These transactions primarily included but not limited to (i) sales and purchases of products, materials and equipment; (ii) provision of services to related parties, including epitaxial wafers-related services; (iii) leases in relation to property, plant and equipment; and (iv) loans and borrowings from/to related parties.
Financial Information · p. 426
All loans, advances, non-trade balances due to and from the related parties are expected to be settled before the Global Offering.
Financial Information · p. 426
It is the view of our Directors that our transactions with related parties during the Track Record Period was conducted on an arm’s length basis and with normal commercial terms.
During the Track Record Period, we purchased equipment and spare parts and research and development outsource service from Fujian Rovos and sold of spare parts of mechanical massage equipment to Fujian Rovos, which is ultimately controlled by Mr. Wu Jinghua, our non-executive Director and substantial shareholder, and hence such transaction constituted related party transaction.
Financial Information · p. 364
For Fujian Rovos, we primarily purchased massage equipment and spare parts and research and development outsource service, totaling RMB27.89 million for the eight months ended 31 August 2025.
Business · p. 221
Our Directors believe that our transactions with related parties during the Track Record Period were conducted on an arm's length basis, and they did not distort our results of operations or make our historical results not reflective of our future performance.
Our amounts due to related parties decreased by 96.3% from RMB123.1 million as of December 31, 2022 to RMB4.5 million as of December 31, 2023, primarily because we settled all of the outstanding amounts of trade nature due to Haiwei Petrochemical and Haiwei Transportation, a related party controlled by the father of Mr. Song.
Financial Information · p. 281
The outstanding balances with related parties of non-trade nature are expected to be fully settled upon the Listing.
Financial Information · p. 287
Our Directors believe that our transactions with related parties during the Track Record Period were conducted in the ordinary and usual course of business and on an arm’s length basis, and they did not distort our results of operations during the Track Record Period or make our historical results during the Track Record Period not reflective of our future performance.
In April 2022, to enjoy the tax benefit in Hainan and considering that a self-owned property provides more stability than a leased property, we entered into a property purchase agreement with Hainan Zimu Online Technology Company Limited* (海南自牧網絡科技有限公司) (“Hainan Zimu”), a subsidiary of Liangkebang, to purchase from it a property for a purchase price of RMB29.0 million.
Financial Information · p. 301
As Hainan Zimu failed to release the pledge on the property and compete the registration of the transfer of real estate with the relevant PRC authority by January 31, 2023 and considering that the operation of the Group is expected to be conducted primarily within Beijing in the near future, such property purchase agreement was terminated on February 6, 2023 with the consideration amount and liquidated damages, which equal to 5% of the consideration amount, transferred to the Group in 2023.
Financial Information · p. 301
Our Directors believe that our transactions with related parties during the Track Record Period were conducted on an arm’s length basis, and they did not distort our results of operations or make our historical results not reflective of our future performance.
We had amounts due from related parties of RMB4,260.1 million, RMB3,752.4 million, nil and nil as of December 31, 2022, 2023, 2024 and May 31, 2025, respectively.
Financial Information · p. 384
Our amounts due from related parties decreased from RMB4,260.1 million as of December 31, 2022 to RMB3,752.4 million as of December 31, 2023, and further to nil as of December 31, 2024 and May 31, 2025, primarily due to the settlement of the amount due from Innovation Group, mainly as a result of the offset of considerations among related parties as part of the Reorganization.
Financial Information · p. 384
All our amounts due to related parties will be settled before Listing.
Our Company co-invested with our Controlling Shareholders’ close associates, namely Innovation Group and Innovation New Material, in the Saudi Project.
Summary · p. 4
Our Directors believe that the co-investment into the Saudi Project is beneficial to the Company and our Shareholders as a whole and does not indicate any undue reliance on, or direct competition with, our Controlling Shareholders’ close associates.
We have historically funded our working capital and other capital requirements principally from our operating activities, advances or loans from related parties and bank borrowings.
Financial Information · p. 381
The abovementioned amounts due from related companies and amount due from Century BVI were non-trade in nature.
Financial Information · p. 376
The amounts due from the related companies were repaid in 2024.
During the Track Record Period, our related party transactions mainly represented our purchase of API with ancillary services and in-licenses from related parties and interests on loan from a related party.
Financial Information · p. 498
The amounts due to Topharman Shanghai represent loan from Topharman Shanghai to Nantong Hefeng with a fixed interest rate of 3.85%. Such non-trade balance due to a related party had been settled as of the date of this prospectus.
Financial Information · p. 499
Our Directors confirm that all material related party transactions during the Track Record Period were conducted on an arm's length basis, and would not distort our results of operations over the Track Record Period or make our historical results over the Track Record Period not reflective of our expectations for our future performance.
Our amounts due to related parties increased by 213.7% from RMB24.8 million as of December 31, 2022 to RMB77.8 million as of December 31, 2023, primarily attributable to an increase in the amounts due to Guangzhou Yuji and its affiliate.
Financial Information · p. 454
As of December 31, 2022, 2023 and 2024, all the balances with related parties were trade in nature, unsecured, interest-free and repayable on demand.
Financial Information · p. 454
Our Directors are of the view that each of the significant related party transactions set out in Note 33 to the Accountants' Report included in Appendix I to this prospectus was conducted on an arm's length basis and would not distort our track record results or make our historical results not reflective of our future performance.
We have rendered engineering solution services to Toyota in exchange for service fees of US$4.2 million in 2022, US$0.6 million in 2023, US$0.1 million in 2024 and US$11 thousand in the six months ended June 30, 2025, while no such revenues were generated in the six months ended June 30, 2024 from Toyota.
Financial Information · p. 555
We offered Virtual Driver operation services to Sinotrans in exchange for services fees of approximately US$21.2 million in 2022, US$22.5 million in 2023 and US$30.7 million in 2024, and US$12.3 million and US$11.1 million for the six months ended June 30, 2024 and 2025, respectively.
Financial Information · p. 555
Our Directors are of the view that each of the related party transactions set out in Note 15 to the Accountants’ Report included in Appendix I to this Prospectus was conducted in the ordinary course of business on an arm’s length basis and with normal commercial terms between the relevant parties.
We enter into transactions with our related parties from time to time. For details of our related party transactions, see Note 50 to the Accountants’ Report included in Appendix I to this Prospectus.
Financial Information · p. 359
Our Directors are of the view that each of the related party transactions set out in Note 50 to the Accountants’ Report included in Appendix I to this Prospectus was conducted in the ordinary course of business on an arm’s length basis and with normal commercial terms between the relevant parties.
We entered into supply framework agreements with Guangxi Jiuyun, Mr. Wu Qingtuan and Jiangxi Youyuan (the “Connected Franchisees”), which are our connected persons, pursuant to which our Company will supply tea leaves and other products to them and/or their controlled companies acting as our franchisees.
Business · p. 258
During the Track Record Period, we entered into a number of transactions with related parties, including certain of our Controlling Shareholders, their close family members and companies controlled by them.
Financial Information · p. 459
Our Directors believe that our transactions with related parties during the Track Record Period were conducted in the ordinary course of business and on an arm’s length basis, and they did not distort our track record results or make our historical results not reflective of our future performance.
Our Company has entered into certain continuing connected transactions with our Controlling Shareholders and/or their respective associates.
Summary · p. 23
Our Directors believe that our transactions with related parties during the Track Record Period were conducted on an arm’s-length basis and did not distort our results of operations or make our historical results not reflective of our future performance.
Other receivables due from related parties represent (i) unsecured loans, with an interest rate of 4.35% and are generally repayable on demand, to Mr. Luo and Mr. Cen, and (ii) receivables from issues of shares of the Company pursuant to the Reorganisation, which were fully repaid in July 2023.
Financial Information · p. 333
The loan to Mr. Luo was fully repaid in August 2023, and the loan to Mr. Cen was fully repaid in January 2024.
Financial Information · p. 333
Our Directors are of the view that each of the related party transactions set out in Note 34 to the Accountant’s Report included in Appendix I to this Prospectus was conducted on an arm’s-length basis and with normal commercial terms between the relevant parties.
During the Track Record Period, we entered into several CRO agreements with Laibiyi Technology (Xiamen) Co., Ltd.* (萊必宜科技（廈門）有限責任公司) (“Laibiyi Technology”).
Financial Information · p. 426
Under the CRO agreements, Laibiyi Technology is responsible for providing clinical research services for C019199, and BE studies services, such as biological sample analysis and testing services for some of our other drug candidates.
Financial Information · p. 426
Our Directors are of the view that the transactions with Laibiyi Technology were conducted at arm’s length and on normal commercial terms, which are similar to those of other independent service providers.
For the year ended December 31, 2024 and the five months ended May 31, 2025, we sold certain robots and functional kits amounting to RMB0.1 million and RMB0.4 million, respectively, to a distributor of ours, namely, Wuhan Zhongtian Huatuo Intelligent Technology Co., Ltd. (武漢中天華拓智能科技有限公司), an associate of Ms. Zhi.
Financial Information · p. 476
We do not intend to enter into any new transaction agreements with such entity upon Listing.
Financial Information · p. 476
Our Directors believe that our transactions with related parties during the Track Record Period disclosed above (i) were conducted on arm’s length basis; and (ii) do not distort our Track Record Period results or make our historical results not reflective of future performance.
During the Track Record Period, we purchased various products and services from Beijing Sihuan, including domestic utilities like water, electricity, and heating, as well as packing services for clinical trials and processing services for XZP-3621 preparation.
Financial Information · p. 478
During the Track Record Period, we rented a building from Beijing Sihuan and Hainan Sihuan for office use.
Financial Information · p. 478
We had an outstanding balance due from an entity under common control of the ultimate holding company of RMB23 thousand, RMB0.2 million and RMB0.9 million as of December 31, 2023 and 2024 and June 30, 2025, respectively.
During the Track Record Period, other than (i) compensation of key management personnel of our Group; (ii) the personal guarantee by our Directors for our banking facilities; and (iii) staff costs incurred in respect of the spouse of Mr. KY Ip in the amount of approximately HK$0.3 million and HK$0.2 million for FY2023/24 and FY2024/25, respectively, we do not have other related party transactions.
Financial Information · p. 314
All of our outstanding related party balances will be fully settled before the Listing.
We enter into transactions with our related parties from time to time.
Financial Information · p. 425
Our Directors are of the view that each of the material related party transactions set out in Note 23 to the Accountants’ Report included in Appendix I to this prospectus was conducted in the ordinary course of business on an arm’s length basis and with normal commercial terms between the relevant parties.
Financial Information · p. 425
Our Directors are also of the view that our material related party transactions during the Track Record Period would not distort our track record results or cause our historical results to become not reflective of our future performance.
As of December 31, 2022, 2023 and 2024 and June 30, 2025, the balance of such deposit of idle cash amounted to US$124.3 million, US$134.3 million, US$233.4 million and US$148.4 million, respectively.
Financial Information · p. 484
The non-trade balances with related parties will be settled by 2028, and the non-trade balances with Zijin Mining will be no more than US$750 million prior to the Listing.
Financial Information · p. 505
Our Directors confirmed that each of the related party transactions set out in note 45 to the Accountants’ Report set out in Appendix I to this Prospectus was conducted in the ordinary course of business on an arm’s length basis and with normal commercial terms between the relevant parties.