Hong Kong IPO disclosure precedents · 311 companies, 348 items
one-off or non-recurring items that move the results: bargain-purchase gains, disposal gains, large exchange losses, a sharp fall in VAT refunds or grants that swings other income
The increase of our net losses from the six months ended June 30, 2024 to the six months ended June 30, 2025 was primarily due to (i) an increase of RMB55.4 million in other expense, mainly attributable to the provision for losses on an ongoing litigation associated with a technology transfer agreement with a biotechnology company, and (ii) an increase of RMB12.4 million in listing expenses; partially offset by an increase of RMB40.5 million in revenue, mainly due to the recognition of upfront payments received under a license and commercialization agreement.
Summary · p. 23
Given the inherent uncertainty surrounding the case's progression, we had fully provided for the potential exposure.
In 2023, we recorded compensation income of RMB21.6 million, representing compensation from one of our major suppliers in respect of its failure to deliver our orders timely.
Financial Information · p. 386
Our other net income increased significantly from RMB3.5 million in 2022 to RMB55.9 million in 2023, primarily due to (i) an one-off compensation income of RMB21.6 million from a supplier in respect of its failure to deliver our orders timely in 2023.
These grants are typically non-recurring and contingent upon the discretion of local governments, adhering to specific criteria and procedures.
Financial Information · p. 318
Our other income and gains significantly increased from approximately RMB2.9 million for the year ended December 31, 2022 to approximately RMB8.0 million for the year ended December 31, 2023, which was primarily attributable to increased one-off government grants and increased income from value-added tax super deduction caused by preferential tax treatment.
Financial Information · p. 349
Our other net income and gains decreased by 40.8% from approximately RMB8.0 million for the year ended December 31, 2023 to approximately RMB4.7 million for the year ended December 31, 2024, primarily due to the decrease in the one-off government grants and decreased sales of scrap, which does not occur on a regular basis.
We recorded other net income of RMB0.20 million for the year ended 31 December 2022 while other net loss of RMB14.49 million was recorded in 2023, mainly attributable to increase in impairment loss on equipment due to one-off incident regarding quality upgrade of a new product, which was phased-out for repairment at our processing and repair facility and then re-deployed for use at our POS.
Financial Information · p. 317
We recorded other net loss of RMB14.49 million for the year ended 31 December 2023 while we recorded other net loss of RMB0.52 million for the year ended 31 December 2024 mainly because there was no similar phasing out incident for the year ended 31 December 2024, while other net loss was still incurred due to disposal of old massage equipment for enhancement of the service quality of our mechanical massage services.
Our other gains decreased significantly from RMB206.0 million in 2022 to RMB5.2 million in 2023, primarily because we had gain on disposal of intangible assets in 2022, related to the selling of our electrolytic aluminum production quota to other companies in 2022 to better align our total electrolytic aluminum production quota with our electrolytic aluminum capacity.
Financial Information · p. 371
As the electrolytic production quota we obtained was higher than the actual production capacity of our production base, we sold the surplus production quota to obtain additional capital.
Financial Information · p. 371
Gain on disposal of intangible assets | 180.7 | 87.7 | – | – | – | – | – | – | – | –
In 2024, we recorded a net profit of RMB3,707.5 million, primarily due to an US$800 million upfront payment received in March 2024 under the BMS Agreement, which represented our first revenue recorded from our innovative drug portfolio.
Summary · p. 10
The significant turnaround in 2024 was primarily driven by (i) a net foreign exchange gain of RMB63.9 million arising from the Upfront Payment of US$800 million received from BMS in March 2024, and (ii) a gain of RMB30.7 million from changes in the fair value of financial assets measured at FVTPL.
Financial Information · p. 571
The net other losses in the first half of 2025 were primarily attributable to a net foreign exchange losses of RMB27.8 million, mainly arising from exchange rate movements related to the Upfront Payment of US$800 million received from BMS in March 2024.
During the same years, the government grants we received and recognized in profit or loss were RMB518.2 million, RMB579.7 million, RMB438.0 million, RMB231.5 million and RMB133.1 million, respectively.
Financial Information · p. 297
Other income and gains decreased by 27.6% from RMB368.7 million in the six months ended June 30, 2024 to RMB267.1 million in the six months ended June 30, 2025, primarily due to a decrease in government grants of RMB98.4 million.
Financial Information · p. 304
Most of the government grants we received were non-recurring, leading to year-over-year fluctuations.
The other net losses in 2023 was mainly attributable to the loss on disposal of plant and equipment of US$3.3 million, arising from a newly purchased production line in Ghana being damaged during transit.
We recorded foreign exchange losses of US$4.4 million, US$13.8 million, US$0.1 million in 2022, 2023 and 2024, respectively, mainly due to fluctuations in exchange rates of certain local statutory currencies such as Kenyan shillings, Tanzanian shillings and Zambian kwacha.
Financial Information · p. 332
We do not currently have any currency hedging policies but we continuously monitor changes in exchange rate and convert our receipts to U.S. dollars taking into account local currency requirements and market conditions as soon as practicable to minimize local currency risks with support from international banks, regional banks as well as national bank resources.
Financial Information · p. 332
To monitor our exposure to foreign exchange risks, we have adopted a weekly analysis and reporting mechanism, pursuant to which our finance department at Group level closely monitors the trend of foreign exchange rates and conducts analysis and forecast on a weekly basis.
Our other net gains or losses primarily consist of (i) net realized and unrealized gains on financial assets measured at FVPL, see “Discussion of Selected Items from Our Consolidated Statements of Financial Position — Other financial assets” and (ii) disposal of interest in associates related to Joyson Quin.
Financial Information · p. 393
The decrease was mainly due to tax refund recognized in 2022.
Our other gains increased from RMB14.2 million in 2022 to RMB1,749.3 million in 2023, primarily due to the gain on the disposal of investments in a subsidiary, which amounted to RMB1,757.0 million in 2023.
Financial Information · p. 338
In 2024, we recorded net other losses of RMB1,615.1 million, compared to net other gains of RMB1,749.3 million in 2023, primarily due to an increase in impairment loss recognized in respect of other intangible assets of RMB1,626.7 million in 2024 and a one-off gain of the disposal of investments in a subsidiary in 2023, which amounted to RMB1,757.0 million.
Our other income and gains, net increased by 6.6% from RMB860.4 million in the four months ended April 30, 2024 to RMB917.1 million in the four months ended April 30, 2025, primarily due to (i) an increase in foreign exchange differences from a net loss of RMB229.6 million in the four months ended April 30, 2024 to a net gain of RMB497.8 million in the four months ended April 30, 2025; and (ii) a change in net realized and unrealized gains on financial assets at FVPL and amortized cost from RMB52.0 million in the four months ended April 30, 2024 to RMB295.8 million in the four months ended April 30, 2025.
Financial Information · p. 417
Our other income and gains, net decreased by 24.9% from RMB2,845.2 million in 2022 to RMB2,137.0 million in 2023, primarily due to (i) a change in net realized and unrealized gains/(losses) on financial assets at FVPL and amortized cost from a net gain of RMB677.9 million in 2022 to a net loss of RMB270.3 million in 2023, and (ii) a decrease in government grants, partially offset by higher interest income resulting from an increase in bank deposit balances.
Our other net income increased from RMB1.5 million for the year ended December 31, 2023 to RMB2.5 million for the year ended December 31, 2024, primarily due to (i) the gains on disposal of property, plant and equipment and right-of-use assets with the amount of RMB2.6 million, primarily due to the increase in the number of self-operated offline stores closed by us during the year ended December 31, 2024, which resulted in an increase of gains from disposal of relevant right-of-use assets; (ii) an increase of RMB2.0 million in others, primarily reflecting the increase of compensation we received from logistics service providers for their damages to the products during the delivery, and the gains from the reversal of payables in connection with construction of certain properties, as partially offset by RMB4.4 million in termination cost of purchase contract for land use right, primarily due to the termination of our involvement in the joint development of a building on a parcel of land.
Financial Information · p. 428
In 2024, we terminated our involvement in such development project, and our application for the return of the prepayment was approved by the local authority in November 2024.
Financial Information · p. 446
The remaining balance of such prepayment is expected to be refunded by the local authority in 2025.
Our other income and gains, net, decreased by 85.1% from RMB40.2 million in 2022 to RMB6.0 million in 2023, primarily due to a significant decrease in foreign exchange gains.
Financial Information · p. 359
We recorded substantial higher exchange gains in 2022 compared to 2023, mainly due to (i) the accumulation of approximately USD37.4 million in proceeds from our pre-IPO investment in 2022, coinciding with a sharp appreciation of the U.S. dollars, and (ii) the subsequent conversion of the majority of these U.S. dollar-denominated proceeds into Renminbi in 2023.
This was mainly due to a one-off government investment subsidy for our Shanghai No. 2 facility which we received in the six months ended June 30, 2024 upon the investment funds are in place.
Financial Information · p. 339
In 2024, we received an investment subsidy of RMB15 million upon the funds are in place from the Commission of China-Singapore Jiashan Modern Industrial Park for our local operation.
In August 2024, we had sold Cambridge Photonics Technologies Inc. (“CPT”) to Hamilton Technologies Inc., a Delaware-based company and an Independent Third Party, (“Hamilton”), at a consideration of USD0.88 million (the “Transaction”).
Financial Information · p. 332
Following the Transaction and up to the Latest Practicable Date, the IP licensing agreements between CPT and us remained in force.
We recorded income tax credit of nil and RMB90.2 million in 2023 and 2024, respectively, primarily due to the recognition of deferred income tax assets in 2024 arising from previously unrecognized tax losses.
Financial Information · p. 323
Our loss for the year in 2023 of RMB 490.0 million shifted to a net profit of RMB10.6 million in 2024, with the net loss margin of 70.3% in 2023 turning into a net profit margin of 1.2% in 2024, primarily due to our narrowed operating loss margin from 34.3% in 2023 to 6.8% in 2024, and our increased income tax credit from nil in 2023 to RMB90.2 million in 2024.
These grants are one-off in nature, and their availability is subject to fluctuations due to a wide array of factors, many of which are beyond our control.
Financial Information · p. 447
Our other income and gains decreased by 62.5% from RMB40.8 million in 2023 to RMB15.3 million in 2024, primarily due to (i) a decrease in government grants we received from local government authorities as these grants are one-off in nature, and (ii) a reduced amount of wealth management products purchased.
Our impairment losses under expected credit loss model increased from RMB14.2 million in 2023 to RMB149.9 million in 2024, primarily due to the recognition of credit loss for trade receivables from one OEM customer which is experiencing difficulties in its operations.
Financial Information · p. 393
As of the Latest Practicable Date, this OEM customer has entered bankruptcy reorganization proceedings, and the relevant court case has been suspended.
Financial Information · p. 393
Given that we have ceased doing business with this OEM customer and made full provision for the impairment loss, we believe that the impairment loss caused by this OEM customer has been fully reflected in our operating results for the Track Record Period and would have one-off impact on us.
Our other income and gains increased significantly by 1,694.2% from US$5.2 million in the six months ended June 30, 2024 to US$93.3 million in the six months ended June 30, 2025, primarily due to the gain on disposal of subsidiaries of US$82.1 million from Norton Gold Fields’ disposal of 100% equity interest in two subsidiaries.
Financial Information · p. 470
The total consideration for the disposal was AUD166,443,519 (approximately US$108,854,000), comprising AUD156,443,519 (approximately US$102,314,000) in cash and 83,333,333 shares of Minerals 260 Limited with a fair value of AUD10,000,000 (approximately US$6,540,000).