As a market player in emerging markets, business development in this industry is highly driven by policy, particularly government awards, subsidies or government sponsored projects that directly promote market demand.
Financial Information · p. 413
As of May 31, 2024, in accordance with the relevant government policies, we had applied for and expected to apply for government subsidies on behalf of eight of our total 59 customers that had purchased our fuel cell systems, with the relevant trade receivables amounting to RMB354.7 million, RMB644.2 million, RMB828.6 million and RMB828.6 million as of December 31, 2021, 2022 and 2023 and May 31, 2024, which represented 22.8%, 34.7%, 34.6% and 35.5% of our total trade receivables as of the same dates.
Financial Information · p. 478
We have a back-to-back payment arrangement with a customer during the Track Record Period, under which the customer will settle the procurement payment for fuel cell systems used in government award application projects for government awards only after the customer receives the corresponding award.
Based on our own direct sales records and operating data gathered by our in-house sales and marketing team from third party promoters and distributors, our sales associated with public hospitals, private hospitals and other entities in 2023 accounted for approximately 94%, 4% and 2%, respectively.
Business · p. 352
We submit bids in a centralized tender process to supply our products to these institutions at specified prices.
Financial Information · p. 490
On balance, we believe the overall benefits of inclusion of our products in the national, provincial or other government-sponsored medical insurance programs in China significantly outweighed the associated costs during the Track Record Period, and we believe the benefits of such inclusion will continue to contribute to our business growth in the foreseeable future.
During the Track Record Period, we were mainly engaged in public sector projects in Hong Kong.
Business · p. 171
During the Track Record Period, our service revenue was mainly contributed by public sector projects in terms of amount and number of projects, and our service revenue from private sector projects was mainly contributed by the Master Agreement A and the Master Agreement B which are both fixed-term contracts.
Summary · p. 7
For instance, for FY2023/24, approximately 70.9%, 16.9% and 10.8% of our total revenue was contributed by construction contractors (including joint ventures formed by construction contractors), the CLP Group and Government departments, respectively.
Since FY2022, we have shifted our focus towards providing more testing and inspection services for customers involved in public sector projects.
Summary · p. 3
In addition, the customer which engaged us for food testing services in 6M2024 was also a PRC government administrative bureau that was responsible for market regulation in Xinyi City, Maoming including overseeing and regulating food safety matters.
Business · p. 199
We have made progress in expanding our testing and inspection services for public projects, building valuable experience, and fostering strong partnerships with our customers involved in public projects.
For the year ended 31 December 2021 and 2022, approximately 62.7% and 82.8% of our revenue was derived from sales with SOEs and listed company customers, respectively; and as at 31 December 2021 and 2022, approximately 65.4% and 81.7% of our trade and note receivables (net of allowance) were due from SOEs and listing company customers.
Financial Information · p. 307
This is because (i) we recorded further increase of revenue from SOEs and listed company customers for the year ended 31 December 2023, which accounted for approximately 83.2% of our total revenue.
Financial Information · p. 307
Our Directors confirm that there had been no material payment defaults in our trade receivables from SOEs and listed company customers during the Track Record Period.
Our trade receivables turnover days were relatively lengthy during the Track Record Period, which was primarily due to the fact that our solutions had been increasingly offered via large-scale projects to end customers from the public sector that features solid credit status yet a long payment cycle with respect to such projects because of their internal financial management and payment approval processes.
Financial Information · p. 447
Such risk would especially be more pronounced if the financial condition of enterprises or entities from the public sector, to whom our solutions were substantially offered during the Track Record Period, would deteriorate in the case of a combination of factors such as local governments' significant debt obligations and diminished tax and other revenues, as well as uncertain availability of financing vehicles therefor.
Financial Information · p. 462
During the Track Record Period, our customers, including our launch customers, were procured primarily via responding to invitation to quote or solicitation based upon our wide reputation and industry connections established through offering enterprise-level communication solutions for nearly two decades, and also via open tenders, especially when serving the public sector.
In 2021, 2022 and 2023, we generated RMB342.1 million, RMB410.0 million and RMB524.9 million, respectively, from our city services, accounting for 57.6%, 58.0% and 60.9% of our total revenue for the same years, respectively.
Business · p. 168
Xi'an ETDZ MC, our single largest customer throughout the Track Record Period and the sole shareholder of Kingfar Holdings, is an administrative agency established in 1993 by the Xi'an Municipal People's Government to manage the Xi'an Economic and Technology Development Zone on behalf of the Xi'an Municipal People's Government.
Summary · p. 13
In 2021, 2022 and 2023, our collection rate of public property management services is relatively higher than that of basic residential property management services and basic commercial property management services, primarily because customers of public property management services primarily comprise of government agencies and bodies who typically follow a systematic payment cycle.
During the Track Record Period, a substantial portion of the Group’s revenue for Telecommunications Infrastructure Services was attributable to these four large-scale state-owned enterprises in the PRC.
Business · p. 178
Meanwhile the Group’s Digitalisation Solution Services projects during the Track Record Period were generally obtained through single-source procurement or by the way of responding to invitation to quote, whereby the customer would, due to their past dealings with the Group, directly approach the Group to solicit its services.
For each year ended December 31, 2021 and 2022, all of our five largest customers, except CSUD Group and its associates which are state-invested enterprises, are government or public institutions.
Summary · p. 14
During the Track Record Period, we secured a small portion of property management projects by participating in tenders, a process whereby local governments and public institutions evaluate and select from multiple relevant service providers, which is a standard tender process regulated by the applicable PRC laws and regulations.
Business · p. 203
During the Track Record Period, our tender success rate for projects of CSUD Group and its associates remains 100%, while in the same years, our tender success rate for projects sourced from Independent Third Parties is 25.0%, 28.6%, and 29.4%, respectively.
We primarily sell our fertiliser products to agricultural reclamation companies, tobacco companies and agribusiness companies.
Summary · p. 7
We generally obtain purchase orders or purchase agreements with our customers through tender process or commercial negotiation.
Business · p. 228
Upon submission of the tender, the tenderer may evaluate the bidder against a variety of factors such as the bidders’ production capabilities, supply stability, sample inspection records, quality control and safety systems and certificates, general track record, financial performance and customer services before awarding a tender to a bidder.
For FY2020, FY2021, FY2022 and the nine months ended 30 September 2023, we derived approximately 44.1%, 66.3%, 84.6% and 83.2% of our revenue from public sector projects.
Financial Information · p. 284
In the event the Hong Kong government reduces its expenditure on or changes its policy in relation to public residential and/or infrastructure and public facilities developments, the number of available public sector structural steelwork projects may decrease and our business, financial condition and results of operations may be materially and adversely affected.
Financial Information · p. 284
During the Track Record Period, we were mainly engaged in public sector projects in Hong Kong. Our public sector projects mainly involved infrastructure and public facilities as well as public residential developments.
During the Track Record Period, our revenue from construction works was mainly derived from government authorities and state-owned enterprises, which in total amounted to RMB82.7 million, RMB175.4 million, RMB176.5 million and RMB70.2 million, representing 89.5%, 63.8%, 61.5% and 66.5% of our total revenue for the same periods, respectively.
Business · p. 183
On the other hand, given a majority of our customers of the large scale projects we undertook during the Track Record Period were government authorities or state-owned enterprises, which usually have more internal procedures for certification and settlement, our undertaking of more large scale projects could lead to the slower conversion of contract assets to trade receivables and longer settlement time for the trade receivables.
Summary · p. 4
We have adopted internal control policies on monitoring the certification and settlement procedures of our contract assets and the settlement of our trade and bills receivables.
We typically enter into a medical equipment sales agreement with an enterprise customer either through a public tender process or a direct negotiation and procurement process.
Business · p. 218
Customer A refers to the Fifth Affiliated Hospital of Zhengzhou University. Customer A is a Class III Grade A public hospital located in Henan province.
Business · p. 224
There is also a concentration of revenue generated from our sales and installing of medical equipment and software in the fourth quarter, primarily because most of the hospitals generally receive financial appropriations and make procurement budget plans for medical equipment in the fourth quarter.
The majority of our revenue during the Track Record Period was derived from public sector projects.
Business · p. 150
During the years ended 31 December 2020, 2021 and 2022 and the six months ended 30 June 2023, the aggregate contract value (excluding VAT) of our new projects from governmental departments and SOEs was approximately RMB791.2 million, RMB715.3 million, RMB1,001.7 million and RMB236.1 million, respectively.
Financial Information · p. 293
Our Directors confirm that we have not encountered any defaults in payment by governmental departments and SOEs during the Track Record Period and up to the Latest Practicable Date.
Our education smart robotic products and services are sold to government educational bureaus.
Summary · p. 1
During the Track Record Period, we provided our education smart robotic products and services to seven major customers who are government educational bureaus (such as provincial-level departments of education and education bureaus) in the PRC, respectively, which allocated our education smart robotic products and services to over 240 schools in the PRC for educational purposes.
Business · p. 377
Government educational bureaus in the PRC in each province and/or city generally conduct tenders at irregular intervals with no fixed or periodic schedule based on the government policies and the relevant financial budget at different levels of the PRC Government in different provinces and/or cities according to the experience of our Directors.
(i) as to approximately 66.2% by 山東招金集團招遠黃金冶煉有限公司(Shandong Zhaojin Group Zhaoyuan Gold Smelting Co., Ltd*) (‘‘Shandong Zhaojin Gold Smelting’’), which is a wholly-owned subsidiary of Shandong Zhaojin Group Corporation Limited and is indirectly ultimately wholly-owned by PRC government authorities
Business · p. 208
According to public information, as at the Latest Practicable Date, Shandong Humon is a statecontrolled limited liability company established in the PRC in February 1994 with its shares listed on the Shenzhen Stock Exchange (stock code: 2237.SZ), which is principally engaged in the business of gold and silver smelting, and the production and sale of non-ferrous metals, rare metals and other metals in the PRC.
Business · p. 210
the likelihood of each of Shandong Guoda and Shandong Humon will materially adversely change or terminate their business relationship with our Group is low because both of them have substantial businesses with state-owned interest, hence, they are selective on their business partners.
During the Track Record Period, China Pingmei Shenma Holding Group Co., Ltd* (中國 平煤神馬控股集團有限公司) (“Pingmei Shenma”), a state-owned enterprise, was our largest customer for each year/period.
Summary · p. 6
According to the Frost & Sullivan Report, Pingmei Shenma, a state-owned enterprise, is one of the top 50 coal enterprises according to the 2022 China Top 50 Coal Enterprise list released by the China Coal Industry Association, and ranks ninth in the PRC and first in Henan province in terms of revenue.
Our customers mainly include local governments, listed companies, large state-owned groups and private enterprises.
Business · p. 287
We have entered into service concession arrangements with certain government authorities in the PRC in particular for our PPP projects, where we design the relevant facilities, procure the necessary equipment, and build and/or renovate the facilities.
Summary · p. 10
Our PPP contracts generally contain provisions entitling the Group to receive service income which is calculated by certain pre-determined operating costs (which are subject to periodic review) stipulated in the contracts plus a fixed percentage of such costs.
The Company signed two equipment procurement agreements with Customer I in March, 2023 and sold intralogistics equipment to it in the consideration (excluding tax) of RMB17.3 million in total.
Business · p. 224
Although it has not been established for a long time, it has strong economic and business strengths and resources supported by Chengdu government, and its procurements were commensurate with the scale of its operations.
Our customers, who were primarily financed by government funds, may reduce their spending on IT solutions due to limitation in public expenditure.
Financial Information · p. 294
Since it is a government authority, the overall expenditure for each of its projects, including that under Project R, is entirely financed by government fundings and requires prior approval by the finance bureau of the county before the project tendering process.
Financial Information · p. 347
According to public information, Binyang County government has been spending consistent levels of expenditure on education sector amounting to over RMB1.6 billion for each year during 2019 to 2022, and it is expected such amount will increase in the coming years due to national policy which requires public expenditure on education sector for each year to be not less than that of the previous year in order to drive education development.