v3.26.3
Financial liabilities at fair value through profit or loss (Tables)
6 Months Ended
Jun. 30, 2026
Financial assets at fair value through profit or loss [Abstract]  
Schedule of Movement in Fair Value of Warrants

The movement in the fair value of warrants during the six months ended June 30, 2025 and 2026 is as follows:

 

   For the six months ended
June 30,
 
   2025   2026 
   RMB’000   RMB’000 
         
Opening balance   —    22,044 
Issuance of warrants upon restructuring of convertible bonds   3,594    — 
Fair value changes   (1,336)   394 
Exchange differences   (12)   (606)
Loss on termination   —    1,841 
Settlement via new instalment borrowings   —    (23,673)
Closing balance   2,246    — 
Schedule of Inputs to Valuation Model of Warrants

The inputs to the valuation model of warrants as of the date indicated are set out below:

 

    As of
December 31,
  As of
May 19,
 
    2025   2026  
           
Volatility     72.64 % 71.75 %
Risk-free rate     4.13 % 4.62 %
Time to maturity (year)     9.43 years    9.05 years  
Market capitalization   US$ 35.7 million   35.6 million