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
Our net other gains decreased from RMB2.0 billion in 2021 to RMB831.3 million in 2022, mainly attributable to higher gains on disposal of investments in subsidiaries recorded in 2021 of RMB1.8 billion, while we did not have similarly sized disposals of subsidiaries in 2022.
Financial Information · p. 397
The decrease was partially offset by an increase in our gains on disposal of investments in subsidiaries from RMB32.3 million in 2022 to RMB268.2 million in 2023, mainly resulting from our disposal of Fengwang Information Technology in June 2023, in pursuit of healthy and sustainable development of our principal business.
Financial Information · p. 393
The increase was partially offset by a decrease in our gains on disposal of investments in subsidiaries, primarily because we disposed of Fengwang Information Technology in June 2023, in pursuit of healthy and sustainable development of our principal business, while we did not have similarly sized disposals in the first half of 2024.
All government grants we recognized during the Track Record Period were non-recurring in nature;
Financial Information · p. 434
Our other income increased from RMB13.1 million in 2022 to RMB25.3 million in 2023.
Financial Information · p. 449
The decrease was mainly due to decreased government grants, and the types and amounts of such grants awarded to us differed in the five months ended May 31, 2024 compared to the five months ended May 31, 2023.
We had net other losses of RMB21.7 million in 2022, compared with net other gains of RMB360.5 million in 2021.
Financial Information · p. 359
This change is primarily attributable to (i) the single occurrence of gain on partial disposal of investments accounted for using the equity method in 2021 as we disposed of part of our equity interests in Shenzhen Apeman Innovations Technology Co., Ltd.; and is also due to (ii) foreign exchange losses in 2022, compared with gains in 2021, as a result of movements in foreign exchange rates.
Our other income and gains primarily consist of (i) government grants, including general policy-related rewards from local governments and subsidies stipulated in investment contracts with local governments, both were non-recurring in nature; and (ii) gain on remeasurement of the equity interest in an associate to a subsidiary at the date of acquisition (i.e. Lynway Vision).
Financial Information · p. 382
Our other income and gains decreased by 57.1% from RMB58.4 million in 2021 to RMB25.1 million in 2022, primarily due to (i) a decrease in government grants because we received an investment incentive subsidy of RMB20.0 million from local government in 2021 in relation to our Linlux production base and (ii) a decrease in the gain on remeasurement of the equity interest in an associate to a subsidiary at the date of acquisition as a result of the consolidation of Lynway Vision in September 2021.
Our gain on disposals of property, plant and equipment amounted to US$10.2 million and gain on disposals of non-current assets classified as held for sale amounted to US$25.2 million in 2023, primarily due to the disposal of 10 owned vessels and a number of owned containers.
Financial Information · p. 414
Our other net loss was US$1.0 million for the year ended December 31, 2022 and our other net income was US$34.2 million for the year ended December 31, 2023, primarily due to (i) the gain on disposals of non-current assets classified as held for sale of US$25.2 million for the year ended December 31, 2023 primarily due to disposal of owned vessels, (ii) the net foreign exchange gain of US$1.5 million for the year ended December 31, 2023, compared to the net foreign exchange loss of US$12.9 million in 2022, as a result of the depreciation of USD, our reporting currency, against different currencies we recorded as revenue and (iii) the incurrence of an impairment loss on property, plant and equipment of US$6.1 million for the year ended December 31, 2022 mainly representing the difference between the book value and the fair value after deducting the estimated direct selling cost of the vessels classified as non-current assets classified as held for sale that we sold in 2023 while there was no such impairment loss in 2023, partially offset by the loss on termination of lease arrangement of US$3.1 million for the year ended December 31, 2023 as we returned a vessel before its lease expired to manage our vessel capacity.
We recorded compensation from suppliers of RMB0.2 million and RMB0.1 million for the year ended December 31, 2023 and the five months ended May 31, 2024, respectively, which represented the forfeited amount of the deposit paid by CSOs resulting from the failure of them to achieve the agreed sales targets for the corresponding periods.
Financial Information · p. 450
Due to the unanticipated resurgences of the COVID-19 pandemic in 2022, CSO A did not meet the sales promotion target.
We incurred other losses, net, of RMB1.7 million in 2021 and RMB238.1 million in 2022, primarily because we recorded net foreign exchange losses of RMB264.7 million in 2022 primarily for the monetary assets and liabilities denominated in RMB held by the Company and its subsidiaries outside mainland China whose functional currency U.S. dollar fluctuated significantly in 2022.
Financial Information · p. 424
Our other losses, net decreased from RMB238.1 million in 2022 to RMB33.4 million in 2023, primarily because our net foreign exchange losses decreased from RMB264.7 million in 2022 to RMB40.3 million in 2023, reflecting the changes in foreign exchange rate as well as our management and control of foreign exchange risks.
We recognized gain on bargain purchase of a subsidiary of RMB5.4 million in the four months ended April 30, 2024 in relation to our acquisition of Wuhan Huaxinda Beverage Technology Co., Ltd. (currently known as China Resources C’estbon Beverage (Wuhan) Co., Ltd.), one of our former Cooperative Manufacturing Partners, in January 2024 after reassessment.
Financial Information · p. 343
We recorded other losses of RMB1.5 million in the four months ended April 30, 2023 and other gains of RMB1.1 million in the same period of 2024, primarily due to our gain on bargain purchase of a subsidiary of RMB5.4 million, in relation to our acquisition of Wuhan Huaxinda Beverage Technology Co., Ltd. (currently known as China Resources C’estbon Beverage (Wuhan) Co., Ltd.), one of our former Cooperative Manufacturing Partners, in January 2024.
We have incurred certain one-off expenses during the Track Record Period, such as consulting and other professional service fees of RMB40.8 million in 2021 mainly in connection with our previous listing attempt on NASDAQ in 2021.
Summary · p. 16
We also incurred severance payments associated with the streamline of our employee structure in 2021, 2022, 2023 and the three months ended March 31, 2024 of RMB10.1 million, RMB36.6 million, RMB9.2 million and RMB0.2 million, respectively, and we incurred listing expenses of RMB18.6 million and RMB7.5 million in 2023 and for the three months ended March 31, 2024, respectively.
Our net other gains decreased by 80.8% from RMB58.9 million in 2022 to RMB11.3 million in 2023, primarily due to a decrease of RMB45.4 million in our net foreign exchange gains, resulting from the fluctuations in the US$ to RMB exchange rate.
Financial Information · p. 397
This change was primarily because we recorded net foreign exchange gains of RMB2.6 million, compared with net foreign exchange losses of RMB8.5 million in the first three months of 2023, which was primarily resulting from the fluctuations in the US$ to RMB exchange rate.
We had net other losses of RMB2.4 million in 2022 and net other gains of RMB15.5 million in 2023, primarily due to foreign exchange gains of RMB15.2 million in 2023, mainly attributable to an appreciation of the U.S. dollar against Renminbi.
Financial Information · p. 384
We recorded net other gains of RMB0.9 million in 2021 and net other losses of RMB2.4 million in 2022, primarily due to: (i) net loss on disposal of property, plant and equipment and right-of-use assets of RMB2.0 million; and (ii) net foreign exchange losses of RMB1.4 million, mainly attributable to the U.S. dollar depreciating against Renminbi, partially offset by RMB1.0 million in net fair value gains on financial assets at fair value through profit or loss in relation to gains on financial assets of RMB50.0 million that we purchased in 2022.
We recorded other gains, net of RMB271.2 million for the four months ended 30 April 2023 and other losses, net of RMB2.0 billion for the four months ended 30 April 2024, primarily due to net foreign exchange losses due to fluctuations in currency exchange rates.
Financial Information · p. 265
We have a professional team within the finance department to manage risks arising from transactional effects of exchange rate fluctuations, utilizing the natural hedge for settling currencies and forward foreign exchange hedging contracts, while controlling the scale of foreign currency assets and liabilities.
We recorded other net loss of RMB134.2 million in 2022 compared to other net income of RMB33.0 million in 2021, primarily arising from foreign exchange loss in relation to the Preferred Shares denominated in US dollars as a result of the fluctuation of foreign exchange rates.
Our other net loss decreased by 82.2% from RMB134.2 million in 2022 to RMB23.9 million in 2023, primarily reflecting the decrease in foreign exchange loss in connection with the changes in present value of redemption amount of Preferred Shares denominated in US dollars, and to a lesser extent, our increase in other gain representing the interest income from our increased cash deposits.
Other income and gains, net decreased by approximately RMB6.8 million from approximately RMB8.6 million for the year ended 31 December 2021 to approximately RMB1.8 million for the year ended 31 December 2022.
Financial Information · p. 292
and (ii) decrease in litigation compensation received by RMB3.1 million arising from intellectual property infringement proceedings and which have been fully received during the year ended 31 December 2021.
Financial Information · p. 292
All government grants received are provided typically on one-off and discretionary basis and caused the fluctuations in the amount of other income and gains, net.
Government grants decreased from RMB36.7 million in 2021 to RMB19.2 million in 2022 and further increased to RMB39.7 million in 2023.
Financial Information · p. 480
We recorded such fluctuations mainly because (i) we received a special government fund of RMB14.5 million in 2021, which was an one-off cash reward for our business development and contribution to local economy, and we did not receive such cash award in 2022; and (ii) we received subsidies in 2023 under a subsidized project of Guangzhou Development District Management Committee to promote the development of smart mobility platform enterprises.
Financial Information · p. 480
Our other income decreased by 33.1% from RMB47.5 million in 2021 to RMB31.8 million in 2022, primarily due to a decrease in government grants.
We recorded net profits of approximately S$2.7 million and S$4.4 million for the years ended 31 December 2022 and 2023, respectively.
Summary · p. 13
(i) the recognition of gains on disposal of a subsidiary of approximately S$2.5 million during the year ended 31 December 2023; and (ii) the increase in our other income by approximately S$1.6 million mainly due to the increase in our rental income generated from our investment property in Singapore and part of our Tuas Property which was sublet to independent third parties by approximately S$1.0 million.
Summary · p. 13
Other income increased by approximately S$1.6 million or 141.7% from approximately S$1.1 million for the year ended 31 December 2022 to approximately S$2.7 million for the year ended 31 December 2023.
Accordingly, a gain on the transfer of the investment in an associate to financial assets at fair value through profit or loss of RMB70,249,000 was recognized as other gains/(losses), net.
Financial Information · p. 562
We recorded gains on lease termination relating to a leased property in Shanghai in 2023.
Financial Information · p. 563
We recorded net foreign exchange gains of RMB9.4 million in 2021, RMB5.9 million in 2022 and net foreign exchange losses of RMB40.4 million in 2023.
We recognized gain on forfeiture of valuation adjustment mechanism in 2022 in relation to the waiver of refund obligation under certain investment adjustment clause for our Series A Preferred Shares.
Summary · p. 10
Other income and gains, net increased by 34.1% from RMB40.8 million in 2021 to RMB54.7 million in 2022, primarily attributable to (i) an increase in gain on forfeiture of valuation adjustment mechanism, which represents the waiver of refund obligation under certain investment adjustment mechanism in connection with Series A Preferred Shares, and (ii) an increase in government grants in relation to our payment of taxes, partially offset by a decrease in interest income from assistant funds to business partners, including dealership groups we collaborated with, due to decreased interest rate we charged for these assistant funds.
Our other income and losses, net primarily consist of (i) government grants primarily representing the funding support from the Nanjing Municipal Government; and (ii) interest income. For the years ended December 31, 2021, 2022 and 2023, our other income amounted to RMB35.7 million, RMB7.6 million and RMB24.7 million, respectively.
Financial Information · p. 447
Net other incomes and losses decreased by 78.7% from RMB35.7 million for the year ended December 31, 2021 to RMB7.6 million for the year ended December 31, 2022, primarily due to the decrease in government grants in 2022.
Financial Information · p. 458
Our government grants from the Nanjing Municipal Government primarily consist of subsidies on our operation and research and development which had a significant impact on our Group’s financial performance during the Track Record Period.
Following the capital injection made by us and American Express to LianTong in December 2023, of which we contributed RMB74.6 million, we expect the net book value of LianTong to increase by the amount of such capital injection.
Summary · p. 19
Such change of equity shareholding resulted in a deemed disposal of our partial interest in LianTong and, consequently, a dilution gain of approximately RMB244.5 million was recognized upon the completion of such capital injection.