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)
In years ended December 31, 2020, 2021 and 2022 and the six months ended June 30, 2023, our five largest direct customers (i.e., customers directly contracted with us) for each year/period together accounted for 98.0%, 91.1%, 61.2% and 53.3%, respectively, of our total revenue, and our largest direct customer, the Remaining WXB Group, for each year/period accounted for 84.1%, 81.1%, 37.9% and 13.8%, respectively, of our total revenue.
Business · p. 207
The significant decrease of the Remaining WXB Group’s contribution to our revenue is largely due to our gradual entry into direct contractual relationship with our customers.
Business · p. 207
During the Track Record Period, part of our bioconjugate CRDMO services were provided to customers that had formally contracted with the Remaining WXB Group.
During the same period, revenue derived from sales to our single largest customer, the Remaining Group and its joint ventures and associates, amounted to approximately RMB73.0 million, RMB103.9 million and RMB109.8 million, respectively, accounting for approximately 31.6%, 35.1% and 34.3% of our total revenue, respectively.
Summary · p. 11
In 2020, 2021 and 2022, the overall revenue in the sum of approximately RMB182.4 million, RMB229.7 million, and RMB247.0 million was generated from properties developed by the Remaining Group and its joint ventures and associates, representing approximately 79.0%, 77.5%, and 77.2% of our overall revenue during the respective years;
Summary · p. 1
Having considered the mutuality and complementarity of ongoing business between the Remaining Group and our Group, we consider that we have a competitive advantage that distinguishes us from our competitors and believe that our current relationship with the Remaining Group and our Group is unlikely to change adversely or be terminated.
During the Track Record Period, we financed our operations primarily through borrowings from Kelun Pharmaceutical, payments received in accordance with our license and collaboration agreements, and proceeds from our Series A
Financial Information · p. 526
We had other borrowings from Kelun Pharmaceutical of RMB2,358.0 million and RMB2,790.8 million, respectively, as of December 31, 2021 and 2022.
Financial Information · p. 529
During the Track Record Period, our finance costs primarily consisted of interest expenses on interest-bearing borrowings from Kelun Pharmaceutical, and interest expenses relating to the Shares we issued to Series A Investors.
Immediately following completion of the Spin-off (without taking into account any Shares which may be issued pursuant to the exercise of the Over-allotment Option), Far East Horizon will directly hold approximately 71.72% of the total issued share capital of our Company and will also be entitled to control the exercise of voting rights in respect of the Shares held by Farsighted Wit Limited (representing approximately 5.52% of the total issued share capital of our Company) at our general meetings.
Summary · p. 8
Our Directors are of the view that there is clear business delineation between Far East Horizon Group and our Group.
Summary · p. 8
The business models, customer and suppliers and underlying assets of Far East Horizon Group (excluding our Group) are different and clearly delineated from those of our Group.
Mr. Wu indirectly controls companies which are engaged in the production and sale of baijiu products including Jinliufu (金六福), Yushuqian (榆樹錢), Jinyuanchun (今緣春), Yanfeng (雁峰), Wubi (無比), Linshui (臨水), Xiangshan (湘山) and Taibai (太白) (as and when controlled by Mr. Wu, collectively, the “Excluded Baijiu Business”).
the Directors of the Company are of the view that the competition between the Group and the Excluded Baijiu Business is not material and any conflict of interests can be effectively managed.
Zhongtian Holdings Group represented four companies which Zhongtian Holdings had interests, namely Hengji Real Estate, Wuguang Investment, Hangxiao Technology and Fangge Intelligence, our deemed connected persons.
Business · p. 287
Save for the indirect interest of the shareholders of ZT (A) in Hengji Real Estate, Wuguang Investment, Hangxiao Technology and Fangge Intelligence, none of our Directors and their respective close associates or any of the Shareholders (owns more than 5% of the issued share capital of our Company as at the Latest Practicable Date) had any interest in any of our five largest customers during the Track Record Period.
Business · p. 289
The salient terms of the transactions our Group entered into with Hangxiao Technology are similar to those with our other customers and suppliers, which our Directors consider are on normal commercial terms.