During the Track Record Period, our redemption liabilities primarily represented preferred shares issued to investors with redemption rights.
Financial Information · 第 224 页
Our redemption liabilities decreased from RMB1,196.5 million as of December 31, 2024 to nil as of December 31, 2025, primarily due to the waiver of redemption rights by the holders of preferred shares in September 2025.
Other gains/(losses), net of Source Photonics shifted from a loss of RMB50.2 million in 2023 to a gain of RMB634.8 million in 2024, primarily due to (i) an increase of RMB648.1 million in gain on modification of terms in Preferred Shares, (ii) a decrease of RMB49.1 million in fair value losses on financial liabilities at FVTPL, and (iii) an increase of RMB1.8 million in net foreign exchange gains, partially offset by a decrease of RMB10.3 million in net losses on disposal of property, plant and equipment and other long-term assets.
Financial Information · 第 232 页
The change was primarily due (i) a decrease of RMB648.1 million in gain on modification of terms in Preferred Shares, (ii) an increase of RMB41.6 million in compensation expense in connection with convertible bond and (iii) an increase of RMB58.0 million in fair value losses on financial liabilities at FVTPL, partially offset by a decrease of RMB1.9 million in net foreign exchange losses.
We recorded redemption liabilities of approximately RMB22.5 million and RMB24.1 million as of 31 December 2023 and 2024, respectively.
Financial Information · 第 249 页
In August 2025, pursuant to a supplementary agreement signed between our [REDACTED] Investor and us, the investors’ redemption rights have been irrecoverably terminated and shall be void ab initio.
Financial Information · 第 249 页
Hence, as of 31 December 2025 and 31 March 2026, our redemption liabilities on ordinary shares amounted to nil and nil, respectively.
Our redemption liabilities to financial investors decreased from RMB272.6 million as of December 31, 2024 to nil as of December 31, 2025 as the redemption liabilities were derecognized upon the termination of the special rights pursuant to a termination agreement dated May 8, 2025 and was reclassified to equity.
Financial Information · 第 242 页
Our redemption liabilities to financial investors are recognized as financial liabilities and are initially measured at fair value and subsequently measured at amortized cost.
江苏瘦西湖文化旅游股份有限公司Jiangsu Slender West Lake Culture and Tourism Co., Ltd.
就扬州云通少数股东回售权确认赎回负债
We have redemption liability arising from a put option arrangements with non-controlling shareholders of Yangzhou Yuntong.
Financial Information · 第 221 页
The adjustments will be recognized as ‘‘Other expense’’ or ‘‘Other income and gains’’ in the statement of profit or loss and other comprehensive income. If the put option expires without delivery, the carrying amount of the liability is reclassified to equity.
Our redemption liabilities increased from RMB101.5 million as of December 31, 2023 to RMB131.6 million as of December 31, 2024, which were primarily resulted from the redemption liabilities to Series B+ Investors.
Financial Information · 第 486 页
When the redemption rights related to the redeemable ordinary shares are terminated, the redemption liabilities on ordinary shares are extinguished and credited to equity.
小菜园国际控股有限公司XIAOCAIYUAN INTERNATIONAL HOLDING LTD.00999.HK
向Harvest Delicacy发行金融工具及其公允价值变动
(2) Changes in fair value of the convertible bonds and derivative financial instruments and changes in carrying amount of the redemption liability represent the change in the amount of the financial instruments issued to Harvest Delicacy in 2023 and 2024. Such change is non-cash in nature. Upon completion of the Global Offering, the financial instruments will be automatically converted into ordinary shares which will no longer be recognized as financial liabilities in the consolidated statements of financial position.
Summary · 第 19 页
We recorded other net losses of RMB2.2 million in the eight months ended August 31, 2023 and recorded other net income of RMB19.4 million in the eight months ended August 31, 2024, which was primarily due to a gain in changes in fair value of the convertible bonds and derivative financial instruments in the eight months ended August 31, 2024, partially offset by a loss in changes in carrying amount of the redemption liability in the eight months ended August 31, 2024, in relation to the financial instruments issued to Harvest Delicacy in 2023 and 2024.
From December 2020 to July 2021, we entered into a series of investment agreements with independent investors, namely the Series B Financing, Series B+ Financing and Series B++ Financing agreements, which we recognized as financial liabilities at amortized costs.
Financial Information · 第 490 页
However, our redemption liabilities on ordinary shares are non-cash items and have ceased to impact our financial performance since August 30, 2021, as we no longer recorded any redemption liabilities on ordinary shares since then, and our investors’ redemption rights were terminated on the same day.
Financial Information · 第 490 页
During the Track Record Period, we recognized the Series B, Series B+ and Series B++ preferred shares with redemption rights issued to investors as financial liabilities at amortized cost.