During the Track Record Period, the changes in carrying amount of convertible redeemable preferred shares represented the changes caused by the accrued compound interest of the issue price of our convertible redeemable preferred shares, which amounted to RMB54.8 million, RMB58.1 million and RMB58.2 million in 2023, 2024 and 2025.
Financial Information · 第 241 页
Such financial instruments amounted to RMB743.7 million, RMB735.7 million and RMB776.9 million as of December 31, 2023, 2024 and 2025, respectively.
Financial Information · 第 253 页
As we are obligated to redeem the preferred shares in cash upon occurrence of the contingent events which are beyond our control, we classify the convertible redeemable preferred shares issued as financial liabilities.
We recognized the preferential rights associated with the shares held by certain independent investors, including redemption rights and liquidation preferences, as redemption liabilities.
Financial Information · 第 228 页
Our redemption liabilities amounted to RMB354.0 million, RMB369.2 million and nil as of December 31, 2023, 2024 and 2025, respectively.
Financial Information · 第 228 页
Accordingly, the carrying amount of these redemption liabilities was derecognized upon the termination of the preferential rights on October 30, 2025.
Our redemption liabilities amounted to RMB691.8 million and RMB914.9 million as of December 31, 2023 and 2024, respectively.
Financial Information · 第 244 页
We did not record any redemption liability as of December 31, 2025 because the redemption rights of the investors were terminated in September 2025.
Financial Information · 第 244 页
We do not expect to record any further fair value changes in financial instruments issued to investors as such liabilities will be redesignated from liabilities to equity as a result of the automatic conversion into ordinary shares upon the [REDACTED].
We recorded redemption liabilities of RMB2,774.6 million, RMB3,788.5 million and RMB4,091.5 million as of December 31, 2023, 2024 and 2025 respectively.
Financial Information · 第 223 页
Pursuant to the terms of the relevant agreements, we recorded interest expense on these redemption liabilities in the amount of RMB205.5 million, RMB243.9 million and RMB303.1 million in 2023, 2024 and 2025, respectively.
Financial Information · 第 223 页
We expect to turn our net liabilities position as of December 31, 2025 into net assets upon [REDACTED], as the carrying amount of redemption liabilities will be reclassified from financial liabilities to equity as a result of the termination of the aforesaid preferred rights upon [REDACTED].
Our redemption liabilities on ordinary shares represent the redemption liabilities we bore in relation to the ordinary shares we issued during the various rounds of pre-[REDACTED] investments.
Financial Information · 第 259 页
Our redemption liabilities on ordinary shares increased from RMB2,780.8 million as of December 31, 2024 to RMB3,014.0 million as of December 31, 2025, primarily due to the completion of our Series D Investments and accumulation of corresponding interest liabilities with each passing year.
During the Track Record Period, the changes in carrying amount of redemption liabilities represent the amount of changes in our obligations arising from the preferential rights granted to an investor, and the investor was granted a right to put back to us the registered capital acquired upon occurrence of certain events which cannot be controlled by us.
Financial Information · 第 218 页
Our redemption liabilities amounted to RMB30.8 million, RMB33.2 million, RMB35.9 million and RMB38.3 million as of December 31, 2022, 2023, 2024 and October 31, 2025, respectively.
Financial Information · 第 241 页
Upon the Listing, we expect that our redemption liabilities will automatically be re-classified to equity and therefore no more changes in carrying amount of the redemption liabilities will be recognized on our consolidated statements of profit or loss.
As of December 31, 2023 and 2024, we had redemption liabilities of RMB332.3 million and RMB503.7 million, respectively.
Financial Information · 第 243 页
In 2023, 2024 and 2025, we had changes in carrying amounts of redemption liabilities of RMB23.2 million, RMB35.7 million and RMB11.9 million, respectively.
Financial Information · 第 222 页
In April 2025, the special rights granted to our investors were terminated pursuant to the supplemental agreements entered into between us and our investors. Accordingly, the redemption liabilities were converted from liabilities into equity, and we had no redemption liabilities as of December 31, 2025 and January 31, 2026.
浙江凯乐士科技集团股份有限公司Zhejiang Galaxis Technology Group Co., Ltd.02729.HK
可赎回特殊权利赎回负债增至约18.5亿元
Our redemption liabilities increased from RMB1,456.1 million as of December 31, 2022 to RMB1,572.6 million as of December 31, 2023, and further increased to RMB1,698.8 million as of December 31, 2024 and RMB1,799.4 million as of September 30, 2025, primarily due to incrementally accumulated principal and interest amounts over time.
Financial Information · 第 257 页
Upon completion of the Global Offering, the financial liabilities will be re-designated from liabilities to equity as a result of the termination of such redeemable special rights of the Pre-IPO Investors.
We will not incur such finance cost of interest on redemption liabilities upon Listing as the redemption liabilities will be reclassified to equity when the redemption rights lapse upon Listing.
Summary · 第 7 页
As of December 31, 2022, 2023, 2024, September 30, 2025 and January 31, 2026, our redemption liabilities were nil, nil, nil, RMB664.2 million and RMB669.1 million, respectively, primarily representing our obligation to purchase our equity instruments, which is conditional on certain investor’s exercising right to redeem.
Financial cost on financial instruments with preferred rights at amortized cost was in relation to financial instruments with preferred rights in connection with our issuance of ordinary shares to pre-IPO investors that conferred the redemption rights.
Financial Information · 第 390 页
The financial instruments with preferred rights at amortized cost will be re-designated from liabilities to equity as a result of the automatic conversion into ordinary shares upon Listing.
These redemption rights can be exercised upon the occurrence of specified events and the redemption liabilities will be automatically converted into the equity of our Company upon the completion of the Global Offering.
Financial Information · 第 457 页
Our redemption liabilities increased from HK$140.2 million as of December 31, 2022 to HK$1,000.2 million as of December 31, 2023, further increased to HK$1,284.5 million as of December 31, 2024, and subsequently increased to HK$1,725.1 million as of June 30, 2025, primarily due to additional issuance of preferred shares and the interest expenses.
Financial Information · 第 457 页
Our convertible bonds issued to the ultimate holding company, our parent company, a fund managed by a subsidiary, and third parties amounted to HK$333.2 million as of December 31, 2022, which were subsequently converted into preferred shares in 2023 as a result of a voluntary conversion initiated by us.
Our redemption liabilities amounted to RMB1,606.9 million, RMB1,738.5 million, RMB1,870.3 million and RMB1,924.7 million as of December 31, 2022, 2023 and 2024 and May 31, 2025, respectively.
Financial Information · 第 463 页
For the years ended December 31, 2022, 2023 and 2024 and the five months ended May 31, 2024 and 2025, we recorded changes in the carrying amount of redemption liabilities of RMB131.5 million, RMB131.5 million, RMB131.9 million, RMB54.8 million and RMB54.4 million, respectively, resulting from the interest expense thereof being included in changes in the carrying amounts of redemption liabilities.
Financial Information · 第 434 页
We do not expect to recognize any further loss or gain on changes in the carrying amount of redemption liabilities in the future upon Listing.
Our redeemable Preferred Shares are classified as financial liabilities because they are subject to redemption in cash by the holders upon the occurrence of specific triggering events.
Financial Information · 第 367 页
As of December 31, 2022, 2023 and 2024, June 30, 2025 and July 31, 2025, our redeemable Preferred Shares amounted to RMB300.1 million, RMB325.7 million, RMB348.4 million, RMB361.0 million and RMB363.2 million, respectively, due to the accrual of interest expenses.
Financial Information · 第 374 页
We will not incur interest on redeemable Preferred Shares upon the conversion of relevant shares into equity.
健康160国际有限公司160 Health International Limited02656.HK
附赎回权股份产生赎回负债及融资成本
Our net liability and net current liability position as of December 31, 2022 was primarily due to redemption liabilities stemming from the issuance of ordinary shares with redemption rights related to our Pre-IPO Investments.
Business · 第 382 页
With the termination of all preferred rights with relevant investors in 2023, we fully derecognized all redemption liabilities by December 31, 2023, and do not anticipate incurring any new redemption liabilities that could affect our total or current liabilities before the Listing.
Financial Information · 第 496 页
Net finance costs on redemption liabilities | 37,012 | 9,069 | – | – | –
云知声智能科技股份有限公司UNISOUND AI TECHNOLOGY CO., LTD.09678.HK
Pre-IPO赎回负债逾33亿元及利息开支
As a result, we had redemption liabilities of RMB2,109.0 million, RMB3,038.5 and RMB3,303.1 million as of December 31, 2022, 2023 and 2024, respectively.
Financial Information · 第 314 页
As of December 31, 2022, 2023, and 2024 and April 30, 2025, our redemption liabilities were RMB2,109.0 million, RMB3,038.5 million, RMB3,303.1 million and RMB3,394.7 million, respectively, primarily representing our obligation to purchase our equity instruments, which is conditional on certain investors’ exercising right to redeem.
In August 2021 and July 2023, we issued 37,618,800 and 19,413,528 convertible redeemable preference shares at a cash consideration of US$87 million and US$50 million, respectively, and such shares were classified as financial liabilities in the consolidated statements of financial position in accordance with IFRS Accounting Standards.
Financial Information · 第 561 页
As a result, we had convertible redeemable preference shares of US$136.1 million, US$196.7 million and US$209.9 million as of December 31, 2022, 2023 and 2024, respectively.
In particular, we have derecognized financial instruments issued to investors in February 2021.
Summary · 第 14 页
We define adjusted net (loss)/profit (non-IFRS measure) as (loss)/profit for the year adjusted for items of share-based payments expenses, interest expenses of financial instruments issued to investors and listing expenses.
Our redeemable capital contribution in 2020, 2021, 2022 and the six months ended June 30, 2022, respectively, was primarily attributable to the special rights of the Pre-IPO Investors included in our financing arrangements, which were recorded as financial liabilities.
Summary · 第 6 页
As a result, we expect to greatly improve our net loss position, as the interest charge on redeemable capital contribution had significant negative impact on our profitability during the Track Record Period.
During the Track Record Period, we recorded financial instruments with preferred rights in connection with the issuance by our Company to Pre-IPO Investors of ordinary shares with preferred rights in Pre-IPO financings that conferred certain preferred rights, including redemption rights, upon such Pre-IPO Investors.
Financial Information · 第 385 页
We have ceased to record any such financial cost with respect to the preferred rights previously conferred upon the Pre-IPO Investors, because we and the related Pre-IPO Investors have mutually agreed to terminate such preferred rights.
Financial Information · 第 385 页
Financial cost on financial instruments with preferred rights at amortized cost | 9,604 | 412,362 | 279,420 | 244,680 | —