History, Development and Corporate Structure

This document is in draft form, incomplete and subject to change and that the information must be read in conjunction with the section headed “Warning” on the cover of this document. HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE

OVERVIEW

We are a medtech company dedicated to the research, development and commercialization of innovative medical devices in the field of structural heart diseases with an established leadership position in the transcatheter mitral valve (TMV) market in China. For further details, please refer to the section headed “Business” in this document.

The Company was established in the PRC as a limited liability company on December 22, 2016 by Mr. Dai, being an executive Director, and Ms. Yang, being an executive Director. For the biographical details of Mr. Dai and Ms. Yang, please refer to the section headed “Directors, Supervisors and Senior Management” in this document. After a series of share transfers and capital injections, the Company was converted into a joint stock company with limited liability and renamed as “Shanghai Hanyu Medical Technology Co., Ltd. (上海捍宇醫療科技股份有限公司)”. In March 2021, the registered capital of the Company was increased and there has been no change of share capital since then.

MILESTONES OF DEVELOPMENT

The following table sets forth the key milestones of our development:

Year Key Milestones and Achievements

December 2016 We were established as a limited liability company in the PRC under the name of “Shanghai Hanyu Medical Technology Corporation Limited (上海捍宇醫療科技有限公司)”.

April 2017 We obtained an exclusive license and purchase option regarding the ValveClamp Patent.

July 2018 We launched an exploratory first-in-human (FIM) clinical trial for ValveClamp.

December 2018 We acquired the patent on ValveClamp.

January 2019 We completed the exploratory FIM clinical trial for ValveClamp with a procedural success rate of 100%.

February 2019 We commenced a prospective confirmatory clinical trial for ValveClamp.

September 2020 ValveClamp was granted the Special Review Qualification for Innovative Medical Devices.

December 2020 We were converted into a joint stock company with limited liability and renamed as “Shanghai Hanyu Medical Technology Co., Ltd. (上海捍宇醫療科技股份有限公司)”.

March 2021 The confirmatory clinical trial for ValveClamp completed enrolment of all subjects.

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OUR SUBSIDIARIES

The principal business activities of our subsidiaries and the dates of their establishment and opening are as follows:

Date of Place of Principal business establishment and Percentage of Name of subsidiary incorporation activities opening our ownership

Nuoqiang Medical PRC No commencement of May 31, 2018 100% actual operations as of the Latest Practicable Date

Guangdong Hanyu PRC Manufacturing of December 21, 2020 100% medical devices and R&D

Hongyu Medical PRC Manufacturing of July 5, 2019 60.3% medical devices for pets

Xinyu Pet Hospital PRC Diagnosis and September 29, 2019 Xinyu Pet treatment for pets Hospital is held as to 100% by Hongyu Medical.

OUR HISTORY DEVELOPMENT

The Company

The Company was established in the PRC as a limited liability company on December 22, 2016 by Mr. Dai, being an executive Director, and Ms. Yang, being an executive Director, with a registered capital of RMB500,000. Each of Mr. Dai and Ms. Yang held 50% equity interest in the Company.

The Company has undergone several capital increases and equity transfers since its inception to raise funds for its business development and introduce new shareholders. The major changes in the shareholding of the Company are set out below:

1. Capital Increase in December 2016

On December 28, 2016, the Company and Guan Jingwei (管經緯) entered into a capital increase agreement, pursuant to which, Guan Jingwei subscribed for the additional Company’s registered capital of RMB135,600 by contributing RMB500,000. The consideration for the aforesaid capital increase was determined after arm’s length negotiations with reference to the then status of the business development of the Company. Guan Jingwei served as a Supervisor of the Company from March 2017 to December 2020. After completion of the capital increase,

–119– This document is in draft form, incomplete and subject to change and that the information must be read in conjunction with the section headed “Warning” on the cover of this document. HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE the equity interest of the Company was held by Mr. Dai, Ms. Yang and Guan Jingwei as to 39.33%, 39.33% and 21.34%, respectively. The Company obtained the updated business license in respect of the aforesaid capital increase on December 29, 2016.

2. Equity Transfer and Capital Increase in March 2017 and July 2017 (“Angel Round Financing”)

On January 10, 2017, the Company, Mr. Dai, Ms. Yang and Guan Jingwei entered into an equity transfer and capital increase agreement with Shihezi Taiyu Equity Investment Partnership (Limited Partnership) (石河子市泰譽股權投資合夥企業(有限合夥)) (“Taiyu Investment”), pursuant to which Guan Jingwei transferred 10% equity interest in the Company to Taiyu Investment for a consideration of RMB600,000, and Taiyu Investment subscribed for the additional Company’s registered capital of RMB79,500 by contributing RMB5,400,000. The consideration for the aforesaid equity transfer and capital increase was determined after arm’s length negotiations with reference to the then status of the business development of the Company. The Company obtained the updated business license in respect of the aforesaid equity transfer and capital increase on July 26, 2017. Upon the completion of the aforesaid equity transfer and capital increase, the Company was held as to 34.96% by Mr. Dai, 34.96% by Ms. Yang, 10.07% by Guan Jingwei, and 20.01% by Taiyu Investment.

3. Equity Transfer and Capital Increase in September 2017

On May 27, 2017, Suzhou Yiyuan Med-Fine Pharmaceutical Venture Capital Partnership (Limited Partnership) (蘇州一元幂方醫藥創業投資合夥企業(有限合夥)) (“Med-Fine Fund”) and Taizhou Yongda Med-Fine Investment Center (Limited Partnership) (泰州永達幂方投資中心(有限合夥)) (“Taizhou Med-Fine”) entered into an investment agreement with the Company, Mr. Dai, Ms. Yang, Guan Jingwei and Taiyu Investment. Pursuant to the investment agreement, Mr. Dai transferred 2.5% equity interest in the Company to Med-Fine Fund at the consideration of RMB1.75 million, and Ms. Yang transferred 0.99% and 0.51% equity interest in the Company to Med-Fine Fund and Taizhou Med-Fine respectively, at the respective consideration of RMB694,068 and RMB355,932; Med-Fine Fund and Taizhou Med-Fine made capital injection of RMB7,855,932 and RMB1,144,068 to the Company to subscribe for the additional Company’s registered capital of RMB62,212 and RMB9,060, respectively. The consideration for the aforesaid equity transfer and capital increase was determined after arm’s length negotiations with reference to the then status of the business development of the Company.

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On July 15, 2017, Tibet Longmaide Equity Investment Center (Limited Partnership) (西藏龍脈得股權投資中心(有限合夥)) (“Tibet Longmaide”) entered into a capital increase agreement with Mr. Dai, Ms. Yang, Guan Jingwei, Taiyu Investment, Med-Fine Fund, Taizhou Med-Fine and other relevant parties, pursuant to which Tibet Longmaide subscribed for 5.4286% equity interest in the Company at the consideration of RMB5.70 million. The consideration for the aforesaid capital increase was determined after arm’s length negotiations with reference to the then status of the business development of the Company.

The Company obtained the updated business license in respect of the aforesaid equity transfer and capital increase on September 14, 2017. Upon the completion of the aforesaid series of equity transfer and capital increase in 2017, the shareholding structure of the Company was as set forth below:

Registered Shareholding Name of Shareholders Share Capital Percentage (RMB) (%)

Mr. Dai 232,123 27.92 Ms. Yang 239,274 28.78 Guan Jingwei 72,040 8.66 Taiyu Investment 143,060 17.20 Med-Fine Fund 87,180 10.48 Taizhou Med-Fine 12,696 1.53 Tibet Longmaide 45,139 5.43

Total 83.1512 100.00

4. Capital Increase in April 2018 and Equity Transfer in May 2018 and June 2018

In January 18, 2018, to reward the contributions made by Mr. Dai and Ms. Yang to the Company since its establishment, the general meeting of the Company resolved to approve Anji Ruzhe Enterprise Management Co., Ltd. (安吉如哲企業管理有限公司) (“Anji Ruzhe”) (formerly known as Shanghai Ruzhe Enterprise Management Co., Ltd. (上海如哲企業管理有限公司) (“Shanghai Ruzhe”)), the shareholders of which are Mr. Dai and Ms. Yang, to subscribe for the additional Company’s registered capital of RMB50,940 at par value. The Company obtained the updated business license in respect of the aforesaid capital increase on April 12, 2018. Upon the completion of the aforesaid capital increase, the Company was held as to 26.30% by Mr. Dai, 27.11% by Ms. Yang, 8.16% by Guan Jingwei, 16.21% by Taiyu Investment, 9.88% by Med-Fine Fund, 1.44% by Taizhou Medfine, 5.12% by Tibet Longmaide, and 5.77% by Anji Ruzhe.

On February 8, 2018, Mr. Dai, Ms. Yang and Anji Ruzhe entered into an equity transfer agreement, pursuant to which, Mr. Dai transferred 0.5499% equity interest in the Company to Anji Ruzhe at the consideration of RMB4,853 (being at par value), and Ms. Yang transferred 0.5499% equity interest in the Company to Anji Ruzhe at the consideration of RMB4,853

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(being at par value). The Company obtained the updated business license in respect of the aforesaid equity transfer on May 28, 2018. Upon the completion of the aforesaid equity transfer, the Company was held as to 25.75% by Mr. Dai, 26.56% by Ms. Yang, 8.16% by Guan Jingwei, 16.21% by Taiyu Investment, 9.88% by Med-Fine Fund, 1.44% by Taizhou Medfine, 5.12% by Tibet Longmaide, and 6.87% by Anji Ruzhe.

On June 19, 2018, Mr. Dai and Ms. Yang entered into an agreement with Taiyu Investment, Med-Fine Fund, Taizhou Medfine, Tibet Longmaide and Anji Ruzhe, pursuant to which, Mr. Dai transferred 0.4240% equity interest in the Company to Tibet Longmaide at the consideration of RMB472,500, and transferred 0.0472% equity interest in the Company to Anji Ruzhe at the consideration of RMB416; Ms. Yang transferred 0.4240% equity interest in the Company to Tibet Longmaide at the consideration of RMB472,500, 1.0176% equity interest in the Company to Taiyu Investment at nil consideration, 1.3324% equity interest in the Company to Med-Fine Fund at nil consideration, 0.1940% equity interest in the Company to Taizhou Medfine at nil consideration and 0.48% equity interest in the Company to Anji Ruzhe at the consideration of RMB4,235. The consideration for the aforesaid equity transfer and capital increase was determined after arm’s length negotiations with reference to the then status of the business development of the Company. The Company filed the aforesaid equity transfer with the competent administration for market regulation on June 25, 2018. Upon the completion of the aforesaid equity transfer, the Company was held as to 25.28% by Mr. Dai, 23.12% by Ms. Yang, 8.16% by Guan Jingwei, 17.23% by Taiyu Investment, 11.21% by Med-Fine Fund, 1.63% by Taizhou Medfine, 5.96% by Tibet Longmaide, and 7.40% by Anji Ruzhe.

5. Equity Transfer and Capital Increase in September 2018 (“Series A+ Financing”)

On January 26, 2018, Jiangsu Jiequan Lize Health Industry Venture Capital Fund (Limited Partnership) (江蘇疌泉醴澤健康產業創業投資基金(有限合夥)) (“LYZZ Capital”) and Hangzhou Chuanghe Select Venture Capital Partnership (Limited Partnership) (杭州創合精選創業投資合夥企業(有限合夥)) (“Hangzhou Chuanghe”) entered into an investment agreement with the Company and its Shareholders, pursuant to which each of Mr. Dai and Ms. Yang transferred 0.50% equity interest in the Company to LYZZ Capital at the consideration of RMB1.08 million, and Taiyu Investment transferred 1.1668% equity interest in the Company to LYZZ Capital at the consideration of RMB2,520,330 and 1.8332% equity interest in the Company to Hangzhou Chuanghe at the consideration of RMB3,959,670; the Company obtained the capital injection of RMB18,959,670 from LYZZ Capital, and RMB16,040,330 from Hangzhou Chuanghe, to subscribe for the additional Company’s registered capital of RMB61,967 and RMB52,425 respectively. The consideration for the aforesaid equity transfer and capital increase was determined after arm’s length negotiations with reference to the then status of the business development of the Company. The Company obtained the updated business license in respect of the aforesaid equity transfer and capital increase on September 13, 2018. Upon the completion of the aforesaid capital increase, the Company was held as to 21.94% by Mr. Dai, 20.02% by Ms. Yang, 7.23% by Guan Jingwei,12.60% by Taiyu Investment, 9.93% by Med-Fine Fund, 1.45% by Taizhou Med-Fine, 5.28% by Tibet Longmaide, 6.55% by Anji Ruzhe, 8.13% by LYZZ Capital, and 6.88% by Hangzhou Chuanghe.

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6. Capital Increase in December 2018 (“Series B Financing”)

In December 2018, LYZZ Capital, Pingtan Taige Yingke Venture Capital Partnership (Limited Partnership) (平潭泰格盈科創業投資合夥企業(有限合夥)) (“Taige Yingke”), Beijing Hetang International Health Venture Capital Partnership (Limited Partnership) (北京荷塘國際健康創業投資合夥企業(有限合夥)) (“Beijing Hetang”), Hangzhou Hetang Innovative Equity Investment Partnership (Limited Partnership) (杭州荷塘創新股權投資合夥企業(有限合夥)) (“Hangzhou Hetang”) and Nantong Changtao IN Capital Investment Partnership (Limited Partnership) (南通長濤約印股權投資合夥企業(有限合夥)) (“IN Capital”) entered into a capital increase agreement with the Company and its Shareholders. Pursuant to the capital increase agreement, the Company obtained the capital injection of RMB25.00 million from LYZZ Capital, RMB35.00 million from Taige Yingke, RMB10.00 million from Beijing Hetang, RMB10.00 million from Hangzhou Hetang and RMB20.00 million from IN Capital, for subscription for additional Company’s registered capital of RMB45,311, RMB63,436, RMB18,124, RMB18,124, and RMB36,249 respectively. The consideration for the aforesaid capital increase was determined after arm’s length negotiations with reference to the then status of the business development of the Company. The Company obtained the updated business license in respect of the aforesaid capital increase on December 29, 2018. Upon the completion of the aforesaid series of equity transfer and capital increase in 2018, the shareholding structure of the Company was as set forth below:

Registered Shareholding Name of Shareholders Share Capital Percentage (RMB) (%)

Mr. Dai 218,700 18.56 Ms. Yang 199,582 16.94 Guan Jingwei 72,040 6.12 Taiyu Investment 125,567 10.66 Med-Fine Fund 98,938 8.40 Taizhou Med-Fine 14,408 1.22 Tibet Longmaide 52,623 4.47 Anji Ruzhe 65,297 5.54 LYZZ Capital 126,398 10.73 Hangzhou Chuanghe 68,602 5.82 Taige Yingke 63,436 5.38 Beijing Hetang 18,124 1.54 Hangzhou Hetang 18,124 1.54 IN Capital 36,249 3.08

Total 1,178,088 100.00

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7. Equity Transfer in July 2019

On May 28, 2019, Nantong Orient Securities Fuxiang Equity Investment Center (Limited Partnership) (南通東證富象股權投資中心(有限合夥)) (“Orient Securities Fuxiang”) and Zhejiang Zheshang Transform and Upgrade Fund of Funds Partnership (Limited Partnership) (浙江浙商轉型升級母基金合夥企業(有限合夥)) (“Transform and Upgrade Fund”) entered into an equity transfer agreement with the Company and its other Shareholders. Pursuant to the equity transfer agreement, Taizhou Med-Fine transferred 1.2230% equity interest in the Company to Orient Securities Fuxiang at the consideration of RMB7,949,491, and Tibet Longmaide transferred 2.50% equity interest in the Company to the Transform and Upgrade Fund at the consideration of RMB16.25 million. The consideration for the aforesaid equity transfer was determined after arm’s length negotiations with reference to the then status of the business development of the Company. The Company obtained the updated business license in respect of the aforesaid equity transfer on July 2, 2019. Upon the completion of the aforesaid equity transfer, the Company was held as to 18.56% by Mr. Dai, 16.94% by Ms. Yang, 6.12% by Guan Jingwei, 10.66% by Taiyu Investment, 8.40% by Med-Fine Fund, 1.97% by Tibet Longmaide, 5.54% by Anji Ruzhe, 10.73% by LYZZ Capital, 5.82% by Hangzhou Chuanghe, 5.38% by Taige Yingke, 1.54% by Beijing Hetang, 1.54% by Hangzhou Hetang, 3.08% by IN Capital, 1.22% by Orient Securities Fuxiang, and 2.50% by Transform and Upgrade Fund.

8. Equity Transfer and Capital Increase in August 2019 (“Series C Financing”)

On July 8, 2019, Panmao (Shanghai) Investment Center (L.P.) (磐茂(上海)投資中心(有限合夥)) (“Panmao Shanghai”) entered into an equity transfer and capital increase agreement with the Company and its Shareholders. Pursuant to the equity transfer and capital increase agreement, Panmao Shanghai acquired Guan Jingwei’s share in the Company’s registered capital of RMB23,562 at the consideration of RMB18.00 million, Taiyu Investment’s share in the Company’s registered capital of RMB23,562 at the consideration of RMB18.00 million, Hangzhou Chuanghe’s share in the Company’s registered capital of RMB35,343 at the consideration of RMB27.00 million, and made capital injection of RMB150 million to the Company to subscribe for additional Company’s registered capital of RMB176,713. The consideration for the aforesaid equity transfer and capital increase was determined after arm’s length negotiations with reference to the then status of the business development of the Company. The Company obtained the updated business license in respect of the aforesaid equity transfer and capital increase on August 5, 2019. Upon the completion of the aforesaid series of equity transfer and capital increase in 2019, the shareholding structure of the Company was as set forth below:

Registered Shareholding Name of Shareholders Share Capital Percentage (RMB) (%)

Mr. Dai 218,700 16.14 Ms. Yang 199,582 14.73 Guan Jingwei 48,478 3.58 Taiyu Investment 102,005 7.53 Med-Fine Fund 98,938 7.30 Tibet Longmaide 23,171 1.70

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Registered Shareholding Name of Shareholders Share Capital Percentage (RMB) (%)

Anji Ruzhe 65,297 4.82 LYZZ Capital 126,398 9.33 Hangzhou Chuanghe 33,259 2.45 Taige Yingke 63,436 4.68 Beijing Hetang 18,124 1.34 Hangzhou Hetang 18,124 1.34 IN Capital 36,249 2.68 Orient Securities Fuxiang 14,408 1.06 Transform and Upgrade Fund 29,452 2.17 Panmao Shanghai 259,180 19.13

Total 1,354,801 100.00

9. Equity Transfer and Capital Increase in July 2020

On July 6, 2020, Mr. Dai, Ms. Yang, Panmao Shanghai, Xiamen Yuhui Phase II Venture Capital Partnership (Limited Partnership) (廈門馭薈貳期創業投資合夥企業(有限合夥)) (“Xiamen Yuhui”), Xiamen Qianshan Med-Fine Equity Investment Partnership (Limited Partnership) (廈門千杉幂方股權投資合夥企業(有限合夥)) (“Xiamen Qianshan”), Nantong Orient Securities Guanlan Equity Investment Center (Limited Partnership) (南通東證觀瀾股權投資中心(有限合夥)) (“Orient Securities Guanlan”), Beijing Hetang and Hangzhou Hetang entered into a series of equity transfer agreements. Pursuant to the aforesaid agreements, Ms. Yang would transfer 1.75% equity interest in the Company to Panmao Shanghai at the consideration of RMB24.50 million, 0.6563% equity interest in the Company to Xiamen Yuhui at the consideration of RMB9.1876 million, 0.2187% equity interest in the Company to Xiamen Qianshan at the consideration of RMB3.0629 million and 0.8750% equity interest in the Company to Orient Securities Guanlan at the consideration of RMB12.2495 million; Beijing Hetang would transfer 0.6689% equity interest in the Company to Panmao Shanghai at the consideration of RMB9.3643 million; and Hangzhou Hetang would transfer 0.6689% equity interest in the Company to Mr. Dai at the consideration of RMB9.3643 million. The consideration for the aforesaid equity transfer was determined after arm’s length negotiations with reference to the then status of the business development of the Company. The Company obtained the updated business license in respect of the aforesaid equity transfers on July 13, 2020. Upon the completion of the aforesaid equity transfer, the Company was held as to 16.81% by Mr. Dai, 11.23% by Ms. Yang, 3.58% by Guan Jingwei, 7.53% by Taiyu Investment, 7.30% by Med-Fine Fund, 1.71% by Tibet Longmaide, 4.82% by Anji Ruzhe, 9.33% by LYZZ Capital, 2.45% by Hangzhou Chuanghe, 4.68% by Taige Yingke, 0.67% by Beijing Hetang, 0.67% by Hangzhou Hetang, 2.68% by IN Capital, 1.06% by Orient Securities Fuxiang, 2.17% by Transform and Upgrade Fund, 21.55% by Panmao Shanghai, 0.66% by Xiamen Yuhui, 0.22% by Xiamen Qianshan, and 0.88% by Orient Securities Guanlan.

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On July 19, 2020, Anji Qiyue Enterprise Management Center (Limited Partnership) (安吉啟悅企業管理合夥企業(有限合夥)) (“Anji Qiyue”), our employee incentive platform, entered into a capital increase agreement with the Company and its shareholders, pursuant to which, Anji Qiyue made capital injection of RMB32.50 million to the Company to subscribe for additional Company’s registered capital of RMB71,305. The capital increase was made for purpose of employee incentive, and was therefore at preferential price. The Company obtained the updated business license in respect of the aforesaid equity transfer and capital increase on July 31, 2020. Upon the completion of the aforesaid capital increase, the Company was held as to 15.97% by Mr. Dai, 10.67% by Ms. Yang, 3.40% by Guan Jingwei, 7.15% by Taiyu Investment, 6.94% by Med-Fine Fund, 1.62% by Tibet Longmaide, 4.58% by Anji Ruzhe, 8.86% by LYZZ Capital, 2.33% by Hangzhou Chuanghe, 4.45% by Taige Yingke, 0.63% by Beijing Hetang, 0.64% by Hangzhou Hetang, 2.54% by IN Capital, 1.01% by Orient Securities Fuxiang, 2.07% by Transform and Upgrade Fund, 20.47% by Panmao Shanghai, 0.62% by Xiamen Yuhui, 0.21% by Xiamen Qianshan, 0.83% by Orient Securities Guanlan, and 5.00% by Anji Qiyue.

10. Equity Transfer and Capital Increase in August 2020 (Series D Financing)

On July 30, 2020, 13 investors entered into an equity transfer and capital increase agreement with the Company and its Shareholders in respect of equity transfer and capital increase, the details of which are as follows:

• Ganzhou Biyuewu Equity Investment Partnership (Limited Partnership) (贛州畢月烏股權投資合夥企業(有限合夥)) (“Ganzhou Biyuewu”) acquired 0.0682% equity interest in the Company held by the Transform and Upgrade Fund, 0.5829% equity interest in the Company held by Mr. Dai and 1.6216% equity interest in the Company held by LYZZ Capital at the consideration of RMB1.5010 million, RMB12.8235 million and RMB35.6755 million, respectively, and made capital injection of RMB50.00 million to the Company to subscribe for the additional Company’s registered capital of RMB25,466;

• Panmao Shanghai acquired 0.6511% equity interest in the Company held by Mr. Dai and 1.6216% equity interest in the Company held by LYZZ Capital at the consideration of RMB14.3245 million and RMB35.6755 million, respectively, and made capital injection of RMB50.00 million to the Company to subscribe for the additional Company’s registered capital of RMB25,466;

• Wuhu Chending No. 2 Investment Management Partnership (Limited Partnership) (蕪湖晨鼎二號投資管理合夥企業(有限合夥)) (“Wuhu Chending”) acquired 0.3581% equity interest in the Company held by Mr. Dai, 0.7649% equity interest in the Company held by LYZZ Capital and 0.1270% equity interest in the Company held by Hangzhou Chuanghe at the consideration of RMB7.8785 million, RMB16.8274 million and RMB2.7941 million, respectively, and made capital injection of RMB27.50 million to the Company to subscribe for the additional Company’s registered capital of RMB14,006;

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• Langma No. 26 (Shenzhen) Venture Capital Center (Limited Partnership) (朗瑪二十六號(深圳)創業投資中心(有限合夥)) (“Langma No. 26”) acquired 0.1302% equity interest in the Company held by Mr. Dai and 0.3243% equity interest in the Company held by Hangzhou Chuanghe at the consideration of RMB2.8649 million and RMB7.1351 million, respectively, and made capital injection of RMB10.00 million to the Company to subscribe for the additional Company’s registered capital of RMB5,093;

• Langma No. 29 (Shenzhen) Venture Capital Center (Limited Partnership) (朗瑪二十九號(深圳)創業投資中心(有限合夥)) (“Langma No. 29”) acquired 0.0405% equity interest in the Company held by Mr. Dai, 0.0897% equity interest in the Company held by Guan Jingwei and 0.3243% equity interest in the Company held by Hangzhou Chuanghe at the consideration of RMB0.892 million, RMB1.9729 million and RMB7.1351 million, respectively, and made capital injection of RMB10.00 million to the Company to subscribe for the additional Company’s registered capital of RMB5,093;

• Orient Securities Fuxiang acquired 0.1954% equity interest in the Company held by Guan Jingwei and 0.4865% equity interest in the Company held by Hangzhou Chuanghe at the consideration of RMB4.2973 million and RMB10.7027 million, respectively, and made capital injection of RMB15.00 million to the Company to subscribe for the additional Company’s registered capital of RMB7,640;

• Xiamen Yuhui acquired 0.1278% equity interest in the Company held by the Transform and Upgrade Fund, 0.1465% equity interest in the Company held by Mr. Dai and 0.2371% equity interest in the Company held by Hangzhou Chuanghe at the consideration of RMB2.8125 million, RMB3.2230 million and RMB5.2145 million, respectively, and made capital injection of RMB11.25 million to the Company to subscribe for the additional Company’s registered capital of RMB5,730;

• Xiamen Qianshan acquired 0.0426% equity interest in the Company held by the Transform and Upgrade Fund, 0.0488% equity interest in the Company held by Mr. Dai and 0.0790% equity interest in the Company held by Hangzhou Chuanghe at the consideration of RMB0.9375 million, RMB1.0743 million and RMB1.7382 million, respectively, and made capital injection of RMB3.75 million to the Company to subscribe for the additional Company’s registered capital of RMB1,910;

• Suzhou Luanbu acquired 0.0568% equity interest in the Company held by the Transform and Upgrade Fund, 0.0651% equity interest in the Company held by Mr. Dai and 0.1053% equity interest in the Company held by Hangzhou Chuanghe at the consideration of RMB1.25 million, RMB1.4324 million and RMB2.3176 million, respectively, and made capital injection of RMB5.00 million to the Company to subscribe for the additional Company’s registered capital of RMB2,547;

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• Jiaxing Chunxiang Equity Investment Partnership (Limited Partnership) (嘉興春享股權投資合夥企業(有限合夥)) (“Jiaxing Chunxiang”) acquired 0.0651% equity interest in the Company held by Guan Jingwei and 0.1621% equity interest in the Company held by Hangzhou Chuanghe at the consideration of RMB1.4324 million and RMB3.5676 million, respectively, and made capital injection of RMB5.00 million to the Company to subscribe for the additional Company’s registered capital of RMB2,547;

• Zibo Yingke Jiyun Venture Capital Partnership (Limited Partnership) (淄博盈科吉運創業投資合夥企業(有限合夥)) (“Yingke Jiyun”) acquired 0.3261% equity interest in the Company held by the Transform and Upgrade Fund, 0.3907% equity interest in the Company held by Mr. Dai, and 0.6469% equity interest in the Company held by LYZZ Capital at the consideration of RMB7.1739 million, RMB8.5947 million and RMB14.2314 million, respectively, and made capital injection of RMB30.00 million to the Company to subscribe for the additional Company’s registered capital of RMB15,280;

• Xi’an Taiming Equity Investment Partnership (Limited Partnership) (西安泰明股權投資合夥企業(有限合夥)) (“Xi’an Taiming”) acquired 0.1954% equity interest in the Company held by Guan Jingwei and 0.4865% equity interest in the Company held by Hangzhou Chuanghe at the consideration of RMB4.9273 million and RMB10.7027 million, respectively, and made capital injection of RMB15.00 million to the Company to subscribe for the additional Company’s registered capital of RMB7,640;

• Zibo Yingke Shenghui Venture Capital Partnership (Limited Partnership) (淄博盈科聖輝創業投資合夥企業(有限合夥)) (“Yingke Shenghui”) acquired 0.1740% equity interest in the Company held by the Transform and Upgrade Fund, 0.2083% equity interest in the Company held by Mr. Dai and 0.3450% equity interest in the Company held by LYZZ Capital at the consideration of RMB3.8261 million, RMB4.5838 million and RMB7.5901 million, respectively, and made capital injection of RMB16.00 million to the Company to subscribe for the additional Company’s registered capital of RMB8,149.

The consideration for the aforesaid equity transfer and capital increase was determined after arm’s length negotiations with reference to the then status of the business development of the Company. The Company obtained the updated business license in respect of the aforesaid equity transfer and capital increase on August 27, 2020. Upon the completion of the aforesaid equity transfer and capital increase, the Company was held as to 12.26% by Mr. Dai, 9.80% by Ms. Yang, 2.62% by Guan Jingwei, 6.57% by Taiyu Investment, 6.37% by Med-Fine Fund, 1.49% by Tibet Longmaide, 4.21% by Anji Ruzhe, 3.55% by LYZZ Capital, 4.09% by Taige Yingke, 0.58% by Beijing Hetang, 0.58% by Hangzhou Hetang, 2.33% by IN Capital, 2.05% by Orient Securities Fuxiang, 1.17% by Transform and Upgrade Fund, 22.53% by Panmao Shanghai, 1.41% by Xiamen Yuhui, 0.47% by Xiamen Qianshan, 0.76% by Orient Securities

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Guanlan, 4.59% by Anji Qiyue, 3.73% by Ganzhou Biyuewu, 2.05% by Wuhu Chending, 0.75% by Langma No. 26, 0.75% by Langma No. 29, 0.37% by Suzhou Luanbu, 0.37% by Jiaxing Chunxiang, 2.24% by Yingke Jiyun, 1.12% by Xi’an Taiming, and 1.19% Yingke Shenghui.

11. Equity Transfer in November 2020

On October 26, 2020, a series of equity transfer agreements were entered into among Guan Jingwei, Med-Fine Fund, IN Capital, Anji Qulv Initiation Enterprise Management Partnership (Limited Partnership) (安吉曲率驅動企業管理合夥企業(有限合夥)) (“Anji Qulv”), Huzhou Jingxin Equity Investment Partnership (Limited Partnership) (湖州景鑫股權投資合夥企業(有限合夥)) (“Huzhou Jingxin”) and Shanghai Jinci Enterprise Management Center (Limited Partnership) (上海錦詞企業管理中心(有限合夥)) (“Shanghai Jinci”), pursuant to which, Guan Jingwei transferred 0.3280% equity interest in the Company to Huzhou Jingxin at the consideration of RMB10.00 million and transferred 2.2932% equity interest in the Company held by him to Anji Qulv at the consideration of RMB38.984 million; Med-Fine Fund transferred 1.6402% equity interest in the Company to Huzhou Jingxin at the consideration of RMB50.00 million; and IN Capital transferred 0.9841% equity interest in the Company to Shanghai Jinci at the consideration of RMB30.00 million. The consideration for the aforesaid equity transfer was determined after arm’s length negotiations with reference to the then status of the business development of the Company.

The Company obtained the updated business license in respect of the aforesaid equity transfer on November 23, 2020. Upon the completion of the aforesaid series of equity transfer and capital increase in 2020, the shareholding structure of the Company was as set forth below:

Registered Shareholding Name of Shareholders Share Capital Percentage (RMB) (%)

Mr. Dai 190,364 12.26 Ms. Yang 152,164 9.80 Taiyu Investment 102,005 6.57 Med-Fine Fund 73,472 4.73 Tibet Longmaide 23,171 1.49 Anji Ruzhe 65,297 4.21 LYZZ Capital 55,093 3.55 Taige Yingke 63,436 4.09 Beijing Hetang 9,062 0.58 Hangzhou Hetang 9,062 0.58 IN Capital 20,969 1.35 Orient Securities Fuxiang 31,772 2.05 Transform and Upgrade Fund 18,107 1.17 Panmao Shanghai 349,829 22.53 Xiamen Yuhui 21,914 1.41 Xiamen Qianshan 7,305 0.47

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Registered Shareholding Name of Shareholders Share Capital Percentage (RMB) (%)

Orient Securities Guanlan 11,854 0.76 Anji Qiyue 71,305 4.59 Ganzhou Biyuewu 57,878 3.73 Wuhu Chending 31,832 2.05 Langma No.26 11,575 0.75 Langma No.29 11,575 0.75 Suzhou Luanbu 5,788 0.37 Jiaxing Chunxiang 5,788 0.37 Yingke Jiyun 34,727 2.24 Xi’an Taiming 17,364 1.12 Yingke Shenghui 18,521 1.19 Huzhou Jingxin 30,559 1.97 Anji Qulv 35,605 2.29 Shanghai Jinci 15,280 0.98

Total 1,552,673 100.00

12. Capital Increase in March 2021 (“Series D+ Financing”)

On March 4, 2021, Hainan Yunfeng Capital Center (Limited Partnership) (海南雲鋒基金中心(有限合夥)) (“Yunfeng Capital”), Tibet Ruihua Capital Management Co., Ltd. (西藏瑞華資本管理有限公司) (“Ruihua Capital”), Yifang Huida Venture Capital (Guangdong) Partnership (Limited Partnership) (易方慧達創業投資(廣東)合夥企業(有限合夥)) (“Yifang Huida”), Pingxiang Yuhua Information Technology Partnership (Limited Partnership) (萍鄉宇鏵信息技術合夥企業(有限合夥)) (“Pingxiang Yuhua”), Suqian Lingdao Mandala Enterprise Management Partnership (Limited Partnership) (宿遷領道曼陀羅企業管理合夥企業(有限合夥)) (“Suqian Lingdao”), Ganzhou Jiaomujiao Equity Investment Partnership (Limited Partnership) (贛州角木蛟股權投資合夥企業(有限合夥)) (“Ganzhou Jiaomujiao”), Shanghai Jiedao Venture Capital Partnership (Limited Partnership) (上海傑道創業投資合夥企業(有限合夥)) (“Shanghai Jiedao”), Octagon Investments Master Fund LP (“Octagon Fund”), the Company and its Shareholders entered into a capital increase agreement. Pursuant to the capital increase agreement, Yunfeng Capital, Ruihua Capital, Yifang Huida, Pingxiang Yuhua, Suqian Lingdao, Ganzhou Jiaomujiao, Shanghai Jiedao and Octagon Fund would make capital injection of RMB200.00 million, RMB65.00 million, RMB20.00 million, RMB55.00 million, RMB35.00 million, RMB10.00 million, RMB20.00 million and RMB50.00 million (Octagon Fund made the contribution with equivalent US dollars), respectively to the Company to subscribe for the additional Company’s registered capital of RMB2,142,875, RMB696,429, RMB214,286, RMB589,286, RMB375,000, RMB107,143, RMB214,286 and RMB535,714. The consideration for the aforesaid capital increase was determined after arm’s length negotiations with reference to the then status of the business development of the Company.

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The Company obtained the updated business license in respect of the aforesaid capital increase on March 8, 2021. Upon the completion of the aforesaid capital increase, the shareholding structure of the Company was as set forth below:

Number of Shareholding Name of Shareholders Shares Percentage (%)

Mr. Dai 9,195,305 11.51 Mr. Yang 7,350,099 9.20 Panmao Shanghai 16,898,069 21.16 Taiyu Investment 4,927,229 6.17 Med-Fine Fund 3,548,977 4.44 Anji Qiyue 3,444,302 4.31 Anji Ruzhe 3,154,093 3.95 Taige Yingke 3,064,200 3.84 Ganzhou Biyuewu 2,795,727 3.50 LYZZ Capital 2,661,201 3.33 Yunfeng Capital 2,142,857 2.68 Anji Qulv 1,719,857 2.15 Yingke Jiyun 1,677,446 2.10 Wuhu Chending 1,537,606 1.93 Orient Securities Fuxiang 1,534,708 1.92 Huzhou Jingxin 1,476,116 1.85 Tibet Longmaide 1,119,247 1.40 Xiamen Yuhui 1,058,529 1.33 IN Capital 1,012,882 1.27 Yingke Shenghui 894,635 1.12 Transform and Upgrade Fund 874,637 1.09 Xi’an Taiming 838,747 1.05 Shanghai Jinci 738,082 0.92 Ruihua Capital 696,429 0.87 Pingxiang Yuhua 589,286 0.74 Orient Securities Guanlan 572,593 0.72 Langma No.26 559,116 0.70 Langma No.29 559,116 0.70 Octagon Fund 535,714 0.67 Beijing Hetang 437,729 0.55 Hangzhou Hetang 437,729 0.55 Suqian Lingdao 375,000 0.47 Xiamen Qianshan 352,859 0.44 Suzhou Luanbu 279,582 0.35 Jiaxing Chunxiang 279,582 0.35 Yifang Huida 214,286 0.27 Shanghai Jiedao 214,286 0.27 Ganzhou Jiaomujiao 107,143 0.13

Total 79,875,001 100.00

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As advised by our PRC Legal Advisor, the Company has complied with applicable laws and regulations of the PRC and obtained the necessary approvals or consents in respect of the aforementioned changes in the Company’s shareholding.

Please refer to the paragraph below headed “– Corporate Structure – Corporate Structure Immediately Before Completion of the [REDACTED]” for information on the shareholding structure of the Company as of the Latest Practicable Date.

Acting-In-Concert Agreement

To ensure the stability of ownership and business development of the Company, Mr. Dai and Ms. Yang entered into an acting-in-concert agreement on December 5, 2020. It was confirmed in the acting-in-concert agreement that Mr. Dai, Ms. Yang, Anji Qiyue and Anji Ruzhe has acted in concert since the establishment of the Company. Pursuant to the acting-in-concert agreement, Ms. Yang has confirmed that she has and will continue to adopt exactly the same decisions as Mr. Dai when she exercises her voting rights at the Board meeting and the general meetings of the Company; during the period when Mr. Dai and Ms. Yang hold equity interests in Anji Ruzhe and Anji Qiyue, they will procure Anji Ruzhe and Anji Qiyue to adopt exactly the same decisions as Mr. Dai when exercising voting rights at the general meetings of the Company; on matters that are required to be decided by the Shareholders in the day-to-day operations of the Company, Ms. Yang will adopt exactly the same decisions as Mr. Dai.

Our Subsidiaries

Nuoqiang Medical

Nuoqiang Medical is a limited liability company established in the PRC on May 31, 2018 with a registered capital of RMB1,130,000. As of the Latest Practicable Date, it has not yet commenced actual business operation.

100% equity interest in Nuoqiang Medical was owned by Ji Jianzhong (季建忠), being an independent third party of the Company, at the time of its inception. In order to facilitate our business development, the Company entered into an equity transfer agreement with Ji Jianzhong, supplemented by a supplemental agreement dated October 13, 2020 among the Company, Ji Jianzhong and Nuoqiang Medical, pursuant to which the Company acquired the entire equity interests in Nuoqiang Medical from Ji Jianzhong at a consideration of RMB6,000,000 determined after arm’s length negotiation with reference to the registered capital of Nuoqiang Medical. Nuoqiang Medical obtained the updated business license in respect of the aforesaid acquisition on April 16, 2019. Accordingly, Nuoqiang Medial became our wholly-owned subsidiary.

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Guangdong Hanyu

Guangdong Hanyu is a limited liability company established in the PRC on December 21, 2020 with a registered capital of RMB5,000,000. It is principally engaged in manufacturing of medical devices and R&D. Guangdong Hanyu has been wholly owned by the Company since its inception.

Hongyu Medical

Hongyu Medical is a limited liability company established in the PRC on July 5, 2019 with a registered capital of RMB15,873,017. It is primarily engaged in the manufacturing of medical devices for pets. 80% and 20% equity interest in Hongyu Medical was held by our Company and Anji Zhuoyuan Enterprise Management Consulting Partnership (Limited Partnership) (安吉卓源企業管理諮詢合夥企業(有限合夥)), respectively, at the time of its inception.

As of the Latest Practicable Date, the equity interest of Hongyu Medical was held as to 60.3%, 13.5%, 10%, 7.2%, 4.5% and 4.5% by the Company, Panmao Shanghai, Anji Wanyu Enterprise Management Partnership (Limited Partnership) (安吉萬域企業管理合夥企業(有限合夥)) (“Anji Wanyu”), Orient Securities Fuxiang, LYZZ Capital and Anji Ruida Enterprise Management Partnership (Limited Partnership) (安吉瑞達企業管理合夥企業(有限合夥)) (“Anji Ruida”), respectively.

Xinyu Pet Hospital

Xinyu Pet Hospital is a limited liability company established in the PRC on September 29, 2019 with a registered capital of RMB5,000,000. It is primarily engaged in diagnosis and treatment for pets. Xinyu Pet Hospital has been wholly-owned by Hongyu Medical since its inception.

EMPLOYEE INCENTIVE SCHEME

In recognition of the contributions of our employees and to incentivize them to further promote our development, we have established Anji Qiyue, a limited partnership in the PRC, as our employee shareholding platform, the details of which are set out below.

Anji Qiyue was established as a limited partnership in the PRC on July 9, 2020 with Anji Huaze Medical Technology Co., Ltd. (安吉華澤醫療科技有限公司) (“Anji Huaze”) as its general partner, and 100% of equity interest in Anji Huaze was held by Mr. Dai as of the Latest Practicable Date.

On July 19, 2020, Anji Qiyue entered into a capital increase agreement with the Company and its Shareholders, pursuant to which, it was agreed that Anji Qiyue shall contribute RMB32,500,000 in cash to the Company, of which RMB71,305 would be credited to registered capital, while the remaining amount of RMB32,428,695 would be credited to capital reserve, which was determined with reference to the then paid-up registered capital of the Company. The additional registered capital was fully paid on October 28, 2020. As of the Latest Practicable Date, Anji Qiyue held 4.31% equity interest in the Company.

– 133 – PRINCIPAL TERMS OF THE PRE-[REDACTED] INVESTMENTS headed section the with conjunction in read be must information the that document. and this change to of subject cover and the incomplete form, on draft “Warning” in is document This

The following table summarizes the principal terms of the Pre-[REDACTED] Investments: STRUCTURE CORPORATE AND DEVELOPMENT HISTORY,

Series D+ Angel Round Financing Financing Series A+ Financing Series B Financing Series C Financing Series D Financing

Cost per Share (in RMB) (1) 0.48 3.88 9.43 10.45 39.87 99.45

Corresponding approximate post-event valuation60,000,000 of our305,000,000 650,000,000 1,200,000,000 3,000,000,000 7,455,000,000 (2) Company (in RMB)

Date(s) of agreement(s) January 10, 2017 January 26, 2018 December 26, 2018July 30, July 2020 8, 2019March 4, 2021

Approximate amount of total consideration6,000,000 (in RMB) 43,640,000 100,000,000 150,000,000 500,000,000 455,000,000

Date on which the investment was fullyJanuary settled 20, 2017 February 8, 2018 January 15, 2019 August 8, 2019 December 8, 2020 March 11, 2021 3 – 134 –

(1) [REDACTED] [REDACTED][REDACTED][REDACTED][REDACTED][REDACTED][REDACTED]

Lock-up Subject to a lock-up period of 12 monthsREDACTED following] the pursuant [ to Company Law of the PRC.

Basis for determination of considerationThe consideration for each roundREDACTED of Pre-[] Investments was determined based on arm’s length negotiation after taking into consideration the timingREDACTED of the Pre-[ ] Investments and the status of business development of the Company.

Use of proceeds and whether the proceedsWe are utilized fully proceeds for the principal business of our Group, including but not limited to, R&D activities, manufacturing and commercialization utilized of our Core Product, the growth and expansion of our Company’s business and general working capital purposes. As of the Latest Practicable Date, approximately 17.11% of the net proceedsREDACTED from the] Investments Pre-[ has been utilized.

Strategic meaningREDACTED of Pre-[ Investments] toAt the time of carrying out Pre-[REDACTED] Investments, our Directors were of the view that our Group could benefit from the additional the Group capital that would be provided by the investmentsREDACTED of] Pre-[ Investors and the knowledge and experience of the Pre-[REDACTED] Investors. Notes: headed section the with conjunction in read be must information the that document. and this change to of subject cover and the incomplete form, on draft “Warning” in is document This

(1) The cost per Share was adjusted with reference to the conversion of our Company from a limited liability company to a joint stock company with limited liability in December 2020. The discount to the [REDACTED] was calculated based on the [REDACTED] of HK$[REDACTED] per Share, being the mid-point of the STRUCTURE CORPORATE AND DEVELOPMENT HISTORY, [REDACTED] range.

(2) The fluctuation of the corresponding post-money valuation mainly resulted from the progress of research and development of our products, the general market prospects and our business plan. For instance, the FIM human clinical trial of ValveClamp was completed in China in 2018, being the year when the investment agreement for Series A+ Financing and the capital increase agreement for Series B Financing were entered into, with a 100% procedural success rate; the confirmatory clinical trial of ValveClamp was launched in 2019, being the year when the equity transfer and capital increase agreement for Series C Financing was entered into; ValveClamp was granted the Special Review Qualification for Innovative Medical Devices in 2020, being the year when the capital increase agreement for Series D Financing was entered into; the confirmatory clinical trial of ValveClamp completed enrolment of all subjects in early 2021, around the same time when the capital increase agreement for Series D+ Financing was entered into. Based on the [REDACTED] of HK$[REDACTED] per Share, being the mid-point of the [REDACTED] range, our market value upon [REDACTED] is expected to be HK$[REDACTED] million. With reference to the valuation of peer companies listed on the Stock Exchange at the time of Series D+ Financing and [REDACTED], increase from our post-money valuation of Series D+ Financing to our market value upon [REDACTED] was due to, among others, (i) the additional milestones the Company achieved and expects to achieve, which would further increase the Company’s valuation, such as the completion of the enrolment and device implantation of all patents in the pre-market confirmatory clinical trial of ValveClamp as of the Latest Practicable Date, and the expected registration and marketing of ValveClamp in the first quarter of 2023, for details of which please refer to the section headed “Business” of this document; (ii) upon [REDACTED], the Company will have access to additional capital which will further facilitate the development of the Company as well as the R&D and commercialization of our products; (iii) the [REDACTED] will increase the shareholder base and the share liquidity of the Company; (iv) the Company shall comply with the continuing obligations after [REDACTED] which will increase the transparency of the Company and optimize the corporate governance of the Company, thereby strengthening the public recognition of the Company’s value. 3 – 135 – This document is in draft form, incomplete and subject to change and that the information must be read in conjunction with the section headed “Warning” on the cover of this document. HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE

The table below sets out the details of the shareholding of our Pre-[REDACTED] Investors:

Shareholding Shareholding upon the upon the completion of completion of the the Shareholding [REDACTED] [REDACTED] as of the (assuming the (assuming the Latest [REDACTED] [REDACTED] Number of Practicable is not is fully Shareholders Shares Date exercised) exercised) (%) (%) (%)

Panmao Shanghai 16,898,069 21.16 [REDACTED][REDACTED] Taiyu Investment 4,927,229 6.17 [REDACTED][REDACTED] Med-Fine Fund 3,548,977 4.44 [REDACTED][REDACTED] Taige Yingke 3,064,200 3.84 [REDACTED][REDACTED] Ganzhou Biyuewu 2,795,727 3.50 [REDACTED][REDACTED] LYZZ Capital 2,661,201 3.33 [REDACTED][REDACTED] Yunfeng Capital 2,142,857 2.68 [REDACTED][REDACTED] Anji Qulv(Note) 1,719,857 2.15 [REDACTED][REDACTED] Yingke Jiyun 1,677,446 2.10 [REDACTED][REDACTED] Wuhu Chending 1,537,606 1.93 [REDACTED][REDACTED] Orient Securities Fuxiang 1,534,708 1.92 [REDACTED][REDACTED] Huzhou Jingxin 1,476,116 1.85 [REDACTED][REDACTED] Tibet Longmaide 1,119,247 1.40 [REDACTED][REDACTED] Xiamen Yuhui 1,058,529 1.33 [REDACTED][REDACTED] IN Capital 1,012,882 1.27 [REDACTED][REDACTED] Yingke Shenghui 894,635 1.12 [REDACTED][REDACTED] Transform and Upgrade Fund 874,637 1.09 [REDACTED][REDACTED] Xi’an Taiming 838,747 1.05 [REDACTED][REDACTED] Shanghai Jinci 738,082 0.92 [REDACTED][REDACTED] Ruihua Capital 696,429 0.87 [REDACTED][REDACTED] Pingxiang Yuhua 589,286 0.74 [REDACTED][REDACTED] Orient Securities Guanlan 572,593 0.72 [REDACTED][REDACTED] Langma No. 26 559,116 0.70 [REDACTED][REDACTED] Langma No. 29 559,116 0.70 [REDACTED][REDACTED] Octagon Fund 535,714 0.67 [REDACTED][REDACTED] Beijing Hetang 437,729 0.55 [REDACTED][REDACTED] Hangzhou Hetang 437,729 0.55 [REDACTED][REDACTED] Suqian Lingdao 375,000 0.47 [REDACTED][REDACTED] Xiamen Qianshan 352,859 0.44 [REDACTED][REDACTED] Suzhou Luanbu 279,582 0.35 [REDACTED][REDACTED] Jiaxing Chunxiang 279,582 0.35 [REDACTED][REDACTED] Yifang Huida 214,286 0.27 [REDACTED][REDACTED]

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Shanghai Jiedao 214,286 0.27 [REDACTED][REDACTED] Ganzhou Jiaomujiao 107,143 0.13 [REDACTED][REDACTED]

Total 56,731,202 71.02 [REDACTED][REDACTED]

Note: The general partner of Anji Qulv is Yu Peng (余鵬). Guan Jingwei, a previous Shareholder of the Company since December 2016, was a nominee Shareholder of Yu Peng, and Yu Peng bore the obligation to pay for the capital contribution to the Company. In November 2020, Guan Jingwei transferred the Shares in the Company to Anji Qulv and ceased to be a Shareholder of the Company, thus terminating the nominee shareholding arrangement.

Special Rights of Pre-[REDACTED] Investors

The Pre-[REDACTED] investors were granted certain special rights, including, among others, pre-emptive right, first-right-of-refusal, redemption rights, anti-dilution right and the right of prior consent to certain corporate acts. The redemption rights were terminated by March 15, 2021, whereas all other special rights ceased to be exercisable prior to or immediately upon the submission of the application for the [REDACTED] unless such application is withdrawn, rejected, or returned. None of the special rights shall survive the [REDACTED].

Compliance with Interim Guidance and Guidance Letters

On the basis that (i) the consideration for the Pre-[REDACTED] Investments was settled more than 28 clear days before the date of our first submission of the [REDACTED]tothe Stock Exchange in relation to the [REDACTED]; and (ii) the special rights granted to the Pre-[REDACTED] Investors ceased to be exercisable immediately upon the submission of the [REDACTED] application unless the [REDACTED] application is withdrawn, rejected, or returned, and none of the special rights shall survive the [REDACTED], the Joint Sponsors confirm that the investments by the Pre-[REDACTED] Investors are in compliance with the Guidance Letter HKEX-GL29-12 issued on January 2012 and updated in March 2017 by the Stock Exchange and the Guidance Letter HKEX-GL43-12 issued in October 2012 and updated in July 2013 and in March 2017 by the Stock Exchange.

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INFORMATION ABOUT OUR PRE-[REDACTED] INVESTORS

Our Pre-[REDACTED] Investors include certain Sophisticated Investors such as Panmao Shanghai. The background information of our Pre-[REDACTED] Investors is set out below:

1. Panmao Shanghai

Panmao Shanghai is a limited partnership established in the PRC, which is owned by a group of institutions and individuals. Panmao Shanghai’s general partner is Shanghai Pannuo Enterprise Management Service Co., Ltd. (上海磐諾企業管理服務有限公司), which is a wholly-owned subsidiary of CITIC Private Equity Funds Management Co., Ltd. (中信產業投資基金管理有限公司), which is in turn held as to 35% by CITIC Securities Company Limited (中信證券股份有限公司) (Stock code: 06030.HK, 600030.SH). Panmao Shanghai is a Sophisticated Investor for the purpose of paragraph 3.2(g) of Guidance Letter HKEX-GL92-18 issued by the Stock Exchange. As of the Latest Practicable Date, the registered share capital of Panmao Shanghai was RMB10.201 billion, and according to Panmao Shanghai, the assets under its management amount to around RMB12.088 billion. Apart from the investment in the Company, Panmao Shanghai also invested in other healthcare companies, including Beijing Chunlizhengda Medical Instruments Co., Ltd. (北京市春立正達醫療器械股份有限公司) and Huaxia Eye Hospital Group Co., Ltd. (華廈眼科醫院集團股份有限公司).

2. Taiyu Investment

Taiyu Investment is a limited partnership established in the PRC, which is owned by a group of institutions and individuals. Taiyu Investment’s general partner is Hangzhou Yuding Equity Investment Management Partnership (Limited Partnership) (杭州煜鼎股權投資管理合夥企業(有限合夥)), the general partner of which is Hangzhou Taiyu Investment Consulting Co., Ltd. (杭州泰煜投資諮詢有限公司). Apart from the investment in the Company, Taiyu Investment also invested in other healthcare companies.

3. Med-Fine Fund

Med-Fine Fund is a limited partnership established in the PRC, which is owned by a group of institutions. Med-Fine Fund’s general partners are Shanghai Med-Fine Asset Management Co., Ltd. (上海幂方資產管理有限公司) and Med-Fine Capital Management (Beijing) Co., Ltd. (幂方資本管理(北京)有限公司), which are ultimately controlled by Zhou Yujian (周玉建), who is an independent third party of the Company. Apart from the investment in the Company, Med-Fine Fund also invested in other healthcare companies including Immvira Bioscience Inc. and Suzhou MagAssist Medical Technology Co., Ltd. (蘇州心擎醫療技術有限公司).

4. Taige Yingke

Taige Yingke is a limited partnership established in the PRC, which is owned by a group of professional investment institutions and individuals. Taige Yingke’s general partner is Yingke Innovation Asset Management Co., Ltd. (盈科創新資產管理有限公司), which is ultimately controlled by Qian Mingfei (錢明飛), who is an independent third party of the Company. Apart from the investment in the Company, Taige Yingke also invested in other healthcare companies.

– 138 – This document is in draft form, incomplete and subject to change and that the information must be read in conjunction with the section headed “Warning” on the cover of this document. HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE

5. Ganzhou Biyuewu

Ganzhou Biyuewu is a limited partnership established in the PRC, which is owned by a group of professional investment institutions and individuals. Ganzhou Biyuewu’s general partner is Shanghai Hehong Jinghui Equity Investment Management Co., Ltd. (上海合弘景暉股權投資管理有限公司), which is ultimately controlled by Wang Hui (王暉), who is an independent third party of the Company.

6. LYZZ Capital

LYZZ Capital is a limited partnership established in the PRC, which is owned by a group of institutions. LYZZ Capital’s general partner is Jiangsu Lize Investment Management Co., Ltd. (江蘇醴澤投資管理有限公司), which is ultimately controlled by Zhu Yong (朱勇), who is an independent third party of the Company. Apart from the investment in the Company, LYZZ Capital also invested in other healthcare companies.

7. Yunfeng Capital

Yunfeng Capital is a limited liability partnership established in the PRC. As of March 30, 2021, all of Yunfeng Capital’s partners are institutions. Yunfeng Capital’s general partner is Hainan Yunfeng Enterprise Management Center (Limited Partnership) (海南雲鋒企業管理中心 (有限合夥)), which is ultimately controlled by Wang Yulian (王育蓮), being an independent third party of the Company.

8. Anji Qulv

Anji Qulv is a limited partnership established in the PRC. Anji Qulv is owned by Yu Peng (余鵬) (acting as general partner) and Yu Maomao (余毛毛) (acting as limited partner) as to 99.99% and 0.01%, respectively. Yu Peng is the Company’s former Director and ceased to serve as a Director of the Company in December 2020.

9. Yingke Jiyun

Yingke Jiyun is a limited partnership established in the PRC, which is owned by a group of professional investment institutions. Yingke Jiyun’s general partner is Yingke Innovation Asset Management Co., Ltd. (盈科創新資產管理有限公司), which is ultimately controlled by Qian Mingfei (錢明飛), who is an independent third party of the Company. Apart from the investment in the Company, Yingke Jiyun also invested in other healthcare companies.

10. Wuhu Chending

Wuhu Chending is a limited partnership established in the PRC, which is owned by a group of institutions and individuals. Wuhu Chending’s general partner is Wuhu Yuanyou Investment Management Co., Ltd. (蕪湖元祐投資管理有限公司), which is controlled by Shen Dongri (申東日) and Shen Jinhua (申今花), who are independent third parties of the Company.

– 139 – This document is in draft form, incomplete and subject to change and that the information must be read in conjunction with the section headed “Warning” on the cover of this document. HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE

11. Orient Securities Fuxiang

Orient Securities Fuxiang is a limited partnership established in the PRC, which is owned by a group of professional investment institutions and individuals. Orient Securities Fuxiang’s general partner is Orient Securities Capital Investment Co., Ltd. (上海東方證券資本投資有限公司), which is controlled by Orient Securities Company Limited (東方證券股份有限公司) (stock code: 03958.HK, 600958.SH). Orient Securities Company Limited is an independent third party of the Company. Apart from the investment in the Company, Orient Securities Fuxiang also invested in other healthcare companies.

12. Huzhou Jingxin

Huzhou Jingxin is a limited partnership established in the PRC. Huzhou Jingxin is owned by Shandong Yizhou Energy Co., Ltd. (山東沂州能源股份有限公司) (acting as limited partner) and Li Xinyan (李新燕) (acting as general partner) as to 99.7% and 0.3%, respectively, each being an independent third party of the Company. Apart from the investment in the Company, Huzhou Jingxin also invested in other healthcare companies.

13. Tibet Longmaide

Tibet Longmaide is a limited partnership established in the PRC, which is owned by a group of professional investment institutions and individuals. Tibet Longmaide’s general partner is Beijing Anlong Investment Advisory Center (Limited Partnership) (北京安龍投資顧問中心(有限合夥)), which is controlled by Liu Ying (劉穎), being an independent third party of the Company. Apart from the investment in the Company, Tibet Longmaide also invested in other healthcare companies.

14. Xiamen Yuhui

Xiamen Yuhui is a limited partnership established in the PRC, which is owned by a group of professional investment institutions and individuals. Xiamen Yuhui’s general partner is Hefang Niuyang (Xiamen) Equity Investment Fund Management Co., Ltd. (合方牛揚(廈門)股權投資基金管理有限公司), which is controlled by Peng Zhenqing (彭振慶), being an independent third party of the Company.

15. IN Capital

IN Capital is a limited partnership established in the PRC, which is owned by a group of professional investment institutions and individuals. IN Capital’s general partner is Shenzhen IN Dazheng Investment Management Partnership (Limited Partnership) (深圳約印大正投資管理合夥企業(有限合夥)), which is ultimately controlled by Zheng Yufen (鄭玉芬), being an independent third party of the Company. Apart from the investment in the Company, IN Capital also invested in other healthcare companies.

– 140 – This document is in draft form, incomplete and subject to change and that the information must be read in conjunction with the section headed “Warning” on the cover of this document. HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE

16. Yingke Shenghui

Yingke Shenghui is a limited partnership established in the PRC, which is owned by a group of professional investment institutions. Yingke Shenghui’s general partner is Yingke Innovation Asset Management Co., Ltd. (盈科創新資產管理有限公司), which is ultimately controlled by Qian Mingfei (錢明飛), being an independent third party of the Company.

17. Transform and Upgrade Fund

Transform and Upgrade Fund is a limited partnership established in the PRC owned by a group of professional investment institutions. Transform and Upgrade Fund’s general partner is Zhejiang Zheshang Innovest Capital Management Co., Ltd. (浙江浙商創新資本管理有限公司), being an independent third party of the Company.

18. Xi’an Taiming

Xi’an Taiming is a limited partnership established in the PRC owned by a group of professional investment institutions and individuals. Xi’an Taiming’s general partner is Ningbo Zeyi Investment Management Partnership (limited partnership) (寧波澤亦投資管理合夥企業 (有限合夥)), which is ultimately controlled by Liu Junjun (劉軍軍), being an independent third party of the Company.

19. Shanghai Jinci

Shanghai Jinci is a limited partnership established in the PRC owned by a group of individuals. Shanghai Jinci’s general partner is Zhao Zhenwei (趙鎮威), who is an independent third party of the Company.

20. Ruihua Capital

Ruihua Capital is a limited liability company established in the PRC owned by a group of individuals. Ruihua Capital is ultimately controlled by Zhang Jianbin (張建斌), who is an independent third party of the Company.

21. Pingxiang Yuhua

Pingxiang Yuhua is a limited liability partnership established in the PRC owned by Zhang Hua (張華) (acting as general partner) and Sha Wangyang (沙汪洋) (acting as limited partner) as to 50% each, both being independent third parties of the Company.

– 141 – This document is in draft form, incomplete and subject to change and that the information must be read in conjunction with the section headed “Warning” on the cover of this document. HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE

22. Orient Securities Guanlan

Orient Securities Guanlan is a limited partnership established in the PRC owned by Orient Securities Capital Investment Co., Ltd. (上海東方證券資本投資有限公司) (acting as general partner) and You Feihuang (尤飛煌) (acting as limited partner) as to 3.91% and 96.09%, respectively. Orient Securities Capital Investment Co., Ltd. is controlled by Orient Securities Company Limited (東方證券股份有限公司) (stock code: 03958.HK, 600958.SH), which is an independent third party of the Company.

23. Langma No. 26

Langma No. 26 is a limited partnership registered in the PRC. Langma No. 26 is owned by a general partner, being Everest Venture Capital Management Co., Ltd. (朗瑪峰創業投資有限公司), and a group of individuals as limited partners. Everest Venture Capital Management Co., Ltd is a professional investment institution, ultimately controlled by Xiao Jiancong (肖建聰), being an independent third party of the Company.

24. Langma No. 29

Langma No. 29 is a limited partnership registered in the PRC. Langma No. 29 is owned by a general partner, being Everest Venture Capital Management Co., Ltd. (朗瑪峰創業投資有限公司), and a group of individuals as limited partners. Everest Venture Capital Management Co., Ltd is a professional investment institution, ultimately controlled by Xiao Jiancong, being an independent third party of the Company.

25. Octagon Fund

Octagon Fund is an exempted limited partnership formed under the laws of the Cayman Islands and operating as a private investment fund. Octagon Investments GP LLC, being an independent third party of the Company, is the general partner of Octagon Fund, which manages capital on behalf of global institutions such as university endowments, non-profit foundations, family offices, pension funds and established asset managers.

26. Beijing Hetang

Beijing Hetang is a limited partnership established in the PRC owned by a group of professional investment institutions and individuals. Beijing Hetang’s general partner is Beijing Hetang International Health Venture Capital Management Co., Ltd. (北京荷塘國際健康創業投資管理有限公司), which is ultimately controlled by Yang Hongru (楊宏儒), being an independent third party of the Company. Apart from the investment in the Company, Beijing Hetang also invested in other healthcare companies.

27. Hangzhou Hetang

Hangzhou Hetang is a limited partnership established in the PRC owned by a group of professional investment institutions and individuals. Hangzhou Hetang’s general partner is Hangzhou Heqing Investment Management Co., Ltd. (杭州荷清投資管理有限公司), being an independent third party of the Company. Apart from the investment in the Company, Hangzhou Hetang also invested in other healthcare companies.

– 142 – This document is in draft form, incomplete and subject to change and that the information must be read in conjunction with the section headed “Warning” on the cover of this document. HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE

28. Suqian Lingdao

Suqian Lingdao is a limited liability partnership established in the PRC owned by a group of institutions and individuals. Suqian Lingdao’s general partner is Nanjing Lingyu Equity Investment Co., Ltd. (南京領域股權投資有限公司), which is controlled by Sun Yurong (孫玉蓉), being an independent third party of the Company.

29. Xiamen Qianshan

Xiamen Qianshan is a limited partnership established in the PRC owned by a group of professional investment institutions and individuals. Xiamen Qianshan’s general partner is Xiamen Qianshan Yunfan Asset Management Co., Ltd. (廈門千杉雲帆資產管理有限公司), which is ultimately controlled by Lin Huiqi (林慧奇), being an independent third party of the Company. Apart from the investment in the Company, Xiamen Qianshan also invested in other healthcare companies.

30. Suzhou Luanbu

Suzhou Luanbu is a limited partnership established in the PRC owned by Sun Xiaoping (孫小平) (acting as limited partner) and Shanghai Nuojin Asset Management Co., Ltd. (上海諾瑾資產管理有限公司) (acting as general partner) as to 99.98% and 0.02% respectively. Shanghai Nuojin Asset Management Co., Ltd. is ultimately controlled by Han Baoshi (韓寶石), who is an independent third party of the Company.

31. Jiaxing Chunxiang

Jiaxing Chunxiang is a limited partnership established in the PRC owned by a group of institutions and individuals. Jiaxing Chunxiang’s general partner is Jiaxing Chunhui Equity Investment Management Partnership (Limited Partnership) (嘉興春惠股權投資管理合夥企業 (有限合夥)), which is ultimately controlled by Bi Lei (畢磊), being an independent third party of the Company. Apart from the investment in the Company, Jiaxing Chunxiang also invested in other medical and health companies.

32. Yifang Huida

Yifang Huida is a limited liability partnership established in the PRC owned by a group of institutions and individuals. Yifang Huida’s general partner is Creedfont Capital Management Co., Ltd. (凱利易方資本管理有限公司), which is ultimately controlled by Yan Xiangjun (嚴祥軍), being an independent third party of the Company.

33. Shanghai Jiedao

Shanghai Jiedao is a limited liability partnership established in the PRC owned by Shanghai Yunjia Business Consulting Co., Ltd. (上海韻嘉商務諮詢有限公司) (acting as general partner) and Chen Xiewen (陳協文) (acting as limited partner) as to 1% and 99% respectively. Shanghai Yunjia Business Consulting Co., Ltd. is ultimately controlled by Chen Xiewen, who is an independent third party of the Company.

– 143 – This document is in draft form, incomplete and subject to change and that the information must be read in conjunction with the section headed “Warning” on the cover of this document. HISTORY, DEVELOPMENT AND CORPORATE STRUCTURE

34. Ganzhou Jiaomujiao

Ganzhou Jiaomujiao is a limited liability partnership established in the PRC owned by Shanghai Hehong Jinghui Equity Investment Management Co., Ltd. (上海合弘景暉股權投資管理有限公司) (acting as general partner), Fuzhou Taihong Jinghui Equity Investment Partnership (Limited Partnership) (福州泰弘景暉股權投資合夥企業(有限合夥)) (acting as limited partner) and Zhuhai Taihong Jinghui Equity Investment Partnership (Limited Partnership) (珠海泰弘景暉股權投資合夥企業(有限合夥)) (acting as limited partner) as to 0.2%, 59.88% and 39.92%, respectively. Shanghai Hehong Jinghui Equity Investment Management Co., Ltd. is ultimately controlled by Wang Hui (王暉), who is an independent third party of the Company.

PUBLIC FLOAT

The 79,875,001 Shares held by our Shareholders as of the Latest Practicable Date, representing approximately 100% of our total issued Shares as of the Latest Practicable Date, or approximately [REDACTED]% of our total issued Shares upon [REDACTED] (assuming the [REDACTED] is not exercised), or approximately [REDACTED]% of our total issued Shares (assuming the [REDACTED] is exercised in full), will not be considered as part of the public float for the purpose of Rule 8.08 of the Listing Rules as the Shares are Unlisted Shares which will not be converted into H Shares and listed following the completion of the [REDACTED].

Mr. Dai, Ms. Yang, Anji Qiyue, Anji Ruzhe (collectively as the Single Largest Shareholder Group) and Panmao Shanghai are core connected persons of the Company, and will remain core connected persons of the Company upon completion of the [REDACTED]. Therefore, the 40,041,868 Shares held by Mr. Dai, Ms. Yang, Anji Qiyue, Anji Ruzhe and Panmao Shanghai as of the Latest Practicable Date, representing approximately 50.13% of our total issued Shares as of the Latest Practicable Date, or approximately [REDACTED]% of our total issued Shares upon [REDACTED] (assuming the [REDACTED] is not exercised), or approximately [REDACTED]% of our total issued Shares upon [REDACTED] (assuming the [REDACTED] is exercised in full), will not be considered as part of the public float for the purpose of Rule 8.08 of the Listing Rules after [REDACTED].

Immediately upon completion of the [REDACTED], assuming that (i) [REDACTED]H Shares are issued and sold in the [REDACTED]; (ii) the [REDACTED] is not exercised; and (iii) [REDACTED] Shares are issued and outstanding upon completion of the [REDACTED], based on an [REDACTED] of HK$[REDACTED] per Share (being the low-end of the indicative [REDACTED] range), our issued Shares with a market capitalization of no less than HK$[REDACTED] million will be held by public, substantially over HK$375 million in accordance with Rule 18A.07 of the Listing Rules.

– 144 – CORPORATE STRUCTURE headed section the with conjunction in read be must information the that document. and this change to of subject cover and the incomplete form, on draft “Warning” in is document This ITR,DVLPETADCROAESTRUCTURE CORPORATE AND DEVELOPMENT HISTORY, Corporate Structure Immediately Before Completion of the [REDACTED]

The following chart sets forth the shareholding and corporate structure of the Group as of the Latest Practicable Date:

Persons acting in concert 21.16% 6.17% 4.44% 3.84% 3.50% 3.33% 2.68% 2.15% 2.10% 21.66% 11.51%(total shareholding: 28.98%) 9.20% Panmao Shanghai Taiyu Investment Med-Fine Fund Taige Yingke Ganzhou Biyuewu LYZZ Capital Yunfeng Capital Anji Qulv Yingke Jiyun Other Mr. Dai Ms. Yang Shareholders(2)

100.00%

Anji Huaze 73.30% General Partner 1.00% 26.70%

4 – 145 – Anji Qiyue Anji Ruzhe

4.31% 3.95% Our Company

100.00% 60.3% 100.00%

Nuoqiang Medical Hongyu Medical(1) Guangdong Hanyu

100.00% Xinyu Pet Hospital

Note:

(1) As of the Latest Practicable Date, Panmao Shanghai, Anji Wanyu, Orient Securities Fuxiang, LYZZ Capital and Anji Ruida held 13.5%, 10%, 7.2%, 4.5% and 4.5% equity interest of Hongyu Medical, respectively, among which Anji Wanyu and Anji Ruida are ultimately controlled by Mr. Dai, and Panmao Shanghai is a substantial Shareholder of the Company. Orient Securities Fuxiang and LYZZ Capital are also Shareholders of the Company.

(2) As of the Latest Practicable Date, the Company was held as to 1.93% by Wuhu Chending, 1.92% by Orient Securities Fuxiang, 1.85% by Huzhou Jingxin, 1.40% by Tibet Longmaide, 1.33% by Xiamen Yuhui, 1.27% by IN Capital, 1.12% by Yingke Shenghui, 1.09% by Transform and Upgrade Fund, 1.05% by Xi’an Taiming, 0.92% by Shanghai Jinci, 0.87% by Ruihua Capital, 0.74% by Pingxiang Yuhua, 0.72% by Orient Securities Guanlan, 0.70% by Langma No. 26, 0.70% by Langma No. 29, 0.67% by Octagon Fund, 0.55% by Beijing Hetang, 0.55% by Hangzhou Hetang, 0.47% by Suqian Lingdao, 0.44% by Xiamen Qianshan, 0.35% by Suzhou Luanbu, 0.35% by Jiaxing Chunxiang, 0.27% by Yifang Huida, 0.27% by Shanghai Jiedao, and 0.13% by Ganzhou Jiaomujiao. Corporate Structure Immediately After Completion of the [REDACTED] headed section the with conjunction in read be must information the that document. and this change to of subject cover and the incomplete form, on draft “Warning” in is document This

The following chart sets forth the shareholding and corporate structure of the Group immediately after the completion of the [REDACTED] STRUCTURE CORPORATE AND DEVELOPMENT HISTORY, (assuming the [REDACTED] is not exercised):

Persons acting in concert [REDACTED]% [REDACTED]% [REDACTED]% [REDACTED]% [REDACTED]% [REDACTED]% [REDACTED]% [REDACTED]% [REDACTED]% [REDACTED]% [REDACTED]% [REDACTED]% (total shareholding: [REDACTED]%) [REDACTED]% Mr. Dai Ms. Yang Other Panmao Taiyu Med-Fine Taige Ganzhou LYZZ Capital Yunfeng Anji Yingke Shareholders of H Shareholders Shanghai Investment Fund Yingke Biyuewu Capital Qulv Jiyun Unlisted Shares(2) 100.00%

Anji Huaze 73.30% General Partner 1.00% 26.70%

Anji Qiyue Anji Ruzhe 4 – 146 –

[REDACTED]% [REDACTED]% Our Company

100.00% 60.3% 100.00%

Nuoqiang Medical Hongyu Medical(1) Guangdong Hanyu

100.00% Xinyu Pet Hospital

Note:

(2) Immediately after the completion of the [REDACTED] (assuming the [REDACTED] is not exercised), the Company will be held as to [REDACTED]% by Wuhu Chending, [REDACTED]% by Orient Securities Fuxiang, [REDACTED]% by Huzhou Jingxin, [REDACTED]% by Tibet Longmaide, [REDACTED]% by Xiamen Yuhui, [REDACTED]% by IN Capital, [REDACTED]% by Yingke Shenghui, [REDACTED]% by Transform and Upgrade Fund, [REDACTED]% by Xi’an Taiming, [REDACTED]% by Shanghai Jinci, [REDACTED]% by Ruihua Capital, [REDACTED]% by Pingxiang Yuhua, [REDACTED]% by Orient Securities Guanlan, [REDACTED]% by Langma No. 26, [REDACTED]% by Langma No. 29, [REDACTED]% by Octagon Fund, [REDACTED]% by Beijing Hetang, [REDACTED]% by Hangzhou Hetang, [REDACTED]% by Suqian Lingdao, [REDACTED]% by Xiamen Qianshan, [REDACTED]% by Suzhou Luanbu, [REDACTED]% by Jiaxing Chunxiang, [REDACTED]% by Yifang Huida, [REDACTED]% by Shanghai Jiedao, and [REDACTED]% by Ganzhou Jiaomujiao.