Dependence on single customer

Hong Kong IPO disclosure precedents · 3 companies, 3 items

Revenue for a product or business line is almost entirely derived from sales to a single customer.

2026-06-26Prospectus
Beijing Tong Ren Tang Healthcare Investment Co., Ltd.北京同仁堂医养投资股份有限公司02667.HK

For the years ended December 31, 2023, 2024 and 2025, our revenue generated from these hospitals was RMB797.0 million, RMB785.2 million and RMB778.8 million, respectively, representing 69.1%, 66.8% and 66.5%, respectively, of our total revenue for the same years.

Business · p. 157

For the years ended December 31, 2023, 2024 and 2025, revenue generated from our TCM healthcare services amounted to RMB994.9 million, RMB987.7 million and RMB994.9 million, respectively, representing 86.3%, 84.1% and 84.9% of our total revenue for the same years, respectively.

Financial Information · p. 246

Beijing TRT TCM Hospital and Beijing TRT Second TCM Hospital have been developing their advantageous specialties, recruiting seasoned TCM experts and upgrading medical equipment, to optimize service quality and experience to drive customer acquisition and sustainable growth.

Business · p. 126
The company's explanation, the adviser's view and the page in the filing: see Matters
2026-05-20Application Proof
SHANGHAI GUAN AN INFORMATION TECHNOLOGY CO., LTD.上海观安信息技术股份有限公司

To this end, we secured a national-level project in Southwestern China from Customer G (the "Intelligent Computing Project"), which accounted for the majority of our revenue from other solutions in 2025.

Business · p. 136

Nonetheless, in consideration of the recent launch of the cloud platform and market demands, we renegotiated with the customer to postpone the deadline for meeting our remaining customer sourcing targets to December 31, 2027.

Business · p. 136

As of the Latest Practicable Date, we had entered into a letter of intent with a customer for its subscription of computing power from the Cloud Computing Power Platform, the contract value of which would enable us to meet our customer sourcing targets in the second and third phases by the end of 2027.

Business · p. 136
The company's explanation, the adviser's view and the page in the filing: see Matters
2024-02-29Prospectus
Lesi Group Limited乐思集团有限公司02540.HK

For the years ended 31 December 2020 and 2021, our revenue generated from the technology and internet services industry remained stable and amounted to approximately RMB295.9 million and RMB305.8 million, representing approximately 78.4% and 65.0% of our revenue, respectively.

Business · p. 189

Such decrease was mainly attributable to the decrease in advertising budgets of our customers from the technology and internet services industry as our customers may adjust their business and marketing plans from time to time in response to market trends and demands.

Business · p. 189

The increase in our revenue from this industry from approximately RMB181.1 million for the nine months ended 30 September 2022 to approximately RMB368.6 million for the nine months ended 30 September 2023 was mainly attributable to the strong marketing demand from a new customer, namely Customer M.

Summary · p. 3
The company's explanation, the adviser's view and the page in the filing: see Matters

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