Hong Kong IPO disclosure precedents · 21 companies, 21 items
Disclosure of the actual average monthly or annual cash burn rate across past periods (years or interim periods), showing the historical trend and the composition of available cash resources, without a forward multiple assumption as the focus.
Our historical cash burn rate was RMB154.2 million, RMB99.8 million and RMB126.9 million in 2023, 2024, 2025, respectively, mainly representing our investment in research and development activities, selling and distribution activities, and administrative activities.
Financial Information · p. 287
Assuming that the average cash burn rate going forward will be RMB67.8 million, being the average cash burn rate for the latest seven months ended July 31, 2026, we estimate that (i) our cash and cash equivalents, financial assets measured at fair value through profit or loss, restricted cash and unutilized bank facilities as of July 31, 2026 will be able to maintain our financial viability for 46.3 months from July 31, 2026, (ii) if we take into account 10.0% of the estimated net proceeds from the Global Offering (namely, the portion allocated for our working capital and other general corporate purposes), 49.1 months, or, (iii) if we take into account all estimated net proceeds from the Global Offering, 74.0 months.
Financial Information · p. 287
Our Directors are of the opinion that, taking into account the following financial resources available to us described below, we have sufficient working capital for our present requirement and for at least the next 12 months from the date of this Prospectus: (i) cash and cash equivalents; (ii) available equity financing and bank facilities; and (iii) the estimated net proceeds from the Global Offering.
The historical monthly cash burn rate amounted to RMB7.3 million, being the average monthly cash burn over the 36 months from January 1, 2023 to December 31, 2025.
Financial Information · p. 261
We had cash and cash equivalents, current portion of time deposits, and financial assets at FVTPL of RMB328.0 million in aggregate as of June 30, 2026.
Financial Information · p. 261
Our Directors are of the opinion that, taking into account the estimated [REDACTED] from the [REDACTED] and other financial resources available to us, including cash and cash equivalents, current portion of time deposits, and financial assets at FVTPL, we have sufficient working capital to meet our present requirements and for the next 12 months commencing from the date of this document.
Our historical cash burn rate was RMB17.7 million, RMB13.5 million, RMB11.2 million and RMB10.1 million in FY2023, FY2024, FY2025 and 3M2026, respectively.
Financial Information · p. 263
we estimate that our financial resources as at 30 June 2026 will be sufficient to maintain our financial viability for 36.5 months or, if we take into account 10% of the estimated net proceeds from the Listing (allocated for our working capital), it will increase to 41.5 months or, if we also take into account all estimated net proceeds from the Listing, 86.3 months.
Financial Information · p. 263
Based on the due diligence conducted by the Sole Sponsor which include but not limited to (i) obtained and reviewed facility letters and loan agreements in relation to major existing and expired and renewed banking facilities of the Group during the Track Record Period; (ii) conducted due diligence interviews with the principal banks which provided loans banking facilities to the Group during the Track Record Period; and (iii) obtained and reviewed the relevant written indication and consent from two major banks in relation to their respective extension and increase of available facilities granted to the Group, the Sole Sponsor has not identified any material matter which would cast doubt on the availability of the committed banking facilities.
Our historical cash burn rate was RMB14.2 million, RMB4.0 million, RMB2.7 million and RMB16.4 million in 2023, 2024, 2025 and the six months ended June 30, 2026, respectively, mainly representing our investment in R&D activities.
Financial Information · p. 261
We had (i) cash and cash equivalents of RMB26.2 million, (ii) committed unutilized bank facilities of RMB50.0 million, and (iii) term deposits (current and non-current) of RMB74.0 million as of July 31, 2026.
Our historical cash burn rate was RMB7.2 million, RMB5.7 million, RMB10.8 million for the years ended December 31, 2023, 2024 and 2025, respectively, mainly representing our investment in R&D activities and business operations.
Financial Information · p. 262
Assuming that the average cash burn rate going forward will be RMB10.8 million, similar to the cash burn rate level for the year ended December 31, 2025
Financial Information · p. 262
We had cash and cash equivalents on hand of RMB71.9 million as of June 30, 2026.
Our historical cash burn rate was RMB[REDACTED] million in the 29 months from January 1, 2024 to May 31, 2026.
Financial Information · p. 236
We estimate that our cash and cash equivalents, bank acceptance bills, financial assets at FVTPL and unutilized bank facilities totaling RMB2,126.6 million as of May 31, 2026, will be able to maintain our financial viability for [REDACTED] months
Financial Information · p. 236
We expect to achieve cash flow breakeven in the foreseeable future, taking into account the factors including (i) growth of revenue and profits; (ii) adjustments for operating cash flow before movements in working capital;
Our historical monthly average cash burn rate was RMB10.2 million, RMB12.3 million and RMB9.9 million in 2023, 2024 and 2025, respectively.
Financial Information · p. 245
We had cash and cash equivalents of RMB59.6 million and committed unutilized banking facility of RMB440.4 million as of April 30, 2026.
Financial Information · p. 245
We estimate that our cash and cash equivalents, financial investments measured at FVTPL and committed unutilized banking facility as of April 30, 2026 will be able to maintain our financial viability for approximately [REDACTED] months or, if we take into account [REDACTED]% of the estimated net [REDACTED] from the [REDACTED] (namely, the portion allocated for our working capital and other general corporate purposes), [REDACTED] months or, if we also take into account all the estimated net [REDACTED] from the [REDACTED], 67.8 months.
Our historical cash burn rate was nil, RMB0.9 million and nil in 2023, 2024 and 2025, respectively.
Financial Information · p. 307
We did not record material cash burn in 2025, and we expect our operating cash inflow will be at a surplus position based on the underlying assumptions that (i) our workforce growth will generally align with our business expansion, (ii) we expect to increase investment in research and development in phases, (iii) we do not expect substantial capital investment unless earmarked fund-in, and (iv) we do not expect significant acquisitions of fixed assets.
Financial Information · p. 307
We will continue to monitor our cash flow from operations closely and maintain our financial viability through a variety of means, including, among others, banking facilities and external financing.
Our historical cash burn rate was RMB25 thousand, RMB2.7 million and RMB3.3 million in 2023, 2024 and 2025, respectively.
Financial Information · p. 248
we estimate that our cash and cash equivalents, financial assets at fair value through profit or loss and unutilized banking facilities as of December 31, 2025 will be able to maintain our financial viability for approximately 105.6 months or, if we take into account 5.3% of the estimated net proceeds from the Global Offering (namely the portion allocated for our working capital and other general corporate purposes), approximately 119.6 months or, if we take into account the estimated net proceeds from the Global Offering, approximately 369.0 months.
Our historical cash burn rate was RMB2.9 million, RMB2.2 million and RMB3.5 million in 2023, 2024 and 2025, respectively. We had cash and cash equivalents, current financial assets at fair value through profit or loss of RMB176.1 million as of December 31, 2025 and unutilized banking facilities of RMB412.4 million as of December 31, 2025.
Summary · p. 13
Our historical cash burn rate was RMB2.9 million, RMB2.2 million and RMB3.5 million for the years ended December 31, 2023, 2024 and 2025, respectively.
Financial Information · p. 250
We will continue to monitor our cash flows from operations closely and maintain our financial viability through a variety of means, including, among others, banking facilities and external financings.
Our historical cash burn rate was RMB35.3 million, RMB29.3 million and RMB33.9 million in 2023, 2024 and 2025, respectively.
Financial Information · p. 256
Following the Series Pre-[REDACTED]+++ Financing proceeds of RMB3,553.4 million in April 2026, our total available financial resources amounted to RMB4,825.5 million.
Financial Information · p. 257
Taking into account the above as well as the written confirmation from the Company in respect of working capital sufficiency and due diligence work conducted by the Sole Sponsor, nothing has come to the attention of the Sole Sponsor that would reasonably cause the Sole Sponsor to disagree with the Directors’ view above.
Our historical cash burn rate was RMB10.2 million, RMB24.5 million and RMB3.2 million in 2023, 2024 and 2025, respectively.
Financial Information · p. 255
We had relatively higher cash burn rate in 2024, primarily due to (i) uncollectible trade receivables from the distressed customer and increased working capital requirements associated with the ramp up of NEV solutions business, which led to net cash outflows from operating activities in 2024; and (ii) higher capital expenditures on property, plant and equipment during the same period.
Financial Information · p. 255
Assuming that the average cash burn rate going forward will be similar to the level in 2025, and based on the assumptions that (i) we do not expect a significant increase in workforce headcount; and (ii) before securing new financing, we will control the scale of expansion to avoid large short-term capital expenditures and continue to align spending with the pace of business growth, we estimate that our cash and cash equivalents, current financial assets at FVPL, restricted bank deposits and debt investments at FVOCI and committed but unutilized banking facilities as of December 31, 2025 will be able to maintain our financial viability for approximately [REDACTED].
Our cash burn for the years ended December 31, 2023, 2024 and 2025 amounted to RMB(710.6) million, RMB104.2 million and RMB752.1 million, respectively.
Financial Information · p. 265
As of December 31, 2025, we had cash and cash equivalents of RMB2,517.7 million, restricted cash of RMB1,991.2 million, and time deposit of RMB2,896.8 million, aggregating to RMB7,405.7 million.
Financial Information · p. 265
Based on the average cash burn rate for 2023, 2024 and 2025, our aggregate cash and cash equivalents, restricted cash, and time deposits are sufficient to sustain our operations on a going concern basis.
In 2025, our cash burn (defined as net cash used in operating activities) was RMB19.2 million.
Summary · p. 11
Taking into account our available resources, including cash and cash equivalents of RMB131.3 million and committed unutilized bank loan facilities of RMB1.0 billion as of February 28, 2026, as well as cash inflow from our operating activities, our Directors are of the view, and the Joint Sponsors concur, that we have sufficient funds for its present working capital needs and for the next 12 months from the date of this prospectus.
Business · p. 167
Our net loss has substantially decreased in the past years, and we have achieved positive operating cash flow in the second half of 2025.
Our historical cash burn rate was RMB10.3 million, RMB8.0 million, RMB7.3 million, RMB5.7 million and RMB6.0 million in 2022, 2023, 2024 and the ten months ended October
Financial Information · p. 235
Assuming that no proceeds from the global offering are taken into account, that the average cash burn rate going forward will be RMB6.0 million, similar to the cash burn rate level in the ten months ended October 31, 2025, we estimate that our cash and cash equivalents, unutilized bank facilities and current non-pledged time deposits as of October 31, 2025 will be able to maintain our financial viability for 23.7 months, which means we are expected to maintain sufficient working capital until October, 2027.
Financial Information · p. 236
We will continue to monitor our cash flows from operations closely and expect to raise our next round of financing, if needed, with a minimum buffer of 12 months.
Our historical cash burn rate was RMB13.7 million and RMB5.1 million in 2022 and 2023, respectively.
Financial Information · p. 274
we estimate that our cash and cash equivalents, financial assets at fair value through profit or loss, financial assets at fair value through other comprehensive income as of September 30, 2025 will be able to maintain our financial viability for 384.8 months, without taking into account the estimated net proceeds from the Global Offering.
Our historical cash burn rate was RMB3.0 million, RMB105.9 million, RMB194.5 million and RMB327.3 million for each of the years ended December 31, 2022, 2023 and 2024 and for the six months ended June 30, 2025, respectively, mainly representing our investment in R&D activities and business operations.
Financial Information · p. 279
We had cash and cash equivalents, short-term investment measured at FVPL, and available committed bank facilities of RMB8,943.1 million in aggregate as of October 31, 2025.
Financial Information · p. 279
we estimate that our cash and cash equivalents, short term investment measured at FVPL, and available committed bank facilities as of October 31, 2025 will be able to maintain our financial viability for 27.3 months or, if we take into account 10% of the estimated net proceeds from the Listing (namely, the portion allocated for our working capital and other general corporate purposes), 28.5 months or, if we also take into account the estimated net proceeds from the Listing, 38.9 months.
Our historical monthly average cash burn rate was RMB10.1 million, RMB12.6 million, RMB13.8 million and RMB8.1 million in 2022, 2023 and 2024 and for the six months ended June 30, 2025, respectively.
Financial Information · p. 336
We estimate that our cash and cash equivalents, current portion of other financial assets (which primarily includes certificates of deposit, bank structured deposits and fixed deposits which are readily liquidatable on demand) and unutilized banking facilities as of October 31, 2025 will be able to maintain our financial viability for approximately 40 months ending February 28, 2029 or, if we take into account 10% of the estimated net proceeds from the Global Offering (namely, the portion allocated for our working capital and other general corporate purposes), approximately 46 months ending September 30, 2029 or, if we also take into account 100% of the estimated net proceeds from the Global Offering, approximately 98 months ending December 31, 2033.
Our historical cash burn rate was RMB15.9 million, RMB7.1 million, RMB4.3 million, RMB4.4 million and RMB10.8 million in 2022, 2023, 2024 and the first five months of 2024 and 2025, respectively.
Financial Information · p. 479
we estimate that our cash and cash equivalents, current portion of time deposits with banks and financial assets measured at FVPL as of May 31, 2025 will be able to maintain our financial viability for approximately 42.7 months or, if we take into account 10% of the estimated net proceeds from the Listing (namely, the portion allocated for our working capital and other general corporate purposes), approximately 55.2 months or, if we also take into account 100% of the estimated net proceeds from the Listing, approximately 167.2 months.
Financial Information · p. 479
We will continue to monitor our cash flows from operations closely and maintain our financial viability through a variety of means, including, among others, banking facilities and external financings.
Our historical monthly average cash burn rate was RMB53.3 million, RMB38.9 million, RMB76.4 million and RMB10.7 million in 2022, 2023, 2024 and for the five months ended May 31, 2025, respectively.
Financial Information · p. 421
Historically, our business requires a substantial amount of cash, which is mainly due to our significant upfront investments.
Financial Information · p. 421
Taking into consideration financial resources presently available to us, including cash and cash equivalents on hand, internally generated funds, available banking facilities, and the estimated net proceeds from the Global Offering, our Directors are of the view that we have sufficient working capital to meet our present needs and at least for the next 12 months from the date of this prospectus.