• extremerules2012 > Rules
  • Rules

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    Year 2, Year 3 and the first six months of Year 4. The Group expected future
    sales to Parent Company to account for more than 50% of the Group's total sales
    volume in each of Year 4, Year 5 and Year 6.
    5. For Year 3 and the first six months of Year 4, the Group generated less than 25%
    of its revenue from sales to independent customers. At the time of the listing
    2
    application, the Group had long-term sales contracts with only 4 independent
    customers.
    6. The Group received significant advance payments from Parent Company for the
    purchase of Product X, which was a major funding source for the Group to
    finance its operation. Such advance payment represented about 20% of the
    estimated sales to Parent Company, a percentage that was two to four times
    higher than the percentage of advance payment received from independent
    customers. As at the end of each of Year 1, Year 2, Year 3 and the first six
    months of Year 4, advance payments from Parent Company ranged from about
    RMB3 billion to RMB7 billion. The Group would receive a total of about RMB2
    billion as advance payment from Parent Company during the working capital
    forecast period of 15 months for ongoing purchases.
    7. Parent Company's financial performance had been adversely impacted by the
    continued downturn in the industry in which it operated. For the third quarter of
    Year 4, Parent Company recorded gross loss, net loss and had net current
    liabilities.
    8. Company A recorded volatile operating performance and financial position over
    the Track Record Period (e.g. net losses in Year 1 and Year 2, net current
    liabilities throughout the Track Record Period and negative operating cashflow
    for the six months ended Year 4), and its results had been deteriorating in the
    second half of Year 4 due to the downturn in the industry in which it and Parent
    Company operated.

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