Our related party transactions during the Track Record Period primarily included sales of goods to Nanning Qingzhi.
Financial Information · p. 222
Our Directors are of the view that our related party transactions during the Track Record Period were conducted in the ordinary course of business at arm’s length with reference to normal commercial terms, and would not distort our track record results or make our historical results not reflective of our future performance.
Financial Information · p. 222
Included in deposits and other receivables is an amount due from an associate of RMB1.9 million, RMB3.0 million and nil, which is net of impairment of RMB0.1 million, RMB0.2 million and RMB3.1 million as of December 31, 2023, 2024 and 2025, respectively, which bears an interest rate at 4% per annum.
These transactions mainly included bank loans guaranteed by Mr. Li and Mr. Zhu, being members of our Controlling Shareholders. Such guarantees have been released as of December 31, 2025.
Financial Information · p. 254
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 distinct our results of operations or make our historical results not reflective of our future performance.
Our prepayments and other receivables comprised primarily of (i) prepayments to suppliers in relation primarily to the purchases of electricity, (ii) deductible VAT, (iii) deposits in relation to site services, (iv) amount due from shareholders; (v) amount due from a supplier; and (vi) amount due from an independent third party.
Financial Information · p. 234
Such balance was settled in full in March 2026.
Financial Information · p. 234
Our Directors are of the view that each of the related party transactions was conducted on an arm's length basis and would not distort our track record results or cause our historical results to become non-reflective of our future performance.
As of December 31, 2023, 2024 and 2025, we recorded non-trade amounts due to related parties of RMB45.0 million, RMB86.7 million and nil, respectively.
Financial Information · p. 223
Our Directors are of the view that each of the related party transactions set out in Note 38 to the Accountants’ Report in Appendix I to this document was conducted in the ordinary course of business on an arm’s length basis and with normal commercial terms between the relevant parties.
As of December 31, 2023, 2024 and 2025, our outstanding balances due to related parties amounted to RMB10.6 million, RMB7.8 million and RMB16.7 million, respectively.
Financial Information · p. 187
Our balances with related parties were non-trade in nature during the Track Record Period.
Financial Information · p. 187
Our Directors are of the view that each of the related party transactions set out in Note 33 to the Accountants’ Report included in Appendix I to this document was conducted in the ordinary course of business on an arm’s length basis and with normal commercial terms between the relevant parties.
Our Company has entered into certain continuing connected transactions with our Controlling Shareholders and/or their respective associates.
Summary · p. 12
Our Directors are of the view that each of the related party transactions set out in Note 46 to the Accountants’ Report in Appendix I to this Document 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. 243
Our Directors are also of the view that our related party transactions during the Track Record Period would not distort our track record results or make our historical results not reflective of our future performance.
As of December 31, 2023 and 2024, the amounts due to related parties primarily represented the amounts due to Bosch.
Financial Information · p. 248
In addition, we accelerated the settlement of our amounts due to Bosch in 2025.
Financial Information · p. 249
In addition, as of December 31, 2025, RMB949.9 million of our bank borrowings were guaranteed by Mr. Yang, and we expect to settle such amounts before Listing.
The outstanding balance was repaid in February 2025.
Financial Information · p. 251
The outstanding balance was repaid in May 2025.
Financial Information · p. 251
The commercial terms offered by the related parties and the third party to us were no less favorable than bank borrowings, particularly taking into account the fact that the we did not provide any security for the loans.
One of our Wholesale Customers during the Track Record Period was a company owned by the sister of Mr. Tse, which is a connected person of our Company (''Relevant Wholesale Customer'').
Business · p. 153
Sales to this Wholesale Customer were conducted on normal commercial terms and at prices comparable to other third-party customers, and amounted to HK$1.9 million, HK$6.7 million, HK$6.4 million and nil for FY2023, FY2024 and FY2025 and 8MFY2026, respectively.
Business · p. 153
Except for the Relevant Wholesale Customer, none of our Directors or any Shareholders who owns more than 5% of the share capital of our Company as at the Latest Practicable Date, nor any of their respective associates, had any interest, directly or indirectly, in any of our five largest customers or any of the Wholesale Customers for each year/period during the Track Record Period.
We had amounts due from related parties which represented the entities controlled by Mr. Tse of HK$366.2 million, HK$412.3 million, HK$276.8 million and HK$154.7 million as at 31 March 2023, 2024 and 2025 and 30 November 2025, respectively.
Financial Information · p. 249
On 10 February 2026 and 21 May 2026, the Company declared dividends of HK$130 per share totaling HK$130,000,000 and HK$23 per share totaling HK$23,000,000, respectively, which were settled by way of an offsetting with the Group's amounts due from related parties.
Financial Information · p. 249
All the amounts due to related parties had been settled in full as at the date of this prospectus.
During the Track Record Period, our related party transactions, which are non-trade in nature, primarily comprised of: (i) a loan with PharMab, which was fully repaid by our Company in August 2025 along with its accrued interest; (ii) guarantees provided by Dr. Liu and his close associate, for certain bank loans made to the Group, which have been released as of the Latest Practicable Date; and (iii) compensation for key management personnel.
Financial Information · p. 245
Interests are charged at 2.45% annually, and principal and interest will be paid at maturity.
Financial Information · p. 244
Our Directors believe that these transactions were conducted on an arm’s length basis and did not distort our results of operations, nor did they make our historical results unreflective of our future performance.
Our Directors confirm that all 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.
Financial Information · p. 244
All of our related party balances as of December 31, 2024 and 2025 were non-trade in nature and our Directors confirm that all such non-trade balances will be fully settled prior to our [REDACTED].
During the Track Record Period, we had entered into certain related party transactions, which mainly included purchase from related parties representing promotional services we procured.
Financial Information · p. 225
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.
As of December 31, 2023, 2024 and 2025, amounts due from related parties were RMB69.8 million, RMB94.3 million and RMB14.1 million, respectively.
Financial Information · p. 216
As of the Latest Practicable Date, RMB14.1 million of our amounts due from related parties remained outstanding, which will be settled before [REDACTED].
Financial Information · p. 216
Our Directors believe that our transactions with the related parties during the Track Record Period were conducted in the normal course of business and 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 Directors are also of the view that all material related party transactions during the Track Record Period were conducted on normal commercial terms or on terms no less favorable to our Group than those available from independent third parties, are fair and reasonable and in the interests of our Shareholders as a whole, and would not distort our track record results or make our historical results not reflective of our expectations for our future performance.
Financial Information · p. 249
We will continue to engage in certain connected transactions after the [REDACTED].
Summary · p. 12
We have applied to the Stock Exchange for, and the Stock Exchange [has granted], a waiver to us under Rule 14A. 105 of the Listing Rules from strict compliance with the announcement, circular and independent Shareholders’ approval requirements.
Our Directors are of the view that each of the related party transactions set out in Note 33 to the Accountants’ Report included in Appendix I to this document 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. 220
Our Directors are also of the view that our related party transactions during the Track Record Period would not distort our track record results or cause our historical results to become non-reflective of our future performance.
As of December 31, 2023, the amount due from related parties was approximately RMB1.6 million.
Financial Information · p. 240
These loans were non-trade in nature with interest at 3.65% per annum, and were settled in May 2024, February 2023 and January 2023 respectively.
Financial Information · p. 240
Our Directors are of the view that each of the related party transactions set out in Note 34 to the Accountants’ Report in Appendix I to this Document was conducted in the ordinary course of business on an arm’s-length basis and with normal commercial terms between the relevant parties.
During the Track Record Period, due from related parties primarily consisted of due from NUAG and Tincorp, both non-trade related in nature.
Financial Information · p. 241
In January 2024, we entered into an interest-free unsecured credit facility with no conversion features with Tincorp (the "Facility") to allow Tincorp to advance up to USD1.0 million from us.
Financial Information · p. 241
As at March 31, 2026, USD178.0 thousand, or 12.9% of due from related parties as at December 31, 2025 had been settled.
Substantially all of our balances with related parties were trade in nature during the Track Record Period. We expect that the balances with related parties that were non-trade in nature will be settled before the proposed [REDACTED].
Financial Information · p. 264
Our Directors are of the view that each of the related party transactions set out in Note 37 to the Accountant's Report included in Appendix I to this Document was conducted in the ordinary course of business on an arm's length basis and with normal commercial terms between the relevant parties.
We intend to continue certain transactions with our related parties, including the purchase of industrial off-gas and energy medium, after the Listing.
Financial Information · p. 265
After our Listing, the non-trade balance of amounts due from and to our related parties will continue, comprising (i) the loan from Shougang Finance, (ii) pledged deposits placed with Shougang Finance, and (iii) cash and cash equivalents deposited with Shougang Finance.