HK IPO cornerstone: a sponsored floor under the book A ~$400M cornerstone slab anchors the top of the offer range. The toggle shows the same slab fed either by fresh external demand or by recycled existing-shareholder and bank money. top of range bottom of range anchor books first, at the top ~$400M cornerstone anchor committed pre-pricing · priced at the IPO price certain allocation 6-month lockup cue · anchors the band later buyers fill the book slipped once prices here fresh external demand new institutional money quality, not size ~$400M ~$2B raise · reported unconfirmed · people familiar the cornerstone bargain 1 · pre-pricing commitment binds before the bookbuild closes 2 · allocation certainty + lockup 6 months from listing 3 · GL51-13 · no side-letters allocation + the IPO price only genuine de-riskingfresh external demand holds the band