ESWIN announced that the company's issued shares will be listed on the Sci-Tech Innovation Board on October 28, 2025, with the stock code 688783. The number of shares issued is 538 million, resulting in a total share capital of 4.038 billion shares after issuance. As of the announcement date, the company has not yet turned a profit and will be included in the Sci-Tech Growth Tier from the date of listing. The initial number of circulating shares at listing will be 165 million, accounting for 4.08%, which poses a risk of insufficient liquidity. The issuance price is 8.62 yuan per share, corresponding to a diluted price-to-sales ratio of 16.41 times for 2024, which is lower than comparable A-share companies, but there is still a risk of stock price decline. In addition, stocks listed on the Sci-Tech Innovation Board can be used as collateral for margin trading on the first day of listing, which carries risks such as price volatility