Qilian International Holding Group Ltd Files 20-F Report

TL;DR

<b>Qilian International Holding Group Ltd filed its annual 20-F report on February 15, 2024, for the period ending September 30, 2023.</b>

AI Summary

Qilian International Holding Group Ltd (BGM) filed a Foreign Annual Report (20-F) with the SEC on February 15, 2024. Filing Date: 2024-02-15. Period of Report: 2023-09-30. Company Name: Qilian International Holding Group Ltd. SIC Code: 2834 (Pharmaceutical Preparations). Incorporation State: E9.

Why It Matters

For investors and stakeholders tracking Qilian International Holding Group Ltd, this filing contains several important signals. This 20-F filing provides a comprehensive overview of the company's financial performance and business operations for the fiscal year. The filing is crucial for investors and stakeholders to assess the company's financial health, risks, and strategic direction.

Risk Assessment

Risk Level: medium — Qilian International Holding Group Ltd shows moderate risk based on this filing. The company operates in the pharmaceutical preparations industry (SIC 2834), which is subject to significant regulatory oversight and market competition, as indicated by its industry classification and the nature of the sector.

Analyst Insight

Review the detailed financial statements and risk factors within the 20-F filing to understand Qilian International Holding Group Ltd's current financial position and future outlook.

Key Numbers

• 2023-09-30 — Period of Report (Conformed Period of Report)
• 2024-02-15 — Filing Date (Filed as of date)
• 2834 — SIC Code (Standard Industrial Classification)
• E9 — State of Incorporation (State of Incorporation)
• 0930 — Fiscal Year End (Fiscal Year End)

Key Players & Entities

• Qilian International Holding Group Ltd (company) — Filer
• 2024-02-15 (date) — Filed as of date
• 2023-09-30 (date) — Conformed period of report
• 0001779578 (company) — Central Index Key
• 2834 (industry) — Standard Industrial Classification
• Jiuquan Economic and Technological Development Zone (location) — Business Address
• 86-0937-2689523 (phone) — Business Phone
• 001-39805 (registration) — SEC File Number

FAQ

Risk Factors

• Regulatory Environment [medium — regulatory]: The company operates within the pharmaceutical preparations industry, which is subject to extensive government regulation concerning product development, manufacturing, and sales.
• Market Competition [medium — market]: The pharmaceutical market is highly competitive, with numerous domestic and international players, which can impact market share and pricing power.

Key Dates

• 2024-02-15: Filing Date — Submission of the annual 20-F report
• 2023-09-30: Fiscal Year End — End of the reporting period

Glossary

20-F

An annual report required by the U.S. Securities and Exchange Commission (SEC) from foreign private issuers. (Provides comprehensive financial and operational information for investors.)

SIC Code

Standard Industrial Classification code used to classify industries. (Helps categorize the company's primary business activities.)

Key Financial Figures

• $0.00166667 — f 35,750,000 ordinary shares, par value $0.00166667 per share, as of September 30, 2023. I
• $1.00 — the end of the year - RMB RMB7.2960 to $1.00 RMB7.1135 to $1.00 RMB6.4580 to $1.00

Filing Documents

• tmb-20230930x20f.htm (20-F) — 3795KB
• tmb-20230930xex8d1.htm (EX-8.1) — 16KB
• tmb-20230930xex12d1.htm (EX-12.1) — 15KB
• tmb-20230930xex12d2.htm (EX-12.2) — 15KB
• tmb-20230930xex13d1.htm (EX-13.1) — 5KB
• tmb-20230930xex13d2.htm (EX-13.2) — 5KB
• tmb-20230930xex15d1.htm (EX-15.1) — 5KB
• tmb-20230930x20f002.jpg (GRAPHIC) — 59KB
• tmb-20230930x20f004.jpg (GRAPHIC) — 14KB
• tmb-20230930x20f009.jpg (GRAPHIC) — 106KB
• tmb-20230930x20f013.jpg (GRAPHIC) — 9KB
• tmb-20230930x20f014.jpg (GRAPHIC) — 8KB
• 0001410578-24-000053.txt (&nbsp;) — 12170KB
• tmb-20230930.xsd (EX-101.SCH) — 67KB
• tmb-20230930_cal.xml (EX-101.CAL) — 77KB
• tmb-20230930_def.xml (EX-101.DEF) — 189KB
• tmb-20230930_lab.xml (EX-101.LAB) — 539KB
• tmb-20230930_pre.xml (EX-101.PRE) — 407KB
• tmb-20230930x20f_htm.xml (XML) — 1980KB

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 136 ITEM 12.

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 137 PART II 138 ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 138 ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 138 ITEM 15.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 138 ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 140 ITEM 16B. CODE OF ETHICS 140 ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 140 ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 141 ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 141 ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 141 ITEM 16G. CORPORATE GOVERNANCE 141 ITEM 16H. MINE SAFETY DISCLOSURE 141 PART III 142 ITEM 17.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 142 ITEM 18.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 142 ITEM 19. EXHIBITS 142 3 Table of Contents INTRODUCTION As used in this annual report on Form 20-F, (i) "we," "us," "Parent," "Qilian International," "our company," the "Company," or "our" refers specifically to Qilian International Holding Group Limited; (ii) "Gansu QLS," "variable interest entity" or " VIE" refers to Gansu Qilianshan Pharmaceutical Co., Ltd., a company incorporated in the People's Republic of China; (iii) "WFOE" or "PRC Subsidiary" are to Qilian International Trade (Chengdu) Co., Ltd., formerly known as Chengdu Qilian Trading Co., Ltd., and Qilian Shan International Trade (Hainan) Co., Ltd., both of which are limited liability company organized under the laws of the PRC and are wholly-owned by Qilian International (Hong Kong) Holdings Limited, a limited liability company organized under the laws of Hong Kong. It is important to note that Qilian International is not a Chinese operating company but a Cayman Islands holding company with no material business operations. Qilian International conducts its operations in China through the variable interest entity-- Gansu Qilianshan Pharmaceutical Co. Ltd. (the "VIE", "Gansu QLS") and its subsidiaries. Investors in Qilian International's ordinary shares are not purchasing equity interest in its operating entities in China but instead are purchasing equity interest in a Cayman Islands holding company. Qilian International receives the economic benefits of Gansu QLS and its subsidiaries' business operation through a series of contractual arrangements, or the VIE Agreements. As a result of the VIE Agreements, Qilian International is the primary beneficiary of Gansu QLS for accounting purposes and treat it as a PRC consolidated entity under U.S. GAAP. Qilian International consolidates the financial results of Gansu QLS and its subsidiaries in its consolidated financial statements in accordance with U.S. GAAP. Qilian International does not own any equity interest in Gans

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

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 Our Holding Company Structure and Contractual Arrangements with the Consolidated Affiliated Entities Qilian International Holding Group Limited is not a Chinese operating company but a Cayman Islands holding company with no business operations. The business operations are conducted by Gansu Qilianshan Pharmaceutical Co., Ltd. (the "VIE", "Gansu QLS") and its subsidiaries established in the PRC. See "Item 4.C. INFORMATION ON THE COMPANY - Our Corporate Structure" for further information regarding our affiliated entities' names, places of incorporation, and equity ownership. Qilian International and its affiliated entities are subject to legal and operational risks associated with being mostly based in the PRC and Hong Kong and having all of their operations in the PRC, discussed in greater detail below. Qilian International is incorporated in the Cayman Islands-- a holding company with no material operations, the Company conducts its operations in China through the variable interest entities-- Gansu QLS and its subsidiaries. Investors in Qilian International's ordinary shares are not purchasing equity interest in its operating entities in China but instead are purchasing equity interest in a Cayman Islands holding company. Qilian International receives the economic benefits of Gansu QLS and its subsidiaries' business operation through a series of contractual arrangements, or the VIE Agreements. As a result of the VIE Agreements, Qilian International is the primary beneficiary of Gansu QLS for accounting purposes and treat it as a PRC consolidated entity under U.S. GAAP. Qilian International consolidates the financial results of Gansu QLS and its subsidiaries in its consolidated financial statements in accordance with U.S. GAAP. Neither Qilian International nor its investors own any equity ownership in, direct foreign investment in, or control through such ownership/investment of Gansu QLS. These VIE Agreements have not been tested in a co

View Full Filing

View this 20-F filing on SEC EDGAR