Hong Kong IPO disclosure precedents · 65 companies, 68 items
the controlling shareholder or its group as a major customer, supplier, platform, brand licensor or financing source; competing business (only as disclosed in Summary / Business / Financial Information)
We will enter into a number of continuing connected transactions with Hisense Group Entities, including provision of goods and related services, property leasing, shared services and financial services.
Summary · p. 9
(4) Represented our demand deposits with Hisense Finance;
Financial Information · p. 222
(7) Resulted primarily from our short-term interest-bearing borrowings from Hisense Finance;
Retained Sunny Optical Technology Group was one of our five largest suppliers during each period in the Track Record Period.
Business · p. 155
As of the Latest Practicable Date, except for Retained Sunny Optical Technology Group, none of our Directors or their respective associates or any Shareholder holding more than 5% of our issued share capital held any interest in any of our five largest suppliers.
Business · p. 155
For the years ended December 31, 2023, 2024, 2025 and the six months ended June 30, 2026, the amount of purchases we made under our procurement arrangements with Retained Sunny Optical Technology Group were RMB459.9 million, RMB472.8 million, RMB545.2 million and RMB313.8 million, respectively, accounting for 16.9%, 14.2%, 13.0% and 15.9% of our purchase, respectively; and our revenue attributable to Retained Sunny Optical Technology Group amounted to RMB89.6 million, RMB151.3 million, RMB203.0 million and RMB104.0 million, respectively, accounting for 1.7%, 2.5%, 2.8% and 2.8% of our total revenue, respectively.
In particular, during the Track Record Period, GYMCL Related Parties were our limited source of suppliers for components such as cylinder block rough castings, cylinder head rough castings and cylinder blocks for certain specific engine series, and we procured substantially all such components primarily from them.
Business · p. 148
Our Directors are of the view that this arrangement will not affect the operations of our business because we have maintained a good and stable relationship with GYMCL Related Parties, and the risk of GYMCL Related Parties terminating the supply of such components to us is remote.
Business · p. 148
In addition, according to Frost & Sullivan, there are other alternative suppliers in the market which can supply comparable components in comparable quantities.
The Excluded Company was excluded from the Group as its business focuses on sale of instruments and devices to corporate customers.
Summary · p. 3
The Directors confirm there is a clear business delineation between the two entities across business nature, target customers, use of facilities and offices, business operations and financial and accounting systems.
Summary · p. 3
Save for their respective interests in the Excluded Company, our Controlling Shareholders confirmed that, as at the Latest Practicable Date, apart from the business operated by us, they and their respective close associates and/or companies controlled by them do not hold or conduct any business which competes, or is likely to compete, either directly or indirectly, with our business, and would require disclosure pursuant to Rule 8.10 of the Listing Rules.
Our largest customer, Fosun International Group, was also one of our suppliers in 2024, 2025 and the six months ended June 30, 2026.
Business · p. 127
During the Track Record Period, we funded our investments and operations principally with cash generated from our operations, bank and other borrowings, related party borrowings and capital investments by our Controlling Shareholders.
Financial Information · p. 170
We have entered into certain transactions with our Controlling Shareholders and/or their associates that will constitute our continuing connected transactions upon [REDACTED].
As of the Latest Practicable Date, Haier Corp was entitled to exercise approximately 78.04% of the voting rights in our Company
Summary · p. 12
As such, there is a clear delineation of business between our Group and Haier Group.
Summary · p. 13
During the Track Record Period, our revenue attributable to Haier Group amounted to approximately RMB3,607.4 million, RMB3,421.1 million, RMB3,468.8 million and RMB828.7 million, representing approximately 72.2%, 67.5%, 54.6% and 56.2% of our total revenue, respectively, while our purchases attributable to Haier Group amounted to approximately RMB855.0 million, RMB863.0 million, RMB916.8 million and RMB192.1 million, representing approximately 21.7%, 22.3%, 20.2% and 16.1% of our total purchases, respectively.
Our principal businesses and those of the JBM Group are clearly distinct from one another, primarily due to the disparate nature of products carried and services offered.
Summary · p. 9
We also sell select products via cross-border e-commerce channels operated by the JBM Group, such as Tmall, as further described in the section headed “Continuing Connected Transactions — Fully Exempt Continuing Connected Transactions — 1. E-commerce Distribution Services.”
Business · p. 138
During the Track Record Period, we met our working capital needs primarily through advances and other funding from JBM Group, net cash generated from operating activities, and our cash and cash equivalents on hand.
On the other hand, the Retained Zhen Ding Group is principally engaged in (i) the research and development, production and sales of printed circuit board products and the offering of related integrated solutions spanning the research and development, design, manufacturing and sale of printed circuit board products; (ii) the production of IC substrates for our Group as an OEM; and (iii) other nonprincipal businesses that do not compete with our principal business, such as environmental protection and energy conservation services.
Summary · p. 10
Zhen Ding is our Controlling Shareholder.
Business · p. 139
In 2023, 2024, 2025 and the three months ended March 31, 2026, revenue generated from our sales to Retained Zhen Ding Group amounted to RMB279.3 million, RMB1.5 million, RMB69.0 million and RMB46.8 million, respectively, representing 23.6%, 0.1%, 2.4% and 5.1% of our total revenue for the respective years or period.
It is wholly-owned by the Government through Samruk-Kazyna, Kazakhstan’s sovereign wealth fund.
Summary · p. 1
In addition, passenger transportation tariffs are maintained at levels that may be low or unprofitable, and the Group receives Government grants as compensation for a portion of that shortfall.
Financial Information · p. 174
For the years ended 31 December 2023, 2024 and 2025, income from Government grants was KZT 38,912 million, KZT 41,124 million and KZT 43,275 million, respectively.
During the Track Record Period, our procurement from Changan Automobile and its subsidiaries declined steadily, accounting for 36.0%, 21.4% and 13.3% of our total purchase in 2023, 2024 and 2025, respectively.
Summary · p. 10
Our Directors are of the view that although Changan Automobile has been our only whole vehicle manufacturer during the Track Record Period, readily available alternatives exist in the market.
Summary · p. 10
Our Directors are of the view that the business operations between our Group (premium and luxury NEPV) and Changan Automobile are clearly delineated, with distinct differences in branding, market positioning and technical features.
As of December 31, 2024 and 2025, our non trade-related amounts due from related parties was cash amounting to RMB453.1 million and RMB 339.9 million from Yankuang Energy, which conducts centralized cash management during the Track Record Period.
Financial Information · p. 238
The cash from us was interest bearing at a fix rate of 0.3% and fully refunded to us in March 2026 following termination of such centralized cash management.
Financial Information · p. 238
Non trade-related amounts due to related parties as of December 31, 2025 mainly include interest-bearing borrowings of RMB500.0 million from Shandong Energy Group and payables of RMB425.9 million in respect of the acquisition of Shandong Duanxin due to Yankuang Energy, which was settled in cash in January 2026.
Ruili Auto Parts Supplier Group was our largest supplier, comprising several entities controlled by Ruili Company who is our connected person, during each year in the Track Record Period.
Business · p. 121
Our transactions with Ruili Auto Parts Supplier Group will become continuing connected transactions upon the [REDACTED].
Business · p. 121
In addition, we have secured exclusive distributorship rights with several major suppliers, including, multiple auto parts suppliers controlled by Ruili Company.
During the Track Record Period, the pricing of our procurement of healthcare products and other products from TRT Group was generally in line with (i) the pricing of our procurement of the same categories of products from Independent Third Party suppliers; and (ii) the pricing of TRT Group’s sale of the same categories of products to its Independent Third Party customers.
Summary · p. 6
In particular, we are granted the rights by TRT Commerce to exclusively sell Tong Ren Tang branded Angong Niuhuang Pills (安宮牛黃丸) series (varied by materials) to retailers in Zhejiang province (excluding pharmacies and Resident TCM Institutions of TRT Group in Zhejiang province).
Summary · p. 2
For the years ended December 31, 2023, 2024 and 2025, brand royalty expenses paid to TRT amounted to RMB0.4 million, RMB0.4 million and RMB0.5 million, respectively.
During the Track Record Period, the procurement amount of engines by us from Weichai Power Group accounted for approximately 69.8%, 83.1% and 80.3% of the total purchases of engines made by us.
Summary · p. 13
Despite the relatively high procurement amount of engines from Weichai Power Group during the Track Record Period, we believe the business relationship between our Group and Weichai Power Group is mutually beneficial and the likelihood that our relationships with Weichai Power Group will materially adversely change or terminate is remote.
Summary · p. 13
To the best of our knowledge, except for Shandong Heavy Industry India Pvt. Ltd., one of our five largest customers in 2025, and Shandong Heavy Industry, one of our five largest suppliers in each year during the Track Record Period, each of our five largest customers or suppliers in each year during the Track Record Period was an Independent Third Party
Our loans from related parties primarily represent short-term funding support provided by our related parties, including (i) our Controlling Shareholder, Mr. Lin, (ii) Ms. Bao, our executive Director,
Financial Information · p. 227
Our loans from related parties were nil, nil, RMB60.5 million and RMB24.2 million as of December 31, 2023, 2024 and 2025 and April 30, 2026, respectively.
Financial Information · p. 227
As of the date of this document, such balances had been fully settled.
Our net current assets decreased by 89.5% from RMB1,368.1 million as of December 31, 2024 to RMB144.0 million as of December 31, 2025, primarily due to (i) an RMB550.0 million increase in loans from the immediate holding company, which were provided to support the development of our drug candidates and our general operations, (ii) an RMB415.4 million increase in other payables, primarily for acquisition of additional interests in Megalith Biopharmaceutical, (iii) an RMB300.8 million increase in trade payables, in line with our continued investment in R&D activities, and (iv) an RMB231.9 million decrease in financial assets at FVTPL, in relation to structured bank deposits and certificates of deposits we purchased in 2025.
Financial Information · p. 224
This increase was partially offset by an RMB223.3 million increase in loans from the immediate holding company, which were provided to support the development of our drug candidates and our operations.
Financial Information · p. 224
We rely on loans from the immediate holding company and shareholders’ investment as a significant source of liquidity.
Hence, upon the Listing, we will remain a majority-owned subsidiary of MCG and MCG will be our Controlling Shareholder for the purposes of the Listing Rules.
Summary · p. 5
To finance these operating and investment activities, the MGR Group primarily uses funding from new share issuances, related party loans, and bank loans.
Financial Information · p. 257
During the Track Record Period and as of the Latest Practicable Date, except for (i) MMI and (ii) MCG, none of our Directors, Commissioners, or any of our shareholders (who or which to the knowledge of the Directors and Commissioners owned more than 5% of our issued share capital) had any interest in any of our five largest suppliers, in each year of the Track Record Period and the top five suppliers are all independent third parties.
Our largest customer throughout the Track Record Period was Midea Group, which is also our Controlling Shareholder.
Business · p. 152
In return, Midea Group is a stable anchor customer, whose substantial volume base allows us to achieve economies of scale and refine our integrated solutions in complex scenarios, further empowering us to serve a diverse and expanding customer base.
Business · p. 152
While we serve as a critical logistics partner to Midea Group, our purchases from it were not significant, representing 0.6%, 0.6% and 0.6% of our total purchases for the same periods.
This is further reinforced by our end-to-end integration of R&D, stable radioisotope supply supported by our Controlling Shareholder, Dongcheng Biochem, and GMP manufacturing capabilities in Yantai, which together ensure continuity, scalability, and accelerated innovation in radiopharmaceuticals.
Summary · p. 6
As of the Latest Practicable Date, Dongcheng Biochem held approximately 43.95% of the issued share capital of our Company.
Summary · p. 13
Anticipating commercialization of our late-stage drug candidates within next two years in China, we have been well-positioned to establish commercialization infrastructure and market access by drawing on the extensive experience, industry connections, and vast network of our Controlling Shareholder, Dongcheng Biochem.
Our related party transactions during the Track Record Period primarily included certain loans from Dr. Li and Mr. Li.
Financial Information · p. 244
Our Directors are of the view that our related party transactions during the Track Record Period were conducted in the ordinary course of business at arm's length with reference to normal commercial terms, and would not distort our track record results or make our historical results not reflective of our future performance.