| Loans and borrowings |
| | | | | | | As at December 31, | | | 2024 | | 2025 | | | RMB’000 | | RMB’000 | Non-current liabilities | | | | | Borrowings from a non-controlling interest shareholder | | 4,310 | | 2,210 | Equity Linked Securities -liability component (Note 29) | | — | | 2,406,744 | Bank loans (i) | | — | | 3,006,462 | | | 4,310 | | 5,415,416 | Current liabilities | | | | | Current portion of borrowings from a non-controlling interest shareholder | | 2,155 | | 2,211 | Equity Linked Securities - liability component (Note 29) | | — | | 8,923 | Bank loans (i) | | — | | 966,789 | Other borrowings (ii) | | 564,800 | | 773,095 | | | | | | | | 566,955 | | 1,751,018 |
Notes: (i) | As at December 31, 2025, bank loans carried a weighted average effective interest rate ranging from 0.7% to 7.64% and will mature during the years from 2026 to 2032. |
Bank loans with a carrying amount of RMB3,452,000,000 were secured by certain interests in an equity-accounted investee. (ii) | During the year ended December 31, 2025, the Group obtained certain bank facilities repayable in form of letters of credit to a bank with an aggregate amount of RMB777,422,000 (December 31, 2024: RMB575,578,000) and interest rates ranging from 1.05% to 1.45% (December 31, 2024: 2.07% to 2.20%). The letters of credit had a maturity less than 12 months as at December 31, 2025. |
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