Beilu Pharmaceutical: CITIC Securities Co., Ltd.’s report on the issuance process and compliance of subscription objects of Beijing Beilu Pharmaceutical Co., Ltd.’s issuance of shares to specific objects through simplified procedures in 2025
About CITIC Securities Co., Ltd.
Beijing Beilu Pharmaceutical Co., Ltd. annual
2025
Issuance of shares to specific objects through simplified procedures
of
Issuance process and subscription object compliance reporting sponsor
April 2026
With the approval of the China Securities Regulatory Commission (hereinafter referred to as the "China Securities Regulatory Commission") "Reply on the Registration of Beijing Beilu Pharmaceutical Co., Ltd.'s Issuance of Stocks to Specific Targets" (CSRC Permit [2026] No. 827), Beijing Beilu Pharmaceutical Co., Ltd. (hereinafter referred to as "Beiliu Pharmaceutical", the "issuer" or the "company") issued shares to specific targets through a simple procedure (hereinafter referred to as the "issuance"), and the final actual total amount of funds raised was RMB 158,999,999.60 Yuan.
China Securities Co., Ltd. (hereinafter referred to as "China Securities", the "sponsor" or the "lead underwriter"), as the sponsor (lead underwriter) of this issuance of the issuer, in accordance with the "Regulations on the Registration and Administration of Securities Issuances of Listed Companies" and the "Administrative Measures on Securities Issuance and Underwriting" "Shenzhen Stock Exchange Listed Companies' Implementation Rules for Securities Issuance and Underwriting Business" and other normative legal documents, as well as relevant resolutions of the issuer's board of directors and shareholders' meeting, have verified the compliance of the issuer's issuance process and subscription objects. The relevant situation is now reported as follows:
1. Basic information of this issuance
(1) Type of shares issued
The shares issued this time are domestically listed RMB ordinary shares (A shares).
(2) Par value per share
The par value of the shares issued this time is RMB 1.00 per share.
(3) Issuance quantity
The number of shares issued to specific objects through a simple procedure is 18,816,568 shares, which does not exceed the maximum issuance number approved by the company’s shareholders’ meeting and board of directors and approved by the China Securities Regulatory Commission and registered with the China Securities Regulatory Commission, and does not exceed 30% of the company’s total share capital before the issuance. It does not exceed the upper limit of the number of shares to be issued stipulated in the issuance plan, and the number of shares to be issued exceeds 70% of the upper limit of the number of shares to be issued stipulated in the issuance plan.
(4) Issuance method
This issuance adopts the method of issuing stocks to specific objects through simple procedures, and the issuance payment is completed within ten working days after the China Securities Regulatory Commission makes the decision to register.
(5) Pricing method and issuance price
The pricing base date for this issuance is the first day of the issuance period (i.e. January 29, 2026).
The issuance price shall not be lower than 80% of the average stock price of the company in the 20 trading days before the pricing base date (the calculation formula is: average stock trading price in the 20 trading days before the pricing base date = total stock trading volume in the 20 trading days before the pricing base day/total stock trading volume in the 20 trading days before the pricing base day).
Based on the investors' subscription quotations and in strict accordance with the procedures and rules for determining the issuance price, issuance objects and allotted stocks in the subscription invitation letter, the issuance price was determined to be 8.45 yuan per share. The issuance price was determined by the company's board of directors in accordance with the authorization of the shareholders' meeting, in accordance with the relevant regulations of the China Securities Regulatory Commission and the Shenzhen Stock Exchange, and in consultation with the sponsor (lead underwriter) based on the bidding results. It has been reviewed and approved by the Shenzhen Stock Exchange and the registration approval of the China Securities Regulatory Commission.
(6) Amount of funds raised and issuance fees
The total amount of funds raised in this issuance is RMB 158,999,999.60. After deducting the sponsorship and underwriting fees and other issuance expenses of RMB 3,732,040.17 (excluding value-added tax), the actual net amount of funds raised is RMB 155,267,959.43, of which: equity capital 18,816,568.00 Yuan, capital reserve (equity premium) 136,451,391.43 yuan.
(7) Restricted sale period
The shares issued this time shall not be transferred, sold or disposed of in any other way within 6 months from the date of listing of the shares issued this time. After the issuance is completed, the company's shares increased due to the company's bonus shares, capital reserve conversion to share capital, etc., shall also comply with the above-mentioned restricted sales arrangement. After the expiration of the lock-up period, the shares subscribed by the issuer for reduction of holdings must comply with the relevant regulations of the China Securities Regulatory Commission, Shenzhen Stock Exchange and other regulatory authorities.
After verification, the sponsor (lead underwriter) believes that: the issuance price, issuance quantity, issuance objects and amount of funds raised are in compliance with the resolutions of the issuer's relevant board of directors and shareholders' meeting, and are in compliance with relevant laws and regulations such as the Measures for the Administration of Securities Issuance and Underwriting, the Measures for the Administration of Securities Issuance Registration of Listed Companies, and the Implementation Rules for the Securities Issuance and Underwriting Business of Listed Companies of the Shenzhen Stock Exchange.
2. Review and approval procedures involved in this issuance
(1) Internal decision-making process for the implementation of this issuance
On April 16, 2025, the 25th meeting of the company's eighth board of directors reviewed and approved the "Proposal on Requesting the General Meeting of Shareholders to Authorize the Board of Directors to Issue Stocks to Specific Objects through Simple Procedures."
On May 8, 2025, the company's 2024 Annual General Meeting of Shareholders reviewed and approved the "Proposal on Requesting the General Meeting of Shareholders to Authorize the Board of Directors to Issuance of Stocks to Specific Objects through Simple Procedures", authorizing the company's Board of Directors to have full authority to handle all matters related to this issuance of stocks to specific objects through simple procedures.
According to the authorization of the 2024 Annual General Meeting of Shareholders, the company held the fourth meeting of the ninth board of directors on September 25, 2025, and reviewed and approved the "Proposal on the Company's Compliance with the Conditions for Issuing Stocks to Specific Objects through Simple Procedures", "The Proposal on the Company's 2025 Plan for Issuing Stocks to Specific Objects through Simple Procedures" and other proposals related to this issuance; December 23, 2025 On the same day, the company held the seventh meeting of the ninth board of directors, and reviewed and approved the "Proposal on the Company's 2025 Plan for Issuing Stocks to Specific Objects through Simple Procedures (Revised Draft)" and other proposals related to this issuance.
On February 5, 2026, the company held the eighth meeting of the ninth board of directors, which reviewed and approved the "Proposal on the Bidding Results of the Company's Issuance of Stocks to Specific Objects through Simple Procedures in 2025" and the "Proposal on the Signing of a Share Subscription Agreement with Effective Conditions between the Company and Specific Objects" and other proposals related to this issuance, and confirmed the bidding results of this issuance of stocks to specific objects through simple procedures and other related matters.
(2) Regulatory department review and registration process for this issuance
On March 20, 2026, the company received the "Notice on Acceptance of Application Documents for Beijing Beilu Pharmaceutical Co., Ltd.'s Issuance of Stocks to Specific Objects" issued by the Shenzhen Stock Exchange (Shenzhen Securities Shangshen [2026] No. 48). The company's application for issuance of stocks to specific objects under a simplified procedure was accepted by the Shenzhen Stock Exchange. The issuance and listing review agency of the Shenzhen Stock Exchange reviewed the company’s application documents for issuance of shares to specific objects through a simplified procedure and submitted registration to the China Securities Regulatory Commission on March 25, 2026.
The company has received the "Approval for Registration of Beijing Beilu Pharmaceutical Co., Ltd.'s Issuance of Stocks to Specific Objects" issued by the China Securities Regulatory Commission on April 14, 2026 (CSRC Permit [2026] No. 827). The China Securities Regulatory Commission approved the company's registration application for the issuance of stocks to specific objects in a simplified procedure.
3. The specific circumstances of this issuance to specific objects through simple procedures
(1) Subscription invitation situation
Witnessed by Beijing Zhonglun Law Firm, the issuer and the lead underwriter issued the "Beijing Beilu Pharmaceutical Co., Ltd. 2025" to 179 institutional and individual investors between January 28, 2026 (T-3) and February 1, 2026 (T-1). "Annual Stock Subscription Invitation for Issuance of Stocks to Specific Objects through Simple Procedures" (hereinafter referred to as the "Subscription Invitation") and its attachments "Beijing Beilu Pharmaceutical Co., Ltd. Issuance of Stock Subscription Quotations to Specific Objects through Simple Procedures" (hereinafter referred to as the "Subscription Quotation") and other subscription invitation documents.
The specific targets of this subscription invitation document include: as of January 20, 2026, the top 20 shareholders after the market close (the top 20 shareholders after excluding the issuer’s controlling shareholders, actual controllers, directors, senior managers and related parties they control or exert significant influence), 30 fund companies, 22 securities companies, 11 insurance companies, and 96 investors who have expressed their intention to subscribe to the issuer and lead underwriter.
After verification, the content and scope of the "Subscription Invitation" for this issuance comply with the requirements of relevant laws, regulations, rules and regulations such as the "Measures for the Administration of Securities Issuance and Underwriting", "Measures for the Administration of Securities Issuance Registration of Listed Companies", "Implementation Rules for the Securities Issuance and Underwriting Business of Listed Companies of the Shenzhen Stock Exchange", and comply with the relevant resolutions of the issuer's shareholders' meeting and board of directors. The controlling shareholders, actual controllers, directors, senior managers of the issuer and the lead underwriter and their related parties that they control or exert significant influence did not participate in the subscription of this issuance directly or indirectly. The issuer and its controlling shareholders, actual controllers, and major shareholders have not made any commitment to guarantee the minimum income or covert guarantee of income to the issuer, nor have they provided financial assistance or compensation to the issuer directly or through stakeholders.
(2) Subscription quotation situation
As witnessed by the issuer's lawyer on site, during the subscription quotation period of this issuance, that is, from 9:00 to 12:00 am on February 2, 2026, the issuer and the lead underwriter received a total of 21 "Subscription Quotations" that met the formal requirements of the "Subscription Invitation". The declaration status of the above 21 investors is as follows:
Subscription price (yuan) Subscription amount Is the amount sufficient on time?
Serial number Issuance object Is it valid/share) (10,000 yuan) Pay deposit
1 Li Qiuju 9.03 830.00 Yes Yes Zhijian (Shaoxing Keqiao) Private Equity Fund
2 Management Co., Ltd. - Zhijian Kunpengyi 7.62 500.00 Yes Yes No. Private Securities Investment Fund
Zhangjiagang Jinchuang Preferred Equity Investment
3 9.70 3,000.00 Yes Yes
Partnership (limited partnership)
Subscription price (yuan) Subscription amount Is the amount sufficient on time?
Serial number Issuance object Is it valid/share) (10,000 yuan) Pay deposit
7.60 500.00
4 Chen Jin 7.50 510.00 Yes Yes 7.48 520.00
Life Insurance Asset Management Co., Ltd.
5 8.65 1,000.00 Yes Yes Company
Shenzhen Mutual Fund Management Co., Ltd. 8.20 500.00
6 Company-Total Health Quantitative Private Equity 7.60 1,500.00 Yes Yes Securities Investment Fund
7.48 2,000.00
China Universal Fund Management Co., Ltd.
7 7.97 1,930.00 N/A Is a company
8.45 1,920.00
8 Caitong Fund Management Co., Ltd. 8.06 2,630.00 Not applicable Yes
7.65 5,670.00
9 Yimi Fund Management Co., Ltd. 8.51 800.00 Not applicable Yes
Ningbo Ningju Asset Management Center (with
10 limited partnership)-Ningju Sunflower Private Equity Securities 8.21 500.00 Yes It is a securities investment fund
8.56 1,500.00
11 Ding Zhigang 8.15 2,000.00 Yes Yes 7.81 2,500.00
9.16 500.00
Donghai Fund Management Co., Ltd.
12 8.76 1,000.00 Not applicable Yes company
8.16 1,500.00
7.89 3,600.00
13 Li Tianhong 7.69 4,200.00 Yes Yes 7.48 4,500.00
Huaan Securities Asset Management Co., Ltd. 8.59 1,150.00
14 Yes Yes Division
8.28 1,590.00
Hui'an Fund Management Co., Ltd.
15 8.33 1,300.00 Not applicable Yes company
Shanghai Ningyuan Asset Management Co., Ltd.
7.83 500.00
16 Division-Ningyuan Allocation No. 5 Private Securities Yes Yes 7.48 500.00
investment fund
9.19 1,690.00
17 Nord Fund Management Co., Ltd. Not applicable Yes
8.59 5,390.00
Subscription price (yuan) Subscription amount Is the amount sufficient on time?
Serial number Issuance object Is it valid/share) (10,000 yuan) Pay deposit
8.19 9,120.00
8.62 700.00
Qingdao Luxiu Investment Management Co., Ltd.
18 Division-Luxiu Giraffe No. 6 Private Securities 8.22 1,000.00 Yes Yes Securities Investment Fund
7.48 1,100.00
8.18 1,000.00
19 Chen Xuegeng Yes Yes
7.77 3,000.00
20 Lu Chunlin 8.08 500.00 Yes Yes 21 Liu Yongxu 8.08 500.00 Yes Yes
According to the provisions of the "Subscription Invitation", in addition to securities investment fund management companies, qualified foreign institutional investors, and RMB qualified foreign institutional investors registered with the Securities Association of China, subscription targets participating in this subscription must pay a declaration deposit at the same time as submitting the "Subscription Quotation Form". The subscription deposit is a fixed amount of 1 million yuan.
After verification, except for China Universal Fund Management Co., Ltd., Caitong Fund Management Co., Ltd., Yimi Fund Management Co., Ltd., Donghai Fund Management Co., Ltd., Hui'an Fund Management Co., Ltd., and Nord Fund Management Co., Ltd., a total of 6 securities investment fund management companies do not need to pay the subscription deposit, the remaining 15 investors have paid the subscription deposit on time and in full, and the subscription quotes of the above 21 investors are all valid subscriptions.
(3) Investors’ allocation results
Based on the investors' subscription quotations and in strict accordance with the procedures and rules for determining the issuance price, issuance objects and the number of allocated shares in the subscription invitation document, the issuance price is 8.45 yuan per share, the number of shares issued is 18,816,568 shares, and the total funds raised are 158,999,999.60 yuan. The number of targets for this issuance is finally determined to be 10, all of which are the targets of the subscription invitation document. The specific placement results are as follows:
Serial number Investor name Number of allotted shares (shares) Subscription amount (yuan) Lock-up period (months) 1 Nord Fund Management Co., Ltd. 6,378,698 53,899,998.10 6
Zhangjiagang Jinchuang Preferred Equity Investment Partnership
2 3,550,295 29,999,992.75 6
(limited partnership)
3 Ding Zhigang 1,775,147 14,999,992.15 6 4 Huaan Securities Asset Management Co., Ltd. 1,360,946 11,499,993.70 6 5 Life Insurance Asset Management Co., Ltd. 1,183,431 9,999,991.95 6 Serial number Investor name Number of allotted shares (shares) Subscription amount (yuan) Restricted period (months) 6 Donghai Fund Management Co., Ltd. 1,183,431 9,999,991.95 6 7 Li Qiuju 982,248 8,299,995.60 6 8 Yimi Fund Management Co., Ltd. 946,745 7,999,995.25 6
Qingdao Luxiu Investment Management Co., Ltd.-Luxiuchang
9 828,402 6,999,996.90 6
Jirence No. 6 Private Securities Investment Fund
10 Caitong Fund Management Co., Ltd. 627,225 5,300,051.25 6
Total 18,816,568 158,999,999.60 -
The number of shares issued to specific objects through a simple procedure is 18,816,568 shares, which does not exceed the maximum issuance number approved by the company’s shareholders’ meeting and board of directors and approved by the China Securities Regulatory Commission and registered with the China Securities Regulatory Commission, and does not exceed 30% of the company’s total share capital before the issuance. It does not exceed the upper limit of the number of shares to be issued stipulated in the issuance plan, and the number of shares to be issued exceeds 70% of the upper limit of the number of shares to be issued stipulated in the issuance plan.
After verification, the pricing and allotment process of this issuance complies with the requirements of relevant laws, regulations, rules and regulations such as the "Measures for the Registration and Administration of Securities Issuance of Listed Companies", "Measures for the Administration of Securities Issuance and Underwriting", "Implementation Rules for the Securities Issuance and Underwriting Business of Listed Companies of the Shenzhen Stock Exchange" and the provisions of the issuance plan documents submitted to the Shenzhen Stock Exchange. The determination of the issuance price, issuance objects, and distribution of the number of shares strictly abide by the procedures and rules determined in the "Subscription Invitation Letter."
(4) Verification of the issuance target’s performance of private equity investment fund registration
The lead underwriter and lawyers have verified whether the investors who have been allocated shares to specific targets through simplified procedures belong to the required private equity investment fund registration status. The relevant verification information is as follows:
Qingdao Luxiu Investment Management Co., Ltd. - Luxiu Giraffe No. 6 Private Securities Investment Fund is a private investment fund regulated by laws and regulations such as the "Interim Measures for the Supervision and Administration of Private Equity Funds", the "Registration and Filing Measures for Private Equity Funds" and other laws and regulations. It has completed the private equity investment fund registration procedures with the Asset Management Association of China, and its fund manager has completed the private equity fund manager registration procedures.
Nord Fund Management Co., Ltd., Huaan Securities Asset Management Co., Ltd., Life Insurance Asset Management Co., Ltd., Donghai Fund Management Co., Ltd., Yimi Fund Management Co., Ltd. and Caitong Fund Management Co., Ltd. participated in this subscription with their managed asset management plans. The asset management plans they managed to participate in this subscription have registered their asset management plans with the Asset Management Association of China in accordance with relevant laws and regulations.
Ding Zhigang and Li Qiuju are natural persons, and the subscription funds participating in this issuance are their own funds. They do not fall within the scope of registration and filing stipulated in the "Interim Measures for the Supervision and Administration of Private Equity Investment Funds" and the "Measures for the Registration and Filing of Private Equity Investment Funds", and there is no need to perform the registration procedures for private equity funds in accordance with the aforementioned regulations.
Zhangjiagang Jinchuang Preferred Equity Investment Partnership (Limited Partnership) belongs to other institutional investors, and the subscription funds participating in this issuance are its own funds. It does not fall within the scope of registration and filing stipulated in the "Interim Measures for the Supervision and Administration of Private Equity Investment Funds" and the "Measures for the Registration and Filing of Private Equity Investment Funds", and does not need to perform the private equity fund filing and registration procedures in accordance with the aforementioned regulations.
To sum up, the subscription objects of this issuance comply with relevant regulations such as the "Interim Measures for the Supervision and Administration of Private Investment Funds", the "Measures for the Registration and Filing of Private Investment Funds" and other relevant laws and regulations, as well as the relevant resolutions of the issuer's shareholders' meeting and the board of directors on this issuance. The products that require registration have gone through the registration procedures in accordance with relevant legal provisions.
(5) Explanation on the suitability of the subscription objects
According to the "Measures for the Management of Suitability of Investors in Securities and Futures" and the "Implementation Guidelines for the Management of Investor Suitability of Securities Business Institutions (Trial)", the sponsor (lead underwriter) needs to carry out investor suitability management. Investors are divided into professional investors and ordinary investors. Professional investors are further divided into Type I professional investors, Type II professional investors and Type III professional investors. Ordinary investors are divided according to their risk tolerance levels from low to high: conservative (C1), cautious (C2), prudent (C3), active (C4) and aggressive (C5).
The risk level of Hokuriku Pharmaceutical's issuance of stocks to specific objects through a simple procedure is defined as R3. Professional investors and ordinary investors C3 and above can participate in the subscription. The suitability verification results of the 10 investors in this issuance are as follows:
Product risk level and risk number Investor name Investor classification
Whether the affordability matches 1 Nord Fund Management Co., Ltd. Category I professional investor Yes
Zhangjiagang Jinchuang Preferred Equity Investment Partnership (Limited
2 Ordinary investors C4 Yes
partnership)
3 Ding Zhigang Type II professional investor Yes
4 Huaan Securities Asset Management Co., Ltd. Type I professional investor Yes
5 Life Insurance Asset Management Co., Ltd. Category I professional investor Yes
6 Donghai Fund Management Co., Ltd. Category I professional investor Yes
Product risk level and risk number Investor name Investor classification
Whether affordability matches 7 Li Qiuju Ordinary investor C5 Yes
8 Yimi Fund Management Co., Ltd. Category I professional investor Yes
Qingdao Luxiu Investment Management Co., Ltd.-Luxiu Giraffe 6
9 Category I professional investors Yes
Private Securities Investment Fund
10 Caitong Fund Management Co., Ltd. Category I professional investor Yes
After verification, the above-mentioned investors all comply with the "Measures for the Suitability Management of Securities and Futures Investors", "Implementation Guidelines for the Suitability Management of Investors in Securities Business Institutions (Trial)" and the relevant system requirements for the investor suitability management of sponsors (lead underwriters).
(6) Explanation on the source of funds for the subscription objects
After verification, all the recipients of this issuance have promised that there will be no situation where the issuer, its controlling shareholder, actual controller, or major shareholder has made a guarantee of guaranteed income or a disguised guarantee of income to them in this subscription, and no financial assistance or compensation has been provided to them directly or through stakeholders.
To sum up, the information on the above-mentioned sources of subscription funds is true, accurate and complete, and the arrangement of the above-mentioned sources of subscription funds can effectively protect the legitimate rights and interests of the company and small and medium-sized shareholders, and is in compliance with the China Securities Regulatory Commission's "Guidelines for the Application of Supervisory Rules - Issuance Category No. 6" and other relevant regulations.
(7) Arrival and capital verification of raised funds
The targets of this issuance are Nord Fund Management Co., Ltd., Zhangjiagang Jinchuang Preferred Equity Investment Partnership (Limited Partnership), Ding Zhigang, Huaan Securities Asset Management Co., Ltd., Life Insurance Asset Management Co., Ltd., Donghai Fund Management Co., Ltd., Li Qiuju, Yimi Fund Management Co., Ltd., Qingdao Luxiu Investment Management Co., Ltd.-Luxiu Giraffe No. 6 Private Securities Investment Fund and Caitong Fund Management Co., Ltd.
The company and the lead underwriter issued "Payment Notices" to the above 10 issuance targets on April 21, 2026. As of 17:00 on April 24, 2026, the special account designated by the lead underwriter for subscription funds has received a total of 158,999,999.60 yuan in subscription deposits and subscription funds paid by specific investors who participated in this issuance of stocks to specific objects through a simplified procedure.
Grant Thornton Accounting Firm (Special General Partnership) verified the actual receipt of subscription funds paid by the subscription objects of this issuance, and issued a "Capital Verification Report" (Grant Thornton Yanzi (2026) No. 110C000112) on April 27, 2026. According to the report, as of 17:00 on April 24, 2026, CITIC Securities' account No. 320766254539 opened at the Beijing Dongdaqiao Road Branch of Bank of China Co., Ltd. received a total of RMB 158,999,999.60 in the stock subscription deposit and subscription funds issued by Beilu Pharmaceutical to specific objects through a simplified procedure.
On April 27, 2026, CITIC Securities will transfer the balance of the above-mentioned subscription funds after deducting the sponsor and underwriting fees (excluding value-added tax) to the special account designated by the company for the funds raised for this time.
Grant Thornton Accounting Firm (Special General Partnership) verified the arrival of the funds raised in this issuance into the issuer's account and issued a "Capital Verification Report" (Grant Thornton Yanzi (2026) No. 110C000111) on April 28, 2026. According to the report, as of April 27, 2026, CITIC Securities, the lead underwriter of this issuance, has remitted the remaining amount of RMB 157,149,999.60 from the subscription funds after deducting the underwriting fees and sponsorship fees stipulated in the contract, totaling RMB 1,850,000.00 (excluding value-added tax), to the company's fund-raising account. The total amount of this issuance is RMB 158,999,999.60. After deducting the sponsor, underwriting fees and other issuance expenses of RMB 3,732,040.17 (excluding value-added tax), the actual net amount of funds raised is RMB 155,267,959.43, of which RMB 18,816,568.00 RMB 136,451,391.43 was included in capital reserve (share premium).
The company will set up a special account to manage the raised funds in accordance with the relevant provisions of the "Registration Management Measures for Securities Issuance of Listed Companies" and the "Management Measures for Funds Raised by Listed Companies of Shenzhen Stock Exchange", and the funds will be used exclusively for the purpose.
4. Information disclosure during this issuance of shares
On March 20, 2026, the company received the "Notice on Acceptance of Application Documents for Beijing Beilu Pharmaceutical Co., Ltd.'s Issuance of Stocks to Specific Objects" issued by the Shenzhen Stock Exchange (Shenzhen Securities Shangshen [2026] No. 48). The company's application for issuance of stocks to specific objects under a simplified procedure was accepted by the Shenzhen Stock Exchange. The issuance and listing review agency of the Shenzhen Stock Exchange reviewed the company’s application documents for issuance of shares to specific objects through a simplified procedure and submitted registration to the China Securities Regulatory Commission on March 25, 2026.
The company has received the "Approval for Registration of Beijing Beilu Pharmaceutical Co., Ltd.'s Issuance of Stocks to Specific Objects" issued by the China Securities Regulatory Commission on April 14, 2026 (CSRC Permit [2026] No. 827). The China Securities Regulatory Commission approved the company's registration application for the issuance of stocks to specific objects in a simplified procedure.
The sponsor (lead underwriter) will supervise the issuer to effectively perform the relevant obligations and disclosure procedures for information disclosure in accordance with the "Registration and Management Measures for Securities Issuance of Listed Companies", "Implementation Rules for the Securities Issuance and Underwriting Business of Listed Companies on the Shenzhen Stock Exchange" and other laws and regulations on information disclosure.
5. Conclusions on the issuance process and the compliance of the issuance objects
CITIC Securities, the sponsor (lead underwriter), has verified the compliance of the issuance process to specific targets through a simplified procedure and the compliance of the subscription targets, and has formed the following conclusions:
(1) Opinions on the compliance of the pricing process of this issuance
After verification, the sponsor (lead underwriter) believes that:
The issuance process of this issuance complies with relevant laws and regulations, as well as the requirements for registration approval by the company's board of directors, shareholders' meeting and China Securities Regulatory Commission; the price inquiry, pricing and stock allotment process of this issuance comply with the relevant provisions of laws, regulations, rules and normative documents such as the Company Law, the Securities Law, the Measures for the Administration of Securities Issuance and Underwriting, the Measures for the Registration and Administration of Securities Issuance of Listed Companies, the "Implementation Rules for the Securities Issuance and Underwriting Business of Listed Companies on the Shenzhen Stock Exchange".
(2) Opinions on the compliance of the selection of objects for this issuance
After verification, the sponsor (lead underwriter) believes that:
The selection of subscription objects for this issuance is fair and impartial, in line with the interests of the company and all its shareholders, and complies with relevant laws and regulations such as the "Measures for the Administration of Securities Issuance and Underwriting", the "Measures for the Administration of Securities Issuance Registration of Listed Companies" and the "Implementation Rules for the Securities Issuance and Underwriting Business of Listed Companies of the Shenzhen Stock Exchange", and is in line with the issuance plan reported to the Shenzhen Stock Exchange.
The objects of this issuance do not include the controlling shareholders, actual controllers, directors, senior managers of the issuer and sponsor (lead underwriter) and their related parties that control or exert significant influence. The controlling shareholders, actual controllers, directors, senior managers of the issuer and sponsor (lead underwriter) and their related parties that control or exert significant influence did not participate in the subscription of this issuance directly or indirectly. The issuer and its controlling shareholders, actual controllers, and major shareholders have not made any commitment to guarantee the minimum income or disguised guarantee of income to the issuer, nor have they provided financial assistance or compensation to the issuer directly or through stakeholders.
(No text below)
(This page has no text, but is the signature and seal page of "CITIC Securities Co., Ltd.'s Report on the Issuance Process and Subscription Object Compliance of Beijing Beilu Pharmaceutical Co., Ltd.'s Issuance of Stocks to Specific Targets through Simple Procedures in 2025")
Signature of the sponsor representative:
Yin Xiaoyu Liu Shengli
Signature of legal representative or authorized representative:
Liu Naisheng
CITIC Securities Co., Ltd.
year month day