Sunrise New Energy Co., Ltd. Files 2023 Annual Report on Form 20-F

Ticker: EPOW · Form: 20-F · Filed: May 16, 2024 · CIK: 1780731

Sunrise New Energy Co., Ltd. 20-F Filing Summary
FieldDetail
CompanySunrise New Energy Co., Ltd. (EPOW)
Form Type20-F
Filed DateMay 16, 2024
Risk Levellow
Pages15
Reading Time19 min
Key Dollar Amounts$0.0001
Sentimentneutral

Sentiment: neutral

Topics: 20-F, Annual Report, Sunrise New Energy, EPOW, Nasdaq

TL;DR

<b>Sunrise New Energy Co., Ltd. has filed its 2023 annual report on Form 20-F, detailing its financial performance and corporate information.</b>

AI Summary

Sunrise New Energy Co., Ltd. (EPOW) filed a Foreign Annual Report (20-F) with the SEC on May 16, 2024. Filed its annual report on Form 20-F for the fiscal year ended December 31, 2023. The company's Class A ordinary shares trade on The Nasdaq Stock Market LLC under the symbol EPOW. As of December 31, 2023, there were 26,141,350 Class A ordinary shares outstanding. The company was formerly known as Global Internet of People, Inc. and changed its name on June 25, 2019. Principal executive offices are located in Zibo City, Shandong Province, People's Republic of China.

Why It Matters

For investors and stakeholders tracking Sunrise New Energy Co., Ltd., this filing contains several important signals. This filing provides investors with the company's official year-end financial statements and operational overview for 2023. As a publicly traded company on Nasdaq, this annual report is crucial for understanding its current status and future prospects.

Risk Assessment

Risk Level: low — Sunrise New Energy Co., Ltd. shows low risk based on this filing. The filing is a standard annual report (20-F) and does not contain new material events or significant financial disclosures that would indicate immediate high risk.

Analyst Insight

Monitor future filings for updates on the company's operational performance and financial health, particularly in relation to its Nasdaq listing.

Key Numbers

  • 26,141,350 — Class A ordinary shares outstanding (As of December 31, 2023)
  • 2023-12-31 — Fiscal year end (Covered by the annual report)
  • 2024-05-16 — Filing date (Date the 20-F was filed)
  • 001-40008 — SEC file number (Commission file number for the registrant)

Key Players & Entities

  • Sunrise New Energy Co., Ltd. (company) — Filer and registrant
  • EPOW (company) — Trading symbol for Class A ordinary shares
  • The Nasdaq Stock Market LLC (company) — Exchange where Class A ordinary shares are registered
  • Global Internet of People, Inc. (company) — Former company name
  • Haiping Hu (person) — Chief Executive Officer

FAQ

When did Sunrise New Energy Co., Ltd. file this 20-F?

Sunrise New Energy Co., Ltd. filed this Foreign Annual Report (20-F) with the SEC on May 16, 2024.

What is a 20-F filing?

A 20-F is a annual report for foreign private issuers, equivalent to a 10-K but following international reporting standards. This particular 20-F was filed by Sunrise New Energy Co., Ltd. (EPOW).

Where can I read the original 20-F filing from Sunrise New Energy Co., Ltd.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Sunrise New Energy Co., Ltd..

What are the key takeaways from Sunrise New Energy Co., Ltd.'s 20-F?

Sunrise New Energy Co., Ltd. filed this 20-F on May 16, 2024. Key takeaways: Filed its annual report on Form 20-F for the fiscal year ended December 31, 2023.. The company's Class A ordinary shares trade on The Nasdaq Stock Market LLC under the symbol EPOW.. As of December 31, 2023, there were 26,141,350 Class A ordinary shares outstanding..

Is Sunrise New Energy Co., Ltd. a risky investment based on this filing?

Based on this 20-F, Sunrise New Energy Co., Ltd. presents a relatively low-risk profile. The filing is a standard annual report (20-F) and does not contain new material events or significant financial disclosures that would indicate immediate high risk.

What should investors do after reading Sunrise New Energy Co., Ltd.'s 20-F?

Monitor future filings for updates on the company's operational performance and financial health, particularly in relation to its Nasdaq listing. The overall sentiment from this filing is neutral.

How does Sunrise New Energy Co., Ltd. compare to its industry peers?

Sunrise New Energy Co., Ltd. operates within the electrical machinery and equipment sector, with its shares listed on a major US stock exchange.

Are there regulatory concerns for Sunrise New Energy Co., Ltd.?

The company is subject to the reporting and compliance requirements of the U.S. Securities and Exchange Commission (SEC) under the Securities Exchange Act of 1934.

Risk Factors

  • Compliance with SEC Reporting Requirements [low — regulatory]: The company must comply with the reporting obligations of the Securities Exchange Act of 1934, including filing annual reports on Form 20-F.
  • Listing on The Nasdaq Stock Market [low — market]: The company's Class A ordinary shares are listed on The Nasdaq Stock Market LLC, subject to its rules and regulations.
  • Principal Executive Offices Location [low — operational]: The company's principal executive offices are located in Zibo City, Shandong Province, People's Republic of China.

Industry Context

Sunrise New Energy Co., Ltd. operates within the electrical machinery and equipment sector, with its shares listed on a major US stock exchange.

Regulatory Implications

The company is subject to the reporting and compliance requirements of the U.S. Securities and Exchange Commission (SEC) under the Securities Exchange Act of 1934.

What Investors Should Do

  1. Review the full 20-F filing for detailed financial statements and management discussion.
  2. Track future SEC filings for any material changes or updates to the company's operations.
  3. Monitor news and analyst reports related to Sunrise New Energy and its industry.

Key Dates

  • 2023-12-31: Fiscal Year End — End of the reporting period for the annual financial statements.
  • 2024-05-16: Filing Date — Date the Form 20-F was officially filed with the SEC.

Year-Over-Year Comparison

This is the company's annual report for the fiscal year ended December 31, 2023, filed on Form 20-F.

Filing Stats: 4,638 words · 19 min read · ~15 pages · Grade level 14.5 · Accepted 2024-05-15 17:43:54

Key Financial Figures

  • $0.0001 — nd 0 Class B ordinary shares, par value $0.0001 per share, were outstanding as of Decem

Filing Documents

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 102 ITEM 12.

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 102 PART II 103 ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 103 ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 103 ITEM 15.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 103 ITEM 16. [RESERVED] 104 ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 104 ITEM 16B. CODE OF ETHICS 104 ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 105 ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 105 ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 105 ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 105 ITEM 16G. CORPORATE GOVERNANCE 106 ITEM 16H. MINE SAFETY DISCLOSURE 106 ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 106 ITEM 16J. INSIDER TRADING POLICIES 106 ITEM 16K. CYBERSECURITY 106 PART III 107 ITEM 17.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 107 ITEM 18.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 107 ITEM 19. EXHIBITS 107 i INTRODUCTION We are a holding company incorporated in the Cayman Islands with no material operations of our own. We are not a Chinese operating company. Investors of our Ordinary Shares do not own any equity interests in the VIE, but instead own shares of a Cayman Islands holding company. Unless otherwise "us," "Company," "Sunrise New Energy", or "our," refers to Sunrise New Energy Co., Ltd., a Cayman Islands holding company, and "VIE" refers to the variable interest entity ("VIE"), Global Mentor Board (Zibo) Information Technology Co., Ltd., or SDH. Unless the context otherwise requires, in this annual report on Form 20-F, references to: "Affiliated Entities" are to Sunrise New Energy's subsidiaries, and the VIE and its subsidiaries; "APP" are to our mobile application, "Shidonghui APP;" "China" or the "PRC" are to the People's Republic of China; "Class A Ordinary Shares" or "Class A ordinary shares" are to Class A ordinary shares in the capital of the Company, par value $0.0001 per share; "Class B Ordinary Shares" or "Class B ordinary shares" are to Class B ordinary shares in the capital of the Company, par value $0.0001 per share; "Enterprise Service Client" or "Enterprise Service Clients" are to small and medium-sized enterprises that have entered into service agreements with us for customized enterprise services; "Expert" or "Experts" are to individual(s) qualified and certified by us to provide services to Users and Members; "GIOP BJ" are to Beijing Mentor Board Union Information Technology Co, Ltd., a limited liability company organized under the laws of the PRC, Zhuhai Zibo's wholly owned subsidiary; "GMB HK" are to "Global Mentor Board Information Technology Limited", Sunrise New Energy's wholly-owned-subsidiary, a Hong Kong corporation. "GMB (Hangzhou)

IDENTITY

Item 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS Not Applicable.

OFFER

Item 2. OFFER STATISTICS AND EXPECTED TIMETABLE Not Applicable.

KEY INFORMATION

Item 3. KEY INFORMATION We are a Cayman Islands holding company conducting a substantial portion of our operations in China through our PRC operating entities. Unless otherwise stated, as used in this annual report, the terms "we," "us," "our," "Sunrise New Energy," "our Company," and the "Company" refer to Sunrise New Energy Co., Ltd., an exempted company with limited liability incorporated under the laws of the Cayman Islands; and "SDH" or "the VIE" are to Global Mentor Board (Zibo) Information Technology Co., Ltd., a limited liability company organized under the laws of the PRC, which we control via a series of contractual arrangements among GIOP BJ, SDH and shareholders of SDH (the "VIE Agreements"). As of the date of this annual report, substantially all of our business is conducted by (1) Sunrise Guizhou, a joint venture established by Zhuhai Zibo (a wholly owned subsidiary of the Company) and certain other partners, as a limited company pursuant to PRC laws for the purpose of manufacturing and sales of graphite anode materials; and (2) SDH, the Company's VIE entity that operates a knowledge sharing platform in China. Investors of our Ordinary Shares do not hold shares in the PRC operating entities, but instead hold shares of a Cayman Islands exempted company. Further, neither we nor our subsidiaries own any shares in the VIE. Instead, for accounting purposes, we control and receive the economic benefits of the VIE's business operation through a series of contractual arrangements, also known as VIE Agreements, dated June 10, 2019. The VIE Agreements enable us to consolidate the financial results of the VIE and its subsidiaries in our consolidated financial statements under the generally accepted accounting principles in the United States ("U.S. GAAP"). Pursuant to the VIE Agreements, which have not been tested in a court of law, under, the assets and liabilities of the VIE are treated as our assets and liabilities and the results of operations of the VIE ar

financial statements and the related notes in this annual report

financial statements and the related notes in this annual report. 1 We are subject to legal and operational risks associated with being based in the PRC, which could result in a material change in our PRC operating entities and the VIE's operations and/or the value of the securities we are registering for sale, or could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of our securities to significantly decline or be worthless. PRC laws and regulations governing our current business operations are sometimes vague and uncertain. Recently, the PRC government adopted a series of regulatory actions and issued statements to regulate business operations in the PRC with little advance notice, including cracking down on illegal activities in the securities market, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. For example, the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council jointly issued the Opinions on Severely Cracking Down on Illegal Securities Activities According to Law, or the Opinions, which were made available to the public on July 6, 2021. The Opinions emphasized the need to strengthen the administration over illegal securities activities and the need to strengthen the supervision over overseas listings by Chinese companies. As of the date of this annual report, we, our PRC subsidiaries, or the VIE and its subsidiaries have not been involved in any investigations on cybersecurity review initiated by any PRC regulatory authority, nor has any of them received any inquiry, notice, or sanction. As confirmed by our PRC counsel, Jincheng Tongda & Neal Law Firm ("JT&N"), as of the date of this annual report, we are not subject to cybersecurity review with the Cyberspace Administration of China, or the CAC, under the Cybersecurity Review Measures that

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