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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 2/01/24 XCHG Ltd. F-1 22:7.8M Toppan Merrill/FA |
Document/Exhibit Description Pages Size 1: F-1 Registration Statement by a Foreign Issuer HTML 3.84M 2: EX-3.1 Articles of Incorporation/Organization or Bylaws HTML 464K 3: EX-5.1 Opinion of Counsel re: Legality HTML 18K 4: EX-10.1 Material Contract HTML 81K 5: EX-10.2 Material Contract HTML 96K 6: EX-10.3 Material Contract HTML 80K 7: EX-10.4 Material Contract HTML 32K 8: EX-10.5 Material Contract HTML 462K 9: EX-10.6 Material Contract HTML 85K 10: EX-10.7 Material Contract HTML 350K 11: EX-10.8 Material Contract HTML 175K 12: EX-21.1 Subsidiaries List HTML 8K 13: EX-23.1 Consent of Expert or Counsel HTML 8K 14: EX-23.4 Consent of Expert or Counsel HTML 13K 22: EX-FILING FEES Filing Fees HTML 12K 15: EX-99.1 Miscellaneous Exhibit HTML 54K 16: EX-99.2 Miscellaneous Exhibit HTML 23K 17: EX-99.3 Miscellaneous Exhibit HTML 46K 18: EX-99.4 Miscellaneous Exhibit HTML 10K 19: EX-99.5 Miscellaneous Exhibit HTML 9K 20: EX-99.6 Miscellaneous Exhibit HTML 9K 21: EX-99.7 Miscellaneous Exhibit HTML 13K
tm2316418-15_f1 - none - 33.1821556s |
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Cayman Islands
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3612
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Not Applicable
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(State or other jurisdiction of
incorporation or organization) |
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(Primary Standard Industrial
Classification Code Number) |
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(I.R.S. Employer
Identification Number) |
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Ran Li, Esq.
Davis Polk & Wardwell LLP c/o 2201 China World Office 2, 1 Jian Guo Men Wai Avenue Chaoyang District Beijing 100004 China +86 10 8567 5000 |
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Li He, Esq.
Davis Polk & Wardwell LLP c/o 18th Floor, The Hong Kong Club Building 3A Chater Road, Central Hong Kong +852 2533-3300 |
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Allen Wang, Esq.
Latham & Watkins LLP 18th Floor, One Exchange Square 8 Connaught Place, Central Hong Kong +852 2912 2500 |
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| | |
Per ADS
|
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Total
|
|
Initial public offering price
|
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US$
|
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US$
|
|
Underwriting discounts and commissions(1)
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US$
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US$
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Proceeds, before expenses, to us
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US$
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US$
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Page
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| | | | 171 | | | |
| | | | 172 | | | |
| | | | 173 | | | |
| | | | 174 | | | |
| | | | F-1 | | | |
| | | | II-1 | | | |
| | | | II-7 | | |
License
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Entity Holding the License
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Status
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Import and Export Goods Customs Registration Certificate | | | X-Charge Technology | | | Obtained | |
Import and Export Goods Customs Filing record | | | Beijing Echarge Technology Co., Ltd. | | | Obtained | |
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For the Year Ended December 31,
|
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For the Nine Months Ended September 30,
|
| ||||||||||||||||||||||||||||||||||||||||||
| | | | |
2022
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2022
|
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2023
|
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US$
|
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%
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US$
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%
|
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US$
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%
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US$
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%
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(in thousands, except for percentages)
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Revenues
|
| | | | 13,156 | | | | | | 100.0 | | | | | | 29,424 | | | | | | 100.0 | | | | | | 19,179 | | | | | | 100.0 | | | | | | 27,994 | | | | | | 100.0 | | |
Cost of revenues
|
| | | | (8,529) | | | | | | (64.8) | | | | | | (18,719) | | | | | | (63.6) | | | | | | (12,190) | | | | | | (63.6) | | | | | | (15,627) | | | | | | (55.8) | | |
Gross profit
|
| | |
|
4,627
|
| | | |
|
35.2
|
| | | |
|
10,705
|
| | | |
|
36.4
|
| | | |
|
6,989
|
| | | |
|
36.4
|
| | | |
|
12,367
|
| | | |
|
44.2
|
| |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Selling and marketing expenses
|
| | | | (2,423) | | | | | | (18.4) | | | | | | (3,516) | | | | | | (11.9) | | | | | | (2,481) | | | | | | (12.9) | | | | | | (4,018) | | | | | | (14.4) | | |
Research and development
expenses |
| | | | (1,711) | | | | | | (13.0) | | | | | | (2,816) | | | | | | (9.6) | | | | | | (1,951) | | | | | | (10.2) | | | | | | (2,599) | | | | | | (9.3) | | |
General and
administrative expenses |
| | | | (2,460) | | | | | | (18.7) | | | | | | (2,745) | | | | | | (9.3) | | | | | | (1,866) | | | | | | (9.7) | | | | | | (11,846) | | | | | | (42.3) | | |
Total operating expenses
|
| | |
|
(6,594)
|
| | | |
|
(50.1)
|
| | | |
|
(9,077)
|
| | | |
|
(30.9)
|
| | | |
|
(6,298)
|
| | | |
|
(32.8)
|
| | | |
|
(18,463)
|
| | | |
|
(66.0)
|
| |
Operating income (loss)
|
| | |
|
(1,928)
|
| | | |
|
(14.7)
|
| | | |
|
1,655
|
| | | |
|
5.6
|
| | | |
|
719
|
| | | |
|
3.8
|
| | | |
|
(5,666)
|
| | | |
|
(20.2)
|
| |
Income (loss) before income
taxes |
| | | | (2,066) | | | | | | (15.7) | | | | | | 1,598 | | | | | | 5.4 | | | | | | 700 | | | | | | 3.7 | | | | | | (6,704) | | | | | | (23.9) | | |
Net income (loss)
|
| | |
|
(2,067)
|
| | | |
|
(15.7)
|
| | | |
|
1,610
|
| | | |
|
5.5
|
| | | |
|
713
|
| | | |
|
3.7
|
| | | |
|
(6,709)
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| | | |
|
(24.0)
|
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Comprehensive income (loss)
|
| | | | (2,832) | | | | | | (21.5) | | | | | | 4,193 | | | | | | 14.3 | | | | | | 3,842 | | | | | | 20.0 | | | | | | (6,123) | | | | | | (21.9) | | |
| | |
As of December 31,
|
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As of
September 30, |
| ||||||||||||
| | | | |
2022
|
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2023
|
| ||||||||||
| | |
US$
|
| |
US$
|
| |
US$
|
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(in thousands)
|
| |||||||||||||||
Cash and cash equivalents
|
| | | | 4,795 | | | | | | 8,338 | | | | | | 16,381 | | |
Restricted cash
|
| | | | 33 | | | | | | 332 | | | | | | 221 | | |
Accounts receivable, net
|
| | | | 4,320 | | | | | | 7,560 | | | | | | 8,874 | | |
| | |
As of December 31,
|
| |
As of
September 30, |
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| | | | |
2022
|
| |
2023
|
| ||||||||||
| | |
US$
|
| |
US$
|
| |
US$
|
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(in thousands)
|
| |||||||||||||||
Amounts due from related parties – current
|
| | | | 21 | | | | | | 3,611 | | | | | | 712 | | |
Inventories
|
| | | | 3,233 | | | | | | 6,230 | | | | | | 5,083 | | |
Prepayments and other current assets
|
| | | | 1,557 | | | | | | 2,112 | | | | | | 3,858 | | |
Total current assets
|
| | |
|
13,959
|
| | | |
|
28,183
|
| | | |
|
35,129
|
| |
Total assets
|
| | |
|
19,237
|
| | | |
|
29,139
|
| | | |
|
36,300
|
| |
Short-term bank borrowings
|
| | | | 1,794 | | | | | | 4,123 | | | | | | 4,875 | | |
Accounts payable
|
| | | | 2,938 | | | | | | 6,630 | | | | | | 4,322 | | |
Contract liabilities
|
| | | | 1,729 | | | | | | 2,810 | | | | | | 1,205 | | |
Operating lease liabilities – current
|
| | | | 87 | | | | | | 236 | | | | | | 282 | | |
Convertible debts
|
| | | | — | | | | | | — | | | | | | 11,929 | | |
Financial liability
|
| | | | 64 | | | | | | 242 | | | | | | 231 | | |
Amounts due to a related party
|
| | | | — | | | | | | — | | | | | | 59 | | |
Accrued expenses and other current liabilities
|
| | | | 2,438 | | | | | | 3,952 | | | | | | 3,407 | | |
Total current liabilities
|
| | |
|
9,050
|
| | | |
|
17,993
|
| | | |
|
26,309
|
| |
Total liabilities
|
| | | | 9,072 | | | | | | 18,291 | | | | | | 26,579 | | |
Total mezzanine equity
|
| | |
|
40,875
|
| | | |
|
38,894
|
| | | |
|
38,073
|
| |
Total shareholders’ deficit
|
| | |
|
(30,710)
|
| | | |
|
(28,046)
|
| | | |
|
(28,353)
|
| |
Total liabilities, mezzanine equity and shareholders’ deficit
|
| | | | 19,237 | | | | | | 29,139 | | | | | | 36,300 | | |
|
| | |
For the Year Ended
December 31, |
| |
For the Nine Months
Ended September 30, |
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| | | | |
2022
|
| |
2022
|
| |
2023
|
| |||||||||||||
| | |
US$
|
| |
US$
|
| |
US$
|
| |
US$
|
| ||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||
Net cash provided by (used in) operating activities
|
| | | | (6,479) | | | | | | 849 | | | | | | (1,072) | | | | | | (3,082) | | |
Net cash provided by (used in) investing activities
|
| | | | (4,843) | | | | | | 1,222 | | | | | | (111) | | | | | | 2,470 | | |
Net cash provided by financing activities
|
| | | | 15,189 | | | | | | 2,278 | | | | | | 931 | | | | | | 9,263 | | |
Effect of foreign currency exchange rate changes on cash and
cash equivalents and restricted cash |
| | | | 148 | | | | | | (507) | | | | | | (635) | | | | | | (719) | | |
Net increase (decrease) in cash, cash equivalents and restricted
cash |
| | | | 4,015 | | | | | | 3,842 | | | | | | (887) | | | | | | 7,932 | | |
Cash, cash equivalents and restricted cash at the beginning of
the year (period) |
| | | | 813 | | | | | | 4,828 | | | | | | 4,828 | | | | | | 8,670 | | |
Cash, cash equivalents and restricted cash at the end of the year (period)
|
| | | | 4,828 | | | | | | 8,670 | | | | | | 3,941 | | | | | | 16,602 | | |
| | |
For the Year Ended
December 31, |
| |
For the Nine Months
Ended September 30, |
| ||||||||||||||||||
| | | | |
2022
|
| |
2022
|
| |
2023
|
| |||||||||||||
| | |
US$
|
| |
US$
|
| |
US$
|
| |
US$
|
| ||||||||||||
| | |
(in thousands, except for percentages)
|
| |||||||||||||||||||||
Net income (loss)
|
| | | | (2,067) | | | | | | 1,610 | | | | | | 713 | | | | | | (6,709) | | |
Add: | | | | | | | | | | | | | | | | | | | | | | | | | |
share-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | 7,457 | | |
Changes in fair value of financial instruments
|
| | | | 12 | | | | | | 191 | | | | | | 128 | | | | | | 887 | | |
Adjusted net income (loss)
|
| | | | (2,055) | | | | | | 1,801 | | | | | | 841 | | | | | | 1,635 | | |
| | |
As of September 30, 2023
|
| ||||||||||||
| | |
Actual
|
| |
Pro forma
|
| |
Pro forma
as adjusted(1) |
| ||||||
| | |
US$
|
| |
US$
|
| |
US$
|
| ||||||
Short-term bank borrowings
|
| | | | 4,874,788 | | | | | | 4,874,788 | | | | | |
Convertible debts
|
| | | | 11,928,576 | | | | | | — | | | | | |
Mezzanine Equity | | | | | | | | | | | | | | | | |
Series Angel preference shares (US$0.00001 par value,
37,500,000 shares authorized, issued and outstanding, on an actual basis; nil shares authorized, issued and outstanding on a pro forma basis, nil shares authorized, issued and outstanding on a pro forma as adjusted basis) |
| | | | 1,176,340 | | | | | | — | | | | | |
Series Angel redeemable preference shares (US$0.00001 par
value, 37,500,000 shares authorized, issued and outstanding on an actual basis; nil shares authorized, issued and outstanding on a pro forma basis, nil shares authorized, issued and outstanding on a pro forma as adjusted basis) |
| | | | 1,176,340 | | | | | | — | | | | | |
Series A redeemable preference shares (US$0.00001 par value,
300,000,000 shares authorized, issued and outstanding on an actual basis; nil shares authorized, issued and outstanding on a pro forma basis, nil shares authorized, issued and outstanding on a pro forma as adjusted basis) |
| | | | 7,916,986 | | | | | | — | | | | | |
| | |
As of September 30, 2023
|
| ||||||||||||
| | |
Actual
|
| |
Pro forma
|
| |
Pro forma
as adjusted(1) |
| ||||||
| | |
US$
|
| |
US$
|
| |
US$
|
| ||||||
Series A+ redeemable preference shares (US$0.00001 par value,
118,971,900 shares authorized, issued and outstanding on an actual basis; nil shares authorized, issued and outstanding on a pro forma basis, nil shares authorized, issued and outstanding on a pro forma as adjusted basis) |
| | | | 3,795,370 | | | | | | — | | | | | |
Series B redeemable preference shares (US$0.00001 par value,
602,372,700 shares authorized, issued and outstanding on an actual basis; nil shares authorized, issued and outstanding on a pro forma basis, nil shares authorized, issued and outstanding on a pro forma as adjusted basis) |
| | | | 25,184,594 | | | | | | — | | | | | |
Series B+ redeemable preference shares (US$0.00001 par value,
204,195,160 shares authorized, nil issued and outstanding on an actual basis; nil shares authorized, issued and outstanding on a pro forma basis, nil shares authorized, issued and outstanding on a pro forma as adjusted basis) |
| | | | — | | | | | | — | | | | | |
Subscription receivables
|
| | | | (1,176,340) | | | | | | — | | | | | |
Total mezzanine equity
|
| | |
|
38,073,290
|
| | | | | — | | | | | |
SHAREHOLDERS’ EQUITY (DEFICIT) | | | | | | | | | | | | | | | | |
Ordinary shares (US$0.00001 par value; 3,728,605,400 shares
authorized, 806,200,500 shares issued and outstanding on an actual basis; nil shares authorized, issued and outstanding on a pro forma basis; nil shares authorized, issued and outstanding on a pro forma as adjusted basis) |
| | | | 8,062 | | | | | | — | | | | | |
Class A ordinary shares (US$0.00001 par value; nil shares
authorized, issued and outstanding on an actual basis; 4,258,745,553 shares authorized, 1,536,158,729 shares issued and outstanding on a pro forma basis, 4,258,745,553 shares authorized, shares issued and outstanding on a pro forma as adjusted basis) |
| | | | — | | | | | | 15,361 | | | | | |
Class B ordinary shares (US$0.00001 par value; nil shares authorized, issued and outstanding on an actual basis; 741,254,447 shares authorized, issued and outstanding on a pro forma basis, 741,254,447 shares authorized, issued and outstanding on a pro forma as adjusted basis)
|
| | | | — | | | | | | 7,413 | | | | | |
Series Seed preferred shares (US$0.00001 par value;
175,050,000 shares authorized, issued and outstanding on an actual basis; nil shares authorized, issued and outstanding on a pro forma basis; nil shares authorized, issued and outstanding on a pro forma as adjusted basis) |
| | | | 2,000,000 | | | | | | — | | | | | |
Additional paid-in capital(3)
|
| | | | 7,186,958 | | | | | | 59,174,112 | | | | | |
Accumulated other comprehensive income
|
| | | | 1,366,234 | | | | | | 1,366,234 | | | | | |
Accumulated deficit
|
| | | | (38,913,760) | | | | | | (38,913,760) | | | | | |
Total shareholders’ equity (deficit)(3)
|
| | |
|
(28,352,506)
|
| | | |
|
21,649,360
|
| | | | |
Total capitalization(2)(3)
|
| | |
|
26,524,148
|
| | | |
|
26,524,148
|
| | | | |
|
| | |
Per
Ordinary Share |
| |
Per ADS
|
| |||
Initial public offering price
|
| | US$ | | | | US$ | | | |
Net tangible book value as of September 30, 2023
|
| | US$(0.04) | | | | US$ | | | |
Pro forma net tangible book value after giving effect to (i) the receipt of subscription receivables; (ii) the conversion of the convertible debts into our series B+ preference shares; (iii) the automatic conversion and the re-designation, as applicable, of all of our preference shares and ordinary shares then outstanding
|
| | US$0.01 | | | | US$ | | | |
Pro forma net tangible book value as adjusted to give effect to (i) the receipt of subscription receivables; (ii) the conversion of the convertible debts into our series B+ preference shares; (iii) the automatic conversion and the re-designation, as applicable, of all of our preference shares and ordinary shares then outstanding; and (iv) this offering
|
| | US$ | | | | US$ | | | |
Amount of dilution in net tangible book value to new investors in this offering
|
| | US$ | | | | US$ | | | |
| | |
Ordinary Shares
Purchased |
| |
Total
Consideration |
| |
Average
Price Per Ordinary Share |
| |
Average
Price Per ADS |
| ||||||
| | |
Amount
(in thousands of US$) |
| | | | ||||||||||||
| | |
Number
|
| |
Percent
|
| |
Percent
|
| |
US$
|
| |
US$
|
| |||
Existing shareholders
|
| | | | | | | | | | | | | | | | | | |
New investors
|
| | | | | | | | | | | | | | | | | | |
Total
|
| | | | | | | | | | | | | | | | | | |
Equityholders
of X-Charge Technology |
| |
Equity Interests
Percentages in X-Charge Technology Pre- Restructuring |
| |
Type of Equity
|
| |
Shareholders of
XCHG Limited |
| |
Shareholding
Percentages in XCHG Limited Post- Restructuring (on a fully- diluted basis assuming all ordinary shares under the share incentive plan are outstanding) |
| |
Type of Shares
|
|
Yifei Hou | | |
11.3704%
|
| |
Ordinary equity
|
| | Future EV Limited* | | |
11.3704%
|
| |
Ordinary shares
|
|
Rui Ding | | |
20.2142%
|
| |
Ordinary equity
|
| | Next EV Limited* | | |
20.2142%
|
| |
Ordinary shares
|
|
Beijing Xcharge Management Consulting Centre (Limited Partnership) | | |
7.2199%
|
| |
Ordinary equity
|
| | Shares reserved under the share incentive plan | | |
7.2199%
|
| |
Ordinary shares
(upon vesting) |
|
Suzhou Eastern Bell Longyu Startup Investment Center L.P. | | |
1.8050%
|
| | Series Angel Preference Equity | | | Shanghai Dingbei Enterprise Management Consulting L.P.* | | |
1.8050%
|
| | Series Angel Preference Shares | |
Suzhou Eastern Bell III Startup Investment Center L.P. | | |
1.8050%
|
| | Series Angel Preference Equity | | | Shanghai Dingpai Enterprise Management Consulting L.P.* | | |
1.8050%
|
| | Series Angel Preference Shares | |
Equityholders
of X-Charge Technology |
| |
Equity Interests
Percentages in X-Charge Technology Pre- Restructuring |
| |
Type of Equity
|
| |
Shareholders of
XCHG Limited |
| |
Shareholding
Percentages in XCHG Limited Post- Restructuring (on a fully- diluted basis assuming all ordinary shares under the share incentive plan are outstanding) |
| |
Type of Shares
|
|
Zhen Partners IV (HK) Limited | | |
4.2128%
|
| | Series Seed Preference Equity | | | Zhen Partners Fund IV L.P.* | | |
4.2128%
|
| | Series Seed Preference Shares | |
Foshan Hegao Zhixing XIV Equity Investment Center L.P. | | |
4.2128%
|
| | Series Seed Preference Equity | | | Foshan Hegao Zhixing XIV Equity Investment Center L.P. | | |
4.2128%
|
| | Series Seed Preference Shares | |
GGV (Xcharge) Limited | | |
11.5518%
|
| | Series A Preference Equity | | | GGV (Xcharge) Limited | | |
11.5518%
|
| | Series A Preference Shares | |
Zhen Partners IV (HK) Limited | | |
2.8880%
|
| | Series A Preference Equity | | | Zhen Partners Fund IV L.P.* | | |
2.8880%
|
| | Series A Preference Shares | |
GGV (Xcharge) Limited | | |
0.9162%
|
| | Series A+ Preference Equity | | | GGV (Xcharge) Limited | | |
0.9162%
|
| | Series A+ Preference Shares | |
Zhen Partners IV (HK) Limited | | |
0.5632%
|
| | Series A+ Preference Equity | | | Zhen Partners Fund IV L.P.* | | |
0.5632%
|
| | Series A+ Preference Shares | |
Xiamen Jiyuan Ronghui Investment Management L.P. | | |
4.2470%
|
| | Series A+ Preference Equity | | | Shanghai Yuanyan Enterprise Management Consulting L.P.* | | |
4.2470%
|
| | Series A+ Preference Shares | |
Beijing Foreign Economic and Trade Development Guidance Fund L.P. | | |
12.5232%
|
| | Series B Preference Equity | | | Beijing Foreign Economic and Trade Development Guidance Fund L.P. | | |
12.5232%
|
| | Series B Preference Shares | |
Shell Ventures Company Limited | | |
9.5516%
|
| | Series B Preference Equity | | | Shell Ventures Company Limited | | |
9.5516%
|
| | Series B Preference Shares | |
Chengdu Peikun Jingrong Venture Capital Partnership L.P. | | |
3.1839%
|
| | Series B Preference Equity | | | Chengdu Peikun Jingrong Venture Capital Partnership L.P. | | |
3.1839%
|
| | Series B Preference Shares | |
Equityholders
of X-Charge Technology |
| |
Equity Interests
Percentages in X-Charge Technology Pre- Restructuring |
| |
Type of Equity
|
| |
Shareholders of
XCHG Limited |
| |
Shareholding
Percentages in XCHG Limited Post- Restructuring (on a fully- diluted basis assuming all ordinary shares under the share incentive plan are outstanding) |
| |
Type of Shares
|
|
Chengdu Peikun Songfu Technology Partnership L.P. | | |
1.0613%
|
| | Series B Preference Equity | | | Chengdu Peikun Songfu Technology Partnership L.P. | | |
1.0613%
|
| | Series B Preference Shares | |
Beijing China-US Green Investment Center L.P. | | |
2.6739%
|
| | Series B Preference Equity | | | Beijing China-US Green Investment Center L.P. | | |
2.6739%
|
| | Series B Preference Shares | |
Name of Warrant Holder
|
| |
Number of
Warrant Shares |
| |
Series of Preference Shares
|
|
Shanghai Dingbei Enterprise Management Consulting L.P. | | |
37,500,000
|
| |
Series Angel Preference Shares
|
|
Shanghai Dingpai Enterprise Management Consulting L.P. | | |
37,500,000
|
| |
Series Angel Preference Shares
|
|
Shanghai Yuanyan Enterprise Management Consulting L.P. | | |
88,235,400
|
| |
Series A+ Preference Shares
|
|
Beijing Foreign Economic and Trade Development Guidance Fund L.P. | | |
260,180,400
|
| |
Series B Preference Shares
|
|
Shell Ventures Company Limited | | |
198,442,800
|
| |
Series B Preference Shares
|
|
Chengdu Peikun Jingrong Venture Capital Partnership L.P. | | |
66,147,600
|
| |
Series B Preference Shares
|
|
Chengdu Peikun Songfu Technology Partnership L.P. | | |
22,049,100
|
| |
Series B Preference Shares
|
|
Beijing China-US Green Investment Center L.P. | | |
55,552,800
|
| |
Series B Preference Shares
|
|
Foshan Hegao Zhixing XIV Equity Investment Center L.P. | | |
87,525,000
|
| |
Series Seed Preference Shares
|
|
Name of Shareholder Not Required to Complete
PRC Foreign Exchange Regulatory Procedures |
| |
Number
of Shares |
| |
Series of Preference Shares
|
|
Zhen Partners Fund IV L.P. | | |
87,525,000
|
| |
Series Seed Preference Share
|
|
Zhen Partners Fund IV L.P. | | |
60,000,000
|
| |
Series A Preference Shares
|
|
GGV (Xcharge) Limited | | |
240,000,000
|
| |
Series A Preference Shares
|
|
Zhen Partners Fund IV L.P. | | |
11,700,900
|
| |
Series A+ Preference Shares
|
|
GGV (Xcharge) Limited | | |
19,035,600
|
| |
Series A+ Preference Shares
|
|
| | |
For the Year
Ended December 31, |
| |
For the Nine Months
Ended September 30, |
| ||||||||||||||||||||||||||||||||||||||||||
| | | | |
2022
|
| |
2022
|
| |
2023
|
| |||||||||||||||||||||||||||||||||||||
| | |
US$
|
| |
%
|
| |
US$
|
| |
%
|
| |
US$
|
| |
%
|
| |
US$
|
| |
%
|
| ||||||||||||||||||||||||
| | |
(in thousands, except for percentages)
|
| |||||||||||||||||||||||||||||||||||||||||||||
Revenues
|
| | | | 13,156 | | | | | | 100.0 | | | | | | 29,424 | | | | | | 100.0 | | | | | | 19,179 | | | | | | 100.0 | | | | | | 27,994 | | | | | | 100.0 | | |
Cost of revenues
|
| | | | (8,529) | | | | | | (64.8) | | | | | | (18,719) | | | | | | (63.6) | | | | | | (12,190) | | | | | | (63.6) | | | | | | (15,627) | | | | | | (55.8) | | |
Gross profit
|
| | |
|
4,627
|
| | | |
|
35.2
|
| | | |
|
10,705
|
| | | |
|
36.4
|
| | | | | 6,989 | | | | | | 36.4 | | | | | | 12,367 | | | | | | 44.2 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||
Selling and marketing expenses
|
| | | | (2,423) | | | | | | (18.4) | | | | | | (3,516) | | | | | | (11.9) | | | | | | (2,481) | | | | | | (12.9) | | | | | | (4,018) | | | | | | (14.4) | | |
Research and development expenses
|
| | | | (1,711) | | | | | | (13.0) | | | | | | (2,816) | | | | | | (9.6) | | | | | | (1,951) | | | | | | (10.2) | | | | | | (2,599) | | | | | | (9.3) | | |
General and administrative expenses
|
| | | | (2,460) | | | | | | (18.7) | | | | | | (2,745) | | | | | | (9.3) | | | | | | (1,866) | | | | | | (9.7) | | | | | | (11,846) | | | | | | (42.3) | | |
Total operating expenses
|
| | |
|
(6,594)
|
| | | |
|
(50.1)
|
| | | |
|
(9,077)
|
| | | |
|
(30.9)
|
| | | | | (6,298) | | | | | | (32.8) | | | | | | (18,463) | | | | | | (66.0) | | |
Operating income (loss)
|
| | |
|
(1,928)
|
| | | |
|
(14.7)
|
| | | |
|
1,655
|
| | | |
|
5.6
|
| | | | | 719 | | | | | | 3.8 | | | | | | (5,666) | | | | | | (20.2) | | |
Income (loss) before income taxes
|
| | |
|
(2,066)
|
| | | |
|
(15.7)
|
| | | |
|
1,598
|
| | | |
|
5.4
|
| | | | | 700 | | | | | | 3.7 | | | | | | (6,704) | | | | | | (23.9) | | |
Net income (loss)
|
| | |
|
(2,067)
|
| | | |
|
(15.7)
|
| | | |
|
1,610
|
| | | |
|
5.5
|
| | | | | 713 | | | | | | 3.7 | | | | | | (6,709) | | | | | | (24.0) | | |
Comprehensive income (loss)
|
| | |
|
(2,832)
|
| | | |
|
(21.5)
|
| | | |
|
4,193
|
| | | |
|
14.3
|
| | | | | 3,842 | | | | | | 20.0 | | | | | | (6,123) | | | | | | (21.9) | | |
| | |
As of December 31,
|
| |
As of September 30,
|
| ||||||||||||
| | | | |
2022
|
| |
2023
|
| ||||||||||
| | |
US$
|
| |
US$
|
| |
US$
|
| |||||||||
| | |
(in thousands)
|
| |||||||||||||||
Cash and cash equivalents
|
| | | | 4,795 | | | | | | 8,338 | | | | | | 16,381 | | |
Restricted cash
|
| | | | 33 | | | | | | 332 | | | | | | 221 | | |
Accounts receivable, net
|
| | | | 4,320 | | | | | | 7,560 | | | | | | 8,874 | | |
Amounts due from related parties – current
|
| | | | 21 | | | | | | 3,611 | | | | | | 712 | | |
Inventories
|
| | | | 3,233 | | | | | | 6,230 | | | | | | 5,083 | | |
Prepayments and other current assets
|
| | | | 1,557 | | | | | | 2,112 | | | | | | 3,858 | | |
Total current assets
|
| | | | 13,959 | | | | | | 28,183 | | | | | | 35,129 | | |
Total assets
|
| | | | 19,237 | | | | | | 29,139 | | | | | | 36,300 | | |
Short-term bank borrowings
|
| | | | 1,794 | | | | | | 4,123 | | | | | | 4,875 | | |
Accounts payable
|
| | | | 2,938 | | | | | | 6,630 | | | | | | 4,322 | | |
Contract liabilities
|
| | | | 1,729 | | | | | | 2,810 | | | | | | 1,205 | | |
Operating lease liabilities – current
|
| | | | 87 | | | | | | 236 | | | | | | 282 | | |
Convertible debts
|
| | | | — | | | | | | — | | | | | | 11,929 | | |
Financial liability
|
| | | | 64 | | | | | | 242 | | | | | | 231 | | |
Amounts due to a related party
|
| | | | — | | | | | | — | | | | | | 59 | | |
Accrued expenses and other current liabilities
|
| | | | 2,438 | | | | | | 3,952 | | | | | | 3,407 | | |
Total current liabilities
|
| | |
|
9,050
|
| | | |
|
17,993
|
| | | |
|
26,309
|
| |
Total liabilities
|
| | | | 9,072 | | | | | | 18,291 | | | | | | 26,579 | | |
Total mezzanine equity
|
| | | | 40,875 | | | | | | 38,894 | | | | | | 38,073 | | |
Total shareholders’ deficit
|
| | |
|
(30,710)
|
| | | |
|
(28,046)
|
| | | |
|
(28,353)
|
| |
Total liabilities, mezzanine equity and shareholders’ deficit
|
| | | | 19,237 | | | | | | 29,139 | | | | | | 36,300 | | |
| | |
For the
Year Ended December 31, |
| | | |||||||||||||||||||
| | | | |
2022
|
| |
2022
|
| |
2023
|
| |||||||||||||
| | |
US$
|
| |
US$
|
| |
US$
|
| |
US$
|
| ||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||
Net cash provided by (used in) operating activities
|
| | | | (6,479) | | | | | | 849 | | | | | | (1,072) | | | | | | (3,082) | | |
Net cash provided by (used in) investing activities
|
| | | | (4,843) | | | | | | 1,222 | | | | | | (111) | | | | | | 2,470 | | |
Net cash provided by financing activities
|
| | | | 15,189 | | | | | | 2,278 | | | | | | 931 | | | | | | 9,263 | | |
Effect of foreign currency exchange rate changes on cash and cash
equivalents and restricted cash |
| | | | 148 | | | | | | (507) | | | | | | (635) | | | | | | (719) | | |
Net increase (decrease) in cash, cash equivalents and restricted cash
|
| | | | 4,015 | | | | | | 3,842 | | | | | | (887) | | | | | | 7,932 | | |
Cash, cash equivalents and restricted cash at the beginning of the year (period)
|
| | | | 813 | | | | | | 4,828 | | | | | | 4,828 | | | | | | 8,670 | | |
Cash, cash equivalents and restricted cash at the end of the year (period)
|
| | | | 4,828 | | | | | | 8,670 | | | | | | 3,941 | | | | | | 16,602 | | |
| | |
For the Year Ended
December 31, |
| |
For the Nine Months
Ended September 30, |
| ||||||||||||||||||
| | | | |
2022
|
| |
2022
|
| |
2023
|
| |||||||||||||
| | |
US$
|
| |
US$
|
| |
US$
|
| |
US$
|
| ||||||||||||
| | |
(in thousands, except for percentages)
|
| |||||||||||||||||||||
Net income (loss)
|
| | | | (2,067) | | | | | | 1,610 | | | | | | 713 | | | | | | (6,709) | | |
Add: | | | | | | | | | | | | | | | | | | | | | | | | | |
share-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | 7,457 | | |
Changes in fair value of financial instruments
|
| | | | 12 | | | | | | 191 | | | | | | 128 | | | | | | 887 | | |
Adjusted net income (loss)
|
| | | | (2,055) | | | | | | 1,801 | | | | | | 841 | | | | | | 1,635 | | |
| | |
For the Year
Ended December 31, |
| |
For the Nine Months
Ended September 30, |
| | ||||||||||||||||||||||||||||||||||||||||||||
| | | | |
2022
|
| |
2022
|
| |
2023
|
| | |||||||||||||||||||||||||||||||||||||||
| | |
US$
|
| |
%
|
| |
US$
|
| |
%
|
| |
US$
|
| |
%
|
| |
US$
|
| |
%
|
| | ||||||||||||||||||||||||||
| | |
(in thousands, except for percentages)
|
| ||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||
Product revenues
|
| | | | 12,542 | | | | | | 95.3 | | | | | | 28,745 | | | | | | 97.7 | | | | | | 18,912 | | | | | | 98.6 | | | | | | 27,734 | | | | | | 99.1 | | | | ||
Service revenues
|
| | | | 614 | | | | | | 4.7 | | | | | | 679 | | | | | | 2.3 | | | | | | 267 | | | | | | 1.4 | | | | | | 260 | | | | | | 0.9 | | | | ||
Total
|
| | |
|
13,156
|
| | | |
|
100.0
|
| | | |
|
29,424
|
| | | |
|
100.0
|
| | | |
|
19,179
|
| | | |
|
100.0
|
| | | |
|
27,994
|
| | | |
|
100.0
|
| | |
| | |
For the Year
Ended December 31, |
| |
For the Nine Months
Ended September 30, |
| ||||||||||||||||||||||||||||||||||||||||||
| | | | |
2022
|
| |
2022
|
| |
2023
|
| |||||||||||||||||||||||||||||||||||||
| | |
US$
|
| |
%
|
| |
US$
|
| |
%
|
| |
US$
|
| |
%
|
| |
US$
|
| |
%
|
| ||||||||||||||||||||||||
| | |
(in thousands, except for percentages)
|
| |||||||||||||||||||||||||||||||||||||||||||||
Cost of revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||
Cost of products sold
|
| | | | 7,259 | | | | | | 55.2 | | | | | | 16,723 | | | | | | 56.8 | | | | | | 10,584 | | | | | | 55.2 | | | | | | 13,663 | | | | | | 48.8 | | |
Shipping costs
|
| | | | 680 | | | | | | 5.2 | | | | | | 1,257 | | | | | | 4.3 | | | | | | 917 | | | | | | 4.8 | | | | | | 545 | | | | | | 1.9 | | |
Others(1) | | | | | 590 | | | | | | 4.4 | | | | | | 739 | | | | | | 2.5 | | | | | | 688 | | | | | | 3.6 | | | | | | 1,419 | | | | | | 5.1 | | |
Total
|
| | |
|
8,529
|
| | | |
|
64.8
|
| | | |
|
18,719
|
| | | |
|
63.6
|
| | | |
|
12,190
|
| | | |
|
63.6
|
| | | |
|
15,627
|
| | | |
|
55.8
|
| |
| | |
For the Year
Ended December 31, |
| |
For the Nine Months
Ended September 30, |
| ||||||||||||||||||||||||||||||||||||||||||
| | | | |
2022
|
| |
2022
|
| |
2023
|
| |||||||||||||||||||||||||||||||||||||
| | |
US$
|
| |
%
|
| |
US$
|
| |
%
|
| |
US$
|
| |
%
|
| |
US$
|
| |
%
|
| ||||||||||||||||||||||||
| | |
(in thousands, except for percentages)
|
| |||||||||||||||||||||||||||||||||||||||||||||
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||
Selling and marketing expenses
|
| | | | 2,423 | | | | | | 18.4 | | | | | | 3,516 | | | | | | 11.9 | | | | | | 2,481 | | | | | | 12.9 | | | | | | 4,018 | | | | | | 14.4 | | |
Research and development expenses
|
| | | | 1,711 | | | | | | 13.0 | | | | | | 2,816 | | | | | | 9.6 | | | | | | 1,951 | | | | | | 10.2 | | | | | | 2,599 | | | | | | 9.3 | | |
General and administrative expenses
|
| | | | 2,460 | | | | | | 18.7 | | | | | | 2,745 | | | | | | 9.3 | | | | | | 1,866 | | | | | | 9.7 | | | | | | 11,846 | | | | | | 42.3 | | |
Total
|
| | |
|
6,594
|
| | | |
|
50.1
|
| | | |
|
9,077
|
| | | |
|
30.9
|
| | | |
|
6,298
|
| | | |
|
32.8
|
| | | |
|
18,463
|
| | | |
|
66.0
|
| |
| | |
For the Year
Ended December 31, |
| |
For the Nine Months
Ended September 30, |
| ||||||||||||||||||||||||||||||||||||||||||
| | | | |
2022
|
| |
2022
|
| |
2023
|
| |||||||||||||||||||||||||||||||||||||
| | |
US$
|
| |
%
|
| |
US$
|
| |
%
|
| |
US$
|
| |
%
|
| |
US$
|
| |
%
|
| ||||||||||||||||||||||||
| | |
(in thousands, except for percentages)
|
| |||||||||||||||||||||||||||||||||||||||||||||
Selling and marketing expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||
Staff cost
|
| | | | 1,967 | | | | | | 15.0 | | | | | | 2,887 | | | | | | 9.8 | | | | | | 2,033 | | | | | | 10.6 | | | | | | 2,810 | | | | | | 10.0 | | |
Others(1) | | | | | 456 | | | | | | 3.4 | | | | | | 629 | | | | | | 2.1 | | | | | | 448 | | | | | | 2.3 | | | | | | 1,208 | | | | | | 4.3 | | |
Total
|
| | |
|
2,423
|
| | | |
|
18.4
|
| | | |
|
3,516
|
| | | |
|
11.9
|
| | | |
|
2,481
|
| | | |
|
12.9
|
| | | |
|
4,018
|
| | | |
|
14.4
|
| |
| | |
For the Year
Ended December 31, |
| |
For the Nine Months
Ended September 30, |
| ||||||||||||||||||||||||||||||||||||||||||
| | | | |
2022
|
| |
2022
|
| |
2023
|
| |||||||||||||||||||||||||||||||||||||
| | |
US$
|
| |
%
|
| |
US$
|
| |
%
|
| |
US$
|
| |
%
|
| |
US$
|
| |
%
|
| ||||||||||||||||||||||||
| | |
(in thousands, except for percentages)
|
| |||||||||||||||||||||||||||||||||||||||||||||
Research and development expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||
Staff cost
|
| | | | 1,470 | | | | | | 11.2 | | | | | | 2,201 | | | | | | 7.5 | | | | | | 1,514 | | | | | | 7.9 | | | | | | 2,048 | | | | | | 7.3 | | |
Others(1) | | | | | 241 | | | | | | 1.8 | | | | | | 615 | | | | | | 2.1 | | | | | | 437 | | | | | | 2.3 | | | | | | 551 | | | | | | 2.0 | | |
Total
|
| | |
|
1,711
|
| | | |
|
13.0
|
| | | |
|
2,816
|
| | | |
|
9.6
|
| | | |
|
1,951
|
| | | |
|
10.2
|
| | | |
|
2,599
|
| | | |
|
9.3
|
| |
| | |
For the Year
Ended December 31, |
| |
For the Nine Months
Ended September 30, |
| ||||||||||||||||||||||||||||||||||||||||||
| | | | |
2022
|
| |
2022
|
| |
2023
|
| |||||||||||||||||||||||||||||||||||||
| | |
US$
|
| |
%
|
| |
US$
|
| |
%
|
| |
US$
|
| |
%
|
| |
US$
|
| |
%
|
| ||||||||||||||||||||||||
| | |
(in thousands, except for percentages)
|
| |||||||||||||||||||||||||||||||||||||||||||||
General and administrative expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||
Staff cost
|
| | | | 980 | | | | | | 7.4 | | | | | | 1,446 | | | | | | 4.9 | | | | | | 1,034 | | | | | | 5.4 | | | | | | 1,077 | | | | | | 3.8 | | |
Professional expenses
|
| | | | 500 | | | | | | 3.8 | | | | | | 855 | | | | | | 2.9 | | | | | | 289 | | | | | | 1.5 | | | | | | 1,630 | | | | | | 5.8 | | |
Share based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,457 | | | | | | 26.6 | | |
Losses of credit impairment
|
| | | | 268 | | | | | | 2.0 | | | | | | 335 | | | | | | 1.1 | | | | | | 253 | | | | | | 1.3 | | | | | | 71 | | | | | | 0.3 | | |
Foreign currency exchange loss (gain)
|
| | | | 174 | | | | | | 1.3 | | | | | | (339) | | | | | | (1.2) | | | | | | (170) | | | | | | (0.9) | | | | | | 290 | | | | | | 1.0 | | |
Issuance cost of the convertible debts
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 431 | | | | | | 1.5 | | |
Other general corporate expenses
|
| | | | 538 | | | | | | 4.2 | | | | | | 448 | | | | | | 1.6 | | | | | | 461 | | | | | | 2.4 | | | | | | 891 | | | | | | 3.2 | | |
Total
|
| | |
|
2,460
|
| | | |
|
18.7
|
| | | |
|
2,745
|
| | | |
|
9.3
|
| | | |
|
1,866
|
| | | |
|
9.7
|
| | | |
|
11,846
|
| | | |
|
42.3
|
| |
| | |
For the Year
Ended December 31, |
| |
For the Nine Months
Ended September 30, |
| ||||||||||||||||||||||||||||||||||||||||||
| | | | |
2022
|
| |
2022
|
| |
2023
|
| |||||||||||||||||||||||||||||||||||||
| | |
US$
|
| |
%
|
| |
US$
|
| |
%
|
| |
US$
|
| |
%
|
| |
US$
|
| |
%
|
| ||||||||||||||||||||||||
| | |
(in thousands, except for percentages)
|
| |||||||||||||||||||||||||||||||||||||||||||||
Revenues
|
| | | | 13,156 | | | | | | 100.0 | | | | | | 29,424 | | | | | | 100.0 | | | | | | 19,179 | | | | | | 100.0 | | | | | | 27,994 | | | | | | 100.0 | | |
Cost of revenues
|
| | | | (8,529) | | | | | | (64.8) | | | | | | (18,719) | | | | | | (63.6) | | | | | | (12,190) | | | | | | (63.6) | | | | | | (15,627) | | | | | | (55.8) | | |
Gross profit
|
| | |
|
4,627
|
| | | |
|
35.2
|
| | | |
|
10,705
|
| | | |
|
36.4
|
| | | |
|
6,989
|
| | | |
|
36.4
|
| | | |
|
12,367
|
| | | |
|
44.2
|
| |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||
Selling and marketing expenses
|
| | | | (2,423) | | | | | | (18.4) | | | | | | (3,516) | | | | | | (11.9) | | | | | | (2,481) | | | | | | (12.9) | | | | | | (4,018) | | | | | | (14.4) | | |
Research and development
expenses |
| | | | (1,711) | | | | | | (13.0) | | | | | | (2,816) | | | | | | (9.6) | | | | | | (1,951) | | | | | | (10.2) | | | | | | (2,599) | | | | | | (9.3) | | |
General and administrative expenses
|
| | | | (2,460) | | | | | | (18.7) | | | | | | (2,745) | | | | | | (9.3) | | | | | | (1,866) | | | | | | (9.7) | | | | | | (11,846) | | | | | | (42.3) | | |
Total operating expenses
|
| | |
|
(6,594)
|
| | | |
|
(50.1)
|
| | | |
|
(9,077)
|
| | | |
|
(30.9)
|
| | | |
|
(6,298)
|
| | | |
|
(32.8)
|
| | | |
|
(18,463)
|
| | | |
|
(66.0)
|
| |
Operating income (loss)
|
| | |
|
(1,928)
|
| | | |
|
(14.7)
|
| | | |
|
1,655
|
| | | |
|
5.6
|
| | | |
|
719
|
| | | |
|
3.8
|
| | | |
|
(5,666)
|
| | | |
|
(20.2)
|
| |
Income (loss) before income taxes
|
| | |
|
(2,066)
|
| | | |
|
(15.7)
|
| | | |
|
1,598
|
| | | |
|
5.4
|
| | | |
|
700
|
| | | |
|
3.7
|
| | | |
|
(6,704)
|
| | | |
|
(23.9)
|
| |
Net income (loss)
|
| | |
|
(2,067)
|
| | | |
|
(15.7)
|
| | | |
|
1,610
|
| | | |
|
5.5
|
| | | |
|
713
|
| | | |
|
3.7
|
| | | |
|
(6,709)
|
| | | |
|
(24.0)
|
| |
Comprehensive income (loss)
|
| | |
|
(2,832)
|
| | | |
|
(21.5)
|
| | | |
|
4,193
|
| | | |
|
14.3
|
| | | |
|
3,842
|
| | | |
|
20.0
|
| | | |
|
(6,123)
|
| | | |
|
(21.9)
|
| |
| | |
For the Year Ended
December 31, |
| |
For the Nine Months
Ended September 30, |
| ||||||||||||||||||
| | | | |
2022
|
| |
2022
|
| |
2023
|
| |||||||||||||
| | |
US$
|
| |
US$
|
| |
US$
|
| |
US$
|
| ||||||||||||
| | |
(in thousands, except for percentages)
|
| |||||||||||||||||||||
Net income (loss)
|
| | |
|
(2,067)
|
| | | |
|
1,610
|
| | | |
|
713
|
| | | |
|
(6,709)
|
| |
Add: | | | | | | | | | | | | | | | | | | | | | | | | | |
share-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | 7,457 | | |
Changes in fair value of financial instruments
|
| | | | 12 | | | | | | 191 | | | | | | 128 | | | | | | 887 | | |
Adjusted net income (loss)
|
| | | | (2,055) | | | | | | 1,801 | | | | | | 841 | | | | | | 1,635 | | |
| | |
For the Year Ended
December 31, |
| |
For the Nine Months
Ended September 30, |
| ||||||||||||||||||
| | | | |
2022
|
| |
2022
|
| |
2023
|
| |||||||||||||
| | |
US$
|
| |
US$
|
| |
US$
|
| |
US$
|
| ||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||
Net cash provided by (used in) operating activities
|
| | | | (6,479) | | | | | | 849 | | | | | | (1,072) | | | | | | (3,082) | | |
Net cash provided by (used in) investing activities
|
| | | | (4,843) | | | | | | 1,222 | | | | | | (111) | | | | | | 2,470 | | |
Net cash provided by financing activities
|
| | | | 15,189 | | | | | | 2,278 | | | | | | 931 | | | | | | 9,263 | | |
Effect of foreign currency exchange rate changes on cash and
cash equivalents and restricted cash |
| | | | 148 | | | | | | (507) | | | | | | (635) | | | | | | (719) | | |
Net increase (decrease) in cash, cash equivalents and restricted
cash |
| | | | 4,015 | | | | | | 3,842 | | | | | | (887) | | | | | | 7,932 | | |
Cash, cash equivalents and restricted cash at the beginning of
the year (period) |
| | | | 813 | | | | | | 4,828 | | | | | | 4,828 | | | | | | 8,670 | | |
Cash, cash equivalents and restricted cash at the end of the year (period)
|
| | | | 4,828 | | | | | | 8,670 | | | | | | 3,941 | | | | | | 16,602 | | |
| | |
Payment Due by Period
|
| |||||||||||||||
| | |
Total
|
| |
Less Than
1 Year |
| |
1 – 3 Years
|
| |||||||||
| | |
(US$ in thousands)
|
| |||||||||||||||
Operating lease commitments(1)
|
| | | | 535 | | | | | | 319 | | | | | | 216 | | |
| | |
AC Charger
|
| |
DC Fast Charger
|
| |
Battery-integrated
Energy Storage Charger |
|
Average Output
power (kW) |
| |
7 – 21
|
| |
22 – 360
|
| |
160 – 220
|
|
Average Charging Duration (hours)
|
| |
4 – 10
|
| |
0.5 – 3.5
|
| |
0.5 – 1.5
|
|
Infrastructure Requirements
|
| |
Low
|
| |
High
|
| |
Low
|
|
Installation Costs(1)
|
| |
Low
|
| |
High
|
| |
Low
|
|
Major Application Scenarios
|
| | Public buildings such as schools and hospitals; private residential areas and rural area with old grid infrastructure | | | Public parking lots with large flow of vehicles; rest areas along motorways and high-speed roads and shopping malls | | | Few installation restrictions with low requirement on grid infrastructure | |
| | |
One-piece Battery-integrated
Energy Storage Charger |
| |
Split Battery-integrated
Energy Storage Charger |
|
Floor Area
|
| |
Small
|
| |
Large
|
|
Infrastructure Requirements
|
| |
Low
|
| |
High
|
|
| | | | | | Construction of foundation built under the chargers with old grid upgrades | |
Major Application Scenarios
|
| | Public buildings and areas with old grid infrastructure and fast charging demand; public parking lots with large flow of automotives and rest areas along motorways and high-speed roads | | | Locations with large and stable charging needs from centralized management automotives, such as electric bus stations and taxi maintenance stations | |
Model
|
| |
Peak Output
|
| |
Number of
Charging Guns |
| |
Battery Storage
|
| |
Bi-directional
Charging |
| ||||||
C6
|
| |
200 kW
|
| | | | Two | | | |
\
|
| | | | \ | | |
C7
|
| |
420 kW
|
| | | | Two | | | |
\
|
| | | | \ | | |
NZS
|
| |
210 kW
|
| | | | Two | | | |
466 kWh
|
| | | | √ | | |
Function
|
| |
Number of
Employees |
| |||
Research and development
|
| | | | 70 | | |
Sales and delivery
|
| | | | 29 | | |
Manufacturing
|
| | | | 23 | | |
After-sales
|
| | | | 12 | | |
General and administrative
|
| | | | 20 | | |
Total | | | | | 154 | | |
Directors and Executive Officers
|
| |
Age
|
| |
Position/Title
|
|
Yifei Hou | | |
36
|
| | Chief Executive Officer, Director | |
Aatish V Patel | | |
28
|
| | President | |
Alexander Jacob Urist | | |
30
|
| | Vice President | |
Lewellyn Charles Cox | | |
30
|
| | Senior Business Development Director | |
Xiaoling Song | | |
41
|
| | Chief Financial Officer | |
Rui Ding | | |
37
|
| | Chairman, Chief Technology Officer | |
Rodney James Huey* | | |
80
|
| | Independent Director | |
Alberto Méndez Rebollo* | | |
46
|
| | Independent Director | |
| | |
Ordinary Shares
Underlying Share Awards Granted |
| |
Date of Grant
|
| |||
| | | | 60,186,532 | | | |
August 2023
|
| |
| | | | 24,867,415 | | | |
August 2023
|
| |
| | | | * | | | |
August 2023
|
|
| | |
Ordinary Shares
Beneficially Owned Prior to This Offering |
| |
Class A
Ordinary Shares Beneficially Owned After This Offering |
| |
Class B
Ordinary Shares Beneficially Owned After This Offering |
| |
Voting Power
After This Offering*** |
| |||||||||||||||
| | |
Number
|
| |
%**
|
| |
Number
|
| |
%
|
| |
Number
|
| |
%
|
| |
%
|
| ||||||
Directors and Executive Officers:†
|
| | | | | | | | | | | | | | | | | | | | | | | | | | ||
Yifei Hou(1)
|
| | | | 296,417,032 | | | | | | 13.2% | | | | | | | | | | | | | | | | ||
Aatish V Patel
|
| | | | — | | | | | | — | | | | | | | | | | | | | | | | ||
Alexander Jacob Urist
|
| | | | — | | | | | | — | | | | | | | | | | | | | | | | ||
Lewellyn Charles Cox
|
| | | | — | | | | | | — | | | | | | | | ||||||||||
| | | | * | | | | | | * | | | | | | | | | | | | |||||||
Rui Ding(2)
|
| | | | 444,837,415 | | | | | | 19.9% | | | | | | | | | |
|
| |
|
| |
|
|
Rodney James Huey††
|
| | | | — | | | | | | — | | | | | | | | | | | | | | | | ||
Alberto Méndez Rebollo††
|
| | | | * | | | | | | * | | | | | | | | | | | | | | | | ||
All directors and executive officers
as a group |
| | | | 757,875,208 | | | | | | 33.8% | | | | | | | | | | | | | | | | ||
Principal Shareholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Future EV Limited(1)
|
| | | | 236,230,500 | | | | | | 10.5% | | | | | | | | | | | | | | | | ||
Next EV Limited(2)
|
| | | | 419,970,000 | | | | | | 18.8% | | | | | | | | | | | | | | | | ||
Beijing Foreign Economic and Trade Development Guidance Fund L.P.(3)
|
| | | | 260,180,400 | | | | | | 11.6% | | | | | | | | | | | | | | | | ||
GGV (Xcharge) Limited(4)
|
| | | | 259,035,600 | | | | | | 11.6% | | | | | | | | | | | | | | | | ||
Shell Ventures Company Limited(5)
|
| | | | 236,283,365 | | | | | | 10.4% | | | | | | | | | | | | | | | | ||
Zhen Partners Fund IV L.P.(6)
|
| | | | 159,225,900 | | | | | | 7.1% | | | | | | | | | | | | | | | | ||
Wuxi Shenqi Leye Private Equity Funds Partnership L.P.(7)
|
| | | | 126,135,217 | | | | | | 5.6% | | | | | | | | | | | | | | | |
Persons depositing or withdrawing shares or ADS
holders must pay: |
| |
For:
|
|
US$5.00 (or less) per 100 ADSs (or portion of 100 ADSs) | | |
Issuance of the ADSs, including issuances resulting from a distribution of shares or rights or other property
Cancelation of the ADSs for the purpose of withdrawal, including if the deposit agreement terminates
|
|
US$0.05 (or less) per ADS | | | Any cash distribution to ADS holders | |
A fee equivalent to the fee that would be payable if securities distributed to you had been shares and the shares had been deposited for issuance of the ADSs | | | Distribution of securities distributed to holders of deposited securities (including rights) that are distributed by the depositary to ADS holders | |
US$0.05 (or less) per ADS per calendar year | | | Depositary services | |
Registration or transfer fees | | | Transfer and registration of shares on our share register to or from the name of the depositary or its agent when you deposit or withdraw shares | |
Expenses of the depositary | | |
Cable (including SWIFT) and facsimile transmissions (when expressly provided in the deposit agreement)
Converting foreign currency to U.S. dollars
|
|
Taxes and other governmental charges the depositary or the custodian has to pay on any ADSs or shares underlying the ADSs, such as stock transfer taxes, stamp duty or withholding taxes | | | As necessary | |
Any charges incurred by the depositary or its agents for servicing the deposited securities | | | As necessary | |
Underwriter
|
| |
Number
of the ADSs |
| | | | |||
Deutsche Bank AG, Hong Kong Branch
|
| | | | | | | | ||
Huatai Securities (USA), Inc.
|
| | | | | | | | ||
Tiger Brokers (NZ) Limited
|
| | | | | | | | ||
Total
|
| | | | | | |
| | |
Per ADS
|
| |
Total
|
| ||||||||||||||||||
| | |
Without
Over- allotment |
| |
With
Over- allotment |
| |
Without
Over- allotment |
| |
With
Over- allotment |
| ||||||||||||
Underwriting Discounts and Commissions paid by us
|
| | | $ | | | | | $ | | | | | $ | | | | | $ | | | ||||
Expenses payable by us
|
| | | $ | | | | | $ | | | | | $ | | | | | $ | | | ||||
[Underwriting Discounts and Commissions paid by selling
shareholders] |
| | | $ | | | | | $ | | | | | $ | | | | | $ | | | ||||
[Expenses payable by the selling shareholders]
|
| | | $ | | | | | $ | | | | | $ | | | | | $ | | | |
Expenses
|
| |
Amount
|
|
SEC registration fee
|
| | US$ | |
Nasdaq listing fee
|
| | US$ | |
FINRA filing fee
|
| | US$ | |
Printing and engraving expenses
|
| | US$ | |
Legal fees and expenses
|
| | US$ | |
Accounting fees and expenses
|
| | US$ | |
Miscellaneous costs
|
| | US$ | |
Total | | | US$ | |
CONTENTS
|
| | | | | | |
| | | | F-2 | | | |
Consolidated Financial Statements: | | | | | | | |
| | | | F-3 – F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
| | | | F-7 | | | |
| | | | F-8 – F-36 | | | |
Unaudited Condensed Consolidated Financial Statements: | | | | | | | |
| | | | F-37 – F-38 | | | |
| | | | F-39 | | | |
| | | | F-40 | | | |
| | | | F-41 – F-54 | | |
| | | | | |
As of December 31,
|
| |||||||||
| | |
Note
|
| |
2021
|
| |
2022
|
| ||||||
| | | | | |
US$
|
| |
US$
|
| ||||||
ASSETS | | | | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | | | | 4,795,277 | | | | | | 8,338,302 | | |
Restricted cash
|
| | | | | | | 32,722 | | | | | | 332,135 | | |
Accounts receivable, net
|
| |
3
|
| | | | 4,319,736 | | | | | | 7,559,944 | | |
Amounts due from related parties – current
|
| |
15
|
| | | | 21,120 | | | | | | 3,611,080 | | |
Inventories
|
| |
4
|
| | | | 3,232,597 | | | | | | 6,230,359 | | |
Prepayments and other current assets
|
| |
5
|
| | | | 1,557,107 | | | | | | 2,111,405 | | |
Total current assets
|
| | | | | | | 13,958,559 | | | | | | 28,183,225 | | |
Non-current assets | | | | | | | | | | | | | | | | |
Property and equipment, net
|
| |
6
|
| | | | 240,747 | | | | | | 229,013 | | |
Intangible assets, net
|
| | | | | | | — | | | | | | 57,689 | | |
Amounts due from a related party – non-current
|
| |
15
|
| | | | 4,909,321 | | | | | | — | | |
Long-term investments
|
| | | | | | | — | | | | | | 107,687 | | |
Operating lease right-of-use assets, net
|
| |
7
|
| | | | 128,776 | | | | | | 561,502 | | |
Total non-current assets
|
| | | | | | | 5,278,844 | | | | | | 955,891 | | |
Total assets
|
| | | | | | | 19,237,403 | | | | | | 29,139,116 | | |
LIABILITIES | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | |
Short-term bank borrowings
|
| |
8
|
| | | | 1,794,308 | | | | | | 4,122,832 | | |
Accounts payable
|
| | | | | | | 2,938,097 | | | | | | 6,629,837 | | |
Contract liabilities
|
| | | | | | | 1,728,808 | | | | | | 2,809,664 | | |
Operating lease liabilities – current
|
| |
7
|
| | | | 86,604 | | | | | | 236,433 | | |
Financial liability
|
| |
10
|
| | | | 63,924 | | | | | | 242,393 | | |
Accrued expenses and other current liabilities
|
| |
9
|
| | | | 2,438,280 | | | | | | 3,951,678 | | |
Total current liabilities
|
| | | | | | | 9,050,021 | | | | | | 17,992,837 | | |
Non-current liabilities | | | | | | | | | | | | | | | | |
Operating lease liabilities – non-current
|
| |
7
|
| | | | 4,889 | | | | | | 289,527 | | |
Other non-current liabilities
|
| | | | | | | 17,434 | | | | | | 8,609 | | |
Total non-current liabilities
|
| | | | | | | 22,323 | | | | | | 298,136 | | |
Total liabilities
|
| | | | | | | 9,072,344 | | | | | | 18,290,973 | | |
| | | | | |
As of December 31,
|
| |||||||||
| | |
Note
|
| |
2021
|
| |
2022
|
| ||||||
| | | | | |
US$
|
| |
US$
|
| ||||||
Commitment and contingencies | | | | | | | | | | | | | | | | |
Mezzanine equity | | | | | | | | | | | | | | | | |
Series Angel preference shares (US$0.00001 par value; 37,500,000 shares
authorized, issued and outstanding as of December 31, 2021 and 2022. Liquidation preference of US$1,333,187 and US$1,220,458 as of December 31, 2021 and 2022) |
| |
12
|
| | | | 1,333,187 | | | | | | 1,220,458 | | |
Series Angel redeemable preference shares (US$0.00001 par value;
37,500,000 shares authorized, issued and outstanding as of December 31, 2021 and 2022. Redemption value of US$1,333,187 and US$1,220,458 as of December 31, 2021 and 2022; Liquidation preference of US$1,333,187 and US$1,220,458 as of December 31, 2021 and 2022) |
| |
12
|
| | | | 1,333,187 | | | | | | 1,220,458 | | |
Series A redeemable preference shares (US$0.00001 par value;
300,000,000 shares authorized, issued and outstanding as of December 31, 2021 and 2022. Redemption value of US$7,827,571 and US$7,635,384 as of December 31, 2021 and 2022; Liquidation preference of US$7,500,000 and US$7,500,000 as of December 31, 2021 and 2022) |
| |
12
|
| | | | 7,827,571 | | | | | | 7,635,384 | | |
Series A+ redeemable preference shares (US$0.00001 par value;
118,971,900 shares authorized, issued and outstanding as December 31, 2021 and 2022. Redemption value of US$4,026,620 and US$3,686,144 as of December 31, 2021 and 2022; Liquidation preference of US$4,026,620 and US$3,686,144 as of December 31, 2021 and 2022) |
| |
12
|
| | | | 4,301,424 | | | | | | 3,937,712 | | |
Series B redeemable preference shares (US$0.00001 par value; 602,372,700 shares authorized, issued and outstanding as of December 31, 2021 and 2022. Redemption value of US$22,404,265 and US$21,889,771 as of December 31, 2021 and 2022; Liquidation preference of US$21,424,699 and US$19,613,108 as of December 31, 2021 and 2022)
|
| |
12
|
| | | | 26,079,872 | | | | | | 24,880,147 | | |
Total mezzanine equity
|
| | | | | | | 40,875,241 | | | | | | 38,894,159 | | |
SHAREHOLDERS’ DEFICIT | | | | | | | | | | | | | | | | |
Ordinary shares (US$0.00001 par value; 3,728,605,400 shares authorized, 656,200,500 shares issued and outstanding as of December 31, 2021 and 2022)
|
| |
13
|
| | | | 6,562 | | | | | | 6,562 | | |
Series Seed preference shares (US$0.00001 par value; 175,050,000 shares
authorized, issued and outstanding as of December 31, 2021 and 2022) |
| |
13
|
| | | | 2,000,000 | | | | | | 2,000,000 | | |
Accumulated other comprehensive income (loss)
|
| | | | | | | (1,802,144) | | | | | | 780,852 | | |
Accumulated deficit
|
| | | | | | | (30,914,600) | | | | | | (30,833,430) | | |
Total shareholders’ deficit
|
| | | | | | | (30,710,182) | | | | | | (28,046,016) | | |
Total liabilities, mezzanine equity and shareholders’ deficit
|
| | | | | | | 19,237,403 | | | | | | 29,139,116 | | |
|
| | | | | |
For the Year Ended December 31,
|
| |||||||||
| | |
Note
|
| |
2021
|
| |
2022
|
| ||||||
| | | | | |
US$
|
| |
US$
|
| ||||||
Revenues
|
| |
16
|
| | | | 13,155,892 | | | | | | 29,423,540 | | |
Cost of revenues
|
| | | | | | | (8,528,611) | | | | | | (18,718,951) | | |
Gross profit
|
| | | | | | | 4,627,281 | | | | | | 10,704,589 | | |
Operating expenses: | | | | | | | | | | | | | | | | |
Selling and marketing expenses
|
| | | | | | | (2,423,086) | | | | | | (3,515,712) | | |
Research and development expenses
|
| | | | | | | (1,710,551) | | | | | | (2,816,116) | | |
General and administrative expenses
|
| | | | | | | (2,460,333) | | | | | | (2,745,618) | | |
Total operating expenses
|
| | | | | | | (6,593,970) | | | | | | (9,077,446) | | |
Government grants
|
| | | | | | | 39,154 | | | | | | 27,838 | | |
Operating income (loss)
|
| | | | | | | (1,927,535) | | | | | | 1,654,981 | | |
Changes in fair value of financial liability
|
| |
11
|
| | | | (12,419) | | | | | | (190,557) | | |
Interest expenses
|
| | | | | | | (339,059) | | | | | | (66,959) | | |
Interest income
|
| | | | | | | 213,429 | | | | | | 200,882 | | |
Income (loss) before income taxes
|
| | | | | | | (2,065,584) | | | | | | 1,598,347 | | |
Income tax benefit (expense)
|
| |
14
|
| | | | (1,300) | | | | | | 11,612 | | |
Net income (loss)
|
| | | | | | | (2,066,884) | | | | | | 1,609,959 | | |
Other comprehensive income (loss) | | | | | | | | | | | | | | | | |
Foreign currency translation adjustment, net of nil income taxes
|
| | | | | | | (765,334) | | | | | | 2,582,996 | | |
Comprehensive income (loss)
|
| | | | | | | (2,832,218) | | | | | | 4,192,955 | | |
Earnings (loss) per ordinary share
|
| |
15
|
| | | | | | | | | | | | |
− Basic | | | | | | | | (0.01) | | | | | | — | | |
− Diluted | | | | | | | | (0.01) | | | | | | — | | |
| | |
Ordinary shares
|
| |
Series Seed
preference shares |
| |
Series
Angel shares |
| |
Additional
paid-in capital |
| |
Accumulated
other comprehensive income (loss) |
| |
Accumulated
deficit |
| |
Total
shareholders’ deficit |
| |||||||||||||||||||||||||||
| | |
Number
|
| |
Amounts
|
| |
Amounts
|
| |
Amounts
|
| |
Amounts
|
| |
Amounts
|
| |
Amounts
|
| |
Amounts
|
| ||||||||||||||||||||||||
Balance as of January 1, 2021
|
| | | | 656,200,500 | | | | | | 6,562 | | | | | | 2,000,000 | | | | | | 693,125 | | | | | | 4,369,471 | | | | | | (1,036,810) | | | | | | (23,868,745) | | | | | | (17,836,397) | | |
Net loss
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | (2,066,884) | | | | |
|
(2,066,884)
|
| |
Re-designation of Series Angel shares to Series B redeemable preference shares (see Note 12)
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | (693,125) | | | | | | (4,369,471) | | | | |
|
—
|
| | | | | (3,943,820) | | | | |
|
(9,006,416)
|
| |
Accretion of redeemable preference
shares to redemption value |
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | (1,035,151) | | | | |
|
(1,035,151)
|
| |
Foreign currency translation adjustment, net of nil income taxes
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | (765,334) | | | | |
|
—
|
| | | |
|
(765,334)
|
| |
Balance as of December 31, 2021
|
| | | | 656,200,500 | | | | | | 6,562 | | | | | | 2,000,000 | | | | | | — | | | | | | — | | | | | | (1,802,144) | | | | | | (30,914,600) | | | | | | (30,710,182) | | |
Net income
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | 1,609,959 | | | | |
|
1,609,959
|
| |
Accretion of redeemable preference
shares to redemption value |
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | (1,528,789) | | | | |
|
(1,528,789)
|
| |
Foreign currency translation adjustment, net of nil income taxes
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | 2,582,996 | | | | |
|
—
|
| | | |
|
2,582,996
|
| |
Balance as of December 31, 2022
|
| | | | 656,200,500 | | | | | | 6,562 | | | | | | 2,000,000 | | | | | | — | | | | | | — | | | | | | 780,852 | | | | | | (30,833,430) | | | | | | (28,046,016) | | |
| | |
For the Year Ended December 31,
|
| |||||||||
| | | | |
2022
|
| |||||||
| | |
US$
|
| |
US$
|
| ||||||
Operating activities: | | | | | | | | | | | | | |
Net income (loss)
|
| | | | (2,066,884) | | | | | | 1,609,959 | | |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
|
| | | | | | | | | | | | |
Allowance for doubtful accounts
|
| | | | 271,599 | | | | | | 322,873 | | |
Write-down of inventories
|
| | | | 146,819 | | | | | | — | | |
Depreciation and amortization
|
| | | | 217,291 | | | | | | 138,051 | | |
Reduction in the carrying amount of right-of-use assets
|
| | | | 262,754 | | | | | | 272,080 | | |
Loss on disposal of property and equipment
|
| | | | 1,092 | | | | | | 7,828 | | |
Amortization of loan discount related to short-term bank borrowings
|
| | | | 219,331 | | | | | | (72,484) | | |
Changes in fair value of financial liability
|
| | | | 12,419 | | | | | | 190,557 | | |
Unrealized foreign currency transaction loss (gain)
|
| | | | 127,983 | | | | | | (423,154) | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | |
Accounts receivable
|
| | | | (4,430,595) | | | | | | (3,597,098) | | |
Inventories
|
| | | | (2,168,916) | | | | | | (3,376,876) | | |
Prepayments and other current assets
|
| | | | (602,412) | | | | | | (409,862) | | |
Amounts due from related parties
|
| | | | 30,184 | | | | | | (256,478) | | |
Accounts payable
|
| | | | 917,440 | | | | | | 4,087,093 | | |
Contract liabilities
|
| | | | 445,292 | | | | | | 1,172,753 | | |
Operating lease liabilities
|
| | | | (263,612) | | | | | | (269,692) | | |
Accrued expenses and other current liabilities
|
| | | | 383,884 | | | | | | 1,460,767 | | |
Other non-current liabilities
|
| | | | 17,224 | | | | | | (7,618) | | |
Net cash provided by (used in) operating activities
|
| | | | (6,479,107) | | | | | | 848,699 | | |
Investing activities: | | | | | | | | | | | | | |
Issuance of a loan to a related party of a preferred shareholder
|
| | | | (4,750,311) | | | | | | — | | |
Proceeds from collection of the loan to a related party of a preferred shareholder
|
| | | | — | | | | | | 1,435,833 | | |
Cash paid for purchase of property and equipment and intangible assets
|
| | | | (92,968) | | | | | | (213,673) | | |
Net cash provided by (used in) investing activities
|
| | | | (4,843,279) | | | | | | 1,222,160 | | |
Financing activities: | | | | | | | | | | | | | |
Proceeds from short-term bank borrowings
|
| | | | 3,099,195 | | | | | | 6,401,765 | | |
Repayment of short-term bank borrowings
|
| | | | (3,719,035) | | | | | | (3,758,890) | | |
Payment of interest free advance to one of the Founders
|
| | | | — | | | | | | (244,092) | | |
Repayment of interest free advance from one of the Founders
|
| | | | (120,289) | | | | | | — | | |
Proceeds from issuance of Series B redeemable preference shares
|
| | | | 16,110,713 | | | | | | — | | |
Payment for issuance cost of Series B redeemable preference shares
|
| | | | (181,158) | | | | | | — | | |
Payments of initial public offering (“IPO”) cost
|
| | | | — | | | | | | (120,610) | | |
Net cash provided by financing activities
|
| | | | 15,189,426 | | | | | | 2,278,173 | | |
Effect of foreign currency exchange rate changes on cash and cash equivalents and restricted cash
|
| | | | 148,093 | | | | | | (506,594) | | |
Net increase in cash, cash equivalents and restricted cash
|
| | | | 4,015,133 | | | | | | 3,842,438 | | |
Cash, cash equivalents and restricted cash at the beginning of the year
|
| | | | 812,866 | | | | | | 4,827,999 | | |
Cash, cash equivalents and restricted cash at the end of the year
|
| | | | 4,827,999 | | | | | | 8,670,437 | | |
Supplemental cash flow information: | | | | | | | | | | | | | |
Interest paid
|
| | | | 132,032 | | | | | | 119,279 | | |
Income taxes paid
|
| | | | — | | | | | | — | | |
Non-cash investing and financing activities: | | | | | | | | | | | | | |
Accrual of IPO cost
|
| | | | — | | | | | | 198,113 | | |
Re-designation of Series Angel shares to Series B redeemable preference shares (see Note 12)
|
| | | | 9,006,416 | | | | | | — | | |
Consideration payable in connection with long-term investments
|
| | | | — | | | | | | 107,687 | | |
| | |
As of December 31,
|
| |||||||||
| | | | |
2022
|
| |||||||
| | |
US$
|
| |
US$
|
| ||||||
Financial institutions in the mainland of the PRC | | | | | | | | | | | | | |
—Denominated in RMB
|
| | | | 3,523,419 | | | | | | 5,075,057 | | |
—Denominated in USD
|
| | | | 203 | | | | | | — | | |
—Denominated in EUR
|
| | | | — | | | | | | 2,726,960 | | |
Total cash and cash equivalents balances held at mainland PRC financial institutions
|
| | | | 3,523,622 | | | | | | 7,802,017 | | |
Financial institution in Germany | | | | | | | | | | | | | |
—Denominated in EUR
|
| | | | 1,270,927 | | | | | | 487,754 | | |
Total cash balances held at a Germany financial institution
|
| | | | 1,270,927 | | | | | | 487,754 | | |
Financial institutions in the USA | | | | | | | | | | | | | |
—Denominated in USD
|
| | | | — | | | | | | 47,846 | | |
Total cash balances held at a USA financial institution
|
| | | | — | | | | | | 47,846 | | |
Total cash and cash equivalents balances held at financial institutions
|
| | | | 4,794,549 | | | | | | 8,337,617 | | |
| | |
As of December 31,
|
| |||||||||
| | | | |
2022
|
| |||||||
| | |
US$
|
| |
US$
|
| ||||||
Cash and cash equivalents
|
| | | | 4,795,277 | | | | | | 8,338,302 | | |
Restricted cash
|
| | | | 32,722 | | | | | | 332,135 | | |
Total cash, cash equivalents and restricted cash
|
| | | | 4,827,999 | | | | | | 8,670,437 | | |
| Machinery and equipment | | |
5 years
|
|
| EV Chargers | | |
5 years
|
|
| Office and electronic equipment | | |
3 ~ 5 years
|
|
| Software | | |
10 years
|
|
| Leasehold improvements | | |
shorter of 5 years or lease term
|
|
|
Contract liabilities as of January 1, 2021
|
| | | | 1,270,548 | | |
|
Cash received in advance, excluding VAT
|
| | | | 3,600,558 | | |
|
Revenue recognized from opening balance of contract liabilities
|
| | | | (1,283,516) | | |
|
Revenue recognized from contract liabilities arising during 2021
|
| | | | (1,871,750) | | |
|
Foreign currency translation
|
| | | | 12,968 | | |
|
Contract liabilities as of December 31, 2021
|
| | | | 1,728,808 | | |
|
Cash received in advance, excluding VAT
|
| | | | 4,555,267 | | |
|
Revenue recognized from opening balance of contract liabilities
|
| | | | (1,636,911) | | |
|
Revenue recognized from contract liabilities arising during 2022
|
| | | | (1,745,603) | | |
|
Foreign currency translation
|
| | | | (91,897) | | |
|
Contract liabilities as of December 31, 2022
|
| | | | 2,809,664 | | |
| | |
For the Year Ended December 31,
|
| |||||||||||||||||||||
| | | | |
2022
|
| |||||||||||||||||||
| | |
US$
|
| |
%
|
| |
US$
|
| |
%
|
| ||||||||||||
Customer A
|
| | | | 4,195,024 | | | | | | 32% | | | | | | 18,645,058 | | | | | | 63% | | |
Customer B
|
| | | | 1,784,562 | | | | | | 14% | | | | | | * | | | | | | * | | |
Customer C
|
| | | | 1,775,118 | | | | | | 13% | | | | | | * | | | | | | * | | |
| | |
For the Year Ended December 31,
|
| |||||||||||||||||||||
| | | | |
2022
|
| |||||||||||||||||||
| | |
US$
|
| |
%
|
| |
US$
|
| |
%
|
| ||||||||||||
Supplier A
|
| | | | 2,203,821 | | | | | | 26% | | | | | | * | | | | | | * | | |
Supplier B
|
| | | | 925,664 | | | | | | 11% | | | | | | * | | | | | | * | | |
Supplier C
|
| | | | * | | | | | | * | | | | | | 4,553,156 | | | | | | 24% | | |
Supplier D
|
| | | | * | | | | | | * | | | | | | 3,658,940 | | | | | | 19% | | |
Supplier E
|
| | | | * | | | | | | * | | | | | | 2,429,852 | | | | | | 13% | | |
| | |
For the Year Ended December 31,
|
| |||||||||||||||||||||
| | | | |
2022
|
| |||||||||||||||||||
| | |
US$
|
| |
%
|
| |
US$
|
| |
%
|
| ||||||||||||
Customer A
|
| | | | 3,373,494 | | | | | | 78% | | | | | | 5,502,120 | | | | | | 73% | | |
| | |
For the Year Ended December 31,
|
| |||||||||||||||||||||
| | | | |
2022
|
| |||||||||||||||||||
| | |
US$
|
| |
%
|
| |
US$
|
| |
%
|
| ||||||||||||
Customer D
|
| | | | 1,328,995 | | | | | | 77% | | | | | | 2,434,844 | | | | | | 87% | | |
| | |
For the Year Ended December 31,
|
| |||||||||||||||||||||
| | | | |
2022
|
| |||||||||||||||||||
| | |
US$
|
| |
%
|
| |
US$
|
| |
%
|
| ||||||||||||
Supplier A
|
| | | | 810,670 | | | | | | 28% | | | | | | * | | | | | | * | | |
Supplier C
|
| | | | * | | | | | | * | | | | | | 2,448,643 | | | | | | 37% | | |
Supplier E
|
| | | | * | | | | | | * | | | | | | 930,266 | | | | | | 14% | | |
| | |
For the Year Ended December 31,
|
| |||||||||||||||||||||
| | | | |
2022
|
| |||||||||||||||||||
| | |
US$
|
| |
%
|
| |
US$
|
| |
%
|
| ||||||||||||
Supplier F
|
| | | | 157,599 | | | | | | 18% | | | | | | * | | | | | | * | | |
Supplier G
|
| | | | 94,547 | | | | | | 11% | | | | | | * | | | | | | * | | |
Supplier H
|
| | | | 92,571 | | | | | | 11% | | | | | | * | | | | | | * | | |
Supplier I
|
| | | | * | | | | | | * | | | | | | 108,468 | | | | | | 19% | | |
Supplier J
|
| | | | * | | | | | | * | | | | | | 99,230 | | | | | | 17% | | |
| | |
As of December 31,
|
| |||||||||
| | | | |
2022
|
| |||||||
| | |
US$
|
| |
US$
|
| ||||||
Accounts receivable
|
| | | | 4,591,335 | | | | | | 7,882,817 | | |
Allowance for doubtful accounts
|
| | | | (271,599) | | | | | | (322,873) | | |
Accounts Receivable, net
|
| | | | 4,319,736 | | | | | | 7,559,944 | | |
| | |
As of December 31,
|
| |||||||||
| | | | |
2022
|
| |||||||
| | |
US$
|
| |
US$
|
| ||||||
Balance at the beginning of the year
|
| | | | — | | | | | | (271,599) | | |
Additions
|
| | | | (271,599) | | | | | | (322,873) | | |
Write off
|
| | | | — | | | | | | 248,634 | | |
Foreign currency translation
|
| | | | — | | | | | | 22,965 | | |
Balance at the end of the year
|
| | | | (271,599) | | | | | | (322,873) | | |
| | |
As of December 31,
|
| |||||||||
| | | | |
2022
|
| |||||||
| | |
US$
|
| |
US$
|
| ||||||
Raw materials
|
| | | | 2,814,143 | | | | | | 3,650,901 | | |
Finished goods
|
| | | | 418,454 | | | | | | 2,579,458 | | |
Inventories | | | | | 3,232,597 | | | | | | 6,230,359 | | |
| | |
As of December 31,
|
| |||||||||
| | | | |
2022
|
| |||||||
| | |
US$
|
| |
US$
|
| ||||||
Advances to suppliers
|
| | | | 845,431 | | | | | | 581,365 | | |
Deductible input VAT
|
| | | | 580,492 | | | | | | 949,250 | | |
Deferred IPO cost*
|
| | | | — | | | | | | 318,723 | | |
Receivables from third party payment platforms
|
| | | | 41,258 | | | | | | 67,795 | | |
Others**
|
| | | | 89,926 | | | | | | 194,272 | | |
Prepayments and Other Current Assets
|
| | | | 1,557,107 | | | | | | 2,111,405 | | |
| | |
As of December 31,
|
| |||||||||
| | | | |
2022
|
| |||||||
| | |
US$
|
| |
US$
|
| ||||||
Machinery and equipment
|
| | | | 383,700 | | | | | | 369,268 | | |
EV Chargers
|
| | | | 231,461 | | | | | | 170,769 | | |
Office and electronic equipment
|
| | | | 275,299 | | | | | | 343,633 | | |
Software
|
| | | | 20,686 | | | | | | 18,937 | | |
Leasehold improvement
|
| | | | 603,192 | | | | | | 567,966 | | |
Property and Equipment
|
| | | | 1,514,338 | | | | | | 1,470,573 | | |
Less: Accumulated depreciation
|
| | | | (1,273,591) | | | | | | (1,241,560) | | |
Property and Equipment, net
|
| | | | 240,747 | | | | | | 229,013 | | |
| | |
For the Year Ended December 31,
|
| |||||||||
| | | | |
2022
|
| |||||||
| | |
US$
|
| |
US$
|
| ||||||
Cost of revenues
|
| | | | 152,425 | | | | | | 57,607 | | |
Selling and marketing expenses
|
| | | | 7,946 | | | | | | 7,486 | | |
Research and development expenses
|
| | | | 10,241 | | | | | | 14,588 | | |
General and administrative expenses
|
| | | | 46,679 | | | | | | 33,287 | | |
Total depreciation expense
|
| | | | 217,291 | | | | | | 112,968 | | |
| | |
As of December 31,
|
| |||||||||
| | | | |
2022
|
| |||||||
| | |
US$
|
| |
US$
|
| ||||||
Right-of-use assets
|
| | | | 128,776 | | | | | | 561,502 | | |
Lease liabilities-current
|
| | | | (86,604) | | | | | | (236,433) | | |
Lease liabilities-non-current
|
| | | | (4,889) | | | | | | (289,527) | | |
Total lease liabilities
|
| | | | (91,493) | | | | | | (525,960) | | |
Weighted-average remaining lease term
|
| |
0.66 years
|
| |
2.42 years
|
| ||||||
Weighted-average discount rate
|
| | | | 3.80% | | | | | | 4.70% | | |
| | |
For the Year Ended December 31,
|
| |||||||||
| | | | |
2022
|
| |||||||
| | |
US$
|
| |
US$
|
| ||||||
Cash paid for amounts included in the measurement of lease liabilities
|
| | | | 263,612 | | | | | | 269,684 | | |
Right-of-use assets obtained in exchange for operating lease liabilities
|
| | | | 256,011 | | | | | | 695,591 | | |
| | |
As of
December 31, 2022 |
| |||
| | |
US$
|
| |||
2022
|
| | | | — | | |
2023
|
| | | | 257,586 | | |
2024
|
| | | | 233,045 | | |
2025
|
| | | | 65,992 | | |
Thereafter
|
| | | | — | | |
Total operating lease payments
|
| | | | 556,623 | | |
Less: imputed interest
|
| | | | (30,663) | | |
Present value
|
| | | | 525,960 | | |
| | |
As of December 31,
|
| |||||||||
| | | | |
2022
|
| |||||||
| | |
US$
|
| |
US$
|
| ||||||
Secured bank loans
|
| | | | 1,794,308 | | | | | | 4,122,832 | | |
Short-term bank borrowings
|
| | | | 1,794,308 | | | | | | 4,122,832 | | |
| | |
As of December 31,
|
| |||||||||
| | | | |
2022
|
| |||||||
| | |
US$
|
| |
US$
|
| ||||||
Accrued payroll and social insurance
|
| | | | 1,550,704 | | | | | | 2,161,909 | | |
Cash collected on behalf of the customers*
|
| | | | 264,364 | | | | | | 569,704 | | |
Other taxes payable
|
| | | | 126,706 | | | | | | 351,910 | | |
Accrued IPO cost
|
| | | | — | | | | | | 198,113 | | |
Others**
|
| | | | 496,506 | | | | | | 670,042 | | |
Accrued Expenses and Other Current Liabilities
|
| | | | 2,438,280 | | | | | | 3,951,678 | | |
| | |
As of December 31, 2021
|
| |
Total
Fair Value |
| ||||||||||||||||||
US$
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |||||||||||||||
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Financial liability
|
| | | | — | | | | | | — | | | | | | 63,924 | | | | | | 63,924 | | |
| | |
As of December 31, 2022
|
| |
Total
Fair Value |
| ||||||||||||||||||
US$
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |||||||||||||||
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Financial liability
|
| | | | — | | | | | | — | | | | | | 242,393 | | | | | | 242,393 | | |
| | | | | | | | |
For the Year Ended December 31, 2021
|
| | | | | | | |||||||||||||||||||||
| | | | | | | | | | | | | | |
Gain or Losses
|
| | | | | | | | | | | | | |||||||||
US$
|
| | | |
Purchase
|
| |
Included in
Earnings |
| |
Included in
Other Comprehensive Loss |
| |
Foreign
Currency Translation Adjustment |
| | | ||||||||||||||||||||
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Financial liability
|
| | | | 50,180 | | | | | | — | | | | | | 12,419 | | | | | | — | | | | | | 1,325 | | | | | | 63,924 | | |
| | | | | | | | |
For the Year Ended December 31, 2022
|
| | | | | | | |||||||||||||||||||||
| | | | | | | | | | | | | | |
Gain or Losses
|
| | | | | | | | | | | | | |||||||||
US$
|
| | | |
Purchase
|
| |
Included in
Earnings |
| |
Included in
Other Comprehensive Loss |
| |
Foreign
Currency Translation Adjustment |
| | | ||||||||||||||||||||
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Financial liability
|
| | | | 63,924 | | | | | | — | | | | | | 190,557 | | | | | | — | | | | | | (12,088) | | | | | | 242,393 | | |
| | |
December 31,
|
| | | |||||||
| | | | |
2022
|
| |||||||
Risk-free rate of return (per annum)
|
| | | | 1.14% | | | | | | 4.01% | | |
Volatility
|
| | | | 59.8% | | | | | | 62.1% | | |
Expected dividend yield
|
| | | | 0% | | | | | | 0% | | |
Expected term
|
| |
5.8 years
|
| |
4.8 years
|
| ||||||
Fair value of enterprise value of X-Charge Technology
|
| |
US$49.9 million
|
| |
US$104.8 million
|
|
| | |
Series Angel
preference shares |
| |
Series Angel
redeemable preference shares |
| |
Series A
redeemable preference shares |
| |
Series A+
redeemable preference shares |
| |
Series B
redeemable preference shares |
| |
Total
|
| ||||||||||||||||||
| | |
Carrying
amount |
| |
Carrying
amount |
| |
Carrying
amount |
| |
Carrying
amount |
| |
Carrying
amount |
| | | | | | | |||||||||||||||
| | |
USD
|
| |
USD
|
| |
USD
|
| |
USD
|
| |
USD
|
| |
USD
|
| ||||||||||||||||||
Balance as of January 1, 2021
|
| | | | 1,302,702 | | | | | | 1,302,702 | | | | | | 7,147,250 | | | | | | 4,203,066 | | | | | | — | | | | | | 13,955,720 | | |
Issuance of redeemable preference shares
|
| | |
|
—
|
| | | |
|
—
|
| | | | | — | | | | |
|
—
|
| | | | | 16,110,713 | | | | |
|
16,110,713
|
| |
Issuance cost
|
| | |
|
—
|
| | | |
|
—
|
| | | | | — | | | | |
|
—
|
| | | | | (181,158) | | | | |
|
(181,158)
|
| |
Accretion of redeemable preference shares
|
| | |
|
—
|
| | | |
|
—
|
| | | | | 506,897 | | | | |
|
—
|
| | | | | 528,254 | | | | |
|
1,035,151
|
| |
Re-designation of Series Angel shares to Series B redeemable preferred share
|
| | |
|
—
|
| | | |
|
—
|
| | | | | — | | | | |
|
—
|
| | | | | 9,006,416 | | | | |
|
9,006,416
|
| |
Foreign currency translation adjustment
|
| | | | 30,485 | | | | | | 30,485 | | | | | | 173,424 | | | | | | 98,358 | | | | | | 615,647 | | | | |
|
948,399
|
| |
Balance as of December 31, 2021
|
| | | | 1,333,187 | | | | | | 1,333,187 | | | | | | 7,827,571 | | | | | | 4,301,424 | | | | | | 26,079,872 | | | | | | 40,875,241 | | |
Accretion of redeemable preference shares
|
| | |
|
—
|
| | | |
|
—
|
| | | | | 486,754 | | | | |
|
—
|
| | | | | 1,042,035 | | | | |
|
1,528,789
|
| |
Foreign currency translation adjustment
|
| | | | (112,729) | | | | | | (112,729) | | | | | | (678,941) | | | | | | (363,712) | | | | | | (2,241,760) | | | | |
|
(3,509,871)
|
| |
Balance as of December 31, 2022
|
| | | | 1,220,458 | | | | | | 1,220,458 | | | | | | 7,635,384 | | | | | | 3,937,712 | | | | | | 24,880,147 | | | | | | 38,894,159 | | |
| | |
For the Year Ended December 31,
|
| |||||||||
| | | | |
2022
|
| |||||||
| | |
US$
|
| |
US$
|
| ||||||
PRC
|
| | | | (2,584,885) | | | | | | 2,776,049 | | |
Germany.
|
| | | | 519,301 | | | | | | (1,046,840) | | |
Other
|
| | | | — | | | | | | (130,862) | | |
Total | | | | | (2,065,584) | | | | | | 1,598,347 | | |
| | |
For the Year Ended December 31,
|
| |||||||||
| | | | |
2022
|
| |||||||
| | |
US$
|
| |
US$
|
| ||||||
Current income tax expense | | | | | | | | | | | | | |
PRC
|
| | | | — | | | | | | 1,255 | | |
Germany
|
| | | | 1,300 | | | | | | — | | |
Total current
|
| | | | 1,300 | | | | | | 1,255 | | |
Deferred income tax benefit | | | | | | | | | | | | | |
PRC
|
| | | | — | | | | | | (12,867) | | |
Total deferred
|
| | | | — | | | | | | (12,867) | | |
Total provision for income taxes
|
| | | | 1,300 | | | | | | (11,612) | | |
| | |
For the Year Ended December 31
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
PRC Statutory income tax rate
|
| | | | (25.0)% | | | | | | 25.0% | | |
Increase (decrease) in effective income tax rate resulting from: | | | | | | | | | | | | | |
Tax rate differential for non-PRC entities
|
| | | | 1.8% | | | | | | (0.1)% | | |
Preferential tax rate
|
| | | | 12.2% | | | | | | (6.0)% | | |
Research and development expenses bonus deduction
|
| | | | (9.7)% | | | | | | (39.7)% | | |
Other non-deductible expenses
|
| | | | 2.2% | | | | | | 28.8% | | |
Change in valuation allowance
|
| | | | 18.6% | | | | | | (8.7)% | | |
Effective income tax rate
|
| | | | 0.1% | | | | | | (0.7)% | | |
| | |
As of December 31,
|
| |||||||||
| | | | |
2022
|
| |||||||
| | |
US$
|
| |
US$
|
| ||||||
Allowance for doubtful accounts
|
| | | | 38,923 | | | | | | 38,060 | | |
Net operating loss carry forwards
|
| | | | 2,150,076 | | | | | | 1,843,368 | | |
Total deferred income tax assets
|
| | | | 2,188,999 | | | | | | 1,881,428 | | |
Less: Valuation allowance
|
| | | | (2,188,999) | | | | | | (1,872,773) | | |
Deferred income tax assets, net
|
| | | | — | | | | | | 8,655 | | |
Intangible assets
|
| | | | — | | | | | | (8,655) | | |
Deferred income tax liabilities
|
| | | | — | | | | | | (8,655) | | |
Net deferred income tax liabilities
|
| | | | — | | | | | | — | | |
| | |
For the Year Ended December 31,
|
| |||||||||
| | | | |
2022
|
| |||||||
| | |
US$
|
| |
US$
|
| ||||||
Balance at the beginning of the year
|
| | | | 1,835,877 | | | | | | 2,188,999 | | |
Additions of valuation allowance
|
| | | | 385,001 | | | | | | 2,516 | | |
Reductions of valuation allowance
|
| | | | (74,769) | | | | | | (125,113) | | |
Foreign exchange translation adjustments
|
| | | | 42,890 | | | | | | (193,629) | | |
Balance at the end of the year
|
| | | | 2,188,999 | | | | | | 1,872,773 | | |
| | |
For the years ended
December 31, |
| |||||||||
| | | | |
2022
|
| |||||||
| | |
US$
|
| |
US$
|
| ||||||
Earnings (loss) per ordinary share – basic: | | | | | | | | | | | | | |
Numerator: | | | | | | | | | | | | | |
Net income (loss) attributable to the Company
|
| | | | (2,066,884) | | | | | | 1,609,959 | | |
Accretion of redeemable preference shares to redemption value
|
| | | | (1,035,151) | | | | | | (1,528,789) | | |
Deemed dividends to certain Series B redeemable preferred shareholders upon the re-designation of Series Angel shares to Series B redeemable preference shares
|
| | | | (2,502,082) | | | | | | — | | |
Undistributed earnings attributable to redeemable preferred shareholders and
Series Seed preferred shareholders of the Company |
| | | | — | | | | | | (53,538) | | |
Net income (loss) attributable to ordinary shareholders of the Company – basic and diluted
|
| | | | (5,604,117) | | | | | | 27,632 | | |
Denominator: | | | | | | | | | | | | | |
Weighted average number of ordinary shares outstanding
|
| | | | 656,200,500 | | | | | | 656,200,500 | | |
Denominator used in computing earnings (loss) per share – basic and
diluted |
| | | | 656,200,500 | | | | | | 656,200,500 | | |
Earnings (loss) per ordinary share – basic and diluted (US$)
|
| | | | (0.01) | | | | | | — | | |
| | |
As of December 31,
|
| |||||||||
| | | | |
2022
|
| |||||||
Redeemable preference shares
|
| | | | 1,096,344,600 | | | | | | 1,096,344,600 | | |
Series Seed preference shares
|
| | | | 175,050,000 | | | | | | 175,050,000 | | |
Financial liability
|
| | | | 8,786,150 | | | | | | 8,786,150 | | |
| | | | | |
For the Years Ended December 31,
|
| |||||||||
| | | | | | | |
2022
|
| |||||||
| | | | | |
US$
|
| |
US$
|
| ||||||
Issuance of loans to Beijing Puyan
|
| |
(i)
|
| | | | 4,750,311 | | | | | | — | | |
Proceeds from repayment of loans to Beijing Puyan
|
| |
(i)
|
| | | | — | | | | | | 1,435,833 | | |
Interest income from Beijing Puyan
|
| |
(i)
|
| | | | 159,010 | | | | | | 173,376 | | |
Payment of interest free advance to Mr. Ding Rui
|
| |
(ii)
|
| | | | — | | | | | | 244,092 | | |
Purchase of materials from Shenzhen Zhichong
|
| |
(iii)
|
| | | | 160,287 | | | | | | 117,676 | | |
Sell products to Zhichong New Energy
|
| |
(iv)
|
| | | | — | | | | | | 64,549 | | |
Repayment of interest free advance from Mr. Ding Rui
|
| |
(v)
|
| | | | 120,289 | | | | | | — | | |
| | | | | |
For the Year Ended December 31,
|
| |||||||||
| | | | | | | |
2022
|
| |||||||
| | | | | |
US$
|
| |
US$
|
| ||||||
Beijing Puyan
|
| |
(i)
|
| | | | — | | | | | | 3,225,671 | | |
Mr. Ding Rui
|
| |
(ii)
|
| | | | — | | | | | | 244,092 | | |
Shenzhen Zhichong
|
| |
(iii)
|
| | | | 21,120 | | | | | | 68,377 | | |
Zhichong New Energy
|
| |
(iv)
|
| | | | — | | | | | | 72,940 | | |
| | | | | | | | 21,120 | | | | | | 3,611,080 | | |
| | | | | |
For the Year Ended December 31,
|
| |||||||||
| | | | | | | |
2022
|
| |||||||
| | | | | |
US$
|
| |
US$
|
| ||||||
Beijing Puyan
|
| |
(i)
|
| | | | 4,909,321 | | | | | | — | | |
| | | | | | | | 4,909,321 | | | | | | — | | |
| | |
For the Year Ended December 31,
|
| |||||||||
| | | | |
2022
|
| |||||||
| | |
US$
|
| |
US$
|
| ||||||
Product revenues
|
| | | | 12,541,676 | | | | | | 28,744,806 | | |
Service revenues
|
| | | | 614,216 | | | | | | 678,734 | | |
Total revenues
|
| | | | 13,155,892 | | | | | | 29,423,540 | | |
| | |
For the Year Ended December 31,
|
| |||||||||
| | | | |
2022
|
| |||||||
| | |
US$
|
| |
US$
|
| ||||||
Europe
|
| | | | 7,640,261 | | | | | | 18,180,788 | | |
PRC
|
| | | | 4,816,128 | | | | | | 4,256,382 | | |
Others
|
| | | | 699,503 | | | | | | 6,986,370 | | |
Total revenues
|
| | | | 13,155,892 | | | | | | 29,423,540 | | |
| | |
For the Year Ended December 31,
|
| |||||||||
| | | | |
2022
|
| |||||||
| | |
US$
|
| |
US$
|
| ||||||
EQUITY | | | | | | | | | | | | | |
Ordinary shares
|
| | | | 50,000 | | | | | | 50,000 | | |
Subscription receivable
|
| | | | (50,000) | | | | | | (50,000) | | |
TOTAL EQUITY
|
| | | | — | | | | | | — | | |
| | |
Note
|
| | | | | ||||||||
| | | | | |
US$
|
| |
US$
|
| ||||||
ASSETS | | | | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | | | | 8,338,302 | | | | | | 16,381,018 | | |
Restricted cash
|
| | | | | | | 332,135 | | | | | | 220,578 | | |
Accounts receivable, net
|
| |
2
|
| | | | 7,559,944 | | | | | | 8,873,540 | | |
Amounts due from related parties
|
| |
14
|
| | | | 3,611,080 | | | | | | 712,266 | | |
Inventories
|
| |
3
|
| | | | 6,230,359 | | | | | | 5,083,353 | | |
Prepayments and other current assets
|
| |
4
|
| | | | 2,111,405 | | | | | | 3,857,961 | | |
Total current assets
|
| | | | | |
|
28,183,225
|
| | | |
|
35,128,716
|
| |
Non-current assets | | | | | | | | | | | | | | | | |
Property and equipment, net
|
| |
5
|
| | | | 229,013 | | | | | | 474,226 | | |
Intangible assets, net
|
| | | | | | | 57,689 | | | | | | 34,063 | | |
Long-term investments
|
| | | | | | | 107,687 | | | | | | 104,460 | | |
Operating lease right-of-use assets, net
|
| | | | | | | 561,502 | | | | | | 558,335 | | |
Total non-current assets
|
| | | | | | | 955,891 | | | | | | 1,171,084 | | |
Total assets
|
| | | | | |
|
29,139,116
|
| | | |
|
36,299,800
|
| |
LIABILITIES | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | |
Short-term bank borrowings
|
| |
6
|
| | | | 4,122,832 | | | | | | 4,874,788 | | |
Accounts payable
|
| | | | | | | 6,629,837 | | | | | | 4,321,574 | | |
Contract liabilities
|
| | | | | | | 2,809,664 | | | | | | 1,205,093 | | |
Operating lease liabilities – current
|
| | | | | | | 236,433 | | | | | | 282,130 | | |
Convertible debts
|
| |
7
|
| | | | — | | | | | | 11,928,576 | | |
Financial liability
|
| | | | | | | 242,393 | | | | | | 230,702 | | |
Amounts due to a related party
|
| |
14
|
| | | | — | | | | | | 59,147 | | |
Accrued expenses and other current liabilities
|
| |
8
|
| | | | 3,951,678 | | | | | | 3,407,016 | | |
Total current liabilities
|
| | | | | |
|
17,992,837
|
| | | |
|
26,309,026
|
| |
Non-current liabilities | | | | | | | | | | | | | | | | |
Operating lease liabilities – non-current
|
| | | | | | | 289,527 | | | | | | 220,846 | | |
Other non-current liabilities
|
| | | | | | | 8,609 | | | | | | 49,144 | | |
Total non-current liabilities
|
| | | | | |
|
298,136
|
| | | |
|
269,990
|
| |
Total liabilities
|
| | | | | | | 18,290,973 | | | | | | 26,579,016 | | |
| | |
Note
|
| | | | | ||||||||
| | | | | |
US$
|
| |
US$
|
| ||||||
Commitment and contingencies | | | | | ||||||||||||
Mezzanine equity | | | | | | | | | | | | | | | | |
Series Angel preference shares (US$0.00001 par value; 37,500,000
shares authorized, issued and outstanding as of September 30, 2023. Liquidation preference of US$1,220,458 and US$1,183,877 as of December 31, 2022 and September 30, 2023) |
| |
10
|
| | | | 1,220,458 | | | | | | 1,176,340 | | |
Series Angel redeemable preference shares (US$0.00001 par value; 37,500,000 shares authorized, issued and outstanding as of September 30, 2023. Redemption value of US$1,220,458 and US$1,183,877 as of December 31, 2022 and September 30, 2023; Liquidation preference of US$1,220,458 and US$1,183,877 as of December 31, 2022 and September 30, 2023)
|
| |
10
|
| | | | 1,220,458 | | | | | | 1,176,340 | | |
Series A redeemable preference shares (US$0.00001 par value; 300,000,000 shares authorized, issued and outstanding as of September 30, 2023. Redemption value of US$7,635,384 and US$7,916,986 as of December 31, 2022 and September 30, 2023; Liquidation preference of US$7,500,000 and US$7,500,000 as of December 31, 2022 and September 30, 2023
|
| |
10
|
| | | | 7,635,384 | | | | | | 7,916,986 | | |
Series A+ redeemable preference shares (US$0.00001 par value; 118,971,900 shares authorized, issued and outstanding as September 30, 2023. Redemption value of US$3,686,144 and US$3,682,434 as of December 31, 2022 and September 30, 2023; Liquidation preference of US$3,686,144 and US$3,682,434 as of December 31, 2022 and September 30, 2023)
|
| |
10
|
| | | | 3,937,712 | | | | | | 3,795,370 | | |
Series B redeemable preference shares (US$0.00001 par value; 602,372,700 shares authorized, issued and outstanding as of September 30, 2023. Redemption value of US$21,889,771 and US$22,555,511 as of December 31, 2022 and September 30, 2023; Liquidation preference of US$19,613,108 and US$19,025,245 as of December 31, 2022 and September 30, 2023)
|
| |
10
|
| | | | 24,880,147 | | | | | | 25,184,594 | | |
Subscription receivables
|
| |
10
|
| | | | — | | | | | | (1,176,340) | | |
Total mezzanine equity
|
| | | | | | | 38,894,159 | | | | | | 38,073,290 | | |
SHAREHOLDERS’ DEFICIT | | | | | | | | | | | | | | | | |
Ordinary shares (USD0.00001 par value, 3,728,605,400 shares authorized, 656,200,500 and 806,200,500 shares issued and outstanding as of December 31, 2022 and September 30, 2023, separately)
|
| | | | | | | 6,562 | | | | | | 8,062 | | |
Series Seed preference shares (US$0.00001 par value; 175,050,000 shares authorized, issued and outstanding as of December 31, 2022 and September 30, 2023)
|
| | | | | | | 2,000,000 | | | | | | 2,000,000 | | |
Additional paid - in capital
|
| | | | | | | — | | | | | | 7,186,958 | | |
Accumulated other comprehensive income
|
| | | | | | | 780,852 | | | | | | 1,366,234 | | |
Accumulated deficit
|
| | | | | | | (30,833,430) | | | | | | (38,913,760) | | |
Total shareholders’ deficit
|
| | | | | | | (28,046,016) | | | | | | (28,352,506) | | |
Total liabilities, mezzanine equity and shareholders’ deficit
|
| | | | | | | 29,139,116 | | | | | | 36,299,800 | | |
|
| | | | | |
For the Nine Months
Ended September 30, |
| |||||||||
| | |
Note
|
| |
2022
|
| |
2023
|
| ||||||
| | | | | |
US$
|
| |
US$
|
| ||||||
Revenues
|
| |
15
|
| | | | 19,178,837 | | | | | | 27,994,143 | | |
Cost of revenues
|
| | | | | | | (12,189,920) | | | | | | (15,627,230) | | |
Gross profit
|
| | | | | | | 6,988,917 | | | | | | 12,366,913 | | |
Operating expenses: | | | | | | | | | | | | | | | | |
Selling and marketing expenses
|
| | | | | | | (2,481,027) | | | | | | (4,017,852) | | |
Research and development expenses
|
| | | | | | | (1,950,761) | | | | | | (2,598,943) | | |
General and administrative expenses
|
| | | | | | | (1,865,918) | | | | | | (11,846,017) | | |
Total operating expenses
|
| | | | | | | (6,297,706) | | | | | | (18,462,812) | | |
Government grants
|
| | | | | | | 28,286 | | | | | | 430,013 | | |
Operating income (loss)
|
| | | | | | | 719,497 | | | | | | (5,665,886) | | |
Changes in fair value of financial instruments
|
| |
9
|
| | | | (127,668) | | | | | | (887,439) | | |
Interest expenses
|
| | | | | | | (48,567) | | | | | | (192,443) | | |
Interest income
|
| | | | | | | 156,843 | | | | | | 41,379 | | |
Income (loss) before income taxes
|
| | | | | | | 700,105 | | | | | | (6,704,389) | | |
Income tax benefit (expenses)
|
| |
12
|
| | | | 13,088 | | | | | | (4,311) | | |
Net income (loss)
|
| | | | | | | 713,193 | | | | | | (6,708,700) | | |
Other comprehensive income | | | | | | | | | | | | | | | | |
Foreign currency translation adjustment, net of nil income taxes
|
| | | | | | | 3,128,678 | | | | | | 585,382 | | |
Comprehensive income (loss)
|
| | | | | | | 3,841,871 | | | | | | (6,123,318) | | |
Loss per ordinary share
|
| |
13
|
| | | | | | | | | | | | |
– Basic
|
| | | | | | | — | | | | | | (0.01) | | |
– Diluted
|
| | | | | | | — | | | | | | (0.01) | | |
| | |
For the Nine Months
Ended September 30, |
| |||||||||
| | | | |
2023
|
| |||||||
| | |
US$
|
| |
US$
|
| ||||||
Operating activities: | | | | | | | | | | | | | |
Net cash used in operating activities
|
| | | | (1,071,701) | | | | | | (3,081,787) | | |
Investing activities: | | | | | | | | | | | | | |
Proceeds from collection of the loan to a related party of a preferred shareholder
|
| | | | — | | | | | | 2,886,378 | | |
Cash paid for purchase of property and equipment and intangible assets
|
| | | | (111,011) | | | | | | (416,828) | | |
Net cash provided by (used in) investing activities
|
| | | | (111,011) | | | | | | 2,469,550 | | |
Financing activities: | | | | | | | | | | | | | |
Proceeds from short-term bank borrowings
|
| | | | 4,201,886 | | | | | | 25,866,266 | | |
Repayment of short-term bank borrowings
|
| | | | (3,027,184) | | | | | | (24,835,149 | | |
Interest free advance to the Founders and two executive officers
|
| | | | (244,092) | | | | | | (229,112) | | |
Proceeds from collection of advances to the Founders and two executive officers
|
| | | | — | | | | | | 271,575 | | |
Payments of initial public offering (“IPO”) cost
|
| | | | — | | | | | | (1,238,744) | | |
Cash paid to the existing equity holders of X – Charge Technology in connection with the restructuring (see Note 10)
|
| | | | — | | | | | | (31,882,280) | | |
Cash received from the existing equity holders of X – Charge Technology in connection with the restructuring (see Note 10)
|
| | | | — | | | | | | 30,705,940 | | |
Payments for issuance cost of the convertible debts
|
| | | | — | | | | | | (449,004) | | |
Proceeds from issuance of the convertible debts
|
| | | | — | | | | | | 11,053,172 | | |
Net cash provided by financing activities
|
| | | | 930,610 | | | | | | 9,262,664 | | |
Effect of foreign currency exchange rate changes on cash and cash equivalents and restricted cash
|
| | | | (634,756) | | | | | | (719,268) | | |
Net decrease in cash, cash equivalents and restricted cash
|
| | | | (886,858) | | | | | | 7,931,159 | | |
Cash, cash equivalents and restricted cash at the beginning of the period
|
| | | | 4,827,999 | | | | | | 8,670,437 | | |
Cash, cash equivalents and restricted cash at the end of the period
|
| | |
|
3,941,141
|
| | | |
|
16,601,596
|
| |
Supplemental cash flow information: | | | | | | | | | | | | | |
Interest paid
|
| | | | 48,567 | | | | | | 192,443 | | |
Income taxes paid
|
| | | | — | | | | | | 4,311 | | |
| | |
For the Nine Months
Ended September 30, |
| |||||||||||||||||||||
| | | | |
2023
|
| |||||||||||||||||||
| | |
US$
|
| |
%
|
| |
US$
|
| |
%
|
| ||||||||||||
Customer A
|
| | | | 13,430,436 | | | | | | 70% | | | | | | 12,508,298 | | | | | | 45% | | |
Customer B
|
| | | | * | | | | | | * | | | | | | 4,521,434 | | | | | | 16% | | |
| | |
For the Nine Months
Ended September 30, |
| |||||||||||||||||||||
| | | | |
2023
|
| |||||||||||||||||||
| | |
US$
|
| |
%
|
| |
US$
|
| |
%
|
| ||||||||||||
Supplier C
|
| | | | 2,520,715 | | | | | | 19% | | | | | | 3,503,103 | | | | | | 13% | | |
Supplier D
|
| | | | 1,714,767 | | | | | | 13% | | | | | | * | | | | | | * | | |
Supplier E
|
| | | | 1,467,700 | | | | | | 11% | | | | | | 6,192,109 | | | | | | 23% | | |
Supplier F
|
| | | | * | | | | | | * | | | | | | 3,026,470 | | | | | | 11% | | |
| | | | | | ||||||||||||||||||||
| | |
US$
|
| |
%
|
| |
US$
|
| |
%
|
| ||||||||||||
Customer A
|
| | | | 5,502,120 | | | | | | 73% | | | | | | 4,948,557 | | | | | | 56% | | |
Customer G
|
| | | | * | | | | | | * | | | | | | 1,112,446 | | | | | | 13% | | |
| | | | | | ||||||||||||||||||||
| | |
US$
|
| |
%
|
| |
US$
|
| |
%
|
| ||||||||||||
Customer A
|
| | | | * | | | | | | * | | | | | | 206,919 | | | | | | 17% | | |
Customer B
|
| | | | 2,434,844 | | | | | | 87% | | | | | | * | | | | | | * | | |
Customer H
|
| | | | * | | | | | | * | | | | | | 233,990 | | | | | | 19% | | |
Customer I
|
| | | | * | | | | | | * | | | | | | 164,127 | | | | | | 14% | | |
| | | | | | ||||||||||||||||||||
| | |
US$
|
| |
%
|
| |
US$
|
| |
%
|
| ||||||||||||
Supplier C
|
| | | | * | | | | | | * | | | | | | 1,026,847 | | | | | | 24% | | |
Supplier D
|
| | | | 930,266 | | | | | | 14% | | | | | | * | | | | | | * | | |
Supplier E
|
| | | | 2,448,643 | | | | | | 37% | | | | | | 1,468,791 | | | | | | 34% | | |
| | | | | | ||||||||||||||||||||
| | |
US$
|
| |
%
|
| |
US$
|
| |
%
|
| ||||||||||||
Supplier J
|
| | | | 108,468 | | | | | | 19% | | | | | | * | | | | | | * | | |
Supplier K
|
| | | | 99,230 | | | | | | 17% | | | | | | * | | | | | | * | | |
| | |
As of
December 31, 2022 |
| |
As of
September 30, 2023 |
| ||||||
| | |
US$
|
| |
US$
|
| ||||||
Financial institutions in the mainland of the PRC | | | | | | | | | | | | | |
– Denominated in RMB
|
| | | | 5,075,057 | | | | | | 11,034,029 | | |
– Denominated in USD
|
| | | | — | | | | | | 1,819,214 | | |
– Denominated in EUR
|
| | | | 2,726,960 | | | | | | 2,537,733 | | |
Total cash and cash equivalents balances held at mainland PRC financial institutions
|
| | | | 7,802,017 | | | | | | 15,390,976 | | |
Financial institution in Germany | | | | | | | | | | | | | |
– Denominated in EUR
|
| | | | 487,754 | | | | | | 890,959 | | |
Total cash balances held at a Germany financial institution
|
| | | | 487,754 | | | | | | 890,959 | | |
Financial institutions in the USA | | | | | | | | | | | | | |
– Denominated in USD
|
| | | | 47,846 | | | | | | 98,907 | | |
Total cash balances held at a USA financial institution
|
| | |
|
47,846
|
| | | |
|
98,907
|
| |
Total cash and cash equivalents balances held at financial institutions
|
| | | | 8,337,617 | | | | | | 16,380,842 | | |
| | |
As of
September 30, |
| |||||||||
| | | | |
2023
|
| |||||||
| | |
US$
|
| |
US$
|
| ||||||
Cash and cash equivalents
|
| | | | 3,741,603 | | | | | | 16,381,018 | | |
Restricted cash
|
| | | | 199,538 | | | | | | 220,578 | | |
Total cash, cash equivalents and restricted cash
|
| | | | 3,941,141 | | | | | | 16,601,596 | | |
| | |
As of
December 31, 2022 |
| |
As of
September 30, 2023 |
| ||||||
| | |
US$
|
| |
US$
|
| ||||||
Accounts receivable
|
| | | | 7,882,817 | | | | | | 9,207,286 | | |
Allowance for doubtful accounts
|
| | | | (322,873) | | | | | | — | | |
Allowance for expected credit losses
|
| | | | — | | | | | | (333,746) | | |
Accounts Receivable, net
|
| | | | 7,559,944 | | | | | | 8,873,540 | | |
| | |
As of September 30,
|
| |||||||||
| | | | |
2023
|
| |||||||
| | |
US$
|
| |
US$
|
| ||||||
Balance at the beginning of the period
|
| | | | (271,599) | | | | | | (322,873) | | |
Provision for doubtful receivables
|
| | | | (242,505) | | | | | | — | | |
Provision for expected credit losses
|
| | | | — | | | | | | (211,519) | | |
Write off
|
| | | | 248,634 | | | | | | 81,920 | | |
Reversal
|
| | | | — | | | | | | 110,860 | | |
Foreign currency translation
|
| | | | 30,680 | | | | | | 7,866 | | |
Balance at the end of the period
|
| | | | (234,790) | | | | | | (333,746) | | |
| | |
As of
December 31, 2022 |
| |
As of
September 30, 2023 |
| ||||||
| | |
US$
|
| |
US$
|
| ||||||
Raw materials
|
| | | | 3,650,901 | | | | | | 2,066,856 | | |
Finished goods
|
| | | | 2,579,458 | | | | | | 3,016,497 | | |
Inventories | | | | | 6,230,359 | | | | | | 5,083,353 | | |
| | |
As of
December 31, 2022 |
| |
As of
September 30, 2023 |
| ||||||
| | |
US$
|
| |
US$
|
| ||||||
Advances to suppliers
|
| | | | 581,365 | | | | | | 824,457 | | |
Deductible input VAT
|
| | | | 949,250 | | | | | | 1,304,209 | | |
Deferred IPO cost*
|
| | | | 318,723 | | | | | | 1,366,882 | | |
Receivables from third party payment platforms
|
| | | | 67,795 | | | | | | 68,945 | | |
Others**
|
| | | | 194,272 | | | | | | 293,468 | | |
Prepayments and Other Current Assets
|
| | | | 2,111,405 | | | | | | 3,857,961 | | |
| | |
As of
December 31, 2022 |
| |
As of
September 30, 2023 |
| ||||||
| | |
US$
|
| |
US$
|
| ||||||
Machinery and equipment
|
| | | | 369,268 | | | | | | 450,356 | | |
EV Chargers
|
| | | | 170,769 | | | | | | 281,056 | | |
Office and electronic equipment
|
| | | | 343,633 | | | | | | 458,496 | | |
Software
|
| | | | 18,937 | | | | | | 18,369 | | |
Leasehold improvement
|
| | | | 567,966 | | | | | | 580,623 | | |
Property and Equipment
|
| | | | 1,470,573 | | | | | | 1,788,900 | | |
Less: Accumulated depreciation
|
| | | | (1,241,560) | | | | | | (1,314,674) | | |
Property and Equipment, net
|
| | | | 229,013 | | | | | | 474,226 | | |
| | |
As of
December 31, 2022 |
| |
As of
September 30, 2023 |
| ||||||
| | |
US$
|
| |
US$
|
| ||||||
Secured bank loans
|
| | | | 4,122,832 | | | | | | 4,874,788 | | |
Short-term bank borrowings
|
| | | | 4,122,832 | | | | | | 4,874,788 | | |
| | |
As of
December 31, 2022 |
| |
As of
September 30, 2023 |
| ||||||
| | |
US$
|
| |
US$
|
| ||||||
Accrued payroll and social insurance
|
| | | | 2,161,909 | | | | | | 2,098,675 | | |
Cash collected on behalf of the customers*
|
| | | | 569,704 | | | | | | 259,887 | | |
Other taxes payable
|
| | | | 351,910 | | | | | | 8,167 | | |
| | |
As of
December 31, 2022 |
| |
As of
September 30, 2023 |
| ||||||
| | |
US$
|
| |
US$
|
| ||||||
Accrued IPO cost
|
| | | | 198,113 | | | | | | 66,854 | | |
Others**
|
| | | | 670,042 | | | | | | 973,433 | | |
Accrued Expenses and Other Current Liabilities
|
| | | | 3,951,678 | | | | | | 3,407,016 | | |
|
| | | | | | | | |
For the Nine Months Ended September 30, 2023
|
| | | | | | | |||||||||||||||||||||
| | | | | | | | | | | | | | |
Gain or Losses
|
| | | | | | | | | | | | | |||||||||
US$
|
| | | |
Purchase
|
| |
Included in
Earnings |
| |
Included
in Other Comprehensive Loss |
| |
Foreign
Currency Translation Adjustment |
| | | ||||||||||||||||||||
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Financial liability
|
| | | | 242,393 | | | | | | — | | | | | | (4,530) | | | | | | — | | | | | | (7,161) | | | | | | 230,702 | | |
Convertible debts
|
| | | | — | | | | | | 11,053,172 | | | | | | 891,969 | | | | | | — | | | | | | (16,565) | | | | | | 11,928,576 | | |
Total | | | | | 242,393 | | | | | | 11,053,172 | | | | | | 887,439 | | | | | | — | | | | | | (23,726) | | | | | | 12,159,278 | | |
| | | | |
Risk-free rate of return (per annum)
|
| |
4.7%
|
|
Volatility
|
| |
61.4%
|
|
Expected dividend yield
|
| |
0%
|
|
Expected term
|
| |
4.1 years
|
|
Fair value of the Company’s ordinary shares
|
| |
US$0.05 per share
|
|
| | |
Series Angel
preference shares |
| |
Series Angel
redeemable preference shares |
| |
Series A
redeemable preference shares |
| |
Series A+
redeemable preference shares |
| |
Series B
redeemable preference shares |
| |
Total
|
| ||||||||||||||||||||||||||||||
| | |
Carrying
amount |
| |
Subscription
receivable |
| |
Carrying
amount |
| |
Subscription
receivable |
| |
Carrying
amount |
| |
Carrying
amount |
| |
Carrying
amount |
| | | | | | | |||||||||||||||||||||
| | |
USD
|
| |
USD
|
| |
USD
|
| |
USD
|
| |
USD
|
| |
USD
|
| |
USD
|
| |
USD
|
| ||||||||||||||||||||||||
Balance as of January 1, 2023
|
| | | | 1,220,458 | | | | | | — | | | | | | 1,220,458 | | | | | | — | | | | | | 7,635,384 | | | | | | 3,937,712 | | | | | | 24,880,147 | | | | | | 38,894,159 | | |
Accretion of redeemable preference shares
|
| | |
|
—
|
| | | |
|
—
|
| | | | | — | | | | | | — | | | | | | 373,973 | | | | | | — | | | | | | 1,236,076 | | | | | | 1,610,049 | | |
Issuance of preference shares in exchange for the equity interests in X-Charge Technology in connection with the restructuring
|
| | | | — | | | | | | (588,170) | | | | | | — | | | | | | (588,170) | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,176,340) | | |
Foreign currency translation
adjustment |
| | | | (44,118) | | | | | | — | | | | | | (44,118) | | | | | | — | | | | | | (92,371) | | | | | | (142,342) | | | | | | (931,629) | | | | | | (1,254,578) | | |
Balance as of September 30, 2023
|
| | | | 1,176,340 | | | | | | (588,170) | | | | | | 1,176,340 | | | | | | (588,170) | | | | | | 7,916,986 | | | | | | 3,795,370 | | | | | | 25,184,594 | | | | | | 38,073,290 | | |
| | |
For the Nine Months
Ended September 30, |
| |||||||||
| | | | |
2023
|
| |||||||
| | |
US$
|
| |
US$
|
| ||||||
Loss per ordinary share – basic: | | | | | | | | | | | | | |
Numerator: | | | | | | | | | | | | | |
Net income (loss) attributable to the Company
|
| | |
|
713,193
|
| | | |
|
(6,708,700)
|
| |
Accretion of redeemable preference shares to redemption value
|
| | | | (1,312,216) | | | | | | (1,610,049) | | |
Net loss attributable to ordinary shareholders of the Company – basic
|
| | | | (599,023) | | | | | | (8,318,749) | | |
Denominator: | | | | | | | | | | | | | |
Weighted average number of ordinary shares outstanding
|
| | | | 656,200,500 | | | | | | 674,693,651 | | |
Denominator used in computing loss per share – basic and diluted
|
| | | | 656,200,500 | | | | | | 674,693,651 | | |
Loss per ordinary share – basic and diluted (US$)
|
| | | | — | | | | | | (0.01) | | |
| | |
As of September 30,
|
| |||||||||
| | | | |
2023
|
| |||||||
Redeemable preference shares
|
| | | | 1,096,344,600 | | | | | | 1,096,344,600 | | |
Series Seed preference shares
|
| | | | 175,050,000 | | | | | | 175,050,000 | | |
Financial liability
|
| | | | 8,786,150 | | | | | | 8,786,150 | | |
Convertible debts
|
| | | | — | | | | | | 200,205,636* | | |
| | | | | |
For the Nine Months
Ended September 30, |
| |||||||||
| | | | | | | |
2023
|
| |||||||
| | | | | |
US$
|
| |
US$
|
| ||||||
Proceeds from collection of loans to Beijing Puyan
|
| |
(i)
|
| | | | — | | | | | | 2,886,378 | | |
Interest income from Beijing Puyan
|
| |
(i)
|
| | | | 133,838 | | | | | | 6,009 | | |
Interest free advance to Mr. Ding Rui
|
| |
(ii)
|
| | | | 244,092 | | | | | | 48,429 | | |
Proceeds from collection of the advance to Mr. Ding Rui
|
| |
(ii)
|
| | | | — | | | | | | 244,092 | | |
| | | | | | | ||||||||||
| | | | | | | |
2023
|
| |||||||
| | | | | |
US$
|
| |
US$
|
| ||||||
Purchase of materials from Shenzhen Zhichong
|
| |
(iii)
|
| | | | 97,666 | | | | | | 127,017 | | |
Sell products to Zhichong New Energy
|
| |
(iv)
|
| | | | — | | | | | | 276,967 | | |
Interest free advance to Mr. Hou Yifei
|
| |
(v)
|
| | | | — | | | | | | 153,200 | | |
Interest free advances to two executive officers
|
| |
(v)
|
| | | | — | | | | | | 27,483 | | |
Proceeds from collection of advances to the two executive officers
|
| |
(v)
|
| | | | — | | | | | | 27,483 | | |
| | | | | | | | | ||||||||
| | | | | |
US$
|
| |
US$
|
| ||||||
Beijing Puyan
|
| |
(i)
|
| | | | 3,225,671 | | | | | | 350,133 | | |
Mr. Ding Rui
|
| |
(ii)
|
| | | | 244,092 | | | | | | 48,429 | | |
Shenzhen Zhichong
|
| |
(iii)
|
| | | | 68,377 | | | | | | — | | |
Zhichong New Energy
|
| |
(iv)
|
| | | | 72,940 | | | | | | 160,504 | | |
Mr. Hou Yifei
|
| |
(v)
|
| | | | — | | | | | | 153,200 | | |
| | | | | | | | 3,611,080 | | | | | | 712,266 | | |
| | | | | | | | | ||||||||
| | | | | |
US$
|
| |
US$
|
| ||||||
Shenzhen Zhichong
|
| |
(iii)
|
| | | | — | | | | | | 59,147 | | |
| | | | | | | | — | | | | | | 59,147 | | |
| | |
For the Nine Months Ended September 30,
|
| |||||||||
| | | | |
2023
|
| |||||||
| | |
US$
|
| |
US$
|
| ||||||
Product revenues
|
| | | | 18,912,161 | | | | | | 27,733,657 | | |
Service revenues
|
| | | | 266,676 | | | | | | 260,486 | | |
Total revenues
|
| | | | 19,178,837 | | | | | | 27,994,143 | | |
| | |
For the Nine Months Ended September 30,
|
| |||||||||
| | | | |
2023
|
| |||||||
| | |
US$
|
| |
US$
|
| ||||||
Europe
|
| | | | 13,237,610 | | | | | | 18,663,402 | | |
PRC
|
| | | | 2,518,600 | | | | | | 3,852,970 | | |
Others
|
| | | | 3,422,627 | | | | | | 5,477,771 | | |
Total revenues
|
| | |
|
19,178,837
|
| | | |
|
27,994,143
|
| |
| | |
Ordinary shares
|
| |
Series Seed
preference shares |
| |
Accumulated
other comprehensive income (loss) |
| |
Accumulated
deficit |
| |
Total
shareholders’ deficit |
| |||||||||||||||||||||
| | |
Number
|
| |
Amount
|
| |
Amount
|
| |
Amount
|
| |
Amount
|
| |
Amount
|
| ||||||||||||||||||
Balance as of January 1, 2022
|
| | | | 656,200,500 | | | | | | 6,562 | | | | | | 2,000,000 | | | | | | (1,802,144) | | | | | | (30,914,600) | | | | | | (30,710,182) | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 713,193 | | | | | | 713,193 | | |
Accretion of redeemable preference shares to redemption value
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | (1,312,216) | | | | |
|
(1,312,216)
|
| |
Foreign currency translation adjustment, net of nil income taxes
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | 3,128,678 | | | | |
|
—
|
| | | |
|
3,128,678
|
| |
| | | | 656,200,500 | | | | | | 6,562 | | | | | | 2,000,000 | | | | | | 1,326,534 | | | | | | (31,513,623) | | | | | | (28,180,527) | | |
| | |
Ordinary shares
|
| |
Series Seed
preference shares |
| |
Additional paid-
in capital |
| |
Accumulated
other comprehensive income |
| |
Accumulated
deficit |
| |
Total
shareholders’ deficit |
| ||||||||||||||||||||||||
| | |
Number
|
| |
Amount
|
| |
Amount
|
| |
Amount
|
| |
Amount
|
| |
Amount
|
| |
Amount
|
| |||||||||||||||||||||
Balance as of December 31, 2022
|
| | |
|
656,200,500
|
| | | |
|
6,562
|
| | | |
|
2,000,000
|
| | | | | — | | | | |
|
780,852
|
| | | |
|
(30,833,430)
|
| | | |
|
(28,046,016)
|
| |
Cumulative effect of adoption of ASC 326
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | — | | | | |
|
—
|
| | | | | (29,923) | | | | |
|
(29,923)
|
| |
Balance as of January 1, 2023
|
| | | | 656,200,500 | | | | | | 6,562 | | | | | | 2,000,000 | | | | | | — | | | | | | 780,852 | | | | | | (30,863,353) | | | | | | (28,075,939) | | |
Net loss
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | — | | | | |
|
—
|
| | | | | (6,708,700) | | | | |
|
(6,708,700)
|
| |
Issuance of unvested shares
|
| | | | 150,000,000 | | | | | | 1,500 | | | | | | — | | | | | | 7,455,300 | | | | | | — | | | | | | — | | | | | | 7,456,800 | | |
Accretion of redeemable preference shares to redemption value
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | (268,342) | | | | | | — | | | | | | (1,341,707) | | | | |
|
(1,610,049)
|
| |
Foreign currency translation adjustment, net of nil income taxes
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | — | | | | | | 585,382 | | | | |
|
—
|
| | | |
|
585,382
|
| |
Balance as of September 30, 2023
|
| | | | 806,200,500 | | | | | | 8,062 | | | | | | 2,000,000 | | | | | | 7,186,958 | | | | | | 1,366,234 | | | | | | (38,913,760) | | | | | | (28,352,506) | | |
Purchaser
|
| |
Date of Issuance
|
| |
Number of Securities
|
| |
Consideration
|
|
Ordinary shares | | | | | | | | | | |
Next EV Limited | | | | | 300,000,000 | | | US$29,999.0001 | | |
Future Charge Limited | | | | | 200,000,000 | | | US$20,000 | | |
Preference shares | | | | | | | | | | |
Zhen Partners Fund IV L.P. | | | | | 87,525,000 Series Seed preference shares, 60,000,000 Series A preference shares and 11,700,900 Series A+ preference shares | | | In exchange of cancellation and forfeiture of the existing equity interests in X-Charge Technology held by Zhen Partners Fund IV L.P. or its affiliate(s) before the Restructuring | |
Purchaser
|
| |
Date of Issuance
|
| |
Number of Securities
|
| |
Consideration
|
|
GGV (Xcharge) Limited
|
| | | | 240,000,000 Series A preference shares and 19,035,600 Series A+ preference shares | | | In exchange of cancellation and forfeiture of the existing equity interests in X-Charge Technology held by GGV (Xcharge) Limited or its affiliate(s) before the Restructuring | | |
Shanghai Dingbei Enterprise Management Consulting L.P. | | | | | 37,500,000 Series Angel preference shares | | | Exercise the warrants to purchase 37,500,000 Series Angel preference shares | | |
Shanghai Dingpai Enterprise Management Consulting L.P. | | | | | 37,500,000 Series Angel preference shares | | | Exercise the warrants to purchase 37,500,000 Series Angel preference shares | | |
Shanghai Yuanyan Enterprise Management Consulting L.P. | | | | | 88,235,400 Series A+ preference shares | | | Exercise the warrants to purchase 88,235,400 Series A+ preference shares | | |
Beijing Foreign Economic and Trade Development Guidance Fund L.P. | | | | | 260,180,400 Series B preference shares | | | Exercise the warrants to purchase 260,180,400 Series B preference shares | | |
Shell Ventures Company Limited | | | | | 198,442,800 Series B preference shares | | | Exercise the warrants to purchase 198,442,800 Series B preference shares | | |
Chengdu Peikun Jingrong Venture Capital Partnership L.P. | | | | | 66,147,600 Series B preference shares | | | Exercise the warrants to purchase 66,147,600 Series B preference shares | | |
Chengdu Peikun Songfu Technology Partnership L.P. | | | | | 22,049,100 Series B preference shares | | | Exercise the warrants to purchase 22,049,100 Series B preference shares | | |
Beijing China-US Green Investment Center L.P. | | | | | 55,552,800 Series B preference shares | | | Exercise the warrants to purchase 55,552,800 Series B preference shares | | |
Foshan Hegao Zhixing XIV Equity Investment Center L.P. | | | | | 87,525,000 Series Seed preference shares | | | Exercise the warrants to purchase 87,525,000 Series Seed preference shares | | |
Mobility Innovation Fund, LLC | | | | | 35,842,294 Series B+ preference shares | | | Exercise the warrant to purchase 35,842,294 Series B+-1 preference shares | | |
Wuxi Shenqi Leye Private Equity Funds Partnership L.P. | | | | | 126,135,217 Series B+ preference shares | | | Exercise the warrants to purchase 126,135,217 Series B+-2 preference shares | |
Purchaser
|
| |
Date of Issuance
|
| |
Number of Securities
|
| |
Consideration
|
|
Warrants | | | | | | | | | | |
Shanghai Dingbei Enterprise Management Consulting L.P. | | | | | Warrants to purchase 37,500,000 Series Angel preference shares | | | In exchange of cancellation and forfeiture of the existing equity interests in X-Charge Technology held by Shanghai Dingbei Enterprise Management Consulting L.P. or its affiliate(s) before the Restructuring | | |
Shanghai Dingpai Enterprise Management Consulting L.P. | | | | | Warrants to purchase 37,500,000 Series Angel preference shares | | | In exchange of cancellation and forfeiture of the existing equity interests in X-Charge Technology held by Shanghai Dingpai Enterprise Management Consulting L.P. or its affiliate(s) before the Restructuring | | |
Shanghai Yuanyan Enterprise Management Consulting L.P. | | | | | Warrants to purchase 88,235,400 Series A+ preference shares | | | In exchange of cancellation and forfeiture of the existing equity interests in X-Charge Technology held by Shanghai Yuanyan Enterprise Management Consulting L.P. or its affiliate(s) before the Restructuring | | |
Beijing Foreign Economic and Trade Development Guidance Fund L.P. | | | | | Warrants to purchase 260,180,400 Series B preference shares | | | In exchange of cancellation and forfeiture of the existing equity interests in X-Charge Technology held by Beijing Foreign Economic and Trade Development Guidance Fund L.P. or its affiliate(s) before the Restructuring | | |
Shell Ventures Company Limited | | | | | Warrants to purchase 198,442,800 Series B preference shares | | | In exchange of cancellation and forfeiture of the existing equity interests in X-Charge Technology held by Shell Ventures Company Limited or its affiliate(s) before the Restructuring | |
Purchaser
|
| |
Date of Issuance
|
| |
Number of Securities
|
| |
Consideration
|
|
Chengdu Peikun Jingrong Venture Capital Partnership L.P. | | | | | Warrants to purchase 66,147,600 Series B preference shares | | | In exchange of cancellation and forfeiture of the existing equity interests in X-Charge Technology held by Chengdu Peikun Jingrong Venture Capital Partnership L.P. or its affiliate(s) before the Restructuring | | |
Chengdu Peikun Songfu Technology Partnership L.P. | | | | | Warrants to purchase 22,049,100 Series B preference shares | | | In exchange of cancellation and forfeiture of the existing equity interests in X-Charge Technology held by Chengdu Peikun Songfu Technology Partnership L.P. or its affiliate(s) before the Restructuring | | |
Beijing China-US Green Investment Center L.P. | | | | | Warrants to purchase 55,552,800 Series B preference shares | | | In exchange of cancellation and forfeiture of the existing equity interests in X-Charge Technology held by Beijing China-US Green Investment Center L.P. or its affiliate(s) before the Restructuring | | |
Foshan Hegao Zhixing XIV Equity Investment Center L.P. | | | | | Warrants to purchase 87,525,000 Series Seed preference shares | | | In exchange of cancellation and forfeiture of the existing equity interests in X-Charge Technology held by Foshan Hegao Zhixing XIV Equity Investment Center L.P. or its affiliate(s) before the Restructuring | | |
Mobility Innovation Fund, LLC | | | | | Warrant to purchase Series B+ preference shares at the purchase price of US$2,000,000 in the number calculated and with the rights and privileges as set forth in the Convertible Note Purchase Agreement | | | In exchange of conversion of the convertible note into securities | |
Purchaser
|
| |
Date of Issuance
|
| |
Number of Securities
|
| |
Consideration
|
|
Wuxi Shenqi Leye Private Equity Funds Partnership L.P. | | | | | Warrants to purchase (1) 84,104,289 Series B+ preference shares, and (2) Series B+ preference shares, or, if applicable, the latest class of preference shares issued by XCHG Limited prior to the exercise of the warrants, in the principal amount of RMB20,000,000 in the number calculated and with the rights and privileges as set forth in the Onshore Convertible Note Agreement | | | In exchange of conversion of the convertible note into securities | | |
Shell Ventures Company Limited | | | | | Warrant to purchase 37,840,565 Series B+ preference shares | | | In exchange of conversion of the convertible note into securities | | |
Share Awards | | | | | ||||||
Certain executive officers and employees | | | | | 150,000,000 restricted share units | | | Past and future services provided by these individuals to us | |
|
Exhibit
Number |
| |
Description of Document
|
|
| 1.1* | | | Form of Underwriting Agreement | |
| 3.1 | | | | |
| 3.2* | | | Form of Post IPO Memorandum and Articles of Association of the Registrant, as effective immediately prior to the completion of this offering | |
| 4.1* | | | Form of Specimen American Depositary Receipt (included in Exhibit 4.3) | |
| 4.2* | | | Registrant’s Specimen Certificate for Class A Ordinary Shares | |
| 4.3* | | | Form of Deposit Agreement between the Registrant, the depositary and owners and holders of the American Depositary Shares | |
| 5.1 | | | | |
| 8.1 | | | | |
| 8.2 | | | | |
| 10.1 | | | | |
| 10.2 | | | | |
| 10.3 | | | | |
| 10.4 | | | | |
| 10.5† | | | | |
| 10.6† | | | | |
| 10.7† | | | | |
| 10.8† | | | | |
| 21.1 | | | | |
| 23.1 | | | | |
| 23.2 | | | | |
| 23.3 | | | | |
| 23.4 | | | Consent of GORG Partnerschaft von Rechtsanwalten mbB | |
| 24.1 | | | | |
| 99.1 | | | | |
| 99.2 | | | | |
| 99.3 | | | | |
| 99.4 | | | | |
| 99.5 | | | | |
| 99.6 | | | | |
| 99.7 | | | | |
| 107 | | | |
|
Signature
|
| |
Title
|
|
|
/s/ Yifei Hou
|
| |
Director and Chief Executive Officer
(principal executive officer) |
|
|
/s/ Xiaoling Song
|
| |
Chief Financial Officer
(principal financial and accounting officer) |
|
|
/s/ Rui Ding
|
| |
Chairman of the Board of Directors and
Chief Technology Officer |
|
This ‘F-1’ Filing | Date | Other Filings | ||
---|---|---|---|---|
12/31/24 | None on these Dates | |||
9/30/24 | ||||
Filed on: | 2/1/24 | |||
1/11/24 | ||||
12/30/23 | ||||
12/27/23 | ||||
12/15/23 | ||||
9/30/23 | ||||
9/29/23 | ||||
9/1/23 | ||||
8/21/23 | ||||
8/15/23 | ||||
8/7/23 | ||||
8/4/23 | ||||
7/17/23 | ||||
7/7/23 | ||||
6/30/23 | ||||
6/29/23 | ||||
6/20/23 | ||||
6/2/23 | ||||
4/14/23 | ||||
3/31/23 | ||||
2/24/23 | ||||
2/17/23 | ||||
1/1/23 | ||||
12/31/22 | ||||
12/30/22 | ||||
12/29/22 | ||||
12/15/22 | ||||
9/30/22 | ||||
9/1/22 | ||||
7/7/22 | ||||
2/15/22 | ||||
1/1/22 | ||||
12/31/21 | ||||
12/28/21 | ||||
12/27/21 | ||||
12/16/21 | ||||
12/15/21 | ||||
11/19/21 | ||||
11/14/21 | ||||
11/1/21 | ||||
9/30/21 | ||||
9/1/21 | ||||
8/20/21 | ||||
7/30/21 | ||||
6/10/21 | ||||
6/1/21 | ||||
4/29/21 | ||||
3/22/21 | ||||
3/18/21 | ||||
1/1/21 | ||||
12/31/20 | ||||
12/26/20 | ||||
12/18/20 | ||||
11/11/20 | ||||
10/17/20 | ||||
7/22/20 | ||||
7/1/20 | ||||
5/28/20 | ||||
1/1/20 | ||||
12/26/19 | ||||
12/15/19 | ||||
11/1/19 | ||||
10/23/19 | ||||
4/23/19 | ||||
4/1/19 | ||||
3/24/19 | ||||
3/15/19 | ||||
1/1/19 | ||||
12/29/18 | ||||
11/1/18 | ||||
5/1/18 | ||||
4/4/18 | ||||
12/1/17 | ||||
11/19/17 | ||||
11/1/17 | ||||
10/17/17 | ||||
8/24/17 | ||||
6/1/17 | ||||
3/8/17 | ||||
2/20/17 | ||||
1/26/17 | ||||
1/10/17 | ||||
11/7/16 | ||||
6/9/16 | ||||
1/29/16 | ||||
1/1/16 | ||||
11/19/15 | ||||
6/1/15 | ||||
3/30/15 | ||||
2/13/15 | ||||
2/3/15 | ||||
7/4/14 | ||||
4/24/14 | ||||
1/1/14 | ||||
12/2/13 | ||||
1/30/13 | ||||
12/28/12 | ||||
4/5/12 | ||||
10/28/11 | ||||
6/22/09 | ||||
9/18/08 | ||||
8/5/08 | ||||
1/1/08 | ||||
10/29/07 | ||||
6/29/07 | ||||
9/8/06 | ||||
8/8/06 | ||||
4/6/04 | ||||
6/29/02 | ||||
2/20/02 | ||||
5/14/99 | ||||
4/29/98 | ||||
2/24/98 | ||||
1/29/96 | ||||
7/5/94 | ||||
7/1/94 | ||||
5/12/94 | ||||
12/25/93 | ||||
12/13/93 | ||||
9/1/93 | ||||
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