As a result of our offshore expansion efforts, 5.9% of our revenue was generated from Hong Kong in 2024, growing from only 0.3% in 2022.
Business · 第 169 页
The tangible growth in revenue from the Hong Kong market, escalating from 0.3% in 2022 to 5.9% in 2024, showcases our feasibility and capabilities in navigating complex global landscapes, regulatory challenges, and competitive environments.
Business · 第 226 页
Our offshore expansion into Singapore and Japan will follow a disciplined, phased approach.
北京五一视界数字孪生科技股份有限公司Beijing 51WORLD Digital Twin Technology Co., Ltd.06651.HK
境外收入最高达1,820万元
During the Track Record Period, our revenue generated outside of mainland China increased from RMB5.7 million and RMB6.0 million in 2022 and 2023, respectively, to RMB18.2 million in 2024, and amounted to RMB2.3 million and nil for the six months ended June 30, 2024 and 2025.
Business · 第 261 页
We currently have subsidiaries or offices in Sydney, Australia, Silicon Valley, USA, and Riyadh, Saudi Arabia, and will strategically enter regions with high demand for digital twins and data emulation by participating in international exhibitions, establishing local marketing networks, and optimizing our global marketing team's effectiveness.
During the Track Record Period, we have successfully established market presence in both the PRC market and overseas markets, which primarily included Europe and Africa.
Summary · 第 4 页
Our Directors confirm that despite the intensifying trade war between China and the US, there was no material impact on our business operations or financial performance during the Track Record Period.
Summary · 第 7 页
To the best knowledge of our Directors, there were no tariffs or trade restrictions affecting our export sales in Europe and Africa as of the Latest Practicable Date.
As we gradually expanded overseas, our revenue from sales to customers outside mainland China amounted to RMB169.5 million, RMB161.9 million, RMB305.4 million, RMB130.8 million and RMB170.4 million in 2022, 2023, 2024 and the six months ended June 30, 2024 and 2025, respectively, accounting for 10.1%, 12.3%, 15.6%, 15.4% and 11.2% of our total revenue for the respective years/periods.
Business · 第 207 页
In 2025, the United States government announced a series of tariff increases on imports from China.
Summary · 第 29 页
As of June 30, 2025, we had established local sales offices in Japan, South Korea and Germany to directly address the needs of customers in these key international markets.
Our revenue generated from countries and regions outside Chinese Mainland amounted to RMB54.9 million, RMB518.2 million and RMB44.8 million, respectively, in 2022, 2023 and 2024, accounting for 12.6%, 44.2% and 8.6% of our total revenue for the respective year.
Financial Information · 第 368 页
Our sales volume (including self-manufactured epitaxial wafers and epitaxial wafers sold under foundry services) grew from 44,515 pieces in 2022 to 130,702 pieces in 2023, but decreased to 78,928 pieces in 2024, mainly due to the change of market condition attributable to a decrease in our overseas sales which resulted from global trade tensions.
Summary · 第 2 页
Our Directors confirm that our Group has not engaged in any direct exports of goods or products from China to the U.S. during the Track Record Period and up to the Latest Practicable Date.
中伟新材料股份有限公司CNGR Advanced Material Co., Ltd.02579.HK
境外收入占比升至50.6%并全球布局
In 2022, 2023 and 2024 and the six months ended June 30, 2024 and 2025, revenue from our direct customers outside of China accounted for 33.7%, 41.1%, 44.5%, 45.4% and 50.6% of our total revenue, demonstrating high recognition of our products worldwide.
Summary · 第 3 页
As a result of our globalization strategy, we expect that the overseas market will continue to account for a substantial portion of our total revenue in the future.
In 2022, 2023, 2024 and for the six months ended June 30, 2025, revenues generated in the U.S. were US$10.5 million, US$0.3 million, US$0.6 million and US$0.05 million, respectively, representing 15.4%, 0.4%, 0.8% and 0.1% of our total revenues in 2022, 2023, 2024 and six months ended June 30, 2025, respectively.
Business · 第 343 页
The decline in our revenues in the U.S. was primarily attributable to our shift of strategic focus in the U.S. to mainly R&D activities.
Business · 第 343 页
Currently, substantially all of our revenues are derived in China.
In 2022, 2023, 2024 and the six months ended June 30, 2024 and 2025, our overseas revenue amounted to RMB3,921.9 million, RMB4,975.9 million, RMB4,210.7 million, RMB1,847.8 million and RMB1,421.7 million, respectively.
Business · 第 223 页
We plan to continue to expand into other international markets. We aim to build and enhance our overseas sales and service capability, and to adapt the user interfaces of our software systems to provide better products and services to consumers in overseas markets.
During the Track Record Period, the revenue generated from overseas markets represented 82.9%, 89.3%, 92.6%, and 94.0% of our total revenue, respectively.
Summary · 第 1 页
As of June 30, 2025, our customer base spanned across 52 countries and regions, serving the world’s top five ICT equipment providers, and a majority of our revenue was generated from overseas markets.
In 2024, our revenue from overseas markets accounted for 62.3% of our total revenue, with a CAGR of 15.2% from 2022 to 2024.
Summary · 第 4 页
The top three overseas countries in terms of revenue generated during the Track Record Period were Indonesia, India and the U.S..
Business · 第 278 页
Our revenue in the four months ended April 30, 2025 increased as compared to the same period in 2024, while maintaining a stable gross profit margin, despite the volatile international environment, including the increased tariffs in the U.S.
Revenue generated from overseas market amounted to RMB3.3 million, RMB1.7 million, RMB9.9 million, RMB2.1 million and RMB0.6 million in 2022, 2023, 2024 and the first five months of 2024 and 2025, respectively, accounting for 2.1%, 1.2%, 4.1%, 2.8% and 0.7% of our total revenue for the same periods, respectively.
Business · 第 368 页
While our focus during the Track Record Period remained predominantly on the PRC market, we are now prioritizing the expansion of our global presence, with a strategic emphasis on Japan and Southeast Asia.
上海挚达科技发展股份有限公司Shanghai Zhida Technology Development Co., Ltd.02650.HK
海外收入占比升至12.1%并涉美国关税风险
In 2022, 2023, and 2024, our overseas sales revenue amounted to RMB12.9 million, RMB61.3 million and RMB71.9 million representing 1.9%, 9.1% and 12.1% of our total revenue.
Business · 第 257 页
Our Thailand factory with an aggregate GFA of approximately 12,400 sq.m., has a designed production capacity of 108 thousand EV chargers per year based on one eight hour shift per day and 25 working days per month.
Business · 第 270 页
On the other hand, our revenue in the U.S. was less than 0.25% of our total revenue in each of the year/period during the Track Record Period.
紫金黄金国际有限公司ZIJIN GOLD INTERNATIONAL COMPANY LIMITED02259.HK
全部金矿位于海外，收入来自多个外国司法辖区
As of the Latest Practicable Date, we held interests in eight gold mines located in gold-rich regions across Central Asia, South America, Oceania and Africa, namely the Tajikistan Jilau/Taror Gold Mines, Kyrgyzstan Taldybulak Levoberezhny Gold Mine, Australia Norton Gold Mine, Guyana Aurora Gold Mine, Colombia Buritica´ Gold Mine (through Colombia Entrustment Arrangement), Suriname Rosebel Gold Mine, Ghana Akyem Gold Mine and PNG Porgera Gold Mine.
Summary · 第 1 页
Among the countries where we generated revenue during the Track Record Period, Tajikistan, Kyrgyzstan, Guyana and Suriname are Non-IOSCO MMOU Countries and have not signed any regulatory cooperation agreement or memorandum of understanding with the SFC or the Stock Exchange.
Summary · 第 3 页
While we anticipate being able to renew our licenses and permits in each of the markets we operate, any inability to do so for any reason could materially and adversely affect our business and results of operations.
In 2022, 2023, 2024 and the three months ended March 31, 2024 and 2025, our sales to other countries and regions generated revenue of RMB30,387 million, RMB77,060 million, RMB100,897 million, RMB20,376 million and RMB26,289 million, respectively, representing 32.8%, 47.2%, 37.4%, 37.1% and 38.5% of our total revenue during the same periods, respectively.
Financial Information · 第 370 页
The revenue from our exports of passenger vehicles to EU accounted for less than 3.8% of our total revenue in each period during the Track Record Period.
Business · 第 306 页
As advised by our International Sanctions Legal Advisers, such purchases are not currently affected by U.S. export control laws in any material respect.
During the Track Record Period, our products, including DAHON bicycles and accessories, apparel and other related products, were sold in 28 countries and regions outside mainland China, including Japan, Thailand, the U.S. and the EU.
Business · 第 181 页
The number of our offshore distributors fluctuated during the Track Record Period, and our revenue generated from our offshore sales decreased from RMB56.2 million in 2022 to RMB20.3 million in 2023 primarily because (i) some of our offshore distributors stopped making purchase from us due to their own financial conditions; and (ii) the significant surge in global bicycles sales during the public health emergency was followed by a necessary destocking period.
Business · 第 182 页
Our revenue generated from our offshore sales then increased to RMB29.8 million in 2024 primarily reflecting gradual normalization of international business activities during the year.
During the Track Record Period, Mexico was the only overseas market that contributed more than 5% of our total revenue, and revenue generated from the U.S. amounted to less than 2% of our total revenue.
Business · 第 241 页
In light of the above, our Directors are of the view, which is concurred by the Sole Sponsor, that the tariffs and export control measures currently in place have no material impact on our business and financial performance.
佳鑫国际资源投资有限公司Jiaxin International Resources Investment Limited03858.HK
哈萨克斯坦矿山产品拟销往中国并面临出口限制
We expect to sell our tungsten products primarily to the PRC in the near term.
Business · 第 282 页
In addition, while risks due to potential issues with exporting and shipping may have substantial impact on our operations given that we expect to export and ship our products mainly to customers outside Kazakhstan, it is unlikely that such issues will arise as advised by the Independent Technical Consultant, especially taking into account favorable exportation policies of Kazakhstan, the trend of encouraging importation of certain resources in China and our transportation channel and conditions.
Business · 第 273 页
By processing the concentrate domestically, mining companies can potentially bypass export restrictions and access higher-value markets for processed tungsten products.
During the Track Record Period, we have expanded our oversea markets and our overseas sales accounted for 16.6%, 21.8%, 19.8%, 26.0% and 17.1% of our total revenues in 2022, 2023, and 2024 and for the five months ended May 31, 2024 and 2025, respectively.
Business · 第 220 页
Our revenue generated from our oversea sales decreased from RMB928.9 million in 2023 to RMB889.5 million in 2024, mainly due to the decrease in revenue generated from EMEA as our customer demand in EMEA was gradually stabilized.
In 2022, 2023 and 2024, our revenue from sales outside Mainland China continued to increase and amounted to RMB52.4 million, RMB414.4 million and RMB845.5 million, respectively, accounting for 12.6%, 33.1% and 47.8% of our total revenue, respectively, during the same years.
Business · 第 211 页
Our globalization strategy primarily focuses on building stable business relationships with international leading power semiconductor device companies, improving overseas customer service through our overseas subsidiaries and expanding our production capacity in Southeast Asia to meet the growing international demand for our SiC substrates.
We strategically targeted the global market early on. This global mindset has enabled us to establish a strong international presence with over 70% of total revenue generated from non-domestic markets outside Chinese mainland in 2024.
Summary · 第 6 页
As of December 31, 2024, we have shipped approximately 56,000 AMRs across over 40 countries and regions worldwide.