We had net current liabilities of RMB1,715.8 million as of May 31, 2025, consisting of current assets of RMB321.4 million and current liabilities of RMB2,037.2 million, which represented an increase of RMB134.2 million from our net current liabilities of RMB1,581.7 million as of December 31, 2024.
Financial Information · 第 465 页
During the Track Record Period, we had net current liabilities primarily attributable to the large amount of redemption liabilities arising from the redemption right granted to our Pre-IPO Investors.
Financial Information · 第 465 页
Taking into account the financial resources available to us, including cash flow from operating activities and the estimated net proceeds from the Global Offering, our Directors are of the view that we have sufficient working capital to meet our present requirements and for the next 12 months from the date of this prospectus.
We recorded net current liabilities of RMB4,760 million, RMB17,388 million, RMB3,401 million, RMB2,788 million and net current liabilities of RMB1,260 million as of December 31, 2022, 2023 and 2024, March 31, 2025 and July 31, 2025, respectively.
Financial Information · 第 411 页
We seek to improve our net current liabilities position by improving our operating cash flows.
Financial Information · 第 414 页
We also intend to improve our net current liabilities position by (i) optimizing our debt structure through replacement of short-term debt with long-term ones; and (ii) increasing our current assets through (a) promoting increased dividend payouts from joint ventures and associates; and (b) receipt of the net proceeds from the Global Offering.
Upon Listing, we do not expect to recognize any further change in fair value of redemption liabilities on equity shares, as the redemption right will be automatically terminated upon Listing, which we anticipate to allow us to turn into a net assets, rather than net liabilities, position.
Financial Information · 第 505 页
Our Directors are of the opinion that, taking into account the financial resources available, including cash and cash equivalents, the expected income from commercialization of GFH925 in China, and the estimated net proceeds from the Listing, 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 and administrative expenses for at least the next 12 months from the date of this Prospectus.
健康160国际有限公司160 Health International Limited02656.HK
往绩记录期间录得净负债及净流动负债
Nevertheless, our net liabilities and net current liabilities increased as of December 31, 2024 and March 31, 2025, primarily due to the rise in short-term borrowings to support our business expansion.
Business · 第 382 页
Our net current liabilities increased from RMB47.5 million as of December 31, 2023 to RMB97.7 million as of December 31, 2024, mainly due to (i) an increase of borrowings of RMB79.9 million as we obtained new short-term borrowings of RMB88.9 million in 2024, (ii) an increase of accruals and other payables of RMB28.4 million in relation to payroll and welfare payable and payables to physicians and medical and healthcare institutions.
Financial Information · 第 496 页
Despite recording net losses, net operating cash outflow, net current liabilities and net liabilities during the Track Record Period, our Directors are of the view that we have sufficient working capital to meet our present requirements and for at least the next 12 months from the date of this prospectus, taking into account the cash generated from our operating activities, secured credit facilities, investments received from our Pre-IPO Investors, and the estimated net proceeds from this Global Offering.
佳鑫国际资源投资有限公司Jiaxin International Resources Investment Limited03858.HK
2022、2024年及2025年6月底均录得净流动负债
As of December 31, 2022, December 31, 2024 and June 30, 2025, we had net current liabilities of HK$117.2 million and HK$268.9 million and HK$442.9 million, respectively.
Financial Information · 第 430 页
Our net current liabilities positions were primarily due to the significant development and construction costs we incurred in relation to the Boguty Project, and certain portion of our borrowings was maturing in short term.
Financial Information · 第 430 页
Going forward, we expect to improve our liquidity position through (i) the net proceeds from the Global Offering; (ii) cash generated from operations; and (iii) unutilized bank facilities.
武汉大众口腔医疗股份有限公司Wuhan Dazhong Dental Medical Co., Ltd.02651.HK
2023及2024年末录得净流动负债
We had net current liabilities of RMB13.5 million as of December 31, 2024, consisting of current assets of RMB121.6 million and current liabilities of RMB135.1 million, which represented an increase of RMB13.2 million from our net current liabilities of RMB0.3 million as of December 31, 2023.
Financial Information · 第 357 页
(i) Monitoring our cash flow situation on a regular basis.
Financial Information · 第 358 页
Taking into account the financial resources available to us, including cash flow from operating activities and the estimated net proceeds from the Global Offering, our Directors are of the view that we have sufficient working capital to meet our present requirements and for the next 12 months from the date of this prospectus.
Although we recorded net current liabilities and net liabilities during the Track Record Period, our Directors are of the view that we have sufficient working capital to cover at least 125% of our costs, including general, administrative and operating costs as well as R&D costs, for at least 12 months from the date of publication of this prospectus by using our cash and cash equivalents amounted to US$34.9 million as of 31 December 2024, consisting of deposits with banks, cash at banks and cash on hand, and the estimated net proceeds from the Global Offering.
Financial Information · 第 493 页
As such, all the convertible redeemable preferred shares of US$110.0 million, US$322.5 million and US$386.2 million have been classified as current liabilities in our Group’s consolidated statements of financial position for accounting period as at 31 December 2022, 2023 and 2024.
云知声智能科技股份有限公司UNISOUND AI TECHNOLOGY CO., LTD.09678.HK
净负债达27.529亿元主因赎回负债
Our net liabilities further increased to RMB2,752.9 million as of December 31, 2024, primarily due to (i) an increase in redemption liabilities and (ii) an increase in net losses.
Summary · 第 11 页
We expect to achieve a net assets position upon Listing, as the redemption liabilities will be derecognized and the carrying amount will then be credited into equity.
Summary · 第 11 页
Our net current assets decreased from RMB664.5 million as of December 31, 2023 to RMB464.3 million as of December 31, 2024, mainly reflecting (i) a decrease in the cash and cash equivalents in relation to our cash outflow to support business operations and (ii) an increase in the borrowings, partially offset by an increase in the trade receivables.
Upon the Listing, all our financial instruments issued to investors which are recognized as liabilities will be reclassified as equity due to the termination of the preferred rights, and we expect that our net liabilities position will turn into a net assets position.
Our net current liabilities decreased from RMB128.7 million as of December 31, 2022 to RMB2.2 million as of December 31, 2023, as we introduced external financing investors, which increased net current assets, partially offset by our procurement of medical equipment and losses due to operation during the same year.
Financial Information · 第 535 页
We recorded net current liabilities of RMB23.8 million as of December 31, 2024.
Financial Information · 第 567 页
After due and careful enquiry and taking into account the financial resources available to us, including cash flow from operating activities, available banking and other facilities and the estimated net proceeds from the Global Offering, our Directors are of the view, that we have sufficient working capital to meet our present requirements and for the next 12 months from the date of this prospectus.
Our net current liabilities as of December 31, 2022 and 2023 and 2024 and March 31, 2025 were primarily due to financial instruments issued to investors.
Financial Information · 第 431 页
Our financial instruments issued to investors will be re-designated from liabilities to equity as a result of the automatic conversion into ordinary shares upon the Listing, after which we do not expect to recognize any further changes in carrying amount of financial instruments issued to investors and we will return to a net current assets position from a net current liabilities position.
Financial Information · 第 431 页
we have sufficient working capital for our present requirements and for at least the next 12 months from the date of this prospectus.
We had net current liabilities of US$13.3 million as of December 31, 2024, compared to net current assets of US$21.8 million as of December 31, 2023.
Financial Information · 第 535 页
We had net current liabilities of US$19.0 million as of March 31, 2025, compared to net current liabilities of US$13.3 million as of December 31, 2024.
Financial Information · 第 535 页
The Directors are of the opinion that, taking into account of the financial resources available to us described below, we have sufficient working capital to cover at least 125% of our costs, including research and development expenses, selling and distribution expenses, general and administrative expenses, finance costs and other expenses for at least the next 12 months from the date of this Prospectus:
We recorded net current liabilities in 2022, 2023 and 2024, mainly because we utilized significant portions of cash generated from our operations to expand our restaurant network.
Financial Information · 第 308 页
We recorded net current liabilities of RMB300.6 million as of December 31, 2023 as compared to net current liabilities of RMB88.3 million as of December 31, 2022, primarily due to (i) the dividend payable we recorded relating to the dividend to our existing Shareholders our Board declared in May 2023 and (ii) an increase in trade and other payables which was caused by the increase in the number of our restaurants in operation in 2023.
Financial Information · 第 308 页
Taking into consideration the financial resources presently available to us, including cash on hand and cash at banks, the available banking facilities, expected cash generated from our operations and the estimated net proceeds from the Global Offering, our Directors are of the view that we have sufficient working capital for our present working capital requirements for at least the next 12 months from the date of this prospectus.
Although we recorded significant net current liabilities during the Track Record Period, our Directors are of the view that we have sufficient working capital to cover at least 125% of our costs, including research and development expenses and administrative expenses (including any production costs), for at least the next 12 months from the date of this prospectus, primarily for the reasons set out below:
Financial Information · 第 466 页
As of December 31, 2024, we recorded RMB3,046.8 million in financial liabilities at fair value through profit or loss, which were attributable to the Preferred Shares we issued to Pre-IPO Investors.
Financial Information · 第 466 页
These Preferred Shares will be converted into Ordinary Shares upon Listing, after which our financial liabilities at fair value through profit or loss, which were recorded as current liabilities during the Track Record Period, will be derecognized from our liabilities and recorded as equity, which can result in the Group turning into net current assets and net assets position.
Our net current liabilities decreased from approximately RMB38.8 million as at 31 December 2021 to RMB3.9 million as at 31 December 2022, representing an amount of approximately RMB34.9 million.
Financial Information · 第 302 页
Our net current liabilities position changed from approximately RMB3.9 million as at 31 December 2022 to net current assets position of approximately RMB26.4 million as at 31 December 2023, representing an increase of approximately RMB30.3 million, which was mainly attributable to the combined effects of (i) our cash and bank balances increase of approximately RMB56.5 million;
Financial Information · 第 302 页
Our Directors are of the opinion that after taking into account, the existing financial resources available to our Group including internally generated funds from operating activities, existing banking facilities available and the estimated net proceeds from the Global Offering, our Group has sufficient working capital for its present requirements for the next 12 months from the date of this prospectus.
As of December 31, 2023, we had net current liabilities of RMB9.9 million, primarily due to (i) trade and other payables of RMB240.7 million, representing an increase of RMB79.0 million compared to RMB161.7 million as of December 31, 2022, (ii) loans and borrowings of RMB31.2 million, representing an increase of RMB22.1 million compared to RMB9.1 million as of December 31, 2022, and (iii) lease liabilities of RMB29.0 million, representing an increase of RMB5.3 million compared to RMB23.7 million as of December 31, 2022; partially offset by (iv) inventories of RMB242.8 million, representing an increase of RMB87.2 million compared to RMB155.6 million as of December 31, 2022, and (v) trade and other receivables of RMB46.1 million, representing an increase of RMB0.8 million compared to RMB45.3 million as of December 31, 2022.
Financial Information · 第 347 页
Before the Reorganization, we recorded a cash outflow in financing activities from deemed distribution of RMB138.2 million for the year ended December 31, 2023.
Financial Information · 第 347 页
Elimination of this outflow is expected to strengthen our position to reduce net current liabilities over time.
安徽海螺材料科技股份有限公司Anhui Conch Material Technology Co., Ltd.02560.HK
往绩记录期间录得净流动负债
Our net current liabilities decreased from RMB192.1 million as at 31 December 2022 to RMB16.5 million as at 31 December 2023, primarily due to (i) the increase in trade and other receivables of RMB180.3 million mainly as a result of (a) the increase in revenue following the launch of our new product, namely polyether monomers in June 2022; and (b) the increase in the number of customers following the commencement of operation of new production plants which extended our geographical coverage; and (ii) the increase in cash and cash equivalents of RMB34.3 million, partially offset by the increase in trade and other payables of RMB26.2 million mainly as a result of the increase in trade and bills payables as a result of the increase in demand of raw materials as sales increased.
Financial Information · 第 440 页
Despite the net current liabilities we recorded as at 31 December 2023, our Directors’ considered that we will be able to maintain sufficient working capital, taking into account of the facts that: (i) our Group has the ability to (a) obtain new banking and other financing facilities; and (b) renew or refinance banking facilities upon maturity; (ii) our Group can adjust the schedule of certain planned capital expenditure for the next twelve months; and (iii) the available unutilised banking facilities amounted to RMB1,568.0 million as at 31 October 2024.
Financial Information · 第 440 页
Our Directors confirm, and the Sole Sponsor concurs, that taking into consideration the financial resources presently available to us, including cash flow from operations, the available unutilised banking facilities and other internal resources, and the estimated net proceeds from the Global Offering, we have sufficient working capital for our requirements within at least the next 12 months from the date of this prospectus.
脑动极光医疗科技有限公司BrainAurora Medical Technology Limited06681.HK
2023年末起处于净流动负债状况
Our net current assets of RMB271.6 million as of December 31, 2022 changed to net current liabilities of RMB90.1 million as of December 31, 2023.
Financial Information · 第 454 页
Our net current liabilities increased to RMB111.3 million as of June 30, 2024 and further increased to RMB118.7 million as of October 31, 2024.
Financial Information · 第 454 页
We expect that the automatic conversion of financial liabilities into ordinary shares at Listing and the proceeds from this Global Offering are expected to turn our net current liabilities position into net current asset position.
小菜园国际控股有限公司XIAOCAIYUAN INTERNATIONAL HOLDING LTD.00999.HK
2021及2022年末录得净流动负债
As of December 31, 2021 and 2022, our net current liabilities amounted to RMB468.1 million and RMB231.5 million, respectively. As of December 31, 2023 and August 31, 2024, our net current assets amounted to RMB359.2 million and RMB503.6 million, respectively.
Financial Information · 第 305 页
Taking into account the financial resources available to us, including our cash and cash equivalents on hand, the available banking facilities and the estimated net proceeds from the Global Offering, our Directors are of the view that we have sufficient working capital to meet our present requirements and for the next 12 months from the date of this prospectus.
We recorded net liabilities of RMB4,739.2 million, RMB6,077.4 million, RMB6,765.1 million, and RMB7,053.6 million as of December 31, 2021, 2022 and 2023 and June 30, 2024, respectively.
Summary · 第 13 页
The convertible redeemable preferred shares will be redesignated from liabilities to equity as a result of automatic conversion into ordinary shares upon the Listing such that the net liabilities position would turn into a net asset position.
Summary · 第 13 页
Taking into account the financial resources available to us, including the estimated net proceeds from the Global Offering, cash flow generated from operations, bank facilities available to us, cash and cash equivalents on hand, financial assets at fair value through profit or loss, and after due and careful enquiry, our Directors are of the view that we and our subsidiaries have sufficient working capital to meet our present needs and for the next 12 months from the date of this document.