PONY-W(02026): The stable pricing period is over, and the oversubscribed rights issue is invalid.

PONY-W (02026) has announced that the stabilizing price period related to the global offering will end on December 3, 2025 (Wednesday) (i.e. 30 days after the deadline for applications submitted for public offering in Hong Kong). The overall coordinator (on behalf of the international underwriters) did not exercise the over-allotment option during the stabilizing price period, and the over-allotment option expired on December 3, 2025 (Wednesday). Goldman Sachs (Asia) LLC (acting as the stabilizing manager) or any person acting on its behalf or its affiliates took the following stabilizing actions during the stabilizing price period: (1) A total of 7,237,300 A ordinary shares were over-allotted in the international offering, representing 15% of the total shares available for subscription under the global offering (after taking into account the over-allotment option and before any exercise of the over-allotment option); (2) Goldman Sachs International (an affiliate of the stabilizing manager) borrowed a total of 7,237,300 A ordinary shares from Morningside China TMT Fund IV, L.P., Morningside China TMT Special Opportunity Fund II, L.P., and Morningside China TMT Fund IV Co-investment, L.P. (collectively, the "lenders") under a stock lending agreement to supplement the over-allotment in the international offering. These shares will be returned to the lenders according to the terms of the stock lending agreement; and (3) During the stabilizing price period, a total of 7,237,300 A ordinary shares were bought on the market at prices ranging from HK$85.70 to HK$126.10 per share in order to facilitate the return of the 7,237,300 A ordinary shares borrowed from the lenders under the stock lending agreement. The last purchase made on the market by the stabilizing manager or its affiliates or any person acting on its behalf was on December 3, 2025 (Wednesday), at a price of HK$112.40 per share.