PARTLY OWNED SUBSIDIARY WITH MATERIAL NON-CONTROLLING INTERESTS

12 Months Ended

Dec. 31, 2023

Partly Owned Subsidiary With Material Non-controlling Interests

PARTLY OWNED SUBSIDIARY WITH MATERIAL NON-CONTROLLING INTERESTS

27. PARTLY OWNED SUBSIDIARY WITH MATERIAL NON-CONTROLLING INTERESTS

On July 27, 2021, the Company acquired 100% of the equity interests of PST Technology which held 51% equity interests in Shanghai Onway and its subsidiaries (“Shanghai Onway Group”), and Shanghai Onway Group became partly owned subsidiary with material non-controlling interests. During the year 2023, Shanghai Onway Group as part of the water treatment business was disposed (Note 3), therefore non-controlling interests was derecognized.

Financial information of Shanghai Onway Group which that has material non-controlling interests is provided below:

Proportion of equity interest held by non-controlling interests as of December 31, 2021 and 2022:

Name	Country of incorporation and operation	2021		2022
Shanghai Onway Group	PRC/Mainland China	49	%	49	%

	2021			2022
		CNY			CNY
(Loss)/profit for the year allocated to non-controlling interests:
Shanghai Onway Group		(6,819	)		2,327
Dividends paid to non-controlling interests:
Shanghai Onway Group		4,900			—
Accumulated balances of non-controlling interest:
Shanghai Onway Group		107,353			109,680

The summarized financial information of the Shanghai Onway Group is provided below. This information is based on amounts before inter-company eliminations. 

2021	Shanghai Onway Group
	CNY			US$
Revenue		18,735			2,948
Other income/(losses)		(32,312	)		(5,084	)
Loss for the year		(13,577	)		(2,136	)
Total comprehensive income loss for year		(13,577	)		(2,136	)
Current assets		187,619			29,519
Non-current assets		126,573			19,914
Current liabilities		(40,716	)		(6,406	)
Non-current liabilities		(40,259	)		(6,334	)
Net cash flows used in operating activities		(8,758	)		(1,378	)
Net cash flows used in investing activities		(1,509	)		(237	)
Net cash flows used in financing activities		(3,972	)		(625	)
Net decrease in cash and cash equivalents		(14,239	)		(2,240	)

2022	Shanghai Onway Group
	CNY			US$
Revenue		20,306			2,944
Other income/(losses)		(15,504	)		(2,248	)
Profit for the year		4,802			696
Total comprehensive income loss for year		4,802			696
Current assets		197,468			28,625
Non-current assets		121,961			17,681
Current liabilities		(44,602	)		(6,466	)
Non-current liabilities		(77,524	)		(11,239	)
Net cash flows used in operating activities		(6,588	)		(956	)
Net cash flows from investing activities		157			23
Net cash flows used in financing activities		(7,743	)		(1,122	)
Net decrease in cash and cash equivalents		(14,174	)		(2,055	)