Ze Jing Co., Ltd. (02632) will be holding an initial public offering from March 16th to March 19th, planning to globally issue 16.2265 million H shares. It will introduce Yingke No.1 and Hong Kong High-Tech as cornerstone investors.

Zejing Group (02632) will be listed from March 16, 2026 to March 19, 2026, planning to globally issue 16.2265 million H shares, with 10% offered in Hong Kong and 90% offered internationally. The offering price per share is set at 42 Hong Kong dollars to 48 Hong Kong dollars, with a unit of 50 H shares per lot. H shares are expected to begin trading on the Hong Kong Stock Exchange on March 24, 2026 (Tuesday) at 9 am. The group focuses on HUD solutions. During the previous performance period, the group mainly provided the W-HUD solution CyberLens and the AR-HUD solution CyberVision, supplemented by testing solutions and other innovative visual technology solutions. Through deep cooperation with automakers in the solution definition stage, the group brings a more in-depth new car model experience in human-vehicle interaction and intelligent driving. The group has entered into cornerstone investment agreements with Yingke No.1 and Hong Kong Advanced (referred to as "cornerstone investors"), whereby the cornerstone investors have agreed, under certain conditions, to subscribe for a total of approximately USD 110 million worth of shares at the offer price (excluding brokerage commissions, SFC transaction levy, exchange levy, and other expenses) to purchase a number of shares closest to the integral multiple of 50 H shares per lot (cornerstone allocation). Assuming an offer price of HKD 45.00 per H share (the median of the indicative price range in this prospectus), the total number of shares that the cornerstone investors will subscribe to will be 2.4433 million H shares, representing approximately 15.06% of the sale shares under the global offer, and approximately 1.98% of the total issued share capital of the company after the global offer (assuming share subdivision is completed). After deducting the underwriting fees and estimated commissions paid and payable by the group for the listing and global offering, the group estimates that it will receive a net amount of approximately HKD 662 million assuming an offer price of HKD 45.00 per H share (the median of the indicative price range of HKD 42.00 and HKD 48.00 in this prospectus). In line with the group's strategy, the group plans to use the proceeds from the global offering for the following purposes: 1. Approximately 46.7% of the net proceeds are expected to be used for production line expansion and automation, and intelligent upgrades. Among which, approximately 22.2% of the net proceeds are intended for the expansion and upgrade of the group's HUD product assembly line and SMT process. Approximately 21.1% of the net proceeds are planned for land acquisition, renovation, and other related costs. Approximately 3.4% of the net proceeds are allocated to upgrading the group's IT and technology systems; 2. Approximately 32.4% of the net proceeds are intended for enhancing the group's R&D and technical capabilities. Including approximately 17.1% for the continuous R&D and technical investment in the group's existing HUD solutions. Approximately 9.4% for the development and upgrade of next-generation intelligent cockpit visual and interactive solutions. Approximately 4.3% for developing AI efficiency tools. Approximately 1.7% for establishing new labs; 3. Approximately 10.9% of the net proceeds are planned for potential strategic cooperation with other industry value chain participants focusing on optical imaging, near-eye displays, wearable products, and other related areas. 4. Approximately 10.0% of the net proceeds are allocated for working capital and general corporate purposes. During the previous performance period, the group mainly generated revenue from the sale of HUD solutions and testing solutions. For the years 2022, 2023, 2024, and the nine months ended September 30, 2025, the group's revenue was RMB 214 million, RMB 549 million, RMB 578 million, RMB 430 million, and RMB 480 million respectively. In 2022, 2023, and 2024, the group recorded annual net losses of RMB 256 million, RMB 175 million, and RMB 138 million respectively. For the nine months ended September 30, 2025, the group recorded net losses of RMB 128 million and RMB 344 million. It is worth noting that after excluding the fair value loss of redeemable equity shares, share-based payment expenses, and listing expenses, the group's adjusted net losses (non-IFRS measurement) were RMB 79.1 million in 2022, RMB 7.1 million in 2024, RMB 4.4 million in the nine months ended September 30, 2025, and a profit of RMB 13.3 million in 2023.