港股IPO招股书披露先例 · 64 家公司，64 项
赎回负债利息及增值指申请人因向Pre-IPO或特殊权利投资者授予赎回权而确认的金融负债，及其于往绩记录期间产生的利息或融资成本。招股书通常于概要、风险因素及财务资料等章节披露负债余额与利息开支的逐年变动及其原因，并解释净亏损主要源于该等非现金利息项目；常见整改方式包括与投资者协议终止赎回权以终止确认负债，或于上市后将其重分类至权益，从而不再产生相关利息开支。
公司的解释、律师意见及原文页码定位：在 Matters 中查看Our redemption liabilities on ordinary shares decreased from RMB1,712.6 million as of December 31, 2024 to nil as of December 31, 2025, primarily due to the irrevocable termination of the general redemption rights granted to the shareholders and the redemption liabilities on ordinary shares were credited to other reserve.
Financial Information · 第 259 页
As of December 31, 2023, 2024, 2025 and April 30, 2026, our redemption liabilities were RMB327.1 million, RMB301.5 million, RMB320.1 million and RMB326.3 million, respectively.
Financial Information · 第 229 页
In 2023, 2024 and 2025, changes in carrying amount of redemption liabilities were RMB23.7 million, RMB21.1 million and RMB18.6 million, respectively, accounting for 1.1%, 0.9% and 0.7% of our total revenue in the same years, respectively.
Financial Information · 第 214 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Under this conversion feature, all preferred rights of the holders of preferred shares will be terminated and the preferred shares will be automatically converted into ordinary shares upon the completion of the [REDACTED].
Financial Information · 第 229 页
Our redemption liabilities primarily relate to our obligations arising from certain redemption rights and liquidation preferences granted to the holders of preferred rights in connection with our historical equity financing activities.
Financial Information · 第 207 页
During the Track Record Period, we recognized finance costs arising from redemption liabilities of approximately RMB32.1 million, RMB32.2 million and RMB12.6 million for the years ended December 31, 2023, 2024 and 2025, respectively.
Financial Information · 第 207 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看In May 2025, we entered into a preferred rights termination agreement with the preferred shareholders, pursuant to which the agreed redemption was terminated, and the redemption liabilities were derecognized after entering into such agreement.
Financial Information · 第 208 页
As of December 31, 2024, December 31, 2025 and April 30, 2026, our redemption liabilities, which were unsecured and unguaranteed, amounted to nil, RMB1,159 million and RMB1,202 million, respectively.
Financial Information · 第 267 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Our redemption liabilities primarily represent our obligation to purchase our equity instruments, which is conditional on the exercise by certain investors of the right to require their investments to be redeemed.
Financial Information · 第 267 页
As of December 31, 2023, 2024 and 2025 and April 30, 2026, our redemption liabilities amounted to RMB893.4 million, RMB1,021.2 million, RMB1,376.3 million and RMB1,410.0 million, respectively, which was due to the issuance of shares with preferential rights.
Financial Information · 第 241 页
Upon [REDACTED], our redemption liabilities will be re-designated from liabilities to equity as a result of the automatic conversion of the shares with preferential rights into ordinary shares.
Financial Information · 第 241 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Interest expenses on redemption liabilities related to preferential rights of the [REDACTED] Investors accounted for a significant portion of our finance costs.
Financial Information · 第 212 页
We recorded changes in the carrying amount of redemption liabilities of RMB21.1 million, RMB78.8 million and RMB112.5 million in 2023, 2024 and 2025, respectively.
Financial Information · 第 182 页
Our changes in the carrying amount of redemption liabilities increased by 42.9% from RMB78.8 million in 2024 to RMB112.5 million in 2025, representing the increase in interest expenses on our redemption liabilities, primarily attributable to the recognition of new redemption liabilities and the increase in the expected redemption amounts.
Financial Information · 第 184 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看We recorded redemption liabilities of RMB530.8 million, RMB709.5 million, RMB845.1 million and RMB864.4 million, respectively, as of December 31, 2023, 2024 and 2025, and April 30, 2026.
Financial Information · 第 198 页
Our redemption liabilities represented financial liabilities recognized in relation to the redemption rights attached to the investments from investors with preferred rights.
Financial Information · 第 200 页
2023, RMB1,454.1 million as of December 31, 2024, RMB1,552.6 million as of December 31, 2025 and RMB1,585.4 million as of April 30, 2026.
Financial Information · 第 201 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看These charges are mainly dominated by interest on redemption liabilities, which are non-cash in nature and arise from the accounting treatment of preferred shares with redemption rights.
Business · 第 141 页
Our redemption liabilities related to the redemption right granted to our investors increased from RMB173.5 million as of December 31, 2023 to RMB351.2 million as of December 31, 2024, and further to RMB377.2 million as of December 31, 2025, in line with the payment timeline of the capital injection in 2023 and/or 2024.
Financial Information · 第 237 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看The redemption liabilities will be waived prior to the [REDACTED], and all accumulated interest expenses will be reclassified to equity.
Financial Information · 第 237 页
Our redemption liabilities on a subsidiary’s shares were RMB23.6 million and RMB0, respectively, as of December 31, 2024 and 2025.
Financial Information · 第 241 页
We entered into an agreement with Southeast Investment on March 28, 2025, to acquire the shares of LongBio Changshu held by Southeast Investment at the consideration of RMB23,990,000.
Financial Information · 第 241 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看LongBio Changshu was de-registered on May 29, 2025.
Financial Information · 第 241 页
Interest expenses on redemption liabilities reduced to nil in 2025, primarily because the preferred rights associated with the preferred shares was terminated in 2024, and therefore the balance of the redemption liabilities was recorded as equity.
Financial Information · 第 239 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看(iii) reduced interest expenses on redemption liabilities associated with preferred shares, which was terminated in the first half of 2024.
Business · 第 181 页
In November 2024, we entered into a supplemental agreement with the [REDACTED] Investors to unconditionally terminate our redemption obligations, pursuant to which, the redemption liabilities were reclassified as equity.
Business · 第 178 页
We recorded accretion of redemption liabilities of RMB58.7 million, RMB53.8 million and nil for the years ended December 31, 2023, 2024 and 2025, respectively, resulting from the interest expense thereof being included in accretion of redemption liabilities.
Financial Information · 第 212 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看We recorded redemption liabilities of RMB913.0 million, nil and nil as of December 31, 2023, 2024 and 2025, respectively.
Financial Information · 第 225 页
As of December 31, 2023, 2024 and 2025, we had redemption liabilities of RMB766.9 million, RMB931.5 million and nil, respectively.
Financial Information · 第 298 页
Pursuant to the supplemental agreement entered into between our Company and certain Pre-IPO Investors, the special rights related to recognition of the Company's the redemption liabilities ceased to be effective as of May 22, 2025.
Financial Information · 第 298 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看In 2023, 2024 and 2025, our finance costs amounted to RMB69.8 million, RMB68.2 million and RMB35.2 million, respectively.
Financial Information · 第 285 页
It arises from redemption rights issued to [REDACTED] Investors, which will be terminated and re-designated to equity upon [REDACTED].
Summary · 第 5 页
Excluding this item eliminates the impact of [REDACTED] financing arrangements, thereby better reflecting our underlying operating performance.
Summary · 第 5 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Interest on redemption liabilities(1) | 66,499 | 103,028 | 124,957
Summary · 第 4 页
The following table sets forth our redemption liabilities on ordinary shares as of the dates indicated:
Financial Information · 第 255 页
Total | 911,708 | 980,224 | 997,119
Financial Information · 第 255 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Interest expense | 55,258 | 68,516 | 16,895
Financial Information · 第 255 页
Our redemption liabilities on ordinary shares, including series A, B, B+, C, D, D+ shares, increased by 26.8% from RMB1.04 billion as of December 31, 2023 to RMB1.31 billion as of December 31, 2024, and further increased by 10.9% to RMB1.46 billion as of December 31, 2025, primarily due to the measurement mechanism, which sets the redemption price at the higher of the principal plus simple interest at 10% or the fair value.
Financial Information · 第 185 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看During the Track Record Period, our interest on redemption liabilities on ordinary shares continued to increase primarily due to increased shareholder capital contributions and extended investment periods.
Financial Information · 第 174 页
As of December 31, 2023, 2024, 2025 and February 28, 2026, we had redemption liabilities of nil, RMB867.4 million, RMB881.7 million and RMB877.5 million, respectively.
Financial Information · 第 286 页
Our redemption liabilities mainly represented redeemable shares issued to certain Shareholders.
Financial Information · 第 286 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看We recognized our redemption obligation as financial liability, which are initially measured at the present value of the redemption amount and subsequently measured at amortized cost.
Financial Information · 第 286 页
We define adjusted net profit (non-IFRS measure) for the period as net profit for the period adjusted by adding back share-based payment, financial cost on financial instruments with preferred rights at amortised cost and [REDACTED] expenses.
Summary · 第 9 页
We historically financed its working capital requirements through borrowing from bank, issue of financial instruments with preferred rights at amortised cost.
Financial Information · 第 205 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看We did not use any interest rate swap contracts or other financial instruments to hedge against its interest rate risk during the Track Record Period.
Financial Information · 第 204 页
In addition, during the Track Record Period, we recorded a significant amount of interest accrued on liabilities from special shareholder rights of RMB125.9 million, RMB99.1 million and negative RMB2.9 million in 2023, 2024 and 2025, respectively.
Business · 第 165 页
Our liabilities from special shareholder rights decreased by 92.2% from RMB1,264.9 million as of December 31, 2023 to RMB98.6 million as of December 31, 2024 as a result of terminating relevant redemption right prior to December 31, 2024.
Summary · 第 12 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Professional fees are in relation to previous listing attempt; share-based payment expenses are non-cash expenses; and liabilities from special shareholder rights will be converted into the Company's equity upon [REDACTED], after which no further interest will accrue.
Financial Information · 第 219 页
We recorded redemption liabilities of RMB6,681.3 million, RMB7,178.9 million, RMB7,712.6 million and RMB7,777.8 million as of December 31, 2023, 2024 and 2025 and February 28, 2026, respectively, in relation to the redemption rights of our certain Pre-[REDACTED] investors.
Financial Information · 第 236 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看We define adjusted net loss (Non-IFRS measure) as loss for the periods adjusted by (i) finance costs on redemption liabilities, which are non-cash in nature, (ii) share-based payment expense, which is non-cash in nature, and (iii) [REDACTED] which is related to the [REDACTED].
Financial Information · 第 214 页
Our redemption liabilities amounted to RMB250.1 million, RMB258.9 million, nil and nil as of December 31, 2023, 2024, 2025 and February 28, 2026, being the most recent practicable date for determining our indebtedness as we entered into a termination agreement with those Pre-[REDACTED] Investors with special rights in August 2025 to terminate redemption right.
Financial Information · 第 207 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Finance cost on redemption liabilities refers to the expenses we incur related to the liabilities we have assumed for the redemption of these ordinary shares.
Financial Information · 第 181 页