Mercurity Fintech Holding Inc. Files 20-F Annual Report for Fiscal Year 2023

TL;DR

<b>Mercurity Fintech Holding Inc. has submitted its 2023 annual report on Form 20-F.</b>

AI Summary

Mercurity Fintech Holding Inc. (CD) filed a Foreign Annual Report (20-F) with the SEC on April 23, 2024. Mercurity Fintech Holding Inc. filed its 20-F annual report for the fiscal year ended December 31, 2023. The company's business address is located in Haidian District, Beijing. Mercurity Fintech Holding Inc. was formerly known as JMU Ltd and Wowo Ltd. The filing covers the period from January 1, 2023, to December 31, 2023. The company operates in the Finance Services sector, SIC code 6199.

Why It Matters

For investors and stakeholders tracking Mercurity Fintech Holding Inc., this filing contains several important signals. This filing provides a comprehensive overview of the company's financial performance and business operations for the fiscal year 2023, which is crucial for investors to assess its current standing and future prospects. As a foreign private issuer, the 20-F filing is a mandatory disclosure for Mercurity Fintech Holding Inc., offering insights into its governance, risk factors, and financial health as required by the SEC.

Risk Assessment

Risk Level: low — Mercurity Fintech Holding Inc. shows low risk based on this filing. The filing is a standard annual report (20-F) and does not contain immediate red flags or significant negative developments, indicating a routine disclosure.

Analyst Insight

Review the detailed financial statements and risk factors within the 20-F filing to understand Mercurity Fintech Holding Inc.'s performance and strategic direction for 2023.

Key Numbers

• 2023-12-31 — Period of Report End Date (The 20-F filing covers the fiscal year ended on this date.)
• 2024-04-23 — Filing Date (The date the 20-F report was filed with the SEC.)
• 6199 — SIC Code (Standard Industrial Classification code for Finance Services.)

Key Players & Entities

• Mercurity Fintech Holding Inc. (company) — Filer of the 20-F report.
• JMU Ltd (company) — Former name of Mercurity Fintech Holding Inc.
• Wowo Ltd (company) — Former name of Mercurity Fintech Holding Inc.
• Haidian District, Beijing (location) — Location of the company's business and mailing address.

FAQ

Industry Context

Mercurity Fintech Holding Inc. operates within the Finance Services sector, specifically identified by SIC code 6199.

Regulatory Implications

As a foreign private issuer, Mercurity Fintech Holding Inc. is required to file annual reports on Form 20-F with the SEC, adhering to specific disclosure requirements.

What Investors Should Do

1. Analyze the financial statements for the fiscal year ended December 31, 2023.
2. Review the business overview and operational segments described in the filing.
3. Examine any disclosed risk factors and their potential impact on the company.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 20-F filing.
• 2024-04-23: Filing Date — Date the 20-F annual report was submitted to the SEC.

Year-Over-Year Comparison

This is the 20-F filing for the fiscal year ended December 31, 2023, representing the company's annual disclosure to the SEC.

Key Financial Figures

• $0.004 — gistered Ordinary Shares, par value US$0.004 per share MFH The Nasdaq Capital Ma
• $ — s a wholly foreign-owned enterprise; "$," "US$," "dollar" or "U.S. dollar" refe
• $1 — were made at the rate of RMB7.0999 to US$1.00, the exchange rate as set forth in t

Filing Documents

• form20-f.htm (20-F) — 3121KB
• ex1-1.htm (EX-1.1) — 599KB
• ex4-19.htm (EX-4.19) — 26KB
• ex8-1.htm (EX-8.1) — 7KB
• ex11-2.htm (EX-11.2) — 66KB
• ex12-1.htm (EX-12.1) — 17KB
• ex12-2.htm (EX-12.2) — 17KB
• ex13-1.htm (EX-13.1) — 7KB
• ex13-2.htm (EX-13.2) — 7KB
• ex15-1.htm (EX-15.1) — 5KB
• ex99-1.htm (EX-99.1) — 12KB
• ex99-2.htm (EX-99.2) — 244KB
• form20-f_001.jpg (GRAPHIC) — 33KB
• ex1-1_002.jpg (GRAPHIC) — 17KB
• ex4-19_001.jpg (GRAPHIC) — 1429KB
• ex4-19_002.jpg (GRAPHIC) — 656KB
• ex4-19_003.jpg (GRAPHIC) — 707KB
• ex4-19_004.jpg (GRAPHIC) — 816KB
• ex4-19_005.jpg (GRAPHIC) — 657KB
• ex4-19_006.jpg (GRAPHIC) — 1453KB
• ex4-19_007.jpg (GRAPHIC) — 710KB
• ex4-19_008.jpg (GRAPHIC) — 785KB
• ex4-19_009.jpg (GRAPHIC) — 765KB
• ex4-19_010.jpg (GRAPHIC) — 730KB
• ex4-19_011.jpg (GRAPHIC) — 629KB
• ex4-19_012.jpg (GRAPHIC) — 730KB
• ex4-19_013.jpg (GRAPHIC) — 727KB
• ex4-19_014.jpg (GRAPHIC) — 1181KB
• ex4-19_015.jpg (GRAPHIC) — 773KB
• ex4-19_016.jpg (GRAPHIC) — 770KB
• ex4-19_017.jpg (GRAPHIC) — 341KB
• ex4-19_018.jpg (GRAPHIC) — 168KB
• ex4-19_019.jpg (GRAPHIC) — 364KB
• ex15-1_001.jpg (GRAPHIC) — 5KB
• ex99-2_001.jpg (GRAPHIC) — 363KB
• ex99-2_002.jpg (GRAPHIC) — 195KB
• ex99-2_003.jpg (GRAPHIC) — 176KB
• 0001493152-24-015608.txt (&nbsp;) — 34466KB
• mfh-20231231.xsd (EX-101.SCH) — 91KB
• mfh-20231231_cal.xml (EX-101.CAL) — 107KB
• mfh-20231231_def.xml (EX-101.DEF) — 408KB
• mfh-20231231_lab.xml (EX-101.LAB) — 565KB
• mfh-20231231_pre.xml (EX-101.PRE) — 510KB
• form20-f_htm.xml (XML) — 1996KB

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 Page PART I 3 ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 3 ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 3 ITEM 3. KEY INFORMATION 3 ITEM 4. INFORMATION ON THE COMPANY 30 ITEM 4A. UNRESOLVED STAFF COMMENTS 48 ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 48 ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 71 ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 82 ITEM 8. FINANCIAL INFORMATION 84 ITEM 9. THE OFFER AND LISTING. 85 ITEM 10. ADDITIONAL INFORMATION 86 ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 99 ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 99 PART II 100 ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 100 ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 100 ITEM 15. CONTROLS AND PROCEDURES 100 ITEM 16. [RESERVED] 102 ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 102 ITEM 16B. CODE OF ETHICS 102 ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 103 ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 103 ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 103 ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 103 ITEM 16G. CORPORATE GOVERNANCE 103 ITEM 16H. MINE SAFETY DISCLOSURE 105 ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTION 105 ITEM 16

FINANCIAL STATEMENTS

ITEM 17. FINANCIAL STATEMENTS 106

FINANCIAL STATEMENTS

ITEM 18. FINANCIAL STATEMENTS 106

EXHIBITS

ITEM 19. EXHIBITS. 106 i INTRODUCTION Conventions Used in this Annual Report In this annual report, unless otherwise indicated or the context otherwise requires, references to: "we," "us," "our" and the "Company" refer to Mercurity Fintech Holding Inc. and its wholly owned subsidiaries, (i) Mercurity Fintech Technology Holding Inc., (ii) Mercurity Limited, (iii) Ucon Capital (HK) Limited, (iv) Beijing Lianji Future Technology Co., Ltd. and (v) Chaince Securities, Inc. "ADR" refers to American depositary receipt, which was cancelled on February 28, 2023 upon termination of the ADR facility; "ADS" refers to our American depositary shares, each of which represented 360 ordinary shares before the mandatory exchange of the ADS for ordinary shares and removal of the ADR facility, effective February 28, 2023; "Chaince Securities" refers to Chaince Securities Inc., a wholly-owned subsidiary of the Company; "China" or the "PRC" refers to the mainland of the People's Republic of China, excluding, for the purpose of this annual report only and references to the specific laws and regulations, Hong Kong, Macau and Taiwan; "MFH Cayman" refers to Mercurity Fintech Holding Inc., the holding company of our group; "MFH Tech" refers to Mercurity Fintech Technology Holding Inc., a wholly-owned subsidiary of the Company; "Ucon" refers to Ucon Capital (HK) Limited, a subsidiary of the Company; "NBpay" refers to NBpay Investment Limited, which has ceased to be our consolidated entity; "NBpay Fintech" refers to NBpay Fintech Pte Ltd., which has ceased to be our consolidated entity; "ordinary shares" refer to our ordinary shares, par value US$0.004 per share; "Renminbi" or "RMB" refers to the legal currency of China; and "VIEs" refers to (i) Mercurity (Beijing) Technology Co., Ltd, or Mercurity Beijing, and (ii) Beijing Lianji Technology Co., Ltd., or Lianji, which, together with Mercurity Beijing, were consolidated by us solely for accounting purposes as

IDENTITY OF DIRECTORS,

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

OFFER STATISTICS AND

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE Not applicable.

KEY INFORMATION

ITEM 3. KEY INFORMATION A. Selected Financial Data The following selected consolidated statements of operations data for the year ended December 31, 2021, 2022 and 2023, and selected consolidated balance sheet data as of December 31, 2022 and 2023, have been derived from our audited consolidated financial statements included elsewhere in this annual report. Our consolidated financial statements are prepared and presented in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP. Our historical results are not necessarily indicative of results expected for future periods. You should read this selected financial data section together with our consolidated financial statements and the related notes and "Item 5. Operating and Financial Review and Prospects" included elsewhere in this annual report. Consolidated The following summary consolidated financial statements should be read in conjunction with our consolidated financial statements, the notes thereto and other information, included elsewhere in this report. The following summary consolidated financial statements for the years ended 2023, 2022, and 2021 are derived from our audited consolidated financial statements included elsewhere in this report. Our consolidated financial statements are prepared and presented in accordance with generally accepted accounting principles in the United States, or U.S. GAAP. Our historical results for any period are not necessarily indicative of results to be expected for any future period. You should read the following summary financial information in conjunction with the consolidated financial statements and related notes and the information under "ITEM 5. Operating and Financial Review and Prospects" included elsewhere in this report. 3 For the year Ended December 31, 2023 2022 2021 (as restated) (as restated) (US$, except share and share related data) Revenue $ 445,928 $ 863,438

View Full Filing

View this 20-F filing on SEC EDGAR