Hong Kong IPO disclosure precedents · 6 companies, 6 items
A distributor relationship accounting for a negligible share of revenue that was terminated during the track record period, often with the distributor acting merely as sales agent.
For the same period, sales through distributor amounted to RMB0.5 million, accounting for 0.1% of our revenue.
Business · p. 153
The cooperation of the Company with the distributor has been terminated in April 2025.
Business · p. 153
We do not accept returns from distributor except for product quality issues, and we are not subject to the risk of channel stuffing in relation to our distributorship given the immateriality of our distributor sale.
In 2023 and 2024, the revenue generated through our distributorship with Zhejiang Energy Atlas was RMB761.4 million and RMB76.0 million, respectively, representing 32.1% and 3.2% of our total revenue for the same years, respectively.
Business · p. 161
During the Track Record Period and up to the Latest Practicable Date, no product was returned by Zhejiang Energy Atlas.
Business · p. 162
Starting from December 2024, our collaboration model with Zhejiang Energy Atlas shifted from a distribution model to a sales agent model.
For the years ended December 31, 2023, 2024 and 2025, we conducted transactions with nil, 13 and three distributors, respectively.
Business · p. 154
Starting from January 1, 2026, we have changed our cooperation model with these distributors from distribution to direct sales after determining that the distributorship model was not cost-efficient for us.
Business · p. 154
We believe that our sales through distributorship reflect actual demand from our end customers, thereby minimizing the risk of channel stuffing and inventory backlog within the distribution network, because we generally do not allow product returns from distributors, except for limited circumstances such as product defects.
In July 2020, we terminated our distribution agreement with Customer A, which is one of our customers during the Track Record Period, under mutual agreement.
Business · p. 187
Between August 2020 and December 2021, our Group generated revenue of approximately RMB35.8 million from Customer G, representing monthly revenue of approximately RMB2.1 million, which is higher than the monthly revenue of approximately RMB1.2 million as generated from Customer A for the FY2020.
Due to the non-performing asset ratio of our finance lease agreements through this channel was higher than that of our self-operated sales outlets, we ceased to work with any agents to promote our passenger vehicles under our automobile retail and finance business in 2021.
Business · p. 215
For the years ended 31 December 2020, 2021, 2022 and the six months ended 30 June 2023, there were 137, 84, 70 and 14 agency agreements with the e-hailing vehicle agents, respectively, discontinued in view of the unsatisfactory performance of certain e-hailing vehicle agents.
Business · p. 217
We also conduct assessments on their performance from time to time and monitor the non-performing asset ratio in relation to the customers referred by the respective agents.