Our financial assets at fair value through profit or loss as of December 31, 2022 and June 30, 2023 consisted of investments in Windfall T&L SPC, convertible bonds issued by Huisen Global and bank wealth management products.
Financial Information · 第 387 页
The wealth management products classified as other financial assets mainly include short-term wealth management products issued by major and reputable commercial banks without guaranteed returns.
Financial Information · 第 387 页
Particularly, relevant fair values decreased, substantially as a result of the updated projections of Huisen Global’s future performance, considering the overall macroeconomic situation, its industry and market positions, and etc.
绿源集团控股(开曼)有限公司Luyuan Group Holding (Cayman) Limited02451.HK
闲置资金购买的理财及存款类金融资产增至5.8亿元
As of December 31, 2020, 2021 and 2022 and April 30, 2023, our financial assets at fair value through profit or loss amounted to RMB63.6 million, RMB428.0 million, RMB533.6 million and RMB581.9 million, respectively.
Financial Information · 第 388 页
We regularly invested in certificate of deposits and, to a lesser extent, purchased short-term wealth management products and structured deposits during the Track Record Period to improve the return on idle cash and bank balances.
Financial Information · 第 389 页
According to our internal policies, risk-free deposits are our preferred investment targets and we are also allowed to invest in low-risk financial products issued by reputable commercial banks in mainland China.
Our convertible bond was categorised within level 3 of fair value measurements, which was issued by us on 10 July 2020 and had been fully repaid on 22 April 2021.
Financial Information · 第 301 页
Our financial assets at FVOCI which are categorised within level 3 of fair value measurements were equity investment in a non-listed company which is operating an under-construction business park.
Financial Information · 第 301 页
For the assessment of the fair value of our financial assets at FVOCI, our Directors have undertaken the following key actions: (i) engaging an independent external valuer to assist our management to assess the fair value of the underlying assets; (ii) considering the independence, reputation, capabilities and objectivity of the external valuer to ensure the suitability of such valuer; (iii) reviewing and discussing with our management and the external valuer on the valuation models and approaches; and (iv) reviewing the valuation report prepared by the valuer.
On our balance sheet, our interests in associates measured at fair value, interests in associates measured using equity method, interests in joint ventures, and financial assets at FVTPL together accounted for 95.4% of our total assets as of March 31, 2023.
Summary · 第 5 页
Our financial assets and liabilities in Level 3 mainly include financial assets at FVTPL, convertible bonds, interests in associates measured at fair value and financial liabilities at fair value through profit or loss.
Financial Information · 第 389 页
Based on the above procedures, our Directors are of the view that the valuation analysis performed by the valuer is fair and reasonable, and the financial statements of our Group are properly prepared.
Our wealth management products increased from RMB174.4 million as of December 31, 2020 to RMB2,535.8 million as of December 31, 2021, primarily due to our increased purchase of wealth management products and the increased fair value of our purchased wealth management products.
Financial Information · 第 353 页
The increase was mainly attributable to an increase in our fair value changes on financial assets at fair value through profit or loss through wealth management products from RMB12.5 million in 2020 to RMB85.6 million in 2021, primarily due to our increased purchase of wealth management products using the Series D financing proceeds we received in 2021 and the increased fair value of such products.
Financial Information · 第 345 页
Based on the aforesaid procedures, the Directors are of the view that the valuation analysis is fair and reasonable, and our financial statements are properly prepared.
We purchase wealth management products with our cash on hand. These products were issued by a large reputable commercial bank in China.
Financial Information · 第 403 页
Our wealth management investments were measured at fair value through profit or loss during the Track Record Period. The fair value of our wealth management investments are based on management judgment and are within Level 3 of the fair value hierarchy, and we recognize changes in such fair values through profit or loss.
Financial Information · 第 403 页
In addition, the balance of Level 3 wealth management products as of March 31, 2023 was nil.
Our investments in wealth management products amounted to RMB680.3 million as of April 30, 2023, with maturity typically less than one year.
Financial Information · 第 412 页
Our investments in listed equity amounted to RMB597.6 million as of April 30, 2023, mainly including our investments in various companies listed on the Stock Exchange.
Financial Information · 第 412 页
Our investment strategy related to financial products focuses on minimizing the financial risks by reasonably and conservatively matching the maturities or disposals of the portfolio to anticipated operating cash needs, while generating desirable investment returns for the benefits of our shareholders.
Our financial assets at fair value through profit or loss primarily represent wealth management products issued by commercial banks.
Financial Information · 第 429 页
We primarily invest in wealth management products issued by major commercial banks in China with low risks and a short-to mid-term of no more than one year.
Financial Information · 第 429 页
During the Track Record Period, the structured deposits and other wealth management products we purchased did not have material decline in market value.
Our unlisted equity investment represents our investment in a limited partnership, which primarily invested in unlisted companies engaging in new energy businesses in Jiangsu province.
Financial Information · 第 400 页
As of April 30, 2023, we had investment in wealth management products amounted to RMB7.7 million.
Financial Information · 第 400 页
In general, we will only invest in products with mid to low-risk profile as defined under our investment policies.
Our structured deposits were principal guaranteed with an expected yield of 2.70% per annum as of April 30, 2023.
Financial Information · 第 388 页
Under our treasury management guidelines, we limited our purchases to principal-guaranteed and low risk products from reputable financial institutions which must not affect our daily operation and business prospects.
Our financial assets at fair value through profit or loss primarily consist of wealth management products we purchased to improve returns on our excess liquidity.
Financial Information · 第 313 页
Our investment strategy related to wealth management products focuses on minimizing the financial risks by reasonably and conservatively matching the maturities of the portfolio to anticipated operating cash needs, while generating desirable investment returns for the benefits of our Shareholders.
巨星传奇集团有限公司Star Plus Legend Holdings Limited06683.HK
购买理财产品作资金管理并设投资政策
During the year ended December 31, 2021, we acquired financial assets at FVPL in the amount of RMB80.0 million.
Financial Information · 第 421 页
During the year ended December 31, 2021, we recorded other gain from the change in fair value of financial assets at FVPL of RMB435,000.
Financial Information · 第 421 页
As part of our treasury management policy, we have purchased wealth management products as a mean to better utilize of our cash on hand on a short-term basis.
During the Track Record Period, financial assets at fair value through profit or loss represented the investments in wealth management products issued by banks in the PRC with expected investment return rates ranged from 2.10% to 3.88% per annum.
Financial Information · 第 535 页
As at 31 December 2020, 2021 and 2022, we had financial assets at fair value through profit or loss of approximately RMB11.0 million, RMB17.1 million and nil, respectively.
Financial Information · 第 535 页
Our investment in wealth management products is categorised within level 3 of fair value measurement.
Our financial assets at fair value through profit or loss increased from RMB344.6 million as of 31 December 2020 to RMB512.9 million as of 31 December 2021 and further increased to RMB711.1 million as of 31 December 2022, primarily because we invested in more wealth management products with low risks so as to generate some returns from idle fund.
Financial Information · 第 264 页
As of 31 December 2020, 2021 and 2022, all of our financial assets at fair value through profit or loss were classified as Level 2 financial instruments and the fair value was measured by reference to quoted value from commercial banks.
Financial Information · 第 265 页
Board approval for investing in financial products is required when the total outstanding balance of the financial products purchased by us exceeds 20% of our total assets.
Our financial assets at FVTPL at the end of each reporting period mainly represented short-term investments issued by reputable banks with no predetermined or guaranteed return which are not principal protected investments which is subject to the compliance with Chapter 14 of the Listing Rules upon Listing.
Financial Information · 第 419 页
Financial products | 405,492 | 43,496
Financial Information · 第 419 页
Prior to making any material investments in financial products or modifying our existing investment portfolio, the proposal shall be reviewed and approved by our chief executive officer and the Board.
As part of our cash management policy to manage the excess cash, we have invested in certain financial products issued by PRC commercial banks to achieve higher interest income.
Business · 第 229 页
We carefully balance our need for interest income and the risks associated with financial products by investing in simple financial products with principal-protection investment strategies issued by reputable financial institutions.
Business · 第 229 页
Our other gains and losses primarily consist of: (i) fair value change of financial assets at FVTPL in connection with structured deposits we purchased;
Our financial assets at fair value through profit or loss represented short-term treasury investment products issued by reputable licensed commercial banks in the PRC.
Financial Information · 第 377 页
The main level 3 inputs used by the Group are return rates of the financial assets at FVPL which are derived and evaluated based on the yield rate written in contracts by the counterparties.
Financial Information · 第 380 页
Based on the above considerations, our Directors are of the view that the valuation of our Group's level 3 financial instruments are fair and reasonable and the financial statements of our Group are properly prepared.
During the Track Record Period, our other gains and losses, net, primarily consisted of (i) fair value gains on financial assets at FVTPL mainly representing the gains from our wealth management products, (ii) loss on disposal of property, plant and equipment, and (iii) net foreign exchange gains.
Financial Information · 第 381 页
Our net other gains increased from RMB10.8 million in 2021 to RMB15.1 million in 2022, primarily arising from an increase of fair value gains on financial assets at FVTPL of RMB3.1 million, mainly as we purchased additional wealth management products using proceeds from our Pre-IPO Investments.
Financial Information · 第 384 页
In addition, RMB512.7 million was recorded as financial assets at FVTPL as of December 31, 2022, which represented highly liquid investments in wealth management products and can be used to fund our working capital when necessary.
The fair value of wealth management products is determined using a valuation model for which not all inputs are observable and is within Level 3 of the fair value hierarchy.
Financial Information · 第 419 页
We have implemented internal policies to ensure the reasonableness of fair value measurement on the level 3 financial assets.
Financial Information · 第 420 页
Having considered the work done by the Directors and Reporting Accountants and the relevant due diligence done as stated above, nothing has come to the Joint Sponsors’ attention that would cause the Joint Sponsors to question the valuation analysis performed by the valuers on the financial assets and liabilities.
During the Track Record Period, our financial assets at fair value through profit or loss consisted primarily of our investment in certain structured deposits and wealth management products issued by major and reputable commercial banks in the PRC, and equity investment in Beijing Black Mirror and Beisen Shengya.
Financial Information · 第 302 页
Our investment in structured deposit increased significantly from RMB122.3 million as of March 31, 2021 to RMB1,297.6 million as of March 31, 2022, mainly because we received the proceeds from our Series F financing round.
Financial Information · 第 304 页
Our investment strategy related to structured deposits and wealth management product portfolio focuses on minimizing the financial risks by reasonably and conservatively matching the maturities of the portfolio to anticipated operating cash needs, while generating desirable investment returns for the benefits of our shareholders.