Our revenue attributable to sales in the U.S. was RMB147.0 million, RMB195.3 million and RMB198.6 million in 2023, 2024 and 2025, and RMB97.1 million and RMB101.7 million for the six months ended June 30, 2025 and 2026 respectively, demonstrating stable growth.
Business · 第 180 页
In early 2025, we expanded our overseas alternative supply chain capabilities by engaging a manufacturing partner in Vietnam and obtaining a Vietnamese Certificate of Origin.
Business · 第 180 页
As advised by our International Sanctions Legal Advisor, during the Track Record Period and up to the Latest Practicable Date, the impact of the changes in U.S. tariff regulations on our business operations is limited.
During the Track Record Period, a substantial portion of our revenue was generated from customers located outside Chinese Mainland.
Business · 第 134 页
During the Track Record Period, additional tariffs imposed by the U.S. on imports from China reached a peak rate of 145%, while additional tariffs imposed by China on imports from the U.S. reached a peak rate of 125%.
Business · 第 144 页
During the Track Record Period and up to the Latest Practicable Date, we had not experienced any material adverse changes in our order volume, pricing, customer payment arrangements or logistics arrangements as a result of U.S. tariff measures, nor had we received any requests from customers to renegotiate sales agreements, cancel orders or suspend product deliveries due to such tariffs.
Our total sales amounted to approximately RMB71.7 million in 2023, RMB83.8 million in 2024, RMB107.3 million in 2025 and RMB62.2 million in the six months ended June 30, 2026, representing 1.8%, 2.0%, 2.6% and 3.1% of the total revenues of the respective years.
Business · 第 152 页
the Group did not experience any order cancellations, loss of customers or material margin compression as a result of U.S. tariff policies during the Track Record Period and up to the Latest Practicable Date.
Business · 第 153 页
In light of the recent market and regulatory developments, U.S. tariffs applicable to our products and the International Sanctions Legal Advisor's view above, our Directors are of the view, and the Sole Sponsor concurs, that the applicable U.S. tariffs did not have any material impact on our business and financial performance.
广东微电新能源股份有限公司Guangdong Mic-Power New Energy Co., Ltd.
海外关税致客户短期减少采购
During the Track Record Period, the Group’s direct revenue exposure to the United States and other non Asian markets remains minimal, accounting for only approximately 2.0%, 1.5%, 3.1%, and 12.5% of our total revenue in 2023, 2024, 2025, and in the six months ended June 30, 2026, respectively, and U.S. revenue representing merely 0,23%, 0.55%, 1.14%, and 1.50% of our total revenue for the same years/period.
Business · 第 174 页
In late 2025, three overseas customers temporarily reduced purchase volumes citing tariff-related uncertainty, which we accommodated through flexible production scheduling.
Business · 第 174 页
Such adjustments were short-term in nature and did not result in permanent order cancellations or customer losses, and the relevant customers have subsequently resumed normal ordering levels.
The United States is our largest market, accounting for 71.2%, 76.9%, 82.8%, 80.9% and 84.9% of our revenue in 2023, 2024, 2025 and the four months ended April 30, 2025 and 2026, respectively.
Business · 第 168 页
During the Track Record Period, our revenue generated from all PRC-origin products that were subject to U.S. tariffs amounted to RMB1,529.3 million, RMB2,275.3 million, RMB1,988.1 million and RMB389.8 million in 2023, 2024, 2025 and the four months ended April 30, 2026, respectively, representing 71.3%, 76.4%, 50.4% and 24.5% of our total revenue, respectively.
Business · 第 168 页
Our Tariff Legal Advisor is of the view that recent tariffs and trade regulations did not have any material impact on our operations and financial performance.
During the Track Record Period, the U.S. Tariffs paid by our Group amounted to RMB4.9 million, RMB8.4 million, RMB12.3 million and RMB1.7 million in 2023, 2024, 2025 and the four months ended April 30, 2026, respectively, accounting for less than 0.1% of our total revenue for each of the respective year/period.
Business · 第 224 页
Our procurement of goods of U.S. origin imported into the Chinese mainland only comprised a small portion of controller chips, amounting to approximately RMB3.0 million, RMB61.8 million, RMB225.8 million and RMB177.2 million for 2023, 2024, 2025 and the first half of 2026, respectively, representing approximately 0.03%, 0.4%, 1.0% and 0.7% of our total procurement for the same periods.
Business · 第 224 页
Production Relocation: We have been progressively shifting the production for our exports to the U.S. from factories in Chinese mainland to manufacturing facilities outside Chinese mainland, to reduce its exposure to tariffs applicable to China-origin products exported to the United States.
宁波舜宇智行科技股份有限公司Ningbo Sunny Smart Autotech Company Limited
美国对集团出口产品加征多项关税
As of the Latest Practicable Date, as advised by our International Trade Legal Advisor, the following U.S. tariffs apply to our products exported from China: (a) Section 301 Tariffs of 7.5% on our projection light modules and 25% on our LiDAR cases, lens modules, lens sets, vehicle camera modules, optical lenses, lens assemblies (but, under an exclusion mechanism administered by the United States Trade Representative, Section 301 Tariffs do not apply to our lens sets classified under HTS code 8424.90.9080), and (b) Section 301 Forced Labor Tariffs of 12.5% on all products.
Business · 第 148 页
During the Track Record Period, all U.S. tariffs were borne by our customers and we did not pay any U.S. tariffs.
Business · 第 148 页
We have not experienced any material order cancellations, customer losses, or margin compression following the tariff announcement in February 2025 and up to the Latest Practicable Date.
Such revenue accounted for approximately 2.4%, 3.0%, 3.2%, 4.0% and 1.9% of our total revenue in 2023, 2024, 2025 and the five months ended May 31, 2025 and 2026, respectively, representing an immaterial proportion.
Business · 第 183 页
Taking all applicable tariff regimes into account, our copper product exports to the United States are subject to combined U.S. tariff rates ranging from approximately 51% to 137.35% as of the Latest Practicable Date.
Business · 第 184 页
Notwithstanding these headline tariff rates, according to our Sanctions Legal Advisors, and our Directors believe, which is concurred by the Joint Sponsors, the U.S. tariff regime does not present a material risk to our business, as the overall financial impact of the applicable U.S. tariff measures on our business is de minimis.
In 2023, 2024, 2025, and for the six months ended June 30, 2026, overseas markets contributed 50.4%, 57.5%, 61.4%, and 66.9% of our revenue, respectively.
Summary · 第 4 页
We incurred custom duties of RMB30.3 million, RMB27.7 million, RMB110.3 million, and RMB9.0 million in 2023, 2024, 2025, and for the six months ended June 30, 2026, respectively, accounted for as our cost of sales and amounting to 0.6%, 0.4%, 1.2% and 0.2% of our revenue of the corresponding year/period.
Business · 第 186 页
Our Directors confirmed that, during the Track Record Period and up to the Latest Practicable Date, we had not experienced any material adverse changes in our order volume or pricing in the U.S., nor had we received any material request from our customers (including both U.S. and non-U.S. customers) to cancel or renegotiate orders as a result of the imposition of U.S. tariffs.
In 2025, products stored in our central warehouses in the Chinese mainland represented over 90% of our net revenues.
Business · 第 192 页
Currently, the China-origin products purchased from us or through our marketplace and shipped to the United States have become subject to tax rates ranging from 10% to 87.5% (increased from 0-62.5% during the Track Record Period prior to the removal of the de minimis exemption and the Trump Administration’s recent imposition of additional tariffs).
Summary · 第 22 页
In addition, in February 2026, the EU formally approved a regulation that terminated the EUR 150 customs duty exemption for low-value consignments, which became effective on 1 July 2026.
浙江荣泰电工器材股份有限公司Zhejiang Rongtai Electric Material Co., Ltd.
对美出口收入受美国加征关税影响
During the Track Record Period, our revenue derived from exports to customers located in the United States amounted to approximately RMB97.9 million, RMB139.0 million, RMB144.4 million, RMB64.1 million and RMB69.0 million in 2023, 2024, 2025 and the six months ended June 30, 2026, respectively, representing approximately 12.2%, 12.2%, 10.5%, 11.2% and 7.7% of our total revenue for the corresponding years/periods, primarily relating to mica sheets, mica tubes, related products and key precision structural components.
Business · 第 163 页
As advised by our legal advisor as to international sanctions laws, during the Track Record Period and as of the Latest Practicable Date, the additional cumulative U.S. tariffs applicable to our products generally ranged from 20% to 37.5%.
Business · 第 163 页
To effectively manage and mitigate potential tariff and trade-related risks, we have established a trade compliance monitoring mechanism.
As a result, the applicable Section 301 Tariff rates on our products imposed by the U.S. government has been 37.5% since July 24, 2026.
Business · 第 202 页
During the Track Record Period, revenue generated from exports to the United States represented 2.9%, 4.1%, 18.4% and 4.6% of our total revenue for the years ended December 31, 2023, 2024 and 2025 and the three months ended March 31, 2026, respectively.
Business · 第 202 页
Revenue generated from overseas markets excluding the United states increased significantly from RMB53.4 million in 2023 to RMB86.7 million in 2024, and further to RMB124.2 million in 2025, representing a CAGR of 53% from 2023 to 2025, and further increased from RMB24.6 million for the three months ended March 31, 2025 to RMB42.2 million for the same period in 2026.
As of the Latest Practicable Date, the aggregate U.S. import duty rate applicable to our principal ESS products was approximately 40.9%, subject to product-specific classification, exclusions and future adjustments.
Business · 第 171 页
For the year ended December 31, 2025, revenue generated from the U.S. market represented approximately 0.5% of our total revenue, and U.S. tariff measures did not have a material adverse impact on our results of operations.
Business · 第 172 页
However, we have entered into a contract to supply integrated ESS products for multiple energy storage projects in Texas, which are expected to be delivered in 2026. If the U.S. market becomes a more material component of our business, changes in U.S. tariff policy could increase costs and affect margins.
In particular, in December 2025, the PRC government announced the imposition of additional tariffs on certain imported products originating from the United States.
Summary · 第 13 页
In particular, on December 31, 2025, MOFCOM announced safeguard measures on imported beef, effective from January 1, 2026 for a period of three years.
Business · 第 163 页
In response to such developments, we have been actively adjusting our sourcing strategy by reducing procurement from regions subject to higher tariff exposure and increasing procurement from alternative sourcing regions, including South America, to diversify supply and mitigate potential cost impacts.
As a result, for our typical optical transceiver products, which are generally subject to (iii) a 0% MFN tariff rate, the aggregate applicable U.S. tariff rate was generally 17.5% as of February 24, 2026 and 7.5% from February 25, 2026 onward, subject to the applicable tariff classification and any other applicable duties, fees, exclusions, adjustments or trade remedy measures.
Business · 第 204 页
Products originating from the Chinese Mainland and subsequently sold to customers in the United States only accounted for approximately 0.3%, 0.9%, 0.2% and 0.0% of our total revenue during the Track Record Period, respectively.
In terms of sales, during the Track Record Period, revenue generated from the U.S. amounted approximately RMB79.0 million, RMB90.0 million and RMB101.2 million, representing 11.8%, 11.6% and 11.3% of our total revenue in 2023, 2024 and 2025, respectively.
Business · 第 170 页
The total amount of tariffs incurred on sales to the U.S. in 2023, 2024, and 2025 were approximately USD1.5 million, USD1.3 million, and USD1.0 million, respectively.
Business · 第 170 页
Considering that (i) there are no material sales decline for our U.S. sales since the implementation and revision of rounds of U.S. tariffs starting February 2025; (ii) 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; (iii) we did not rely on any U.S.-originated technologies or raw materials for our operations and we did not procure any raw materials from the U.S.; (iv) we do not expect our sales to the U.S. to increase significantly and does not have plan to devote significant resources to expand our sales in the U.S.; and (v) our products exported to the U.S. have increasingly been manufactured by our production facility in Penang, our Directors believe that the recent tariffs have had no material or immediate direct or indirect impact on our supply chain, production, operations and financial performance during the Track Record Period and up to the Latest Practicable Date.
立讯精密工业股份有限公司Luxshare Precision Industry Co., Ltd.02475.HK
美国加征关税及对美出口敞口
Our Directors are of the view that the tariffs have not had any material adverse impact on our business, results of operations or financial condition on the following bases: (i) during the Track Record Period, our revenue from sales of Chinese products to the U.S. was US$1,566 million, US$1,408 million and US$703 million, accounting for 4.78%, 3.77% and 1.49% of our total revenue in 2023, 2024 and 2025, respectively; (ii) with respect to such sales, the U.S. customers buying our products were the importers of record and bore the tariffs; (iii) our major U.S. customers are not entitled to seek reimbursement of U.S. tariffs they paid pursuant to the sales agreements, and during the Track Record Period and up to the Latest Practicable Date, none of our U.S. customers had requested us to reimburse them for the U.S. tariffs they paid; (iv) during the Track Record Period and up to the Latest Practicable Date, none of our U.S. customers had requested a product return as a result of the additional U.S. tariffs; and (v) during the Track Record Period and up to the Latest Practicable Date, none of our customers had requested to cancel orders, suspended delivery, or re-negotiated price, order quantity, payment or other material terms of the transactions as a result of the additional U.S. tariffs.
Summary · 第 9 页
During the Track Record Period, 78.3% of our sales to the U.S. were from products manufactured in Vietnam.
Summary · 第 9 页
These tariffs (between 20% and 23.4% depending upon product type) have applied to our Vietnamese products sold to the U.S. from August 7, 2025 to date.
In 2025, the total amount of tariffs incurred by our Group in respect of exports to the United States amounted to US$143.0 million and are accounted for as part of our cost of sales.
Business · 第 169 页
As advised by the International Trade Legal Adviser, the Directors are of the view, and nothing has come to the Joint Sponsors’ attention that would cast doubt on this view, that recent trade tensions, in particular changes to U.S. tariff policies, have not had and is not expected to have a material adverse impact on our Group’s operations or financial performance during the Track Record Period and up to the Latest Practicable Date.
Business · 第 169 页
In 2023, 2024, and 2025, revenue derived from North America amounted to RMB8,370.5 million, RMB11,881.1 million, and RMB14,132.6 million, respectively, demonstrating the continued demand for our products notwithstanding the prevailing tariff environment.
During the Track Record Period, sales in the overseas market accounted for a substantial portion of our revenue, amounting to RMB442.6 million, RMB536.0 million and RMB644.5 million in 2023, 2024 and 2025, respectively, representing 76.7%, 80.1% and 83.8% of our total revenue for the corresponding year.
Financial Information · 第 189 页
As of the Latest Practicable Date, entries of our caviar products into the U.S. are subject to most-favored-nation (MFN) tariffs of 15%, Section 301 tariffs of 25%, and Section 122 tariffs of 10% for a total of 50%, while entries of our sturgeon meat products are subject to MFN tariffs of 0%, Section 301 tariffs of 25%, and Section 122 tariffs of 10% for a total of 35%.
Business · 第 179 页
Our Directors are of the view that the recent U.S. tariff policies would not have any material adverse effect on our operations and financial performance.
In 2023, 2024 and 2025, the tariffs we incurred in relation to the relevant products sold to the U.S. under trade arrangements pursuant to which we were responsible for the relevant tariff payments amounted to nil, US$47.5 thousand and US$77.8 thousand, respectively, which were insignificant relative to our revenue during the respective years, representing 0%, 0.04% and 0.05% of our revenue, respectively.
Business · 第 179 页
Our ability to sell products into the U.S. market has not been materially and adversely affected by tariffs imposed by the U.S. government, export controls, other trade restrictions or other factors outside the ordinary course of business.
Business · 第 178 页
Overseas customers generally demonstrate higher pricing acceptance, which is expected to enhance our overall profitability and further strengthen our cost-efficiency advantages.