Just now! The deputy general manager of China International Capital Corporation's investment banking department and securities representative was appointed as the secretary of Yuejiang's board!

Former China International Capital Corporation (the top-tier investment bank in the “Three Central and One Hua” group) sponsor representative Ni Yaoqing recently transferred to Yuejiang Technology as a Board Secretary.

This matter is straightforward: a seasoned investment banking expert well-versed in A-share listing procedures has shifted from an “intermediary institution” to a “pre-IPO company,” personally taking charge. Here’s a closer look:

Who is this person?

Ni Yaoqing, 32 years old, with an impressive background: undergraduate at Harbin Institute of Technology, master’s at Tsinghua University, former Deputy General Manager and Sponsor Representative in CICC’s Investment Banking Department. As a sponsor representative, he is an expert in A-share IPOs, familiar with the listing process and regulatory requirements.

Why did he leave CICC?

Delma’s announcement confirmed that he resigned from his ongoing supervision role in mid-January this year due to “work changes.” This is often a prelude for investment bankers to move to corporate entities—handing over current projects cleanly and moving on lightly.

What is he doing at Yuejiang?

Yuejiang Technology is a robotics company already listed on the Hong Kong Stock Exchange. His appointment as Board Secretary is very strategic—on the same day, Yuejiang’s board approved an application to relist in A-shares.

The logical chain of this story is clear:

Yuejiang Technology aims to relist in A-shares (planning to issue no more than 48.88 million shares, raising 1.2 billion yuan), urgently needing a knowledgeable insider with resources to oversee the process. They brought in former CICC sponsor representative Ni Yaoqing. Having just finished overseeing a previous project, he seamlessly joins Yuejiang as Board Secretary, leveraging his expertise to advance the company’s A-share listing.

In simple terms, this is a story of a company recruiting top-tier investment banking experts to “sit in” and push for an A-share IPO.

Shenzhen Yuejiang Technology Co., Ltd. Announcement

(A joint-stock company registered in the People’s Republic of China)

(Stock code: 2432)

(1) Proposal for A-share issuance and related matters;

(2) Proposal to amend the current Articles of Association;

and

(3) Change of Board Secretary

Proposal for A-share issuance and related matters

At the second meeting of the second Board of Directors held on March 13, 2026, the Board resolved to propose an application for an initial public offering of A-shares and listing, to optimize the company’s capital structure, broaden financing channels, achieve long-term development goals, and enhance the liquidity of all shareholders’ holdings.

The total number of A-shares to be issued will not exceed 48,883,933 shares, representing approximately 11.11% of the company’s existing share capital as of the date of this announcement, and not more than approximately 10.00% of the enlarged share capital after issuance and allotment (before exercise of over-allotment options). Subject to compliance with relevant laws, regulations, and regulatory requirements, assuming no other changes in the company’s issued share capital, the company may authorize underwriters to exercise over-allotment options, with an over-allotment not exceeding 15% of the shares to be issued under the proposed A-share offering (before exercise of over-allotment options).

The Board recommends seeking shareholder approval for the following items related to the A-share issuance: (1) approval of the A-share issuance; (2) authorization for the Board to handle all matters related to the A-share issuance and listing; (3) use of proceeds and project feasibility; (4) plan for covering accumulated losses before the A-share issuance; (5) stability plan for A-shares over the next three years; (6) shareholder dividend plan over the next three years; (7) impact and remedial measures for dilution of immediate returns; (8) commitments and restrictions related to the A-share issuance; (9) appointment of intermediaries for the A-share issuance; (10) amendments to the Articles of Association; and (11) adoption or revision of governance policies.

Proposal to amend the Articles of Association

To align with the company’s strategic development, it is proposed to amend the current scope of business in the Articles of Association, with the changes to take effect after approval at a temporary shareholders’ meeting.

Any amendments to the scope of business require approval by special resolution at the temporary shareholders’ meeting.

Change of Board Secretary

(i) Mr. Wang Yong has resigned as Board Secretary but will remain as an Executive Director, CFO, Deputy General Manager, and one of the joint company secretaries; and (ii) Mr. Ni Yaoqing has been appointed as Board Secretary, effective from March 13, 2026.

Change of Board Secretary

The Board also announces that due to internal work adjustments, Mr. Wang Yong (“Mr. Wang”) has resigned as Board Secretary, effective March 13, 2026. He will continue to serve as an Executive Director, CFO, Deputy General Manager, and one of the joint company secretaries.

Mr. Wang has confirmed that he has no disagreements with the Board and that there are no matters related to his resignation that require disclosure to shareholders or the Hong Kong Stock Exchange. His resignation will not adversely affect the company’s normal operations.

At the second meeting of the second Board of Directors held on March 13, 2026, the resignation and appointment of the Board Secretary were approved. Accordingly, the Board approved the appointment of Mr. Ni Yaoqing (“Mr. Ni”) as Board Secretary, effective from March 13, 2026.

Details of Mr. Ni’s background are as follows:

Mr. Ni Yaoqing, 32, joined the Group in January 2026. Prior to joining, he worked from June 2020 to January 2026 at China International Capital Corporation (a securities firm registered in China, listed on the Shanghai Stock Exchange (stock code: 601995) and the Hong Kong Stock Exchange (stock code: 03908)), serving as Deputy General Manager and Sponsor Representative in the Investment Banking Department.

He also worked from September 2019 to June 2020 at CITIC Securities (a securities firm registered in China, listed on the Shanghai Stock Exchange (stock code: 600030) and the Hong Kong Stock Exchange (stock code: 06030)), as Senior Manager of the Investment Banking Management Committee.

Mr. Ni obtained a Bachelor’s degree in Communication Engineering from Harbin Institute of Technology in July 2015, a Master’s in Information and Communication Engineering from Harbin Institute of Technology in July 2017, and a Master of Management from Tsinghua University Schwarzman College in July 2019.

For clarity, Mr. Ni is not a company secretary as defined under Rule 3.28 of the Listing Rules.

The Board takes this opportunity to welcome Mr. Ni to his new role.

【2026 Benchmark Enterprise Visit Series】 Episode 3 Hangzhou

Registration for the third event is now open,

Join us in exploring the “Most Powerful Data Brain” in elevator safety — Xin Zailin Technology

Event Organizer: Hangzhou Science and Technology Association

Co-organizer: Hangzhou Science and Technology Workers Service Center

Date: March 19, 2026 (Thursday) 13:30-17:00

Location: Hangzhou Binjiang District

Capacity: 20 people

Guest speakers from the company: CEO Zhou Hanyi, Vice President Ning Xintao

Agenda:

13:30-14:00 Registration and gathering

14:00-14:20 Visit to company exhibition hall/laboratory

14:20-14:30 Speech by Hangzhou Science and Technology Association leader

14:30-15:00 Sharing by Xin Zailin CEO/President Zhou Hanyi

15:00-15:30 Sharing by Vice President Ning Xintao

15:30-16:30 Participant self-introductions

16:30-17:00 Free discussion