Hong Kong IPO disclosure precedents · 41 companies, 42 items
Lease agreements not registered/filed with the relevant PRC authorities, exposing the company to orders to rectify and fines per unregistered lease, while PRC counsel generally confirms non-registration does not affect validity.
Compliance matters are read from filings since 24 August 2026.
As of the Latest Practicable Date, registration procedures for nine leased properties had not been completed.
Risk Factors · p. 45
Our PRC legal advisor has confirmed that the lack of registration does not affect the validity or enforceability of these agreements, although fines ranging from RMB1,000 to RMB10,000 per unregistered lease may apply.
Risk Factors · p. 45
As of the Latest Practicable Date, we have not completed the lease registration procedures for nine leased properties in China.
During the Track Record Period and up to the Latest Practicable Date, we have not received any notices or administrative penalty decisions from the relevant authorities requiring us to complete lease registration filings for certain leased properties.
Business · p. 183
Our PRC Legal Advisor has advised that the absence of lease registration filings does not affect the validity of the lease agreements and will not have a material adverse impact on the overall business of the Company.
As of the Latest Practicable Date, the registration of 35 of our lease agreements in China with the relevant authorities had not been completed.
Risk Factors · p. 41
As of the Latest Practicable Date, we had not filed the lease agreements for 35 properties we leased in China with the local housing administration authorities as required under PRC laws and regulations.
Business · p. 175
As advised by our PRC Legal Advisor, the absence of registration will not affect the validity of the lease agreements.
As of the Latest Practicable Date, the lease agreements of six of our leased properties for business operations in China had not been registered with the relevant PRC government authorities.
Risk Factors · p. 56
As advised by our PRC Legal Adviser, the lack of registration does not affect the validity and enforceability of the lease agreements, and we may be subject to fines from RMB1,000 to RMB10,000 for each such lease agreement for failure to register and to rectify within the prescribed time period after receiving notices from the relevant PRC government authorities.
Business · p. 198
Two of these lease agreements are expected to complete the lease registrations by the end of 2026.
As of the Latest Practicable Date, our four lease agreements for properties in China had not been registered and filed with the relevant PRC authorities as required under applicable PRC laws and regulations.
Business · p. 163
Accordingly, our PRC Legal Advisor is of the view that our failure to register and file the lease agreements for our leased properties will not have a material adverse impact on our production and operations.
Business · p. 164
As of the Latest Practicable Date, our four lease agreements had not been registered and filed with the relevant PRC authorities as required under applicable PRC laws and regulations.
As of the Latest Practicable Date, we had not completed the registration for three lease agreements relating to our leased properties in the PRC.
Business · p. 181
As advised by our PRC Legal Advisor, the lack of registration of the lease agreements does not affect the validity of such lease agreements, nor materially and adversely affect the operations of our Company and the Group.
As of the Latest Practicable Date, for the 18 properties our Company and our major subsidiaries leased in China, we had not completed lease registration or lease registration modification for any of these properties.
Business · p. 160
As of the Latest Practicable Date, we had not completed the lease registration for certain properties leased by our Company and our major subsidiaries in China with the relevant land and real estate administration authorities.
In addition, as of the Latest Practicable Date, two of our lease agreements had not been registered with the relevant PRC authorities, primarily because certain landlords failed to complete the lease registration.
Business · p. 176
We estimate that the maximum penalty we may be subject to for these unregistered lease agreements will be approximately RMB20,000, which we believe is immaterial.
Business · p. 176
as of the Latest Practicable Date, two of our leases had not been registered and filed with the competent PRC government authorities as required by applicable PRC laws and regulations
As of the Latest Practicable Date, six of our leased properties in China had not completed such lease registration procedures with the relevant PRC government authorities.
Risk Factors · p. 56
As advised by our PRC Legal Advisor, failure to complete the registration and filing of lease agreements will not affect the validity of such leases or impede our use of the relevant properties but could result in the imposition of fines up to RMB10,000 for each leased property that is unregistered if we fail to rectify the non-compliance within the time frame prescribed by the relevant authorities.
Business · p. 195
We have not made provisions for potential penalties, given that the risk of significant administrative penalties is considered low and we are actively rectifying such non-registration.
As of the Latest Practicable Date, we had not completed lease registration for the properties we leased in China, with a GFA of approximately 24,847 sq.m., which were mainly used as our offices, R&D centers and production base.
Business · p. 190
As of the Latest Practicable Date, our lease agreements had not been registered, primarily because certain lessors had not completed the registration formalities.
As of the Latest Practicable Date, six of our lease agreements have not been registered and filed with the relevant real estate administration bureaus in the PRC.
Risk Factors · p. 49
As of the Latest Practicable Date, six of our lease agreements had not been filed with the relevant authorities.
Business · p. 171
As advised by our PRC Legal Advisor, our Directors are of the view that the aforementioned failure to file lease agreements will not have a material impact on our business operations and financial performance, given that (i) according to our PRC Legal Advisor, a maximum penalty of RMB10,000 may be imposed for the non-filing of each lease agreement, and accordingly the aggregate amount of maximum fine will be RMB60,000, an amount which is de minimis compared with our net current assets as of April 30, 2026; (ii) the failure to file the lease agreements does not affect the validity of these agreements; (iii) as of the Latest Practicable Date, we had not received any rectification notice or penalty from the relevant authorities due to such defects, and there were no ownership disputes affecting our continued use of the leased properties; and (iv) among the six unfiled lease agreements, two of them will be terminated in 2026 and our factories located in the relevant properties will be relocated, and the lessors with respect to the remaining four unfiled lease agreements have provided us with written confirmation that the failure to file the lease agreements does not affect the validity of these agreements.
As at the Latest Practicable Date, the leases of all the above leased properties had been registered and filed with the relevant land and real estate administration bureaus in the PRC.
As of the Latest Practicable Date, 41 lease agreements of our leased properties which are leased from third parties and used for production or office had not been registered and filed with relevant land and real estate management departments in China.
Risk Factors · p. 45
As of the Latest Practicable Date, our Group had not filed our lease agreements for 41 buildings we leased with the local housing administration authorities as required under PRC laws and regulations.
Business · p. 167
As advised by our PRC Legal Advisor, the absence of registration will not affect the validity of the lease agreements, nor materially and adversely affect the operations of our Group, but we may be subject to a potential total exposure to fines of RMB770,000 for those unregistered lease agreement if required by the relevant competent authorities.
In addition, as of March 31, 2026, eleven operating lease agreements have not been registered with the relevant PRC housing administration authorities as required by law.
Risk Factors · p. 55
As advised by our PRC Legal Advisors, we may be ordered to complete the registration within a prescribed time limit and may be subject to fines for non-compliance.
The lease agreements for 14 of our leased properties in China have not been registered or filed with the relevant land and real estate administration bureaus in the PRC.
Risk Factors · p. 36
We have not completed registration for 14 of the lease agreements for our leased properties, primarily due to the difficulty in procuring our lessors’ cooperation for the registration.
Business · p. 173
As advised by our PRC Legal Advisor, while the lack of registration will not affect the validity of the lease agreements, we may be ordered by the relevant government authorities to register the relevant leases within a prescribed period, failing which we may be subject to a fine ranging from RMB1,000 to RMB10,000 for each unregistered lease.
As of June 30, 2026, we have not registered the lease agreements for 16 leased properties in China with the competent authorities.
Business · p. 182
Our PRC Legal Advisor has advised that the absence of lease registration filings does not affect the validity of the lease agreements and will not have a material adverse impact on the overall business of the Company.
As of the Latest Practicable Date, 11 of our leased properties in China had not completed such lease registration procedures with the relevant PRC government authorities.
Risk Factors · p. 58
While the lack of registration will not affect the validity of the leases under PRC laws and regulations, we may be ordered by the relevant government authorities to register the relevant leases within a prescribed period, failing which we may be subject to a fine ranging from RMB1,000 to RMB10,000 for each non-registered lease.
Risk Factors · p. 58
In the event that any fine is imposed on us for our failure to register our lease agreements, we may not be able to recover such losses from the lessors.
As of the Latest Practicable Date, 23 leases related to the Group’s 85 leased properties in the PRC had not completed the required lease registration/filing procedures (the “Unregistered Leases”).
Business · p. 200
As advised by our PRC Legal Advisor, failure to complete lease registration and filing procedures in accordance with applicable laws and administrative regulations does not affect the validity of the relevant lease agreements.
Business · p. 200
We plan to comply with the lease agreement registration requirement regarding our lease agreements.
Certain of our lease agreements have not been registered and filed with the relevant real estate administration bureaus in the PRC.
Business · p. 187
As of the Latest Practicable Date, three unregistered leased properties are involved, and if relocation is required, the relocation costs are expected to be immaterial and alternative premises are generally available in the relevant areas.