Shenzhen Shangshui Intelligent Co., Ltd. First Public Offering of Shares and Listing on the Growth Enterprise Market (GEM) Online Roadshow Announcement

Underwriter (Lead Underwriter): ■

The application for the initial public offering by Shenzhen Shangshui Intelligent Co., Ltd. (the “Issuer”, as referred to below) of 25.0000 million shares of Renminbi ordinary shares (A shares) (the “Current Offering”) has been deliberated and approved by the Shenzhen Stock Exchange Listing Review Committee, and registration has been approved by the China Securities Regulatory Commission (CSRC) (CSRC License No.〔2026〕72).

The Current Offering will be conducted in a combination of (i) targeted placement to investors participating in strategic placement (the “Strategic Placement”); (ii) offline (through the book-building process) offering to qualified investors by price inquiry (the “Offline Offering”); and (iii) online price-based issuance to public investors holding market value of non-tradable A shares in the Shenzhen market or non-tradable depositary receipts (the “Online Offering”).

The Issuer and Guolian Minsheng Securities Co., Ltd., the underwriting and sponsorship institution (lead underwriter) (the “Underwriter (Lead Underwriter)”, as referred to below) will determine the issue price directly through initial offline price inquiry. There will be no cumulative tendering by offline investors.

In the Current Offering, 25.0000 million shares are issued, representing 25.00% of the total share capital after the offering. The total share capital after the Current Offering will be 100.0000 million shares.

The initial strategic placement quantity in the Current Offering is 5.0000 million shares, representing 20.00% of the number of shares in the Current Offering. Of this, the initial strategic placement quantity of the special asset management plan established by the senior management personnel and core employees of the Issuer to participate in the Strategic Placement is 2.5000 million shares, representing 10.00% of the number of shares in the Current Offering, and the subscription amount does not exceed RMB 80.73 million; the initial strategic placement quantity of other investors participating in the Strategic Placement is 1.2500 million shares, representing 5.00% of the number of shares in the Current Offering, and the subscription amount does not exceed RMB 67.90 million; the initial strategic placement quantity for the subscription by the Underwriter-related subsidiary (if any) is expected to be 1.2500 million shares, representing 5.00% of the number of shares in the Current Offering (if, in this offering, the Underwriter-related subsidiary’s subscription will be made in accordance with the applicable rules if the issue price exceeds the lower value between the median and the weighted average of the offline investors’ quotations after excluding the highest quotation, and the median and the weighted average of the quotations of the following funds and investors established through public offering methods after excluding the highest quotation: securities investment funds, National Social Security Fund, basic pension insurance fund, enterprise annuity fund, and occupational annuity fund, as well as insurance funds and qualified foreign investor funds as quoted in accordance with relevant provisions such as the “Measures for the Administration of the Use of Insurance Funds”, etc.); the difference between the final Strategic Placement quantity and the initial Strategic Placement quantity will first be reallocated to the Offline Offering.

Before the reallocation mechanism is triggered, the initial offline issuance quantity will be 14.0000 million shares, representing 70.00% of the issuance amount after deducting the initial Strategic Placement quantity; the initial online issuance quantity will be 6.0000 million shares, representing 30.00% of the issuance amount after deducting the initial Strategic Placement quantity. The total combined quantity of the final offline and online issuances will be the total quantity of the Current Offering minus the final Strategic Placement quantity. The final offline and online issuance quantities will be determined based on the reallocation situation. The final offline and online issuance quantities and the Strategic Placement situation will be specified in the “Announcement on Preliminary Allotment Results of the Offline Offering for the Initial Public Offering of Shares by Shenzhen Shangshui Intelligent Co., Ltd. and Its Listing on the ChiNext Board” to be published on April 10, 2026 (T+2).

To help investors understand relevant information about the Issuer, its development prospects, and the arrangements related to subscription for the Current Offering, the Issuer and the Underwriter (Lead Underwriter) of the Current Offering will hold an online roadshow on April 7, 2026 (T-1). Investors are kindly requested to take note.

1. Online roadshow time: April 7, 2026 (T-1, Tuesday) 14:00-17:00;

2. Online roadshow webpage: Shanghai Securities News · China Securities Network (

3. Participants: key members of the management of the Issuer and relevant personnel of the Underwriter (Lead Underwriter).

The “Prospectus for the Initial Public Offering of Shares by Shenzhen Shangshui Intelligent Co., Ltd. and Its Listing on the ChiNext Board” and related materials have been disclosed on March 27, 2026 (T-7) on the websites designated by the China Securities Regulatory Commission (Giant Tide Information Network, website www.cninfo.com.cn; CS.com, website www.cs.com.cn; China Securities Network, website www.cnstock.com; Securities Times website, website www.stcn.com; Securities Daily website, website www.zqrb.cn; Economic Reference Network, website www.jjckb.cn; China Financial News Network, website www.financialnews.com.cn; China Daily website, website www.chinadaily.com.cn).

Investors are kindly requested to take note.

Issuer: Shenzhen Shangshui Intelligent Co., Ltd.

Underwriter (Lead Underwriter): Guolian Minsheng Securities Co., Ltd.

April 3, 2026

A wealth of information and precise interpretation—exclusively on the Sina Finance APP