On September 28, 2025, Wuhan Ammunition Life-tech Co., Ltd. (referred to as "Ammunition Life-tech"), based in the East Lake New Technology Development Zone in Wuhan, Hubei Province, submitted its prospectus to the Hong Kong Stock Exchange, seeking to list on the Main Board.

Ammunition Life-tech's prospectus link: https://www1.hkexnews.hk/app/sehk/2025/107725/documents/sehk25092800359_c.pdf

**Core Business** Founded in 2015, Ammunition Life-tech is a leading early cancer detection company strategically focused on high-incidence, high-mortality cancers. The company pioneered the development of methylation-based early cancer detection products.

As of the latest practicable date, the company has two core products: Aixingan for liver cancer (the world's first liver cancer early screening reagent based on methylation technology using qPCR technology, achieving 92.33% sensitivity and 93.35% specificity in blood sample detection, with sensitivity reaching 84.43% for Stage I patients) and Aiguangle for urothelial cancer (enabling non-invasive detection of urothelial cancer using only 1ml of urine sample).

Ammunition Life-tech has developed a comprehensive early cancer detection platform with multiple competitive advantages and a rich product pipeline. Through a full-spectrum product portfolio covering major cancer types including approved and investigational products for colorectal, liver, and esophageal cancers, the company is further expanding into urothelial, gastric, lung, and gynecological cancers. It is also actively developing pan-cancer detection products, currently developing one reagent for combined detection of five digestive system cancers, one for six high-incidence cancers, and one for twelve cancer types.

Ammunition Life-tech employs cost-effective real-time quantitative polymerase chain reaction (qPCR) technology, supported by the company's proprietary intelligent Tumor Biomarker Finder (iTBFinder) platform developed based on extensive cancer patient data, complemented by innovative technologies such as Amplification Selective Capture (AS-Cap) and Sensitivity Enhancement Methylation PCR (SEM-PCR), significantly enhancing detection capabilities. The company's experienced R&D team has established efficient development processes, dramatically shortening product development cycles to approximately four and a half years, creating substantial entry barriers.

Ammunition Life-tech's technological advantages are supported by robust commercial infrastructure and extensive sales and distribution networks covering medical testing laboratories, private health examination centers, and distributors serving downstream customers including public hospitals and primary healthcare institutions. Additionally, to address key challenges in large-scale downstream applications, the company is developing the fully automated sample processing workstation AMStation, capable of processing up to 60 stool samples for preprocessing and extracting and converting 16 nucleic acid samples within approximately three hours, streamlining operations to support large-scale testing. AMStation is expected to complete EMC testing and safety compliance testing by early 2026, with first-class medical device registration applications to be submitted to the Wuhan Market Supervision Administration.

While building its product pipeline, Ammunition Life-tech has established a comprehensive early cancer detection platform integrating R&D, clinical development, and commercialization capabilities.

• **Research & Development** The company's R&D capabilities are validated by proprietary technologies and innovative platforms. The company has built the proprietary biomarker screening platform iTBFinder, constructed based on over 210,000 multi-omics data entries covering samples from 13,800 cancer patients across 22 cancer types. The company's proprietary technologies include AS-Cap and SEM-PCR, where AS-Cap technology minimizes false-positive results and improves capture efficiency, while SEM-PCR technology enhances detection signal intensity by over ten-fold. According to Frost & Sullivan, as of the latest practicable date, the company ranks first in China's early cancer detection field in both the number of Class III medical device registration certificates and registered patents.

• **Clinical Development** While the company's first product took over five and a half years to develop, the company has successfully shortened the average development cycle to four and a half years, with Aixingan's development cycle being four years and four months, creating substantial entry barriers for potential competitors.

• **Commercialization** The company has established a robust sales and distribution network for its products, penetrating and/or being widely applied in the following scenarios: public hospitals (such as Peking Union Medical College Hospital and over 100 other public hospitals in China), leading medical testing laboratories (including Kingmed Diagnostics), major private health examination centers (such as iKang Healthcare), and overseas distribution channels, with multiple products successfully completing international registrations.

**Shareholder Structure** The prospectus shows that before Hong Kong listing, Ammunition Life-tech's shareholder structure includes:

Dr. Zhang Lianglu, directly holding 32.58% and controlling several employee incentive platforms, with a combined holding of approximately 51.10%, serving as the controlling shareholder.

Other shareholders include Jiangsu Bioperfectus Technologies (300639.SZ), CCB, Guangzhou Jinyuan Kuntong, Herui Venture, Changjiang Securities (000783.SZ), and Wuhan Optics Valley.

**Board and Management** Ammunition Life-tech's board comprises 9 directors, including:

**4 Executive Directors** - Dr. Zhang Lianglu (Chairman and General Manager); - Dr. Dong Lanlan (R&D President and Deputy General Manager for R&D and Production); - Mr. Wu Zhicheng (Chief Information Officer); - Dr. Guo Hong (Deputy R&D Director);

**2 Non-Executive Directors** - Mr. Liao Si'an (Senior Investment Vice President at Guangzhou Jinyuan Kuntong); - Mr. Chen Jianping (formerly with Industrial and Commercial Bank of China Guangdong Shantou Branch and Chenghai Sub-branch);

**3 Independent Non-Executive Directors** - Mr. Hu Yi (Associate Professor at Wuhan University); - Mr. Guo Jingyao (Founder of Guo Jingyao CPA Practice and GCC Corporate); - Mr. Wu Si (Director of Wuhan University EMBA Program).

Beyond executive directors, senior management includes: - Mr. Xie Minghao (also known as Xie Kun) (Chief Financial Officer, Board Secretary, Joint Company Secretary); - Ms. Zhou Dihan (Chief Technology Officer, Deputy R&D Director).

**Financial Performance** The prospectus shows that for 2023, 2024, and the first six months of 2025, Ammunition Life-tech's operating revenues were RMB 6.233 million, RMB 7.238 million, and RMB 6.513 million respectively, with corresponding R&D expenses of RMB 22.735 million, RMB 15.0 million, and RMB 4.518 million respectively, and corresponding net losses of RMB 67.922 million, RMB 38.63 million, and RMB 13.906 million respectively.

**Intermediary Team** The main intermediary team for Ammunition Life-tech's IPO includes: - CCB International and BOCOM INTL as joint sponsors; - PwC as auditor; - Jingtian & Gongcheng as PRC legal counsel; - Jingtian & Gongcheng (Hong Kong) as Hong Kong legal counsel; - Tianyuan Law Firm as underwriter's PRC legal counsel; - Chow Chun Hin (Deacons) as underwriter's Hong Kong and US legal counsel; - Capitaland Securities as compliance advisor; - Frost & Sullivan as industry consultant.