Except for WuXi AppTec Co., Ltd., none of our Directors, their respective associates nor any shareholder who, to the best knowledge of our Directors, 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 during the Track Record Period.
The ultimate controlling shareholder of Chengdu Yongfeng is Liu Gang (劉鋼), who is also the former general manager and former director and a former shareholder of Shanghai Top and our Company.
Business · p. 169
Our Company held 10.8% equity interest in Chengdu Yongfeng before its disposal in December 2024.
Business · p. 169
Chengdu Yongfeng is one of the five largest customer of our Company during the Track Record Period.
As of the Latest Practicable Date, one of our substantial shareholders, Tyco Ireland, is ultimately controlled by Johnson Controls International Plc.
Business · p. 140
Johnson Controls International Plc is an associate of a substantial shareholder of our Company according to the Listing Rules.
Business · p. 140
As of the same date, to the best knowledge of our Directors,save as disclosed,none of our Directors or their respective close associates or any of our shareholders owned more than 5% of our issued shares (excluding treasury shares), had any interest in any of our five largest suppliers.
She and her spouse respectively held approximately 1.6% and 10.5% of the equity interest in one of our customers, which was one of our five largest customers during the Track Record Period.
Summary · p. 5
Ms. Chen belongs to our Single Largest Shareholder Group and held approximately 13.2% of the issued share capital of our Company as of the Latest Practicable Date.
During the Track Record Period, to the best knowledge of our Directors, except for Mr. Chan Vincent Cham Wai (陳湛偉), who owned an insignificant interest in Supplier D during certain periods in the Track Record Period, 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 during the Track Record Period that are required to be disclosed under the Hong Kong Listing Rules.
As of the Latest Practicable Date, save for Inovance Investment, a member of our Single Largest Group of Shareholders, holds publicly traded securities in our fifth largest supplier in 2023, none of our Directors, their close associates or any Shareholders which, to the knowledge of our Directors, owned more than 5% of the issued share capital of our Company as of the Latest Practicable Date, had any interest in any of our five largest suppliers during the Track Record Period.
To the knowledge of our Directors, Supplier A and Supplier B are entities owned by, or related to, our Pre-[REDACTED] Investors.
Summary · p. 3
To the knowledge of our Directors, Supplier A and Supplier B are entities owned by, or related to, our Pre-[REDACTED] Investors.
Business · p. 123
Fees are typically determined on normal commercial terms after arm’s-length negotiation and with reference to prevailing market rates or quotations from comparable service providers.
Customer I is a related party to our Company, as it is 25% owned by Hei Zijian, a [REDACTED] Investor and 75% owned by a close family member of Hei Zijian.
Business · p. 124
To the best of our knowledge, during the Track Record Period, all our trading partners were Independent Third Parties.
One of the wholesale customers has been controlled by a former director of our Company since March 2025, and our Group held approximately 10% indirect interest in such wholesale customer between April 2024 and May 2025.
Business · p. 117
Such wholesale customer contributed to less than 0.1% of our total revenue in each year of the Track Record Period and has not had any transactions with us since May 2025.
The revenue generated from Sichuan Medical Trade amounted to RMB8.3 million, RMB0.8 million and nil in 2023, 2024 and 2025, respectively, accounting for 0.3%, 0.0% and nil of our total revenue in the respective years.
Summary · p. 7
The revenue generated from Customer A, including all of its subsidiaries with which we transacted, amounted to RMB2.6 million, RMB11.2 million and RMB25.3 million in 2023, 2024 and 2025, respectively, accounting for 0.1%, 0.3% and 0.7% of our total revenue in the respective years.
Summary · p. 8
In 2023, 2024 and 2025, the revenue contributed by these Non-independent Direct Wholesale Customers amounted to RMB10.9 million, RMB1.8 million and RMB0.2 million, accounting for 0.4%, 0.1% and 0.0% of our total revenue for the respective years.
During the Track Record Period and as of the Latest Practicable Date, none of our Directors, their respective associates or any of our shareholders (which, to the knowledge of Directors owns more than 5% of our issued share capital) had any interest in any of our five largest customers, except that one of our Directors holds certain publicly listed shares in one of our five largest customers and the shareholding percentage is insignificant.
Our executive Director, Mr. CHIU Kung Pak Tom, wholly owns the HK Intermediary during the Track Record Period.
Business · p. 156
Our Group conducted all transactions with the HK Intermediary on an arm's length basis. The HK Intermediary did not have any undue influence over our Group's procurement decisions or supplier selection.
Business · p. 156
As at 31 December 2023, 2024 and 2025, (i) trade payments collected by the HK Intermediary from overseas customers (after deducting the agency fee in the aggregate amount of approximately RMB3.2 million) but not yet settled with us amounted to approximately RMB27.6 million, RMB41.3 million and nil, respectively
The largest shareholder of KingMed Medical is Mr. Liang Yaoming (梁耀銘), who is also the ultimate controlling shareholder of Guangzhou Jinyuan Kuntong Equity Investment Management Co., Ltd.* (廣州金垣坤通股權投資管理有限公司), the general partner of Suzhou Kinghall, our Pre-[REDACTED] Investor.
Business · p. 167
To the best knowledge of our Directors, except for Wuhan Ainuo Medical Laboratory and KingMed Medical, 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 any period during the Track Record Period that are required to be disclosed under the Listing Rules.
Business · p. 167
As of the Latest Practicable Date, our Company holds only 8% of equity interest of Linyi Amison.
As of the Latest Practicable Date, Customer D was a substantial shareholder of a connected person of our Company.
Business · p. 124
As of the Latest Practicable Date, Supplier A was the parent company of a connected person of our Company.
Business · p. 116
As of the Latest Practicable Date, Shandong Energy Group Co., Ltd. was the parent company of Yankuang Guohong Chemical Co., Ltd., which was a connected person of our Company only because it was a substantial shareholder of Shinghwa Guohong.
As of the Latest Practicable Date, Mr. Wu Chunping (吳春平), the brother of Mr. Wu, held 80% of the issued share capital of Diltai, one of our five largest suppliers during the Track Record Period.
Business · p. 120
The Directors are of the view that the above equity interest held by the associate of our Director in Diltai did not and would not affect our ability to carry on our business independently from our Directors and their associates.
Business · p. 120
Our Directors are of the view that each of the related party transactions set out in Note 34 of the Accountants’ Report 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, and would not distort our track record results or make our historical results not reflective of our future performance.
To the best of our knowledge, during the Track Record Period and up to the Latest Practicable Date, all of our five largest suppliers were Independent Third Parties, except for Supplier G, namely Beijing Yilingchenfei Technology Co., Ltd. (北京一凌宸飛科技有限公司) (“Beijing Yilingchenfei”), which is a connected person at the subsidiary level of our Company. For details of our relationship with Beijing Yilingchenfei, see “Connected Transactions — Our Connected Person.”
As of the Latest Practicable Date, save for Supplier L (an associate of our Group in which Bai Sai Fund, a Management Shareholder, holds approximately 20% equity interests), none of our Directors, their close associates or any Shareholders which, to the best knowledge of our Directors, owned more than 5% of our issued share capital as of the Latest Practicable Date, had any interest in any of our top five suppliers in each period during the Track Record Period.
Purchases from our five largest suppliers in each year during the Track Record Period accounted for 15.6%, 9.6% and 12.2% of our total purchase amount during the same years, respectively.
Business · p. 170
Among our five largest suppliers during the Track Record Period, Mimosa Food, Ningbo Chengji Trading Co., Ltd., and Jiangsu Haozailai E-commerce Co., Ltd. were our related parties.
Business · p. 170
Each of the five largest suppliers in each year during the Track Record Period that were related parties but not connected persons will not become our connected persons.
Our purchases from our largest supplier in each period accounted for approximately 28.8%, 49.4% and 28.7% of our total purchases for the same period, respectively.
Business · p. 157
During the Track Record Period, except for Yao Youguang, all of our five largest suppliers in each year were independent third parties of the Group.