Hong Kong IPO disclosure precedents · 64 companies, 64 items
Redemption liabilities arising from redemption rights granted to pre-IPO/special-rights investors, including accretion of interest, interest or financing expenses recognised through the track record, and derecognition or restructuring of such liabilities.
In 2023, 2024, 2025, and the six months ended June 30, 2025 and 2026, our finance costs on redemption financial liabilities were RMB5.7 million, RMB15.5 million, RMB19.3 million, RMB9.2 million and RMB12.6 million, respectively.
Business · p. 165
The redemption rights will be waived prior to the [REDACTED], upon which the carrying amounts of the redemption financial liabilities will be reclassified to equity.
Business · p. 165
Finance costs on redemption financial liabilities relate to the redemption rights attached to the shares granted to certain investors, which will be ceased upon the [REDACTED].
Our redemption liabilities were RMB2,885.7 million, RMB3,511.8 million, RMB5,071.3 million, RMB5,253.7 million and RMB5,276.3 million as of December 31, 2023, 2024 and 2025, June 30, 2026 and July 31, 2026.
Financial Information · p. 259
During the Track Record Period, our interest on redemption liabilities was RMB211.2 million, RMB239.7 million, RMB293.9 million, RMB137.7 million and RMB197.6 million in 2023, 2024 and 2025 and for the six months ended June 30, 2025 and 2026, respectively.
Financial Information · p. 234
Redemption liabilities will be re-designated to equity upon completion of the [REDACTED].
Our redemption liabilities increased from RMB409.1 million as of December 31, 2023 to RMB435.3 million as of December 31, 2024, mainly due to accrued interest on the redemption liabilities.
Financial Information · p. 268
Such redemption rights were terminated in January 2025. Hence, the redemption liabilities were reclassified to equity thereafter.
Our redemption liabilities represent the present value of the redemption amount payable to the holders of our redeemable preference shares.
Financial Information · p. 184
Our redemption liabilities significantly decreased from RMB411.2 million as of December 31, 2024 to nil as of December 31, 2025 and remained nil as of June 30, 2026, primarily attributable to the derecognition of the redemption liabilities arising from our restructuring arrangement.
Finance costs on redemption financial liabilities mainly represented redemption liabilities in relation to the redemption rights to certain investors. The redemption financial liabilities will be converted into equity upon the [REDACTED].
Financial Information · p. 229
Share-based compensation expenses and finance costs on redemption financial liabilities are expected to continue to be recognized through profit or loss in 2026 under IFRS, contributing to the reported net loss.
In 2024, 2025 and the six months ended June 30, 2025 and 2026, our remeasurement of redemption liabilities amounted to RMB50.9 million, RMB66.3 million, RMB31.2 million and RMB37.1 million, respectively.
Financial Information · p. 228
The carrying amount of redemption liabilities will be reclassified from financial liabilities to equity as a result of the termination of the special rights upon [REDACTED].
As of December 31, 2023, 2024 and 2025, our redemption liabilities amounted to RMB397.3 million, RMB420.0 million and RMB445.2 million, respectively.
Financial Information · p. 260
We recorded changes in the carrying amount of redemption liabilities of RMB19.5 million, RMB22.7 million, RMB25.2 million and RMB12.4 million in 2023, 2024 and 2025 and the six months ended June 30, 2026, respectively.
Financial Information · p. 240
The carrying amounts of the redemption liabilities will be reclassified to equity upon the [REDACTED] of our H shares on the Stock Exchange.
Our changes in carrying amounts of redemption liabilities were RMB6.1 million, RMB8.2 million, RMB5.1 million, a reversal of RMB0.4 million and nil in 2023, 2024, 2025 and the four months ended April 30, 2025 and 2026, respectively.
Financial Information · p. 219
On December 1, 2025, the obligations of our Company arising from the redemption rights and liquidation preferences attached to the Series A Shares were terminated pursuant to a supplementary agreement to the shareholders’ agreement entered into between the Company and each of the respective investors.
Financial Information · p. 251
Pursuant to such agreement, Mr. Wang, Ms. Zhang, or an entity controlled by them rather than our Company or any of our Company’s subsidiaries will be responsible for the relevant obligations arising from these redemption rights and liquidation preferences.
For the year ended December 31, 2023, 2024 and 2025 and the five months ended May 31, 2025 and 2026, our changes in the carrying amount of redemption liabilities were RMB4.5 million, RMB9.3 million, RMB10.6 million, RMB5.9 million and RMB0.1 million, respectively.
Financial Information · p. 215
The redemption liabilities relate to the special rights granted to certain [REDACTED] investors, under which the investors may require us to redeem their investments upon the occurrence of specified events that are not entirely within our control, and such arrangements give rise to financial liabilities until the redemption obligation is discharged, cancelled or expires.
Our redemption liabilities increased from RMB1,309.9 million as of December 31, 2023 to RMB1,689.1 million as of December 31, 2024, and further increased to RMB1,901.6 million as of December 31, 2025. The increases were primarily due to the accretion of the carrying amount toward the contractual redemption amount in accordance with applicable accounting standards.
Financial Information · p. 245
Financial costs associated with redemption liabilities represented non-cash accretion expenses in connection with redemption rights granted to certain shareholders. Upon Listing, the redemption liabilities will be re-designated from liabilities to equity following termination of the Company's redemption obligation.
Our redemption liabilities increased from RMB46.9 million as of December 31, 2023 to RMB901.7 million as of December 31, 2024, primarily attributable to an increase in financial instruments with preferred rights of RMB879.7 million.
Financial Information · p. 259
Our redemption liabilities remained relatively stable at RMB900.2 million and RMB896.3 million as of December 31, 2025 and March 31, 2026.
As at December 31, 2023, 2024, 2025, April 30, 2026 and May 31, 2026, our redemption liabilities amounted to RMB7,615.4 million, RMB8,161.7 million, nil, nil and nil, respectively.
Financial Information · p. 255
As at December 31, 2024, all such redemption liabilities were reclassified from non-current liabilities to current liabilities, resulting in current redemption liabilities of RMB8,161.7 million, primarily due to the approaching contractual redemption timeline.
Financial Information · p. 256
Pursuant to agreements with the relevant investors, these redemption rights were terminated with effect from February 27, 2025, and, accordingly, no redemption liabilities were outstanding as at December 31, 2025, April 30, 2026 and May 31, 2026.
In 2023, 2024 and 2025, our changes in carrying amounts of redemption liabilities, primarily related to liquidation preference rights and divestment rights, amounted to RMB1.4 million, RMB7.0 million and RMB11.5 million.
Financial Information · p. 175
Adjusted profit (a non-IFRS measure) is defined as profit/(loss) for the period by adding back the effects of (i) financial costs related to redemption liabilities, representing the redemption to such instruments thereafter, (ii) [REDACTED] incurred in connection with the [REDACTED], (iii) changes in carrying amounts of redemption liabilities which are non-cash in nature and do not result in cash outflows, and (iv) share-based compensation, which is also non-cash in nature.
In 2024, 2025 and the four months ended April 30, 2025 and 2026, our finance costs amounted to RMB91.1 million, RMB104.0 million, RMB33.2 million and RMB36.1 million, respectively.
Financial Information · p. 220
The net loss for four months ended April 30, 2026 increased compared to four months ended April 30, 2025, primarily due to (i) increased finance costs arising from imputed interest on redemption right liabilities associated with our [REDACTED] financing, and (ii) increased administrative expenses arising from employee compensations and depreciation and amortization.
Summary · p. 13
During the Track Record Period, we financed our operations primarily through a combination of equity financing and borrowings.
We recorded redemption liabilities of RMB5.0 million, RMB107.2 million, RMB498.6 million and RMB731.8 million as of December 31, 2023, 2024 and 2025 and April 30, 2026, respectively.
Financial Information · p. 195
These liabilities represent the obligations arising from the preferential rights granted to our pre-[REDACTED] investors in connection with our previous successive financing rounds.
Changes in the carrying amount of liabilities recognised for financial instruments issued to investors | 128,611 | 141,438 | 155,004
Summary · p. 10
We then add back (i) changes in the carrying amount of liabilities recognised for financial instruments issued to investors, which mainly represent interest charges associated with the redemption right granted to investors, as we do not expect to record any further changes in the carrying amount of liabilities recognised for financial instruments issued to [REDACTED] after the [REDACTED] as redemption rights will be terminated upon the [REDACTED] and financial liabilities recognised for financial instruments issued to [REDACTED] will be released such that the net liabilities position would turn into net assets;
We had redemption liabilities of RMB1,476.6 million, RMB1,661.5 million, RMB2,033.8 million and RMB2,078.8 million as of December 31, 2023, 2024 and 2025 and April 30, 2026, respectively.
Financial Information · p. 252
Our redemption liabilities increased during the Track Record Period, in line with an increase in the investments from the Pre-IPO Investors and accrued interest.
Financial Information · p. 252
All of the redemption liabilities are unsecured and unguaranteed.
As of December 31, 2023, 2024, 2025 and April 30, 2026, we had redemption liabilities of RMB515.9 million, RMB588.4 million, RMB580.5 million and RMB618.0 million, respectively.
Financial Information · p. 208
During the Track Record Period, we recorded interest on redemption liabilities of RMB42.2 million, RMB42.5 million and RMB41.8 million in 2023, 2024 and 2025, respectively.
Financial Information · p. 190
While we recorded net losses during the Track Record Period primarily due to interest on redemption liabilities, our business remains sustainable and is supported by substantial growth momentum.
We had redemption liabilities of RMB917.3 million, RMB1,062.4 million, RMB1,207.4 million and RMB818.1 million as of December 31, 2023, 2024 and 2025 and April 30, 2026, respectively.
Financial Information · p. 242
We recognized our obligation to pay cash to those investors with redemption right as financial liabilities, because not all triggering events in the relevant agreements are within our control.
Financial Information · p. 242
We had change in the carrying amount of redemption liabilities of RMB145.1 million, RMB145.1 million and RMB145.1 million in 2023, 2024 and 2025, respectively.
We define adjusted net profit/(loss) as loss for the year/period adjusted by adding back (i) [REDACTED], which are expenses incurred in relation to this [REDACTED], (ii) share-based payment expenses, which are primarily non-cash in nature, and (iii) interest on redemption right liabilities, which is related to the preferential rights granted to certain Pre-[REDACTED] Investors and is non-cash in nature, and the redemption right liabilities will be reclassified to equity of our Company upon the completion of the [REDACTED].
Summary · p. 8
Interest on redemption right liabilities relates to the preferential rights granted to certain Pre-[REDACTED] Investors and is non-cash in nature, and the redemption right liabilities will be re-classified to equity of our Company upon the completion of the [REDACTED].