ECARX Holdings Inc. Files 20-F Annual Report for Fiscal Year 2023

TL;DR

<b>ECARX Holdings Inc. has submitted its 20-F annual report detailing its 2023 fiscal year performance and financial standing.</b>

AI Summary

ECARX Holdings Inc. (ECXWW) filed a Foreign Annual Report (20-F) with the SEC on April 3, 2024. ECARX Holdings Inc. filed its annual report on Form 20-F for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located in Shanghai, China. The report includes financial data for the fiscal years 2021, 2022, and 2023. The filing references fair value adjustments of warrants.

Why It Matters

For investors and stakeholders tracking ECARX Holdings Inc., this filing contains several important signals. This 20-F filing provides a comprehensive overview of ECARX's financial health, operational activities, and strategic direction for the past fiscal year, crucial for investors assessing the company's performance and future prospects. The detailed financial statements and disclosures within the 20-F are essential for current and potential investors to understand the company's financial position, risks, and compliance with SEC regulations.

Risk Assessment

Risk Level: — ECARX Holdings Inc. shows moderate risk based on this filing. The filing is a standard annual report (20-F), which typically contains a broad range of information but does not inherently signal significant positive or negative developments beyond routine disclosures.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 20-F to assess ECARX's performance and outlook.

Key Numbers

• 2023-12-31 — Period of Report (Fiscal year end date)
• 2024-04-03 — Filing Date (Date the 20-F was filed)
• 7373 — SIC Code (Services-Computer Integrated Systems Design)

Key Players & Entities

• ECARX Holdings Inc. (company) — Filer of the 20-F report
• 2024-04-03 (date) — Filing date of the report
• 2023-12-31 (date) — Period of report
• Shanghai (location) — Location of company's business address
• 0001861974 (company) — Central Index Key for ECARX Holdings Inc.

FAQ

Industry Context

ECARX Holdings Inc. operates in the automotive technology sector, focusing on intelligent vehicle operating systems and related software and hardware solutions.

Regulatory Implications

As a foreign private issuer, ECARX Holdings Inc. is subject to SEC regulations, including the requirement to file an annual report on Form 20-F.

What Investors Should Do

1. Review the financial statements and management's discussion and analysis in the 20-F for detailed performance insights.
2. Analyze the risk factors section to understand potential challenges and uncertainties facing ECARX.
3. Compare the 2023 financial data with previous years to identify trends and assess growth.

Key Dates

• 2024-04-03: Filing of 20-F — Annual report submission for fiscal year 2023

Glossary

20-F

An annual report required for foreign private issuers with the U.S. Securities and Exchange Commission. (Provides a comprehensive overview of the company's financial performance and operations for the fiscal year.)

Year-Over-Year Comparison

This is the initial filing of the 20-F for ECARX Holdings Inc. for the fiscal year 2023, following its reporting requirements as a foreign private issuer.

Key Financial Figures

• $0.000005 — red Class A ordinary shares, par value $0.000005 per share ECX The Nasdaq Stock Market L
• $65 million — in the aggregate principal amount of US$65 million pursuant to the convertible note purcha
• $10 million — in the aggregate principal amount of US$10 million pursuant to the convertible note purcha
• $11.50 — dinary Shares at an exercise price of US$11.50 per share, which were issued upon the c
• $1 — s were made at a rate of RMB7.0999 to US$1.00, which was the exchange rate in effe
• $1.00 — as of March 29, 2024 was RMB7.2203 to US$1.00. We make no representation that any Ren

Filing Documents

• exc-20231231.htm (20-F) — 4470KB
• ecx-20231231xexx428.htm (EX-4.28) — 53KB
• ecx-20231231xex429.htm (EX-4.29) — 93KB
• ecx-20231231xexx430.htm (EX-4.30) — 450KB
• ecx-20231231xexx431.htm (EX-4.31) — 28KB
• ecx-20231231xexx81.htm (EX-8.1) — 13KB
• ecx-20231231xexx121.htm (EX-12.1) — 10KB
• ecx-20231231xexx122.htm (EX-12.2) — 10KB
• ecx-20231231xexx131.htm (EX-13.1) — 5KB
• ecx-20231231xexx132.htm (EX-13.2) — 5KB
• ecx-20231231xexx151.htm (EX-15.1) — 6KB
• ecx-20231231xexx152.htm (EX-15.2) — 9KB
• ecx-20231231xexx153.htm (EX-15.3) — 2KB
• ecx-20231231xexx971.htm (EX-97.1) — 32KB
• exc-20231231_g1.jpg (GRAPHIC) — 84KB
• 0001628280-24-014607.txt (&nbsp;) — 21582KB
• exc-20231231.xsd (EX-101.SCH) — 149KB
• exc-20231231_cal.xml (EX-101.CAL) — 153KB
• exc-20231231_def.xml (EX-101.DEF) — 873KB
• exc-20231231_lab.xml (EX-101.LAB) — 1459KB
• exc-20231231_pre.xml (EX-101.PRE) — 1164KB
• exc-20231231_htm.xml (XML) — 3056KB

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 107 Item 12.

Description of Securities Other than Equity Securities

Description of Securities Other than Equity Securities 108 PART II 108 Item 13. Defaults, Dividend Arrearages and Delinquencies 109 Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds 109 Item 15.

Controls and Procedures

Controls and Procedures 109 Item 16A. Audit Committee Financial Expert 110 Item 16B. Code of Ethics 110 Item 16C. Principal Accountant Fees and Services 110 Item 16D. Exemptions from the Listing Standards for Audit Committees 111 Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers 111 Item 16F. Change in Registrant's Certifying Accountant 111 Item 16G. Corporate Governance 111 Item 16H. Mine Safety Disclosure 111 Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 111 Item 16J. Insider Trading Policies 111 Item 16K. Cybersecurity 111 PART III 113 Item 17.

Financial Statements

Financial Statements 113 Item 18.

Financial Statements

Financial Statements 113 Item 19. Exhibits 113

SIGNATURES

SIGNATURES 117 i Table of Contents INTRODUCTION In this annual report, unless otherwise indicated or unless the context otherwise requires: "ADAS" means advanced driver assistance system; "Business Combination" means the transactions contemplated by the Agreement and Plan of Merger, dated as of May 26, 2022 by and among COVA, ECARX Holdings, Ecarx Temp Limited, and Ecarx&Co Limited; "Class A Ordinary Shares" means Class A ordinary shares of ECARX Holdings, par value US$0.000005 per share; "Class B Ordinary Shares" means Class B ordinary shares of ECARX Holdings, par value US$0.000005 per share; "COVA" means COVA Acquisition Corp., a blank check company that was incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities; "ECARX," "we," or "our company" means ECARX Holdings and its subsidiaries (and, in the context of describing ECARX's historical operations and consolidated financial information, also the former VIEs for the periods prior to the Restructuring), and references to "our" financial statements, share capital, securities (including shares, options, and warrants), shareholders, directors, board of directors, and auditors are to those of ECARX Holdings, respectively; "ECARX Holdings" means ECARX Holdings Inc., an exempted company limited by shares incorporated under the laws of the Cayman Islands; "Exchange Act" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder; "Geely Auto" means Geely Automobile Holdings Limited, which manages brands including Geely, Lynk & Co, Geometry, and Zeekr, among others; "Geely ecosystem" means Geely Auto, Volvo Car, Polestar, smart, Lotus, Proton, LEVC, and other automotive OEMs that are affiliated with or are investee companies of Geely Holding; "Geely Holding" means Zhejiang G

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 China Operations The following diagram illustrates our corporate structure, including our principal and other subsidiaries as of the date of this annual report. ECARX Holdings is not an operating company but a Cayman Islands holding company. We conduct operations through our subsidiaries, with our operations in China currently being conducted by our PRC subsidiaries. Investors in the Class A Ordinary Shares or in ECARX Holdings are not acquiring equity interest in any operating company but instead are acquiring interest in a Cayman Islands holding company. This holding company structure involves unique risks to investors. As a holding company, ECARX Holdings may rely on dividends from its subsidiaries for cash requirements, including any payment of dividends to its shareholders. The ability of our subsidiaries to pay dividends or make distributions to ECARX Holdings may be restricted by laws and regulations applicable to them or the debt they incur on their own behalf or the instruments governing their debt. In addition, PRC regulatory authorities could disallow this holding company structure and limit or hinder our ability to conduct our business through, receive dividends or distributions from, or transfer funds to, the operating companies or list on a U.S. or other foreign exchange, which could cause the value of our securities to significantly decline or become worthless. Prior to 2022, we conducted our operations in China through our PRC subsidiaries and through Hubei ECARX Technology Co., Ltd., the former VIE, with which we, our subsidiary, and the nominee shareholders of the former VIE entered into certain contractual arrangement. PRC laws, regulations, and rules restrict and impose conditions on foreign investment in certain types of businesses, and we operated certain businesses, including businesses that were subject to such restrictions and conditions in China such as surveying and mapping ser

View Full Filing

View this 20-F filing on SEC EDGAR