All of our related party balances as of December 31, 2023, 2024 and 2025 were non-trade in nature. We do not expect these non-trade balances to be settled or terminated prior to the completion of the [REDACTED], as the underlying transactions are entered into in the ordinary course of business and are expected to continue thereafter.
Financial Information · p. 230
We have entered into certain transactions with our Controlling Shareholders and/or their respective associates that will constitute our continuing connected transactions upon [REDACTED].
For each year of the Track Record Period, revenue derived from such arrangements amounted to nil, HK$13.4 million and HK$29.0 million respectively, representing nil, 3.4% and 4.6% of our total revenue for the respective years.
Business · p. 125
This includes rental income and related income from our sub-lease of designated retail spaces to Deesse Vivante for sales of its skincare and health supplement products to Members, and sub-lease of office space to Deesse Vivante for office use.
With respect to the related party transactions set forth in the Accountants’ Report in Appendix I to this document, our Directors confirm that these transactions were conducted on normal commercial terms or such terms that were no less favourable to our Group than those available to Independent Third Parties and were fair and reasonable and in the interest of our Shareholders as a whole.
The increase in our prepayments, other receivables and other assets as of December 31, 2025, was primarily due to an increase in amount due from Chengdu Kinna Investment Co., Ltd., which was primarily related to interest-bearing loans we provided to Chengdu Kinna Investment Co., Ltd..
Financial Information · p. 227
Prior to the [REDACTED], the guarantee provided by related parties will be released, and the non-trade balances with related parties will be settled.
During the Track Record Period, we entered into certain sales transactions with related parties.
Financial Information · p. 246
Our Directors are of the view that each of the related party transactions was conducted in the ordinary and usual course of business and on normal commercial terms between the relevant parties and does not distort our Track Record Period results or make our historical results not reflective of future performance.
(2) amounts due from related parties, which mainly represent interest-free loans extended to a joint venture of our Group to support its working capital needs;
Financial Information · p. 203
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.
During the Track Record Period, we had entered into certain related party transactions.
Financial Information · p. 247
Our outstanding balance from related party which were non-trade in nature had been settled before the Latest Practicable Date.
Financial Information · p. 247
Our Directors confirm that, all material related party transactions during the Track Record Period were conducted on normal commercial terms or such terms that were no less favorable to our Group than those available to independent third parties and were fair and reasonable and in the interest of our Shareholders as a whole, 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.
During the Track Record Period, we had the following material transactions during the Track Record Period with related parties.
Financial Information · p. 204
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.
We enter into transactions with our related parties from time to time.
Financial Information · p. 194
Our Directors are of the view that each of the related party transactions set out in Note 36 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 transactions during the Track Record Period with our related parties primarily comprised trade-related transactions of (i) purchase of products from M&G Corporation, (ii) sale of goods to our related parties, and (iii) leasing transactions with our related parties.
Financial Information · p. 188
All of our balances with related parties that were non-trade in nature will be fully settled prior to the [REDACTED].
Financial Information · p. 188
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.
During the Track Record Period, we entered into certain related party transactions from time to time, primarily related to the compensation of our key management personnel.
Financial Information · p. 255
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.
Financial Information · p. 255
a decrease of RMB31.2 million in other receivables from share incentive platform due to the settlement of such amounts in July 2025;
During the Track Record Period, we entered into a number of related party transactions, including (i) purchases of intangible assets and content assets from fellow subsidiaries; (ii) purchases related to cost of sales and services from our immediate and intermediate holding companies, fellow subsidiaries and related parties which represent associates of the ultimate holding company; and (iii) sales to our immediate and intermediate holding companies, fellow subsidiaries and related parties which represent associates of the ultimate holding company.
Financial Information · p. 226
Our Directors believe that the related party transactions described above were carried out on an arm's length basis and will not distort our results during the Track Record Period or make such results not reflective of our future performance.
Financial Information · p. 227
The prepayments to fellow subsidiaries as of December 31, 2025 were primarily due to the prepayments for the broadcasting rights for the 2028 UEFA European Football Championship Euro 2028, which were made through the FTA business unit of MNC Media (as the master license holder for the MNC Group) to the license owner.
We enter into transactions with our related parties from time to time. For details about our material related party transactions, see Note 36 to the Accountants’ Report set out in Appendix I to this document.
Financial Information · p. 212
Our Directors are of the view that each of the material related party transactions set out in Note 36 to the Accountants’ Report set out 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.
For details about our material related party transactions, see Note 29 to the Accountants’ Report set out in Appendix I to this document.
Financial Information · p. 208
Our Directors are of the view that each of the related party transactions set out in Note 29 to the Accountants’ Report set out 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. 208
The current portion of our prepayments, other receivables and other assets consists primarily of (i) prepayments for purchasing research and development services and raw materials, (ii) other receivables representing deposits and miscellaneous receivables, (iii) deferred [REDACTED] expenses in relation to the [REDACTED], and (iv) amounts due from a related party in relation to ESOP platform.
Subsequent to December 31, 2025, the Company entered into an intellectual property assignment agreement with Carraro S.p.A. on December 24, 2025 which became effective from January 1, 2026, with a total cash consideration of EUR23,271,000 (equivalent to RMB191,432,000), which was paid off in January 2026.
Our outstanding non-trade balances with related companies as of December 31, 2023, 2024 and 2025 amounted to nil, RMB35.1 million and nil, respectively, representing loan to related companies.
Financial Information · p. 218
Such balances had been fully settled as of the Latest Practicable Date.
Financial Information · p. 218
Our other income and gains primarily consists of (i) government grants, (ii) bank interest income, (iii) interest income from related companies, primarily derived from loans to eKontrol and its subsidiary, Beijing eKontrol Drive Technology Co., Ltd.
Amounts due from related parties are predominantly shareholder loans, which are non-trade in nature, unsecured, interest-bearing at prevailing comparable-term benchmark lending rate of the People’s Bank of China, and have no fixed repayment terms.
Financial Information · p. 197
The amounts had been fully settled as of the Latest Practicable Date.
Financial Information · p. 197
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.
In the fiscal years ended December 31, 2023, 2024 and 2025, the aggregate purchase amount with related parties was RMB92 thousand, RMB17.2 million and RMB12.5 million, respectively, and the aggregate sales amount with related parties was RMB0.8 million, RMB6.3 million and RMB14.9 million, respectively.
Financial Information · p. 234
The outstanding non-trade balances are expected to be settled by the end of June 2026.
Financial Information · p. 234
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.
During the Track Record Period, we entered into various transactions with our related parties from time to time, which were all trade in nature.
Financial Information · p. 238
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.