v3.26.1
Equity Linked Securities, lower strike call option and upper strike warrant (Tables)
12 Months Ended
Dec. 31, 2025
Equity Linked Securities, lower strike call option and upper strike warrant  
Schedule of movements for equity linked securities

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Liability

  ​ ​ ​

Derivative

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​

component

​

component

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​

RMB’000

​

RMB’000

 ​

 

 ​

 

 ​

At January 1, 2025

 

—

 

—

Issuance of the Equity Linked Securities

 

2,352,383

 

1,600,962

Issuance cost

 

(65,740)

 

(44,741)

Interest expenses

 

192,342

 

—

Interest paid

 

(9,820)

 

—

Fair value changes for the year

 

—

 

(343,149)

Exchange adjustments

 

(53,498)

 

(29,022)

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​

​

​

At December 31, 2025

 

2,415,667

 

1,184,050

Schedule of movements for derivative financial assets

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​

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As at December 31, 

​

​

2025

 ​

​

RMB’000

 ​

 

 ​

At the beginning of year

 

—

Issuance of the lower strike call option

 

1,207,782

Fair value changes for the year

 

(413,481)

Exchange adjustments

 

(20,198)

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​

At the end of year

 

774,103

Schedule of key inputs for fair value of derivative financial assets

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As at December 31, 

 

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​

2025

 

 ​

​

RMB’000

 

 ​

 

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Discount rate

 

7.4

%

Risk-free interest rate

 

3.8

%

Expected volatility

 

56.0

%