Our fair value loss of convertible redeemable preferred shares led to the increases in our losses during the Track Record Period. Our convertible redeemable preferred shares will be redesignated and reclassified from liabilities to equity as a result of the automatic conversion into ordinary shares upon the Listing.
Summary · 第 14 页
As at December 31, 2019, 2020, 2021 and 2022, our convertible redeemable preferred shares had a fair value of RMB2.8 billion, RMB6.9 billion, RMB9.2 billion and RMB9.4 billion, respectively.
Financial Information · 第 321 页
We applied the discounted cash flow method to determine the underlying equity value of the Company and adopted the option-pricing method and equity allocation model to determine the fair value of the Preferred Shares.
巨星传奇集团有限公司Star Plus Legend Holdings Limited06683.HK
附赎回权金融工具（Pre-IPO投资）余额重大
Our interest expense on financial instrument with redemption rights was arising from and relating to our Pre-IPO Investments, which is non-cash in nature.
Summary · 第 11 页
Financial instrument with redemption rights | 163,520 | – | – | 163,520
Financial Information · 第 483 页
Financial instrument with redemption rights | 178,654 | – | – | 178,654
As of April 30, 2023, we recorded RMB1,952.3 million in financial instruments issued to investors, which were attributable to the shares with preferential rights we issued to the Pre-IPO Investors and contributed to our net current liability position historically.
Financial Information · 第 529 页
Such shares will be converted into ordinary Shares upon Listing, after which they will no longer be recorded as current liabilities on our statement of financial position.
Financial Information · 第 529 页
A substantial portion of such costs are not expected to continue after Listing, as (i) all of our borrowings from Kelun Pharmaceutical had been fully settled as of the Latest Practicable Date, of which RMB2.5 billion was settled by way of debt-to-equity swap and the remaining was settled by cash; and (ii) the Shares we issued to Series A Investors will be converted into ordinary Shares upon Listing.
As of December 31, 2020, 2021 and 2022, financial liabilities at FVTPL relating to our convertible redeemable preferred shares had fair value of RMB443.9 million, RMB621.9 million and RMB589.2 million respectively.
Financial Information · 第 300 页
Fair value loss/(gain) on convertible redeemable preferred shares at FVTPL | – | 61,531 | (87,044)
Summary · 第 6 页
The convertible preferred shares will automatically convert into ordinary shares upon the completion of the Global Offering, and no further loss or gain on fair value changes is expected to be recognized afterwards.
Our fair value changes on financial instruments issued to investors decreased by 25.9% from RMB522.4 million in 2021 to RMB387.1 million in 2022.
Financial Information · 第 400 页
The Preferred Shares will be converted into Shares upon Listing, after which we do not expect to recognize any further loss or gain on fair value changes from the convertible redeemable preferred shares.
Financial Information · 第 394 页
We used the back-solve method and income approach to determine the underlying share value of our Company and performed an equity allocation based on a hybrid method of Binomial Option Pricing model (OPM model) and Probability Weighted Expected Return method (PWERM method) to arrive the fair value of the Preferred Shares and the warrant
As of 31 December 2020, 2021 and 2022, our financial liabilities at fair value through profit or loss were RMB2.9 billion, RMB4.2 billion and RMB5.9 billion.
Financial Information · 第 269 页
Changes in fair value of financial liabilities at fair value through profit and loss were RMB128.7 million in 2021 and RMB1,299.5 million in 2022.
Financial Information · 第 256 页
Upon the completion of the Listing, this line item will no longer be recorded in our consolidated financial statements.
In 2021 and 2022, we recorded fair value losses on convertible redeemable preferred shares of RMB120.3 million and RMB327.1 million, respectively.
Financial Information · 第 411 页
The fair value changes of convertible redeemable preferred shares adversely affected our financial performance in 2021 and 2022 and will continue to affect our financial performance during and subsequent to the Track Record Period until the conversion of preferred shares into ordinary shares upon Listing.
Financial Information · 第 411 页
The fair values of convertible redeemable preferred shares as of the end of each of the reporting period were RMB2,242,924,000 and RMB2,570,021,000, respectively.
We recorded these financial instruments as financial liabilities at FVTPL for which no quoted prices in an active market exist.
Financial Information · 第 280 页
We expect to return to net asset position upon Listing, taking into account the re-designation of the convertible redeemable preferred shares with carrying amount of RMB2,984.4 million as of December 31, 2022 from financial liabilities to equity as a result of the automatic conversion into ordinary Shares.
宏信建设发展有限公司Horizon Construction Development Limited09930.HK
普通股赎回负债于2022年末达14.271亿元
As of December 31, 2021 and 2022, our redemption liabilities on ordinary shares amounted to RMB1,306.4 million and RMB1,427.1 million, respectively.
Financial Information · 第 391 页
Such rights of redemption liabilities on ordinary shares will be terminated upon Listing and reclassified as equity.
Financial Information · 第 391 页
Such foreign exchange losses/gains and interest expenses will not recur after the Listing as the redemption liabilities on ordinary shares will be reclassified as equity upon the Listing.
Our fair value loss of financial liabilities at FVTPL mainly represented the fair value change of our preference shares we issued in our Series A Financing, Series B Financing, Series B+ Financing and Series C Financing.
Financial Information · 第 381 页
Our obligations with respect to special rights granted to Pre-IPO Investors, other than information rights, were terminated in June 2022, and therefore we do not expect to incur additional fair value loss of financial liabilities thereafter.
Financial Information · 第 381 页
Our fair value loss of financial liabilities at FVTPL increased from RMB441.1 million in 2021 to RMB551.5 million in 2022, mainly due to relatively higher increase of valuation of our Company in 2022, as a result of the initiation of the Phase II clinical trial for LZ901 in China in April 2022.
The Series A-2 and B preferred shares issued by us are redeemable at the option of the holders or upon occurrence of certain future events which are outside our control, therefore, the Series A-2 and B preferred shares are accounted for as financial liabilities in the account namely convertible redeemable preferred shares when the warrants were issued and were subsequently remeasured to fair value at the reporting date.
Financial Information · 第 372 页
In 2021 and 2022, we had fair value losses on convertible redeemable preferred shares of RMB190.6 million and RMB109.4 million.
Financial Information · 第 384 页
The redemption of the preferred shares, if triggered, could have a negative impact on our cash and liquidity position and financial condition.
Changes in fair value in financial instruments issued to an investor arises from the changes in the fair value of our Series A Preferred Shares and warrants issued to Zest Holdings in connection with the Pre-IPO Investments.
Summary · 第 8 页
In 2022, we recorded a loss of RMB130.7 million in changes in fair value in financial instruments issued to an investor, as compared to RMB21.6 million in 2021, which was attributable primarily to changes in the valuation of our Company driven by our strong business growth and improved business outlook.
Financial Information · 第 287 页
As a result, the financial instruments issued to an investor will be transferred from financial liabilities to equity upon the Listing such that we would turn into a net assets position subsequently.
For the fiscal years of 2019, 2020, 2021 and 2022 and the six months ended September 30, 2022, we had fair value changes of redeemable convertible preferred shares of RMB317.7 million, RMB883.4 million, RMB752.8 million, RMB1,638.2 million and RMB5.0 million, respectively.
Financial Information · 第 286 页
As of March 31, 2019, 2020, 2021 and 2022 and September 30, 2022, we recorded redeemable convertible preferred shares of RMB1,797.4 million, RMB2,800.5 million, RMB3,558.2 million, RMB6,610.9 million and RMB7,403.5 million, respectively.
Financial Information · 第 311 页
Additionally, the foregoing investors have the right to require us to redeem such preferred shares if the Listing is not consummated on or prior to a certain date or upon the occurrence of some specified events.
We issued convertible Senior Ordinary Shares which give holders a right for redemption into cash after specified time or a right for conversion into ordinary shares of our Company upon initial public offering (“IPO”) automatically or any time at holders’ option.
Financial Information · 第 320 页
In 2020, 2021 and 2022, our fair value change of financial liabilities at FVPL was a loss of RMB13.9 million, a loss of RMB201.3 million and a loss of RMB1.9 million, respectively, representing 1.3%, 12.5% and 0.1% of our total revenue in the same periods, respectively.
Financial Information · 第 333 页
Upon the Listing, all convertible Senior Ordinary Shares will be automatically converted into ordinary shares which will no longer be recognized as financial liabilities at fair value through profit or loss.