Risk Warning Announcement for the First Day of Listing

Stock Code: 001399 Stock Abbreviation: HKC Announcement No.: 2026-001

HKC Corporation Limited

Risk Warning Announcement for the First Day of Listing

Pursuant to the "Notice Regarding the Listing of RMB Ordinary Shares of HKC Corporation Limited" (SZSE Listing [2026] No. 873) issued by the Shenzhen Stock Exchange, HKC Corporation Limited (hereinafter referred to as the "Issuer," "Company," or "this Company") has been approved to list its initial public offering of RMB ordinary shares on the Shenzhen Stock Exchange. The stock abbreviation is "HKC" and the stock code is "001399." The 729,783,474 shares issued in this offering (before the exercise of the over-allotment option) are all new shares, with no public sale of shares by existing shareholders. Of the shares issued in this IPO, 430,566,731 RMB ordinary shares will be available for trading on the Shenzhen Stock Exchange starting June 26, 2026. The tradability of the remaining shares shall be subject to relevant laws, regulations, exchange rules, and commitments made by the company's shareholders.

The Company solemnly reminds investors: Investors should fully understand the risks of the stock market and the risk factors disclosed by the Company, enhance their risk awareness, avoid blind "speculation on new stocks" during the initial listing period, and make prudent and rational investment decisions.

The relevant matters are hereby notified as follows:

1. The Company's recent operations are normal, there have been no material changes in the internal and external business environment, and there are currently no undisclosed material matters.

2. Upon inquiry, the Company, its controlling shareholder, and the actual controller do not have any material matters that should be disclosed but have not been. The Company has no recent plans for major external investments, asset acquisitions, disposals, or other material matters in the planning stage. The Company's proceeds-funded investment projects are being implemented according to the plans disclosed in the prospectus, and no material changes have occurred.

3. The issue price of 10.12 RMB/share corresponds to a price-to-earnings (P/E) ratio of 25.45 times after the issuance (without exercising the over-allotment option) and 25.84 times (if the over-allotment option is fully exercised), based on the lower of the Issuer's 2025 net profit attributable to shareholders of the parent company before or after deducting non-recurring gains and losses. This is lower than the static P/E ratio of 68.68 times for the same industry over the last month as published by China Securities Index Co., Ltd. (as of June 9, 2026 (T-3 day)), and also lower than the average static P/E ratio of 43.58 times for A-share listed companies in the same industry based on 2025 net profit attributable to shareholders of the parent company before or after deducting non-recurring gains and losses. However, there remains a risk that the Issuer's future stock price decline may cause losses to investors. The Issuer and the sponsor (lead underwriter) urge investors to pay attention to investment risks, prudently evaluate the reasonableness of the issue pricing, and make rational investment decisions.

4. The Company engaged Pan-China Certified Public Accountants (Special General Partnership) to audit the Company's financial statements and notes for the years 2023, 2024, and 2025, and issued a standard unqualified "Audit Report" (Tian Jian Shen [2026] No. 3-34). According to this audit report, the main financial data for the reporting period are as follows:

(I) Main Data of Consolidated Balance Sheet

Unit: 10,000 RMB