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 were RMB70.2 million, RMB100.6 million and nil as at 31 December 2023, 31 December 2024 and 31 December 2025, respectively.
Financial Information · p. 244
In accordance with our cash management policies, we may invest idle cash in low-risk, short-term financial products, including structured deposits and wealth management products, to enhance returns in a risk-controlled manner.
Financial Information · p. 244
Subsequent to the [REDACTED], the purchase of these financial products will be subject to compliance with Chapter 14 of the Listing Rules and approval from the Board when necessary.
Our financial assets at fair value through profit or loss represented the balance of our structured deposits.
Financial Information · p. 189
Our financial assets at fair value through profit or loss then decreased to RMB311.2 million as of December 31, 2025, primarily due to the redemption of a substantial amount of structured deposits during the period.
Financial Information · p. 189
Gain on disposal of financial assets at fair value through profit or loss, net | 23,747 | 3.4 | 36,983 | 5.0 | 23,492 | 6.9
Financial assets at FVTPL, current increased to RMB923.8 million as of December 31, 2025, primarily due to an increase in unlisted financial products, as we deployed part of our available funds into structured deposits.
Our fair value change on financial assets mainly related to wealth management products. We recorded fair value gain on financial assets of RMB17.4 million, RMB3.0 million and RMB1.8 million in 2023, 2024 and 2025, respectively.
Financial Information · p. 186
Our fair value change on financial assets decreased by 38.9% from RMB3.0 million in 2024 to RMB1.8 million in 2025, primarily due to a decrease in our purchases of wealth management products in 2025.
Our financial assets at fair value through profit or loss further increased significantly to RMB286.0 million as of December 31, 2025, primarily due to (i) the purchase of structured deposits of RMB110.1 million and the purchase of wealth management products at fair value of RMB35.0 million and (ii) the new equity investment in Shanghai Xindi Digital Technology Co,. Ltd. (上海新迪數字技術有限公司) of RMB100.0 million.
Financial Information · p. 234
As of the Latest Practicable Date, the Board authorized our senior management to approve purchases of highly liquid, low-risk structured products up to RMB750.0 million.
Our financial assets at FVPL consist of low-risk and short-term structured deposits we purchased from domestic reputable commercial banks.
Financial Information · p. 242
Our financial assets at FVTPL increased from RMB160.9 million as of December 31, 2024 to RMB190.0 million as of December 31, 2025 because of an increase of structured deposits in the principal amount of approximately RMB30.0 million.
Financial Information · p. 242
We only invest in wealth management products offered by reputable commercial banks that guarantee the principal amounts of our investments.
Our investments measured at fair value through profit or loss decreased from RMB355.8 million as of December 31, 2023 to RMB150.3 million as of December 31, 2024 and further to nil as of December 31, 2025, primarily due to our strategic allocation of funding to support our business growth.
Financial Information · p. 181
Our other income and gains decreased by 15.4% from RMB19.6 million in 2024 to RMB16.6 million in 2025, primarily due to (i) higher government grants received in 2024 and (ii) a decrease in other interest income from financial assets at fair value through profit or loss as a result of the reduction in our wealth management product holdings, which in turn was due to the allocation of more funds on operating expenditures to support our business growth in 2025.
Our financial assets at fair value through profit or loss amounted to approximately RMB24.2 million, RMB4.0 million and nil as at 31 December 2023, 31 December 2024 and 31 December 2025, respectively.
Financial Information · p. 245
However, in preparation for the [REDACTED], our Directors wished to focus more on our core business and the funding needs of our business and its development and therefore our Group disposed of all equity securities in FY2024.
Financial Information · p. 245
We exclusively select such financial products which are with low risk level issued by well-established commercial banks to ensure the safety of our capital.
Our financial assets at fair value through profit or loss grew significantly from RMB513.5 million as of December 31, 2023 to RMB1,293.6 million as of December 31, 2024, and then to RMB2,094.6 million as of December 31, 2025.
Financial Information · p. 203
This increase was primarily due to our strategic use of idle funds to purchase wealth management products for improved asset management.
Financial Information · p. 203
Entrusted Wealth Management: we may invest temporarily idle self-owned funds in high-safety, high-liquidity products from approval by the Shareholders’ general meeting until the 2025 annual general meeting of Shareholders, on a rolling basis.
Our financial assets at fair value through profit or loss increased significantly from RMB6.0 million as of December 31, 2023 to RMB115.7 million as of December 31, 2024, and further increased by 26.9% from RMB115.7 million as of December 31, 2024 to RMB146.8 million as of December 31, 2025, primarily due to our purchase of certain wealth management products.
Financial Information · p. 245
We primarily invest in short-term and low-risk wealth management products issued by reputable financial institutions to ensure controllable risk exposure from our investments.
Financial Information · p. 245
Such investments are also subject to multi-layer approval processes.
Our time deposits increased from nil as of December 31, 2023 to RMB50.8 million as of December 31, 2024, as we placed part of the total cash we received from the Series B Financing with a bank as time deposits for a duration of three years, given that there was no immediate need for us to utilize that amount to support our operating, investing and financing activities at that time, and the time deposit offers us interest as return and are early redeemable.
Financial Information · p. 240
Our time deposits decreased from RMB50.8 million as of December 31, 2024 to RMB42.0 million as of December 31, 2025, because we redeemed part of it for working capital purposes.
Our other gains or losses, net primarily consist of (i) change in fair value of financial assets at FVTPL, in connection with our structured deposits and other wealth management products we purchased for cash management purposes, (ii) net gains/losses on disposal of property, plant and equipment, (iii) net foreign exchange losses, and (iv) donations.
Financial Information · p. 208
We recorded a net other gain of RMB3.6 million in 2024 and a net other loss of RMB3.7 million in 2025, primarily attributable to (i) a decrease of RMB4.0 million in change in fair value of financial assets at FVTPL, caused by lower interest rates and our reduced investment scale in wealth management products, and (ii) an increase of RMB3.6 million in net foreign exchange losses, as a result of fluctuations in exchange rates.
Financial Information · p. 212
Our financial assets at FVOCI increased from RMB14.1 million as of December 31, 2024 to RMB36.5 million as of December 31, 2025, primarily due to our equity investments in a technology company.
Our financial assets at fair value through profit or loss increased from RMB220.0 million as of December 31, 2023 to RMB560.1 million as of December 31, 2024.
Financial Information · p. 238
We generally invest in wealth management products with low risk labels issued by qualified financial institutions.
Financial Information · p. 238
In the future, we may continue to invest in wealth management products that are in our Group’s interest upon through evaluations and analysis, and we will ensure that all such investments comply with the applicable laws and regulations, including the relevant requirements under Chapter 14 of the Listing Rules after the [REDACTED].
Financial assets at FVTPL refer to structured deposits placed with licensed commercial banks in the PRC, which were with variable interest rates.
Financial Information · p. 250
As of December 31, 2025, we had cash and cash equivalents of RMB184.9 million, term deposits of RMB21.3 million, financial assets at FVTPL of RMB140.0 million, and as of January 31, 2026, we had unutilized banking facilities of RMB200 million.
Our financial assets at fair value through profit or loss decreased by 37.0% from RMB119.6 million as of December 31, 2022 to RMB75.3 million as of December 31, 2023, and further decreased by 58.7% to RMB31.0 million as of December 31, 2024, primarily due to changes in the product portfolio of asset management products we purchased.
Financial Information · p. 261
Under our investment policy on the purchase of such financial assets, we employ a comprehensive set of internal policies and guidelines to manage our investments in order to monitor the investment risks associated with our portfolio of financial assets.
Financial Information · p. 261
Our investment horizon for each short-term financial asset we purchase is typically within three months.
Furthermore, as of January 31, 2026, we had cash and cash equivalent of RMB14.5 million and our financial assets at FVTPL amounted to RMB126.6 million which generally can be redeemed and settled within two business days.
Summary · p. 16
Our other income and gains increased from RMB5.6 million for the nine months ended September 30, 2024 to RMB8.1 million for the nine months ended September 30,2025, primarily because (i) the increase of government grants; (ii) the increase of fair value gain on financial assets at fair value through profit which was caused by changes in the fair value of wealth management products; and (iii) partially offset by the decrease in investment income.
Our financial assets at fair value through profit or loss decreased from RMB40.0 million in 2023 to RMB16.5 million in 2024, primarily because we redeemed part of our wealth management products in 2024.
Financial Information · p. 255
We adopt a prudent approach in selecting financial assets.
During the Track Record Period, we generally limited our purchase to principal guaranteed and short-term (three to six months maturity periods) financial products from reputable commercial banks.
Financial Information · p. 242
We recorded RMB201.1 million and RMB74.1 million of financial assets at FVTPL as of December 31, 2024 and 2025, respectively.
Financial Information · p. 242
The investment in wealth management products after [REDACTED] will be subject to the compliance requirements in accordance with Chapter 14 of the Listing Rules.
Our financial assets at fair value through profit or loss increase from RMB45.1 million as of December 31, 2024 to RMB77.0 million as of September 30, 2025, primarily due to our purchase of structured deposits and investments in equity instruments at fair value through profit or loss to optimize our fund management and enhance our fund utilization efficiency.
Financial Information · p. 400
To control our risk exposure, we only invest in low-risk structured deposits products while ensuring sufficient working capital to meet business needs, operating activities, R&D and capital expenditures, taking into account a number of factors including the general market conditions, risk control, credit of the issuing financial institution, our own working capital conditions, duration of the investment and the expected return from the investment.
We had financial assets at FVTPL of RMB390.0 million, RMB180.3 million, RMB506.4 million and RMB694.0 million as of December 31, 2022, 2023, 2024 and September 30, 2025, respectively.
Financial Information · p. 267
We endeavor to increase the return of idle cash and bank balances by placing investments in wealth financial assets with high liquidity and low risk such that our risk exposure arising from such investments is controlled.
Financial Information · p. 267
We have categorized our financial assets at FVTPL as Level 2 of the fair value hierarchy because they are valued with reference to recent transaction price.