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.
Each of Customer A and Customer B is a minority shareholder of our subsidiaries.
Business · p. 150
We hold approximately 42.83% of the equity interest of Supplier D.
Business · p. 155
As of the Latest Practicable Date, none of our Directors, their 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 customers in each year during the Track Record Period.
In April 2026, Customer D transferred its equity interests in Hangzhou Boshu to us, and Hangzhou Boshu has been our wholly-owned subsidiary since then.
Business · p. 169
Save as Customer D which historically held equity interests in Hangzhou Boshu, to the best knowledge of our Directors, as of the Latest Practicable Date, apart from being our customers, there were no other past or present relationships (business, employment, shareholding, family, trust, financing or otherwise) between such customers, their directors or ultimate beneficial owners, and our Group, our shareholders, our Directors, or senior management, or any of their respective associates.
Business · p. 169
Save as Suppler E being the former shareholder of one of our subsidiaries, to the best knowledge of our Directors, as of the Latest Practicable Date, apart from being our suppliers, there were no other past or present relationships (business, employment, shareholding, family, trust, financing or otherwise) between such suppliers, their directors or ultimate beneficial owners, and our Group, our shareholders, our Directors, or senior management, or any of their respective associates.
We hold an approximately 44.4% equity interest in an investment fund as a limited partner, which in turn holds an approximately 3.9% equity interest in Distributor C.
Business · p. 153
In 2023, 2024 and 2025, sales to our five largest customers amounted to RMB515.2 million, RMB211.3 million and RMB609.7 million, accounting for 71.3%, 28.8% and 24.1% of our total revenue in the respective years.
During the Track Record Period, Dr. Xu was a director of Supplier A. As of the Latest Practicable Date, we held an approximately 16.0% interest in Supplier A. During the Track Record Period, we conducted all transactions with Supplier A on normal commercial terms.
Summary · p. 7
Except for Supplier A, to the best knowledge of our Directors, none of our Directors, their close associates, or any of our Shareholders (who, to the knowledge of our Directors, own more than 5% of the number of our issued shares (excluding treasury shares)) had any interest in any of our five largest suppliers for any year/period during the Track Record Period that is required to be disclosed under the Listing Rules.
We hold 40% of interest in Customer G. Saved as this customer, none of our Directors, their close associates or any Shareholders which, to the knowledge of our Directors, owns more than 5% of our share capital as of the Latest Practicable Date, has any interest in any of our five largest customers.
To the best of our knowledge, during the Track Record Period and up to the Latest Practicable Date, except for Supplier G, all of our remaining four largest suppliers in each year during the Track Record Period were Independent Third Parties.
Business · p. 161
Supplier G is our associate company incorporated in Vietnam, primarily engaging in the production and sale of SPC, LVT and EPC flooring and wall panel products.
Benefiting from such successful cooperation, and to further expand our online self-operated channels, we planned to deepen the collaboration by investing in Customer D and acquired a 60% equity stake in Customer D, making it a subsidiary in June 2019.
Business · p. 169
In addition, certain of our major customers have shared presence in the 3D printing and cross-border e-commerce industries, and there have been historically or currently overlaps in shareholding, management personnel and supervisors among Customer D, Customer B and Customer F, primarily due to co-entrepreneurship and personnel mobility in the industry.
Business · p. 169
Nonetheless, Customer D, Customer F, and Customer B maintain independent assets, operations, personnel, finances, and organizational structures, and operate independently without any subordinate or unified management relationship.
Supplier A holds a 30% partnership interest in Anhui Zhongan, which is one of our Pre-[REDACTED] investors.
Business · p. 164
Supplier G is controlled by a corporate group which, through certain investment vehicles, also participates in our shareholding structure with non-controlling interests.
Business · p. 164
Notwithstanding the above, we believe that our procurement arrangements with these suppliers are conducted on normal commercial terms and in the ordinary course of business.
We made a cash capital contribution of RMB20.0 million in July 2024 for 20% of equity interests in Sichuan Tianfu Intelligent Computing Technology Co., Ltd. (四川天府智算科技有限公司) (“Tianfu Intelligent Computing”).
Business · p. 157
Tianfu Intelligent Computing is a private software development company in which we held a 20% equity interest.
During the Track Record Period, we invested in and subsequently acquired five distributors to expand our sales channels.
Business · p. 122
The terms governing our transactions with these five distributors during the Track Record Period were substantially consistent with those applicable to our other independent distributors.
Business · p. 122
To further strengthen channel synergy and ensure long-term cooperation stability, we have made equity investments in or acquired key channel partners during the Track Record Period.
As of the Latest Practicable Date, we held approximately 31.4% equity interests in Supplier K.
Business · p. 152
Among our five largest customers during the Track Record Period, Customer J held 4.1% of the equity interests in our Company, as of the Latest Practicable Date.
Business · p. 158
In addition, Customer L is a connected person of our Company as defined under Chapter 14A of the Hong Kong Listing Rules.
Save for Supplier G, a wholly-owned subsidiary of Ruiming Science, in which we retained a 19% equity interest following its disposal, all of our five largest suppliers were independent third parties in each year during the Track Record Period.
Business · p. 163
Supplier G is a wholly-owned subsidiary of Ruiming Science established in China, primarily engaged in the electronic manufacturing services, which mainly involve printed circuit board surface-mount processing.
Business · p. 165
None of our Directors and their respective associates or our Shareholders who own more than 5% of our total issued Shares (excluding treasury shares) had any interest in our five largest suppliers in each year during the Track Record Period and up to the Latest Practicable Date.
As of the Latest Practicable Date, HGC through its subsidiary, held 30.00% equity interests in one of our subsidiaries.
Business · p. 140
To the best or our knowledge, except for HGC Group, during the Track Record Period and up to the Latest Practicable Date, our five largest suppliers for each of the years/periods during the Track Record Period were all independent third parties.
To the best of our knowledge, as of the Latest Practicable Date, except for (i) Nanjing Yuanshi Control System Co., Ltd. (南京源石控制系統有限公司) (“Nanjing Yuanshi”), in which we held 15% equity interest, (ii) Shenzhen Meisitoo Technology Co., Ltd. (深圳市美斯圖科技有限公司), in which we held 16.67% equity interest, and (iii) ROBCON TM.S.R.L, in which we held 40.11% equity interest, all of our distributors were independent third parties and none of our distributors were controlled by our former or current employees.
Customer E was initially wholly owned by our Group as a project company, which we subsequently sold 90% of our indirect equity interest in Customer E to an Independent Third Party in September 2023 for optimizing capital structure and introducing strategic resources.
Business · p. 232
Our Directors confirmed that, despite the aforementioned equity interest in Customer E, all the terms of our transactions with Customer E were fair and reasonable, conducted on normal commercial terms, and in the best interests of our Company and our Shareholders as a whole.
During the Track Record Period, Customer C, whose subsidiary is a 10% associate of our Company, was among our five largest customers in 2022.
Business · p. 258
As of the Latest Practicable Date and save as disclosed, none of our Directors, their respective close associates or any of our shareholders (who, 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.
In October 2019, 160 Medicine invested in a pharmaceutical e-commerce company (the “Investee Company”), in which customer B holds a 51% equity interest.
Business · p. 336
Following the investment, 160 Medicine did not participate in the Investee Company’s daily operations or management and has withdrawn from its board of directors since September 2024.
Business · p. 336
As confirmed by our Directors, the pricing and payment arrangements between customer B and us are consistent with those applied to other independent customers.
In addition, except for Customer G in which we held a 19.9% equity interest as of the Latest Practicable Date, to the best knowledge of our Directors, there is no other relationship or arrangement (including family, business, financing, guarantee, or otherwise in the past or present) between any of our five largest customers in each year during the Track Record Period and us.
Business · p. 322
In addition, except that, as of the Latest Practicable Date, Supplier C held a 2.94% equity interest and Supplier D held an 8.82% equity interest in a subsidiary of our Company, to the best knowledge of our Directors, there is no other relationship or arrangement (including family, business, financing, guarantee, or otherwise in the past or present) between any of our five largest suppliers in each year during the Track Record Period and us.
Green RV held 49% equity interest in our subsidiary, Leisure Lion, and was also a dealer operating two of our dealer stores as of June 30, 2024. Green RV was our largest customer in each year/period of the Track Record Period.
Summary · p. 13
Subsequently, Leisure Lion became one of our subsidiaries in September 2023 when the shareholding interest of Regent Company in it increased to 51%.