Akso Health Group Files 2024 Annual Report

TL;DR

Akso Health Group dropped its 2024 20-F, check it for biz updates.

AI Summary

Akso Health Group filed its annual report on Form 20-F for the fiscal year ended March 31, 2024. The company, formerly known as Hexindai Inc. and Xiaobai Maimai Inc., is incorporated in E9 and headquartered in Qingdao Pilot Free Trade Zone. The filing covers its operations as a business services provider.

Why It Matters

This filing provides investors and stakeholders with an update on Akso Health Group's financial performance and business operations for the past fiscal year, offering insights into its current standing and future outlook.

Risk Assessment

Risk Level: medium — As a 20-F filing, it represents an annual report for a foreign private issuer, which may involve different regulatory environments and reporting standards compared to domestic US companies.

Key Players & Entities

• Akso Health Group (company) — Filer of the 20-F
• Hexindai Inc. (company) — Former name of Akso Health Group
• Xiaobai Maimai Inc. (company) — Former name of Akso Health Group
• March 31, 2024 (date) — Fiscal year end date
• Qingdao Pilot Free Trade Zone (location) — Business address location

FAQ

Key Financial Figures

• $0.0001 — ee Class A ordinary shares, par value US$0.0001 per share) AHG Nasdaq Capital Market C
• $ — tion (formerly known as the SAIC); "US$," "U.S. dollars," "
  quot; and "dollars" are
• $1 — were made at a rate of RMB 7.2203 to US$1.00, the exchange rate set forth in the
• $1.00 — , the exchange rate was RMB 7.2695 to US$1.00. iii FORWARD-LOOKING INFORMATION Th

Filing Documents

• ea0208034-20f_aksohealth.htm (20-F) — 2118KB
• ea020803401ex1-2_aksohealth.htm (EX-1.2) — 248KB
• ea020803401ex4-7_aksohealth.htm (EX-4.7) — 17KB
• ea020803401ex8-1_aksohealth.htm (EX-8.1) — 34KB
• ea020803401ex12-1_aksohealth.htm (EX-12.1) — 19KB
• ea020803401ex12-2_aksohealth.htm (EX-12.2) — 18KB
• ea020803401ex13-1_aksohealth.htm (EX-13.1) — 8KB
• ea020803401ex15-1_aksohealth.htm (EX-15.1) — 6KB
• ea020803401ex15-2_aksohealth.htm (EX-15.2) — 4KB
• ea020803401ex97_aksohealth.htm (EX-97.1) — 38KB
• image_001.jpg (GRAPHIC) — 97KB
• image_002.jpg (GRAPHIC) — 160KB
• image_003.jpg (GRAPHIC) — 99KB
• ex15-1_001.jpg (GRAPHIC) — 23KB
• 0001013762-24-002658.txt ( ) — 9973KB
• ahg-20240331.xsd (EX-101.SCH) — 87KB
• ahg-20240331_cal.xml (EX-101.CAL) — 81KB
• ahg-20240331_def.xml (EX-101.DEF) — 370KB
• ahg-20240331_lab.xml (EX-101.LAB) — 695KB
• ahg-20240331_pre.xml (EX-101.PRE) — 383KB
• ea0208034-20f_aksohealth_htm.xml (XML) — 888KB

Item 18

Item 17 Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No (APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS) Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes No TABLE OF CONTENTS INTRODUCTION ii FORWARD-LOOKING INFORMATION iv PART I 1

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 1

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 1

KEY INFORMATION

ITEM 3. KEY INFORMATION 1

INFORMATION ON THE COMPANY

ITEM 4. INFORMATION ON THE COMPANY 45

UNRESOLVED STAFF COMMENTS

ITEM 4A. UNRESOLVED STAFF COMMENTS 7 0

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 70

DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 7 7

MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 8 4

FINANCIAL INFORMATION

ITEM 8. FINANCIAL INFORMATION 88

THE OFFER AND LISTING

ITEM 9. THE OFFER AND LISTING 89

ADDITIONAL INFORMATION

ITEM 10. ADDITIONAL INFORMATION 8 9

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 102

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 103 PART II 106

DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES

ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 106

MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS

ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 106

CONTROLS AND PROCEDURES

ITEM 15. CONTROLS AND PROCEDURES 106

[RESERVED]

ITEM 16. [RESERVED] 107

AUDIT COMMITTEE FINANCIAL EXPERT

ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 107

CODE OF ETHICS

ITEM 16B. CODE OF ETHICS 107

PRINCIPAL ACCOUNTANT FEES AND SERVICES

ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 107

EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES

ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 108

PURCHASE OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS

ITEM 16E. PURCHASE OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 108

CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT

ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 108

CORPORATE GOVERNANCE

ITEM 16G. CORPORATE GOVERNANCE 109

MINE SAFETY DISCLOSURE

ITEM 16H. MINE SAFETY DISCLOSURE 109

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 109

INSIDER TRADING POLICIES

ITEM 16J. INSIDER TRADING POLICIES 109

CYBERSECURITY

ITEM 16K. CYBERSECURITY 109 PART III 110

FINANCIAL STATEMENTS

ITEM 17. FINANCIAL STATEMENTS 110

FINANCIAL STATEMENTS

ITEM 18. FINANCIAL STATEMENTS 110

EXHIBITS

ITEM 19. EXHIBITS 114 i INTRODUCTION In this annual report on Form 20-F, unless otherwise indicated or the context otherwise requires, references to: "ADSs" are to our American depositary shares, each of which represents three ordinary shares; "App", "Xiaobai Maimai" are to Xiaobai Maimai application; "big data" are to voluminous structured and unstructured data from multiple sources and in multiple formats; "CAGR" are to compound annual growth rate; "China" or the "PRC" are to the People's Republic of China, including Hong Kong Special Administrative Region and the Macau Special Administrative Region, unless referening specific laws and regulatioins adopted by the PRC and other legal or tax matters only applicable to mainland China, and excluding, for the purposes of this annual report on Form 20-F only, Taiwan; "CSRC" are to China Securities Regulatory Commission; "GMV" or "Gross Merchandise Value" are to the value of confirmed orders of products and services on our platform, regardless of how, or whether, the buyer and seller settle the transaction; "Hexin Digital" are to Hexin Digital Technology Co., Ltd.; "Hexin E-commerce" are to Hexin E-Commerce Co. Ltd.; "Hexin Fengze" are to Hexin Fengze Asset Management (Beijing) Co., Ltd.; "Hexin Jinke" are to Hexin Jinke Group Co., Ltd.; "Hexin Jiuding" are to Beijing Hexin Jiuding Technology Co., Ltd. "Wusu Company" are to Wusu Hexin Yongheng Commercial and Trading Co., Ltd. (formerly known as Wusu Hexin Internet Small Loan Co., Ltd.); "Hexin Yongheng" are to Beijing Hexin Yongheng Technology Development Co., Ltd.; "Kuaishangche" are to Kuaishangche Automobile Leasing Co., Ltd.; "Akso Online MediTech" are to Akso Online MediTech Co., LTD. ii "MAU" are to monthly active users; "MIIT" are to the Ministry of Industry and Information Technology; "Ordinary shares" are to our ordinary shares of par value US$0.0001 per share; "Our former variable interest entities" or "former VIEs

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS Not applicable.

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE Not applicable.

KEY INFORMATION

ITEM 3. KEY INFORMATION Permissions Required from the PRC Authorities for the Operations and Securities Offerings of PRC Subsidiaries and Consolidated Affiliated Entities Akso Health Group is a holding company incorporated in the Cayman Islands in April 2016 and not a Chinese or Hong Kong operating company. As a holding company with no material operations of our own, we conduct our business primarily through our U.S. subsidiaries, PRC subsidiaries in China and within the last fiscal year, the former variable interest entities based in China. The contracts relating to the former variable interest entities have not been tested in court. The former variable interest entity structure was used to provide investors with exposure to foreign investment in China-based companies where Chinese law prohibits direct foreign investment in the operating companies. Our current corporate structure involves unique risks to investors. Our securities are securities of Akso Health Group, the offshore holding company in the Cayman Islands, instead of securities of our subsidiaries. Investors may never hold equity interests in our subsidiaries. Our operations in China are governed by PRC laws and regulations. As of the date of this annual report, all of our PRC subsidiaries have obtained the requisite licenses and permits from the PRC government authorities for the business operations of our holding company, our subsidiaries, including, business licenses, a Class II Medical Device Selling Record Certificate and a Class III Medical Device Operation License. All of our PRC subsidiaries are required to obtain, and have obtained, their respective Business Licenses. However, given the uncertainties of interpretation and implementation of relevant laws and regulations and the enforcement practice by government authorities, we cannot assure you that we have obtained all the permits or licenses required by the PRC government authorities for conducting our business in China. We may be required

View Full Filing

View this 20-F filing on SEC EDGAR