Hong Kong IPO disclosure precedents · 133 companies, 133 items
Redemption or repurchase obligations (e.g. put options over Pre-IPO shares) measured at fair value whose fair-value or carrying-amount changes produce losses that materially enlarge the issuer's net loss, including where the obligation is later terminated.
Our redemption liabilities amounted to RMB509.2 million, RMB597.4 million, RMB714.0 million and RMB714.1 million as of December 31, 2023, 2024, and 2025 and April 30, 2026, respectively.
Financial Information · p. 203
Upon the [REDACTED], the preferential rights attached to these shares will be automatically terminated, and the corresponding redemption liabilities will be derecognized and reclassified as equity.
Financial Information · p. 203
We recorded changes in the carrying amount of the redemption liabilities of RMB124.7 million, RMB88.2 million and RMB177.9 million in 2023, 2024 and 2025.
Our fair value losses on convertible redeemable preferred shares amounted to RMB232.7 million, in 2024, as compared to fair value losses on convertible redeemable preferred shares of RMB25.7 million in 2025, respectively.
Financial Information · p. 240
Convertible redeemable preferred shares amounted to RMB2,747.1 million and RMB2,772.8 million as of December 31, 2024 and 2025, respectively.
Financial Information · p. 250
Our fair value losses on convertible redeemable preferred shares decreased from RMB232.7 million in 2024 to RMB25.7 million in 2025, reflecting changes in the fair value of our Preferred Shares.
We recorded changes in the carrying amount of redemption liabilities of negative RMB19.0 million, negative RMB18.1 million and negative RMB28.7 million in 2023, 2024 and 2025, respectively.
Financial Information · p. 190
Such financial liabilities are measured at the higher of: (i) the investment amount paid by the investors plus an annual simple interest rate of 8% for the period commencing from the investment payment date to the redemption settlement date; and (ii) the fair value of the Company corresponding to the proportion of registered capital put by the investors.
Financial Information · p. 190
The redemption liabilities will be reclassified from liabilities to equity upon [REDACTED].
During the Track Record Period, we recognized fair value changes of convertible redeemable preferred shares of RMB55.0 million, RMB35.4 million and RMB14.0 million in 2023, 2024 and 2025, respectively, representing losses recorded in our consolidated statements of profit or loss.
Financial Information · p. 202
The convertible redeemable preferred shares will be automatically converted into Ordinary Shares immediately before the closing of the [REDACTED], and accordingly no further fair value changes will be recognized after the [REDACTED].
Financial Information · p. 202
Our convertible redeemable preferred shares amounted to RMB1,574.9 million, RMB1,634.1 million and RMB1,611.7 million as of December 31, 2023, 2024 and 2025, respectively.
Our other gains/losses, net primarily consisted of fair value gains/(losses) on financial assets at fair value through profit or loss (FVTPL), fair value gains/(losses) on financial liabilities at FVTPL, gains/(losses) on disposal of property, plant and equipment, and donations.
Financial Information · p. 173
Our net other gains decreased by 85.3% from RMB12.8 million in 2024 to RMB1.9 million in 2025, primarily attributable to repurchase of preferred shares in 2025.
Financial Information · p. 179
We recorded net gains of RMB12.8 million in 2024 as compared to net losses of RMB7.5 million in 2023, primarily attributable to repurchase of preferred shares in 2024.
Our redemption liabilities arise from the redemption right granted to our Pre-[REDACTED] Investors, which amounted to RMB214.2 million, RMB214.4 million and RMB218.3 million as at December 31, 2023, 2024 and 2025, respectively.
Financial Information · p. 232
We recorded fair value changes of our redemption liabilities of RMB3.2 million, RMB0.3 million and RMB3.9 million in FY2023, FY2024 and FY2025, respectively, arising from the redemption rights granted to our Pre-[REDACTED] Investors.
Financial Information · p. 214
Under this agreement, all the Special Rights are terminated effective on the date of signature.
In 2023, we recorded a fair value gain of RMB361.9 million, primarily due to a decrease in the fair value of the convertible preferred shares.
Financial Information · p. 204
In 2024 and 2025, we recorded fair value losses of RMB29.1 million and RMB67.4 million, respectively, primarily due to an increase in the fair value of such instruments.
Financial Information · p. 204
The Series A Preferred Shares will be automatically converted into ordinary shares upon completion of the [REDACTED], and we do not expect to record further gains or losses in relation to valuation changes in such instruments after the [REDACTED].
From 2021 to 2023, we entered into certain financing agreements with several investors, pursuant to which we issued our share capital, facilitated the transfer of shares by certain original shareholders, and granted investors certain special rights.
Financial Information · p. 228
We recognized redemption liabilities of RMB2,418.0 million, RMB2,623.7 million and RMB2,823.0 million as of December 31, 2023, 2024 and 2025, respectively.
Summary · p. 9
Our changes in carrying amount of redemption liabilities amounted to RMB195.9 million, RMB205.7 million and RMB206.1 million, in 2023, 2024 and 2025, respectively.
As of January 1, 2024, our financial instruments with preferred rights amounted to RMB972.6 million, which are measured at fair value with fair value being determined based on significant unobservable inputs using valuation techniques.
Financial Information · p. 265
We recorded other net losses of RMB119.1 million in 2024, reflecting losses from changes in fair value of financial instruments with preferred rights of RMB124.7 million, representing fair value losses of the preferred shares issued to the investors, as offset by net gains of RMB5.7 million attributed to favorable changes in fair value of financial assets at FVTPL.
Financial Information · p. 269
We did not record any loss related to changes in fair value of financial instruments with preferred rights in 2025, as the special rights agreement was terminated on August 29, 2024 and the corresponding adjustments to the value of financial instruments with preferred rights were completed.
We recorded fair value losses on convertible redeemable preferred shares of RMB145.0 million, RMB221.8 million and RMB88.3 million in 2023, 2024 and 2025, respectively.
Financial Information · p. 229
From March 2021 to August 2025, we had received several rounds of investments, pursuant to which we have issued convertible redeemable preferred shares.
Financial Information · p. 242
As such preferred shares were recorded as financial liabilities, this higher fair value is recorded as a loss in our consolidated statements of profit or loss and other comprehensive income because it represented an increase in the liability owed to the holders of such preferred shares.
Changes in the carrying amount of liabilities recognized for financial instruments issued to investors represent changes in the carrying amount of our Shares with preferential rights, which are measured at the higher amount expected to be paid to the investors upon redemption or liquidation, which is assumed to be at the dates of issuance and at the end of each reporting period.
Financial Information · p. 223
We do not expect to record any further changes in the carrying amount of such Shares as they will be redesignated to equity upon the completion of the Listing.
Summary · p. 6
Add: changes in the carrying amount of liabilities recognized for financial instruments issued to investors | 164,506 | 251,161 | 282,288
In 2024, 2025 and the three months ended March 31, 2025 and 2026, our changes in fair value of financial instruments issued to investors amounted to RMB94.0 million, RMB154.9 million, RMB27.0 million and RMB27.8 million, respectively.
Financial Information · p. 233
These instruments with special rights we issued to our pre-[REDACTED] investors will be transferred to equity upon the [REDACTED], and we do not expect to record further gains or losses in relation to valuation changes in such instruments after the [REDACTED].
Financial Information · p. 233
Our losses in fair value of financial instruments issued to investors increased from RMB94.0 million in 2024 to RMB154.9 million in 2025, primarily related to changes in the valuation of instruments with special rights we issued to our pre-[REDACTED] investors.
Our redemption liabilities increased from RMB585.3 million as of December 31, 2023 to RMB858.5 million as of December 31, 2024, and further increased to RMB1,479.6 million as of December 31, 2025, primarily due to the changes in the carrying value of financial liabilities arising from the redemption rights granted to Pre-[REDACTED] Investors.
Financial Information · p. 210
Upon the first submission of [REDACTED] to the Stock Exchange, the redemption rights granted by us will be automatically terminated and the redemption liabilities will be reclassified to equity, such that our net liabilities position would turn into net assets position.
During the Track Record Period, we recognized the financial instruments issued to some investors as financial liabilities, because they were granted with the preferential rights to require us to redeem all of the instruments at a predetermined amount upon certain redemption or liquidation events, which are not all within our control.
Financial Information · p. 206
We recorded a fair value loss of financial liabilities at FVTPL of RMB0.8 million in 2024, as compared to a fair value gain of financial liabilities at FVTPL of RMB86.8 million in 2023.
Financial Information · p. 211
The change in fair value of financial liabilities decreased to nil in 2025 primarily due to the termination of preferential rights with effect from December 20, 2024.
Our fair value changes of preferred shares increased by 28.9% from a loss of RMB185.5 million in 2023 to a loss of RMB239.1 million in 2024, primarily as a result of the increase in the valuation of our Group in light of our future prospects.
Financial Information · p. 218
Our fair value changes of preferred shares remained relatively stable at RMB239.1 million in 2024 and RMB241.5 million in 2025.
Financial Information · p. 215
non-cash fair value changes of preferred shares, primarily due to the changes in market expectations, which further contributed to the reported losses.
Certain independent investors subscribed or acquired our ordinary shares with preferential rights that are designated as financial liabilities at FVTPL and were subsequently measured at fair value.
Financial Information · p. 179
We had fair value losses on financial liabilities at fair value through profit or loss of RMB6.0 million, RMB1.6 million and fair value gain on financial liabilities at fair value through profit or loss of RMB5.3 million in 2023, 2024 and 2025, respectively, primarily representing changes in fair value of the equity interests with preferential rights held by our investors.
Financial Information · p. 179
This change from loss to profit was primarily due to the fully settled redemption of liabilities of Series A Shares in January 2025.
In 2023, 2024 and 2025, we recorded changes in fair value of paid-in capital with preferred rights of RMB92.4 million, RMB157.8 million and RMB429.0 million, respectively.
Financial Information · p. 235
The preferred rights attached to such paid-in capital were terminated on September 30, 2025.
We recorded fair value losses on convertible redeemable preferred shares of RMB79.5 million and RMB9.7 million in 2024 and 2025, respectively, arising from the changes in our financial liabilities in relation to our convertible redeemable preferred shares reflecting the changes in the valuation of our Company.
Financial Information · p. 256
The convertible redeemable preferred shares will be re-designated from financial liabilities to equity upon the conversion of the preferred shares to ordinary shares upon the [REDACTED], which will significantly improve our financial position, and we will recognize no further loss or gain on fair value changes from convertible redeemable preferred shares subsequent to the [REDACTED].
Financial Information · p. 256
Our convertible redeemable preferred shares was RMB1,059.4 million, RMB1,069.0 million and RMB1,069.0 million as of December 31, 2024, and 2025 and March 31, 2026, respectively.
As of December 31, 2023, 2024 and 2025, we had total convertible redeemable preferred shares of RMB1,967.1 million, RMB2,082.1 million and RMB3,532.1 million, respectively.
Financial Information · p. 221
The change is primarily attributable to the increase in the valuation of our Company given the growth in our business during the year.
Financial Information · p. 210
Changes in fair value of preferred shares are non-cash in nature.
For the years ended December 31, 2023, 2024 and 2025, we recorded loss on fair value changes of financial liabilities at FVTPL of RMB143.1 million, RMB458.4 million and RMB176.9 million, respectively.
Financial Information · p. 204
The loss on fair value changes of financial liabilities at FVTPL mainly represents equity value change of financial liabilities including preferred shares and convertible bonds, which were one-off, non-cash expenses not directly related to our operating performance.
Business · p. 155
The preferential rights were terminated on June 30, 2025.