Hong Kong IPO disclosure precedents · 86 companies, 86 items
Disclosures that the single largest supplier accounts for a high share of purchases (generally 20% or more) or that the group is significantly dependent on one principal supplier, including long-standing supply relationships.
The purchase from our largest supplier amounted to approximately RMB46.2 million, RMB245.2 million and RMB270.1 million, representing approximately 9.4%, 43.6% and 42.6% of our total purchase amount for the respective year.
Summary · p. 2
Our Directors believe that supplier concentration is not uncommon for the power engineering industry, and our business model remains sustainable despite such concentration, as confirmed by Frost & Sullivan.
Business · p. 139
To mitigate concentration risks, we maintain a list of alternative suppliers with similar levels of experience and track record to provide the equipment, materials, and construction services as currently supplied by our major suppliers, with certain variations in prices and specifications to achieve similar functions under reasonable commercial terms.
Purchases from our five largest suppliers accounted for 11.0%, 10.0%, 10.6% and 12.1% of our total cost of revenue, for the years ended December 31, 2023, 2024 and 2025 and the four months ended April 30, 2026, respectively. Our largest supplier accounted for 6.5%, 6.7%, 7.6% and 8.8% of our total cost of revenue for the years ended December 31, 2023, 2024 and 2025 and the four months ended April 30, 2026, respectively.
Business · p. 167
Alibaba Group was our top supplier in each period of the Track Record Period. Please see "Risk Factors — Our ride-hailing services business depends on our collaboration with a limited number of aggregation platforms". Alibaba Group will become our connected person as defined under the Listing Rules.
Purchases from our largest supplier in each year during the Track Record Period accounted for 20.2%, 26.5% and 21.0%, respectively, of our total purchase amount during those periods.
Business · p. 176
Purchases from our five largest suppliers in each year during the Track Record Period accounted for 52.4%, 43.9% and 38.2% of our total purchases in the respective years.
Business · p. 176
To ensure competitive sourcing, we generally maintain a policy of having at least two suppliers for each raw material.
According to Frost & Sullivan, this supplier concentration is in line with prevailing industry practice.
Business · p. 135
We maintain qualified alternative suppliers for all significant procurement categories, ensuring that the discontinuation of any individual supplier relationship would not materially impact our product development or production operations.
Business · p. 131
In 2023, 2024, and 2025, aggregate purchases from our five largest suppliers in each year during the Track Record Period were RMB239.5 million, RMB258.7 million, and RMB371.6 million, accounting for 74.7%, 68.4%, and 61.1% of our total amount of goods purchased, respectively.
In 2023, 2024 and 2025, purchases from our five largest suppliers accounted for 54.1%, 66.3% and 51.9% of our total purchases, respectively, and purchases from our largest supplier accounted for 35.9%, 55.6% and 46.2% of our total purchases, respectively.
Summary · p. 4
As our bargaining power arising from our large volume of purchase and our long-term relationships with such suppliers, we had been able to obtain a sufficient supply of NHPs at reasonable prices and had not experienced any major shortages that materially and adversely affected our operations during the Track Record Period.
Business · p. 161
We also entered into framework procurement agreements with certain research animal suppliers during the Track Record Period to ensure a stable supply and procurement price range of the relevant research animals.
For the years ended December 31, 2023, 2024 and 2025, charges from our five largest suppliers in each year for our key business operations accounted for 39.6%, 54.3% and 43.2% respectively, of our total purchase amount during those periods.
Business · p. 161
A substantial portion of our purchase amount of radar, LiDAR and cameras was attributed to limited number of suppliers during the Track Record Period, the main reason being that we have established relatively stable cooperative relationships with these suppliers, and these suppliers are industryleading in terms of price, technology and other aspects.
Business · p. 163
We do not rely on any single or limited number of suppliers for our critical components.
For the years ended December 31, 2023, 2024 and 2025, cost of sales from our five largest suppliers accounted for 99.1%, 88.4% and 95.4% of our total cost of sales, respectively, while our procurement of media resources from our largest supplier for each year of the Track Record Period accounted for 88.7%, 66.6% and 63.3%, respectively.
Summary · p. 5
For the years ended December 31, 2023, 2024 and 2025, media costs attributable directly to supplier A and supplier F accounted for 88.7%, 72.3% and 89.2% of our total cost of sales, respectively.
Business · p. 152
Our Directors believe that supplier A and supplier F terminating the complementary and mutually beneficial cooperation with us would not only lose China’s cross-border e-commerce industry customers and be detrimental to supplier A and supplier F’s advertising business expansion in China, but is also undesirable from a commercial perspective.
Purchases from our largest supplier in 2024 and 2025 accounted for 10.3% and 17.2%, respectively, of our total purchase of those years. Purchases from our five largest suppliers in each year during the Track Record Period accounted for 38.8% and 37.0%, respectively, of our total purchases for each of the same periods.
Business · p. 224
A majority of our raw materials are widely available, and we are able to purchase them from numerous suppliers according to our product development plans.
Purchases from our largest supplier for each of the years ended 31 December 2023, 2024 and 2025 amounted to RMB40.8 million, RMB80.1 million and RMB85.6 million, representing 19.6%, 25.5% and 27.5% of our total purchases during the respective years.
Business · p. 138
Relevant suppliers are readily available in the market. Its position as our largest supplier does not result in material reliance risk to us.
In 2023, 2024 and 2025, purchases from our top five suppliers for each period during the Track Record Period accounted for 83.7%, 83.6% and 69.1% of our total purchase amount of such period, respectively, and the purchase from our largest supplier for each period during the Track Record Period accounted for 49.4%, 65.6% and 32.6% of our total purchase amount in the same periods, respectively.
Business · p. 151
In 2023, 2024 and 2025, our purchases from Supplier A amounted to RMB74.9 million, RMB122.5 million and RMB114.2 million, representing 49.4%, 65.6% and 32.6% of our total purchase amount in the same respective periods.
Business · p. 155
Our Directors are of the view that our relationship with Supplier A is unlikely to materially adversely change or terminate, because (1) we have maintained a long-term and stable collaboration relationship with Supplier A, and (2) during the Track Record Period and up to the Latest Practicable Date, we did not have any disputes with Supplier A.
In 2023, 2024 and 2025, purchases from our five largest suppliers amounted to RMB899.2 million, RMB761.1 million and RMB787.8 million, accounting for 58.0%, 61.1% and 62.4% of our total purchases in the respective years.
Summary · p. 4
In 2023, 2024 and 2025, purchases from our largest supplier amounted to RMB325.8 million, RMB423.2 million and RMB506.0 million, accounting for 21.0%, 34.0% and 40.1% of our total purchases in the respective years.
Summary · p. 4
We have established and maintain stable long-term relationships with these major suppliers.
In 2023, 2024 and 2025, we procured PCBAs and related R&D services in connection with its R&D activities on the PCBAs from Bosch, and the relevant purchase amount amounted to RMB2,217.8 million, RMB2,019.0 million and RMB1,664.1 million, respectively, which accounted for 82.9%, 80.3% and 62.4% of our total cost of revenue, respectively.
Business · p. 184
Our Directors believe that, despite our concentration of procurement from Bosch during the Track Record Period, our business is sustainable while we relied on Bosch to procure PCBAs during the Track Record Period:
Business · p. 184
As such, our Directors are of the view that Bosch’s PCBAs can be replaced by functionally equivalent PCBAs designed and produced either in-house or by other qualified suppliers without materially affecting the functionality or features of our intelligent cockpit domain controller products.
We relied on PSMC, our main foundry partner, for the production of DRAM wafers during the Track Record Period.
Summary · p. 4
The cost of sales attributable to PSMC (including the cost of sales attributable to the purchase from PSMC through AP Memory) during the Track Record Period amounted to RMB336.4 million, RMB258.3 million and RMB282.8 million, accounting for 63.5%, 46.0% and 25.8% of our total cost of sales in the respective periods.
Business · p. 153
Our Directors believe, and the Sole Sponsor concurs, that there is no material risk of terminating our business relationship with PSMC, taking into account the following key factors:
For 2023, 2024 and 2025, purchase amount from our five largest suppliers was RMB147.7 million, RMB173.8 million, and RMB209.9 million, accounting for 63.7%, 60.5%, and 62.1% of our total purchases, respectively, while purchase amount from our single largest supplier, Supplier A, accounted for 51.6%, 48.0% and 53.2% of our total purchases, respectively.
Business · p. 151
Furthermore, even with respect to the real-time simulation software function served by Supplier A within our HIL Simulation System, we have independently developed SimuLab as our own proprietary alternative, demonstrating our technical self-sufficiency and further underscoring that Supplier A’s products are not irreplaceable within our overall solution architecture.
Business · p. 151
With a view to further strengthening our business cooperation with Supplier A, we made a strategic equity investment in Supplier A in 2021 and currently hold 13.06% of its ownership.
In 2023, 2024 and 2025, our purchases from our five largest suppliers in aggregate amounted to HKD288.8 million, HKD315.6 million and HKD309.7 million, respectively, representing 40.1%, 42.3% and 39.9% of our total purchases in the corresponding periods.
Summary · p. 4
For the same periods, our purchases from our largest supplier amounted to HKD218.3 million, HKD210.9 million and HKD220.0 million, respectively, representing 30.3%, 28.3% and 28.3% of our total purchases in the corresponding periods.
Business · p. 111
To the best of our knowledge, all of our five largest suppliers during the Track Record Period are Independent Third Parties.
In 2023, 2024 and 2025, purchase from our top five suppliers in each period during the Track Record Period accounted for 62.6%, 64.7% and 66.1% of our total purchases for such period, respectively, and purchase from our largest supplier in each period during the Track Record Period accounted for 41.7%, 39.2% and 43.6% of our total purchases for such period, respectively.
Summary · p. 5
This substantial purchase is mitigated by our multi-cloud strategy, which involves engagements with other major cloud providers.
Summary · p. 12
Our agreements with such Tencent-affiliated entities for cloud and WeChat services are based on standard renewable terms, and are neither exclusive nor irreplaceable.
For the years ended December 31, 2023, 2024 and 2025, our purchases from our five largest suppliers for each year amounted to RMB193.4 million, RMB161.0 million, and RMB383.5 million, respectively, accounting for 27.3%, 23.2% and 39.2% of our total purchases for the respective years, and our purchases from our largest supplier for each year amounted to RMB89.0 million, RMB43.9 million, and RMB268.4 million, respectively, accounting for 12.6%, 6.3% and 27.5% of our total purchases for the respective years.
Business · p. 197
The increase in purchases from Supplier A in 2025 was mainly attributable to the concurrent advancement of multiple clinical studies for BGM0504 and other R&D projects, which resulted in higher milestone-based service fees and clinical trial expenditures such as subject costs and site fees incurred within the period.
Business · p. 199
Having considered the substitutable nature of CRO services, the availability of qualified alternative providers, and the stage-specific nature of the elevated procurement concentration, our Directors are of the view that we do not have material reliance on Supplier A.
In each of 2023, 2024 and 2025, purchases from our largest supplier for the respective period amounted to RMB353.2 million, RMB270.6 million and RMB727.7 million, respectively, representing 11.6%, 11.7% and 35.8% of our total amount of purchase during the respective period
Business · p. 167
The upward trend is not expected to continue and we do not anticipate becoming reliant on Supplier I.
Business · p. 168
We are actively expanding our pool of capable raw material suppliers.
In 2023, 2024 and 2025, purchases from our five largest suppliers amounted to RMB842.3 million, RMB1,094.3 million and RMB1,031.4 million, respectively, accounting for 79.6%, 80.6% and 85.5% of our total purchases in the respective years.
Summary · p. 6
In 2023, 2024 and 2025, our purchases from Supplier A amounted to RMB386.1 million, RMB619.5 million and RMB595.3 million, respectively, representing 36.5%, 45.6% and 49.4%, respectively, of our total purchases for the same years.
Business · p. 135
As of December 31, 2025, we had three foundry suppliers and seven packaging and testing suppliers.
During the same periods, our purchases from Supplier B were RMB66.1 million, RMB265.6 million and RMB312.5 million, respectively, accounting for 20.4%, 37.2% and 49.0% of our total purchases for the corresponding years.
Business · p. 177
Due to the material reliance we had on Supplier A and Supplier B given the substantial purchases from them during the Track Record Period, any interruption to the supplies from, or loss of, any of our major foundry suppliers would have negative impacts on our results of operations.
Business · p. 177
(i) our foundry service agreement with Supplier A is automatically renewed upon expiration unless either party gives a notice of termination; our latest foundry service agreement with Supplier B has a term of eight years, and we had previously made two successful renewal of our agreement with Supplier B;