v3.26.1
Redemption liabilities arising from preferred shares (Tables)
12 Months Ended
Dec. 31, 2025
Redemption liabilities arising from preferred shares  
Schedule of movement of redemption liabilities arising from preferred shares

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For the year ended 

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December 31,

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2025

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RMB’000

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At the beginning of the year

 

—

Recognition of redemption liabilities arising from issuance of preferred share

 

424,862

Changes in fair value of redemption liabilities

 

158,491

Exchange adjustments

 

(9,672)

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At the end of the year

 

573,681

Schedule of key valuation assumptions used to determine the fair value of the paid-in capital subject to redemption and other preferential rights / redeemable shares with other preferential rights

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As at December 31

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2025

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RMB’000

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Weighted average cost of capital

 

13.5%

Risk-free interest rate

 

1.2%-2.3%

Discount for lack of marketability (“DLOM”)

 

5.5%

Expected volatility

 

38.7%-43.7%