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.
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.
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.
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, one of our distributors was our Shareholder (the "Related Distributor").
Business · p. 177
In 2024 and 2025, the revenue contribution from our Related Distributor was immaterial, amounting to RMB60.0 thousands and nil, respectively, which accounted for less than 0.1% and 0% of our total revenue in 2024 and 2025, respectively.
Business · p. 177
The distribution agreement that we entered into with the Related Distributor had the same terms as those in the distribution agreements with the other distributors.
In addition, Jumpcan Pharmaceutical agreed to participate in the Series C pre-[REDACTED] investment, subscribing 5,066,930 shares of our Company or a total investment amount of approximately RMB60.0 million, which was fully settled on October 13, 2023.
Business · p. 175
We primarily collaborate with a nationwide CSO, namely Jumpcan Pharmaceutical Group Co., Ltd (濟 川藥業集團有限公司) (“Jumpcan Pharmaceutical”), and maintain a distribution network to grow market share by leveraging their established network.
Business · p. 173
We retain substantive control over the overall commercialisation strategy of the Core Product in Chinese Mainland.
(1) Customer A is a non-controlling shareholder of us, holding approximately 2.82% of our Shares as of the Latest Practicable Date.
Business · p. 143
None of our Directors and their respective associates, or Shareholders who own 5% or more of the total issued Shares had any interest in any of our five largest customers during the Track Record Period.
As of the Latest Practicable Date, our Company was owned as to 12.14% by Kingdom Sci-Tech.
Business · p. 161
Our main channel partner is Kingdom Sci-Tech.
Business · p. 161
In light of the above, our Directors believe that the services provided by us to Kingdom Sci-Tech have been and will continue to be conducted in the ordinary and usual course of our business, on an arm’s length basis, on normal commercial terms or better, and are fair and reasonable.
As of the Latest Practicable Date, Company A and Company B, both among our five largest customers during the Track Record Period, were our Shareholders, with Company A holding 6.03% and Company B holding less than 5% of our total issued Shares.
Business · p. 134
As of the Latest Practicable Date, Company A and Company B, both among our five largest suppliers during the Track Record Period, were our Shareholders, with Company A holding 6.03% and Company B holding less than 5% of our equity interest.
Business · p. 137
Save for Company A and Company B, to the best of our knowledge, as of the Latest Practicable Date, none of our Directors and their respective close associates, or our Shareholders who held more than 5% of our total issued Shares had any interest in our five largest suppliers during the Track Record Period that is required to be disclosed under the Listing Rules.
As at the Latest Practicable Date, except for Customer E, who is a Shareholder holding less than 1% in our share capital and was one of our top five customers in 2023, 2024 and 2025, all of our major customers were Independent Third Parties.
Business · p. 125
None of our Directors and their respective associates, or Shareholders who own 5% or more of the total issued Shares had any interest in any of our five largest customers during the Track Record Period.
ZhongAn Technology, a wholly-owned subsidiary of ZhongAn Online, is one of the substantial shareholders of our Company and a significant customer of our Group.
Summary · p. 8
During the Track Record Period, our sales to ZhongAn Group included our sales of enterprise-level AI solutions to ZhongAn Group for its own use and our sales to ultimate independent customers in collaboration with ZhongAn Technology, with revenue attributable to ZhongAn Technology and its associates amounting to RMB102.6 million, RMB140.1 million, RMB116.2 million and RMB53.0 million for the years ended December 31, 2023, 2024, 2025 and the five months ended May 31, 2026, respectively.
Summary · p. 8
Save for ZhongAn Group, our Directors confirm that the rest of our five largest customers for each year/period during the Track Record Period were independent third parties.
During the Track Record Period, Shenzhen MicroBT Group was our related party as defined by IAS24 until December 12, 2025, and our sales to Shenzhen MicroBT Group contributed to 89.9%, 51.1%, 22.0% and 9.0% of our revenue for 2023, 2024, 2025 and three months ended March 31, 2026, respectively.
Business · p. 138
During the Track Record Period, to the best knowledge of our Directors, except for Shenzhen MicroBT and its subsidiaries ("Shenzhen MicroBT Group"), 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 customers in any period during the Track Record Period that are required to be disclosed under the Hong Kong Listing Rules.
Business · p. 137
During the Track Record Period, our pricing for and gross profit margin of the products provided to Shenzhen MicroBT Group was substantially similar to comparable products that we provided to other customers, and the salient terms of our sales agreements with Shenzhen MicroBT Group are substantially similar to those with our other major customers;
One of our Pre-[REDACTED] Investors is a subsidiary wholly-owned by Customer A.
Business · p. 155
None of our Directors and their respective associates, or Shareholders who own 5% or more of the total issued Shares had any interest in any of our five largest customers in each year during the Track Record Period.
Jixun Technology, one of our five largest customers in 2023 and our former subsidiary, is an associate of our Company.
Business · p. 168
We sold integrated circuit chips to Jixun Technology for their manufacturing of ink cartridges.
Business · p. 168
Our Directors confirm that the transactions with Jixun Technology were conducted in the ordinary and usual course of business as normal commercial arrangements, the terms of such transactions were fair and reasonable, and that such arrangements did not have any adverse impact on the operational independence, pricing mechanism or business arrangements of our Company.
In 2018, E Ink Holdings reinforced this relationship by becoming our shareholder through Chuanqi Optoelectronics with an equity interest of 2.73%, demonstrating its confidence in our business and commitment to long-term cooperation.
Business · p. 151
As a shareholder, E Ink Holdings benefits directly from our business performance, creating a shared incentive to maintain a stable and long-term partnership.
During the Track Record Period and up to the Latest Practicable Date, to the best of our knowledge, certain of our five largest customers for each year during the Track Record Period are our Shareholders or their respective affiliates, or our former or existing investee companies.
Business · p. 190
We believe such strategic shareholding helps align the parties' long-term interests and further strengthens our cooperation in product development, mass-production deployment and technology iteration.
Business · p. 190
Save for these entities, our five largest customers for each year during the Track Record Period were Independent Third Parties, and as of the Latest Practicable Date, none of our Directors, their close associates and any Shareholder (which to the knowledge of our Directors owned more than 5% of our total issued share capital as of the Latest Practicable Date) had any interest in any of our five largest customers for each year during the Track Record Period.
As of the Latest Practicable Date, although Customer A and Customer E, being two of our five largest customers during the Track Record Period, held, directly or indirectly, equity interests in our Company, each of them held less than 5% of our total issued share capital.
Business · p. 129
Purchase from Customer A and Customer E from us are in line with industry practice and all transactions with Customer A and Customer E were conducted on an arm’s length basis and on normal commercial terms.
Business · p. 129
To the best knowledge of our Directors, none of our Directors and their respective associates, or Shareholders who own 5% or more of the total issued Shares had any interest in any of our five largest customers during the Track Record Period.
Two of our distributors were our minority shareholders, each holding 0.19% of our total issued share capital as of the date of this prospectus, collectively contributing around 2.0% of our total revenue during the Track Record Period.
Business · p. 173
Our Directors confirm that all sales to these distributors were conducted in the ordinary course of business under normal commercial terms.