ZHOU LIU FU (06168) has announced that, in accordance with Listing Rule 13.32B (as amended and replaced by Rule 19A.28B), shares listed on the Stock Exchange must have a public market. This generally means that, at all times, the portion of a listed share class held by the public must: (1) constitute at least 25% of the issuer's total issued shares of that class (excluding treasury shares), or any lower minimum public shareholding percentage specified at the time of listing under Rule 8.08(1) (as amended and replaced by Rule 19A.13A) (the initial designated threshold); or (2) alternatively, (a) achieve a market capitalization of at least HK$1 billion; and (b) constitute at least 10% of the issuer's total issued shares of that class (excluding treasury shares) (the alternative threshold).

For its listing, the company received a waiver from the Stock Exchange from strict compliance with the relevant provisions of Listing Rule 8.08(1). The minimum percentage of the company's shares to be held by the public from time to time will be the higher of: (i) 15.33% of the company's total issued share capital upon completion of the global offering (assuming the over-allotment option is not exercised); and (ii) the percentage of the company's shares held by the public after the full or partial exercise of the over-allotment option (i.e., 18.23%). The company fully exercised the over-allotment option on July 23, 2025. Immediately following the full exercise of this option, the number of company shares held by the public represented approximately 18.23% of the company's total issued share capital. Consequently, the initial designated threshold applicable to the company is 18.23% of its total issued shares (excluding treasury shares, if any).

Pursuant to the H Share Repurchase Mandate, the company repurchased 661,400 H Shares on the Stock Exchange on May 14, 2026. As these repurchased H Shares will no longer be considered held by the public under the Listing Rules, the company has adopted the alternative threshold effective from May 14, 2026. This move is to comply with Listing Rule 13.32B (as amended and replaced by Rule 19A.28B) and to provide greater flexibility for the Group's future corporate actions aimed at capital management.

As of May 14, 2026, which is the last practicable date prior to the issuance of this announcement, the market capitalization of the company's public float (calculated in accordance with Listing Rule 13.32A(3) as amended and replaced by Rule 19A.28A) was HK$2.847 billion, which is not less than HK$1 billion. The public shareholding percentage of the company as of the last practicable date was approximately 18.11% of its total issued shares (excluding treasury shares). Therefore, the company meets the requirements of the alternative threshold under Listing Rule 13.32B(2) (as amended and replaced by Rule 19A.28B).