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.
In addition, as of the Latest Practicable Date, eleven of our lease agreements, including those relating to additional properties leased after the Track Record Period and up to the Latest Practicable Date, had not been registered with the relevant PRC government authorities in accordance with applicable PRC laws and regulations, primarily due to the lack of cooperation from the relevant lessors in completing the registration procedures.
Risk Factors · p. 37
As of the Latest Practicable Date, certain of our leased properties from third parties had title defects, and eleven of our leased properties (including additional properties we leased after the Track Record Period and up to the Latest Practicable Date) had not been registered in accordance with the relevant PRC regulations.
As of the date of this document, among the three lease agreements for private premises, two of these lease agreements had not been registered with the relevant PRC authorities.
Business · p. 172
As advised by our PRC Legal Advisors, failure to register an executed lease agreement will not affect its legality, validity or enforceability.
Business · p. 172
(ii) we confirm that once the relevant PRC government authorities require us to rectify, we will do as required and within the prescribed time period.
During the Track Record Period, one lease agreement was not registered because the landlord was completing the relevant property ownership certificate formalities. The registration was completed on 9 July 2026.
Business · p. 197
During the Track Record Period, we had not registered one of our lease agreements with the relevant governmental authorities though it was subsequently rectified.
Business · p. 196
Such non-registration does not affect the lease's validity but may result in a rectification order and a fine of RMB1,000 to RMB10,000.
As of the Latest Practicable Date, 17 of our lease agreements were not registered with the relevant authorities.
Business · p. 210
According to our PRC Legal Advisor, the failure to complete such registration process does not affect the validity of the relevant property lease agreements, and a maximum penalty of RMB10,000 may be imposed for the non-registration of each lease agreement.
Business · p. 210
As of the Latest Practicable Date, certain of our lease agreements have not been registered and filed with the relevant real estate administration bureaus in the PRC.
As of the Latest Practicable Date, all of the lease agreements of our Main Leased Properties had not been registered.
Business · p. 158
In addition, none of our main property lease agreements had been registered with the relevant PRC government authorities as of the Latest Practicable Date.
As of the Latest Practicable Date, registration and filing procedures of seven leased properties used in our operations remain incomplete.
Business · p. 204
As advised by our PRC Legal Advisor, the non-registration and filing of the relevant property lease will not affect the validity of the lease contracts or our legal right to use the leased properties, however, relevant local housing authorities may require us to complete the filing within the prescribed timeframe, and we may be subject to penalties of RMB1,000 to RMB10,000 per lease as a result of delay in filing for each lease agreement of such properties, with an aggregate maximum penalty of RMB70,000.
Business · p. 204
In addition, as of the Latest Practicable Date, registration and filing procedures of seven leased properties used in our operations remain incomplete.
(ii) lease registration filing had not been completed for all three leased properties in the PRC.
Business · p. 179
However, as advised by our PRC Legal Advisors, failure to complete such filing does not affect the validity or enforceability of the underlying lease agreements between the parties.
Our Directors are of the view that there were no failures to register our lease agreements that constituted material or systemic non-compliance or would have a material adverse impact on our business operations or financial condition.
Business · p. 131
During the Track Record Period and up to the Latest Practicable Date, we had not been subject to any material administrative penalties in connection with the registration of our lease agreements.
As of the Latest Practicable Date, we had not completed the relevant property leasing registrations for five of our leased properties, which are used for our operating center and manufacturing facilities.
Risk Factors · p. 46
our PRC Legal Advisor is of the view that the failure to file lease agreements will not affect the validity of such lease agreements, but the relevant local housing administrative authorities can require us to complete filings within a specified timeframe and we may be subject to a fine between RMB1,000 and RMB10,000 per lease.
Business · p. 199
We intend to comply with the lease registration requirements to which we are a party by 2027.
As of June 30, 2026, our Company and Major Subsidiaries leased 13 operating buildings in China with individual gross floor areas exceeding 5,000 sq.m., with an aggregate gross floor area of approximately 112,189 sq.m.
Business · p. 153
As of the Latest Practicable Date, certain leases had not been registered with the relevant authorities in China.
Risk Factors · p. 42
As advised by our PRC Legal Advisor, the validity and enforceability of the lease agreements are not affected by the failure to register or file the lease agreements with the relevant government authorities.
As of the Latest Practicable Date, agreements for three of our leased properties in Chinese Mainland had not been registered with the relevant PRC government authorities.
Business · p. 210
As advised by our PRC Legal Advisors, the non-registration does not affect the legal validity of the lease contracts and does not constitute a substantive legal impediment with respect to the [REDACTED].
Business · p. 210
As of the Latest Practicable Date, three of our leased properties in China had not been registered with the relevant PRC government authorities.
As of the Latest Practicable Date, 12 of our lease agreements for properties leased in the PRC, with a total area of approximately 8,210.8 sq.m., had not completed lease registration with relevant regulatory authorities.
Business · p. 210
As advised by our PRC legal adviser, non-registration of lease agreements does not affect the validity of such lease agreements.
Business · p. 210
However, pursuant to the requirements of the Administrative Measures for Commodity House Leasing and relevant local rules, we may be subject to a fine between RMB1,000 and RMB10,000 per lease for any delay in making these registrations imposed by local authorities.
As of March 31, 2026, lease agreements for our 31 leased properties for operational purposes in China had not been registered with the relevant PRC governmental authorities.
Risk Factors · p. 48
As advised by our PRC Legal Advisor, under the PRC Civil Code, failure to register the lease agreements with the relevant PRC government authorities does not affect the validity and enforceability of the relevant lease agreements.
As of the Latest Practicable Date, five of our lease agreements were not registered.
Risk Factors · p. 54
As of the Latest Practicable Date, we had not registered five lease agreements with the relevant government authorities, while we were not subject to any penalties arising from the non-registration of lease agreements during the Track Record Period and up to the Latest Practicable Date.
Business · p. 209
As advised by our PRC Legal Advisors, the non-registration of lease agreements will not affect the validity of the lease agreement, but the relevant local housing administrative authorities can require us to complete registrations within a specified time frame and we may be subject to a fine of between RMB1,000 and RMB10,000 for any delay in making registration for each of these lease agreements.
As of the Latest Practicable Date, we had not completed lease registration or lease registration modification for two of the leased properties in China, primarily due to the difficulty of procuring the relevant landlords’ cooperation to register their leases.
Business · p. 131
As of the Latest Practicable Date, certain of our leased properties used in our operations had not been registered and filed with the relevant authorities as required by applicable PRC laws and regulations.
As of the Latest Practicable Date, 23 lease agreements had not been registered with relevant authorities, with an aggregate gross floor area of approximately 41,735 sq.m., primarily due to practical reasons beyond our control, including the current absence of applicable local filing procedures for certain factory premises and failure of certain lessors to provide valid ownership certificates for the leased properties.
Business · p. 201
We have several leases that have not been registered with the relevant PRC governmental authorities.
Risk Factors · p. 46
As advised by our PRC Legal Advisor, the non-registration of lease agreements will not affect the validity of the lease agreements, but the relevant local housing administrative authorities can require us to complete registrations within a specified timeframe and we may be subject to a fine of between RMB1,000 and RMB10,000 for any delay in making registration for each of these lease agreements.
During the Track Record Period and up to the Latest Practicable Date, we were unable to secure the lease registrations for certain leased properties for office use in respect of five leased properties.
Risk Factors · p. 38
However, we may be required by the relevant competent authority to rectify such non-compliances, and if we fail to rectify within the prescribed time limit, a maximum penalty of RMB10,000 may be imposed for non-registration of each lease.
Business · p. 166
In the event that we are required by competent authorities to complete the registration of the relevant leases and we are unable to do so as a result of any of the aforementioned reasons, we intend to terminate the leases in accordance with the lease agreements and move the relevant offices to comparable alternative premises.
During the Track Record Period and up to the Latest Practicable Date, save as disclosed above, as advised by our PRC Legal Advisers, our land use rights and our leased properties are in compliance with the applicable PRC laws and regulations in all material respects.
During the Track Record Period and up to the Latest Practicable Date, we had not completed the registration of lease agreements for five of our leased properties in China.
Risk Factors · p. 43
As of the Latest Practicable Date, five of our leased properties have not been registered for lease filing as required under PRC regulations.
Business · p. 175
As advised by our PRC Legal Advisor, the validity and enforceability of the lease agreements are not affected by the failure to register or file the lease agreements with the relevant government authorities.