Our redemption liabilities on ordinary shares increased from nil as of December 31, 2023 to RMB160.1 million as of December 31, 2024 due to the recognition of liabilities arising from special rights granted to [REDACTED] Investors in 2024 and associated interest accruals.
Financial Information · 第 255 页
the redemption rights granted to each [REDACTED] Investor have been terminated on the date preceding the first submission of the [REDACTED] to the Stock Exchange for the purpose of the [REDACTED], and shall resume to be exercisable in specified circumstances
These instruments with special rights we issued to our Pre-[REDACTED] Investors will be transferred to equity upon the [REDACTED], after which the amount of our redemption liabilities on equity shares will be derecognized from our liabilities and transferred to equity, which can result in a significant improvement to our net current liabilities position.
Financial Information · 第 247 页
(ii) we expect to incur changes in fair value of redemption liabilities on equity shares; and (iii) we expect to incur [REDACTED] expenses in connection with our proposed [REDACTED].
Our redemption liabilities increased from RMB429.9 million as of December 31, 2024 to RMB519.5 million as of December 31, 2025 and RMB540.8 million as of June 30, 2026.
Financial Information · 第 252 页
The redemption right of our Shareholders shall be automatically terminated and the redemption liabilities shall be re-designated from liabilities to equity immediately upon the completion of the [REDACTED] as a result of the automatic conversion of the relevant shares into ordinary shares.
Summary · 第 7 页
Interest expense on redemption liabilities is a non-cash accounting charge arising from the accretion of redemption amounts over time.
The carrying amounts of these convertible redeemable preferred shares are US$20,807 million, US$18,376 million, US$18,048 million, US$17,294 million and US$15,105 million as of 31 December 2023, 2024 and 2025 and 31 March 2026 and 30 June 2026, respectively.
Financial Information · 第 238 页
Such convertible redeemable preferred shares will be converted into Class B Shares immediately before completion of the Global Offering.
Financial Information · 第 238 页
Our fair value changes of convertible redeemable preferred shares increased from US$1,231 million in 2023 to US$2,431 million in 2024, mainly due to changes in the valuation of our Company.
Our redemption liabilities increased by 34.5% from RMB80.6 million as of December 31, 2023 to RMB108.4 million as of December 31, 2024, primarily due to the recognition of additional redemption liabilities of RMB20.0 million during 2024, which arose from the grants of special rights to Pre-[REDACTED] Investors; it decreased to nil as of December 31, 2025 as a result of the termination of our redemption obligations in December 2025.
Financial Information · 第 229 页
Our Company recognized financial liabilities arising from its obligation to redeem these investors’ investments as not all redemption events are within our Company or our Group’s control.
our puttable shares liabilities will be re-designated from liabilities to equity as a result of the automatic conversion into ordinary shares and our position of net current liabilities would turn into net current assets upon Listing.
Financial Information · 第 306 页
Upon the execution of shareholders’ agreement following series B financing, the agreed return rate payable by the Company for previously issued contingently redeemable preferred shares upon exercise of repurchase right was reduced, we therefore recognized a gain on modification of puttable shares liabilities in 2023.
Changes in the carrying amount of redemption liabilities represent changes in the amortized cost of the redemption liabilities in connection with the special rights granted to certain of our investors.
Financial Information · 第 221 页
[REDACTED] expenses relate to the [REDACTED], while the redemption liabilities will be converted into equity of the Company upon [REDACTED].
Any changes in the carrying amount of the financial liability arising from the remeasurement of the distributions amount is recognized in profit or loss as "changes in the carrying amount of ordinary shares with redemption rights."
Financial Information · 第 200 页
changes in the carrying amount of ordinary shares with redemption rights are non-cash in nature, and the ordinary shares with redemption rights will be automatically converted into the equity of our Company upon the completion of the [REDACTED];
Financial Information · 第 204 页
(i) the classification of ordinary shares with redemption rights of RMB427.4 million as of December 31, 2025, the holders of which have agreed that their redemption rights will automatically be canceled upon [REDACTED] and the related liabilities will be re-classified to equity;
We recorded finance costs associated with shares with preferential rights of RMB336.7 million, RMB442.5 million and RMB437.9 million in 2023, 2024 and 2025, respectively, accounting for 14.3%, 13.8% and 10.6%, respectively, of our revenue in the corresponding periods.
Financial Information · 第 187 页
Furthermore, our shares with preferential rights will be re-designated from liabilities to equity as a result of the automatic conversion into ordinary shares and our net current liabilities would significantly decrease upon [REDACTED].
We recorded change in fair value of financial liabilities at FVTPL of RMB159.9 million and RMB73.9 million in 2024 and 2025, respectively, in line with fluctuations of the valuation of our preferred shares.
Financial Information · 第 229 页
Our preferred shares will be converted into Shares upon the [REDACTED], after which point we will no longer recognize any changes in fair value.
Financial Information · 第 229 页
Our preferred shares increased from RMB936.7 million as of December 31, 2024 to RMB1,730.1 million as of December 31, 2025.
We recorded redemption liabilities of nil, nil, RMB457.0 million and RMB460.5 million as of December 31, 2023, 2024, 2025, and February 28, 2026, respectively.
Financial Information · 第 252 页
Upon the [REDACTED], the redemption rights will be automatically terminated, and the redemption liabilities will be reclassified from liabilities to equity.
Financial Information · 第 252 页
In 2023, 2024 and 2025, our changes in carrying amount of redemption liabilities were nil, nil and RMB6.5 million, respectively.
Our redemption liabilities amounted to RMB482.8 million, RMB840.3 million and nil as of December 31, 2023, 2024 and 2025, respectively.
Financial Information · 第 252 页
Changing in carrying amount on redemption liabilities represent the non-cash, interest expense recorded to reflect interest incurred on our obligation to repurchase shares held by previous-round investors, which has been reclassified to equity upon termination of the redemption right.
The balance of these instruments increased from RMB230.5 million as of December 31, 2023, to RMB313.3 million as of December 31, 2024, primarily due to an additional RMB60.0 million in preferred share issuances and a corresponding RMB22.8 million finance costs.
Financial Information · 第 229 页
The balance of redemption liabilities decreased to nil as of December 31, 2025, resulting from the derecognition of financial liabilities after the termination of all preferred shareholder rights.
Financial Information · 第 229 页
Interest expenses on redemption liabilities represent the non-cash, interest expense recorded to reflect interest incurred on our conditional obligation to redeem equity securities issued in our previous series financing rounds.
For the years ended December 31, 2022, 2023 and 2024, our changes in the carrying amounts of preferred shares and other financial instruments subject to redemption and other preferential rights were RMB479.2 million, RMB554.0 million and RMB465.3 million (US$65.0 million), respectively.
Financial Information · 第 431 页
Our preferred shares and other financial instruments subject to redemption and other preferential rights decreased from RMB8,181.7 million as of December 31, 2023 to nil as of December 31, 2024, primarily because our convertible preferred shares liabilities were converted to equity following the completion of our U.S. IPO in October 2024.
Financial Information · 第 453 页
For the years ended December 31, 2022 and 2023, our fair value changes of financial liabilities measured at FVTPL were gain of RMB25.3 million and loss of RMB4.5 million, respectively.
Our Level 3 Financial liabilities include redemption liabilities on equity shares.
Financial Information · 第 513 页
The change in fair value of redemption liabilities on equity shares also had a significant impact on our financial position during the Track Record Period.
Financial Information · 第 505 页
The fair value of redemption liabilities on equity shares have been estimated using a discounted cash flow and back-solve method based on unobservable inputs including risk-free interest rate, volatility and discount for lack of marketability (DLOM).
Under U.S. GAAP, the Group classified the redeemable shares as mezzanine equity in the condensed consolidated balance sheet because they were redeemable at the holders’ option upon the occurrence of certain deemed liquidation events that outside the Group’s control.
Financial Information · 第 414 页
Under IFRSs, the redeemable shares, which were contingently redeemable at the option of the holders, were classified as financial liabilities.
Financial Information · 第 414 页
All the redeemable shares of the Company were converted into ordinary shares upon the completion of IPO in February 2023.
武汉大众口腔医疗股份有限公司Wuhan Dazhong Dental Medical Co., Ltd.02651.HK
可赎回优先股及其公平值变动
The carrying amounts of redeemable preference shares were RMB110,450,000, RMB112,781,000, and nil as of December 31, 2022, 2023 and 2024, respectively.
Financial Information · 第 318 页
We had fair value losses on redeemable preference shares of RMB1.3 million and RMB2.3 million for the year ended December 31, 2022 and 2023, respectively.
Financial Information · 第 329 页
we recorded fair value gains on redeemable preference shares of RMB1.7 million for the year ended December 31, 2024, primarily due to the decrease in the valuation of fair values of redeemable preference shares, which was assessed based on the actual consideration paid to the pre-IPO investors whose special rights had been terminated in September 2024.
As of December 31, 2022, 2023, 2024 and April 30, 2025, being the most recent practicable date for determining our indebtedness, our redemption liabilities amounted to RMB5,714.8 million, RMB6,362.8 million, RMB7,048.6 million and RMB7,057.9 million, respectively.
Financial Information · 第 437 页
We recorded changes in the carrying amount of redemption liabilities of RMB(732.0) million, RMB(648.0) million and RMB(685.8) million in 2022, 2023 and 2024, respectively.
Financial Information · 第 410 页
The redemption liabilities were classified as current liabilities as some of the redemption events could occur anytime.
As of December 31, 2022, 2023, and 2024, and April 30, 2025, our financial instruments issued to investors of our Series B Preferred Shares classified as financial liabilities at fair value through profit or loss had fair value of RMB1.8 billion, RMB1.9 billion, RMB2.0 billion and RMB2.0 billion, respectively.
Financial Information · 第 408 页
Financial instruments issued to investors of Series B Preferred Shares are classified as non-current liabilities as of December 31, 2022, and 2023, and as current liabilities as of December 31, 2024.
Financial Information · 第 370 页
Upon the completion of the Global Offering, all the preferred shares of the Company will be automatically converted into the ordinary shares of the Company on a one-to-one basis.
上海声通信息科技股份有限公司Shanghai Voicecomm Information Technology Co., Ltd.02495.HK
可赎回出资账面值变动将于上市后转权益
Changes in carrying amount of redeemable capital contributions | 25,950 | 157,504 | 146,892
Summary · 第 16 页
Our management considers that changes in carrying amount of redeemable capital contributions is a non-cash item, primarily due to which we incurred net loss for the year of 2022 and 2023 and such carrying amount will be reclassified from financial liabilities to equity upon completion of the Listing and the Global Offering.