北京雲迹科技股份有限公司 董事會審核委員會工作細則 第一章 總則 第二章 委員會組成 第四條 委員會由不少於3名董事組成，且應僅由非執行董事組成，其中獨立 非執行董事應佔半數以上。委員會委員應當具備與其職責相適應的 財務或者法律等方面的專業知識和商業經驗。應至少有1名成員具備 適當的專業資格、會計或相關的財務管理專長，符合《香港上市規 則》對審核委員會財務專業人士的資格要求。 董事會應定期對委員會成員的獨立性和表現進行評估，必要時更換 不適合留任的成員。公司現任外部審計機構的前合夥人在其從現任 外部審計機構離職或不再享有現任外部審計機構的財務利益之日（以 日期較後者為準）起兩年內不得擔任委員會委員。 第五條 委員會委員由董事長、1/2以上獨立非執行董事或1/3以上全體董事 提名，董事會選舉並由全體董事的過半數通過產生。 1 第一條 為建立和規範北京雲迹科技股份有限公司（以下簡稱「公司」）審計 制度和程序，強化董事會決策功能，確保董事會對經理層的有效 監督，完善公司治理結構，根據《中華人民共和國公司法（2023修 訂）》、《香港聯合交易所有限公司證券上市規則》（以下簡稱「《香港 上市規則》」）、《香港上市規則》 ...

北京雲迹科技股份有限公司 章程（草案） （本章程經2025年第一次臨時股東會審議通過） 目錄 | 第一章 | 總則 | 1 | | --- | --- | --- | | 第二章 | 經營宗旨和範圍 | 2 | | 第三章 | 股份 | 3 | | 第一節 | 股份發行 | 3 | | 第二節 | 股份增減和回購 | 6 | | 第三節 | 股份轉讓 | 8 | | 第四章 | 股東和股東會 | 8 | | 第一節 | 股東 | 8 | | 第二節 | 股東會的一般規定 | 14 | | 第三節 | 股東會的召集 | 16 | | 第四節 | 股東會的提案與通知 | 18 | | 第五節 | 股東會的召開 | 20 | | 第六節 | 股東會的表決和決議 | 24 | | 第五章 | 董事會 | 28 | | 第一節 | 董事 | 28 | | 第二節 | 董事會 | 33 | | 第六章 | 總經理及其他高級管理人員 | 38 | | 第七章 | 監事會 | 41 | | 第一節 | 監事 | 41 | | 第二節 | 監事會 | 43 | | 第八章 | 財務會計制度、利潤分配和審計 | 44 | | 第 ...

有消息指，云迹科技(02670.HK)初步数据显示，公开发售部分录得5677倍超额认购，涉资约1891亿港 元。云迹科技发售690万股H股，香港公开发售占5%，其余为国际配售，每股招股价95.6港元，集资最 多6.6亿港元。一手50股，入场费4828.21港元。该股预期10月16日挂牌买卖。中信证券及建银国际为联 席保荐人。 ...

Industry Dynamics - Nvidia is hosting the 2025 Global Summit on Open Computing, and Oracle is unveiling its AI World Conference [7] - The 138th Canton Fair will be held in three phases in Guangzhou [7] - A revised Anti-Unfair Competition Law will take effect on October 15, enhancing fair competition rules in the digital economy [7] - TSMC is set to announce its earnings [8] - The 2025 World Intelligent Connected Vehicles Conference will take place in Beijing [8] Company News - Xuan Bamboo Biotechnology-B (02575.HK) is set to be listed on October 15 [9] - Yunji (02670.HK) will be listed on October 16, along with earnings announcements from China Tower and Fuyao Glass [10] - Zijin Mining will release its earnings on October 17, and Haixi New Drug (02637.HK) will be listed [11]

Core Viewpoint - Cloudwalk, a robotics service AI technology company, is set to launch its IPO on October 16, 2025, as the first listing under the new 18C special technology policy, with a pricing range of HKD 95.60 per share and a fundraising target between HKD 660 million to HKD 760 million, corresponding to a market capitalization of approximately HKD 6.57 billion to HKD 6.67 billion. Despite the positive listing momentum, the company faces significant underlying risks that warrant investor caution [1][2][4]. Financial Performance - Cloudwalk's revenue for 2024 is projected at RMB 240 million (approximately HKD 270 million), slightly exceeding the minimum requirement of RMB 250 million for the past fiscal year. However, revenue has shown volatility, with figures of RMB 160 million, RMB 150 million, and RMB 240 million for 2022, 2023, and 2024 respectively. The first five months of 2025 saw a 19% year-on-year revenue increase to RMB 90 million, but the sustainability of this growth remains uncertain [4][5]. - The company's gross margin has declined by 3.1 percentage points to 39.5% in the first five months of 2025, with losses expanding by 41% to RMB 120 million during the same period. This financial deterioration raises concerns about market confidence in its profitability [4][5]. Investment Structure - Unlike previous IPOs under the 18C policy, Cloudwalk has not secured cornerstone investors, which raises concerns about potential share price declines post-listing. Historical data indicates that IPOs without cornerstone investors have a 57% chance of falling below their listing price on the first day and a 71% chance of being below their listing price since then [2][4]. R&D Investment - Cloudwalk's R&D expenditure for 2024 is projected at RMB 57.39 million, accounting for only 23.4% of its revenue, a significant drop from 47.8% in 2023. This reduction in investment raises questions about the company's ability to maintain its technological edge in the robotics sector [7][8]. Market Valuation - The company's IPO valuation of approximately HKD 6.57 billion to HKD 6.67 billion represents a nearly 50% increase from its post-D round valuation of RMB 4.1 billion at the end of 2021. However, this valuation is the lowest among the four companies listed under the 18C policy, indicating a lack of market confidence in its growth potential [8][9]. Summary of Risks - The combination of no cornerstone investors, deteriorating financial metrics, tight cash flow, insufficient R&D investment, and a low market valuation collectively diminish Cloudwalk's investment appeal. Investors are advised to critically assess the company's long-term operational capabilities and inherent risks beyond the initial allure of being the first listing under the 18C reform [2][4][8].

Core Viewpoint - The Hong Kong Stock Exchange has introduced Chapter 18C to its Main Board Listing Rules, providing a new listing pathway for specialized technology companies, allowing them to go public even without profitability, similar to the previous 18A listing for biotech companies [1][2]. Company Overview - Yunji Technology, established in 2014 and headquartered in Beijing, is a robotics service company that leverages AI technology to provide robotic services and components [5]. - The company is the fourth specialized technology company to list under Chapter 18C, following Jingtai Technology, Hezhima Intelligent, and Yuejiang Technology [3]. Financial Performance - Yunji Technology's revenue grew from RMB 161.28 million in 2022 to an estimated RMB 244.78 million in 2024, representing a compound annual growth rate (CAGR) of 23.2% [8]. - For the first five months of 2025, the revenue reached RMB 88.33 million, an 18.9% increase compared to the same period in 2024 [8]. - Despite the revenue growth, the company remains in a loss position, with net losses narrowing from RMB 365.42 million in 2022 to RMB 184.96 million in 2024, and a net loss of RMB 118.35 million for the first five months of 2025 [9]. Market Position - In 2024, Yunji Technology held a 6.3% share of the Chinese robotics service market and a leading 13.9% share in the hotel service robotics market, surpassing the combined market share of its competitors [7]. - The hotel segment accounted for 70.1%, 95.1%, and 83.0% of total revenue from 2022 to 2024, with a further increase to 93.2% in the first five months of 2025 [10]. Investment and Financing - Prior to its IPO, Yunji Technology underwent eight rounds of financing, raising approximately RMB 1.2 billion, with notable investors including Tencent, Alibaba, and Ctrip [11]. - The last financing round in December 2021 valued the company at RMB 4.08 billion, but it has not raised funds in the past four years, indicating a lack of confidence in its growth prospects [11]. Industry Outlook - The Chinese hotel robotics market is expected to grow from RMB 1.1 billion in 2023 to RMB 3.6 billion by 2028, with a CAGR of 26.4% [12]. - The competitive landscape is concentrated, with the top five players holding a combined market share of 27.6%, and Yunji Technology leading the market [12]. IPO Details - Yunji Technology plans to issue 6.9 million shares at an offer price of HKD 95.6, with a total market capitalization of HKD 6.57 billion [5][13]. - The IPO is expected to attract significant interest, with a projected oversubscription rate of 4000 times [14].

Investment Rating - The report suggests a cautious subscription for the company, Yunji Technology (2670.HK) [1][4]. Core Insights - The company is a leading AI-enabled robotics service provider, offering adaptable and scalable products and services, including robots and AI digital systems [2]. - In 2024, the company is expected to have an average of 27,000 concurrently online robots, serving 230 million consumers, ranking first globally in the three-dimensional multi-layer space robotics market [2]. - The global intelligent agent market is projected to grow from RMB 39 billion in 2020 to RMB 94.6 billion in 2024, with a compound annual growth rate (CAGR) of 44.8% from 2024 to 2029 [3]. - The company's total revenue for 2022, 2023, and 2024 is projected to be RMB 161.3 million, RMB 145.2 million, and RMB 244.8 million, respectively, indicating an improvement in commercial viability and sustainable growth potential [4]. Summary by Sections IPO Details - The IPO price is set at HKD 95.6 per share, with a total fundraising amount of HKD 590 million [1]. - The total number of shares available for subscription is 6.9 million, with 95% allocated for international placement and 5% for public offering [1]. Market Overview - The market for physical robot forms of intelligent agents is expected to grow from RMB 37.8 billion in 2020 to RMB 82 billion in 2024, with a CAGR of 21.3% [3]. - The market for non-physical robot forms is projected to increase significantly, from RMB 1.2 billion in 2020 to RMB 12.69 billion in 2029, with a CAGR of 58.7% from 2024 to 2029 [3]. Financial Performance - The company's net losses for 2022, 2023, and 2024 are projected to be RMB 365.4 million, RMB 264.5 million, and RMB 185 million, respectively, indicating a trend towards improved financial health [4]. - The company's valuation based on the IPO price corresponds to a price-to-sales (PS) ratio of 24.5 times for 2024, which is considered reasonable relative to the industry average [4].

重要提示：閣下如對本招股章程的任何內容有任何疑問，應尋求獨立專業意見。 北京雲迹科技股份有限公司 Beijing Yunji Technology Co., Ltd. （於中華人民共和國註冊成立的股份有限公司） 股份代號 : 2670 全球發售 聯席保薦人、整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 聯席賬簿管理人及聯席牽頭經辦人 重要提示 Beijing Yunji Technology Co., Ltd. 北京雲 迹 科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 全球發售 整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 聯席賬簿管理人及聯席牽頭經辦人 香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算有限公司對本招股章程的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不就因本招股章程全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承 擔任何責任。 本招股章程連同本招股章程附錄七「送呈香港公司註冊處處長及展示文件」所述的文件，已按照香港法例第32章公司（清盤及雜 項條 ...

香港發售股份將根據招股章程所載條款及條件向香港公眾人士提呈發售。香港發售股份將不會 向香港境外及╱或並非香港居民的任何人士提呈發售。 香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）及香港中央結算有限公司 （「香港結算」）對本公告的內容概不負責，對其準確性或完整性亦不發表聲明，並明確表示概不 就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 除本公告另有界定者外，本公告所用詞彙與北京雲迹科技股份有限公司（「本公司」）日期為2025 年10月8日的招股章程（「招股章程」）所界定者具有相同涵義。 本公告僅供參考，並不構成收購、購買或認購任何證券的邀請或要約。本公告並非招股章程。 潛在投資者於決定是否投資發售股份前，應閱覽招股章程，以了解下文所述有關全球發售的詳 細資料。有關發售股份的任何投資決定應以招股章程所提供的資料為唯一依據。 本公告不得直接或間接於或向美國（包括其領土及屬地、美國任何州以及哥倫比亞特區）發佈、 刊發、派發。本公告並不構成或組成在美國境內或於任何其他司法管轄區購買或認購證券的任 何要約或招攬的一部分。發售股份並無亦不會根據1933年美國證券法（經不 ...