Aoki shares: China Industrial Securities Co.Ltd(601377) letter of recommendation for the company's initial public offering and listing on the gem

China Industrial Securities Co.Ltd(601377)

about

Aoki Digital Technology Co., Ltd. made an initial public offering and was listed on the gem

of

Issuance recommendation

Sponsor (lead underwriter)

January, 2002

Statement

China Industrial Securities Co.Ltd(601377) accept the entrustment of Aoki Digital Technology Co., Ltd. as the sponsor of its initial public offering and listing on the gem. Lin Yue and Wang Xian, as the sponsor representatives specifically responsible for recommendation, specially issue this issuance recommendation to the CSRC.

In accordance with the company law, the securities law and other relevant laws and regulations and the relevant provisions of the CSRC, the recommendation institution and the recommendation representative are honest, trustworthy, diligent and responsible, issue this issuance recommendation letter in strict accordance with the business rules, industry practice norms and ethical standards formulated according to law, and ensure the authenticity, accuracy, integrity and timeliness of the documents issued.

interpretation

In this issuance recommendation letter, unless otherwise specified in the context, the following words have the following meanings: I. General interpretation of this recommendation institution, recommendation refers to China Industrial Securities Co.Ltd(601377) institution, China Industrial Securities Co.Ltd(601377) company, issuer and Aoki refers to the shares of Aoki Digital Technology Co., Ltd

Yunneng partnership refers to Guangzhou Yunneng enterprise management partnership (limited partnership)

Yunpei partnership refers to Guangzhou yunpei investment partnership (limited partnership)

Yunjie partnership refers to Guangzhou Yunjie investment partnership (limited partnership)

Yunjia partnership refers to Guangzhou Yunjia enterprise management partnership (limited partnership)

Yunshang partnership refers to Zhuhai yunshang investment consulting partnership (limited partnership)

Suihui partnership refers to Guangzhou suihui investment partnership (limited partnership)

Moqian partnership refers to Guangzhou moqian investment partnership (limited partnership)

Company Law refers to the company law of the people's Republic of China

Securities Law refers to the securities law of the people's Republic of China

The Registration Measures refer to the measures for the administration of the registration of initial public offerings on the gem (for Trial Implementation)

The GEM Listing Rules refer to the Shenzhen Stock Exchange GEM Listing Rules

The administrative measures for recommendation refers to the administrative measures for the recommendation business of securities issuance and listing

CSRC refers to the China Securities Regulatory Commission

Reporting accountant, Tianjian refers to Tianjian Certified Public Accountants (special general partnership)

This issuance and this public offering refer to the issuance report period of no more than 16666667 RMB common shares, and each period of the report period refers to 2018, 2019, 2020 and January June 2021

The end of each reporting period refers to December 31, 2018, December 31, 2019, December 31, 2020 and June 30, 2021

Yuan means RMB yuan

2、 Professional interpretation

In the open network environment of the Internet, based on the application mode of browser and server, the buyer and the seller carry out various business activities without meeting each other, so as to realize consumers' online purchase of e-commerce indicators, online transactions and online electronic payment between merchants, as well as various business activities, transaction activities A business operation mode of financial activities and related comprehensive service activities

The commodity trading activities conducted by both parties with the Internet as the media, that is, the organization and transmission of information through the Internet, so as to realize the transfer of ownership of tangible and intangible commodities and the consumption of services through online retail. The buyer and the seller realize the inquiry (information flow), transaction (capital flow) and delivery (logistics) of transaction information through e-commerce (online) application

Tmall, formerly known as Taobao Mall, is a comprehensive B2C shopping website under Alibaba group, including tmall mall, tmall supermarket and other business segments

It is a well-known comprehensive online retailer in China. It sells home appliances, digital communications, e-jingdong zhinao, home department stores, clothing, mothers and infants, books, food, online tourism and other commodities online, including Jingdong open platform, Jingdong self support and other business segments

Little red book refers to a lifestyle sharing community, an e-commerce platform based on life sharing community, covering fashion, personal care, make-up, food, travel and other categories

For tmall, according to the 2017 entry standard of tmall, it refers to the stores opened by tmall with its own brand flagship store, official flagship store or brand with exclusive authorization provided by the trademark owner. The official flagship of the needle store and brand refers to JD. According to the investment promotion standard of JD open platform in 2017, it refers to that the seller uses the store's own brand (the trademark is R or TM), Or the exclusive authorization document issued by the obligee to open a brand flagship store on jd.com open platform (the authorization document shall specify exclusivity and irrevocability), and enter the store opened on jd.com open platform

B2C refers to the abbreviation of business to customer, which refers to the business retail model in which enterprises sell products and provide services directly to consumers

Double 11 and double 12 refers to the shopping Carnival of double 11 and double 12. It is an online promotion Festival on November 11 and December 12 every year, which originates from Taobao Mall (tmall)

June 18 is JD's store day every year. JD will launch a series of large-scale promotion 618 finger activities, which has become an important e-commerce festival for many e-commerce platforms to carry out large-scale promotion in the middle of the year after double 11 and double 12

Gmv refers to the abbreviation of gross merchant volume, which refers to the total turnover within a certain period of time, generally including the amount of unpaid orders

Based on intelligent pipeline (physical network) and aggregation platform (commercial network), traffic operation refers to the collection of a series of ideas, strategies and actions aimed at expanding traffic scale, improving traffic level and enriching traffic connotation

The major clothing industry refers to categories including men's and women's clothing, bags, shoes and hats, underwear accessories, jewelry and so on

Member operation refers to the enterprise through the development of members, providing differentiated services and accurate marketing, improving customer loyalty and increasing enterprise profits for a long time

Order management system is a part of the logistics management system. By managing and tracking the orders issued by OMS, it can dynamically grasp the progress and completion of orders, and improve the operation efficiency in the logistics process, so as to save operation time and operation cost and improve the market competitiveness of logistics enterprises

Unless otherwise specified in this issuance recommendation letter, all values shall be kept to 2 decimal places. In case of any discrepancy between the total number and the sum of the itemized values, it shall be caused by rounding.

catalogue

Declare that 1 interpretation 2 catalog Section 1 basic information of this securities issuance 6 I. members of the project team of the sponsor responsible for this offering 6 II. Basic information of this offering 6 III. description of the relationship between the sponsor and the issuer 7 IV. internal audit procedures and core opinions of the recommendation institution Section 2 commitments of the sponsor 11 I. General commitment of the recommendation institution to the recommendation of this issuance II. Item by item commitment of the recommendation institution to the recommendation of this issuance 11 III. The recommendation institution and the recommendation representative make a special commitment Section III recommendation conclusion of the recommendation institution on the issuance and listing of Securities 13. I. recommendation conclusion of the sponsor on this offering 13 II. The decision-making procedure of this issuance is legal 13 III. this issuance meets the issuance conditions stipulated in the securities law 14 IV. this issuance meets the issuance conditions stipulated in the measures for the administration of the registration of initial public offerings on the gem (for Trial Implementation) 15 v. explanation that the securities issuance meets the issuance conditions specified in the Shenzhen Stock Exchange GEM Listing Rules 18 VI. other matters to be explained Section 4 main risks of the issuer 24 I. business risks 24 II. Financial risks 29 III. innovation risk 30 IV. legal risks 31 v. internal control risk thirty-one

6、 Risk of issue failure 32 VII. Other risks Section V brief evaluation on the development prospect of the issuer 34 I. Development Prospect of the issuer's industry 34 II. The issuer's competitive advantage 36 III. brief evaluation of the sponsor on the development prospect of the issuer thirty-nine

Section 1 basic information of this securities issuance

1、 The members of the project team of the sponsor responsible for this issuance (I) basic information of the sponsor representative of this securities issuance

China Industrial Securities Co.Ltd(601377) appoint Lin Yue and Wang Xian as the sponsor representatives of Aoki's initial public offering and listing on the gem.

The practice of the above two sponsor representatives is as follows:

Lin Yue: sponsor representative, Chinese certified public accountant. He once participated in the IPO project of Henglin chair industry (603661), Jutze Intelligent Technology Co.Ltd(300802) (300802) IPO project, Masterwork Group Co.Ltd(300195) (300195) major asset restructuring project, took charge of and participated in the listing projects of Zhongrui pharmaceutical, Lvqing technology, Kunlun Unicom and Huike electronics on the new third board, and participated in the restructuring and counseling of many companies to be listed.

Wang Xian: sponsor representative, Chinese certified public accountant. He has presided over Huihan's IPO project, Shanghai Huafon Aluminium Corporation(601702) (601702) IPO project, Chongqing Zaisheng Technology Co.Ltd(603601) (603601) convertible bond project, participated in Fujian Haixia Environmental Protection Group Co.Ltd(603817) (603817) IPO project, Pnc Process Systems Co.Ltd(603690) (603690) IPO project, Jiangsu Jiangnan Water Co.Ltd(601199) (601199) convertible bond project, Bizconf Telecom Co.Ltd(300578) (300578) IPO project, and participated in the restructuring and counseling of many enterprises to be listed. (II) Project Co sponsors of this issuance

China Industrial Securities Co.Ltd(601377) designated Li Haidong as the Project Co organizer of Aoki's initial public offering and listing on the gem.

Li Haidong: participated in Yibinpaperindustryco.Ltd(600793) (600793) major asset restructuring projects, IPO projects such as Huaxia Ophthalmology, Huiliang technology and Hongsheng optoelectronics, Baoji Titanium Industry Co.Ltd(600456) corporate bond projects. (III) basic information of other project team members

Other members of the securities issuance project team include: Fang SHIMENG, Cai Yongliang, Jiang Tianze and Hu Ziyi. 2、 Basic information of this offering (I) overview of the issuer Chinese name of the issuer: Aoki Digital Technology Co., Ltd

Registered capital: 50 million yuan

Legal representative: Lv Bin

Date of establishment: August 5, 2009

Date of establishment of the joint stock company: January 10, 2017

Address: unit 001, No. 32, Donghai Street South, Fenghe Jiangbei Village, Haizhu District, Guangzhou

Tel: 020-80929898

Fax: 020-80929898

Internet address: htt

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