Hong Kong IPO disclosure precedents · 335 companies, 336 items
A single customer accounts for a large share of revenue and the filing discusses reliance on it (mutual dependence, length of relationship, framework agreements).
In 2022, 2023 and 2024 and the nine months ended September 30, 2025, the aggregate revenue generated from our five largest customers of each year/period of the Track Record Period were RMB3,091.1 million, RMB1,713.3 million, RMB2,790.7 million and RMB3,116.3 million, representing 84.2%, 74.8%, 76.7% and 76.8% of our revenue in the respective years/period.
Summary · p. 8
Revenues generated from our single largest customer of each year/period of the Track Record Period were RMB941.5 million, RMB626.6 million, RMB833.4 million and RMB1,139.6 million in 2022, 2023, 2024, and the nine months ended September 30, 2025, representing 25.6%, 27.4%, 22.9% and 28.1% of our revenue in the respective years/period.
Summary · p. 8
Our customers include globally leading DRAM suppliers, including Samsung, SK Hynix and Micron, which collectively account for more than 90% market share of the global server DRAM industry in 2024, according to Frost & Sullivan.
Revenue from sales to our top five customers in each year or period during the Track Record Period in aggregate accounted for 36.4%, 25.0%, 22.6% and 32.5% of our total revenue, respectively, in the same periods.
Business · p. 200
Our Directors are of the view that there is no customer concentration risk.
Business · p. 200
To the knowledge of our Directors, as of the Latest Practicable Date, none of our Directors and their respective associates or any of our shareholders holding more than 5% of our issued share capital had any interests in any of our five largest customers in each year or period during the Track Record Period.
During the Track Record Period, the aggregate revenue generated from the largest five customers in each year/period amounted to RMB25,697.1 million, RMB21,650.3 million, RMB38,131.2 million and RMB24,881.0 million in 2022, 2023 and 2024 and the nine months ended September 30, 2025, respectively, representing approximately 87.6%, 79.6%, 82.2% and 79.4% of our total revenue in the respective year/period.
Summary · p. 7
We obtained one, 15, 13 and 13 new customers in 2022, 2023 and 2024 and the nine months ended September 30, 2025, respectively.
Business · p. 238
Notwithstanding our business relationships with Xiaomi Group during the Track Record Period, our Directors are of the view that we will be able to control the risk of reliance, and our significant sales to Xiaomi Group would not adversely affect our business operation, our financial performance and would not impact on our suitability for Listing due to (i) complementary industry positions and mutual benefit, (ii) win-win collaborations and co-growth trajectory, (iii) robust internal compliance and transparency, (iv) diversifying customer base leveraging our past successful experience, (v) expanding product categories.
In 2022, 2023, 2024 and the six months ended June 30, 2025, our top five customers in each of such years/period contributed to 55.2%, 55.9%, 51.0% and 50.3% of our total revenue, respectively.
Summary · p. 6
Revenue from our largest customer in each year/period during the Track Record Period alone accounted for 24.8%, 30.0%, 27.8% and 25.8% of our total revenue during each of these periods, respectively.
Summary · p. 6
In 2024, we had a global active customer base of over 2,300 that generated revenue for us.
Sales to our five largest customers for the years/periods ended December 31, 2022, 2023, 2024 and the six months ended June 30, 2025 accounted for 79.9%, 78.4%, 56.9% and 67.8% of our total revenue during those years/periods.
Summary · p. 6
In 2022, 2023, 2024 and six months ended June 30, 2025, the sales to our largest customer accounted for 44.2%, 28.5%, 15.0% and 24.6% of our total revenue, respectively, while our five largest customers for the same years/periods accounted for 79.9%, 78.4%, 56.9% and 67.8% of our total revenue, respectively.
Business · p. 203
We believe that we do not rely on any particular customer to maintain our current level of profitability and would not need to find replacement if any major customer ceases to conduct business with us.
For the years ended December 31, 2023 and 2024 and the six months ended June 30, 2025, revenue generated from our five largest customers in each year/period amounted to RMB44 thousand, RMB142.5 million and RMB103.3 million, representing approximately 100.0%, 99.9% and 99.5% of our total revenue for the same year/period, respectively.
Business · p. 358
During the Track Record Period, our revenue was primarily derived from our license and collaboration agreements with our business partners.
Business · p. 358
To the best of our knowledge, none of our Directors, their respective associates or any shareholder who owned more than 5% of our issued share capital of our Company as of the Latest Practicable Date, had any interest in any of our five largest customers in each year/period during the Track Record Period.
The total revenue from our five largest customers in each of FY2023 and FY2024 and our four largest customers in 6M2025 represented approximately 101.2%, 98.9% and 100.0% of our total revenue for FY2023, FY2024 and 6M2025, respectively; and the revenue from our largest customer in each year/period during the Track Record Period represented approximately 51.1%, 49.1% and 62.4% of our total revenue, respectively for the corresponding year/period.
Business · p. 158
According to the CIC Report, given the capital-intensive and long-term nature of such projects, it is standard industry practice for contractors to focus on a limited number of concurrent engagements, each of which may contribute a material portion of annual revenue.
Business · p. 158
In view of the expected growth in the market size of the transportation infrastructure engineering industry and the flood mitigation segment in Malaysia as driven by, among others, government policies according to the CIC Report, we intend to expand our scale of operation through actively seeking opportunities in undertaking more projects, from both our existing and potential new customers, on top of our present scale of operation and our current projects on hand.
In each year/period during 2022, 2023, 2024 and the six months ended June 30, 2025, revenue from our five largest customers accounted for 55.4%, 61.5%, 45.5% and 40.0% of our total revenue, respectively. In each year/period during 2022, 2023, 2024 and the six months ended June 30, 2025, revenue from our largest customer accounted for 15.4%, 14.7%, 19.0% and 11.0% of our total revenue, respectively.
Summary · p. 11
In each year/period during 2022, 2023, 2024 and the six months ended June 30, 2025, revenue from our five largest customers accounted for 55.4%, 61.5%, 45.5% and 40.0% of our total revenue, respectively.
Business · p. 203
We have a broad and diverse client base, which expanded rapidly over the Track Record Period.
Revenue generated from our largest customer in each of 2022, 2023, 2024 and the six months ended June 30, 2025 accounted for 37.7%, 19.3%, 44.9% and 13.8% of our total revenue for the respective year/period, while that of our top five customers accounted for 94.2%, 73.3%, 73.4% and 38.6% of our total revenue for the respective year/period.
Summary · p. 5
The decrease in customer concentration reflects our successful customer base expansion and market diversification strategy during the Track Record Period.
Business · p. 207
During each year/period of the Track Record Period, the majority of our revenue was generated from sales to a small group of customers.
During the Track Record Period, the aggregate revenue generated from our top five customers in each year/period since 2023 amounted to RMB60.9 million, RMB304.0 million and RMB57.7 million, which accounted for 98.1%, 90.3% and 97.9% of our total revenue, respectively.
Summary · p. 7
During the Track Record Period, we have generated revenues from a small group of customers primarily because we were still at a relatively early stage of commercialization and had limited number of customers.
Business · p. 250
As we continue to commercialize our intelligent computing solutions through executing our strategy to partner with large customers in key industries with high demands for computing power, our customer base and profile are expected to constantly change, and we expect to further reduce our customer concentration.
For the years ended December 31, 2022, 2023, 2024 and the six months ended June 30, 2025, the revenue attributable to our top five customers for each year/period during the Track Record Period amounted to approximately 77.7%, 64.6%, 59.0% and 84.0% of our total revenue for the respective year/period, while the revenue attributable to our largest customer, Customer A, for each of the same year/period amounted to approximately RMB1,233.0 million, RMB626.6 million, RMB641.0 million and RMB870.0 million, respectively, representing approximately 64.8%, 43.1%, 42.1% and 61.1%, of our total revenue for the respective year/period.
Summary · p. 9
As of the Latest Practicable Date, given that the project backlog contributed to Customer A was RMB148.0 million, revenue generated from Customer A is expected to decrease significantly going forward.
Summary · p. 9
As of the Latest Practicable Date, our project backlog attributed to Customer A amounted to RMB148.0 million
For the years ended December 31, 2022, 2023, 2024 and for the six months ended June 30, 2025, the aggregate revenue generated from our top five customers in each year/period, amounted to RMB98.2 million, RMB186.6 million, RMB169.3 million and RMB83.0 million, accounting for 34.1%, 35.2%, 26.8% and 42.0% of our total revenue in each corresponding year/period, respectively.
Summary · p. 3
As of the Latest Practicable Date, none of our Directors, their associates or any other Shareholder which, to the knowledge of our Directors, owned more than 5% of our share capital had any interest in any of our top five customers.
Business · p. 207
The revenue generated from such top 10 asset managers* combined contributed to 23.3%, 18.6%, 10.9% and 19.8% of our total revenue for the years ended December 31, 2022, 2023, 2024 and for the six months ended June 30, 2025, respectively.
Our five largest customers in each year/period during the Track Record Period accounted for 90.6%, 94.1%, 94.4% and 86.2% of our total revenues, respectively.
Summary · p. 14
Our largest customer accounted for 56.6%, 76.2%, 60.6% and 66.3% of our total revenues in each year/period during the Track Record Period, respectively.
Summary · p. 14
To the best of our knowledge, all of our five largest customers in each year/period during the Track Record Period are Independent Third Parties.
For the years ended December 31, 2022, 2023 and 2024 and the six months ended June 30, 2025, our revenue generated from the five largest customers in each year/period during the Track Record Period amounted to RMB164.0 million, RMB229.3 million, RMB289.1 million and RMB211.8 million, accounted for 59.6%, 50.2%, 47.4% and 53.5% of our total revenue for the respective periods.
Summary · p. 10
Our Directors consider that the interests of our Group and Amazon align.
Business · p. 289
Having considered the factors mentioned above, our Directors are of the view that the likelihood that our relationship with Amazon will materially adversely change or terminate is remote.
Sales to our five largest customers in each year or period of the Track Record Period amounted to RMB154.3 million, RMB312.5 million, RMB268.3 million, and RMB171.8 million, respectively, representing 61.1%, 85.9%, 66.6%, and 74.2% of our total revenue for the years ended December 31, 2022, 2023 and 2024 and the six months ended June 30, 2025, respectively; sales to our largest customer in each year or period of the Track Record Period amounted to RMB70.3 million, RMB111.0 million, RMB113.4 million, and RMB116.2 million, respectively, representing 27.8%, 30.5%, 28.2% and 50.1% of our total revenue, respectively.
Summary · p. 16
Such concentration of top five customers in each year or period of the Track Record Period was mainly attributable to: (i) for our transportation solution business, the steady revenue contribution from some of our major distributors, and (ii) for our energy solution business and urban management solution business which are generally project-based and may have projects of varying sizes, the revenue contribution from the larger projects of our customers.
Business · p. 268
We intend to further diversify our customers going forward by ways of developing and commercializing our newer businesses, such as those targeting areas of city transportation, airport and chemical engineering, as we replicate the successful industry experience and knowhow from our more established businesses.
Revenue generated from our top five customers accounted for 75.4%, 71.7%, 65.6% and 65.9% of our total revenue in each year/period during the Track Record Period, respectively, and revenue generated from our largest customer accounted for 35.1%, 25.3%, 22.9% and 25.0% of our total revenue in the same periods, respectively.
Summary · p. 7
All of our top five customers in each year/period during the Track Record Period are independent third parties, and as of the Latest Practicable Date, none of our Directors, their close associates or any shareholders which, to the best knowledge of our Directors, owned more than 5% of our issued share capital, had any interest in any of our top five customers in each year/period during the Track Record Period.
Business · p. 194
We expect to diversify and introduce more business partners to reduce our concentration risk.
For the years ended 31 December 2022, 2023, 2024 and the seven months ended 31 July 2025, revenue from our top five customers in each year/period accounted for approximately 93.9%, 90.1%, 88.1% and 81.7% of our total revenue for the relevant year.
Summary · p. 8
Our largest customer in each year/period accounted for approximately 41.0%, 24.2%, 31.2% and 40.8% of our revenue for the years ended 31 December 2022 and 2023, 2024 and the seven months ended 31 July 2025, respectively.
Business · p. 200
We have a high concentration of customers during the Track Record Period.
Revenue generated from our largest customer of each of the year/period during the Track Record Period for the years ended December 31, 2022, 2023, 2024 and the six months ended June 30, 2025 accounted for 78.4%, 31.2%, 37.4% and 46.7%, respectively, of our revenue during those periods.
Summary · p. 12
Revenue generated from our five largest customers of each of the year/period during the Track Record Period for the years ended December 31, 2022, 2023, 2024 and the six months ended June 30, 2025 accounted for 96.7%, 64.1%, 80.0% and 94.1%, respectively, of our revenue during those periods.
Summary · p. 12
Despite this concentration, we maintained a broad customer base, serving over 100 customers during the Track Record Period.
Revenue generated from our top five customers for each year/period during the Track Record Period accounted for 98.9%, 84.5%, 66.5% and 77.7% of our total revenue for the respective years/periods.
Summary · p. 20
(i) we have partnered with all of these customers for relatively long periods of time since our inception and have established mutually beneficial relationships with them; and (ii) we are highly involved in their market development and business promotion in the corresponding market process to advance the business expansion together, which enables us to gain a unique and deep understanding of their demands and preference, providing us competitive advantages as compared to our competitors.
We had only four customers in 2023 and all of our revenue in 2023 were generated from these four customers.
Summary · p. 21
For the year ended December 31, 2024 and the six months ended June 30, 2025, revenue generated from our five largest customers, calculated on the group level with entities controlled by the same group combined together, were RMB5.8 million and RMB41.7 million, respectively, representing 94.8% and 99.4% of our total revenue for the same year/period.
Business · p. 380
Revenue generated from our single largest customer in each year/period during the Track Record Period were RMB2.8 million, RMB2.8 million and RMB40.0 million, respectively, representing 40.9%, 45.9% and 95.3% of our total revenue for the same years/period.