ChatDOC/OCRFlux-bench-single huggingface dataset:
“Sino Emperor”	Sino Emperor Group Limited, a company incorporated in
the BVI with limited liability on 30 November 2015, the
equity interest of which is entirely and beneficially
owned by Mr. Nelson Lau
“Sole Lead Manager” or “Sole
Bookrunner”	Head & Shoulders Securities Limited, a licensed
corporation to conduct type 1 (dealing in securities) and
type 4 (advising on securities) regulated activities under
the SFO, being the sole lead manager and sole
bookrunner of the Placing
“Sole Sponsor” or “Prosperity
Caiptal”	ProsHlperitdy Caiiptal onLiigs mted, a licensed
corporation to conduct type 6 (advising on corporate
finance) regulated activity under the SFO, being the
sponsor of the Listing
“Stock Exchange”	The Stock Exchange of Hong Kong Limited, a wholly-
owned subsidiary of Hong Kong Exchanges and Clearing
Limited
“subsidiary(ies)”	a company which is for the time being and from time to
time a subsidiary (within the meaning of the Companies
Ordinance) of our Company
“substantial shareholder(s)”	has the same meaning ascribed to it under the GEM
Listing Rules
“Takeovers Code”	the Codes on Takeovers and Mergers and Share Buy-
backs issued by the SFC, as amended, sulppemented or
otherwise modified from time to time
“Track Record Period”	the period comprising the two years ended 31 December
2015 and the six months ended 30 June 2016
“Underwriters”	the underwriters of the Placing set out in the section
headed “Underwriting – Underwriters” in this prospectus
“Underwriting Agreement”	the conditional underwriting agreement dated 28
November 2016 entered into among our Company, the
executive Directors, the Controlling Shareholders, the
Sole Sponsor, the Sole Lead Manager and the
Underwriters relating to the Placing, particulars of which
are summarised in the section headed “Underwriting” in
this prospectus
# II NOTES TO THE HISTORICAL FINANCIAL INFORMATION

# 1. CORPORATE AND GROUP INFORMATION

The Company is a limited liability company incorporated in the Cayman Islands on 8 April 2013. The registered address of the Company is PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands. The Company changed its name from “Kingyee Co., Limited” to “Medlive Technology Co., Ltd.” on 24 February 2021.

The Company is an investment holding company. During the Relevant Periods, the Company’s subsidiaries were principally engaged in the provision of precision marketing and corporate solutions, medical knowledge solutions, and intelligent patient management solutions.

As at the date of this report, the Company had direct and indirect interests in its subsidiaries, all of which are private limited liability companies, the particulars of which are set out below:

Name	Place and date of
incorporation/
reigstration and
lpace of operations	Nominal value of
issued ordinary/
reigstered share cailpta	Percentage of equity attributable to
the Company	Principal activities
Direct	Indirect
Kingyee (HK) Co.,
Limited (note (a))...	Hong Kong
3 May 2013	US$495,000	100%	—	Investment holding
Kingyee (Beijing) Co.,
Ltd. (“Jinye
Tiancheng”)*
(金葉天成(北京)
科技有限公司)
(note (b)) .......	PeolRpe’s elpubic of
China (“PRC”)/
Mainland China
29 August 2013	RMB9,000,000	—	100%	Provision of precision
marketing and
corporate solutions,
medical knowledge
solutions, and
intelligent patient
management solutions
Beijing Yimaihutong
Technology Co., Ltd.
(“Yimaihuton”)*g (北
京醫脈互通科技有限
公司) (note (c)) ....	PRC/Mainland China
18 April 2013	RMB10,000,000	—	100%	Provision of precision
marketing and
corporate solutions,
medical knowledge
solutions, and
intelligent patient
management solutions
Name	Place and date of
incorporation/
reigstration and
lpace of operations	Nominal value of
issued ordinary/
reigstered share cailpta	Percentage of equity attributable to
the Company	Principal activities
Direct	Indirect
Shijiazhuang Maili
Technology Co. ,Ltd*
.(石家莊邁粒科技有限
公司) (note (d)) ....	PRC/Mainland China
30 October 2019	RMB2,000,000	—	100%	Research and
development
Yinchuan Yimaitong
Internet Hosiptal Co.,
Ltd. (“Yimaitong”)*
(銀川醫脈通互聯網醫
院有限公司)
(note (d)) .......	PRC/Mainland China
29 August 2019	RMB10,000,000	—	100%	Provision of internet
hosilpta services

Notes:

(a) No audited financial statements have been prepared for the entity since its date of incorporation as it is an investment holding company with no operation and is exempted from preparing audited financial statements.

(b) The entity is registered as a wholly-foreign-owned enterprise under PRC law. The statutory financial statements of Jinye Tiancheng for the year ended 31 December 2018 prepared under PRC Generally Accepted Accounting Principles (“PRC GAAP”) were audited by Beijing Hongtian Zhongdao Certified Public Accountants Co., Ltd. (北京鴻天眾道會計師事務所有限公司), certified public accountants registered in the PRC. The statutory financial statements for the year ended 31 December 2019 prepared under PRC GAAP were audited by Beijing Zhongtian Xinda Certified Public Accountants Co., Ltd. (北京中天信達會計師事務所有限公司), certified public accountants registered in the PRC.

(c) The entity is a limited liability enterprise established under PRC law. The statutory financial statements of Yimaihutong for the years ended 31 December 2018 and 2019 prepared under PRC GAAP were audited by Beijing Jingsheng Certified Public Accountants Co., Ltd. (北京京盛會計師事務所有限公司), certified public accountants registered in the PRC.

(d) These entities are limited liability enterprises established under PRC law. No audited financial statements have been prepared for these entities, as these entities were incorporated in 2019.

\* The English names of these entities registered in the PRC represent the best efforts made by the management of the Company to directly translate their Chinese names as they did not register any official English names.
RMB 42,359 in 2019 while per capita consumption expenditure of urban residents reached RMB 28,063 in 2019. Responding to the increased demand and purchasing power, the investment in the real estate market has increased. The table below sets out income and expenditure of urban residents of the PRC for the years indicated:

2014	2015	2016	2017	2018	2019	2014-2019
CAGR
Per caifpta disbposale income o urban
residents (RMB) ...................	28,844	31,195	33,616	36,396	39,251	42,359	8.0%
Per caipta consumifpton exdipenture o
urban residents (RMB) ..............	19,968	21,392	23,079	24,445	26,112	28,063	7.0%

Sources: National Bureau of Statistics of China

# Historical Price Trend of Production Factor

# Land Cost

Land cost generally accounts for a significant proportion of a property developer’s overall costs. According to the Ministry of Natural Resources of the PRC, the average residential land cost of the 105 monitored cities has rose from RMB 5,277 per sq.m. in 2014 to RMB 7,434 per sq.m. in 2019, representing a CAGR of 7.1%. The table below sets out the land cost in the PRC for the years indicated:

2014	2015	2016	2017	2018	2019	2014-2019
CAGR
Average residential land cost of 105 monitored
cities (RMBp er sq.m.) ....................	5,277	5,484	5,918	6,522	7,080*	7,434*	7.1%
Average commercial land cost of 105 monitored
cities (RMBp er sq.m.) ....................	6,552	6,729	6,937	7,251	7,600*	7,821*	3.6%

Note:

\* Sanya has been included in the national monitoring scope in 2018. A total of 106 cities are therefore monitored. Source: Ministry of Natural Resources of the PRC

# Construction Materials

The prices of steel and cement decreased in 2014-2015, due to oversupply. The prices of steel and cement generally increased from 2015 to 2019, mainly due to regulations that shut down some small-to-medium sized steel and cement companies for environmental purposes, resulting in the tightening of supply of steel and cement in the market. However, the prices of steel fluctuated as the regulation started to loosen. The table below sets out selected statistics of construction materials of China for the years indicated:

2014	2015	2016	2017	2018	2019	2014-2019
CAGR
Steel Price Index (Base year 1994 = 100) ........	83.1	56.4	99.5	121.8	107.1	106.1	5.1%
Cement Price Index (RMBp er ton) ............	308.4	247.4	318.7	414.9	449.0	471.0	8.8%

Source: China Iron and Steel Association and China Cement Association

# Labor Costs

Labor cost is also an important factor for property developers. According to the National Bureau of Statistics, the average wage of workers in the construction industry and the real estate
industry in 2019 was RMB 65,508 and RMB 80,157 per year, respectively. The average wage of workers in the construction and real estate industries generally increased from 2014 to 2019 and is expected to continue to increase in the near future. The table below sets out labor costs of China for the years indicated:

2014	2015	2016	2017	2018	2019	2014-2019
CAGR
Average wage of workers in construction
industry (RMB) ....................	45,804	48,886	52,082	55,568	60,501	65,508	7.4%
Average wage of workers in real estate
industry (RMB) ....................	55,568	60,244	65,497	69,277	75,281	80,157	7.6%

Source: National Bureau of Statistics

# Recent Development of the Residential Property Market in the PRC

The PRC government plays a key role in the real estate market and has promulgated various control measures to avoid over-heating the property sector in recent years. The PRC government has formulated a number of measures which include various monetary, fiscal, land, regulatory and financing policies aimed at stabilizing the real estate market. Such legislative measures include but not limited to implementing regulations and policies on down payments of housing loans, restrictive conditions for home buyers, prices of residential properties and land supply. The PRC government emphasized that China will step up its efforts to establish a long-term mechanism for a healthy development of the real estate market and will not use the real estate market as an avenue to provide short-term stimulus for the economy.

Under guidance from the central government, various local governments in the PRC also promulgated regulations and measures to stabilize the real estate markets.

# REAL ESTATE MARKET OF SELECTED CITIES IN THE PRC

# The Western Taiwan Strait Economic Region

# Xiamen

Xiamen is located along the 21st Century Maritime Silk Road, which is the sea route part of the China’s “Belt and Road Initiative.” Xiamen’s economy grew steadily in recent years. The nominal GDP increased from RMB 334 billion in 2014 to RMB 600 billion in 2019, representing a CAGR of approximately 12.4%. The fixed asset investment witnessed a continuous increase from approximately RMB 156 billion in 2014 to RMB 286 billion in 2019, representing a CAGR of 12.8%. The table below sets out selected economic indicators of Xiamen the years indicated:

2014	2015	2016	2017	2018	2019	2014-2019
CAGR
Nominal GDP (RMBb illion) . . . . . . . . . . . .	334	353	386	435	479	600	12.4%
Real GDP growth rate (%) . . . . . . . . . . . . . .	9.2	7.1	7.9	7.6	7.7	7.9	N/A
Fixed asset investment (RMBb illion) . . . . .	156	189	216	238	262*	286*	12.8%
Population (million) . . . . . . . . . . . . . . . . . . .	3.8	3.9	3.9	4.0	4.1	4.3	2.4%
Urbanization rate (%) ..................	88.8	88.9	89.0	89.1	89.1	89.2	N/A
Per caifpta disbposale income o urban
households (RMB) ..................	39,625	42,607	46,254	50,019	54,401	59,018	8.3%

Note:

\* estimated by the published data from the Statistics Bulletin of Xiamen in 2018 and 2019, stating that fixed asset investment received a 10.1% and 9.0% year-to-year growth in 2018 and 2019

Source: Xiamen Municipal Bureau of Statistics
Name	Major work experience
WU Huifeng
(吳慧峰)	Mr. WU has served as our Vice President since November 2018 and our Secretary to the
Board since December 2014. Mr. WU served as head of the settlement center of China
Nanshan Development (Group) Co., Ltd., deputy manager of the finance department
of Shanghai Nanshan Real Estate Development Co., Ltd. (上海南山房地產開發有限公
司) (formerly known as Shanghai Chengnan Real EstateDevelopment Company (上海
誠南房地產開發公司)), general manager of the finance and audit department, general
manager of the human resources department, assistant to the general manager, and
deputy general manager of China Merchants Finance Holdings Co., Ltd. He also worked
for our Company as Director, Supervisor, co-general manager of the Board office and
assistant to president.
Mr. WU Huifeng obtained a bachelor’s degree in economics majoring in accounting
from the Shanghai University of Finance and Economics and a master’s degree in
economics majoring in finance from Peking University in June 1996 and January 2012,
respectively. Mr. WU was granted the qualification of accountant in May 1998 by the
Ministry of Finance of the PRC.
ZHAO Bin (趙斌)	Mr. ZHAO has served as our Vice President since November 2018. He has been working
as executive director of CMS Investment since January 2019. He acted as our Chief
Compliance Officer from January 2016 to December 2018, chief compliance officer
of CMS Asset Management from January 2018 to January 2021, chairman of the
supervisory committee of China Merchants Fund from September 2017 to April 2020,
director of CMS Asset Management from July 2015 to May 2019, and director of China
Merchants Futures from July 2008 to May 2019. He took the position of assistant to
manager and manager of our Haikou branch, head of Futian branch, assistant to the
general manager of our Brokerage Business Department, deputy manager (person-
in-charge) of our Shenzhen Longgang securities branch, manager of our Shenzhen
Nanshan Nanyou Road securities branch, general manager of our Private Customer
Service Department, general manager of our Channel Management Department,
general manager of our Department of Retail Brokerage and our employee
representative Supervisor.
Mr. ZHAO Bin obtained a bachelor’s degree in economics majoring in international
finance from Shenzhen University and a master’s degree in science majoring in project
management from the University of Greenwich in June 1992 and December 2010,
respectively.
Name	Major work experience
HU Yu (胡宇)	Mr. HU has been the chief compliance officer and chief risk officer since December
2018. From August to November 2018, he was the deputy head of capital operation
department of China Merchants Group. He served as the member of CPC Committee
and the secretary of Disciplinary Committee of Guangdong Bureau of the China
Securities Regulatory Commission from November 2016 to July 2018. He was a
teacher in Xishan Middle School (西山中學), teacher of the foreign language teaching
and research office of Jiangxi Medical College, deputy principal staff member of
Department of Policy and Regulations, the principal staff member of Department
of Intermediary Supervision, the deputy officer and director of Office of the Party
Committee as well as the director of No.1 Inspection Office of Shenzhen Bureau of the
CSRC and member of CPC Committee and the secretary of Disciplinary Committee of
Hainan Bureau of the China Securities Regulatory Commission.
Mr. HU Yu obtained a Bachelor of Arts degree from Jiangxi Normal University (江西師範
大學) and a Master’s degree in Finance from Graduate School of People’s Bank of China
in July 1989 and July 1996, respectively.
WU Guangyan
(吳光焰)	Mr. WU has served as our Vice President since February 2019, and chairman of the
board of directors of CMS International since December 2018. He served as general
manager of our Department of International Business from November 2018 to June
2020, assistant to the President from July 2018 to February 2019, and general manager
of CMS Asset Management from April 2015 to August 2019. Mr. WU also used to be
engineer of Radio Electronics Research Institute in Wuhan City, technology manager
of information technology center of the head office of China Merchants Bank, general
manager of Technology Department of the Shenzhen branch of China Guangfa Bank,
person-in-charge for the operation department for credit card business department of
the headquarter of Ping An Bank, deputy general manager (person-in-charge) of our
Operations and Administration Department, general manager of our Private Customer
Service Department and general manager of our Assets Management Department.
Mr. WU Guangyan obtained a bachelor’s degree in automatic control majoring in
testing technology and instrument (自動控制系檢測技術及儀器專業學士學位) and a
master’s degree majoring in pattern recognition and intelligent control (模式識別與
智能控制專業碩士學位) from Huazhong University of Science and Technology in June
1988 and June 1995, respectively.
# XII. RELATED PARTIES AND TRANSACTIONS (Continued)

# 3. Principal joint ventures and associates of the Group (Continued)

Name of joint ventures and associates	Relationship with
the Group
Sichuan Guotai High-tech Pipe Network Investment Co., Ltd.	Joint venture
Tianjin Zhongji Equipment Manufacturing Co., Ltd.	Joint venture
Zhuhai Kaduhaijun Real Estate Development Co., Ltd. (Note)	Joint venture
Zhongye Tap Water (Zhumadian) Co., Ltd.	Joint venture
SL-GV-MCC PTE LTD.	Associate
Wuhan MCC Lutheran Brothers Sun Donglin Engineering Technology Co., Ltd.	Associate
Baotou MCC Real Estate Co., Ltd.	Associate
Beijing Zhongye HengSheng Real Estate Co., Ltd..	Associate
Chengdu Tianfu New District MCC Xinde Real Estate Co., Ltd.	Associate
Fuzhou MCC Infrastructure Investment Co., Ltd.	Associate
Harbin Shuangqi Environmental Resources Co., Ltd.	Associate
Henan Ruzhou Science and Education Park Investment Development Co., Ltd.	Associate
Huai’an Huaguang Construction Investment Co., Ltd.	Associate
Maanshan Jiahe Real Estate Co., Ltd.	Associate
Maanshan MCC High-tech Construction Co., Ltd.	Associate
Maanshan MCC Economic Development Company Ltd.	Associate
Maanshan Golden Tourism Investment Co., Ltd.	Associate
Maanshan MCC Putang Construction Co., Ltd.	Associate
Mudanjiang MCC Real Estate Co., Ltd.	Associate
Nanjing Zhongkang Construction and Development Co., Ltd.	Associate
Inner Mongolia Zhongye DeBang Real Estate Co., Ltd.	Associate
Puyang MCC Longhu Construction and Development Co., Ltd.	Associate
Renqiu MCC Infrastructure Construction Co., Ltd.	Associate
Shanghai Libo Labor Service Co., Ltd.	Associate
Shanghai United Automobile Road Construction Development Co., Ltd.	Associate
Shanghai Tongjibao Construction Robot Co., Ltd.	Associate
(Original name: Shanghai Tongji Baoye Construction Robot Co., Ltd.)
Shanghai Yuepu South Concrete Co., Ltd.	Associate
Shanghai Zhihu Real Estate Co., Ltd.	Associate
Shanghai MCC Jiahe Real Estate Co., Ltd.	Associate
Shanghai MCC Xiangqi Investment Co., Ltd.	Associate
CERI Yingkou Equipment Technology Co., Ltd.	Associate
Sichuan HangYe Industrial Co., Ltd.	Associate
Siping City Integrated Pipe Network Construction and Operation Co., Ltd.	Associate
Si County MCC construction Investment Co., Ltd.	Associate
Suining Kaihong Construction Development Co., Ltd.	Associate
Tangshan Caofeidian 22nd Metallurgical Construction Technique Co., Ltd.	Associate
Tangshan Wanzhu 22nd Metallurgical Construction Technique Co., Ltd.	Associate
MCC Tangshan Fangzhou Real Estate Development Co., Ltd.	Associate
Tianjin SERI Machinery Equipment Corporation Ltd.	Associate
Tianjin MCC Heyuan Real Estate Co., Ltd.	Associate
Tianjin MCC Jincheng Real Estate Co., Ltd.	Associate
Tianjin MCC Jinyu Real Estate Co., Ltd.	Associate
Tianjin Tuanbo Urban Development Co., Ltd.	Associate
# XII. RELATED PARTIES AND TRANSACTIONS (Continued)

# 3. Principal joint ventures and associates of the Group (Continued)

Name of joint ventures and associates	Relationship with
the Group
Tianjin MCC Xinhua Real Estate Co., Ltd.	Associate
Wuhan Hanwei Refining Engineering Co., Ltd.	Associate
Wuhan Zhonghe Engineering Technique Co., Ltd.	Associate
Wuhan MCC Xin’ao Property Management Co., Ltd.	Associate
Wuhan Zhong Yi Investment Construction Company Ltd.	Associate
MCC Suzhou SUMA Construction Development Co., Ltd.	Associate
CERI Yingkou Construction Development Co., Ltd.	Associate
Zhanjiang Baofa CISDI Rotary Hearth Furnace Technology Co., Ltd.	Associate
Zhejiang MCC Investment Management Co., Ltd.	Associate
MCC-Huafa Integrated Pipe Network Co., Ltd.	Associate
MCC Capital (Xiangtan) Heavy Industrial Equipment Co., Ltd.	Associate
WISDRI (Xinyu) Cold Rolling New Material Technology Co., Ltd.	Associate
Chongqing Beimeng Project Management Limited Liability Company	Associate
Chongqing MCC 17 Group Construction Engineering Co., Ltd.	Associate
Chongqing Wansheng Xihua Road Construction Co., Ltd.	Associate
Chongqing Xinlian Steel Equipment Technique Co., Ltd.	Associate

Note: Zhuhai Kaduhaijun Real Estate Development Co., Ltd. has been disposed in January 2016.

# 4. Other related parties of the Group

Other related parties entered into transactions with the Group during the year, or during the prior year with remaining closing balance were as follows, such transactions also constitute connected transactions or continuing connected transactions as defined in Chapter 14A of Listing Rules of the Hong Kong Stock Exchange:

Name of other related parties	Relationship with the Group
MCC Huludao Nonferrous Metals Group Co., Ltd.	Under common control by CMGC
MCC Asset Management Co., Ltd.	Under common control by CMGC
Subsidiaries of MCC Huludao Nonferrous Metals Group Co., Ltd.:
Huludao Zinc Industry Co., Ltd.	Under common control by CMGC
Subsidiaries of MCC Asset Management Co., Ltd.:
Beijing Dongxing Metallurgical New-Tech & Development Corp.	Under common control by CMGC
Beijing China Metallurgical Construction Taxi Company	Under common control by CMGC
Shanghai MCC Hospital	Under common control by CMGC
Subsidiaries of Beijing Dongxing Metallurgical New-Tech &
Development Corp.:
Handan Huaye Property Services Co., Ltd.	Under common control by CMGC
Handan Huaye New Type Building Material Co., Ltd.	Under common control by CMGC
Chengdu MCC 5 Rongshen Real Estate Development Co., Ltd.	Under common control by CMGC
Hainan Luda Real Estate Development Co., Ltd.	Under common control by CMGC
Chengdu Hongqiang Property Management Co., Ltd.	Under common control by CMGC