Zejing Corporation (02632) will be making a global offering of 16.2265 million H shares from March 16th to March 19th, introducing Ying Ke One and Hong Kong High Tech as cornerstone investors.

Zejing Co., Ltd. (02632) will conduct its initial public offering from March 16, 2026 to March 19, 2026, aiming to globally sell 16.2265 million H shares, with 10% allocated for sale in Hong Kong and 90% for international sale. The offering price per share is HK$42 to HK$48, with each lot consisting of 50 H shares. It is expected that the H shares will start trading on the Hong Kong Stock Exchange on March 24, 2026 (Tuesday) at 9:00 am. The group focuses on HUD solutions. During the reporting period, the group mainly provided the group's windshield HUD (W-HUD) solution CyberLens and the group's augmented reality HUD (AR-HUD) solution CyberVision, with a comprehensive solution consisting of testing solutions and other innovative visual technology solutions. The group cooperates closely with original equipment manufacturers in the solution definition stage, bringing a deeper interactive and intelligent driving experience to new vehicle models. The group has entered into cornerstone investment agreements (each referred to as a "cornerstone investment agreement") with Yingke No. 1 and Hong Kong Advanced (referred to as "cornerstone investors" collectively). Under these agreements, the cornerstone investors have agreed to subscribe for an aggregate amount of approximately US$110 million at the offering price under certain conditions (excluding brokerage commissions, SFC transaction levies, HKEx trading fees) to purchase the relevant number of offering shares (rounded down to the nearest whole trading unit of 50 H shares per lot) (cornerstone allocation). Assuming an offering price of HK$45.00 per H share (the median of the indicative offering price range specified in the prospectus), the total number of offering shares that the cornerstone investors will agree to subscribe for will be 2.4433 million offering shares, accounting for approximately 15.06% of the offering shares under the global offering and approximately 1.98% of the total issued share capital of the company after the completion of the global offering (assuming the stock split has been completed). After deducting the underwriting and estimated commission expenses and other estimated offering expenses incurred by the group for listing and global offering, assuming an offering price of HK$45.00 per H share (the median of the indicative offering price range of HK$42.00 to HK$48.00 as specified in the prospectus), the group estimates that the net proceeds to be received by the group will be approximately HK$662 million. In line with the group's strategy, the group intends to use the net proceeds from the global offering as follows: 1. Approximately 46.7% of the estimated net proceeds will be used for production line expansion and automated, intelligent upgrades. Among these, approximately 22.2% of the estimated net proceeds will be used to expand and upgrade the group's HUD product assembly line and SMT process. Approximately 21.1% of the estimated net proceeds will be used for land acquisition, renovation, and other related costs. Approximately 3.4% of the estimated net proceeds will be used to upgrade the group's IT and technology systems; 2. Approximately 32.4% of the estimated net proceeds will be used to enhance the group's research and technology capabilities. Among these, approximately 17.1% of the estimated net proceeds will be used for the continuous research and technological investment in the group's existing HUD solutions. Approximately 9.4% of the estimated net proceeds will be used for the development and upgrade of next-generation intelligent cockpit visual and interactive solutions. Approximately 4.3% of the estimated net proceeds will be used to develop AI efficiency tools. Approximately 1.7% of the estimated net proceeds will be used to establish a new laboratory; 3. Approximately 10.9% of the estimated net proceeds will be used for potential strategic cooperation with industry value chain participants focusing on optical imaging, near-eye display, wearable products, and other related areas. 4. Approximately 10.0% of the estimated net proceeds will be used for working capital and general corporate purposes. During the reporting period, the group mainly generated revenue from the sale of HUD solutions and testing solutions. In 2022, 2023, 2024, and the nine months ended September 30, 2025, the group's revenues were RMB 214 million, RMB 549 million, RMB 578 million, RMB 430 million, and RMB 480 million, respectively. In 2022, 2023, and 2024, the group incurred annual losses of RMB 256 million, RMB 175 million, and RMB 138 million, respectively. For the nine months ended September 30, 2025, the group incurred losses of RMB 128 million and RMB 344 million, respectively. Excluding the impact of fair value loss on redeemable shares, share-based payment expenses, and listing expenses, the group's adjusted net losses (non-IFRS measurement) were RMB 79.10 million, RMB 7.10 million, RMB 4.40 million, and RMB 17.50 million for 2022, 2024, and the nine months ended September 30, 2025, and adjusted net income for 2023 was RMB 13.30 million.