Furthermore, to the best knowledge of our Directors, during the Track Record Period, none of our five largest customers had any relationship with our Company, its connected persons or their respective associates, except for: (i) Customer H, our second largest customer in the year ended 31 December 2025, was a shareholder of the Company.
Supplier H has advised us to complete the Series E financing.
Business · p. 207
Supplier H is the general partner of certain [REDACTED] Investors, being Aile Zhide, Xiade Investment, Yide Investment and Linde Investment.
Business · p. 208
Save for the above, all our top five suppliers in 2024 and 2025 are Independent Third Parties, and none of our Directors, their respective associates or any Shareholder who, to the knowledge of our Directors, owned more than 5% of our issued share capital immediately following the completion of the [REDACTED] (assuming the [REDACTED] is not exercised) had any interest in any of our five largest suppliers during the Track Record Period.
Bosch is one of our shareholders holding 3.63% of our H Shares as of the Latest Practicable Date.
Business · p. 187
To the best of our knowledge, except for Bosch, all of our five largest suppliers during each year/period of the Track Record Period are Independent Third Parties.
Business · p. 180
As of the Latest Practicable Date, Bosch had not established similar collaborations with other intelligent connected vehicle solution providers in China.
During the Track Record Period, to the best knowledge of our Directors, 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 or suppliers (except for PSMC) in any period during the Track Record Period that are required to be disclosed under the Listing Rules.
Summary · p. 4
(ii) PIHC, a shareholder of PSMC, is also an indirect shareholder of our Group, further strengthening the business ties between both parties;
To the best of our knowledge, other than ZF ADAS BU, affiliated to our shareholder ZF Holdings B.V., all of our five largest suppliers in each year during the Track Record Period are independent third parties and none of our Directors, their respective associates or any shareholder who, to the knowledge of such Directors, owned more than 5% of our issued share capital as of the Latest Practicable Date, has any interest in any of our top five suppliers in each year during the Track Record Period.
Business · p. 152
Procurement through ZF ADAS BU aligned with industry practice and was commercially necessary to our business. All transactions with ZF ADAS BU were conducted on an arm’s length basis and on normal commercial terms.
Revenue generated from these five distributors for each of the years ended December 31, 2023, 2024 and 2025 accounted for 10.2%, 15.1% and 3.2% of our distributorship revenue during the same years, respectively.
Business · p. 136
For each year during the Track Record Period, our sales to LanzaTech Group accounted for 2.7%, 6.7% and 16.0%, respectively, of our total revenue, and our purchases from LanzaTech Group accounted for 0.0%, 0.6% and 0.6%, respectively, of our total purchases.
In 2023 and 2024 and up to January 20, 2025, Chery Group was our connected person as it remained the controlling shareholder of Chery (which wholly owns Chery Technology) until that date.
Business · p. 120
As of the Latest Practicable Date, save for Chery, which indirectly owns a 14.56% equity interest in our Company through Chery Technology, all the other top five customers in each year during the Track Record Period were Independent Third Parties.
Image Frame Investment (HK) Limited, an entity controlled by Tencent Holdings Limited, is our substantial shareholder.
Summary · p. 12
Certain entities affiliated with Tencent Group were also our customer or supplier during the Track Record Period.
Summary · p. 12
Except for certain entities affiliated with Tencent Group, all of our top five suppliers in each period during the Track Record Period were Independent Third Parties.
As of the Latest Practicable Date, except for FII, one of our five largest customers during the year ended December 31, 2023, and a Substantial Shareholder of our Company, 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 during the Track Record Period.
Business · p. 130
As of the Latest Practicable Date, the Concert Party Group, being our single largest shareholder group, were in aggregate entitled to exercise approximately 20.12% of the voting rights in our Company (excluding 1,570,330 A Shares held by our Company as treasury Shares).
It is also our substantial shareholder and therefore a connected person of our Group.
Business · p. 146
Our payments to Customer A primarily represent fees attributable to Customer A in relation to its guarantee of our historical redemption liabilities to a certain investor; in addition, we purchased used vehicles from Customer A in 2023.
Business · p. 155
Our Directors are of the view that each of the material related party transactions set out in Note 29 to the Accountants’ Report included in Appendix I to this document was conducted in the ordinary course of business on an arm’s length basis and with normal commercial terms between the relevant parties.
To the best of our knowledge, we only had one customer during each period of the Track Record Period which was AstraZeneca, who owned more than 5% of our issued share capital as of the Latest Practicable Date.
Business · p. 215
None of our Directors or their close associates or, to the knowledge of our Directors, any Shareholder with over 5% of the share capital of our Company (except AstraZeneca), has any interest in any of our five largest suppliers during the Track Record Period.
To the best knowledge of our Directors, during the Track Record Period and up to the Latest Practicable Date, save for ZhongAn Online (who was our shareholder and largest customer in each period during the Track Record Period and held 7.1571% equity interest in Customer E), 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 each year during the Track Record Period that are required to be disclosed under the Listing Rules.
Customer Group A, being one of our top five customers in each year of the two years ended December 31, 2024, comprises of UP OPTOTECH, which is a substantial shareholder of our Company.
Summary · p. 4
During each year during the Track Record Period, revenue generated from Customer Group A amounted to approximately RMB110.1 million, RMB39.9 million and RMB27.4 million, representing approximately 18.2%, 5.9% and 3.2% of our total revenue for the respective periods.
Summary · p. 4
To the best knowledge of our Directors, save for Customer Group A, 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 top five customers in each year during the Track Record Period that are required to be disclosed under the Listing Rules.
SAIC Motor, being our substantial shareholder upon [REDACTED], is a PRC automotive manufacturer listed on the Shanghai Stock Exchange (stock code: 600104).
Summary · p. 7
We maintain close collaboration with leading automotive OEM customers, including SAIC Group and BAIC Group, through joint development and project-based cooperation.
Business · p. 155
In March 2026, SAIC Motor announced at MG Tech Day in Frankfurt that the MG4 Urban would become the first mass-produced electric vehicle in Europe to be fitted with solid-liquid hybrid batteries supplied by us, with availability targeted for later in 2026.
As of the Latest Practicable Date, save for Company A, one of our major shareholders and with which we entered into various strategic partnerships, 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 of each of the year during the Track Record Period.
Business · p. 122
As of the Latest Practicable Date, save for Supplier H, which is our non-controlling associate, none of our Directors, their associates or any of our shareholders (who owned or to the knowledge of the Directors had owned more than 5% of our issued share capital) had any interest in any of our five largest suppliers.
(1) As of the Latest Practicable Date, Supplier F was a subsidiary of one of our [REDACTED] Investors, Dongguan Qinhe, which held 9.87% of Supplier F’s equity interests.
Business · p. 153
During the Track Record Period, we also engaged Supplier F as one of our contract manufacturers, from whom we purchased finished goods, semi finished goods, and raw materials, such as power inductors.
As of the Latest Practicable Date, Xiaomi owned 7.92% of the issued share capital of our Company.
Business · p. 179
Our transactions with Xiaomi were conducted on arms’ length.
Business · p. 171
To the best of our knowledge, during the Track Record Period and up to the Latest Practicable Date, all of our five largest customers (except Xiaomi and Customer B) in each year/period were Independent Third Parties.
Among our top five suppliers, one of the suppliers was previously a shareholder directly holding more than 5% of our issued share capital, but its shareholding percentage declined to below 5% in March 2024.
Business · p. 161
Save as disclosed in the section headed ‘‘Business — Procurement and supply chain management — Major Suppliers’’ that one of the suppliers was previously a shareholder holding over 5% but fell below 5% in March 2024, to the best of our knowledge none of our Directors, their associates, or any shareholder holding more than 5% of our issued share capital as of the Latest Practicable Date had any interest in our five largest suppliers in each year/period during the Track Record Period.
During the Track Record Period and up to the Latest Practicable Date, except for two subsidiaries of the customer C holding in aggregate approximately 7% of the shareholding in our Company, none of our Directors or their respective close associates or any of our Shareholders, to the knowledge of our Directors, owned more than 5% of our issued Shares, had any interest in any of such customers.
During the Track Record Period, Customer A and its subsidiaries owned more than 5% of the Company’s share.
Business · p. 220
The pricing relating the sales of our productions to Customer A and its subsidiaries were determined on the basis of arm’s length and negotiated with reference to historical and market transaction prices, taking into account various factors, including, but not limited to, the type of products and services, transaction volume and the prices for the sales of products of similar nature, type and quantity to Independent Third Parties in the market.
Business · p. 220
As of the Latest Practicable Date, Customer A and its subsidiaries owned less than 5% of the Company’s share.