On 13 December 2021, we entered into an Amended and Restated Investment Management Framework Agreement with Apollo Management Holdings, L.P. and Athene and an Amended and Restated Master Investment Management Implementation Agreement with certain affiliates of Apollo, which together set out the framework for a strategic collaboration between certain affiliates of Apollo, Athene and our Company in asset management, product distribution and reinsurance.
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Pursuant to the Amended and Restated Master Investment Management Implementation Agreement, one or more Apollo affiliates will manage part of our Company’s investment portfolio, across multi-credit and alternative asset classes.
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As of 31 December 2024, our Company has allocated over US$4.2 billion of its assets to Apollo affiliates under advisory, and partnership or fund management agreements.
We entered into a commercialisation licensing arrangement (the “Licensing Agreement”) with Grand Pharma (China) Co., Ltd. (“Grand Pharma”) on 13 April 2020, pursuant to which we granted Grand Pharma an exclusive, sublicensable, royalty-bearing licence to manufacture and commercialise CBT-001 in all human use of CBT-001 (including prevention of pterygium progression and reduction of conjunctival hyperaemia) (the “Field”) in mainland China, Hong Kong, Macau and Taiwan (the “Territory”).
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We believe that the collaboration with Grand Pharma under the Licensing Agreement will equip us with broader commercialisation access in the Territory.
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(ii) Grand Pharma’s rights on manufacture and commercialise CBT-001 are limited by the Licensing Agreement, and the relevant manufacturing and commercialisation plans and progress shall be reported to and discussed at the JSC, in which we have four out of six members seats.
Under the Santen Licensing Agreement, we granted Santen and its affiliates an exclusive, fee-based, milestone and royalty-bearing license, with the right to sublicense,
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The one-time upfront payment of US$10.0 million has been made in full by Santen to us in two batches in September 2024 and November 2024, respectively.
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We believe that the collaboration with Santen under the Santen Licensing Agreement will equip us with broader commercialisation access in the Territory.
In 2022, 2023, and 2024, orders attributable to aggregation platforms accounted for 49.9%, 73.2%, and 85.4% of our GTV and 51.4%, 74.1%, and 85.7% of our order volume, respectively.
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In 2024, the top three aggregation platforms that we worked with contributed 42.5%, 11.8%, and 10.4% of our GTV, respectively.
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During the Track Record Period, we paid commissions to aggregation platforms at a rate between 7.2% and 7.5% of the GTV facilitated by aggregation platforms.
We collaborate with car partners, which refers to businesses that supply drivers and vehicles to provide services on our platform, for a substantial portion of the orders completed, as car partners bring us additional service capacity and allow us to expand our coverage efficiently.
Summary · 第 1 页
During the Track Record Period, we paid commissions to car partners at a rate between 2.5% and 2.7% of the GTV generated by our car-partner drivers.
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We entered 85 new cities in 2024, all of which were done in collaboration with car partners through selling them our purpose-built vehicles, and expect to enter more cities going forward under the same model.
In 2022, 2023 and 2024, our revenue from programmatic advertising platforms accounted for 74.6%, 85.5% and 93.1% of our total revenue, respectively.
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We generate a significant portion of our mobile advertising services through collaboration with programmatic advertising platforms, enabling us to reach a diverse array of advertisers, especially long-tail advertisers.
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According to CIC, China’s mobile advertising market is dominated by a few key players, limiting the number of established programmatic platforms that meet our needs.
Pursuant to the Collaboration Agreement, we granted the Commercialization Partner an exclusive, sublicensable license to promote and commercialize PB-119 in the Territory.
Summary · 第 15 页
Considering the marketing and sales expenses and the relevant expertise required, we entered into a commercialization collaboration arrangement on September 13, 2024 with a leading domestic commercialization-stage pharmaceutical company regarding the future marketing and commercialization activities of PB-119 in Mainland China.
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As part of the consideration for granting the commercialization rights to the Commercialization Partner and subject to the terms and conditions of the Collaboration Agreement, and provided that the drug registration certificate for PB-119 is received no later than a specified date, we are entitled to receive from the Commercialization Partner, within a specified period after we obtain the drug registration certificate for PB-119 issued by the NMPA, (i) a one-time upfront payment of slightly over RMB100 million (the “Upfront Payment”) and (ii) a one-time milestone payment (the “Milestone Payment”), the amount of which is based on the timing of obtaining such drug registration certificate, and the minimum amount of the Milestone Payment is low-double digit million RMB.
We primarily place advertisements on social media platforms to attract customers, without operating our own platform or mobile apps.
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In addition, our advertising costs, which mainly consist of costs associated with placing advertisement on social media platforms, increased by 50.3% from RMB1,491.4 million in 2022 to RMB2,242.2 million in 2023, and decreased by 21.5% from RMB2,242.2 million in 2023 to RMB1,761.1 million in 2024.
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For each year of the Track Record Period, advertising costs accounted for 94.7%, 95.7% and 95.2% of our total selling and marketing expenses, respectively, and 48.0%, 52.7% and 52.3% of our total revenue of our cross-border social e-commerce business, respectively.
On January 10, 2025, we entered into a collaboration agreement with 3SBio Inc. (HKEX: 1530, "3SBio") through its subsidiaries (the "3SBio Collaboration Agreement"), pursuant to which we have appointed 3SBio as our commercialization partner in Mainland China, Hong Kong, and Macau (the "Territory") to promote DB-1303 for certain indications.
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In partial consideration of the 3SBio Collaboration Agreement, 3SBio has paid us a non-refundable upfront payment of US$25 million.
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We retain all rights related to DB-1303 not expressly granted to 3SBio, including the exclusive rights to (i) conduct R&D, regulatory (including as Marketing Authorization Holder), and manufacturing activities for DB-1303 in the Territory, and promote DB-1303 outside the Territory; (ii) maintain responsibility for DB-1303's sales and distribution activities, except where 3SBio is authorized to provide assistance for channel management, distributor recommendations, and other limited functions as specified in the 3SBio Collaboration Agreement; and (iii) perform safety monitoring and pharmacovigilance, provided that 3SBio's ability to carry out its responsibilities with respect to pharmacovigilance is not impeded.
江苏正力新能电池技术股份有限公司Jiangsu Zenergy Battery Technologies Group Co., Ltd.03677.HK
与丰田合资企业STAES贡献重要投资回报
We hold a 50% equity interest in the joint venture with Toyota, namely STAES, which primarily focuses on the development and manufacturing of Lithium-Ion and Ni-MH battery packs for sale to major OEMs that are joint ventures with Toyota in China, with solid profitability and promising prospects.
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In the one month ended December 31, 2023 and the year ended December 31, 2024, STAES recognized revenue of RMB657.0 million and RMB6,665.3 million, respectively, contributing to investment return for our Group.
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In 2024, STAES enjoyed a market share of over 70% in terms of installation capacity of HEV battery packs in China, according to Frost & Sullivan.
During the Track Record Period, our sales on the five largest third-party pureplay digital platforms on which we offered our products amounted to approximately RMB62.6 million, RMB58.1 million, RMB94.1 million, and RMB139.6 million, respectively, representing approximately 99.1%, 98.4%, 98.1%, and 99.3% of our total revenue from D2C sales during the respective periods, while our sales on the largest third-party pureplay digital platform on which we offered our products amounted to approximately RMB29.3 million, RMB20.2 million, RMB50.4 million, and RMB79.8 million, respectively, representing approximately 46.4%, 34.2%, 52.5%, and 56.8% of our total revenue from D2C sales for the same periods.
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To manage such risks, we have established a dedicated digital channel risk management team led by our Director, Mr. Zhou Jiahao and comprising key personnel from sales, marketing, and operations departments.
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The digital channel risk management team reports directly to the Board on a half-year basis, providing assessments of channel performance and recommendations for strategic adjustments.
We generated a substantial portion of revenue from the sales of products based on the Ultraman IP, which contributed to 63.5% and 57.4% of our revenue in 2023 and the six months ended June 30, 2024, respectively.
Summary · 第 2 页
For the Ultraman IP, we have successfully extended our license for three times since 2021.
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To mitigate our reliance on any single IP, we have been actively expanding our IP portfolio.
In June 2021, we established exclusive cooperation relationship with a world-leading multi-national verification, testing and certification solutions provider, namely SGS, in China pursuant to a strategic cooperation agreement entered into between the parties (the “June 2021 Agreement”), whereby we were appointed as the exclusive partner of SGS in China in relation to ICV simulation tool chain and SGS was appointed as our exclusive partner in respect of FuSa certification for advanced ICVs.
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In April 2024, we entered into a strategic cooperation agreement with another worldleading testing and certification solutions provider, namely TÜV SÜD, in China pursuant to which the parties agreed to collaborate in high levels of intelligent driving and related testing and certification through exchange of knowledge and information and joint organisation of industry events and activities.
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Our Directors are of the view that the strategic collaboration with our major business partners offer us significant competitive edge for technology innovations and business development.
To accommodate consumers’ evolving shopping habits and provide a convenient multi-channel shopping experience, we directly sell our products through our self-operated online stores on major domestic third-party e-commerce platforms.
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In 2021, 2022, 2023 and the six months ended June 30, 2023 and 2024, our revenue generated from online sales channels amounted to RMB529.1 million, RMB694.3 million, RMB1,179.8 million, RMB571.0 million and RMB933.2 million, respectively, accounting for 35.4%, 39.2%, 42.4%, 42.0% and 49.1% of our total revenue generated from the product sales of the same period.
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To support the operations of our online stores, we engaged third-party operators who possess extensive experience in platform operations and e-commerce marketing strategies to enhance the operational efficiency and performance of our online stores.
傲基（深圳）跨境商务股份有限公司AuGroup (SHENZHEN) Cross-Border Business Co., Ltd.02519.HK
主要依赖第三方电商平台尤其亚马逊销售
Our revenue generated from third-party e-commerce platforms amounted to RMB8,233.4 million, RMB5,878.0 million, RMB6,656.9 million, RMB1,933.1 million and RMB2,105.3 million in 2021, 2022, 2023 and the four months ended April 30, 2023 and 2024, respectively, accounting for 90.8%, 82.8%, 76.7%, 79.7% and 74.3%, respectively, of our total revenue in the same years.
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Our Directors are of the view, and the Sole Sponsor concurs, that our reliance on Amazon does not have any material and adverse impact on our business operations and financial performance on the basis that (i) as confirmed by Frost & Sullivan, it is in line with industry norm for market participants to generate a majority of revenue from Amazon due to Amazon's leading position in the e-commerce industry worldwide; (ii) we have established an amicable relationship with Amazon for 12 years and have established viable communication channels and a dispute resolution mechanism should future disputes arise; (iii) we have established a risk control department, which directly reports to the Board, responsible for monitoring and ensuring compliance with rules of e-commerce platforms, including Amazon; (iv) our relationship with Amazon is unlikely to materially adversely change or terminate; and (v) we have also established stable relationships with other e-commerce platforms, including Walmart and Wayfair, from which we generated an increasing percentage of revenue during the Track Record Period.
During the Track Record Period, a majority of the sales of our intelligent automotive vision products were attributable to Geely Related Group.
Summary · 第 6 页
In 2021, 2022 and 2023, our tender success rates for intelligent automotive lamp projects from Geely Related Group were 80.0%, 53.3% and 40.0%, respectively.
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We do not anticipate any adverse changes to the relationship and consider such changes to be unlikely.
荣利营造控股有限公司Wing Lee Development Construction Holdings Limited09639.HK
依赖中电集团主协议A及B贡献电缆工程收益
Our Group (as subcontractor) entered into the Master Agreement A and the Master Agreement B on a fixed-term contract basis with CLPe Solutions Limited and Kum Shing Construction (both as main contractor) for the provision of zonal cable trenching, laying and jointing works as well as emergency and cable fault repair, respectively.
Summary · 第 7 页
We are the only direct subcontractor of CLPe Solutions Limited and Kum Shing Construction (both as main contractor) for the scope of works set out in the Master Agreement A and the Master Agreement B (i.e. cable trenching, laying and jointing works as well as emergency and cable fault repair), respectively.
Summary · 第 2 页
During the Track Record Period, our annual average aggregate revenue derived from the Master Agreement A and the Master Agreement B relating to our electrical cable engineering works for the CLP Group was approximately HK$116.7 million.
Our revenue from sales through third-party e-commerce platforms amounted to RMB251.3 million, RMB503.2 million, RMB1,362.5 million, RMB240.3 million, and RMB435.7 million in 2021, 2022, 2023, and for the three months ended March 31, 2023 and 2024, respectively, accounting for 37.2%, 65.5%, 86.1%, 82.4%, and 86.6% of our total revenue for the same period, respectively.
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Our business, results of operations, and financial condition therefore rely substantially on, among other things, the strong and stable business relationship between us and such third-party e-commerce platforms.
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In 2021, 2022, 2023 and the three months ended March 31, 2024, our revenue generated through Amazon’s Seller Central program amounted to approximately RMB63.7 million, RMB159.8 million, RMB666.3 million, and RMB234.5 million, respectively, representing approximately 22.5%, 30.1%, 48.3%, and 52.1% of our total revenue from branded business.
黑芝麻智能国际控股有限公司Black Sesame International Holding Limited02533.HK
与百度联合开发自动驾驶产品并互相推荐
In addition, we are jointly developing autonomous driving products integrating hardware and software based on Huashan A1000 SoC with Baidu, and we will provide our SoC-based solutions embedded with hardware such as A1000 and FAD platform, our IP cores such as ISP, and software for the SoC and its camera access and video outputs to Baidu as a Tier 2 supplier after obtaining projects from automotive OEMs.
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We would recommend Baidu as a Tier 1 supplier for our SoC-based solutions and Baidu would recommend us as a Tier 2 supplier for their domain controllers to provide a bundled solution for automotive OEMs’ consideration.
Since the MOT started to publish the ranking of compliance rate for all ride-hailing platforms in November 2020, the orders placed to us from third-party mobility service platforms showed a continuous upward trend, which increased by 65.9% from the month before the publication to December 2020.
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The decrease of the number of the average monthly active riders of our mobility services from 2022 to 2023 is primarily due to the significantly increasing number of orders from third-party mobility service platforms from 18.7 million in 2022 to 57.0 million in 2023, during which service costs of third- party mobility service platforms have been recognized in cost of revenue and we continuously optimized our cost structure, where we strategically reduced promotion and marketing expenses and incentives to riders with the aim of retaining a customer base that values the quality of our services, which resulted in an reduction of price-sensitive users on our platform.