Group 1 - The company Minglue Technology-W (02718) announced the issuance and allocation of 1.0828 million Class A ordinary shares on December 2, 2025, following the full exercise of the over-allotment option [1]

FF305 公司名稱： 明略科技 （於開曼群島註冊成立以不同投票權控制的有限責任公司） 呈交日期： 2025年12月2日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 不同投票權架構公司普通股 | 股份類別 | A | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) 02718 | 說明 | A類普通股 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 明略科技 （於開曼群島註冊成立以不同投票權控制的有限責任公司） 呈交日期: 2025年12月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02718 | 說明 | A類普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 400,000,000 | USD | | 0.001 | USD | | 400,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | | | 本月底結存 | | | 400,000,000 | USD | | ...

Core Insights - Wu Minghui, a graduate from Peking University, has successfully listed two companies, Yunji (02670.HK) and Minglue Technology (02718.HK), on the Hong Kong Stock Exchange within 19 days, achieving a combined market value of approximately 34.6 billion yuan [2] - Both companies have not yet achieved profitability as of mid-2025, with Minglue Technology reporting revenues of 1.269 billion yuan in 2022, 1.462 billion yuan in 2023, and 1.381 billion yuan in 2024, while Yunji also reported continuous losses [15][16] Company Overview - Minglue Technology was established through the merger of several companies, including MiaoZhen Systems and Minglue Software, and has expanded its business scope from marketing intelligence to various sectors such as manufacturing, finance, and security [8] - The company has been recognized as a global unicorn, ranking 807th on the 2025 Hurun Global Unicorn List with a valuation of 11 billion yuan [8] Financial Performance - Minglue Technology's operating losses from 2022 to 2024 were 1.009 billion yuan, 211 million yuan, and 132 million yuan respectively, with the company still in a loss-making position in the first half of 2025 [15] - The gross profit margin for Minglue Technology remained stable, with figures of 53.24%, 50.11%, 51.59%, and 55.94% from 2022 to the first half of 2025 [15] Research and Development - The company has seen a decrease in R&D expenditure from 7.51 billion yuan in 2022 to 1.5 billion yuan in the first half of 2025, with the R&D spending as a percentage of revenue dropping from 59.2% to 23.4% [15][16] - As of mid-2025, Minglue Technology holds 2,322 patents and has applied for 596 additional patents, showcasing its commitment to innovation in data intelligence and enterprise knowledge graphs [16] Future Outlook - The company plans to use the 1.067 billion yuan raised from its IPO to enhance its technological capabilities, expand its product offerings, and strengthen its marketing and sales teams [17] - Wu Minghui is focused on researching multimodal large models to drive the industry forward in new directions [17]

Core Insights - Minglue Technology-W (02718) announced that the overallotment option described in the prospectus was fully exercised by the sole sponsor and global coordinator on November 27, 2025, involving a total of 1.0828 million Class A shares, which represents approximately 15% of the total shares initially available for subscription under the global offering [1] - The shares from the overallotment option will be issued at a price of HKD 141.00 per share [1] - The overallotment shares will be used to facilitate the delivery of a portion of the shares to cornerstone investors who have agreed to delay the delivery of their subscribed shares under the global offering [1] - The stabilization period for the global offering ended on November 27, 2025, which is the 30th day after the submission of the public offering application in Hong Kong [1]

Core Viewpoint - The company, 明略科技-W (02718), has successfully exercised its over-allotment option, resulting in the issuance of 1,082,800 Class A shares, which represents approximately 15% of the total shares initially available for subscription prior to the exercise of the over-allotment option [1] Group 1 - The over-allotment shares will be issued at a price of HKD 141.00 per share [1] - The over-allotment shares are intended to facilitate the delivery of shares to cornerstone investors who have agreed to delay the delivery of their subscribed shares under the global offering [1] - The stabilization period for the global offering ended on November 27, 2025, which is 30 days after the submission deadline for the Hong Kong public offering application [1]

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任何聲明，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依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，本公告所用詞彙與明略科技（「本公司」）日期為2025年10月23日（星期 四）的招股章程（「招股章程」）所界定者具有相同涵義。 本公告乃根據香港法例第571W章證券及期貨（穩定價格）規則第9(2)條而刊發。本公告僅供參 考，並不構成收購、購買或認購證券的邀請或要約。本公告並非招股章程。有意投資者於決定 是否投資於據此提呈發售的發售股份前，務請細閱招股章程，以獲得下文所述有關本公司及全 球發售的詳細資料。任何有關發售股份的投資決定應僅依據招股章程所提供的資料作出。 本公告不會直接或間接於美國或向美國（包括其領土及屬地、美國任何州及哥倫比亞特區）發 佈、刊發或派發。本公告並不構成亦不屬於在香港、美國或其他地方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》（經不時修訂）（「美國證券 法」）登記。 ...

Core Insights - The "2025 Cyberport Venture Capital Forum" was inaugurated on November 6, focusing on the new landscape of global venture capital driven by artificial intelligence (AI) [1] - Cyberport has added 10 new listed companies this year, including Minglue Technology-W (02718), Cloudwalk (02670), and iFlytek Medical Technology (02506), all of which successfully went public after settling in Cyberport [1] - Two unicorn companies have also joined Cyberport, namely Qiangnao Technology, valued at $1.3 billion, and Langchao Cloud, valued at $2.5 billion, enhancing the local innovation ecosystem in Hong Kong [1] - Despite a challenging global venture capital environment over the past year, Cyberport companies have demonstrated strong fundraising performance, raising nearly 3.4 billion in the period from October 2024 to September 2025, with a cumulative total of 46 billion [1] Company and Industry Summary - Recent significant financing successes among Cyberport companies include KLN (00636), Bowtie, KPay, Kun, Hashkey Group, DigiFT, LeapXpert, and Animoca Brands, indicating a strong focus on AI, blockchain, and digital assets [2] - The successful fundraising cases reflect the capital market's high attention to these sectors and validate Cyberport's effectiveness in promoting the development of AI and Web 3.0 industries [2]

Group 1 - Minglue Technology (02718.HK) experienced a significant stock price drop of 21.59%, closing at HKD 197.90 on November 5 [1] - The stock was listed on the Hong Kong Stock Exchange on November 3, 2025, and saw an initial surge of 106.10%, closing at HKD 290.6 on its first trading day [1] - As of the previous day's close, the stock was at HKD 252.40, reflecting a decline of 13.15% [1]

Group 1 - The core viewpoint is that Minglue Technology-W (02718.HK) experienced a significant decline in stock price after its initial public offering (IPO) on November 3, where it initially surged over 100% [2] - The company's market capitalization reached over 43 billion HKD at its peak, but has since dropped by more than 10 billion HKD within two trading days [2] - As of the latest update, the stock price has fallen by 15.93%, trading at 212.2 HKD, with a total market capitalization of 30.637 billion HKD [2]