Hong Kong IPO disclosure precedents · 231 companies, 231 items
Holdings of bank wealth-management products, structured deposits and certificates of deposit measured at FVTPL as cash management, including balance levels and period-on-period fluctuations.
Our financial assets at fair value through profit or loss amounted to RMB292.8 million, RMB387.7 million and RMB282.2 million as of December 31, 2023, 2024 and 2025, respectively.
Financial Information · p. 214
These balances primarily consisted of wealth management products with risk ratings of Level 2 or below, and did not include any Level 3 financial instruments.
Financial Information · p. 214
We manage our cash and treasury resources in accordance with our internal cash management policies, with a focus on liquidity, capital preservation and reasonable returns.
As of the Latest Practicable Date, our financial assets measured at fair value through profit or loss further increased to RMB16.0 million, which mainly attributable to our purchase of wealth management products offered by banks.
Financial Information · p. 249
We believe we can make better use of our cash by making appropriate investments in wealth management products of low-to-medium risk, which generate income without interfering with our business operation or capital expenditures.
The fair value of other current assets is related to the expected rate of return of the wealth management products which is calculated by discounting the expected future cash flows according to the contracts signed with the banks.
Financial Information · p. 263
During the Track Record Period, we primarily invested in short-term wealth management products to optimize the usage of idle cash.
Financial Information · p. 264
Investments over RMB50 million will require the Board's approval and those under RMB50 million will require approval from the chairman of the Board.
We purchased bank wealth management products with an aggregate principal amount of RMB60.0 million as of December 31, 2025, featuring a daily open trading mechanism with a minimum holding period of only one day before redemption, delivering high liquidity, limited credit risk and low market volatility.
Financial Information · p. 196
Such wealth management products were fully redeemed in January, 2026.
Financial Information · p. 196
We generally favor wealth management products with relatively low risk profiles issued by large, well-established commercial banks with strong credit standing to minimize counterparty risk and safeguard the security of our funds.
We recorded financial assets at FVTPL of RMB20.0 million as of December 31, 2025, primarily because we acquired structured deposit products in light of our adequate cash position, with a view to enhancing the efficiency of fund utilization.
Financial Information · p. 202
We have implemented internal policies governing the purchase and management of wealth management products.
Financial Information · p. 202
Each investment shall be jointly approved by the general manager and the chief financial officer of our Company who have robust experience in corporate governance and investment.
Our financial assets at fair value through profit or loss decreased from RMB57.1 million as of December 31, 2023 to RMB53.6 million as of December 31, 2024, and further decreased to RMB21.1 million as of December 31, 2025, primarily due to the decrease in wealth management products from RMB57.1 million as of December 31, 2023 to RMB52.6 million as of December 31, 2024 and further to RMB20.1 million as of December 31, 2025, as we adjusted our investment amounts in wealth management products.
Financial Information · p. 221
With regard to the purchase of wealth management products, we manage and evaluate our financial investments on a fair value basis in line with our business needs and investment strategy.
Financial Information · p. 221
After the [REDACTED], we intend to continue our investment in wealth management products strictly in compliance with internal policies and guidelines, Articles of Association, and the requirements under Chapter 14 of the Listing Rules.
During the Track Record Period, our financial assets at FVPL primarily represented the structured deposits and wealth management products, as illustrated in the table below.
Financial Information · p. 196
We purchase wealth management products and structured deposits as part of our treasury management strategy to improve the utilization of our short-term surplus cash.
Financial Information · p. 197
Material investment proposals are subject to review and approval by our Board of Directors.
As part of our treasury management, during the Track Record Period, we purchased and held several wealth management products and structured deposits issued by several commercial banks in Chinese Mainland.
Financial Information · p. 243
Our financial assets at fair value through profit or loss significantly increased from RMB905.3 million as of December 31, 2023 to RMB1,969.4 million as of December 31, 2024, and further increased to RMB2,031.0 million mainly due to the increase in wealth management products we purchased to optimize the efficiency of our capital deployment.
Financial Information · p. 244
Under our investment policies, we are prohibited from investing in high-risk products and the proposed investment must not interfere with our business operations or capital expenditure.
Our current portion of financial investments measured at FVTPL primarily represent wealth management products, which decreased from RMB249.8 million as of December 31, 2023 to RMB120.2 million as of December 31, 2024, primarily attributable to a decrease in wealth management products as a result of cash flow pressure in 2024.
Financial Information · p. 236
Our current portion of financial investments measured at FVTPL decreased from RMB120.2 million as of December 31, 2024 to nil as of December 31, 2025, primarily due to the redemption of all wealth management products in 2025.
Financial Information · p. 236
We established the Regulations on External Investment Management to define external investment scope, approval processes and responsibilities of our Shareholders, Board of Directors and the general manager within their respective authorities.
From time to time, we hold certain financial assets measured at fair value through profit or loss in accordance with applicable accounting standards, primarily reflecting our investments in wealth management products, which we utilized as part of our treasury management to generate returns on surplus cash while maintaining liquidity for our operating needs.
Financial Information · p. 240
Investment income from financial products | 695 | 2,377
Financial Information · p. 239
During the Track Record Period, we generally invested in low-risk wealth management products issued by reputable financial institutions, with short tenors ranging from one to six months.
Our financial assets at fair value through profit or loss primarily represented our wealth management products, which were structured deposits generally with expected return rates ranging from 0.84% to 3.46%.
Financial Information · p. 237
Our financial assets at fair value through profit or loss increased by 93.6% from RMB1,092.1 million as of December 31, 2024 to RMB2,114.7 million as of December 31, 2025, primarily due to the purchase of new wealth management products in 2025.
Financial Information · p. 237
We only invest in wealth management products in amounts and with durations that are consistent with our working capital needs. Such durations are below 12 months.
Our current financial assets at fair value through profit or loss represent structured deposits purchased from commercial banks in the PRC.
Financial Information · p. 222
Our current financial assets at fair value through profit or loss decreased from RMB153.0 million as of December 31, 2023 to RMB96.1 million as of December 31, 2024, and further decreased to nil as of December 31, 2025, primarily due to the maturity of certain structured deposits that were not reinvested.
Financial Information · p. 222
Our current financial assets at fair value through profit or loss were all principal-protected products, which were in line with our internal investment risk management policies.
Our other gains or losses primarily consist of (i) fair value gains on financial assets at FVTPL, mainly related to our structured bank deposits and investment in certificates of deposit, (ii) loss on disposal of property, plant and equipment, (iii) net foreign exchange gains, and (iv) impairment loss on investment in an associate.
Financial Information · p. 215
Fair value gains on financial assets at FVTPL | – | 7,262 | 17,969
Financial Information · p. 215
(ii) an RMB10.7 million increase in fair value gains on financial assets at FVTPL, in relation to structured deposits and certificates of deposits that we purchased in 2025.
Our financial assets at fair value through profit or loss balance as of December 31, 2025 mainly represented structured deposit products, which were issued by banks in Chinese Mainland.
Financial Information · p. 257
(i) we follow the principle of prudent investment and select lower-risk short-term investment products from reputable financial institutions
Financial Information · p. 257
Our investments in wealth management products after the Listing will be subject to compliance with Chapter 14 of the Listing Rules.
The financial investments at fair value through profit or loss decreased by 37.6% from RMB830.6 million as of December 31, 2023 to RMB518.0 million as of December 31, 2024, primarily due to partial redemptions of investments in wealth management products and certificates of deposit, together with a lower level of new subscriptions as we reallocated cash to working capital.
Financial Information · p. 240
Our unlisted investments are classified within Level 3 of the fair value hierarchy based on the inputs used in the valuation techniques applied to estimate their fair value.
Financial Information · p. 240
We have implemented a series of internal control policies and rules regarding investment to ensure that the purpose of investment is to preserve capital and liquidity, and we would only purchase financial products under limited circumstances.
We had financial assets at fair value through profit or loss of RMB878.3 million, RMB1,499.8 million and RMB1,456.1 million, as of December 31, 2023, 2024 and 2025, respectively.
Financial Information · p. 198
Our financial assets at fair value through profit or loss consisted of our investments in redeemable short-term wealth management products.
Financial Information · p. 198
Specifically, we exclusively invest in low-risk (PR1 or PR2), high-liquidity wealth management products with tenors not exceeding 12 months, issued by reputable financial institutions.
Our current financial assets at FVTPL consisted of structured deposits purchased from commercial banks.
Financial Information · p. 242
We invest only in low-risk products such as large-denomination certificates of deposit, time deposits, structured deposits, and seven-day notice deposits, and we transact exclusively with reputable commercial banks that meet our credit and risk criteria.
Financial Information · p. 242
In January 2026, D2 Intelligence, a wholly owned subsidiary of our Group, subscribed for 0.02% equity interest in Iluvatar CoreX for an aggregate consideration of approximately HK$7.7 million.
During the Track Record Period, our financial assets at fair value through profit or loss comprised fund investments and investments in wealth management products.
Financial Information · p. 198
Our non-current portion of our financial assets at fair value through profit or loss remained relatively stable at RMB26.8 million, RMB27.4 million and RMB27.5 million as of December 31, 2023, 2024 and 2025, respectively.
Financial Information · p. 198
We have established management systems to oversee the investments in financial products.
As of December 31, 2023, 2024, and 2025, we had financial assets at fair value through profit or loss of nil, RMB0.3 million, and RMB1.3 million, respectively, consisting of wealth management products and structured deposits.
Financial Information · p. 189
Our investments in wealth management products and structured deposits are subject to internal control and treasury management procedures, pursuant to which such investments are limited to products with relatively low risk, high liquidity and controlled exposure.
Our financial assets at fair value through profit or loss consist of both current and non-current portions, representing wealth management products we held and unlisted equity investments.
Financial Information · p. 165
They then increased significantly to RMB143.0 million as of December 31, 2025, primarily due to addition of wealth management products.
Financial Information · p. 165
Our investment strategy related to wealth management products aims to minimize the financial risks by reasonably and conservatively matching the maturities of the portfolio to anticipated operating cash needs, and to generate investment returns for the benefits of our Shareholders.