer price is HKD 240.60 per H share, and the par value of each H share is RMB 1.00. Each board lot consists of 50 H shares, with an entry fee of approximately HKD 12,151.32 per board lot (calculated at the maximum offer price).

In terms of the timetable, the Hong Kong public offering opens at 9:00 a.m. on 31 August 2026 and closes at 12:00 noon on 3 September 2026; the expected pricing date is by 12:00 noon on 4 September 2026 (Friday); the final offer price and application results will be announced by no later than 11:00 p.m. on 7 September 2026 (Monday); and the H shares are expected to commence trading on the Stock Exchange at 9:00 a.m. on 8 September 2026 (Tuesday). The stabilising manager is CLSA Limited, and the stabilising period will end on 3 October 2026.

According to the list of cornerstone investors attached to the announcement, a total of 15 cornerstone investors have been introduced, with an aggregate subscription of approximately 4,926,050 shares, representing approximately 18.89% of the total offer shares and approximately 1.08% of the issued shares assuming the offer size adjustment option is not exercised (approximately 16.43% and 1.07% respectively if it is exercised).

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The filing notice requires that: the Company report any major matters through the CSRC's filing management information system from the date of the notice until the completion of the overseas issuance and listing; report the details of the issuance and listing within 15 working days after completion; and update the filing materials if the overseas issuance and listing are not completed within 12 months from the date of the notice and the Company intends to proceed. The notice only confirms the filing information and does not constitute a substantive judgment or guarantee by the CSRC as to the investment value of the securities or the returns of investors.

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According to the filing notice, 27 shareholders of the Company propose to convert an aggregate of 47,665,277 domestic unlisted shares into overseas listed shares for listing and trading on the Stock Exchange of Hong Kong, i.e., the application for "full circulation" of domestic unlisted shares of H share companies.

The filing notice requires that: the Company report any major matters through the CSRC's filing management information system from the date of the notice until the completion of the overseas issuance and listing; report the details of the issuance and listing within 15 working days after completion; and update the filing materials if the overseas issuance, listing and share conversion are not completed within 12 months from the date of the notice and the Company intends to proceed. The notice only confirms the filing information and does not constitute a substantive judgment or guarantee by the CSRC as to the investment value of the securities or the returns of investors.

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The Company stated that the proposed issuance and listing aim to further advance its internationalization strategy, enhance its international brand image and strengthen its core competitiveness. The Company will take into account the interests of existing shareholders and the conditions of domestic and overseas capital markets, and complete the issuance and listing at an appropriate time and issuance window within the validity period of the shareholders' resolution (being 24 months from the date of approval by the shareholders' meeting, or such extended period as approved).

The issuance and listing are subject to deliberation by the shareholders' meeting and the approval, verification or filing of relevant regulators, including the China Securities Regulatory Commission, the Securities and Futures Commission of Hong Kong and the Stock Exchange of Hong Kong. As of the date of this announcement, apart from the resolutions approved by the board of directors, no other details of the issuance and listing have been finalized, and there is significant uncertainty as to whether the issuance and listing will pass the review, filing and vetting procedures and ultimately proceed; the Company will perform its information disclosure obligations in a timely manner in accordance with applicable laws and regulations.

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Medcaptain’s core management team boasts in-depth experience from top-tier medical device manufacturers. Liu Jie, Chairman, previously served as Executive Vice President and Chief Operating Officer of Mindray. Zhong Yaoqi, Vice Chairman, once oversaw Mindray’s international sales and M&A businesses. The team founded the company in Shenzhen in 2011, focusing on building a platform-type medical device enterprise featuring “equipment + consumables”. With over a decade of industry expertise, the company’s products have reached more than 140 countries and regions worldwide.

Core Highlights: Hidden Champion in Life Support, Driven by Three Synergistic Business Lines

Eight consecutive years as China’s top player in the infusion workstation market: Medcaptain’s core strength lies in its dominant position in niche life support markets. According to CIC (China Insights Consultancy), by sales value, the company ranked first in China’s infusion workstation market each year from 2018 to 2025, retaining the top spot for eight years in a row. It also led China’s enteral nutrition pump market from 2021 to 2025. The firm has developed a suite of innovative products, including the world’s first remote infusion control system, China’s first independently developed multi-channel infusion workstation, and MRI-compatible infusion workstations, building substantial technological moats.

Three business lines form a comprehensive product portfolio: As of 31 March 2026, the product portfolio covers over 60 life support products, more than 110 minimally invasive intervention products and over 150 in vitro diagnostics (IVD) products, catering to clinical demands across a wide range of hospital departments. In the minimally invasive intervention segment, Medcaptain is one of the few domestic brands in China with a dedicated endoscope product portfolio. It ranked among the top three suppliers of digestive system minimally invasive interventional consumables in China from 2022 to 2025, and among the top five players in China’s single-use cholangioscope market from 2023 to 2025. For IVD, the company launched the world’s first fully automated thromboelastography (TEG) analyzer in 2021 and secured a top-five position in China’s blood typing equipment market in 2025.

R&D-driven with a robust pipeline: The company has established five R&D centers in Shenzhen, Changzhou, Nanjing, Shanghai and the United Kingdom. As of 31 March 2026, the R&D team comprised 502 members, accounting for 22.7% of total employees. On the same date, it had over 60 products under development, including more than 10 life support candidates, over 30 minimally invasive intervention candidates and more than 20 IVD candidates, laying solid groundwork for long-term growth.

Global footprint covering 140+ countries and regions: Its products have been deployed in over 140 countries and regions globally. Domestically, the products serve more than 6,000 hospitals, covering roughly 90% of Class III Grade A hospitals. Local representative offices have been set up in key strategic markets including the United Kingdom, the Netherlands, Belgium, Turkey, India, Thailand, Indonesia, Mexico, Brazil and Colombia, forming a robust global distribution network.

Financial Performance: Steady Revenue Growth and Turnaround to Profitability in 2025

Steady revenue expansion: Revenue rose from RMB1.313 billion in 2023 to RMB1.399 billion in 2024 (up 6.6% year-on-year), and further increased to RMB1.619 billion in 2025 (up 15.7% year-on-year). In the three months ended 31 March 2026, revenue reached RMB422 million, representing a year-on-year increase of 18.96%, maintaining solid growth momentum. The growth was mainly attributable to rising sales across all business segments and continued overseas expansion.

Continuous gross margin improvement: Gross margin edged up from 49.6% in 2023 to 49.7% in 2024, jumped markedly to 53.7% in 2025, and further climbed to 54.3% in Q1 2026. The improvement was primarily driven by optimized product mix and economies of scale.

Turnaround to net profit in 2025: The company recorded net losses of RMB64.51 million and RMB96.62 million in 2023 and 2024 respectively, mainly due to challenging market conditions and sustained investment amid business expansion. As early-stage investments began to generate returns, Medcaptain turned profitable in 2025 with a net profit of RMB50.74 million. It posted a net loss of RMB2.53 million in the three months ended 31 March 2026, largely attributable to one-off items including share-based payment of RMB25.1 million under the pre-IPO share option scheme and listing expenses of RMB12.5 million. Excluding these non-recurring items, the adjusted profit for Q1 2026 stood at approximately RMB35 million, reflecting steadily strengthened core profitability.

IPO Details: Proceeds to Fund R&D, Production Capacity and Global Expansion

Medcaptain’s offer price is HK$15.420 per share with 100 shares per board lot and an entry cost of around HK$1,557.55. The subscription period commenced on 28 August 2026 and will close on 2 September, with listing on the HKEX Main Board scheduled for 7 September. A total of 38.9106 million shares will be globally offered, raising around HK$600 million in total and approximately HK$496 million in net proceeds. The offer ratio is about 7.22%, and post-issue total share capital will be roughly 539 million shares.

Allocation of net proceeds for R&D and capacity expansion: Around 35.0% of net proceeds will be used for ongoing and planned R&D to enrich the product portfolio; 20.0% for developing manufacturing hubs to expand production capacity; 20.0% to further boost sales and marketing capabilities; 10.0% for potential strategic investments and acquisitions worldwide; 5.0% to upgrade IT infrastructure and digital platforms; and 10.0% for working capital and other general corporate purposes.

Risk Highlights: Channel Management, VBP Policies and Uncertainty in Sustained Profitability

Channel management risk: The vast majority of revenue is generated from distributors and ODM customers. From 2023 to 2025 and for the three months ended 31 March 2026, revenue from distributors accounted for 87.8%, 84.3%, 83.1% and 88.0% respectively, while revenue from ODM customers made up 10.7%, 12.3%, 14.1% and 9.8% respectively. Combined, they contribute over 95% of total revenue. A reduction in orders or non-renewal of distribution agreements by distributors, or shifts of ODM customers to other manufacturers, may materially and adversely affect the company’s operating results. Meanwhile, managing the extensive distributor network (1,532 domestic distributors and 497 overseas distributors as of 31 March 2026) poses operational complexity.

Inventory and trade receivables risk: As of 31 March 2026, inventory stood at RMB254 million with inventory turnover days of around 121 days. Trade receivables and bills receivable reached RMB171 million, and turnover days rose from 29 days in 2023 to 37 days in Q1 2026. Poor inventory management or delayed payments from customers may negatively impact the company’s cash flow and liquidity.

Risks from medical device VBP and overseas expansion: The company’s key products face uncertainties arising from China’s centralized volume-based procurement (VBP) policy, which may lead to product price cuts. While its products cover more than 140 countries and regions, overseas operations are exposed to geopolitical risks, shifting trade regulations and divergent regulatory requirements across jurisdictions.

Conclusion

Overall, Medcaptain, a leading Chinese provider of life support and minimally invasive intervention medical devices, has drawn strong market attention for its Hong Kong IPO. For investors, its core value lies in its dominant position in niche markets such as infusion workstations, diversified layout supported by three synergistic business lines, profit inflection in 2025, and long-term growth potential from global expansion.

Nevertheless, the company is exposed to risks including heavy reliance on distributors and ODM clients, VBP policy uncertainties, unproven profit sustainability, and pressure in inventory and receivables management. Post-listing, market focus will center on whether Medcaptain can consolidate its strengths in life support, drive sustained growth in minimally invasive intervention and IVD businesses, adapt effectively to VBP changes, and deepen its global footprint.

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Sunvozertinib is the world's first small-molecule epidermal growth factor receptor (EGFR) tyrosine kinase inhibitor (TKI) approved for the treatment of lung cancer with EGFR exon 20 insertion (exon20ins) mutations, and has been launched in Mainland China and approved in the United States, being the first lung cancer drug developed in China to receive Breakthrough Therapy designations from both the US FDA and China's NMPA. As of the last practicable date, sunvozertinib is the only small-molecule drug recommended by the authoritative NCCN guidelines for the treatment of EGFR exon20ins NSCLC, and the only targeted drug included in China's National Reimbursement Drug List (NRDL) for the relapsed or refractory (r/r) EGFR exon20ins indication. Golidocitinib is the world's first and only JAK1 inhibitor approved for the treatment of relapsed or refractory peripheral T-cell lymphoma (r/r PTCL), having received Fast Track and Orphan Drug designations from the US FDA, and has also been included in the NRDL.

According to the announcement, prior to the establishment of Dizal in 2017, the Company was AstraZeneca's global oncology translational science center — the Asian Innovation Medicines and Early Development (iMED Asia). The Company's pipeline comprises the out-licensed sunvozertinib, the marketed golidocitinib, one candidate drug (DZD8586) at the registration-stage clinical phase, three assets at the post-concept-validation stage and one asset at the early clinical stage.

On 14 July 2026, the Company entered into a license agreement with AstraZeneca UK Limited, granting AstraZeneca an exclusive license to develop and commercialize sunvozertinib globally. AstraZeneca is expected to pay a one-time, non-refundable and non-creditable upfront payment of USD 600.0 million as partial consideration, which, according to CIC, represents the largest upfront payment in a single-asset license-out transaction for a Chinese small-molecule drug to date. The Company is also entitled to development milestone payments of up to USD 400.0 million in aggregate and sales milestone payments of up to USD 500.0 million in aggregate, subject to the achievement of specified development, regulatory and sales milestones, as well as tiered royalties of up to a low double-digit percentage on global sales of sunvozertinib.

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According to the announcement, the Hong Kong public offering runs from 9:00 a.m. on 28 August 2026 to 12:00 noon on 2 September 2026, and trading in the H shares is expected to commence on the Stock Exchange on 7 September 2026. The Company qualifies for listing under the market capitalisation/revenue test, with 2025 revenue of RMB 1,619.2 million and an expected listing market capitalisation of approximately HKD 8.3 billion, both above the relevant thresholds.

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