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
Except for Hangzhou CoJourney, all of our five largest suppliers during the Track Record Period were Independent Third Parties.
Summary · p. 6
Save for Dr. Wu, Dr. Ye and Ms. Wang, each of whom is indirectly interested in the equity of Jiaxing CoJourney, none of our Directors, their respective associates nor any shareholder who, to the 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 during the Track Record Period.
Summary · p. 6
For details, see “Relationship with Controlling Shareholders — Other Business or Interest of Controlling Shareholders” in this document.
Each of Customer A and Customer B is a minority shareholder of our subsidiaries.
Business · p. 150
We hold approximately 42.83% of the equity interest of Supplier D.
Business · p. 155
As of the Latest Practicable Date, 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 in each year during the Track Record Period.
To the best of our knowledge, save for CHINT Group, all of our five largest customers in each period during the Track Record Period were independent third parties.
Business · p. 141
To the best of our knowledge, save for CHINT Group, all of our five largest suppliers in each period during the Track Record Period were independent third parties.
Business · p. 142
The revenue generated from CHINT Group was RMB2,291.0 million, RMB2,683.2 million, RMB2,780.1 million and RMB1,486.0 million in 2023, 2024, 2025 and the six months ended June 30, 2026, respectively.
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.
To our best knowledge, as of June 30, 2026, we had 94 Former Employee Franchisees, operating 143 stores, none of whom were connected persons of our Company (“Connected Franchisees”).
Business · p. 138
The revenue contribution from our Former Employee Franchisees amounted to RMB313.3 million, RMB406.3 million, RMB421.3 million and RMB206.4 million, respectively, accounting for 2.7%, 3.4%, 3.7% and 4.1% of our total revenue for the respective period.
Business · p. 138
We applied the same selection criteria and procedures when considering these Former Employee Franchisees.
(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.
Among our five largest suppliers, we procure pork products from Zhaozhao Fresh.
Summary · p. 3
To the knowledge of our Directors, save for Zhaozhao Fresh which is an associate of our Controlling Shareholders, none of our Directors and their respective Associates or any Shareholders holding more than 5% of our issued share capital has any interests in any of our five largest suppliers as of Latest Practicable Date.
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.
One of our distributors was founded by our former employee.
Business · p. 170
In 2024, 2025 and the six months ended June 30, 2026, it purchased high-payload cobots from us and contributed RMB0.3 million, RMB1.7 million and RMB0.4 million, respectively, to our revenue.
Business · p. 170
There is no material difference between the distributor agreements that we entered into with the distributor founded by our former employee and our other distributors.
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.
Zhejiang Energy Atlas commenced business relationship with us in 2023 and became our second largest customer in the same year, mainly because it is a dedicated procurement platform established by one of our shareholders and one of our major customers, and procured all of its green shipping equipment and systems from us during the year, resulting in a relatively large transaction amount.
Business · p. 156
Except for Zhejiang Energy Atlas, all our top five customers in each applicable period during the Track Record Period were Independent Third Parties.
Business · p. 157
Zhejiang Energy Atlas is also our connected person.
To the best of our knowledge, during the Track Record Period and up to the Latest Practicable Date, except for Luxshare Precision, all of our five largest suppliers in each year/period during the Track Record Period were Independent Third Parties.
Business · p. 155
To the best of our Directors’ knowledge, except for Luxshare Precision, none of our Directors or their respective close associates or any person 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 suppliers in each year/period as of the Latest Practicable Date.
During the Track Record Period, a current director and owner (the “Relevant Individual”) of Customer A, one of our top five customers during the Track Record Period, was a director of our subsidiary in Germany from May 2023 to January 2026, which was established for the purpose of providing after-sale services in Germany and is not a significant subsidiary.
Business · p. 135
As of the Latest Practicable Date, the Relevant Person was no longer a director of our German subsidiary.
Business · p. 135
To the best of our knowledge, all of our distributors during the Track Record Period are Independent Third Parties, and except as disclosed above, none of our distributors has any other past or present family, employment or financial relationships with us.
Except for Customer I and one of our Shareholders belong to the same group, none of our Directors, their close associates or any Shareholders which, to the knowledge of our Directors, own more than 5% of our share capital as of the Latest Practicable Date, or have any interest in any of our five largest customers.
Business · p. 160
Our Directors confirm that the transactions with Customer I were conducted on an arm's length basis.
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.
For the year ended December 31, 2024 and 2025 and the four months ended April 30, 2026, our purchases from our five largest suppliers for each year/period in aggregate amounted to RMB32.1 million, RMB24.9 million and RMB5.9 million, representing 30.6%, 27.1% and 19.8% of our total corresponding purchases in the respective period, and our purchases from the largest supplier for each period accounted for 11.0%, 7.7% and 5.9% of our total corresponding purchases for the respective period.
Business · p. 185
Except for Chifeng Saliont, which is controlled by our Controlling Shareholder, Mr. Li, all of our five largest suppliers in each year/period during the Track Record Period are Independent Third Parties.
Business · p. 186
Our Directors are of the view that such transactions with Chifeng Saliont were made on a reasonable basis and necessary for our business operations, and confirm that our historical transactions with Chifeng Saliont have been conducted on arm’s-length basis.
To the best of our knowledge, (i) save for Supplier B, all of our five largest suppliers in each year or period during the Track Record Period were Independent Third Parties, and (ii) 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 our Directors owned more than 5% of our issued share capital) had any interest in any of our five largest suppliers in each year or period during the Track Record Period.
Business · p. 143
(2) Supplier B: An entity controlled by Mr. Ma Jiajun (馬佳軍), a connected person of our Company at subsidiary level. See “Continuing Connected Transactions — Connected Person.”
Business · p. 144
Accordingly, instead of transporting such milk to our dairy production facility, our subsidiary sold the raw milk to Supplier B, with an aggregate amount of RMB101,700 in 2024.
During the Track Record Period, the aggregate revenue generated from distributors controlled by former employees amounted to RMB18.4 million, RMB28.8 million, RMB31.3 million and RMB6.0 million, respectively, representing 0.4%, 1.0%, 1.2% and 1.1% of our total revenue for the corresponding period, respectively.
Business · p. 142
To the best of our knowledge, the terms and conditions of our commercial arrangements with such distributors were substantially the same as those applicable to our other distributors, and no preferential treatment was granted.