As of the Latest Practicable Date, Xiaomi Group held 4.94% equity interest of our Company.
Summary · p. 8
Except for Customer A which held a 4.94% equity interest of our Company, to the best knowledge of our Directors, none of our Directors or their respective close associates, and none of our Shareholders who own more than 5% of the Shares in issue, had any interest in any of our five largest customers in each year during the Track Record Period.
Business · p. 234
Our sales to and purchases from Xiaomi Group are conducted in the ordinary course of business and on commercial terms negotiated on an arm's length basis.
Our five largest customers in each year/period during the Track Record Period consists of nine customers, and three of them were affiliated with certain of our Shareholders owning less than 5% of our Company's issued share capital.
Business · p. 121
Our revenue generated from each of such customer individually accounted for less than 1.7% of our total revenue for the corresponding years.
Business · p. 121
Our transactions with such customers were conducted under normal commercial terms.
During the Track Record Period and up to the Latest Practicable Date, none of our Directors, their respective associates, or any shareholders of our Company (who or which to the knowledge of the Directors owned over 5% of our Company's issued share capital) had any interest in any of our five largest customers for each year/period during the Track Record Period, except for Customer F, which is a Shareholder of our Company.
During the Track Record Period, one of our customers, Sunshine Property and Casualty Insurance Co., Ltd., was affiliated with, Sunshine Life Insurance Corporation Limited, one of our Shareholders.
Business · p. 194
During the Track Record Period, one of our suppliers, Tenpay Payment Technology Co., Ltd, was affiliated with, Chinese Rose Investment Limited, one of our Shareholders.
Business · p. 196
Our Directors are of the view that each of the related party transactions was conducted in the ordinary and usual course of business and on normal commercial terms between the relevant parties and does not distort our Track Record Period results or make our historical results not reflective of future performance.
our five largest suppliers in each period during the Track Record Period were Independent Third Parties except for Wanxiang Blockchain entities, which were among our five largest suppliers in 2022, 2023, 2024 and the six months ended June 30, 2025, and are the related parties of one of our Shareholders.
Summary · p. 8
According to Frost & Sullivan, the pricing mechanism of these related party transactions was consistent with the market practice.
Financial Information · p. 465
As illustrated above, the Group procured such services from Wanxiang Blockchain entities nearly at cost price.
During the years ended December 31, 2022, 2023, 2024 and the six months ended June 30, 2025, our revenue from Sinotrans amounted to US$21.2 million, US$22.5 million, US$30.7 million, and US$11.1 million, representing approximately 31.0%, 31.3%, 40.9% and 31.4% of our total revenue in those respective periods.
Summary · p. 15
Our Directors believe that the likelihood of Sinotrans terminating or materially altering its business relationship with us is low given our mutually beneficial relationship.
Summary · p. 16
Since 2022 and up to the Latest Practicable Date, we have acquired 120 new customers for our robotruck freight transportation service, none of whom are affiliated with Sinotrans.
Save for Supplier B which is our substantial Shareholder, as of the Latest Practicable Date, none of our Directors, 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 each year/period during the Track Record Period.
Customer A is a substantial shareholder of us, and three Directors hold various positions in Customer A and/or its associates.
Business · p. 228
During the Track Record Period, Customer A was also our supplier. We mainly purchase automotive parts, developing services and logistics services from Customer A.
During the Track Record Period and up to the Latest Practicable Date, none of our Directors, their respective associates, or any shareholders of our Company (who or which to the knowledge of the Directors owned over 5% of our Company’s issued share capital) had any interest in any of our five largest customers, except for Customer A.
Business · p. 316
During the Track Record Period and up to the Latest Practicable Date, none of our Directors, their respective associates, or any shareholders of our Company (who or which to the knowledge of the Directors owned over 5% of our Company’s issued share capital) had any interest in any of our five largest suppliers, except for Supplier C.
Business · p. 320
In addition, Customer F is a shareholder of a non-wholly owned subsidiary of our Company.
Except for Customer B, which is our minority Shareholder and was one of our five largest customers in 2022, 2023, 2024 and the three months ended March 31, 2025, none of our five largest customers in each period during the Track Record Period, including their shareholders, directors, senior management or any of their respective associates, have any past or present relationship (family, employment, trust, financing or otherwise) with us, our subsidiaries, our Shareholders, Directors, senior management or any of their respective associates.
Business · p. 284
During the Track Record Period, our average selling prices to Customer B for both EV chargers and installation and after-sales services were approximately 21% to 47% lower than those to non-Customer-B EV automakers.
Business · p. 292
Such revenue contribution reflects Customer B's strong position in the EV market and our growing project engagement, rather than undue reliance.
To the best of our knowledge, during the Track Record Period and up to the Latest Practicable Date, all of our top five customers were independent third parties, except for Customer A and Customer C, which are also our shareholders.
Business · p. 278
As of the Latest Practicable Date, to the best of our knowledge, none of our Directors, their respective close associates or any shareholder who owned more than 5% of our issued share capital had any interest in any of our five largest customers in each period during the Track Record Period.
Supplier E indirectly holds approximately 8.8% equity interest in Hankang SME, who owned 1.71% of our total issued share capital as of the Latest Practicable Date.
Business · p. 427
Save for Supplier E, all of our five largest suppliers in each year/period during the Track Record Period were Independent Third Parties.
Grand Diamond (a wholly-owned subsidiary of Grand Pharma Group) and CNCB Grand Healthcare Investment Fund LP (a fund which is indirectly invested into and managed by an associate of the controlling shareholder of Grand Pharma Group) are our Series B Investor and our Series C Investor, respectively.
Business · p. 336
We consider that the terms of the Licensing Agreement are fair and reasonable and the transactions contemplated thereunder are in the interests of our Company and our Shareholders as a whole.
Among our five largest customers in each year during the Track Record Period, Customer F and Customer H are subsidiaries of our indirect shareholders. We generated revenue of RMB7.0 million, RMB14.5 million, and RMB7.8 million from Customer F in 2022, 2023 and 2024 and generated revenue of RMB14.4 million from Customer H in 2022.
Business · p. 211
To the best of our knowledge, as of the Latest Practicable Date, except for Customer F and Customer H who are subsidiaries of our indirect shareholders, none of our Directors, their close associates or any of our Shareholders who owned more than 5% of the issued share capital of our Company, had any interest in our five largest customers in each year during the Track Record Period.
Business · p. 217
Furthermore, Customer F, a subsidiary of a leading multinational technology company listed on the Stock Exchange and NYSE, is expected to continue allocating significant advertising budgets to us.
Press Metal is a substantial shareholder of our Company and is the largest integrated aluminium company in Southeast Asia, with an annual alumina demand of over two million tons.
Summary · p. 4
Press Metal is a Substantial Shareholder of our Company. Our Group became acquainted with Press Metal through its share subscription in BAI in 2019, and to the best knowledge of our Directors, Press Metal was introduced to Nanshan Aluminium through their common customer in or around 2013, which prompted their business cooperation via BAI.
Business · p. 204
the average selling price of alumina with Press Metal Group was within the range of that with Independent Third Party customers.
Further, the ultimate controlling shareholder of Customer A, namely Beijing Shunyi, is a shareholder of our Company holding approximately 2.8% of our issued share capital as at the Latest Practicable Date.
Business · p. 316
We generated revenue from providing the abovementioned product and testing services to Customer A for the amount of approximately RMB41.4 million and RMB0.3 million with gross profit of approximately RMB34.1 million and RMB0.1 million in FY2021, respectively.
Business · p. 316
In return, Customer A is entitled to a fixed sum of RMB38 million payable by us in three instalments.
We share the same vision with Baidu, one of our major shareholders, of empowering the general public to effectively manage their health at all stages of life.
Business · p. 274
Such revenue was predominantly from Baidu during the Track Record Period.
Business · p. 275
Our Directors are of the view that the transactions with Baidu (and its joint ventures and associates) were conducted on an arm's length basis, and in the ordinary course of business under normal commercial terms.
To the best of our knowledge, except for NavInfo, none of our Directors, their respective close associates or any Shareholder who owned more than 5% of our issued share capital as of the Latest Practicable Date, had any interest in any of our five largest customers in each year/period of the Track Record Period.
Being the holding company of Yichun Times (a substantial shareholder of Lopal Times, a subsidiary of our Company), CATL will become our connected person upon the Listing.
Summary · p. 12
CATL is an indirect shareholder of two of our subsidiaries, namely, Changzhou Liyuan and Lopal Times.
Business · p. 291
As of the Latest Practicable Date, CATL controls 5.91% and 30.0% equity interest in two of our subsidiaries, Changzhou Liyuan and Lopal Times, respectively.
Save for CARIZON, CARIAD Estonia AS and SAIC, 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.
Business · p. 284
In 2023 and for the six months ended June 30, 2024, we generated revenue of RMB627.3 million and RMB351.6 million, accounting for 40.4% and 37.6% of total revenue, respectively, from automotive solutions provided to CARIZON.
Summary · p. 11
Volkswagen has invested in the Company and we have strategically established a joint venture with them to capture the future opportunities of customized driving automation solutions in China.