Intchains Group Ltd Files 20-F for Fiscal Year Ended December 31, 2023

TL;DR

<b>Intchains Group Ltd has submitted its 2023 annual report on Form 20-F, detailing financial performance and operational information.</b>

AI Summary

Intchains Group Ltd (ICG) filed a Foreign Annual Report (20-F) with the SEC on March 18, 2024. Intchains Group Ltd filed its annual report on Form 20-F for the fiscal year ended December 31, 2023. The filing includes financial data for the years ended December 31, 2023, 2022, and 2021. Key dates mentioned include various filing and reporting periods throughout 2021, 2022, and 2023. The company's business address is located in the Lin-Gang Special Area, Pudong, Shanghai. The filing references specific accounting treatments, including stock subdivision restatements and reclassifications of expenses.

Why It Matters

For investors and stakeholders tracking Intchains Group Ltd, this filing contains several important signals. This filing provides investors with a comprehensive overview of Intchains Group Ltd's financial health and business operations for the fiscal year 2023, enabling informed investment decisions. The detailed financial statements and disclosures within the 20-F allow for year-over-year comparisons and an understanding of the company's strategic direction and any significant accounting adjustments.

Risk Assessment

Risk Level: low — Intchains Group Ltd shows low risk based on this filing. The filing is a standard annual report (20-F) and does not contain immediate, significant negative news or disclosures that would elevate the risk profile.

Analyst Insight

Monitor future filings for detailed financial performance, segment revenues, and any updates on strategic initiatives or market conditions affecting the semiconductor industry.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reported fiscal year end)
• 2022-12-31 — Prior Year End (Comparative fiscal year end)
• 2021-12-31 — Prior Year End (Comparative fiscal year end)
• 2024-03-18 — Filing Date (Date the 20-F was filed)

Key Players & Entities

• Intchains Group Ltd (company) — Filer of the 20-F report
• 0001193125-24-070138 (other) — Accession number for the filing
• 20240318 (date) — Filing date
• 20231231 (date) — Fiscal year end
• SHANGHAI (location) — City of business address
• PUDONG (location) — District of business address
• RMB (currency) — Currency mentioned for expense amounts
• CNY (currency) — Currency associated with financial data

FAQ

Risk Factors

• Retroactive Restatement for Stock Subdivision [low — financial]: The company retroactively restated financial information due to a stock subdivision, as detailed in Note 1.
• Reclassification of Expenses [low — financial]: Certain expenses, including share-based compensation and entertainment expenses exceeding tax deduction limits, are noted.
• Reclassification of Income and Expenses [low — financial]: Amortization of other income and interest expense, along with guarantee fees, were reclassified to other income, net (Note 2(ad)).
• Reclassification of Lease-Related Items [low — financial]: Amortization of right-of-use assets and changes in lease liabilities were reclassified (Note 2(ad)).

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 20-F filing.

Key Financial Figures

• $0.000001 — two Class A ordinary shares, par value $0.000001 per share ICG The Nasdaq Stock Mark
• $1 — rt are made at a rate of RMB7.0999 to US$1.00, the noon buying rate in effect as o
• $68.7 million — million in 2021 to RMB473.7 million (US$68.7 million) in 2022 and further decreased to RMB82
• $11.6 million — further decreased to RMB82.2 million (US$11.6 million) in 2023. Our net income decreased from
• $3.8 million — corded a net loss of RMB26.8 million (US$3.8 million) in 2023. Despite these challenges, w

Filing Documents

• d574315d20f.htm (20-F) — 2575KB
• d574315dex121.htm (EX-12.1) — 10KB
• d574315dex122.htm (EX-12.2) — 10KB
• d574315dex131.htm (EX-13.1) — 3KB
• d574315dex132.htm (EX-13.2) — 3KB
• d574315dex151.htm (EX-15.1) — 4KB
• d574315dex161.htm (EX-16.1) — 51KB
• d574315dex971.htm (EX-97.1) — 40KB
• g574315g00s01.jpg (GRAPHIC) — 95KB
• g574315g0219134956990.jpg (GRAPHIC) — 5KB
• g574315g41a14.jpg (GRAPHIC) — 83KB
• 0001193125-24-070138.txt (&nbsp;) — 10824KB
• icg-20231231.xsd (EX-101.SCH) — 81KB
• icg-20231231_cal.xml (EX-101.CAL) — 64KB
• icg-20231231_def.xml (EX-101.DEF) — 295KB
• icg-20231231_lab.xml (EX-101.LAB) — 585KB
• icg-20231231_pre.xml (EX-101.PRE) — 470KB
• d574315d20f_htm.xml (XML) — 1635KB

Forward-looking Statements

Forward-looking Statements 2 Part I. 3

Identity of Directors, Senior Management and Advisers

Item 1. Identity of Directors, Senior Management and Advisers 3

Offer Statistics and Expected Timetable

Item 2. Offer Statistics and Expected Timetable 3

Key Information

Item 3. Key Information 3

Information on the Company

Item 4. Information on the Company 41

Unresolved Staff Comments

Item 4A. Unresolved Staff Comments 58

Operating and Financial Review and Prospects

Item 5. Operating and Financial Review and Prospects 58

Directors, Senior Management and Employees

Item 6. Directors, Senior Management and Employees 70

Major Shareholders and Related Party Transactions

Item 7. Major Shareholders and Related Party Transactions 78

Financial Information

Item 8. Financial Information 78

The Offer and Listing

Item 9. The Offer and Listing 79

Additional Information

Item 10. Additional Information 79

Quantitative and Qualitative Disclosures About Market Risk

Item 11. Quantitative and Qualitative Disclosures About Market Risk 85

Description of Securities Other Than Equity Securities

Item 12. Description of Securities Other Than Equity Securities 86 Part II. 88

Defaults, Dividend Arrearages and Delinquencies

Item 13. Defaults, Dividend Arrearages and Delinquencies 88

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 88

Controls and Procedures

Item 15. Controls and Procedures 88

Reserved

Item 16. Reserved 89

Audit Committee Financial Expert

Item 16A. Audit Committee Financial Expert 89

Code of Ethics

Item 16B. Code of Ethics 89

Principal Accountant Fee and Services

Item 16C. Principal Accountant Fee and Services 89

Exemptions from the Listing Standards for Audit Committees

Item 16D. Exemptions from the Listing Standards for Audit Committees 90

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers 90

Change in Registrant's Certifying Accountant

Item 16F. Change in Registrant's Certifying Accountant 90

Corporate Governance

Item 16G. Corporate Governance 90

Mine Safety Disclosure

Item 16H. Mine Safety Disclosure 90

Disclosure regarding Foreign Jurisdictions that Prevent Inspections

Item 16I. Disclosure regarding Foreign Jurisdictions that Prevent Inspections 90

Insider Trading Policies

Item 16J. Insider Trading Policies 90

Cybersecurity

Item 16K. Cybersecurity 91 Part III. 92

Financial Statements

Item 17. Financial Statements 92

Financial Statements

Item 18. Financial Statements 92

Exhibits

Item 19. Exhibits 93 Signature 94 i Table of Contents INTRODUCTION Except where the context otherwise requires and for purposes of this annual report only: unless otherwise noted, all references to years are to the calendar years from January 1 to December 31 and references to our fiscal year or years are to the fiscal year or years ended December 31. "ADRs" refers to the American depositary receipts, which, if issued, evidence our ADSs. "ADSs" refers to our American depositary shares, each of which represents two Class A ordinary shares. "ASICs" refers to application-specific ICs, meaning ICs designed for a specific application. "CAC" refers to the Cyberspace Administration of China. "China" or the "PRC", in each case, refers to the People's Republic of China, including Hong Kong, Macau and Taiwan. The term "Chinese" has a correlative meaning for the purpose of this annual report. When used in the case of laws and regulations, of "China" or "the PRC", it refers to only such laws and regulations of mainland China all references to "Renminbi" or "RMB" are to the legal currency of mainland China, and all references to "U.S. dollars," "dollars," "$" or "US$" are to the legal currency of the United States. "Class A ordinary shares" refers to our class A ordinary shares, par value US$0.000001 per share. "Class B ordinary shares" refers to our class B ordinary shares, par value US$0.000001 per share. "Company" refers to Intchains Group Limited, a Cayman Islands company and its subsidiaries. "CSRC" refers to the China Securities Regulatory Commission. "EIT" refers to enterprise income tax. "IC" or "chips" refers to integrated circuits. "iterate" or "iteration" refers to the act of repeating a process, either to generate an unbounded sequence of outcomes, or with the aim of approaching a desired goal, target or result. "mainland China" refers to the People's Republic of China, excluding, solely for the purpose of this annual report,

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This annual report on Form 20-F contains forward-looking statements that are based on our current expectations, assumptions, estimates and projections about us and our industry. All statements other than statements of historical facts in this annual report are forward-looking statements. In some cases, these forward-looking statements can be identified by words and phrases such as "may," "should," "intend," "predict," "potential," "continue," "will," "expect," "anticipate," "estimate," "plan," "believe," "is /are likely to" or the negative form of these words and phrases or other comparable expressions. The forward-looking statements included in this annual report relate to, among others: our goals and strategies; our future prospects and market acceptance of our products and services; our future business development, financial condition and results of operations; expected changes in our revenue, costs or expenditures; anticipated cash needs and its needs for additional financing; growth of and competition trends in our industry; our ability to successfully integrate acquisitions; our expectations regarding demand for, and market acceptance of, our products; expectations with respect to the success of our research and development efforts; expectations regarding our growth rates, growth plans and strategies; general economic and business conditions in the markets in which we operate; relevant government policies and regulations relating to our business and industry; PRC laws, regulations and policies, including those applicable to the IC industry and foreign exchange; the impact of the geopolitical tensions between the United States and China or other countries, and the impact of actual or potential international military actions; the impact of the outbreak and continuing spread of the coronavirus disease, or COVID-19, and other pandemics or natural disasters; and assumptions underlying or related to any of

View Full Filing

View this 20-F filing on SEC EDGAR