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
During the Track Record Period, one of our distributors ("distributor A") was established and controlled by a former employee of ours, who left our Company in 2020.
Business · p. 157
In 2023, 2024, 2025 and the five months ended May 31, 2026, revenue generated from distributor A amounted to RMB1.0 million, RMB2.7 million, RMB5.2 million and RMB2.1 million, respectively, accounting for less than 1% of our revenue in the respective period.
Business · p. 157
The terms and conditions of our commercial arrangement were substantially the same with those with other distributors.
One of our distributors during the Track Record Period became beneficially owned by a shareholder of one of the Company's minority shareholders in February 2026 following a change in our shareholding structure.
Business · p. 157
In 2023, 2024, 2025 and five months ended May 31, 2026, revenue generated from such distributor was nil, RMB9.7 million, RMB6.8 million and RMB1.9 million, respectively, accounting for nil, 1.6%, 0.8% and 0.6% of our total revenue in the respective periods.
Business · p. 157
Such distributor is subject to all of our Group's internal rules and policies in connection with the distributorship without preferential treatment.
During the Track Record Period, Shenzhen MicroBT Group was our related party as defined by IAS24 until December 12, 2025, and our sales to Shenzhen MicroBT Group contributed to 89.9%, 51.1%, 22.0% and 9.0% of our revenue for 2023, 2024, 2025 and three months ended March 31, 2026, respectively.
Business · p. 138
During the Track Record Period, to the best knowledge of our Directors, except for Shenzhen MicroBT and its subsidiaries ("Shenzhen MicroBT Group"), 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 any period during the Track Record Period that are required to be disclosed under the Hong Kong Listing Rules.
Business · p. 137
During the Track Record Period, our pricing for and gross profit margin of the products provided to Shenzhen MicroBT Group was substantially similar to comparable products that we provided to other customers, and the salient terms of our sales agreements with Shenzhen MicroBT Group are substantially similar to those with our other major customers;
One of our Pre-[REDACTED] Investors is a subsidiary wholly-owned by Customer A.
Business · p. 155
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 in each year during the Track Record Period.
Supplier F, one of our five largest suppliers in 2024 and 2025, is an associate of our Company.
Business · p. 161
Our Directors confirm that the transactions with Supplier F were conducted in the ordinary and usual course of business as normal commercial arrangements, the terms of such transactions were fair and reasonable, and that such arrangements did not have any adverse impact on the operational independence, pricing mechanism or business arrangements of our Group.
Jixun Technology, one of our five largest customers in 2023 and our former subsidiary, is an associate of our Company.
Business · p. 168
We sold integrated circuit chips to Jixun Technology for their manufacturing of ink cartridges.
Business · p. 168
Our Directors confirm that the transactions with Jixun Technology were conducted in the ordinary and usual course of business as normal commercial arrangements, the terms of such transactions were fair and reasonable, and that such arrangements did not have any adverse impact on the operational independence, pricing mechanism or business arrangements of our Company.
OFILM, a company established in the PRC whose shares are listed on the Shenzhen Stock Exchange, and is controlled by Dr. Cai, a non-executive Director, chairman of the Board and a Controlling Shareholder.
Business · p. 149
Among our top five customers during the Track Record Period, only OFILM was a connected person.
Summary · p. 8
Based on OFILM's publicly disclosed annual reports, our sales to OFILM represented approximately 2.2%, 2.5% and 3.3% of OFILM's total purchases in 2023, 2024 and 2025, respectively.
Except for Supplier D, all of our five largest suppliers were Independent Third Parties during the Track Record Period.
Business · p. 170
Our transaction with Supplier D was conducted in the ordinary course of business and carried out on commercial terms that were negotiated at arm’s length.
Business · p. 170
The gross profit margins of our sales to Supplier D in 2023, 2024 and 2025 were higher than our overall gross profit margins for the respective periods, primarily because we mainly provided technical services to such customer, which generally carried higher gross profit margins.
Shandong Energy is our controlling shareholder and is therefore a connected person of our Company. It was also one of our five largest customers during the Track Record Period.
Summary · p. 6
RGL Group, another connected person of our Company, is one of our indirect substantial shareholders and was also one of our five largest customers during the Track Record Period.
Summary · p. 7
The relevant transactions were conducted in the ordinary and usual course of business, negotiated on an arm’s length basis, and priced in accordance with the prevailing market rate.
To the best of our knowledge, except for Supplier A and Supplier I, all of our five largest suppliers in each year during the Track Record Period were independent third parties.
Summary · p. 10
As of the Latest Practicable Date, except for Supplier A and Supplier I, 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 top five suppliers in each year during the Track Record Period.
Our Directors further confirmed that all of our transactions with Anton Oilfield Group were conducted in the ordinary course of business under normal commercial terms and on an arm's length basis.
Business · p. 123
As of the Latest Practicable Date, except for Anton Oilfield Group, all of our five largest customers in each year during the Track Record Period were Independent Third Parties and none of our Directors, their close associates or any of our Shareholders (who owned, or to the knowledge of our Directors, had 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.
Supplier E was one of our five largest suppliers in 2023 and 2024. One of our Shareholders held less than 30% equity interest in Supplier E.
Business · p. 117
Such Shareholder, acting in concert with another Shareholder, owned more than 5% of our issued share capital until July 12, 2024, after which their holdings in our Company were reduced to less than 5%.
Except for one distributor which is owned by the spouse of our executive Director, Mr. Zhu Fangyong, which generated revenue of RMB1.3 million, RMB1.0 million and RMB0.9 million for FY2023, FY2024 and FY2025, respectively, accounting for approximately 0.5%, 0.3% and 0.3% of our total revenue, respectively (the ‘‘Historical Connected Distributor’’), for the same years, as confirmed by our Directors, all of our distributors are Independent Third Parties and there was no any other past or present relationships or dealings (including, without limitation, business, employment, family, trust, financing, shareholding or otherwise) between (i) our Company, Shareholders, Directors or senior management or any of their respective associates; and (ii) our distributors, and to the best of our knowledge, we are not aware of any business relationship among our distributors.
Business · p. 123
As at Latest Practicable Date, we have terminated our business relationship with the Historical Connected Distributor.
To the best of our knowledge, during the Track Record Period and up to the Latest Practicable Date, all of our distributors were independent third parties with no other relationship with us, except for one distributor held by our former employee as to 30%.
Mr. Lim, our founder, executive Director and Controlling Shareholder, was also a non-executive director and a shareholder of Dx & Vx Co., Ltd.
Business · p. 151
In addition, Beijing Leye is wholly owned by Mr. Lim.
Business · p. 151
We have implemented, and intend to continue to implement, measures to diversify our product portfolio, supplier base, business partners, channels and revenue streams in order to reduce reliance on Hanmi Group and other entities in which Mr. Lim and his close associates have interests.
To the best knowledge of our Directors, none of our Directors and their respective close associates or any of the Shareholders holding more than 5% of our Company’s share capital as of the Latest Practicable Date has any interest in any of our five largest customers (other than Lizhen Business) during the Track Record Period.
Business · p. 143
Lizhen Business, one of our five largest customers in 2025, was also our supplier during the same year.
In 2018, E Ink Holdings reinforced this relationship by becoming our shareholder through Chuanqi Optoelectronics with an equity interest of 2.73%, demonstrating its confidence in our business and commitment to long-term cooperation.
Business · p. 151
As a shareholder, E Ink Holdings benefits directly from our business performance, creating a shared incentive to maintain a stable and long-term partnership.
During the Track Record Period and up to the Latest Practicable Date, to the best of our knowledge, certain of our five largest customers for each year during the Track Record Period are our Shareholders or their respective affiliates, or our former or existing investee companies.
Business · p. 190
We believe such strategic shareholding helps align the parties' long-term interests and further strengthens our cooperation in product development, mass-production deployment and technology iteration.
Business · p. 190
Save for these entities, our five largest customers for each year during the Track Record Period were Independent Third Parties, and as of the Latest Practicable Date, none of our Directors, their close associates and any Shareholder (which to the knowledge of our Directors owned more than 5% of our total issued share capital as of the Latest Practicable Date) had any interest in any of our five largest customers for each year during the Track Record Period.
In addition, the chairman and controlling shareholder of Customer K is Mr. Yu Haibo (于海波), who is a connected person at the subsidiary level of our Company under Rule 14A.06(9) of the Listing Rules.
Business · p. 157
Customer J was our investee in which we owned 5.00% of equity interest, whose ultimate beneficial owner was an Independent Third Party, as of the Latest Practicable Date.
Business · p. 157
According to the information publicly available, the ultimate beneficial owner of Customer H is Mr. Cui Changbin (崔長斌), who is an Independent Third Party and holds approximately 90% equity interest in Customer H.
In April 2026, Customer D transferred its equity interests in Hangzhou Boshu to us, and Hangzhou Boshu has been our wholly-owned subsidiary since then.
Business · p. 169
Save as Customer D which historically held equity interests in Hangzhou Boshu, to the best knowledge of our Directors, as of the Latest Practicable Date, apart from being our customers, there were no other past or present relationships (business, employment, shareholding, family, trust, financing or otherwise) between such customers, their directors or ultimate beneficial owners, and our Group, our shareholders, our Directors, or senior management, or any of their respective associates.
Business · p. 169
Save as Suppler E being the former shareholder of one of our subsidiaries, to the best knowledge of our Directors, as of the Latest Practicable Date, apart from being our suppliers, there were no other past or present relationships (business, employment, shareholding, family, trust, financing or otherwise) between such suppliers, their directors or ultimate beneficial owners, and our Group, our shareholders, our Directors, or senior management, or any of their respective associates.