Hong Kong IPO disclosure precedents · 42 companies, 42 items
Net current liabilities principally attributable to share redemption liabilities arising from Pre-IPO or special-rights investor instruments, typically accompanied by absence of committed bank credit facilities.
Although we recorded net current liabilities during the Track Record Period, such position was primarily attributable to the classification of Convertible Preference Shares as current liabilities.
Financial Information · p. 237
Considering that (i) the Convertible Preference Shares have been converted into ordinary shares and will no longer be recognized as current liabilities; and (ii) we recorded net current assets of US$65.0 million and US$75.1 million, respectively, as of June 30 and July 31, 2026, our Directors believe that our net current liabilities position in 2023, 2024 and 2025 does not adversely affect our liquidity or working capital sufficiency.
Although we recorded net current liabilities during the Track Record Period, we believe that our net current liabilities position is expected to improve through the following measures:
Financial Information · p. 247
A significant portion of our current liabilities during the Track Record Period was attributable to redemption liabilities on equity shares, which arose from instruments with special rights issued to Pre-[REDACTED] Investors in connection with our financing activities.
Financial Information · p. 247
Our Directors are of the opinion that, taking into account the financial resources available to our Group, including cash and bank balances and the estimated [REDACTED] from the [REDACTED], we have sufficient working capital to cover at least 125% of our costs, including research and development costs and administrative expenses, for at least the next 12 months from the expected date of this document.
redemption rights will be terminated upon the [REDACTED] and financial liabilities recognised for financial instruments issued to [REDACTED] will be released such that the net liabilities position would turn into net assets
Summary · p. 10
Our Directors are of the opinion that, taking into account of the following financial resources available to us, we have sufficient working capital to cover our operating costs and expenses, including research and development costs, selling and marketing costs and administrative expenses, for at least the next 12 months from the date of this document:
In addition, the carrying amount of the redemption liabilities will be recognized to equity, and our net liabilities position is expected to turn into net assets position upon such recognization.
Financial Information · p. 252
Taking into account the financial resources available to us, including our cash and cash equivalents, future cash flow from operating activities, financial assets at FVTPL representing structured deposits and wealth management products, term deposits, available bank facilities and the estimated net proceeds from the Global Offering, our Directors are of the view, which is concurred by the Joint Sponsors, that we have sufficient working capital to meet our present requirements and for the next 12 months from the date of this prospectus.
As of December 31, 2023, 2024 and 2025 and April 30, 2026, we recorded net current liabilities of RMB2,013.1 million, RMB2,442.4 million, RMB2,547.5 million and RMB2,570.9 million, respectively, primarily because the redemption rights issued to investors recorded as current liabilities amounted to RMB2,109.3 million, RMB2,476.3 million, RMB2,554.3 million and RMB2,572.1 million for the same periods, respectively.
Financial Information · p. 235
The redemption rights issued to investors are expected to be reclassified as equity upon [REDACTED], at which point our net current liabilities position is expected to improve significantly.
Financial Information · p. 235
We expect to fund our working capital during the profitability improvement primarily through cash flows from operating activities, net [REDACTED] from the [REDACTED] and available banking facilities.
Following such conversion, the carrying amount of these preferred shares will be reclassified to share capital/capital reserve, and we will revert to a net assets and net current assets position.
Summary · p. 22
These Preferred Shares will be reclassified from liabilities to equity as a result of the conversion into ordinary shares upon the [REDACTED]. Subsequently, we do not expect to record any further fair value change in financial instruments issued to investors.
We were in a loss-making and negative equity position during the Track Record Period, with accumulated losses amounting to RMB372.8 million as of January 1, 2023.
Business · p. 160
Our negative equity position was also significantly impacted by initial recognition and subsequent measurement of redemption liabilities, which will be converted into equity of our Company upon Listing.
Business · p. 161
We believe our financial position will improve going forward, based on the following factors:
Our net current liabilities amounted to RMB38.3 million as of April 30, 2026, which was primarily due to our puttable shares liabilities, representing the contingently redeemable preferred shares issued to investors.
Financial Information · p. 306
Our net current liabilities increased from RMB21.9 million as of December 31, 2024 to RMB50.1 million as of December 31, 2025, primarily due to (i) a decrease in trade receivables and (ii) an increase in trade and other payables, partially offset by (iii) an increase in bank and cash balances.
Financial Information · p. 307
Our Directors confirm that, taking into consideration of the financial resources presently available to us, which is primarily our internal resources and the estimated net proceeds from the Global Offering, we have sufficient working capital for our present requirements and for at least the next 12 months commencing from the date of this prospectus.
After February 28, 2026, we reversed our net liabilities position to a net assets position.
Summary · p. 10
As compared to net current liabilities of RMB125.8 million as at December 31, 2025, we had net current assets of RMB102.2 million as at April 30, 2026, consisting of current assets of RMB422.7 million and current liabilities of RMB320.5 million.
Our redemption liabilities will be reclassified from liabilities to equity as a result of the termination of special rights upon Listing.
Summary · p. 9
Our net liabilities increased from RMB274.4 million as of December 31, 2023 to RMB482.6 million as of December 31, 2024, primarily due to loss for the year of RMB252.0 million in the year ended December 31, 2024, partially offset by equity-settled share-based transactions of RMB40.8 million in the same period.
Summary · p. 9
Our Directors are of the view, and the Joint Sponsors concur, that taking into account our available resources including cash and cash equivalents, time deposits and the net estimated proceeds from the [REDACTED], we have sufficient working capital for our present requirements and for the next 12 months from the date of this document.
Although we recorded net current liabilities during the Track Record Period, we believe that our net current liabilities position is expected to improve through the following measures:
Financial Information · p. 242
A significant portion of our current liabilities during the Track Record Period was attributable to financial instruments issued to investors, which arose from instruments with special rights issued to pre-[REDACTED] investors in connection with our financing activities.
Financial Information · p. 242
As of April 30, 2026, we had total committed bank credit facilities of RMB130.0 million.
Our net current liabilities decreased from RMB301.8 million as of December 31, 2023 to RMB6.0 million as of December 31, 2024, primarily due to (i) a decrease in financial liabilities at FVTPL of RMB318.2 million, brought by the termination of special rights attached to certain of our Shares with effect from December 20, 2024, and (ii) an increase in term deposits of RMB99.8 million, partially offset by an increase in trade and other payables of RMB124.0 million.
Financial Information · p. 219
Taking into account our cash and cash equivalents, operating cash flows, bank borrowings and the estimated net [REDACTED] available to us from the [REDACTED], our Directors believe that we have sufficient working capital for our present requirements and for at least the next 12 months from the date of this document.
Further, we recorded current liabilities related to shares with preferential rights of RMB4,333.3 million, RMB4,861.3 million and RMB5,299.3 million as of December 31, 2023 and 2024 and 2025, respectively.
Financial Information · p. 221
Although we recorded significant net current liabilities during the Track Record Period, taking into consideration the financial resources available to us, including our cash and cash equivalents, restricted and pledged deposits, financial assets at FVTPL, unutilized bank facilities, operating cash inflows, the estimated net [REDACTED] from the [REDACTED], the automatic conversion of our shares with preferential rights into ordinary shares upon [REDACTED], and the absence of any call loan for which the lender can require repayment at any time, in the absence of unforeseeable circumstances, the Directors confirm that we have sufficient working capital to meet our present requirements and for at least the next 12 months from the date of this document.
Although we recorded net current liabilities during the Track Record Period, our Directors are of the view that we have sufficient working capital to cover at least 125% of our costs, including research and development expenses and administrative expenses, for at least the next 12 months from the date of this document
Financial Information · p. 240
These preferred shares will be converted into ordinary shares upon [REDACTED], after which our financial liabilities at FVTPL, which were recorded as current liabilities during the Track Record Period, will be derecognized from our liabilities and recorded as equity, which can result in our Group turning into net current assets and net assets position.
Financial Information · p. 240
As of December 31, 2025, we had committed and unutilized banking facilities of RMB20.0 million, which were operating loans for general working capital purpose, granted by a reputable commercial bank in the PRC.
As of December 31, 2023, we recorded net current liabilities of RMB583.1 million and net deficit of RMB560.9 million, primarily due to redemption liabilities from the [REDACTED] Investments classified as current liabilities.
Business · p. 178
Had the redemption liabilities been reclassified from liabilities to equity with effect from the beginning of the Track Record Period, we would have recorded net assets throughout the Track Record Period.
Business · p. 178
We had net current liabilities of RMB583.1 million as of December 31, 2023, consisting of current assets of RMB494.2 million and current liabilities of RMB1,077.3 million.
Our net current liabilities decreased from US$2,962.4 million as of December 31, 2023 to US$2,590.6 million as of December 31, 2024, and further to US$2,089.7 million as of December 31, 2025 and US$1,923.8 million as of March 31, 2026, primarily due to an increase in the operating cash inflow driven by our strong operational performances, which led to improved working capital position.
Financial Information · p. 255
Our Directors are of the opinion that taking into account the financial resources presently available to us, including cash and cash equivalents, the estimated net [REDACTED] from the [REDACTED] and the expected cash generated from operating activities, we have sufficient working capital for our present requirements and for the next 12 months from the date of this Document.
Our net current liabilities increased from RMB592.8 million as of December 31, 2023 to RMB621.8 million as of December 31, 2024, primarily due to a continuous increase in financial liabilities at FVTPL.
Business · p. 157
We also recorded net liabilities and net current liabilities primarily as of December 31, 2023 and 2024 as a result of the financial liabilities at FVTPL.
Business · p. 154
Our Directors are of the opinion that, taking into account the estimated net [REDACTED] from the [REDACTED] and the financial resources available to us, including expected cash generated from operating activities, we have sufficient working capital to cover our costs, including research and development expenses, selling expenses, general and administrative expenses and other operating costs, for the next 12 months from the date of this document.
We recorded net current liabilities of RMB811.1 million as of December 31, 2023, primarily attributable to our liabilities from special shareholder rights.
Summary · p. 12
Consequently, we recorded net current assets of RMB415.5 million as of December 31, 2024 and RMB384.3 million as of December 31, 2025.
Summary · p. 12
Taking into account the aforementioned financial resources available to us, our Directors are of the view that we have sufficient working capital to meet our present requirements and for the next 12 months from the date of this document.
which is expected to turn our net liabilities position into net assets position following the [REDACTED]
Financial Information · p. 202
Taking into account the financial resources available to us, including our cash and cash equivalents, our available banking facilities, cash flows from operating activities and the estimated net [REDACTED] of the [REDACTED], our Directors are of the view that we have sufficient working capital for our present requirements and for at least the next 12 months from the date of this document.
We expect to turn our net liabilities position as of December 31, 2025 into net assets upon [REDACTED], as the carrying amount of redemption liabilities will be reclassified from financial liabilities to equity as a result of the termination of the aforesaid preferred rights upon [REDACTED].
Financial Information · p. 247
Based on the cash and cash equivalents on hand, the available financing facilities, the estimated net [REDACTED] available to us from the [REDACTED], the classification of redemption obligations as of December 31, 2025 as financial liabilities, whose holders have agreed that their redemption rights will automatically be canceled upon [REDACTED] and the related liabilities will be re-classified to equity, our Directors are of the view, that we have sufficient working capital for our present requirements and for at least the next 12 months from the date of this Document.