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
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.
During the Track Record Period, we invested in and subsequently acquired five distributors to expand our sales channels.
Business · p. 122
The terms governing our transactions with these five distributors during the Track Record Period were substantially consistent with those applicable to our other independent distributors.
Business · p. 122
To further strengthen channel synergy and ensure long-term cooperation stability, we have made equity investments in or acquired key channel partners during the Track Record Period.
Supplier I, our largest supplier for FY2025, was controlled by our former employee, Mr. X, who, by virtue of being a shareholder and being a general partner of a partnership which is a shareholder, collectively hold 51% of voting rights of Supplier I as at the Latest Practicable Date.
Business · p. 143
For FY2025, the total purchase amount from Supplier I accounted for approximately RMB78.7 million, representing 12.8% of our total purchase during the same period.
Business · p. 144
By subcontracting assembly works to Supplier I, we can streamline our internal workflow and increasing our management efficiency, which allows us to focus our resources and business efforts on cultivating and enhancing our R&D capabilities.
To the best knowledge of our Directors, during the Track Record Period and up to the Latest Practicable Date, save for ZhongAn Online (who was our shareholder and largest customer in each period during the Track Record Period and held 7.1571% equity interest in Customer E), 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 each year during the Track Record Period that are required to be disclosed under the Listing Rules.
All of our five largest suppliers were Independent Third Parties during the Track Record Period, except for Amlogic Holdings Ltd..
Business · p. 143
During the Track Record Period, (i) Amlogic Shenzhen, Amlogic Technology (Beijing) Co., Ltd. (“Amlogic Beijing”), Amlogic (Xi’an) Co., Ltd. (“Amlogic Xi’an”), Amlogic (Chengdu) Co., Ltd. (”Amlogic Chengdu”), and Hefei Amlogic Co., Ltd. (“Amlogic Hefei”) licensed self-developed technologies to our Company, and (ii) Amlogic Holdings Ltd. licensed externally purchased IP rights to our Company for use, and our Company pays licensing fees to these entities.
Business · p. 156
Our Directors believe that these transactions were conducted on normal commercial terms and on an arm’s length basis in the ordinary and usual course of business, and did not distort our results of operations or make our historical results not reflective of our future performance.
Customer E, one of our five largest distributors during the Track Record Period, is our connected person, which is controlled by an associate of a director of one of our subsidiaries.
Business · p. 150
Customer E, one of our five largest customers during the Track Record Period, is our connected person, which is controlled by an associate of a director of one of our subsidiaries.
Business · p. 159
Supplier D, one of our five largest suppliers during the Track Record Period, is our connected person, which is controlled by Mr. Mu, our Controlling Shareholder.
During the Track Record Period, the shareholders or key personnel of a few of our distributors were our employees and former employees during their employment or after their employment relations were terminated with our company.
Business · p. 155
During the Track Record Period, a small number of our connected persons and/or their relatives being shareholders or key personnel of certain distributors.
Business · p. 156
In addition, we have adopted the policy that our employees are not permitted to act as our distributors, and we require new hires to submit independence declarations and conduct background checks to identify any links between distributors and our employees.
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
Customer Group A, being one of our top five customers in each year of the two years ended December 31, 2024, comprises of UP OPTOTECH, which is a substantial shareholder of our Company.
Summary · p. 4
During each year during the Track Record Period, revenue generated from Customer Group A amounted to approximately RMB110.1 million, RMB39.9 million and RMB27.4 million, representing approximately 18.2%, 5.9% and 3.2% of our total revenue for the respective periods.
Summary · p. 4
To the best knowledge of our Directors, save for Customer Group A, 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 each year during the Track Record Period that are required to be disclosed under the Listing Rules.
As of the Latest Practicable Date, we held approximately 31.4% equity interests in Supplier K.
Business · p. 152
Among our five largest customers during the Track Record Period, Customer J held 4.1% of the equity interests in our Company, as of the Latest Practicable Date.
Business · p. 158
In addition, Customer L is a connected person of our Company as defined under Chapter 14A of the Hong Kong Listing Rules.
SAIC Motor, being our substantial shareholder upon [REDACTED], is a PRC automotive manufacturer listed on the Shanghai Stock Exchange (stock code: 600104).
Summary · p. 7
We maintain close collaboration with leading automotive OEM customers, including SAIC Group and BAIC Group, through joint development and project-based cooperation.
Business · p. 155
In March 2026, SAIC Motor announced at MG Tech Day in Frankfurt that the MG4 Urban would become the first mass-produced electric vehicle in Europe to be fitted with solid-liquid hybrid batteries supplied by us, with availability targeted for later in 2026.
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, save for Company A, one of our major shareholders and with which we entered into various strategic partnerships, none of our Directors, their associates or any of our shareholders (who owned or to the knowledge of Directors had owned more than 5% of our issued share capital) had any interest in any of our five largest customers of each of the year during the Track Record Period.
Business · p. 122
As of the Latest Practicable Date, save for Supplier H, which is our non-controlling associate, none of our Directors, their associates or any of our shareholders (who owned or to the knowledge of the Directors had owned more than 5% of our issued share capital) had any interest in any of our five largest suppliers.
Liu entities include all the corporate entities (excluding our Group) then controlled under PRC laws by our Controlling Shareholders, Mr. Liu and Ms. Liu, in the relevant year in 2023, 2024 or 2025, which primarily engaged in agriculture, animal husbandry, food production, logistics service and forage.
Business · p. 135
To the best of our knowledge, except for Liu entities, all of our five largest suppliers in each year during the Track Record Period were independent third parties.
Business · p. 135
In the same periods, our purchase amount from Liu entities was RMB932.8 million, RMB845.9 million and RMB853.8 million, respectively, accounting for 10.2%, 9.6% and 9.2% of our total purchase amount in the same periods, respectively.
To our best knowledge, during the Track Record Period, eight of our distributors were controlled by our former employees (“former employee-distributor(s)”), and one of our distributors is a relative of our Directors (“connected distributor”).
Business · p. 136
We applied the same selection criteria and procedures when considering cooperation with the aforementioned distributors, and did not enter into preferential agreements with any of these distributors.
Save for Supplier G, a wholly-owned subsidiary of Ruiming Science, in which we retained a 19% equity interest following its disposal, all of our five largest suppliers were independent third parties in each year during the Track Record Period.
Business · p. 163
Supplier G is a wholly-owned subsidiary of Ruiming Science established in China, primarily engaged in the electronic manufacturing services, which mainly involve printed circuit board surface-mount processing.
Business · p. 165
None of our Directors and their respective associates or our Shareholders who own more than 5% of our total issued Shares (excluding treasury shares) had any interest in our five largest suppliers in each year during the Track Record Period and up to the Latest Practicable Date.
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.