Hong Kong IPO disclosure precedents · 255 companies, 282 items
a director, shareholder or their associates has an interest in a top-five customer or supplier, or a major customer / supplier is a shareholder or former employee's entity
To the best knowledge of our Directors, six out of the 11 limited partners of Zhangchuang Gongying Platform, who in aggregate hold approximately 10% of registered capital of Zhangchuang Gongying Platform, are interested in each of our major customers respectively.
Summary · p. 10
Save for the aforesaid, none of our Directors, their close associates or our Shareholders who hold more than 5% of our issued share capital had any interest in our five largest customers in each year/period during the Track Record Period.
During the Track Record Period and as of the Latest Practicable Date, our five largest suppliers, other than Huaibei Mining Group and Huaibei China Resources Gas Co., Ltd., were Independent Third Parties.
Business · p. 228
For the years ended December 31, 2022, 2023, 2024 and the five months ended May 31, 2025, purchases from Huaibei Mining Group were RMB21.9 million, RMB9.3 million, RMB0.6 million and nil, respectively, representing 22.5%, 9.2%, 0.5% and nil of our total purchases for the same periods, respectively.
Business · p. 228
For the years ended December 31, 2022, 2023, 2024 and the five months ended May 31, 2025, purchases from Huaibei China Resources Gas Co., Ltd. were RMB35.2 million, RMB31.2 million, RMB23.1 million and RMB10.1 million, respectively, representing 36.1%, 30.8%, 17.1% and 16.9% of our total purchases for the same periods, respectively.
Trader A is a subsidiary of Huaibei Mining Group and it purchased raw coke and raw powder from us during the Track Record Period.
Business · p. 213
The transaction was conducted on normal commercial terms and at prevailing market prices.
Business · p. 213
Trader A contributed nil, nil, 0.7%, nil and nil of our total revenue in 2022, 2023, 2024 and the five months ended May 31, 2024 and 2025, respectively.
In addition, Mr. Li Yan, our executive Director and the chief strategic officer, holds 99.7% of interest in Beijing Fengsheng Capital Management Co., Ltd.
Business · p. 216
As confirmed by Beijing Fengsheng and Mr. Li Yan, it was not involved in the management of, or otherwise control any director/board of directors or any of the other shareholders of Weidaoyun.
Business · p. 217
Save for the aforementioned, during the Track Record Period, none of our Directors, their close associates or any shareholders of our Company (who or which to the knowledge of the Directors owned more than 5% of our Company’s issued share capital) had any interest in any of our top five suppliers for each year during the Track Record Period.
Innovation New Material, a company controlled by Mr. Cui, therefore our connected person, is listed on the Shanghai Stock Exchange (stock code: 600361.SH) and was our largest customer in 2023, 2024 and the five months ended May 31, 2025.
Summary · p. 3
To the best of our knowledge, except for Innovation New Material, each of our five largest customers in each year/period during the Track Record Period was an Independent Third Party.
Business · p. 251
To the best of our knowledge, except for Shandong Suotong, our related party, none of our Directors, their associates or any shareholders of our Company, who or which to the knowledge of the Directors owned more than 5% of our Company’s issued share capital, had any interest in any of our five largest suppliers in each year/period during the Track Record Period.
Sunda Group consists of our Group and the Remaining Sunda Group, both of which are ultimately controlled by Mr. Shen and Ms. Yang.
Business · p. 215
Save for the Remaining Sunda Group, all of our five largest customers in each year/period during the Track Record Period are Independent Third Parties.
Business · p. 218
Save for the Remaining Sunda Group, all of our five largest suppliers in each year/period during the Track Record Period are Independent Third Parties.
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.
As of the Latest Practicable Date, save for Customer K where Dr. Peng has also served as non-executive director, 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 customers in each year/period during the Track Record Period.
Summary · p. 13
In addition, during the Track Record Period and up to the Latest Practicable Date, we held minority interests of approximately 5% in OnTime Mobility and less than 5% in Customer K, both of which were our customers.
Summary · p. 13
During the Track Record Period, US$4.8 million, US$7.6 million, US$3.0 million and US$1.2 million of revenue was recognized from our collaborations with OnTime Mobility in 2022, 2023 and 2024 and six months ended June 30, 2025, respectively.
Topharman Shanghai and Shandong Topharman are controlled by our founder Dr. Shen, who is a researcher, group leader, and doctoral supervisor at Shanghai Institute of Materia Medica, CAS.
Business · p. 344
To the best of knowledge of our Directors, except for Shandong Topharman, all of our five largest suppliers in each year/period during the Track Record Period are Independent Third Parties.
Business · p. 391
We confirm that the payment terms of the TPN171 Agreements were determined through arm's length negotiations, taking into account the varying contributions of the TPN171 Assignors.
Guangzhou Yuji Technology Co., Ltd. (廣州禹跡科技有限公司) is a majority-controlled company of Mr. Ming Han (韓明), a sibling of Dr. Han, which is also beneficially owned by other shareholders that are unrelated to our Group or Dr. Han.
Business · p. 335
Supplier A is a substantial shareholder of a member of our Group.
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.
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.
As of June 30, 2025, we had 93 franchisees which were our former employees, or were companies controlled by our former employees (the “Former Employee Franchisees”).
Business · p. 258
In addition, the controlling shareholder of Henan Ruizhiming Trading Co., Ltd (河南瑞之茗商貿有限公司) (together with the Former Employee Franchisees and Connected Franchisees, collectively the “Non-independent Franchisees”), which is one of our five largest customers during each period of the Track Record Period, is the spouse of one of our employees.
Business · p. 258
During the Track Record Period, our terms and conditions to transactions with the Non-independent Franchisees are the same with those with the independent franchisees in all material aspects, except for below terms and condition which were insignificant in terms of the impact on our revenue:
As of the Latest Practicable Date, except for Sany International, none of our Directors, Supervisors or 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.
Business · p. 269
As of the Latest Practicable Date, except for Sany International and Sany Group Co., Ltd., none of our Directors, Supervisors or their respective close associates or any of our shareholders (who, 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.
To the best of our knowledge, as of the Latest Practicable Date, except for (i) Wuhan Zhongtian Huatuo Intelligent Technology Co., Ltd. (武漢中天華拓智能科技有限公司) (“Wuhan Zhongtian”), an associate of Ms. Zhi, (ii) Hangzhou Yinji, (iii) Shenyang Jingling Technology Co., Ltd. (瀋陽京靈科技有限公司), the shareholder of which was our former employee, and (iv) Shenzhen Zhongjia Management Consulting Co., Ltd. (深圳市衆嘉管理諮詢有限公司), the shareholder of which was our former employee, all of our distributors were independent third parties and none of our distributors were controlled by our former or current employees.
Business · p. 334
The largest shareholder of Hangzhou Yinji served as director of sales (overseas) in Shanghai Renyun, a wholly owned subsidiary of us and left in June 2023 before acquiring Hangzhou Yinji.
Business · p. 324
Save as Hangzhou Yinji, as of the Latest Practicable Date, there were no other past or present relationships (business, employment, shareholding, family, trust, financing or otherwise) between our largest distributors in each period during the Track Record Period, their directors or ultimate beneficial owners, and our Group, our shareholders, our Directors, Supervisors, or senior management, or any of their respective associates.
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.
During the Track Record Period, World Expo Engineering Services Company Limited (“World Expo”) subcontracted certain works of MVAC systems to us as subcontractor, mainly at a commercial property in Wong Chuk Hang.
Business · p. 180
Our Directors confirm that (i) save for the former shareholder relationship with Mr. Yau and his role as a former director of Golden Leaf HK as disclosed above, each of Mr. Yau and World Expo is an independent third party and is not a connected person of our Company, its subsidiaries, shareholders, Directors, senior management and their respective associates; (ii) each of Mr. Yau and World Expo has not received any funding or financial assistance from our Company, its subsidiaries, shareholders, Directors, senior management and their respective associates; and (iii) the terms of the subcontracts between our Group and World Expo during the Track Record Period were at arm’s length.
New Ho Electromechanical is wholly-owned by one individual, who was an employee of our Group between 2020 and 2022.
Business · p. 191
Our Directors confirm that (i) save for the former employment relationship as disclosed above, each of New Ho Electromechanical and its owner is an independent third party and is not a connected person of our Company, its subsidiaries, shareholders, Directors, senior management and their respective associates; (ii) each of New Ho Electromechanical and its owner has not received any funding or financial assistance from our Company, its subsidiaries, shareholders, Directors, senior management and their respective associates; and (iii) the terms of the subcontracts between our Group and New Ho Electromechanical during the Track Record Period were at arm’s length.