During the Track Record Period, we did not record any gain or loss on fair value changes of derivative liabilities in 2023 and 2025 and for the six months ended June 30, 2025 and 2026, while our losses on fair value changes of derivative liabilities was RMB333.1 million in 2024.
Financial Information · 第 234 页
which arose from anti-dilution rights granted to certain pre-[REDACTED] investors and were non-operational and, to a large extent, non-recurring in nature
We recorded redemption liabilities of RMB51.1 million as of December 31, 2025 and RMB52.0 million as of April 30, 2026.
Financial Information · 第 185 页
Our redemption liabilities were primarily associated with the issuance of new shares with redemption rights of one of our subsidiaries to a third-party investor.
The redemption liability arose due to certain preferential rights granted to an investor, namely Ma'anshan Cornerstone Yixiang Equity Investment Partnership Enterprise (LLP) ("Cornerstone Yixiang"), who was entitled to require the Company to redeem its equity interest, pursuant to the capital increase agreement entered into between Cornerstone Yixiang and the Company in December 2017.
Financial Information · 第 324 页
During the years ended 31 December 2022, 2023 and 2024, and the eight months ended 31 August 2024 and 2025, we recorded our changes in the carrying amount of the redemption liability RMB4.99 million, RMB3.01 million, RMB0.16 million, RMB0.16 million and nil, respectively.
Financial Information · 第 324 页
On 28 February 2024, Cornerstone Yixiang waived all preferential rights stipulated under the Capital Increase Agreement and the Repurchase Agreement. As a result, the redemption liability became nil in 2024.
We incurred loss from changes in fair value of other borrowings at FVTPL amounting to RMB106.3 million, RMB24.9 million and RMB16.4 million in 2023 and the six months ended June 30, 2023 and 2024, respectively.
Financial Information · 第 407 页
Other borrowings derived from the repurchase right granted to certain new investors of Changzhou Liyuan in connection with its capital increases in 2021 and the first half of 2024.
Financial Information · 第 407 页
Such capital contribution by the investors was accounted for as a liability of the Group in substance.