Hong Kong IPO disclosure precedents · 105 companies, 105 items
Substantial or rapidly growing prepayments (e.g. to suppliers, media platforms or for system development) and other receivables such as recoverable VAT, including stagnant prepayments for undelivered services.
Our prepayments and other assets increased to RMB246.2 million as of December 31, 2025 and RMB281.3 million as of June 30, 2026, primarily due to an increase in prepayments for purchasing hardware for AI Computing Infrastructure Solutions from RMB20.6 million as of December 31, 2024 to RMB220.4 million as of December 31, 2025 and RMB251.9 million as of June 30, 2026, which were mainly attributable to advance procurement in anticipation of upcoming projects under our AI Computing Infrastructure Solution business.
Our deposits, prepayments and other receivables increased by 52.0% from RMB110.7 million as of December 31, 2025 to RMB168.3 million as of June 30, 2026, primarily due to (i) an increase in advance payment to suppliers, in line with the increase in our revenue and (ii) an increase in value-added tax recoverable, primarily attributable to changes in the applicable VAT rate.
Financial Information · p. 187
As of July 31, 2026, RMB95.8 million, or approximately 56.9% of our deposits, prepayments, and other receivables as of June 30, 2026 had been subsequently settled.
The prepayment for ERP system development remained unchanged at HK$19.5 million over the Track Record Period, as the ERP system had not yet been developed.
Financial Information · p. 169
The Group has entered into a termination agreement on 31 July 2026 with the service provider after the Track Record Period and expects to receive a refund in the coming financial year.
Our prepayments increased from RMB145.9 million as of December 31, 2023 to RMB372.3 million as of December 31, 2024, mainly because major media platforms tightened their commercial terms of prepayments to all agencies, including us, subsequently leading to increased prepayments.
Financial Information · p. 157
Our prepayments increased from RMB533.3 million as of December 31, 2025 to RMB1,026.4 million as of March 31, 2026, mainly due to the prepayments we made to major media platforms in connection with our IP-based brand marketing services business in the first quarter of 2026.
Our prepayments, other receivables and other assets increased from RMB17.4 million as of December 31, 2024 to RMB28.4 million as of December 31, 2025, primarily attributable to (i) an increase in our input value-added tax in line with our cumulative spending in connection with our operations and R&D activities, which is expected to be deducted from future value-added tax payable on our revenue after the commercialization of our product candidates, (ii) an increase in prepayments for property, plant and equipment in relation to our purchase of R&D equipment, (iii) an increase in prepayments made to external research institutions in relation to clinical trials of our Core Product, and (iv) our deferred [REDACTED] expense in relation to our proposed [REDACTED].
Financial Information · p. 253
As of July 31, 2026, RMB1.2 million, or approximately 20.1% of our current portion prepayments as of June 30, 2026 had been subsequently settled.
Our prepayments, deposits and other receivables increased from RMB299.4 million as of December 31, 2023 to RMB585.7 million as of December 31, 2024, to RMB1,024.5 million as of December 31, 2025, and further increased to RMB1,353.3 million as of March 31, 2026, primarily due to the increase in prepayments for raw materials and energy as we expanded our production and operating scale.
Our current prepayments, other receivables and other assets increased by 15.4% from RMB20,800.5 million as of December 31, 2025 to RMB24,000.7 million as of May 31, 2026, primarily due to an increase in prepayments and prepaid expenses of RMB2,868.4 million in line with the growth of our commodity trading business.
Financial Information · p. 183
For suppliers that require advance payments, we apply a control framework for advance payment limits, supported by qualification reviews, credit assessments and on-site evaluations to assess supplier strength and determine prudently whether to grant such limits.
Business · p. 123
As of June 12, 2026, RMB5,803.3 million, or 24.1% of our prepayments, other receivables and other assets as of May 31, 2026, had been settled.
In particular, the prepayments to suppliers increased from RMB1.9 million as of December 31, 2024 to RMB44.8 million as of December 31, 2025 and further to RMB247.1 million as of April 30, 2026, primarily for raw materials we procured to support the significantly increase in the sales volume of our ESS solutions and products.
Financial Information · p. 239
(i) an increase of RMB202.3 million in prepayments to suppliers, mainly due to additional procurement in advance to secure a stable supply of core equipment and raw materials, in line with our expanding business scale;
Our prepayments and other receivables increased by 355.3% from RMB41.8 million as of December 31, 2023 to RMB190.3 million as of December 31, 2024, and further increased by 94.1% to RMB369.3 million as of December 31, 2025.
Financial Information · p. 236
As our transaction volume increased and procurement scale expanded, we made more advance payments to upstream suppliers to secure supply and support larger order volumes, which resulted in a corresponding increase in prepayments during the periods.
Financial Information · p. 236
As of the Latest Practicable Date, RMB333.8 million, or approximately 65.2% of our prepayments and other receivables as of April 30, 2026 had been subsequently settled.
Other receivables and prepayments increased from RMB0.9 million as at December 31, 2024 to RMB14.7 million as at December 31, 2025, primarily because of the increase in other prepayments from RMB0.6 million to RMB6.7 million, mainly as a result of (i) the increase in prepayments to travel agencies for travel expenses, to IT solution providers for cloud resources and software licenses, to external labor suppliers for project implementation, and to marketing agencies for marketing activities; and (ii) the prepayment for [REDACTED] of [REDACTED].
Financial Information · p. 244
As at Latest Practicable Date, RMB4.1 million, or 24.7% of our other receivables and prepayments as at May 31, 2026, had been subsequently settled/utilized by us.
Our current prepayments, deposits and other receivables further increased by 30.3% to RMB79.3 million as of December 31, 2025, and remained relatively stable at approximately RMB79.3 million as of December 31, 2025 and May 31, 2026, mainly due to the increase in prepayments related to wafers and WLCSP raw materials procurement in anticipation of growing demand and production volume.
Financial Information · p. 215
As of June 30, 2026, RMB18.7 million, or 37.8% of our prepayments as of May 31, 2026, had been settled.
Our prepayments, deposits and other receivables increased significantly from RMB823.4 million as of December 31, 2025 to RMB3,952.7 million as of April 30, 2026, primarily due to an increase in the prepayments for raw materials.
Financial Information · p. 250
Our trade receivables increased by 129.2% from RMB982.6 million as of December 31, 2025 to RMB2,252.5 million as of April 30, 2026, primarily due to the increase in our revenue.
Financial Information · p. 249
(iii) current financial assets at fair value through profit or loss; (iv) available bank facilities; and (v) the estimated net [REDACTED] from the [REDACTED], we have sufficient working capital for our requirements for at least the next 12 months from the date of this document.
Our prepayments increased from RMB207.2 million as of December 31, 2023 to RMB868.1 million as of December 31, 2024, and further increased to RMB3,400.3 million as of December 31, 2025, primarily attributable to the expansion of our integrated supply chain logistics business, and in particular, the growth of our end-to-end supply chain logistics business in 2025, resulting in a significant increase in prepayments arising from end-to-end supply chain solution.
Financial Information · p. 238
Under this model, we purchase goods on behalf of our customers.
Financial Information · p. 238
As of April 30, 2026, RMB3,023.1 million, or 88.9%, of our prepayments as of December 31, 2025 had been subsequently settled.
Our non-current prepayments and other receivables increased from RMB1,695.9 million as of December 31, 2024 to RMB2,959.5 million as of December 31, 2025, primarily due to (i) an increase in others attributable to the nomination fees, which are upfront commercial payments made to customers to secure business projects, a practice commonly observed in the automotive supply chain, and are distinct from sales rebates, in relation to the Leoni Business;
Financial Information · p. 234
Our current prepayments and other receivables increased from RMB3,790.8 million as of December 31, 2024 to RMB6,914.4 million as of December 31, 2025, primarily due to (i) an increase in input VAT to be deducted; (ii) an increase in prepayments made to the third-party suppliers, resulting from our increased purchases to support our business needs; and (iii) an increase in amount due from the third parties, resulting from the expansion of our business as we acquired businesses in 2025.
Financial Information · p. 235
As of April 30, 2026, RMB6.3 billion, or approximately 90.7% of our prepayments and other receivables as of December 31, 2025 were subsequently settled.
Our prepayments, deposits and other receivables increased from approximately RMB164.1 million as at 31 December 2023 to approximately RMB237.0 million as at 31 December 2024, which was mainly due to an increase in prepayments made to third-party suppliers from approximately RMB143.0 million as at 31 December 2023 to approximately RMB217.9 million as at 31 December 2024 to cover the upfront expenses for our largest EPC project in terms of revenue derived in FY2024.
Financial Information · p. 223
As at the Latest Practicable Date, (i) approximately RMB166.4 million, or 74.3% of our prepayments made to third-party suppliers; (ii) approximately RMB2.0 million, or 80.0% of our amounts due from related parties; (iii) approximately RMB0.8 million, or 100.0% of our VAT recoverable; and (iv) approximately RMB3.4 million, or 10.9% of our deposits and other receivables, as at 31 December 2025, had been subsequently utilised, settled or recovered.
Our prepayments, deposits and other receivables increased by 7.7% from RMB118.4 million as of December 31, 2023 to RMB127.5 million as of December 31, 2024, and further increased by 20.6% from RMB127.5 million as of December 31, 2024 to RMB153.8 million as of December 31, 2025, primarily attributable to higher advance payments to suppliers for procurement of infant formula, which generally ask for advance payments from us.
Our trade and other receivables increased from RMB244.5 million as of December 31, 2023 to RMB353.0 million as of December 31, 2024, primarily due to an increase of RMB58.3 million in prepayment mainly for purchase of chipsets, raw materials and services which is generally in line with our business growth.
Our prepayments and other receivables increased from RMB4.0 million as of December 31, 2023 to RMB11.7 million as of December 31, 2024, and further increased to RMB16.2 million as of December 31, 2025.
Financial Information · p. 199
These increases were primarily due to the increases in prepayments to suppliers, mainly representing prepayments for wafer procurement to secure production capacity, the amounts of which are correlated with our sales scale and operational needs.
Financial Information · p. 199
As of April 30, 2026, RMB14.2 million, or 87.3%, of our prepayments and other receivables as of December 31, 2025 had been subsequently settled.