Assuming an average cash burn rate going forward of 1.2 times of the level for the five months ended May 31, 2024, we estimate that our cash and cash equivalents, fixed deposits with banks and financial assets measured at fair value through profit or loss as of August 31, 2024, totaling RMB476.4 million, will be able to maintain our financial viability for approximately 34 months taking into account the estimated net proceeds from the Global Offering (based on the low-end of the indicative Offer Price range).
Financial Information · 第 477 页
Our Directors will continue to monitor our working capital, cash flows and our business development progress.
浙江太美医疗科技股份有限公司Zhejiang Taimei Medical Technology Co., Ltd.02576.HK
董事相信现金足以支持业务至现金流转正
Our Directors are of the opinion that we will have adequate working capital and sufficient cash balance to support our business growth until we achieve a net operating cash inflow position, without taking account of the estimated proceeds from the Global Offering, on the following grounds:
Financial Information · 第 418 页
(i) we had cash and cash equivalents of RMB698.9 million, short-term bank deposits of RMB13.5 million and short-term investments measured at fair value through profit or loss of RMB264.3 million, which are all highly liquid assets, as of March 31, 2024.
Financial Information · 第 418 页
Having taken into account the factors above and the independent due diligence work conducted by the Joint Sponsors, nothing has come to the Joint Sponsors’ attention that would reasonably cause them to cast doubt on the reasonableness of the Directors’ view that the Group has sufficient working capital to meet its present requirements and for at least the next 12 months from the date of this prospectus in any material aspects.
Assuming an average cash burn rate going forward of 1.2 times the level in the Track Record Period, we estimate that our cash and cash equivalents financial assets measured at FVTPL as of March 31, 2024 will be able to maintain our financial viability for over 22.0 months from March 31, 2024, without taking into account 7.0% of the estimated net proceeds from the Global Offering, namely, the portion allocated for our working capital and other general corporate purposes; or, we estimate we will be able to maintain our financial viability for over 23.1 months from March 31, 2024, if we take into account 7.0% of the estimated net proceeds from the Global Offering.
Financial Information · 第 491 页
Our Directors are of the opinion that, taking into account the financial resources available to us, including cash and cash equivalents and the estimated net proceeds from the Global Offering, and considering our cash burn rate, we have available sufficient working capital to cover at least 125% of our costs, including general, administrative and operating costs (including any production costs), research and development costs, and business development and marketing expenses, for at least the next 12 months from the date of this prospectus.
黑芝麻智能国际控股有限公司Black Sesame International Holding Limited02533.HK
现金消耗率及现有资金可维持约15.6至25.8个月
Our historical cash burn rate was RMB56.6 million, RMB70.1 million, RMB100.8 million, RMB107.4 million and RMB105.1 million in 2021, 2022, 2023 and the three months ended March 31, 2023 and 2024, respectively, mainly representing our investment in R&D activities.
Financial Information · 第 405 页
We had cash and cash equivalents, current financial assets at fair value through profit or loss and unutilized banking facilities of RMB1,370.5 million as of May 31, 2024.
Financial Information · 第 405 页
we estimate that our cash and cash equivalents, current financial assets at fair value through profit or loss and unutilized banking facilities as of May 31, 2024 will be able to maintain our financial viability for 15.6 months or, if we take into account 10% of the estimated net proceeds from the Listing (namely, the portion allocated for our working capital and other general corporate purposes), 16.6 months or, if we also take into account the estimated net proceeds from the Listing, 25.8 months.
Our historical monthly average cash burn rate was RMB37.1 million, RMB53.0 million and RMB62.2 million in 2021, 2022 and 2023, respectively.
Financial Information · 第 597 页
we estimate that our cash and cash equivalents, current portion of term deposits, current portion of financial assets at FVTPL and restricted cash as of December 31, 2023 will be able to maintain our financial viability for approximately 45.5 months or, if we take into account 10% of the estimated net proceeds from the Global Offering (namely, the portion allocated for our working capital and other general purposes), approximately 46.9 months or, if we take into account 100% of the estimated net proceeds (based on the mid-point of the indicative Offer Price) from the Global Offering, for approximately 59.3 months.
Assuming an average cash burn rate going forward of 6.3 times the level in 2023, taking into account the scheduled payment of indebtedness, we estimate that our cash at bank and on hand, together with other financial assets and time deposits as of December 31, 2023 will be able to maintain our financial viability for 9 months, or, if we also take into account the estimated net proceeds (based on the Offer Price of HK$13.50 per Share), 30 months.
Financial Information · 第 443 页
Our Directors are of the opinion that, taking into account the financial resources available to our Group, including cash and cash equivalents and the estimated net proceeds from the Global Offering, we have available sufficient working capital to cover at least 125% of the Group’s costs, including general, administrative and operating costs (including any production costs), research and development costs for at least the next 12 months from the date of this prospectus.
Taking into account our cash and cash equivalents and short-maturity financial products we purchased, and assuming average monthly net cash used in operating activities and capital expenditures going forward of 1.5 times the average level in 2021 and 2022, we estimate we will be able to maintain our financial viability for 12.9 months from the date of this prospectus without considering proceeds from the Global Offering; or, if we also take into account the net proceeds from Global Offering, assuming an Offer Price of HK$19.80 per Offer Share (being the low-end of the indicative Offer Price range), 18.5 months from the date of this prospectus.
Financial Information · 第 498 页
Taking into account of the above, together with the estimated net proceeds from this Global Offering, the Directors are of the opinion that we have sufficient working capital to cover at least 125% of our costs, including general, administrative and operating costs and research and development costs, for at least the next 12 months from the date of this prospectus.
Our Directors are of the opinion that, taking into account the financial resources available to us, including cash and cash equivalents and the estimated net proceeds from the Global Offering, and considering our cash burn rate, we have sufficient working capital to cover at least 125% of our costs, including research and development expenses and administrative expenses for at least the next 12 months from the date of this prospectus.
Financial Information · 第 421 页
Assuming an average cash burn rate going forward of 2.1 times the level in 2022, we estimate that our total cash balance as of June 30, 2023, will be able to maintain our financial viability for approximately 25 months or, if taking into account the estimated net proceeds from the Global Offering, for at least 31 months.
Our Directors are of the opinion that, taking into account the financial resources available, including cash and cash equivalents of RMB12.6 million as of July 31, 2023, financial assets at FVTPL, unutilized bank facilities and the estimated net proceeds from the Global Offering, as well as our cash burn rate, we have sufficient working capital to cover at least 125% of our costs, including research and development expenses, administrative expenses and other operating expenses for at least the next 12 months from the date of this prospectus.
Financial Information · 第 523 页
We had cash and cash equivalents of RMB12.6 million as of July 31, 2023.
Financial Information · 第 523 页
Our Directors and management team will continue to monitor our working capital, cash flows and our business development progress.
Our Directors believe that, by taking into account our cash and cash equivalents of RMB559.1 million as of April 30, 2023 and assuming that our cash burn rate going forward will be approximately 1.1 times of the cash burn rate for the year ended December 31, 2022, we can remain financially viable for approximately 34 months from April 30, 2023 if taking into account the estimated net proceeds from the Global Offering (being the indicative Offer Price of HK$18.60 per H Share).
Financial Information · 第 397 页
we have sufficient working capital to cover at least 125% of our costs, including research and development costs, general, administrative and operating costs, for at least the next 12 months from the date of this prospectus.
Assuming an average cash burn rate going forward of 1.0 times the level in the years ended December 31, 2021 and 2022, we estimate that our cash and cash equivalents as of April 30, 2023 will be able to maintain our financial viability for over 36 months from April 30, 2023, without taking into account 5.0% of the estimated net proceeds from the Global Offering (namely, the portion allocated for our working capital and other general corporate purposes);
Financial Information · 第 530 页
As of April 30, 2023, the latest practicable date for determining our indebtedness, we had cash and cash equivalents of RMB1,342.2 million.
we estimate that our cash and cash equivalents as of December 31, 2022 for the purpose of the indebtedness statement, will be able to maintain our financial viability for approximately 8.4 months or, if taking into account the estimated net proceeds (based on the Offer Price of HK$12.41 per Offer Share) from the Global Offering, for at least 25.7 months.
Financial Information · 第 411 页
Our Directors are of the opinion that, taking into account the financial resources available to us, including cash and cash equivalents and the estimated net proceeds from the Global Offering, and considering our cash burn rate, we have sufficient working capital to cover at least 125% of our costs, including research and development expenses and administrative expenses for at least the next 12 months from the expected date of this prospectus.
Assuming an average cash burn rate going forward of 2.0 times the level in 2022, we estimate that our cash at bank and on hand as of December 31, 2022 will be able to maintain our financial viability for 39 months taking into account the estimated net proceeds from the Global Offering and for 17 months without taking into account the estimated net proceeds from the Global Offering.
Financial Information · 第 424 页
We will continue to monitor our cash flows from operations closely and expect to raise our next round of financing, if needed, with a minimum buffer of 12 months.
Taking into consideration the higher-than-before research and development expenses after LZ901 proceeded to its Phase III clinical trial in China and its Phase I clinical trials in the U.S., and assuming an average cash burn rate going forward of approximately 1.4 times the level for the 12 months ended December 31, 2022, we estimate that our cash and cash equivalents and financial assets at FVTPL, which were redeemable on demand as of February 28, 2023, or had been redeemed as of the date of this prospectus, and the proceeds received from bank facilities as of the date of this prospectus will be able to maintain our financial viability for approximately 14.5 months or, if we also take into account the estimated net proceeds (based on the low-end of the indicative Offer Price) from the Global Offering, for approximately 19.9 months.
Financial Information · 第 394 页
We will continue to monitor our working capital closely and expect to raise our next round of financing, if needed, with a minimum buffer of twelve months.
Furthermore, we had total cash and cash equivalents, financial assets at fair value through profit or loss (short-term), term deposits (short-term), and restricted cash (short-term) of RMB1,584.3 million as of September 30, 2022.
Summary · 第 17 页
Based on the average historical monthly cash burn rate across the six months ended September 30, 2022, the total of RMB1,584.3 million cash sources will be able to support the our operations for over 43 months from September 30, 2022 till April 30, 2026, without taking into account the estimated net proceeds from the Global Offering and future net cash inflow.
Summary · 第 18 页
In addition, it is estimated that additional working capital of approximately RMB200 million to RMB300 million may be required before our current net operating cash outflow position is turned into a net operating cash inflow position, which we currently expect to happen in 2025, based on information currently available to us.
For the years ended December 31, 2021 and 2022, we had a positive net cash inflow from our operating activities (the net cash generated from operating activities less lease-related cash outflow from financing activities (cash outflow from payment of the principal and interest elements of lease liabilities)) of RMB136.4 million and RMB77.1 million respectively, which were primarily driven by revenue growth and enhanced store-level profitability during the period as we continued to expand our store network.
Financial Information · 第 352 页
The abovementioned analysis is for illustrative purposes only and our Directors estimate that the likelihood of such a situation occurring is extremely remote.