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 consist of investment in wealth management products.
Financial Information · p. 240
Our net of fair value changes on financial assets at fair value through profit or loss remained stable at RMB0.6 million and RMB0.6 million and RMB0.1 million respectively. We have established an Investment Committee and implemented the Investment Management Policy.
Financial Information · p. 240
(ii) the Investment Committee shall set out investment goals and objective, risk tolerance level and trading limit and shall reject a proposed investment falling outside such scope or limit
Our financial assets at fair value through profit or loss included wealth management of principal-guaranteed structured deposits with low risks, primarily to generate additional returns on cash reserves, while ensuring liquidity and capital preservation.
Financial Information · p. 209
Our financial assets at fair value through profit or loss decreased from RMB291.1 million as of December 31, 2024 to RMB191.5 million as of September 30, 2025, primarily due to the withdrawal of certain structured deposits to fund capital injections into our subsidiaries.
Financial Information · p. 209
We have established comprehensive investment policies and strategies with respect to financial products, to ensure compliance, safeguard assets and manage risks effectively.
(5) investment income from and fair value gains on financial assets at FVTPL, mainly in connection with our wealth management products
Financial Information · p. 230
Other income and gains increased by 47.9% from RMB67.7 million for 2022 to RMB100.2 million for 2023, primarily due to (1) an increase in investment income from financial assets at FVTPL from RMB10.0 million for 2022 to RMB21.1 million for 2023 and an increase in fair value gains on financial assets at FVTPL from RMB3.7 million for 2022 to RMB15.3 million for 2023, primarily due to the overall increase in the balance of our wealth management products;
Financial Information · p. 241
Other income and gain decreased from RMB69.0 million for the nine months ended September 30, 2024 to RMB58.6 million for nine months ended September 30, 2025, primarily due to the decrease in fair value gains on and investment income from financial assets at FVTPL, driven by the decrease in interest rates of relevant products.
Such unlisted investments were wealth management products issued by banks in the PRC.
Financial Information · p. 352
Our investment strategy related to such products focuses on minimizing the financial risks by reasonably and conservatively matching the maturities of the portfolio to anticipated operating cash needs, while generating desirable investment returns.
We recorded nil, RMB60.2 million, RMB145.2 million and RMB120.0 million of financial assets at fair value through profit or loss as of December 31, 2022, 2023 and 2024 and September 30, 2025, respectively.
Financial Information · p. 256
Our Board of Directors reviews and approves the policy for cash management related to investments in wealth management products.
Financial Information · p. 257
which are measured at fair value with fair value being determined based on significant unobservable inputs using valuation techniques.
Our financial assets measured at fair value through profit or loss increased from nil as of December 31, 2024 to RMB331.4 million as of September 30, 2025, primarily due to the investment in wealth management product in the first half of 2025.
Financial Information · p. 388
Our wealth management product of RMB331.4 million as of September 30, 2025 was primarily low-risk structured deposit and call deposit products issued by reputable commercial bank in China.
Financial Information · p. 388
Our investment strategy aims to optimize the efficiency of idle funds and generate investment returns.
Our financial assets at FVTPL subsequently increased to RMB432.3 million as of December 31, 2024, and further increased to RMB1,116.9 million as of September 30, 2025, primarily because we increased the purchase of structured deposits to better manage our funds.
Financial Information · p. 325
Especially, prior approval from the Board is required before the investment in wealth management products, as well as before using raised funds.
Our structured deposits primarily consist of principal-guaranteed deposits with a term of one year or less issued by large commercial banks in mainland China.
Financial Information · p. 295
We recorded fair value gains of financial assets at fair value through profit or loss of RMB90.7 million, RMB23.9 million and RMB16.2 million in 2022 and 2024 and for the nine months ended September 30, 2025, respectively.
Financial Information · p. 281
Our financial assets at fair value through profit or loss increased from RMB2,286.1 million as of December 31, 2023 to RMB2,358.7 million as of December 31, 2024, primarily due to the increase in structured deposits.
As of December 31, 2022, 2023 and 2024, we had financial assets at FVPL of RMB631.9 million, RMB100.1 million and nil, respectively.
Financial Information · p. 296
Our financial assets at FVPL increased from nil as of December 31, 2024 to RMB376.7 million as of September 30, 2025, primarily due to the purchase of structured wealth management products for cash management purposes as we received proceeds from Series C Financing.
Financial Information · p. 296
We generally limit our purchases to low-risk and short-term products which are redeemable on demand from reputable commercial banks.
During the Track Record Period, our financial assets at fair value through profit or loss comprised (i) bank financial products, namely, short-term investments in low-risk financial instruments issued by reputable commercial banks with non-determinable return rate, and (ii) our investment in a listed equity security.
Financial Information · p. 372
However, we do not invest in any wealth management products that cannot guarantee the safety of the principal.
Financial Information · p. 373
At least once every year, the team would use valuation techniques to determine the fair value of our level 3 instruments.
Our financial assets at FVTPL increased from RMB1,890.6 million as of December 31, 2023 to RMB5,274.4 million as of December 31, 2024, primarily due to our increased investment in wealth management products, as we optimized our fund management to enhance capital efficiency.
Financial Information · p. 291
We adopt a strict and prudent internal control mechanism for our investments in wealth management products.
Financial Information · p. 292
Accordingly, our investment targets are primarily liquid, safe and low-risk financial products, including but not limited to structured deposits and fixed-income products issued by licensed financial institutions and other appropriate financial products.
We measure our structured deposits, wealth management product, derivative financial instrument and equity investments at fair value at the end of each year of the Track Record Period.
Financial Information · p. 312
Our gains primarily consisted of (i) net fair value changes of investments measured at FVTPL, mainly in relation to wealth management products and shares we held in listed and unlisted companies.
Financial Information · p. 325
Our other income and gains increased by 21.4% from RMB441.4 million in the nine months ended September 30, 2024 to RMB536.0 million in the nine months ended September 30, 2025, primarily due to (i) an increase in net fair value changes of investment measured at FVTPL of RMB95.2 million, and (ii) an increase in government grants of RMB69.6 million, partially offset by a decrease in value-added tax additional deduction of RMB72.5 million in relation to preferential tax treatments we received under a value-added tax additional deduction policy for advanced manufacturing enterprises issued by a local authority.
Our financial assets at fair value through profit or loss further increased to US$644.2 million as of September 30, 2025, primarily due to our increased investments in wealth management products during the period.
Financial Information · p. 440
Our other income and gains, net increased by 23.6% from US$25.3 million for the nine months ended September 30, 2024 to US$31.2 million during the same period in 2025, primarily due to an increase in fair value gain on financial assets at fair value through profit or loss from US$6.7 million in the nine months ended September 30, 2024 to US$20.4 million during the same period in 2025, driven by the rise in returns on financial investments resulting from a larger investment allocation.
Financial Information · p. 427
Sufficient market research, risk assessment and due diligence shall be conducted prior to any investment, and a detailed investment plan shall be formed before the investment is made, which shall be approved by the person in charge of the financial department, the person in charge of the investment and financing department and our COO and CEO for approval.
Our financial assets measured at FVPL primarily consist of our certificates of deposit and investment in short-term low-risk wealth management products.
Financial Information · p. 475
Our fair value changes of financial assets measured at FVPL amounted to RMB37.0 million, RMB21.2 million, RMB14.2 million and RMB8.7 million in 2023 and 2024 and six months ended June 30, 2024 and 2025, respectively.
Financial Information · p. 465
(iii) the proposed investments shall be limited to the wealth management products with a risk level of R2 or below.
Our financial assets at fair value through profit or loss increased from RMB1,017.4 million as of December 31, 2022 to RMB1,276.7 million as of December 31, 2023, mainly due to the increase of our structured deposits, primarily because of our strategic cash management.
Financial Information · p. 392
The valuation of the level 3 instruments mainly included financial assets at fair value through profit or loss in unlisted equity investments, financial assets at fair value through profit or loss in structured deposits and financial liabilities at fair value through profit or loss.
Financial Information · p. 359
Our investment strategy prioritizes liquidity, safety and returns to ensure the availability of funds while maintaining a conservative risk profile.
As of December 31, 2023, we recorded financial assets at fair value through profit or loss of RMB19.9 million, primarily for purchasing a bank principal-guaranteed wealth management product in line with our investment policies.
Financial Information · p. 432
Our Directors confirm that our investment in financial assets at fair value through profit or loss will be subject to the compliance with Chapter 14 of the Listing Rules.
Our financial assets at fair value through profit or loss primarily consist of investments in structured deposits and derivative financial instruments such as foreign exchange swap deposits and foreign exchange forward contracts, issued by qualified banks in the PRC.
Financial Information · p. 432
We recorded financial assets at fair value through profit or loss of RMB8,000, nil, RMB54.4 million and nil as of December 31, 2022, 2023 and 2024 and June 30, 2025, respectively.
Financial Information · p. 432
Our investments are solely for risk mitigation purposes and not for speculation.
Our financial assets at fair value through profit or loss primarily included variable consideration arising from disposal of our equity interests in Taizhou Hanzhong to Lepu and structured deposits and wealth management products.
Financial Information · p. 483
We maintain a prudent investment policy for purchase of wealth management products, which stipulates that prior approval from the Board is required for the purchase of single wealth management product that amounts from 5% to 30% of the latest audited total assets; as well as when the cumulative amount of such purchase within 12 consecutive months exceeds 10% of the latest audited total assets.
Our financial assets at fair value through profit or loss increased by 86.5% from RMB1,476.5 million as of December 31, 2022 to RMB2,754.1 million as of December 31, 2023, while decreased by 28.5% to RMB1,968.1 million as of December 31, 2024, reflecting our liquidity management decisions.
Financial Information · p. 389
Our investment strategy related to such products focuses on minimizing the financial risks by reasonably and conservatively matching the maturities of the portfolio to anticipated operating cash needs, while generating desirable investment returns.
Financial Information · p. 389
In respect of the valuation of level 3 financial instruments of wealth management products, equity instrument investments, derivatives, hedged items and etc., with reference to the guidance under the "Guidance note on directors' duties in the context of valuations in corporate transactions" issued by the SFC in May 2017 applicable to directors of companies listed on the Stock Exchange, our Directors adopted the following procedures:
Our financial assets at FVTPL decreased from approximately RMB100.4 million as at 31 December 2022 to approximately RMB30.8 million as at 31 December 2023, representing a decrease of approximately RMB69.6 million, mainly due to our payments for land use right and construction fees for tailings pond by using the bank balances and cash redeemed from the financial products we invested in 2023.
Financial Information · p. 324
With regards to the purchase and redemption of financial products, we have formulated an investment policy of diversifying risks and generating steady returns on the premise of ensuring the safety of fund.
Financial Information · p. 324
Investments in financial products could be made when we have surplus cash that is not required for our short-term working capital purposes.