Fundraising and Financial Allocation - The company successfully raised approximately HKD 28.8 million from its global offering after deducting underwriting commissions and expenses[5] - 60.6% of the net proceeds from the global offering, amounting to HKD 17,449,000, is allocated for purchasing vehicles, with HKD 13,955,000 already utilized[6] - 39.4% of the net proceeds, amounting to HKD 11,326,000, is designated for expanding the sales network, with no funds utilized yet[6] - The total net proceeds of HKD 28,775,000 have been fully accounted for, with HKD 13,955,000 already used and HKD 14,819,000 remaining[6] - The company plans to utilize the remaining proceeds for purposes disclosed in the prospectus, with expected timelines for unutilized funds based on future market conditions[6] Shareholding Structure - Major shareholders include Huang Wei with a controlled interest of 128,610,355 shares, representing 24.94% of the total shares[11] - Other significant shareholders include Mingzhu Capital with 63,543,294 shares (12.32%) and Precious Luck with 35,158,485 shares (6.82%)[11] - Liu Yonghui holds a 95.52% stake in Shenghui, indicating significant ownership concentration[18] - Teng Yongxiong owns 75% of Tengxin Investment, which fully owns Ideal Stand[16] - The largest shareholder, Mr. Huang Wei, holds 128,610,355 shares, representing 24.94% of the company[32] - Mr. Huang Wei also has beneficial ownership of 3,819,900 shares, accounting for 0.74%[32] - Mr. Ye Fuwai holds 954,529 shares through controlled corporations and 3,809,100 shares beneficially, both totaling 0.19% and 0.74% respectively[32] Corporate Governance and Management - The company’s board of directors maintains responsibility insurance to protect directors in the performance of their duties[3] - The company has no management or administrative contracts related to significant portions of its business during the reporting period[22] - The company has not reported any significant changes in shareholdings or interests as of December 31, 2023[21] - The ownership structure of Brown Oak Holdings Limited shows complex control with multiple entities involved[19] - Charming Tulip Holdings Limited is fully owned by Shanghai Xuan Te, with key individuals holding 47.18% and 32.27% stakes[20] - The company is subject to the Securities and Futures Ordinance regarding the disclosure of shareholdings and interests[21] - The company has a strong management team with over 18 years of experience in financial management, including previous roles in publicly listed companies[177] Employee Incentives and Stock Options - The company approved a pre-IPO share option plan on October 9, 2023, aimed at incentivizing employees and directors[7] - The maximum number of shares involved in the pre-IPO stock option plan is 38,671,875 shares[25] - The total number of stock options granted as of January 1, 2023, is 38,199,000, with 36,389,000 options remaining unexercised as of December 31, 2023[26] - The company has granted 26,020,000 stock options to 205 employees, with 1,810,000 options canceled[26] - The stock options granted will vest over five years, with 20% vesting each year based on specific conditions[28] Business Operations and Market Strategy - The group focuses on providing over 50 non-luxury car brands to meet customer demand primarily in China's second and third-tier cities[45] - The penetration rate of new and used car financing leasing services in China is expected to reach approximately 5.4% by 2027, indicating strong growth potential[46] - The group operates 77 sales sites across 25 provinces and municipalities in China, enhancing its sales network coverage[46] - The group emphasizes a customer-centric service philosophy to enhance customer experience and satisfaction[48] - The group continues to develop proprietary algorithms and data analysis capabilities in its risk management system to improve operational management[49] - For 2024, the group aims to maintain a stable growth approach while focusing on core business and enhancing brand value and influence[53] - The group plans to provide more comprehensive, high-quality, and professional vehicle services to a larger user base across the country[53] - The group has established a solid foundation in the automotive financing leasing business since 2017, including a dedicated service platform for new energy vehicles[46] Financial Performance - Revenue for the year ended December 31, 2023, was RMB 1,304,341 thousand, representing a 14.3% increase from RMB 1,141,526 thousand in 2022[74] - Gross profit for the same period was RMB 419,012 thousand, up 11.9% from RMB 374,447 thousand in 2022[74] - Profit before tax increased by 41.5% to RMB 129,850 thousand from RMB 91,773 thousand in the previous year[74] - The annual profit attributable to owners of the company rose by 39.7% to RMB 110,254 thousand compared to RMB 78,913 thousand in 2022[74] - The group’s financing lease receivables increased to RMB 689,221 thousand from RMB 560,061 thousand, indicating growth in the financing business[97] - Total capital expenditure for the year was approximately RMB 288.4 million, up from RMB 224.9 million in 2022, primarily for purchasing properties and equipment[98] - The net financial costs increased by 12.9% to RMB 161.5 million due to an increase in average loan balances[88] - The fair value gain on redeemable ordinary shares rose to RMB 96.4 million from RMB 47.3 million, reflecting a revaluation of the company's equity value[89] Expansion and Market Presence - The company has established multiple subsidiaries across various provinces, including Anhui, Chongqing, and Guangdong, enhancing its regional presence[195] - The company launched new subsidiaries in 2023, such as Putian Xidi Ride-Hailing Service Co., Ltd., indicating ongoing expansion efforts[195] - The company has a significant presence in Eastern China, with multiple branches in Fujian and Jiangsu provinces, contributing to its market share[195] - The company operates in both second and third-tier cities, which may provide growth opportunities in less saturated markets[195] - The establishment of subsidiaries in key regions like Guangxi and Gansu reflects the company's strategy to penetrate diverse markets[195] - The company is focusing on enhancing its operational footprint by establishing branches in strategic locations to capture market demand[195] - The company is committed to continuous growth and expansion, as evidenced by its recent openings and strategic positioning in various provinces[196] Social Responsibility and Community Engagement - The company actively engages in social responsibility initiatives to contribute to rural revitalization and societal development[72] - The company has received recognition for its contributions during the COVID-19 pandemic, highlighting its commitment to social responsibility[172] - The company was honored as a "2022 Taxpayer" by the Jin'an District Committee and Government, receiving public recognition for its contributions[192]

Financial Performance - The group's revenue for the year ended December 31, 2023, was RMB 1,304,341 thousand, representing an increase of 14.3% compared to RMB 1,141,526 thousand for the year ended December 31, 2022[3]. - Gross profit for the year ended December 31, 2023, was RMB 419,012 thousand, up from RMB 374,447 thousand in the previous year, reflecting a gross margin improvement[3]. - Operating profit increased to RMB 291,344 thousand for the year ended December 31, 2023, compared to RMB 234,791 thousand for the year ended December 31, 2022, marking a growth of 24.0%[3]. - The annual profit attributable to the owners of the company was RMB 110,254 thousand, a significant increase from RMB 78,913 thousand in the previous year, representing a growth of 39.9%[3]. - The total comprehensive income for the year ended December 31, 2023, was RMB 107,868 thousand, compared to RMB 63,102 thousand in the previous year, representing a growth of 71.0%[5]. - Profit before tax rose significantly by 41.5% to RMB 129,850 thousand, compared to RMB 91,773 thousand in 2022[17]. - Net profit reached RMB 109.8 million, representing a 42.5% increase compared to RMB 77.1 million in 2022[119]. Assets and Equity - Total assets as of December 31, 2023, amounted to RMB 2,920,886 thousand, an increase from RMB 2,598,757 thousand as of December 31, 2022[7]. - The company reported a total equity of RMB 781,450 thousand as of December 31, 2023, compared to RMB 506,614 thousand in the previous year, indicating a growth of 54.2%[9]. - The company’s cash and cash equivalents increased to RMB 267,733 thousand as of December 31, 2023, compared to RMB 201,078 thousand in the previous year, showing a growth of 33.0%[7]. - The group’s total current assets amounted to RMB 1,448.8 million as of December 31, 2023, an increase from RMB 1,241.3 million in the previous year[168]. - The group’s total liabilities decreased slightly to RMB 1,181.8 million as of December 31, 2023, from RMB 1,199.5 million in 2022[168]. - The asset-liability ratio improved to 67.4%, down from 75.1% in the previous year, reflecting better financial health[138]. Financing and Lease Income - The financing lease income for the year ended December 31, 2023, was RMB 294,220 thousand, up from RMB 262,498 thousand in the previous year, reflecting a growth of 12.1%[15]. - The total financing lease receivables amounted to RMB 1,656,601 thousand as of December 31, 2023, compared to RMB 1,470,331 thousand in 2022[45]. - The net amount of financing lease receivables increased to RMB 1,670,900 million from RMB 1,483,627 million, reflecting a growth of 12.6%[101]. - The financing lease receivables rose to RMB 1,621.1 million in 2023, up from RMB 1,358.2 million in 2022[114]. Expenses and Costs - The company’s total expenses for the year were RMB 1,117,699 thousand, an increase from RMB 964,043 thousand in 2022[32]. - The company’s financial costs increased to RMB 161,494 thousand, compared to RMB 143,018 thousand in the previous year[35]. - Sales and marketing expenses increased by 21.7% to RMB 98.7 million, driven by expanded sales efforts and increased employee benefits[161]. - Other income decreased by 14.1% to RMB 12.8 million, mainly due to a reduction in tax incentives and changes in fair value of investments[161]. Market and Operational Strategy - The company primarily operates in the automotive retail sector, providing vehicle financing leasing services in China[86]. - The company aims to focus on non-luxury vehicle models to meet the needs of customers in second and third-tier cities[91]. - The company plans to enhance its sales network coverage and deepen its market presence[91]. - The company is focused on exploring potential markets and enhancing brand value and influence in the automotive service industry[96]. - The penetration rate of new and used car financing leasing services in China is expected to reach approximately 5.4% by 2027, indicating strong growth potential[121]. Corporate Governance and Compliance - The company has complied with all applicable corporate governance codes since its listing date until December 31, 2023[192]. - The audit committee reviewed the accounting principles and policies adopted by the company and recommended the board to approve the audited consolidated financial statements for the year ended December 31, 2023[196]. - The company confirmed it has maintained the public float required by the listing rules as of the announcement date[198]. Employee and Workforce - As of December 31, 2023, the group employed 1,152 full-time employees, with 1,149 in China and 3 in Hong Kong[188].