Our net current assets decreased from RMB668.1 million as of December 31, 2023, to RMB51.4 million as of December 31, 2024, primarily as a result of our loss for the year of RMB817.7 million in 2024, which led to increased reliance on external financing and working capital support.
Financial Information · 第 368 页
Additionally, one of our Controlling Shareholders, Nanjing Primest, provided guarantees for certain of our bank facilities during the Track Record Period. We also obtained a loan from Nanjing Primest, which was fully repaid in 2023. Furthermore, we had other borrowings arising from obligations to repurchase shares from certain external shareholders of one of our subsidiaries.
Financial Information · 第 376 页
As of December 31, 2025, we had unutilized committed credit facilities of RMB2,981.6 million.
As at the date of this prospectus, Mr. Wang has pledged 26,520,000 A Shares for financing needs, representing approximately 9.78% of the total issued share capital of our Company (including treasury shares) as security in favour of certain PRC financial institutions regulated by the CSRC (the “Share Pledges”).
Summary · 第 14 页
The Share Pledges are subject to certain material covenants such as periodic update on use of funds obtained under the Share Pledges, margin close-out and loan-to-share ratio.
As at 31 December 2023 and 2024 and 30 June 2025, guarantee bonds of approximately RM47.1 million, RM29.4 million and RM29.4 million, respectively, were given by a bank in favour of our customers as security for the due performance and observance of our obligation under the contract entered into between our Group and our customers.
Financial Information · 第 301 页
Our Directors are of the opinion that the guarantee bonds amounts of approximately RM47.1 million, RM29.4 million and RM29.4 million as at 31 December 2023, 2024 and 30 June 2025, respectively, were the maximum exposure to our Group and it is highly probable that the bank would not claim our Group for losses in respect of the guarantee contracts as it is highly probable that our Group will fulfil the performance requirements of the relevant contract.
Financial Information · 第 302 页
As at 31 December 2023, we recorded negative cash and cash equivalents of approximately RM0.5 million, which was attributable to the deposits pledged to licensed banks as securities for bank facilities of approximately RM18.4 million and the bank overdrafts of approximately RM4.8 million.
On March 31, 2023, April 12, 2024 and March 31, 2025, our shareholders approved our plan to issue convertible bonds for replenishing our working capital.
Financial Information · 第 394 页
As of the Latest Practicable Date, it was still pending final approval by the CSRC and Shanghai Stock Exchange.
Financial Information · 第 394 页
In accordance with the provisions of the Rules Governing the Listing of Stocks on Shanghai Stock Exchange (《上海證券交易所股票上市規則》), the related parties' subscription of shares, convertible bonds, or other derivative instruments issued by the listed company to unspecified parties in cash can be exempted from disclosure and independent shareholders' approval requirements.
During the Track Record Period, we provided a guarantee of RMB2.0 million for Customer Y and Customer Z, a guarantee of RMB70.0 million for the debt owed by Customer K, loans of RMB13.1 million and a deposit of RMB15.2 million for Customer K.
Business · 第 258 页
As of the Latest Practicable Date, we have fulfilled our guarantee obligations for the months of July to October in 2025 with payments of RMB19.2 million in total, as required by the lessor, and we had outstanding guarantee obligations amounting to RMB50.8 million that have not yet been fulfilled.
Business · 第 300 页
As of June 30, 2025, the amount of impairment losses made in respect of transactions with Customer K was RMB70.6 million, representing an impairment ratio of 71.8% for the financial guarantee contract liabilities and other receivables arising from Customer K.
For financial guarantee contracts, the aggregate amount of outstanding financial guarantees issued to banks in respect of bank facilities granted to related parties as set out in Note 41(c) that we could be required to pay amounted to RMB920,000,000 and RMB100,000,000 as at December 31, 2022 and 2023, respectively.
Financial Information · 第 407 页
All of the outstanding financial guarantees have been utilized by the related parties, respectively.
Financial Information · 第 407 页
At the end of each reporting period, our management has performed impairment assessments, and concluded that there has been no significant increase in credit risk since initial recognition of the financial guarantee contracts.
Certain of our customers financed their purchase with mortgage loans using the purchased products as collateral.
Financial Information · 第 449 页
The decrease in our contingent liabilities and guarantees throughout the Track Record Period was primarily attributed to the expansion of our overseas business and our risk management policies in overseas sales.
Financial Information · 第 450 页
Our distributors and we may jointly provide guarantees for end customers’ repayment obligations to financial institutions when they choose to use mortgage loans or finance leases to finance their purchases of our products through our distributors.
As at the Latest Practicable Date, Mr. Li YZ, Mr. Hu, Mr. Li Shuo and Mr. Li LM, being our Controlling Shareholders and Ms. Li Yaxiang (李亞香), being the spouse of Mr. Li YZ, provided personal guarantees for the gold loans taken out by our Group, see note 27 to the Accountants’ Report in Appendix I for further details.
Business · 第 397 页
These guarantees will be released on or before the Listing.
佳鑫国际资源投资有限公司Jiaxin International Resources Investment Limited03858.HK
总债务由5.667亿增至19.647亿港元
As of December 31, 2022, 2023 and 2024 and June 30, 2025, our total outstanding indebtedness, mainly including bank borrowings and amounts due to shareholders, amounted to HK$566.7 million, HK$1,652.2 million, HK$1,713.0 million and HK$1,964.7 million, respectively.
Financial Information · 第 405 页
An increase in our finance costs will negatively affect our profitability and results of operations and the availability of financing will affect our ability to develop our Boguty Project, which may in turn affect our results of operations and financial condition.
Financial Information · 第 405 页
During the Track Record Period, we financed our working capital and other liquidity requirement primarily through bank borrowings, shareholder loans and internal funds.
周六福珠宝股份有限公司Zhou Liu Fu Jewellery Co., Ltd.06168.HK
关联方为银行借款提供担保
In addition, certain related parties of the Group have provided guarantees in connection with interest-bearing bank borrowings up to RMB228.6 million as of December 31, 2024. The guarantees will be released upon Listing.
As a result, our borrowings increased from RMB5.6 billion as of December 31, 2022 to RMB7.5 billion as of December 31, 2023, and subsequently decreased to RMB7.2 billion as of December 31, 2024.
Summary · 第 9 页
To finance these investments, we primarily relied on debt financings, instead of equity financings, and thus recorded significant borrowings during the Track Record Period.
Summary · 第 7 页
Our financial department closely monitors our liquidity status and cash flow situation to ensure proper repayment of all the principals and interests of our outstanding borrowings, including bank borrowings and ABSs.
In addition, in order to support the business development of Huangshan Shoukang Hospital, the Group has also issued guarantees to certain banks in respect of the credit facilities in the amount of RMB254.0 million, RMB234.0 million and RMB288.0 million granted to Huangshan Shoukang Hospital as of December 31, 2022, 2023 and 2024, respectively, the amount of which is the maximum total amount Huangshan Shoukang Hospital can utilize under the aforementioned credit facilities as of the corresponding dates.
Financial Information · 第 589 页
We do not intend to release the guarantee provided to related parties prior to the Listing.
Financial Information · 第 589 页
Our Directors confirm that there was no overdue payment from Huangshan Shoukang Hospital occurred during the Track Record Period and up to the Latest Practicable Date.
新琪安集团股份有限公司Newtrend Group Holding Co., Ltd.02573.HK
公司为控股股东对Pre-IPO投资者的赎回义务提供财务担保
Among such certain special rights, our Controlling Shareholders, namely Mr. Wang and Newtrend Industrial, offered redemption right (the “Redemption Liability”) to Pingtan Xinghang Investment, and later the Xingzheng Parties, regarding their respective Pre-IPO Investments with financial guarantee provided by our Company (the “Financial Guarantee”).
Financial Information · 第 360 页
Having considered that the loss allowances for the Financial Guarantee were insignificant as at the end of each period of the Track Record Period after taking into account of the Pledged Assets and the Additional Pledged Assets, our Directors are of the view that no loss allowances for the Financial Guarantee was recognised in the profit or loss during the Track Record Period.
Financial Information · 第 360 页
The Redemption Liability and Financial Guarantee have been terminated along with the repurchase right on the date of the first submission of the Listing application, and may be reinstated upon the earliest of (i) the Listing application being withdrawn by our Company; (ii) the Listing application being rejected by the Stock Exchange; (iii) the failure to commence the Listing by 30 June 2025; and (iv) the failure to complete the CSRC filing by 30 June 2025.
Such amount consists of (i) a drawdown of US$0.7 million from the working capital loan of RMB5.0 million that we obtained in January 2025 from a bank, which is unsecured, interest-bearing at 1-year loan prime rate minus 10 basis points per annum and repayable in January 2026 and (ii) a drawdown of US$15.0 million upon Listing, among other conditions, from the term loan facility of up to US$40.0 million that we obtained in December 2024 from a third-party lender which is secured by certain bank accounts of MiRXES Holding Pte. Ltd. and shares of certain companies of our Group upon the occurrence of certain events.
Summary · 第 28 页
The change was primarily due to (i) a decrease in cash and cash equivalents from US$5.1 million as of December 31, 2024 to US$2.6 million as of March 31, 2025, and (ii) an increase in current interest-bearing borrowings from US$19.7 million as of December 31, 2024 to US$22.1 million as of March 31, 2025.
We collaborate with finance lease companies to offer finance lease services to our customers who are willing to purchase our products but require financing options and provide a repurchase guarantee to the finance lease companies under this arrangement.
Financial Information · 第 351 页
As of December 31, 2022, 2023 and 2024, our maximum exposure to such guarantees was RMB17.4 million, RMB121.1 million and RMB344.1 million, respectively and we did not incur any customer default during the Track Record Period.
Financial Information · 第 351 页
In addition, impairment loss on trade and other receivables, contract assets and financial guarantee issued continued to increase from 2022 to 2024, in line with our business expansion.
As of December 31, 2021, 2022 and 2023, June 30, 2024 and October 31, 2024, the maximum amounts of guarantee issued were nil, RMB8.2 million, RMB27.5 million, RMB20.6 million and RMB13.6 million, respectively.
Financial Information · 第 354 页
During the Track Record Period and as of the Latest Practicable Date, there was no default by the sales channel operators.
Business · 第 230 页
By conducting monthly stock reviews, we effectively monitor the stock levels of our sales channel operators, which allows us to promptly address issues relating to aging stock.
草姬集团控股有限公司Herbs Generation Group Holdings Limited02593.HK
曾为关联公司提供银行担保并已解除
During the Track Record Period, our Group provided guarantees to bank in connection with related companies, which amounted to nil, approximately HK$20.9 million, HK$20.5 million and nil for FY2021, FY2022, FY2023 and 6M2024, respectively. As at the Latest Practicable Date, such guarantees have been released.
Pursuant to agreements entered into between the Group and FAW Jiefang in December 2023 and February 2024, we have offered a guarantee that FAW Jiefang will receive government subsidies of RMB206,360,000 and RMB180,880,000 before December 31, 2025 and December 31, 2024, respectively, for hydrogen fuel cell vehicles embedded with our products.
Financial Information · 第 499 页
As of May 31, 2024, the corresponding outstanding trade receivables due from FAW Jiefang was RMB391.4 million.
Financial Information · 第 499 页
The management of the Group considers that it is highly probable for FAW Jiefang to receive such subsidies.
During the Track Record Period, our fair value loss on a derivative financial instrument mainly derived from our derivative financial instruments that presented our obligation to buy back shares of Guohong Refire as detailed in "— Discussion on Certain Selected Items from Consolidated Statements of Financial Position — Derivative Financial Instruments" below in this section.
Financial Information · 第 448 页
We recorded fair value loss on a derivative financial instrument of RMB0.6 million, RMB19.7 million, nil and nil, respectively, in 2021, 2022, 2023 and the five months ended May 31, 2024.
Financial Information · 第 448 页
Provision was mainly made for our financial guarantee obligation in respect of borrowings of our joint venture, namely Guangdong Guohong Refire Energy Technology Co., Ltd. (廣東國鴻重塑能源科技有限公司) ("Guohong Refire").