MAE Group was one of our top five customers for FY2021, FY2022 and 6M2023.
Business · p. 299
During the Track Record Period, our procurement from MAE Group amounted to RMB1.7 million, RMB16.6 million, RMB2.4 million and RMB1.1 million, representing approximately 0.4%, 3.0%, 0.3% and 0.5% of our total cost of sales for FY2020, FY2021, FY2022 and 6M2023, respectively.
Business · p. 300
From our Group’s perspective, our Group entered into business arrangements with MAE Group given that MAE Group has long history of operation with a large customer base which is our targeted customer group (i.e. automobile manufacturers).
Therefore, the gold smelters are our major customers who are also our subcontractors.
Business · p. 168
Shandong Guoda was also one of our five largest subcontractors for each of FY2020, FY2021, FY2022 and 6M2023, with purchases accounted for approximately 6.0%, 7.3%, 12.2% and 10.6% of our total purchases, respectively.
Business · p. 208
We entered into separate agreements in respect of the sale of gold bullion and procurement of refining services and hence, all revenue derived from the sale of gold bullion to these gold smelters and the expenses paid to them for refining services were recognised on a gross basis.
During the Track Record Period, some of our customers were also our suppliers for marketing services, rough tea leaves, tea wares and utensils and processing services.
Business · p. 234
Negotiations of the terms of our sales to and purchases from these overlapping customers and suppliers were conducted on an individual basis and the sales and purchases were neither inter-connected nor inter-conditional with each other.
Business · p. 234
During each year/period of the Track Record Period, the purchase amount attributable to these overlapping customers and suppliers was RMB0.5 million, RMB2.7 million, nil and nil, accounting for approximately 0.2%, 0.7%, nil and nil of our total purchase amount in each period, respectively.
During the Track Record Period, a number of our customers were also our suppliers (the “Overlapped Customers and Suppliers”).
Business · p. 273
Therefore, it is an industry norm to have dual role customers in the cross-border logistics service industry.
Business · p. 273
Our Directors confirmed that the negotiations of the terms of our sales to and purchase from the Overlapped Customers and Suppliers were conducted on arms-length negotiation; and the sale and purchase were independent of and not inter-conditional with each other.
In 2022, Mobileye was also one of our top five customers.
Business · p. 295
For the year ended December 31, 2022, our revenue generated from Mobileye amounted to RMB6.6 million, accounting for 0.5% of our total revenue.
Business · p. 295
Our Directors confirmed that all of our sales to Mobileye and purchases from Mobileye were conducted in the ordinary course of business under normal commercial terms and on arm’s length basis.
For each of FY2020, FY2021, FY2022 and 1H2023, apart from the Jinma Group, we have 6, 3, 4, 1 major customers that were also our suppliers and vice versa with the same year.
Business · p. 221
During the Track Record Period, our purchases of crude benzene from Pingmei Shenma and our sales of pure benzene to Pingmei Shenma are due to business dealings between different subsidiaries within Pingmei Shenma and our Group.
Business · p. 224
We procure LNG from third-party LNG suppliers, which include Luoyang Quan’an and Yangcheng Deshao, if (i) price spread against the selling price is considered favourable to the Group; and (ii) our production volume for LNG is unable to meet the demand for LNG.
During the Track Record Period, to the best knowledge and belief of our Directors, we had three major suppliers who are also our customers.
Business · p. 282
The terms and conditions of the sales agreement with Tsingshan Group were generally in line with the terms and conditions with other comparable customers.
Business · p. 282
According to the F&S Report, it is a common practice in the industry to have overlapping customers and suppliers, for example, purchasing raw material from supplier and selling the waste material to them.
During the Track Record Period, an affiliate within the group of one e-commerce platform customer also provided marketing services to us.
Business · p. 196
Negotiations of the terms of our sales to such customers and purchase from such marketing service supplier were conducted on an individual basis and the sales and purchases were neither connected with nor conditional upon each other.
During the Track Record Period, to the best knowledge and belief of our Directors, (i) certain member entities of our top five suppliers, being Suppliers A, B, D and F, Customer H, and Tequ Husbandry, were also our customers; and (ii) save for Customer H, none of the member entities of our top five customers was our supplier.
Business · p. 274
For 2020, 2021, 2022 and the five months ended 31 May 2023, purchases from the member entities of our top five suppliers and customers, with which we had both sales and purchases, accounted for 19.6%, 14.5%, 18.0% and 17.0% of our total cost of sales, and our sales to them accounted for 0.6%, 0.4%, 0.2% and 0.2% of our total revenue, respectively.
Business · p. 274
Our Directors confirmed that all of our sales to and purchases from these companies were conducted in the ordinary course of business under normal commercial terms and on arm’s length basis.
The purchase from Guohong Refire amounted to RMB37.5 million for the year ended 31 December 2020, and the revenue generated from our sales to Guohong Refire was RMB73.0 million for the year ended 31 December 2020.
Summary · p. 15
The revenue generated from the sales of hydrogen fuel cell systems we purchased from Guohong Refire accounted for approximately 29.0%, nil, nil and nil of our total revenue for the years ended 31 December 2020, 2021, 2022 and the five months ended 31 May 2023, respectively.
Business · p. 289
Our Directors confirmed that all of our sales to and purchases from Guohong Refire were conducted in the ordinary course of business under normal commercial terms and on arm's length basis.
During the Track Record Period, to the best knowledge of our Directors, two of our top five customers were also our major suppliers, including Shanxi CIG and Customer D (i.e. which is the same entity as Supplier B), being our top five customers during the Track Record Period.
Business · p. 317
During the Track Record Period, the total revenue generated from all our overlapping customers/suppliers respectively amounted to RMB974.1 million, RMB1,612.3 million, RMB2,865.7 million and RMB765.8 million for the years ended December 31, 2020, 2021 and 2022 and the six months ended June 30, 2023, respectively representing 9.6%, 12.1%, 22.3% and 14.6% of our total revenue of respective years/period; whereas the total purchase amount paid to all overlapping customers/suppliers for respective years/period amounted to RMB652.0 million, RMB1,290.0 million, RMB1,870.1 million and RMB833.8 million, respectively representing 8.2%, 7.9%, 11.6% and 14.2% of our total purchase amount of respective years/period.
Business · p. 321
As advised by Frost & Sullivan, it is not uncommon in the construction industry to have overlapping customers/suppliers.
Wuhan Tongrui Chengyi Cultural Media Company Limited (武漢通瑞誠益文化傳媒有限 公司) ("Wuhan Tongrui") was one of our advertising agent customers for FY2021 and was also our supplier for FY2020, FY2021, FY2022 and 4M2023.
Business · p. 264
Our Directors confirm that our services to or engagement of Wuhan Tongrui were entered into after due consideration taking into account the prevailing service fee and conducted in the ordinary course of business under normal commercial terms and on an arm's length basis.
Business · p. 264
Negotiations of the terms of our sales to and purchases from the Second Overlapping Customer and Supplier were conducted on an individual basis and the sales and purchases were neither inter-connected nor inter-conditional with each other.
Due to the nature of our business, certain of our five largest suppliers was also our customer, which is an industry norm in the intralogistics equipment solution industry, as advised by CIC.
Summary · p. 18
In 2020, 2021 and 2022 and for the four months ended April 30, 2023, our procurement from Supplier A/Customer H amounted to RMB161.4 million, RMB151.5 million, RMB179.8 million and RMB44.8 million, respectively.
Business · p. 232
Our Directors confirm that the transactions with the overlapping customer and supplier were on normal commercial terms, because (a) we are knowledgeable of the industry and are experienced in identifying whether the commercial term is in line with market practice; (b) with respect to supplier engagement, we generally conduct negotiations with a number of suppliers as part of our supplier selection process and we will compare the commercial terms of supplier candidates in making the selection; and (c) with respect to transactions with customers, the commercial terms are heavily negotiated and customers may be in negotiations with our competitors, which ensures that the commercial terms are normal and in line with market practice.
Three of our major suppliers, namely Supplier A, Supplier B and Supplier H, were also our customers, mainly business-end customers of our third party automobile aftermarket service providers, during the Track Record Period, to which our Group provided automobile-related promotion services.
Business · p. 246
The amount of revenue from these suppliers for the years ended 31 December 2020, 2021, 2022 and the six months ended 30 June 2023 as our business-end customers were approximately RMB0.3 million, RMB0.5 million, RMB1.9 million and RMB0.01 million, respectively, representing 0.03%, 0.04%, 0.2% and 0.002% of our total revenue for the respective years/period, respectively.
Business · p. 246
Our Directors confirm that negotiations of the terms of our purchases from and sales to all the above mentioned entities were conducted on an individual basis and the terms of transactions with all these entities are similar to those transactions with our other customers or suppliers.
During the Track Record Period, ten of our major customers were also our suppliers, or vice versa.
Business · p. 291
In 2019, 2020, 2021, 2022 and the six months ended June 30, 2023, revenue from the provision of advertising and system support services to these merchandise suppliers contributed approximately 2.6%, 3.1%, 1.4%, 1.8% and 2.0% of our total revenue, respectively, and purchases from them contributed approximately 21.1%, 29.9%, 22.7%, 28.9% and 32.0% of our total purchase, respectively.
Business · p. 292
During the Track Record Period, our sales and purchases with the overlapping customers and suppliers were not inter-conditional with each other.
Our purchase amounts attributable to these customersuppliers accounted for 8.2%, 11.6%, 13.1% and 12.5% of our total purchase amount in 2020, 2021, 2022 and the four months ended April 30, 2023.
Business · p. 204
Our aggregate purchases from overlapping customer-suppliers of the respective period amounted to nil, RMB147.0 million, RMB1,079.3 million and RMB293.6 million in 2020, 2021, 2022 and the four months ended April 30, 2023, accounting for nil, 4.0%, 17.0% and 24.4% of our total procurement in the same periods, respectively.
Business · p. 206
Negotiations of the terms of our sales to and purchases from these overlapping customer-suppliers/supplier-customer were conducted on an individual basis, and the sales and purchases were not inter-conditional with each other.
PT. GLOBAL BINTANG TIMUR EKSPRESS, a major customer of 2021, and Customer C, a major customer of 2020, were both our suppliers.
Business · p. 237
In 2020 and 2021, the revenue generated from such customers represented approximately 6.7% and 2.3% of our total revenue, respectively, and the purchase amount attributable to such customers represented 3.0% and 4.5%, respectively, of the corresponding period.
Business · p. 237
Our network partners and our unconsolidated regional operating entities could be both our customers and our suppliers.
Fujian Yizhou, one of our top five suppliers in 2020, was owned as to 27.45% from 2008 to February 2022 and 67.45% from February 2022 and up to the Latest Practicable Date by Lin Pingzai, one of our top five customers during the Track Record Period.
Business · p. 232
Revenue generated from sales to Lin Pingzai in the years ended December 31, 2020, 2021 and 2022 and the four months ended April 30, 2023 accounted for 2.0%, 3.5%, 4.0% and 2.0% of our total revenue for the same periods, respectively.
Business · p. 232
Our transactions with Lin Pingzai and Fujian Yizhou were conducted on normal commercial terms, on an arm’s length basis and were not inter-related.
Company A, one of our top five customers in each year or period during the Track Record Period, was also among our top five suppliers in each year or period during the Track Record Period.
Business · p. 208
In 2020, 2021, 2022 and the three months ended March 31, 2023, revenue derived from Company A amounted to RMB984.1 million, RMB1,011.4 million, RMB1,217.1 million and RMB319.0 million, respectively, accounting for 42.3%, 28.1%, 26.9% and 29.5%, respectively, of our total revenue for the corresponding periods.
Business · p. 208
According to Frost & Sullivan, it is market practice for consumer goods companies to purchase transportation services and promotional services when such e-commerce platforms also sell products to end-consumers.
During the Track Record Period, 21 of our customers were also our suppliers ("Overlapping Entities").
Business · p. 229
Our Directors confirmed that our purchases from and sales to all of them are in separate contracts and the negotiations of the terms of our purchases from and sales to all of them were neither inter-connected nor inter-conditional with each other.
Business · p. 229
Five of our Overlapping Entities were either our major customers or major suppliers during the Track Record Period.