Hong Kong IPO disclosure precedents · 550 companies, 554 items
a large share of revenue from the largest or five largest customers, discussed as reliance or concentration (why it is mutual, sustainable, how it will be reduced)
In 2023, 2024 and the four months ended April 30, 2025, our revenue generated from our five largest customers in each year/period during the Track Record Period in aggregate accounted for 99.3%, 86.6% and 91.2% of our total revenue in the respective year/period, respectively, and revenue generated from our largest customer alone in each year/period during the Track Record Period accounted for 51.1%, 65.1% and 77.2% of our total revenue in each respective year/period, respectively.
Business · p. 383
To the best of knowledge of our Directors, all of our five largest customers in each year/period during the Track Record Period are Independent Third Parties.
Business · p. 388
Considering standard commercial practices and the prevailing market conditions, according to CIC, our retention of the exclusive API supply rights at beginning and subsequently transferring such rights are in line with industry norms and are supported by sufficient market basis and precedents.
For the years ended December 31, 2022, 2023 and 2024 and for the six months ended June 30, 2025, the aggregate revenue generated from our five largest customers in each year/period during the Track Record Period amounted to RMB4.7 billion, RMB4.3 billion, RMB20.2 billion and RMB7.4 billion, respectively, which accounted for 13.9%, 12.0%, 13.9% and 11.9% of our total revenue for the respective years/periods.
Summary · p. 8
Customer A is a substantial shareholder of us, and three Directors hold various positions in Customer A and/or its associates.
In 2022, 2023 and 2024 and the six months ended June 30, 2024 and 2025, revenue generated from our largest customer in each period accounted for 11.9%, 24.4%, 19.3%, 20.0% and 18.9% of our revenue during those periods, respectively.
Summary · p. 11
Revenue generated from our five largest customers in each period during the Track Record Period amounted to RMB323.4 million, RMB526.5 million, RMB484.3 million, RMB196.6 million and RMB202.3 million, respectively, representing approximately 25.4%, 36.0%, 35.1%, 34.7% and 31.4% of our revenue in the corresponding periods, respectively.
Summary · p. 11
Our major clients mainly consisted of (i) enterprises, which operate both online and offline businesses and aim to reach customers mainly in consumer goods, food and beverage, automotive and 3C industries, build or strengthen brand image, achieve sales conversion and realize business growth through different combinations of our full spectrum of marketing intelligence products and (ii) offline retail and restaurant chain operators, which are focused on building future-oriented stores that utilize smart operations to optimize their business processes, enhance customer experience, and sustain long-term growth.
Revenue from our five largest customers in each year/period during the Track Record Period was RMB43.5 million, RMB58.8 million, RMB74.2 million and RMB41.9 million in 2022, 2023, 2024 and the six months ended June 30, 2025, respectively, accounting for 43.3%, 45.6%, 30.5% and 31.7% of our total revenue for the same periods, respectively.
Summary · p. 15
Our commercialization centers around increasing engagement with industry leaders, enhancing our appeal to top-tier customers.
Revenue from our five largest customers during the Track Record Period amounted to RMB7,354.3 million, RMB4,645.6 million, RMB5,937.4 million and RMB2,355.9 million in 2022, 2023, 2024 and the four months ended April 30, 2025, respectively, representing 9.1%, 6.3%, 7.6% and 8.0% of our total revenue for the same respective periods.
Summary · p. 15
Our global and diverse customer base strengthens our resilience throughout economic cycles.
Business · p. 269
Revenue from our largest customer amounted to RMB1,868.2 million, RMB1,337.8 million, RMB1,956.9 million and RMB595.80 million in 2022, 2023, 2024 and the four months ended April 30, 2025, respectively, representing 2.3%, 1.8%, 2.5% and 2.0% of our total revenue for the same respective periods.
In 2022, 2023, and 2024, and the six months ended June 30, 2025, the revenue generated from our five largest customers in each year/period of the Track Record Period amounted to RMB2,398.5 million, RMB2,122.7 million, RMB2,737.6 million, and RMB1,677.5 million, representing 63.5%, 68.8%, 74.9%, and 82.5% of our total revenue, and the revenue generated from our largest customer for each year/period represented 33.6%, 36.1%, 41.8%, and 41.7% of our total revenue, respectively.
Summary · p. 12
During the Track Record Period, Customer A was our largest customer and our revenue derived from Customer A amounted to RMB1,269.7 million, RMB1,114.7 million, RMB1,525.8 million, and RMB848.9 million, representing 33.6%, 36.1%, 41.8%, and 41.7% of our total revenue, respectively.
Business · p. 242
Customer A and our Company have an established relationship of 14 years, demonstrating our mutual dependence and strategic collaboration with Customer A.
During the Track Record Period, revenue generated from our five largest customers in each period amounted to RMB3,332.1 million, RMB3,610.9 million, RMB4,063.9 million and RMB1,567.3 million, respectively, accounting for 64.0%, 63.9%, 58.3% and 63.2% of our total revenue from continuing operations in the same periods, respectively.
Summary · p. 11
We have maintained long-term and stable collaborative relationships with our five largest customers for three to nine years.
Business · p. 217
During the Track Record Period and up to the Latest Practicable Date, we did not have any disputes with any of our five largest customers, and currently there is no indication or sign that they will alter the existing relationship with us in any aspect in the near future.
In 2022, 2023, 2024 and the five months ended May 31, 2025, our revenue generated from our five largest customers in aggregate in each year/period amounted to RMB180.8 million, RMB231.9 million, RMB338.9 million and RMB178.8 million, respectively, accounting for 85.1%, 73.3%, 72.6% and 71.7% of our total revenue, respectively.
Summary · p. 18
Our reliance on a limited number of customers reflects China’s procurement regime under the VBP schemes and aligns with industry norms, according to CIC.
Business · p. 313
The relationships between the Group and its key distributors are unlikely to materially adversely change or terminate, and the Group has effective measures in place to mitigate the relevant risk exposure.
During the Track Record Period, our customers were mainly distributors. For the years ended December 31, 2023 and 2024, and the six months ended June 30, 2025, revenue generated from our five largest customers for each year/period amounted to RMB28.6 thousand, RMB13.8 million and RMB11.4 million, representing approximately 100.0%, 46.0% and 64.0% of our total revenue for the corresponding year/period, respectively.
Summary · p. 21
In the same periods, revenue generated from our largest customer for each year/period amounted to RMB12.7 thousand, RMB6.6 million, and RMB6.2 million, representing approximately 44.5%, 21.9% and 34.4% of our total revenue for the corresponding year/period, respectively.
Business · p. 347
During the Track Record Period, we have maintained good business relationships with our key distributors. We believe our distributorship model is in line with the industry form.
In 2022, 2023 and 2024, and the three months ended March 31, 2025, the aggregate revenues generated from our five largest customers in each period were RMB459.3 million, RMB466.9 million, RMB333.1 million and RMB116.2 million, representing 65.8%, 69.6%, 56.1% and 53.5% of our revenues, respectively.
Summary · p. 9
According to Frost & Sullivan, customer concentration is common in the home EV charging industry in China, largely because there are relatively few EV manufacturers.
Business · p. 284
Our products and services are integrated into customers' operations, resulting in significant switching costs and operational risks for customers seeking to replace us.
Revenue from our largest customer in each year during the Track Record Period amounted to approximately HK$44.0 million and HK$59.6 million for FY2023/24 and FY2024/25, respectively, representing approximately 35.7% and 38.5% of our total revenue for the respective year.
Summary · p. 7
It is an industry norm for E&M contractors in Hong Kong such as our Group to have a degree of customer concentration of up to 70% given the prominence of government and major corporate clients, a focus on capital-intensive, large-scale projects, and the specialised, technical nature of E&M services — such as HVAC, electrical systems, plumbing, and fire safety — which restricts the pool of both qualified providers and clients.
Business · p. 177
Our Directors confirm that our Group has not been suspended or revoked as an approved E&M contractor by any of our customers during the Track Record Period and up to the Latest Practicable Date.
Our revenue generated from our five largest customers in each year/period during the Track Record Period, on a consolidated basis, were RMB210.4 million, RMB386.3 million, RMB403.8 million and RMB89.3 million in 2022, 2023, 2024 and the three months ended March 31, 2025, respectively, representing 60.2%, 69.4%, 66.4% and 65.6% of our total revenue for the corresponding year/period.
Summary · p. 12
We normally require our distributors to make full payment before shipment, except that we may grant a credit term of 60 to 90 days to distributors that we consider crucial to our business.
Business · p. 318
To the best of our knowledge, (i) all of our five largest customers for each year/period during the Track Record Period are independent third parties, and (ii) none of our Directors, their respective associates or any shareholder who owned more than 5% of our issued share capital as of the Latest Practicable Date has any interest in any of our five largest customers for each year/period during the Track Record Period.
The aggregate revenue generated from our top five customers of each of the years ended December 31, 2022, 2023, 2024 and the five months ended May 31, 2025 amounted to RMB1,018.5 million, RMB966.4 million, RMB1,902.1 million and RMB610.8 million, which accounted for 83.6%, 64.6%, 74.4% and 81.1% of our total revenue of the relevant year/period, respectively.
Summary · p. 10
According to CIC, the high concentration rate of major customers is the industry norm of the automotive intelligence industry, because of the strong demand for specific products and solutions, such as smart cockpits solutions, from certain vehicle models.
Business · p. 271
Looking ahead, our strategy involves expanding our design wins and prioritizing various high-quality vehicle models to achieve market success.
For the six months ended June 30, 2025, revenue contributed by our top five customers and our largest customer amounted to US$1,964.8 million and US$989.0 million, respectively, accounting for 98.4% and 49.6% of our total revenue for the same period, respectively.
Summary · p. 19
We mainly identify and procure customers by inviting bids from potential customers.
Business · p. 349
Our Directors are of the view that there is not likely to be material adverse change and deterioration in or termination of the relationship between the Group and the Zijin Mining Group, on the basis that (i) Zijin Mining is and will continue to be our Controlling Shareholder, and (ii) the commercial relationship between Zijin Mining and us is longstanding and mutually beneficial.
For FY2022, FY2023, FY2024 and 5M2025, sales to our five largest customers in each year/period during the Track Record Period amounted to RMB295.67 million, RMB405.76 million, RMB398.40 million and RMB214.45 million, accounting for 91.34%, 91.08%, 87.26% and 92.83% of our total revenue, respectively, and sales to our single largest customer in each year/period during the Track Record Period amounted to RMB115.87 million, RMB143.83 million, RMB116.66 million and RMB103.28 million, accounting for 35.80%, 32.29%, 25.55% and 44.71% of our total revenue during the respective periods.
Business · p. 325
We have maintained good relationships with our major customers, and we have worked with most of them for over five years.
Summary · p. 7
All of our five largest customers in each year/period during the Track Record Period are Independent Third Parties.
We have a broad base of customers and we do not believe that we have material concentration risks.
Summary · p. 10
The revenue generated from our five largest customers in each period during the Track Record Period amounted to RMB16,035 million, RMB23,799 million, RMB41,698 million and RMB12,989 million accounted for 17.3%, 14.6%, 15.4% and 19.0% of our total revenue in 2022, 2023, 2024 and the three months ended March 31, 2025, respectively.
Summary · p. 10
We typically settle with our five largest customers with bank transfer or bank acceptance bills.
In 2022, 2023 and 2024 and the six months ended June 30, 2025, our top five customers in each period during the Track Record Period accounted for 25.0%, 31.7%, 32.6% and 33.9% of our total revenue for the respective periods.
Summary · p. 15
Our largest customer accounted for approximately 11.5%, 11.5%, 12.9% and 15.4% of our revenue in each year/period during the Track Record Period.
Business · p. 246
Customer A is a subsidiary of a leading e-commerce company listed on the NASDAQ and the Hong Kong Stock Exchange.
In 2023 and 2024 and first four months of 2025, our revenue was generated from three customers relating to multiple performance obligations including (1) grants of licenses to intellectual property rights and (2) the research and development services.
Business · p. 427
In 2023 and 2024 and the four months ended April 30, 2025, our revenue was mainly generated from three customers relating to multiple performance obligations including (1) grants of licenses to intellectual property rights, (2) the research and development services and
Summary · p. 19
To the best of our knowledge, the three customers during the Track Record Period are Independent Third Parties.
For the years ended December 31, 2022, 2023 and 2024 and the three months ended March 31, 2025, we generated revenue from our top five customers in each year/period during the Track Record Period amounting to RMB217.2 million, RMB217.8 million, RMB248.3 million and RMB58.7 million, respectively, accounting for 41.3%, 34.6%, 40.0% and 58.4% of our total revenue for the corresponding periods.
Business · p. 328
This difference was mainly attributable to the seasonality of our digital healthcare and wellness solutions, which typically generate lower revenue contribution in the first quarter, with a larger share of revenue recognized in the second half of the year as additional business customers are acquired.
Business · p. 328
On a like-for-like basis, the customer concentration ratio in the first quarter of 2025 was broadly consistent with that of the first quarter of 2024, demonstrating the stability of our customer base.
Revenue generated from our top five customers for each of the years ended December 31, 2022, 2023 and 2024 and the three months ended March 31, 2025 accounted for 53.1%, 67.5%, 59.9% and 68.3%, respectively, of our total revenues during the same year/period.
Summary · p. 12
The fluctuations in revenues generated from our largest and top five customers in each year/period during the Track Record Period were primarily due to changes in our customer composition.
Summary · p. 12
Since the second half of 2022, with the mass production of our first automotive-grade ADAS LiDAR product, sales to automotive OEMs have increased significantly.