Hong Kong IPO disclosure precedents · 255 companies, 282 items
a director, shareholder or their associates has an interest in a top-five customer or supplier, or a major customer / supplier is a shareholder or former employee's entity
As of the Latest Practicable Date, save for Customer K, which is a subsidiary of Xiaomi Corporation that exercises control over Xiaomi SII (our Pre-[REDACTED] Investor), none of our Directors, their associates or any of our Shareholders (who or which to the knowledge of our Directors owned more than 5% of our issued share capital) had any interest in any of our five largest customers in each year/period during the Track Record Period.
Business · p. 181
A well-known brand company mainly engaged in the design, development and distribution of smartphones and smart hardware. It is a subsidiary of a company listed on the Hong Kong Stock Exchange.
Among our five largest customers for each period during the Track Record Period, only the Abiman Group was a connected person.
Business · p. 149
Tommy Go Co., Ltd. (昆山透迷購貿易有限公司) is an associate of Mr. Lee Sang Yeol Tommy, our executive Director and substantial shareholder, and is therefore a connected person of our Company.
Business · p. 157
Kiwon Superprecision and Magnet are presented together as they were both controlled by Mr. Lee Sang Yeol Tommy, our executive Director, and were therefore connected persons of our Company until we acquired them on March 31, 2026, since when they have been our subsidiaries and have ceased to be our suppliers.
A subsidiary of ESWIN Group indirectly owns less than 1% of Supplier C during the Track Record Period by holding 0.5149% of the interest of and serving as the general partner of a fund, whose remaining 99.4851% is held and controlled by an Independent Third Party.
Business · p. 180
In addition, during the Track Record Period, China IC Fund II, one of our Shareholders, held 1.49% of the interest of Supplier D and held less than 10% of the interest of Supplier G during the Track Record Period.
Business · p. 180
Save as aforementioned, to the best of our knowledge, as of the Latest Practicable Date, none of our Directors, Supervisors, their close associates or any of our Shareholders (who or which to the knowledge of the Directors owned more than 5% of our issued share capital) had any interest in any of our five largest suppliers.
In January 2025, Customer A transferred its entire 42.32% equity interest in Chery Automobile, one of our connected persons, to Customer A's then shareholders on a pro rata basis.
Business · p. 156
To the best knowledge of our Directors, each of our five largest customers for each period during the Track Record Period is an Independent Third Party, except for Customer A and Customer B (i.e. Shanghai Yuzhou).
Notwithstanding that E Ink Holdings became our shareholder through its indirectly wholly-owned subsidiary Transcend Optronics with 4.9% equity interest in 2024, all our five largest suppliers during the Track Record Period were Independent Third Parties.
Business · p. 165
The Directors are of the view that our relationship with E Ink Holdings and its affiliates is unlikely to be subject to material adverse change or termination because (i) we have maintained stable cooperation since 2016, and we were recognized by E Ink Holdings as the Best Seller of E Ink Color Products in 2023; (ii) there were no material disputes with E Ink Holdings or its affiliates during the Track Record Period and up to the Latest Practicable Date; and (iii) E Ink Holdings, through its indirect wholly-owned subsidiary Transcend Optronics, is also an equity investor in the Company.
(1) Customer B is the parent company of one of our Pre-IPO investors.
Business · p. 169
During the Track Record Period and as of the Latest Practicable Date, none of our Directors, their associates or any of our shareholders (who owned or to the knowledge of Directors had owned more than 5% of our issued share capital) had any interest in any of our five largest customers in each year/period during the Track Record Period.
During the Track Record Period and up to the Latest Practicable Date, all of our trading partners were Independent Third Parties except for two trading partners who are subsidiaries of our controlling shareholders.
Business · p. 124
Guangsheng Nonferrous Metals Import & Export Co., Ltd. is the subsidiary of China Rare Earth Nonferrous Metals.
Business · p. 128
Our Directors are satisfied that our Group is capable of carrying on our business independently of our Controlling Shareholders and their respective close associates after the [REDACTED].
During the Track Record Period, to the best knowledge of our Directors, except for Supplier F (Junion Intelligent), none of our Directors, their associates or any of our current Shareholders (who, to the knowledge of our Directors, own more than 5% of our share capital) had any interest in our five largest suppliers in any year/period during the Track Record Period that are required to be disclosed under the Listing Rules.
Business · p. 159
The terms of these related party transactions were mutually agreed following arm’s length negotiations.
As at the Latest Practicable Date, we held 8.03% in the shares in a member of Customer Group A (which was the holding company of the other members within Customer Group A) (“Customer Group A Holdco”).
Business · p. 132
In addition to our interests in Customer Group A Holdco, as at the Latest Practicable Date, Ms. Zhang, our executive Director and chairperson of our Board, was also indirectly interested in approximately 1.13% of the total issued share capital, and acted as a director of Customer Group A Holdco.
Business · p. 132
As at the Latest Practicable Date, RA Oriental (one of our non-wholly owned subsidiary) was indirectly owned as to 20% by a member of Customer Group B.
Prior to such acquisition, Xinchang Xinjin Pharmaceutical Co., Ltd. was an Independent Third Party and one of our leading domestic distributors in the API business.
Business · p. 128
During 2023, 2024, 2025 and the six months ended June 30, 2025 and 2026, sales to Xinchang Xinjin amounted to RMB43.6 million, RMB41.8 million, RMB47.1 million, RMB23.0 million and RMB19.4 million, respectively, and purchases from Xinchang Xinjin amounted to nil, RMB0.9 million, RMB4.2 million, RMB4.2 million and RMB1.3 million, respectively.
Business · p. 128
Such transactions were conducted in the ordinary course of business on normal commercial terms and were priced on a market basis.
One of our top five suppliers for each year/period during the Track record Period was Hisense Group Holding, a Controlling Shareholder of our Company, and its subsidiaries (collectively, Hisense Group).
Business · p. 161
Save for Hisense Group, to the best knowledge of our Directors, all of the remaining five largest suppliers for each year/period during the Track Record Period were Independent Third Parties.
In 2023, 2024 and 2025 and for the six months ended June 30, 2026, the number of channel partners managed by our former employees was nil, nil, one and one, respectively.
Business · p. 151
During the Track Record Period, a limited number of channel partners were managed by our former employees, who became our channel partners based on their own independent commercial considerations, such as their familiarity with our ACR solutions and the industry, and not as a result of any requirement, inducement or solicitation by us.
To the best of our Directors’ knowledge, during the Track Record Period, one of our customers was ultimately controlled by a former director of our Company, who resigned in April 2021.
Business · p. 168
Revenue generated from such customer amounted to RMB0.6 million, RMB0.06 million, RMB0.7 million and nil in 2023, 2024, 2025 and the three months ended March 31, 2026, respectively, accounting for approximately 0.1%, 0.02%, 0.2% and nil of our total revenue in the corresponding periods.
As of the Latest Practicable Date, Mr. Wang Minglun, our non-executive Director, is indirectly interested in 43.58% equity interest in Shandong Ruisi Precision Industry Co., Ltd.* (山東睿思精密工業有限公司) (“Shandong Ruisi”).
Business · p. 179
Save for Shandong Ruisi, to the best knowledge of our Directors, each of our five largest suppliers in each period during the Track Record Period was an Independent Third Party.
Customer A has been our strategic collaborator since 2020, and strategic shareholder through a private equity fund since 2022.
Business · p. 148
These endorsements are a powerful testament to our technological capabilities and value, creating an alignment of interests with key industry leaders that is exceptionally difficult for competitors to replicate.
Our non-executive Director, Mr. Cai Jing, is currently also a director of one of our distributors. For the year of 2023, 2024 and 2025 and four months ended April 30, 2026, revenue from this distributor accounted for 0.7%, 1.0%, 1.4% and 2.0% of our total revenue.
As at 31 December 2023, 2024 and 2025, 31 March 2026 and the Latest Practicable Date, Rajax, being one of the companies of Customer E, held 8.9424%, 8.0927%, 7.9011% and 7.9011% shareholding interest in our Company.
Business · p. 150
As at 31 December 2023, 2024 and 2025, 31 March 2026 and as at the Latest Practicable Date, it is under common shareholding control with one of our shareholders who holds 0.0%, 0.4299%, 0.4198%, 0.4198% and 0.4198% shareholding interest in our Company.
Business · p. 149
Our Directors consider that these shareholding relationships further support the stability of our cooperation with these customers and align their interest with the long-term development of our Group.
In FY2023, our purchases from Shanghai Liming amounted to RMB105.1 million, representing 24.7% of our total purchases for that year.
Business · p. 169
However, during the Track Record Period, Shanghai Liming's controlling shareholder, Mr. Chai, held a 28.3% limited partnership interest in Eagle Field Platform, which will hold approximately 5.43% of our issued share capital immediately following completion of the Global Offering.
Business · p. 163
During the Track Record Period, our transactions with Shanghai Liming therefore principally comprised the one-off purchase of the Vision Perception Algorithm through Shanghai Liming in FY2023, and payments and reimbursements of approximately RMB1.1 million and RMB458,000 in FY2023 and FY2024, respectively, representing such repair and maintenance costs and related material costs.
During the Track Record Period, three GYMCL Related Parties, which would become our connected persons upon [REDACTED], and one GY Entity, which is a Related Party, acted as our distributors.
Business · p. 130
Revenue attributable to such GYMCL Related Parties and GY Entity as our distributors accounted for 1.0%, 0.8%, 0.9%, 0.7% and 0.8% of our total revenue in FY2023, FY2024, FY2025, 1H2025 and 1H2026, respectively.
Business · p. 130
In addition, three distributors were controlled by a family member and/or relatives of the chief executive of an insignificant subsidiary of our Company during the Track Record Period.
To the best of our knowledge, other than Wuhan Healthgen Biotechnology Corp. and Hangzhou Astrocyte Technology Co., Ltd., (i) all of our five largest suppliers in each year/period during the Track Record Period are Independent Third Parties, and (ii) none of our Directors, their respective associates or any shareholder who owned more than 5% of our issued share capital as of the Latest Practicable Date has any interest in any of our five largest suppliers in each year/period during the Track Record Period.
Business · p. 195
Our Directors are of the view that each of the related party transactions set forth in Note 32 to the Accountants’ Report in Appendix I to this document was conducted in the ordinary course of business and on an arm’s length basis and with normal commercial terms between the relevant parties.