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。 BAIWANG CO., LTD. 百望股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：6657） 內幕消息公告 完 成H股全流通 本 公 告 由 百 望 股 份 有 限 公 司（「本公司」，連 同 其 附 屬 公 司，統 稱「本集團」） 根據香港法例第571章證券及期貨條例第XIVA部 項 下 內 幕 消 息 條 文（「內 幕消息條文」）及 香 港 聯 合 交 易 所 有 限 公 司（「聯交所」）證 券 上 市 規 則（「上 市規則」）第13.09(2)(a)條 而 作 出。 茲提述本公司日期分別為2025年3月10日、2025年10月1日 及2025年11月21 日 之 公 告，內 容 有 關 本 公 司 擬 實 施H股 全 流 通、中 國 證 監 會 就H股全流通 出 ...

Core Insights - The 2025 Brand Credit Construction Forum was held in Hainan, focusing on the theme "Credit Empowering Brands: New Three Transformations" [1] - Baiwang Co., a leading data intelligence service provider in China, has achieved significant results in enhancing financial services for the real economy through its financial business intelligence [1] Group 1: Company Developments - Baiwang Co. is leveraging data intelligence as a core engine for new productive forces, driving high-quality economic development [1] - The company has developed the TAX-SWIFT platform to assist Chinese enterprises in overseas markets, addressing compliance challenges in cross-border operations [1] - The TAX-SWIFT product offers an integrated solution for compliance, featuring multi-language intelligent recognition, real-time compliance verification, and automatic cross-border tax calculations [1] Group 2: Market Reach and Future Plans - Baiwang Co. has established a product matrix that includes "Jinshun Transaction Intelligence," "Wenshu Business Decision Intelligence," and "Ruijie Financial Intelligence," covering various high-frequency scenarios [2] - The company serves over 2,800 large group enterprises across more than 20 industries, including banking, manufacturing, logistics, and automotive [2] - Future plans include deepening the application of the TAX-SWIFT platform in regions such as the Middle East, Africa, Southeast Asia, and Latin America, aiming to link global markets through compliance services [2]

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。 BAIWANG CO., LTD. 百望股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：6657） 有關可換股貸款協議之關連交易的進展 如 該 公 告 所 述，可 換 股 貸 款 須 於 提 款 日 期 一 週 年 到 期，即2025年11月19 日。於 到 期 日 期 起 計 十 個 工 作 日 內，即 自2025年11月20日起至2025年12月 3日 止，本 公 司 擁 有 不 可 撤 銷 權 利 及 選 擇 權，可 於 可換股 貸 款 到 期 時，按 訂 約 各 方 協 定 的 條 款 及 條 件，並 根 據 本 公 司 指 定 的 合 資 格 資 產 評 估 師 當 時 評 估 的 估 值，將 尚 未 償 還 的 可換股 貸款本金轉換為百望雲海外的股本 權 益（「 ...

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: 百望股份有限公司 呈交日期: 2025年12月3日 I. 法定/註冊股本變動 備註： 第 1 頁 共 11 頁 v 1.1.1 FF301 因本公司是於中華人民共和國註冊成立的公司，「法定股本」之概念不適用於本公司，上述資料是指本公司的「註冊股本」。 第 2 頁 共 11 頁 v 1.1.1 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06657 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 90,842,048 | RMB | | 1 RMB | | 90,842,048 | | 增加 / 減少 (-) | | | ...

Core Insights - The company is at a critical juncture of "second entrepreneurship" as it embraces a strategic shift towards data intelligence and globalization, led by the return of its founder and CEO, Chen Jie [1][2][9] - The focus is on transforming accumulated data assets into intelligent products that solve complex business problems, moving from raw data to refined, actionable insights [3][4] Group 1: Strategic Transformation - The company has successfully transitioned from information security products to SaaS cloud services and then to inclusive finance (DaaS), serving 28.5 million enterprises and accumulating over 1,000 trillion yuan in real-time transaction data, capturing 40% market share [1][2] - The strategic pivot towards "data intelligence + globalization" is seen as a significant industrial revolution, emphasizing the need for strategic foresight, organizational agility, and technical judgment [2][3] Group 2: Data Intelligence Development - The company aims to industrialize its unique "live data" assets, which are highly structured and dynamic, to create full-stack intelligent products that can be directly utilized by enterprises without the need for self-built models or data cleaning [3][4] - The product roadmap includes three layers: infrastructure, platform capabilities, and ecological applications, focusing on AI-driven solutions across various business scenarios [4] Group 3: Organizational Restructuring - The company has made systematic adjustments to its management structure, ensuring that key positions are filled with leaders capable of driving innovation and breakthroughs [5] - The emphasis is on maximizing the influence of value creators within the organization to enhance agility and responsiveness [5] Group 4: Global Expansion Strategy - The company is pursuing a global strategy that involves establishing a presence in Hong Kong and leveraging its advanced electronic invoicing system to support digital tax upgrades in various regions [6] - The goal is to create a lightweight infrastructure ecosystem for global enterprises, facilitating standardized systems and data interoperability [6] Group 5: Technological Advancements - The X402 protocol is highlighted as a key development for enabling machine payment standards and automating transactions, positioning the company as a provider of intelligent infrastructure [7] - The potential for monetizing data assets through AI agents is seen as a transformative opportunity for the company [7] Group 6: Long-term Vision for Investors - The company aims to leverage favorable conditions in data policy and technology to transition from API-based services to comprehensive solution models, fundamentally altering its valuation logic [8] - The founder's return signals a commitment to shared destiny with the company, focusing on deep capability reconstruction to enhance customer loyalty and profitability [8]

Core Insights - The collaboration between Ernst & Young (EY) and Baiwang Co., Ltd. aims to develop a global tax compliance solution that integrates AI capabilities with industry insights to enhance tax risk identification and decision-making support for enterprises [1][2]. Group 1: Company Collaboration - EY and Baiwang have reached a consensus to leverage their strengths in AI technology, vast data resources, and industry insights to create a comprehensive tax compliance solution [1]. - The partnership is expected to transform traditional tax management practices by embedding AI into core business processes, thereby improving digital operational capabilities for enterprises [1][2]. Group 2: Industry Context - The global digital economy is evolving, leading to increased complexity in tax compliance management due to diverse tax systems, frequent regulatory changes, and varied documentation formats [1]. - The collaboration is positioned as a strategic move for Baiwang in the global tax compliance sector, emphasizing the importance of high-quality data and industry knowledge as key competitive advantages [2][3]. - The partnership is anticipated to create a digital capability system that integrates tax compliance, risk management, and strategic decision-making, turning compliance pressures into sustainable competitive value in the digital economy [3].

Group 1 - Baidong Co., Ltd. announced the resignation of CEO Fu Yingbo due to personal career planning, effective from November 28, 2025 [1] - The board expressed gratitude for Fu Yingbo's contributions during his tenure and confirmed no disagreements with the board [1] - Chen Jie, the chairwoman and executive director, has been appointed as the new CEO effective from the same date [1] Group 2 - Executive director Zou Yan has been appointed as a member of the board's remuneration and assessment committee, while Zhao Mingjing has resigned as company secretary, with Su Lishan taking over [2] - Baidong Co., Ltd. is a comprehensive digital solution provider, offering services such as electronic invoice compliance management and intelligent financial management [2] - The company was listed on the Hong Kong Stock Exchange in July 2024, raising a net amount of HKD 229 million [2] Group 3 - The management team of Baidong Co., Ltd. has experienced significant turnover, with Fu Yingbo serving as CEO for only 1 year and 1 month [2] - CFO and board secretary Hou Shifei announced his departure effective December 30, 2024, for personal career development [2] - As of the last trading day, Baidong Co., Ltd.'s stock price was HKD 16, with a market capitalization of HKD 3.61 billion [3]

Core Insights - The return of the founder and chairman Chen Jie as CEO signals a strategic shift for the company towards a "second entrepreneurship" phase, focusing on data intelligence in a rapidly evolving market [1][5] - The company aims to transform from merely providing data services to becoming a "refiner" of data, creating high-value products from its extensive data assets accumulated over the past decade [2][5] Group 1: Company Strategy - The company has completed two significant transformations over the past decade, evolving from information security products to SaaS services and then to inclusive finance, serving 28.5 million enterprises and accumulating over 1,000 trillion yuan in real-time transaction data [2] - A clear product roadmap has been established, which includes introducing an AI full-stack toolchain, launching intelligent product matrices for various industry applications, and exploring machine payment and data exchange based on the X402 protocol [3] Group 2: Global Expansion - The company is pursuing a global strategy that involves exporting "lightweight infrastructure" rather than simply replicating Chinese experiences, with plans to serve Chinese enterprises going abroad and entering markets in Southeast Asia and the Middle East [4] - The X402 protocol is viewed as a key application scenario for data intelligence and a new infrastructure for the AI economy, enabling monetization of data assets through various charging models [4] Group 3: Long-term Vision - The company aims to convey a strong long-term value signal to investors, emphasizing its favorable conditions, including supportive policies, unique data assets, and a top-tier team [5] - The transition to a full-stack solution model is expected to fundamentally change the company's gross margin structure, customer loyalty, and lifecycle, marking a significant shift in its operational strategy [5]

Core Viewpoint - The company announced significant changes in its executive leadership, including the resignation of the CEO and the appointment of new executives, effective November 28, 2025 [1] Group 1: Executive Changes - Mr. Fu Yingbo has resigned as the company's Executive Director and CEO due to personal career planning reasons, effective November 28, 2025 [1] - Ms. Chen Jie has been appointed as the new CEO, effective November 28, 2025, following the board's approval [1] - Mr. Zou Yan has been appointed as a member of the Board's Remuneration and Assessment Committee, effective November 28, 2025 [1] Group 2: Company Secretary Changes - Mr. Zhao Mingjing has resigned from his positions as Company Secretary, Agent for Legal Documents, and Alternate Authorized Representative, effective November 28, 2025 [1] - Ms. Su Lishan has been appointed as the new Company Secretary, Authorized Representative, and Agent for Legal Documents, effective November 28, 2025 [1] - The company currently has no intention to appoint an alternate authorized representative [1]

Core Viewpoint - The company announced significant changes in its executive leadership, including the resignation of the current CEO and the appointment of new executives effective November 28, 2025 [1] Group 1: Executive Changes - Mr. Fu Yingbo has resigned as the Executive Director and CEO due to personal career planning reasons, effective November 28, 2025 [1] - Ms. Chen Jie, the current Chairman and Executive Director, will be appointed as the new CEO effective November 28, 2025 [1] - Mr. Zou Yan has been appointed as a member of the Board's Remuneration and Assessment Committee, effective November 28, 2025 [1] Group 2: Company Secretary Changes - Mr. Zhao Mingqing has resigned from his positions as Company Secretary, Agent for Legal Documents, and Alternate Authorized Representative, effective November 28, 2025 [1] - Ms. Su Lishan has been appointed as the new Company Secretary, Authorized Representative, and Agent for Legal Documents, effective November 28, 2025 [1] - The company currently has no intention to appoint an Alternate Authorized Representative [1]