Our sales outside Chinese mainland during the Track Record Period were limited, consisting primarily of sales to Germany, Japan, and Thailand, which accounted for 5.5%, 5.8%, and 6.3% of total revenue in 2023, 2024, and 2025, respectively.
Business · 第 212 页
Our overseas revenue has grown from RMB5.9 million in 2023 to RMB21.4 million in 2025, with customers in Japan, Thailand and Germany during the Track Record Period.
Business · 第 170 页
Our Directors are of the view that U.S. tariff policies did not have any material adverse impact on our business or financial performance during the Track Record Period and up to the Latest Practicable Date, having considered the following: (i) we had no procurement from, or direct or indirect sales to, the U.S.; (ii) the vast majority of our revenue was derived from domestic sales in mainland China; (iii) we received no feedback from customers indicating that U.S. tariff policies materially affected their demand for our products; and (iv) we did not experience any material adverse changes in order volume, or selling prices as a result of U.S. or other overseas tariff policies.
During the years ended December 31, 2023, 2024 and 2025, revenue generated from the U.S., mainly through sales of electrolytes (including tariffs, but excluding local sales made in the U.S.) amounted to RMB44.3 million, RMB39.8 million and RMB22.0 million, respectively, accounting for 0.3%, 0.3% and 0.1%, respectively, of our total revenue during the respective year.
Business · 第 163 页
U.S. demands will be met locally with the engagement of contract manufacturing provide in the U.S, and we do not expect to increase exports to the U.S. in the foreseeable future.
Business · 第 163 页
However, we do not believe that these PRC export restrictions will have a material adverse impact on our operations, financial condition or results of operations based on: (i) our current LiFePO4 products are not affected by the export restrictions; (ii) next-generation LiFePO4 products that would fall under the export restrictions are still under development; and (iii) we do not have any plan to export next-generation LiFePO4 products overseas.
During the Track Record Period, substantially all of our revenues were from our sales to distributors.
Business · 第 175 页
Considering that (i) during the Track Record Period, we did not make any direct sales to the U.S. and to the best of our knowledge and based on the information provided by the distributors about the intended locations of re-sale of our products, none of our customers, including both direct customers and distributors, sold their products to the U.S.; (ii) since the imposition of the tariffs, we had not received any requests from our customers to cancel orders or suspend delivery of our products because of the tariffs; (iii) we had not experienced any material changes in our order volume, product price, customer payment or logistics arrangements attributable to the U.S. tariff measures and (iv) we did not procure any raw materials or components from the U.S., the U.S.-China tariffs had not had, and we do not expect that it will have any material adverse impact on our business operations or financial performance.
江苏泽景汽车电子股份有限公司JIANGSU NEW VISION AUTOMOTIVE ELECTRONICS CO., LTD.02632.HK
拓展海外市场并面临美国关税间接影响
As of the Latest Practicable Date, the U.S. had imposed 62.5% tariffs in aggregate on our products if imported into the U.S.
Summary · 第 25 页
Given that we are expanding into the overseas markets and some of our automotive OEM customers may have sales to the U.S., the uncertainties of the U.S. tariff policies may affect their demand for our HUD solutions.
Summary · 第 25 页
On the other hand, we are expanding into overseas markets, including Japan and Europe. As of September 30, 2025, we had become a supplier of three globally leading automotive OEMs.
In particular, our revenue attributable to U.S. originated goods only amounted to approximately RMB1.5 million, RMB1.2 million and RMB3.2 million in FY2023, FY2024 and FY2025, accounting for 1.9%, 1.5% and 4.0% of our total revenue from supply chain solutions in the same periods, respectively
Summary · 第 18 页
Based on our management’s assessment and most recent operating information available, our Directors are of the view that the current tariffs have not had any material adverse impact on our operations as a whole.
Summary · 第 18 页
(i) our cross-border supply chain solutions had primarily focused on the import of electronics into Chinese Mainland during the Track Record Period, with only approximately 2.4%, 3.5%, and 3.7% of total GMV, and approximately 2.1%, 2.9%, and 4.1% of revenue from cross-border supply chain solutions attributable to export solutions in FY2023, FY2024 and FY2025, respectively
As a result, during the Track Record Period, the additional tariffs imposed by the U.S. on imports from China peaked at 145%, while the additional tariffs imposed by China on U.S. imports peaked at 140%.
Business · 第 160 页
In 2022, 2023, 2024 and the nine months ended September 30, 2024 and 2025, the revenue generated from our products directly exported to the U.S. was RMB29.0 million, RMB7.9 million, RMB4.6 million, RMB3.2 million and RMB4.4 million, respectively, representing approximately 1.2%, 0.3%, 0.1%, 0.1% and 0.1% of our revenue for the same periods, respectively.
Business · 第 160 页
Given the tariff arrangements and that the revenue contribution from products directly exported to the U.S. during the Track Record Period was limited, even if our PCBs are subject to higher U.S. tariffs due to regulatory changes in the future, we believe that it would not result in a material and adverse change in our business and result of operations as a whole.
In 2022, 2023, 2024 and the nine months ended September 30, 2025, revenue from customers located in the U.S. was RMB29.0 million, RMB44.5 million, RMB74.0 million and RMB12.1 million, respectively, representing 2.5%, 3.7%, 4.9% and 1.0% of our total revenue for the same periods, respectively.
Business · 第 178 页
we have selectively taken certain early measures to manage potential geopolitical risks, including (1) selectively expanding our global production capacity, such as in Thailand; (2) implementing risk management policies of our supply chain, including diversifying our supplier pool; and (3) seeking alliances with and acquisition of overseas companies to diversify our operations.
Business · 第 178 页
our Directors are of the view that the trade restrictions and tariff policies have not imposed and will not in the future impose a material adverse effect on our procurement and export activities.
In 2022, 2023, 2024 and the nine months ended September 30, 2025, revenue from the sales of our products to the U.S. accounted for 4.6%, 3.4%, 7.6% and 8.5% of our total revenue, respectively.
Business · 第 258 页
In 2022, 2023, 2024 and the nine months ended September 30, 2025, sales of our products produced and exported by our EMS providers in Vietnam into the U.S. were nil, nil, RMB40.2 million and RMB138.7 million, accounting for nil, nil, 18.1% and 57.7% of our sales into the U.S., respectively.
Business · 第 259 页
The Sponsor is of the view that the U.S. tariffs are not reasonably expected to have a material adverse impact on the Group’s operations or financial performance.
深圳市沃尔核材股份有限公司Shenzhen Woer Heat-Shrinkable Material Co., Ltd.09981.HK
美国加征关税及海外业务敞口
As of the Latest Practicable Date, the total tariff of our products exported to the U.S. ranged from 10.0% to 16.5%.
Business · 第 182 页
During the Track Record Period, our direct sales to the U.S. customers amounted to RMB117.0 million, RMB114.4 million, RMB143.7 million and RMB169.5 million, which only accounted for 2.2%, 2.0%, 2.1% and 2.8% of our total revenue for the respective years.
Business · 第 183 页
During the Track Record Period, our raw materials originated from the U.S. represented less than 2.4% of our total procurement costs.
Starting in February 2025, the U.S. imposed significant tariffs on imports from China, including two sets of tariffs under the International Economic Emergency Powers Act (“IEEPA”).
Summary · 第 20 页
The materials and components that we produced during the Track Record Period were not imported into the United States and, therefore, were not subject to any enhanced U.S. tariffs.
Business · 第 236 页
As of the Latest Practicable Date, the indirect impact of the increased tariffs by the U.S. on our business operations and financial performance was minimal.
During each period of the Track Record Period, revenue from sales of our products shipped to the United States accounted for less than 5% of our total revenue in each period.
Summary · 第 15 页
Overall, the geopolitical tension, trade restrictions and tariffs had not had a material impact on our business operations or financial performance, including supply chain, outsourced production and sales to customers, during the Track Record Period and up to the Latest Practicable Date.
Summary · 第 16 页
We regularly conduct risk planning and identify areas where we can build in supply chain flexibility to ensure we have the ability to quickly pivot if needed to respond to a rapidly changing tariff environment.
For the years ended December 31, 2022, 2023, 2024 and the six months ended June 30, 2024 and 2025, our revenue from U.S. accounted for approximately 1.6%, 3.6%, 4.4%, 4.5% and 2.0% of our total revenue, respectively.
Summary · 第 21 页
Under our typical sales agreements, transactions are conducted on a FOB basis.
Business · 第 269 页
For instance, we plan to establish a production facility in Thailand with an annual production capacity of 15,000 tons of PS building components.
For the years ended December 31, 2022, 2023 and 2024 and the six months ended June 30, 2025, our revenue generated from overseas sales amounted to nil, nil, RMB0.1 million, and RMB0.1 million, respectively, representing nil, nil, 0.04%, and 0.02% of our total revenue, respectively.
Business · 第 233 页
As of the Latest Practicable Date, the export of our home security devices exported to the U.S. is subject to a tariff rate of 45%.
Business · 第 233 页
Based on the above, the Sole Sponsor also concurs with the Directors’ view that the imposition of U.S. tariffs on our products would not have a material adverse impact on the Group.
河北海伟电子新材料科技股份有限公司Hebei Haiwei Electronic New Material Technology Co., Ltd.09609.HK
关键原材料电子级聚丙烯全靠进口
Capacitor film manufacturers in China primarily rely on overseas suppliers for electrical grade polypropylene, primarily because the electrical grade polypropylene industry in China is still growing, with only a few domestic suppliers available. We procure electrical grade polypropylene from overseas suppliers in the United Arab Emirates and Korea, which is in line with the industry practice in China, according to CIC.
Business · 第 193 页
We only import electrical grade polypropylene from overseas suppliers.
Business · 第 194 页
In addition, we plan to conduct production trials using domestically procured electrical grade polypropylene in the future.
中伟新材料股份有限公司CNGR Advanced Material Co., Ltd.02579.HK
美国加征关税的影响及应对
In 2024 and the six months ended June 30, 2025, our revenue generated from direct export to the United States accounted for 0.2% and 0.2% of our total revenue, respectively.
Business · 第 239 页
In 2022, 2023 and 2024 and the six months ended June 30, 2025, our direct sales to the U.S. customers amounted to RMB6.3 million, RMB57.5 million, RMB48.3 million and RMB38.8 million, which only accounted for 0.0%, 0.2%, 0.2% and 0.2% of our total revenue for the respective years.
Business · 第 239 页
Our Directors believe that the Additional US Tariffs, including the corresponding tariff policies introduced by other countries, assuming they are enforced as proposed, will not have a material and adverse impact on our business, results of operations and expansion plan, on the bases that (i) we make very limited direct exports to the United States, and therefore has insignificant direct exposure to the tariffs imposed by the United States; (ii) downstream customers, who import the end products incorporating our products in the United States, are responsible for the tariffs; (iii) we do not intend to significantly increase our direct sales in the United States; and (iv) we do not source any major raw materials from the United States.
中伟新材料股份有限公司CNGR Advanced Material Co., Ltd.02579.HK
出口管制公告第58号涉受管制产品
In 2022, 2023 and 2024 and the six months ended June 30, 2025, the revenue generated from exports of Controlled Nickel-based Materials amounted to approximately RMB4.8 billion, RMB5.6 billion, RMB2.7 billion and RMB0.6 billion, respectively, accounting for approximately 16%, 16%, 7% and 3% of our total revenue in the corresponding period.
Summary · 第 27 页
We had taken and plan to take several measures to mitigate the impact of such announcement, including potential substitutes for exports of Controlled Nickel-based Materials from China with Controlled Items produced in our Morocco and Indonesia production bases and prioritizing the production and delivery of Controlled Items for existing orders before the Announcement No. 58 takes effect.
Summary · 第 26 页
Based on the above, after discussion with the PRC Legal Adviser, our Directors are of the view that the implementation of Announcement No. 58 is not expected to have material adverse effect on our business, results of operations and financial condition.
In each period of the Track Record Period, revenue from solutions incorporating Certain SoCs was immaterial, accounting for less than 1% of our total revenue for the respective period.
Summary · 第 31 页
In addition, we believe that we will be able to share increased procurement costs of semiconductors, if any, with our customers.
According to our adviser as to U.S. tariffs laws and regulations, based on the current technical specifications and comparable U.S. Customs and Border Protection (“CBP”) rulings (i.e., administrative classification determinations published by CBP), they are of the view that our U.S.-bound products manufactured in the PRC would be classified under the Harmonized Tariff Schedule of the United States (“HTSUS”) 8517.62.0090 for tariff purposes, for which the applicable U.S. duty rate is 27.5% as of the Latest Practicable Date.
Summary · 第 20 页
Despite these developments, our Directors are of the view, and the Sole Sponsor concurs, that the imposition of these tariffs has not had, and is not expected to have, a material adverse effect on our Group’s operations, financial performance, or relationships with key customers and suppliers.
Summary · 第 21 页
Following the imposition of elevated tariffs on PRC-origin goods and the removal of the De Minimis Exemption in 2025, our U.S. customers have borne, or will bear, the impact of these increased tariffs.
During the Track Record Period, we derived the majority of our revenue from overseas markets.
Business · 第 206 页
During the Track Record Period, our purchase amount of raw materials of U.S. origin accounted for less than 0.01% of our cost of goods sold from continuing operations.
Business · 第 223 页
We have collaborated with EMS providers operating in jurisdictions not subject to heightened U.S. tariff.
(i) during the Track Record Period, we had only exported six and a hundred pieces of SiC substrates to the U.S. in 2022 and 2024, respectively; (ii) our products were not included on the lists of products that are subject to the Section 301 Tariffs as maintained by the USTR as of the Latest Practicable Date;
Business · 第 241 页
our Directors do not expect the Section 301 Investigation or the Tariffs to have any direct material adverse impact on our business operations, financial performance and plans to construct overseas production plants.
Business · 第 241 页
According to our estimation, approximately 3.2%, 9.0% and 10.5% of our SiC substrates in terms of revenue were indirectly exported to the U.S. as part of end products in 2022, 2023 and 2024, respectively.