Hong Kong IPO disclosure precedents · 9 companies, 9 items
Delays in execution of signed projects, such as those caused by customer procurement, tendering or acceptance procedures, and their proportion of new contracts.
To the best knowledge of our Directors, among the contracts newly entered in 2024, 49 projects experienced delays, representing approximately 7.0% of the total number of contracts; in terms of the contract value, the delayed projects accounted for approximately 30.1% of the total contract value newly signed in 2024.
Business · p. 130
Among the 49 delayed projects identified for 2024, all commenced revenue recognition in 2025 and substantially all of the corresponding revenue had been recognized as of July 31, 2026; further, as of July 31, 2026, approximately 78.8% of the corresponding trade receivables had been collected.
Due to intense competition for patient recruitment, enrollment for the Phase III clinical trial of Hemay022 for advanced ER+/HER2+ breast cancer has been slower than anticipated.
Business · p. 173
As of the Latest Practicable Date, 212 of the planned 339 subjects have been enrolled.
Business · p. 173
Based on these measures, our Directors are of the view that the updated development plan and timeline are feasible.
The delay was primarily because: (i) our client's customs clearance delays impeded the timely entry of the PS building components manufactured by us; and (ii) the rainy season in Thailand rendered the site unsuitable for construction activities from June to late October in 2024.
Business · p. 226
During the Track Record Period, for projects where delays resulted in significant additional costs, we received sufficient compensation from our customers.
Business · p. 227
Save for disclosed above, none of the construction projects carried out by us experienced material delays, project cancellation, cost overruns and loss-making during the Track Record Period and up to the Latest Practicable Date.
As of December 31, 2024, the total revenue recognized from these projects amounted to RMB219.9 million, and as of the same date, the total backlog contract value of these projects amounted to RMB44.2 million.
Business · p. 230
They have not yet been implemented, and no costs have been incurred, due to the delays in the associated civil/commercial property construction.
Business · p. 231
We have not recognized any revenue for a few contracts with Shimao Group that had commenced for more than a year, totaling RMB6.7 million as of April 30, 2025, due to the overall schedule adjustment of the construction projects, which in turn affected our implementation of AI solutions.
However, due to the impact of COVID-19, the construction of Phase I of the Integration Project was delayed.
Business · p. 307
In light of the above, and through discussion with Qilu Hydrogen, it was mutually agreed by both parties that the delivery of the relevant equipment for hydrogen liquefaction and the storage and transportation of liquid hydrogen to Qilu Hydrogen would be delayed.
Business · p. 308
We delivered the relevant products to Qilu Hydrogen by batches starting from April to December 2023, and Qilu Hydrogen has confirmed its acceptance of our products.
By mid-2020, we were informed that our works schedule of Project No. #02 would be revised primarily due to changes in design and drawings of structural steelwork by the project owner and that the substantial part of our construction site works would be rescheduled to 2021.
Summary · p. 3
Later in mid-2021, our Group was informed that the substantial part of our construction site works under Project No. #02 would be further rescheduled due to the late handover of the relevant work sites to us.
Summary · p. 3
Pursuant to the contract terms of the service agreement for Project No. #02, in the event our contract works under Project No. #02 was not completed within the original schedule due to reason(s) other than our default, our Group shall be entitled to apply in writing to Hip Hing Group for an extension to project duration and claim for any additional costs reasonably incurred by us arising from the delay.
Our number of projects which was subject to early termination during the Track Record Period was 2, 1, 7 and nil, respectively, amounting to a loss of revenue of approximately RMB1,174,000, RMB10,000, RMB2,038,000 and nil, respectively.
Business · p. 183
As confirmed by our Directors, these circumstances was mainly due to the fact that (i) our customers ended their agreements (for example, lease agreements) with related parties (for example, landlords or property management companies); and (ii) the service scope for renewed projects granted by the tender offerors have been reduced/modified.
For the years ended December 31, 2020, 2021 and 2022, the six months ended June 30, 2023 and from July 1 2023 to the Latest Practicable Date, the Group had 22, nil, 11, eight and six projects cancelled, which were mainly due to external factors, such as the lack of funding on the part of the customers or investors or the change in design subsequent to the entering into of the contracts.
Summary · p. 3
Furthermore, the Group had 13 projects, with an aggregate contract value of RMB1,937.2 million, which had experienced delay (i.e. delay of more than 12 months from the original completion date as stated in the original contract) during the Track Record Period.
Business · p. 224
Our bidding success rate, which ranged between 47.0% and 57.7%, did not fluctuate materially during the Track Record Period.
The outbreak of COVID-19 reduced the number and availability of patients with relapsed/refractory B cell non-Hodkin's lymphoma who could commit to the 28 consecutive days of hospitalization and treatment of K193 for the Phase I clinical trial, which caused a temporary delay in subject enrollment.
Business · p. 282
As of the Latest Practicable Date, we had enrolled 17 subjects and were in the dose escalation stage for this trial, but no safety or tolerability data is currently available.
Business · p. 282
However, the Phase I clinical trial for K11 was suspended because we were only able to recruit 58 subjects and unable to complete enrollment of the planned number of 96 subjects, which is not within our control and is not related to the product quality of K11.