Core Viewpoint - LeShuShi (02698) is set to be listed on the Hong Kong Stock Exchange on November 10, with its shares currently trading at HKD 38.42 in the dark market, representing a 46.64% increase from the IPO price of HKD 26.20 [1]. Summary by Categories - **Company Listing** - LeShuShi will officially list on the Hong Kong Stock Exchange on November 10 [1]. - **Market Performance** - The dark market trading shows a price of HKD 38.42, which is a 46.64% increase from the initial offering price of HKD 26.20 [1]. - Each trading lot consists of 200 shares, leading to a potential profit of HKD 2,444 per lot, excluding transaction fees [1].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告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。 沈延昌先生 楊艷娟女士 周仁偉先生 獨立非執行董事 Softcare Limited 樂舒適有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2698） 董事名單及其角色和職能 樂舒適有限公司（「本公司」）董事會（「董事會」）成員載列如下： 執行董事 羅繼超先生 趙永強先生 非執行董事 2 婁愛東女士 高建明先生 徐景先生 董事會設有三個董事委員會。下表提供各董事委員會成員於該等委員會中所擔任 的職位。 1 | | 董事委員會 審核委員會 | 薪酬委員會 | 提名委員會 | | --- | --- | --- | --- | | 董事 | | | | | 羅繼超先生 | | | | | 趙永強先生 | | | | | 沈延昌先生 | | 成員 | 主席 | | 楊艷娟女士 | | | | | 周仁偉先生 | 成員 | | | | 婁愛東女士 | 成員 | 主席 | 成員 | | 高建明先生 | | ...

Softcare Limited 樂舒適有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2698) （以下稱「公司」） 薪酬委員會－職權範圍 1. 成員 4. 出席會議 5. 股東週年大會 5.1 薪酬委員會之主席或（如其缺席）薪酬委員會之其他成員（必須為獨立非執行 董事）須出席本公司之股東週年大會，並回應股東就薪酬委員會之活動及彼 等之責任作出之提問。 6. 責任及權力 薪酬委員會須具有下列責任及權力： 2. 薪酬委員會秘書 3. 會議 1 1.1 公司的薪酬委員會（「薪酬委員會」）須由公司董事會（「董事會」）設立，且薪酬 委員會須由最少三名成員組成，其大多數成員應為獨立非執行董事。薪酬委 員會成員須由董事委任。 1.2 薪酬委員會之主席須為薪酬委員會中的獨立非執行董事擔任，並由董事會委 任。 1.3 薪酬委員會成員的委任年期由董事會於委任時決定，最長不得超過該成員的 董事任期。 2.1 薪酬委員會之秘書由公司的公司秘書擔任。 2.2 薪酬委員會可不時委任其他任何具備合資格及經驗之人士為薪酬委員會之秘 書。 3.1 薪酬委員會每年最少須舉行一次會議。薪酬委員會任何成員或秘書可要求舉 行會議。 3.2 ...

Softcare Limited 樂舒適有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2698) （以下稱「公司」） 提名委員會－職權範圍 2. 提名委員會之秘書 3. 會議 1 1.1 公司的提名委員會（「提名委員會」）須由公司董事會（「董事會」）設立，且提名 委員會須由最少三名成員組成，其大多數成員應為獨立非執行董事。提名委 員會成員須由董事會委任。 1.2 提名委員會之主席應由董事會主席或提名委員會中的獨立非執行董事擔任， 並由董事會委任。 1.3 提名委員會成員的委任年期由董事會於委任時決定，最長不得超過該成員的 董事任期。 2.1 提名委員會之秘書應由公司的公司秘書擔任。 2.2 提名委員會可不時委任其他任何具備合資格及經驗之人士為提名委員會之秘 書。 3.1 提名委員會成員可以在有需要的情況下於任何時間召開會議。提名委員會任 何成員或秘書可要求舉行會議。 3.2 任何會議之通知最少須於該會議舉行前14天作出，除非提名委員會全體成員 一致通過豁免該通知。儘管有通知期，提名委員會成員出席會議將被視為該 成員豁免所需之通知期。倘續會於會議後14天內舉行，則任何續會毋須作出 通知。 3.3 提名 ...

2. 審核委員會之秘書 3. 會議 4. 出席會議 3.1 審核委員會每年最少須舉行兩次會議。審核委員會任何成員或秘書可要求舉 行會議。公司之外聘核數師如認為有需要，可要求舉行會議。 5. 股東週年大會 1 1.1 公司的審核委員會（「審核委員會」）須由公司董事會（「董事會」）設立，且須由 最少三名成員組成。 1.2 審核委員會成員須全部由公司非執行董事組成。審核委員會過半數成員須為 公司獨立非執行董事及最少一名具備合適專業資格或會計或相關財務管理專 長之獨立非執行董事。審核委員會成員須由董事會委任。公司現有核數公司 前合夥人於以下日期（以日期較後者為準）起計兩年期間內，不得出任審核委 員會成員：(a)不再為該核數公司合夥人之日；或(b)不再於該核數公司享有任 何財務利益之日。 1.3 審核委員會之主席須為審計委員會中的獨立非執行董事，並須由董事會委任。 1.4 審核委員會成員的委任年期由董事會於委任時決定，最長不得超過該成員的 董事任期。 2.1 審核委員會之秘書由公司的公司秘書擔任。 2.2 審核委員會可不時委任其他任何具備合適資格及經驗之人士為審核委員會之 秘書。 Softcare Limited 樂舒 ...

（經日期為2025年2月18日的特別決議案採納，自2025年2月20日起生效） 1 股份有限公司 開曼群島公司法（經修訂） 股份有限公司 Softcare Limited樂舒適有限公司 開曼群島公司法（經修訂） 的 第二份經修訂及經重列組織章程大綱及細則 （經日期為2025年2月18日的特別決議案採納，自2025年2月20日起生效） 2 1. 本公司之名稱為Softcare Limited樂舒適有限公司（「本公司」）。 2. 本公司之註冊辦事處為Conyers Trust Company (Cayman) Limited的辦事 處，地址為Cricket Square, Hutchins Drive, PO Box 2681, Grand Cayman, KY11111, Cayman Islands，或於本公司董事不時決定的其他地點。 3. 本公司成立之宗旨並無限制，本公司有十足權力及授權進行任何不受開曼群 島公司法（經修訂）第7(4)條規定的法令或開曼群島任何其他法令所禁止之任 何宗旨。 4. 不論公司法（經修訂）第27(2)條規定之任何企業利益問題，本公司擁有及有能 力行使自然人之所有職能。 5. 本公司 ...

Group 1 - The core viewpoint of the article highlights the significant oversubscription of the initial public offering (IPO) of the baby diaper manufacturer, Le Shushi, with a subscription amount reaching HKD 323.1 billion, which is 1,356 times the public offering amount of HKD 238 million [1] - Le Shushi plans to issue 90.884 million shares at an offering price between HKD 24.2 and HKD 26.2, aiming to raise up to HKD 2.38 billion, with a minimum entry fee of approximately HKD 5,292.9 for one lot of shares [1] - The company is expected to be listed on November 10, with China International Capital Corporation, CITIC Securities, and GF Securities acting as joint sponsors [1] Group 2 - Le Shushi is a multinational hygiene products company focusing on emerging markets in Africa, Latin America, and Central Asia, primarily engaged in the development, manufacturing, and sales of baby diapers, baby pull-ups, sanitary napkins, and wet wipes [1] - The majority of Le Shushi's revenue comes from sales to African customers, with East Africa contributing 46.5%, West Africa 39.5%, Central Africa 10.6%, and Latin America and Central Asia accounting for 3.3% and 0.1%, respectively, in the first four months of this year [1] - According to Frost & Sullivan, Le Shushi ranks first in the African baby diaper and sanitary napkin markets by sales volume, with market shares of 20.3% and 15.6%, respectively [2] Group 3 - The founders of Le Shushi, Shen Yanchang and Yang Yanjuan, hold a combined 64.42% stake in the company, with their registered address in Hong Kong [2] - The cornerstone investors include BA Capital, Arc Avenue, Arcane Nexus, and several others, with a total investment of USD 139 million (approximately HKD 1.08 billion), representing 45.34% of the initial offering size at the maximum price of HKD 26.2 [2] Group 4 - The net proceeds from the fundraising will be allocated as follows: 71.4% for expanding overall production capacity and upgrading production lines, 11.6% for marketing and promotional activities in Africa, Latin America, and Central Asia, 4.7% for strategic acquisitions in the hygiene products sector, and 0.4% for upgrading the CRM system [3] - Additionally, 2.6% will be used for hiring management consulting firms to analyze new markets and products, while 9.3% will be allocated for working capital and general corporate purposes [3]

Core Viewpoint - The Hong Kong stock market is witnessing a surge in consumer enterprises, with notable IPOs like LeShuShi, which aims to become the "first African consumer goods manufacturer" listed in Hong Kong, leveraging its strong position in the African market and the hygiene products sector [1][4]. Group 1: Company Overview - LeShuShi is a multinational hygiene products company focusing on emerging markets such as Africa, Latin America, and Central Asia, primarily selling baby diapers, sanitary napkins, and wet wipes, with a leading position in the African market [4][7]. - The company has achieved significant interest in its Hong Kong IPO, with a subscription rate of 2,358 times, indicating strong demand from both institutional and retail investors [1][2]. Group 2: Market Potential - Africa is characterized as the "youngest continent," with a high potential for economic development and consumer upgrades, as evidenced by a projected 1.8% compound annual growth rate in newborn numbers from 2020 to 2024 [7][8]. - The penetration rate for baby diapers in Africa is approximately 20%, significantly lower than the 70% to 86% rates in Europe, North America, and China, presenting a vast market opportunity for LeShuShi [8][9]. Group 3: Financial Performance - LeShuShi has demonstrated strong financial performance, with revenues of $320 million, $411 million, and $454 million projected for 2022, 2023, and 2024, respectively, alongside net profits of $18.4 million, $64.7 million, and $95.1 million, showing a growth rate of 251.7% and 47.0% for 2023 and 2024 [11][12][20]. - The company's operating cash flow has also increased significantly, from $13.57 million in 2022 to $109 million in 2024, indicating robust cash generation capabilities [12][13]. Group 4: Valuation and Investment Appeal - LeShuShi's estimated P/E ratio is around 20x, which is considered reasonable given its unique positioning in the market and growth potential compared to peers [15][20]. - The company has attracted significant institutional backing, including investments from the International Finance Corporation (IFC) and prominent investment firms, enhancing its credibility and growth prospects [21][23]. Group 5: Future Growth Prospects - LeShuShi is expanding its operations into Latin America, replicating its successful business model from Africa, which is expected to drive further growth [24][25]. - The company aims to evolve into a "Procter & Gamble of Africa" by leveraging capital market support for acquisitions and expanding its product offerings through a multi-brand strategy [24][26].

Core Viewpoint - The company LeShuShi (02698), a manufacturer of baby diapers, has seen significant interest in its IPO, with a subscription amount reaching HKD 323.1 billion, which is 1356 times oversubscribed compared to the public offering amount of HKD 238 million [1] Group 1: IPO Details - The IPO subscription period is from October 31 to November 5, with an expected listing date of November 10 [1] - LeShuShi plans to issue 90.884 million shares at an offering price between HKD 24.2 and HKD 26.2, aiming to raise up to HKD 2.38 billion [1] - The company will not implement a mandatory clawback mechanism, with 10% of shares allocated for public offering, and the overall coordinators can increase this to a maximum of 15% [1] Group 2: Company Overview - LeShuShi is a multinational hygiene products company focusing on emerging markets in Africa, Latin America, and Central Asia, primarily engaged in the development, manufacturing, and sales of baby diapers, sanitary napkins, and wet wipes [1] - The company operates under several brands, including Softcare, Veesper, Maya, Cuettie, and Clincleer, with sales covering over 30 countries in West, East, and Central Africa [1] Group 3: Market Position - According to Frost & Sullivan, LeShuShi ranks first in the African baby diaper and sanitary napkin markets by volume, with market shares of 20.3% and 15.6%, respectively [2] - In terms of revenue for 2024, the company ranks second in the African baby diaper and sanitary napkin markets, with market shares of 17.2% and 11.9% [2] Group 4: Shareholder Information - The founders of LeShuShi, Shen Yanchang and Yang Yanjuan, hold a combined 64.42% stake in the company [2] - The founders have a history of working in Nigeria and later returned to China to establish the company [2] Group 5: Cornerstone Investors - LeShuShi has secured cornerstone investors including BA Capital, Arc Avenue, and several funds, with a total investment amounting to USD 139 million (approximately HKD 1.08 billion) [2] - If priced at HKD 26.2, the cornerstone investors' subscriptions would represent 45.34% of the initial offering size [2] Group 6: Use of Proceeds - The net proceeds from the IPO will be allocated as follows: 71.4% for expanding overall production capacity and upgrading production lines; 11.6% for marketing and promotional activities in Africa, Latin America, and Central Asia; 4.7% for strategic acquisitions in the hygiene products sector; 0.4% for upgrading the CRM system; 2.6% for hiring management consulting firms for market and product analysis; and 9.3% for working capital and general corporate purposes [3]

Core Insights - The Hong Kong stock market is set to witness its first listing from a Middle Eastern company, marking a significant milestone after years of promotional activities [1][3] - Softcare Limited, a company focused on hygiene products in emerging markets, is preparing for its global offering in Hong Kong with a maximum share price of HKD 26.20 [1][2] Group 1: Company Overview - Softcare Limited specializes in the development, manufacturing, and sales of baby and women's hygiene products, including diapers and sanitary pads, primarily targeting markets in Africa, Latin America, and Central Asia [2] - The company has established production facilities in eight African countries and has expanded its operations to Latin America and Central Asia, with a significant portion of its revenue generated from African sales [2] Group 2: Market Context - The listing of Softcare Limited is seen as a result of Hong Kong's efforts to attract Middle Eastern companies, with the Hong Kong Monetary Authority and financial regulators signing a memorandum of cooperation [1][3] - The Middle Eastern IPO market has been active, with exchanges in Saudi Arabia and the UAE ranking among the top globally in terms of IPO fundraising [3] Group 3: Strategic Initiatives - Hong Kong has been enhancing its cooperation with the Middle East through various initiatives, including the introduction of new cross-regional investment products and capital investments [3][4] - The Hong Kong Trade Development Council's research highlights Hong Kong's role as a gateway to the Asian market, offering good corporate governance and increased visibility for companies [5] Group 4: Challenges and Considerations - Despite the opportunities, challenges such as language barriers and cultural differences may hinder Middle Eastern companies from listing in Hong Kong [5] - The requirement for companies to adhere to Environmental, Social, and Governance (ESG) reporting standards may pose difficulties for some Middle Eastern firms [5] Group 5: Future Prospects - The Hong Kong government is accelerating the establishment of a second economic and trade office in Saudi Arabia to further enhance collaboration [5][6] - Hong Kong's diverse financial tools and status as a major IPO market position it as a valuable partner for the rapid development of infrastructure projects in the Middle East [6]