Capacitor film manufacturers in China primarily rely on overseas suppliers for electrical grade polypropylene, primarily because the electrical grade polypropylene industry in China is still growing, with only a few domestic suppliers available. We procure electrical grade polypropylene from overseas suppliers in the United Arab Emirates and Korea, which is in line with the industry practice in China, according to CIC.
Business · p. 193
We only import electrical grade polypropylene from overseas suppliers.
Business · p. 194
In addition, we plan to conduct production trials using domestically procured electrical grade polypropylene in the future.
In 2022, 2023 and 2024 and the six months ended June 30, 2024 and 2025, revenue from our direct customers outside of China accounted for 33.7%, 41.1%, 44.5%, 45.4% and 50.6% of our total revenue, demonstrating high recognition of our products worldwide.
Summary · p. 3
As a result of our globalization strategy, we expect that the overseas market will continue to account for a substantial portion of our total revenue in the future.
In 2024 and the six months ended June 30, 2025, our revenue generated from direct export to the United States accounted for 0.2% and 0.2% of our total revenue, respectively.
Business · p. 239
In 2022, 2023 and 2024 and the six months ended June 30, 2025, our direct sales to the U.S. customers amounted to RMB6.3 million, RMB57.5 million, RMB48.3 million and RMB38.8 million, which only accounted for 0.0%, 0.2%, 0.2% and 0.2% of our total revenue for the respective years.
Business · p. 239
Our Directors believe that the Additional US Tariffs, including the corresponding tariff policies introduced by other countries, assuming they are enforced as proposed, will not have a material and adverse impact on our business, results of operations and expansion plan, on the bases that (i) we make very limited direct exports to the United States, and therefore has insignificant direct exposure to the tariffs imposed by the United States; (ii) downstream customers, who import the end products incorporating our products in the United States, are responsible for the tariffs; (iii) we do not intend to significantly increase our direct sales in the United States; and (iv) we do not source any major raw materials from the United States.
In 2022, 2023 and 2024 and the six months ended June 30, 2025, the revenue generated from exports of Controlled Nickel-based Materials amounted to approximately RMB4.8 billion, RMB5.6 billion, RMB2.7 billion and RMB0.6 billion, respectively, accounting for approximately 16%, 16%, 7% and 3% of our total revenue in the corresponding period.
Summary · p. 27
We had taken and plan to take several measures to mitigate the impact of such announcement, including potential substitutes for exports of Controlled Nickel-based Materials from China with Controlled Items produced in our Morocco and Indonesia production bases and prioritizing the production and delivery of Controlled Items for existing orders before the Announcement No. 58 takes effect.
Summary · p. 26
Based on the above, after discussion with the PRC Legal Adviser, our Directors are of the view that the implementation of Announcement No. 58 is not expected to have material adverse effect on our business, results of operations and financial condition.
As of the Latest Practicable Date, to our knowledge our products imported to the U.S. from China are subject to 20% tariffs under the IEEPA and 10% baseline tariffs of the US Reciprocal Tariffs, and, therefore, in aggregate 30% tariffs.
Summary · p. 29
As of Latest Practicable Date, certain of our customers had agreed to bear the additional tariff costs.
Summary · p. 30
Furthermore, we believe that there are alternatives to our U.S. suppliers, and we will be able to make switches if necessary.
In each period of the Track Record Period, revenue from solutions incorporating Certain SoCs was immaterial, accounting for less than 1% of our total revenue for the respective period.
Summary · p. 31
In addition, we believe that we will be able to share increased procurement costs of semiconductors, if any, with our customers.
We have deployed autonomous driving products and solutions in over 30 cities across 11 countries, including China, the UAE, Saudi Arabia, Switzerland, France, Singapore and Japan, as of the Latest Practicable Date.
Summary · p. 1
We have over 100 robotaxis in the Middle East, where we believe our robotaxis deliver superior unit economics and higher profitability.
Summary · p. 2
We expand through a replicable model of responsible entry and local partnerships, focusing on Europe, the Middle East and Southeast Asia where adoption potential and cost-performance dynamics are favorable.
In 2022, 2023, 2024 and for the six months ended June 30, 2025, revenues generated in the U.S. were US$10.5 million, US$0.3 million, US$0.6 million and US$0.05 million, respectively, representing 15.4%, 0.4%, 0.8% and 0.1% of our total revenues in 2022, 2023, 2024 and six months ended June 30, 2025, respectively.
Business · p. 343
The decline in our revenues in the U.S. was primarily attributable to our shift of strategic focus in the U.S. to mainly R&D activities.
Business · p. 343
Currently, substantially all of our revenues are derived in China.
In 2022, 2023, 2024 and the six months ended June 30, 2024 and 2025, our overseas revenue amounted to RMB3,921.9 million, RMB4,975.9 million, RMB4,210.7 million, RMB1,847.8 million and RMB1,421.7 million, respectively.
Business · p. 223
We plan to continue to expand into other international markets. We aim to build and enhance our overseas sales and service capability, and to adapt the user interfaces of our software systems to provide better products and services to consumers in overseas markets.
During the Track Record Period, the revenue generated from overseas markets represented 82.9%, 89.3%, 92.6%, and 94.0% of our total revenue, respectively.
Summary · p. 1
As of June 30, 2025, our customer base spanned across 52 countries and regions, serving the world’s top five ICT equipment providers, and a majority of our revenue was generated from overseas markets.
According to our adviser as to U.S. tariffs laws and regulations, based on the current technical specifications and comparable U.S. Customs and Border Protection (“CBP”) rulings (i.e., administrative classification determinations published by CBP), they are of the view that our U.S.-bound products manufactured in the PRC would be classified under the Harmonized Tariff Schedule of the United States (“HTSUS”) 8517.62.0090 for tariff purposes, for which the applicable U.S. duty rate is 27.5% as of the Latest Practicable Date.
Summary · p. 20
Despite these developments, our Directors are of the view, and the Sole Sponsor concurs, that the imposition of these tariffs has not had, and is not expected to have, a material adverse effect on our Group’s operations, financial performance, or relationships with key customers and suppliers.
Summary · p. 21
Following the imposition of elevated tariffs on PRC-origin goods and the removal of the De Minimis Exemption in 2025, our U.S. customers have borne, or will bear, the impact of these increased tariffs.
In 2024, our revenue from overseas markets accounted for 62.3% of our total revenue, with a CAGR of 15.2% from 2022 to 2024.
Summary · p. 4
The top three overseas countries in terms of revenue generated during the Track Record Period were Indonesia, India and the U.S..
Business · p. 278
Our revenue in the four months ended April 30, 2025 increased as compared to the same period in 2024, while maintaining a stable gross profit margin, despite the volatile international environment, including the increased tariffs in the U.S.
During the Track Record Period, we derived the majority of our revenue from overseas markets.
Business · p. 206
During the Track Record Period, our purchase amount of raw materials of U.S. origin accounted for less than 0.01% of our cost of goods sold from continuing operations.
Business · p. 223
We have collaborated with EMS providers operating in jurisdictions not subject to heightened U.S. tariff.
Revenue generated from overseas market amounted to RMB3.3 million, RMB1.7 million, RMB9.9 million, RMB2.1 million and RMB0.6 million in 2022, 2023, 2024 and the first five months of 2024 and 2025, respectively, accounting for 2.1%, 1.2%, 4.1%, 2.8% and 0.7% of our total revenue for the same periods, respectively.
Business · p. 368
While our focus during the Track Record Period remained predominantly on the PRC market, we are now prioritizing the expansion of our global presence, with a strategic emphasis on Japan and Southeast Asia.
In 2022, 2023, and 2024, our overseas sales revenue amounted to RMB12.9 million, RMB61.3 million and RMB71.9 million representing 1.9%, 9.1% and 12.1% of our total revenue.
Business · p. 257
Our Thailand factory with an aggregate GFA of approximately 12,400 sq.m., has a designed production capacity of 108 thousand EV chargers per year based on one eight hour shift per day and 25 working days per month.
Business · p. 270
On the other hand, our revenue in the U.S. was less than 0.25% of our total revenue in each of the year/period during the Track Record Period.
As of the Latest Practicable Date, we held interests in eight gold mines located in gold-rich regions across Central Asia, South America, Oceania and Africa, namely the Tajikistan Jilau/Taror Gold Mines, Kyrgyzstan Taldybulak Levoberezhny Gold Mine, Australia Norton Gold Mine, Guyana Aurora Gold Mine, Colombia Buritica´ Gold Mine (through Colombia Entrustment Arrangement), Suriname Rosebel Gold Mine, Ghana Akyem Gold Mine and PNG Porgera Gold Mine.
Summary · p. 1
Among the countries where we generated revenue during the Track Record Period, Tajikistan, Kyrgyzstan, Guyana and Suriname are Non-IOSCO MMOU Countries and have not signed any regulatory cooperation agreement or memorandum of understanding with the SFC or the Stock Exchange.
Summary · p. 3
While we anticipate being able to renew our licenses and permits in each of the markets we operate, any inability to do so for any reason could materially and adversely affect our business and results of operations.
In 2022, 2023, 2024 and the three months ended March 31, 2024 and 2025, our sales to other countries and regions generated revenue of RMB30,387 million, RMB77,060 million, RMB100,897 million, RMB20,376 million and RMB26,289 million, respectively, representing 32.8%, 47.2%, 37.4%, 37.1% and 38.5% of our total revenue during the same periods, respectively.
Financial Information · p. 370
The revenue from our exports of passenger vehicles to EU accounted for less than 3.8% of our total revenue in each period during the Track Record Period.
Business · p. 306
As advised by our International Sanctions Legal Advisers, such purchases are not currently affected by U.S. export control laws in any material respect.
In 2022, 2023, 2024 and the three months ended March 31, 2025, revenues generated from our sales to the United States amounted to RMB358.5 million, RMB748.1 million, RMB280.9 million and RMB67.4 million (US$9.3 million), respectively, accounting for 29.8%, 39.9%, 13.5% and 12.8% of our total revenue in the respective periods.
Summary · p. 26
As of the Latest Practicable Date, sales of our LiDAR products to the U.S. were subject to a tariff of 70%; see “Regulatory Overview — U.S. Laws and Regulations — Regulations on Tariffs”.
Summary · p. 25
Our Directors are of the view that, to the best of our knowledge and based on currently available information, the tariff escalation by the United States (including, in a worst-case scenario, a reinstatement of the historically high tariff rate reached in April 2025 imposed on our products) will not have a material adverse impact on our business or results of operations in the foreseeable future.
During the Track Record Period, our products, including DAHON bicycles and accessories, apparel and other related products, were sold in 28 countries and regions outside mainland China, including Japan, Thailand, the U.S. and the EU.
Business · p. 181
The number of our offshore distributors fluctuated during the Track Record Period, and our revenue generated from our offshore sales decreased from RMB56.2 million in 2022 to RMB20.3 million in 2023 primarily because (i) some of our offshore distributors stopped making purchase from us due to their own financial conditions; and (ii) the significant surge in global bicycles sales during the public health emergency was followed by a necessary destocking period.
Business · p. 182
Our revenue generated from our offshore sales then increased to RMB29.8 million in 2024 primarily reflecting gradual normalization of international business activities during the year.
During the Track Record Period, Mexico was the only overseas market that contributed more than 5% of our total revenue, and revenue generated from the U.S. amounted to less than 2% of our total revenue.
Business · p. 241
In light of the above, our Directors are of the view, which is concurred by the Sole Sponsor, that the tariffs and export control measures currently in place have no material impact on our business and financial performance.