LightInTheBox Holding Co., Ltd. Files 20-F Annual Report

TL;DR

<b>LightInTheBox Holding Co., Ltd. has filed its 20-F annual report detailing financial performance and structure as of December 31, 2023.</b>

AI Summary

LightInTheBox Holding Co., Ltd. (LITB) filed a Foreign Annual Report (20-F) with the SEC on March 28, 2024. The filing is a 20-F annual report for LightInTheBox Holding Co., Ltd. for the period ending December 31, 2023. The company's business address is located at 51 Tai Seng Avenue, #05-02B/C, Pixel Red, Singapore, 533941. The filing includes detailed financial statement information for various periods, including common stock, treasury stock, retained earnings, and additional paid-in capital. Specific financial data points such as operating lease liabilities (current and noncurrent) are referenced. The report pertains to the fiscal year ending December 31, 2023, with comparative data from prior years.

Why It Matters

For investors and stakeholders tracking LightInTheBox Holding Co., Ltd., this filing contains several important signals. This 20-F filing provides a comprehensive overview of LightInTheBox's financial position and operational details for the fiscal year 2023, crucial for investors assessing the company's health and future prospects. The detailed financial data, including equity components and lease liabilities, allows stakeholders to understand the company's capital structure and financial commitments.

Risk Assessment

Risk Level: — LightInTheBox Holding Co., Ltd. shows moderate risk based on this filing. The filing is a standard annual report (20-F) and does not contain immediate, significant new risks or events beyond routine disclosures.

Analyst Insight

Investors should review the detailed financial statements and disclosures within the 20-F to understand LightInTheBox's financial health and strategic positioning.

Key Numbers

• 2023-12-31 — Conformed Period of Report (The end date for the reporting period.)
• 2024-03-28 — Filed As Of Date (The date the filing was submitted to the SEC.)
• 5961 — Standard Industrial Classification (SIC code for the company's industry (Retail - Catalog & Mail-Order Houses).)

Key Players & Entities

• LightInTheBox Holding Co., Ltd. (company) — Filer of the 20-F report
• 51 Tai Seng Avenue (location) — Company's business address
• Singapore (location) — Company's business address city
• 2023-12-31 (date) — Conformed period of report
• 2024-03-28 (date) — Filed as of date

FAQ

Industry Context

LightInTheBox operates in the retail sector, specifically catalog and mail-order houses, an industry characterized by e-commerce and global supply chains.

Regulatory Implications

As a foreign private issuer, LightInTheBox is subject to SEC regulations, including the requirement to file annual reports on Form 20-F.

What Investors Should Do

1. Review the detailed financial statements within the 20-F for revenue, net income, and balance sheet figures.
2. Analyze the disclosures regarding share capital, treasury stock, and other equity components.
3. Examine any notes to the financial statements for further context on accounting policies and significant transactions.

Key Dates

• 2023-12-31: End of Fiscal Year — Reporting period end date for the 20-F filing.
• 2024-03-28: Filing Date — Date the 20-F annual report was officially filed with the SEC.

Glossary

20-F

An annual report required for foreign private issuers with the U.S. Securities and Exchange Commission. (This filing type provides detailed financial and operational information for investors.)

Year-Over-Year Comparison

This is the initial extraction of data from the 2024 filing; comparative data from previous filings would be needed for a direct comparison.

Key Financial Figures

• $0.000067 — registered Ordinary Shares, par value $0.000067 per share American Depositary Shares,
• $ — the context requires otherwise; and "$," "dollars" and "U.S. dollars" are to t

Filing Documents

• litb-20231231x20f.htm (20-F) — 3558KB
• litb-20231231xex8d1.htm (EX-8.1) — 14KB
• litb-20231231xex12d1.htm (EX-12.1) — 13KB
• litb-20231231xex12d2.htm (EX-12.2) — 13KB
• litb-20231231xex13d1.htm (EX-13.1) — 8KB
• litb-20231231xex13d2.htm (EX-13.2) — 8KB
• litb-20231231xex15d1.htm (EX-15.1) — 3KB
• litb-20231231xex15d2.htm (EX-15.2) — 4KB
• litb-20231231xex97d1.htm (EX-97.1) — 29KB
• litb-20231231x20f001.jpg (GRAPHIC) — 118KB
• 0001104659-24-039911.txt (&nbsp;) — 14739KB
• litb-20231231.xsd (EX-101.SCH) — 77KB
• litb-20231231_cal.xml (EX-101.CAL) — 84KB
• litb-20231231_def.xml (EX-101.DEF) — 354KB
• litb-20231231_lab.xml (EX-101.LAB) — 722KB
• litb-20231231_pre.xml (EX-101.PRE) — 554KB
• litb-20231231x20f_htm.xml (XML) — 2974KB

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 Securities Exchange Act of 1934). 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 1 ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 1 ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 1 ITEM 3. KEY INFORMATION 1 ITEM 4. INFORMATION ON THE COMPANY 27 ITEM 4A. UNRESOLVED STAFF COMMENTS 44 ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 44 ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 56 ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 64 ITEM 8. FINANCIAL INFORMATION 66 ITEM 9. THE OFFER AND LISTING 67 ITEM 10. ADDITIONAL INFORMATION 67 ITEM 11.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 74 ITEM 12.

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 75 PART II 78 ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 78 ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 78 ITEM 15.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 78 ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 79 ITEM 16B. CODE OF ETHICS 79 ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 79 ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 80 ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED 80 ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 80 ITEM 16G. CORPORATE GOVERNANCE 80 ITEM 16H. MINE SAFETY DISCLOSURE 81 ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT 81 ITEM 16J . INSIDER TRADING POLICIES 81 ITEM 16K . CYBERSECURITY 81 PART III 82 ITEM 17.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 82 ITEM 18.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 82 ITEM 19. EXHIBITS 83 i Table of Contents CONVENTIONS THAT APPLY TO THIS ANNUAL REPORT ON FORM 20-F Unless where the context otherwise requires, references in this annual report on Form 20-F to: "ADRs" are to the American depositary receipts, which, if issued, evidence the ADSs; "ADSs" are to the American depositary shares, each of which represents two ordinary shares; "China" and the "PRC" are to the People's Republic of China, excluding, for the purposes of this annual report only, Taiwan and the special administrative regions of Hong Kong and Macau; "EU" are to the European Union; "shares" or "ordinary shares" are to our ordinary shares, par value $0.000067 per share; "RMB" and "Renminbi" are to the legal currency of China; "UK" are to United Kingdom; "we," "us," "our company" and "our" are to LightInTheBox Holding Co., Ltd., together with its consolidated subsidiaries as a consolidated entity, unless the context requires otherwise; and "$," "dollars" and "U.S. dollars" are to the legal currency of the United States. The consolidated financial statements include the financial statements of the Company and its subsidiaries. All inter-company transactions and balances are eliminated upon consolidation. ii Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This annual report on Form 20-F contains statements of a forward-looking nature. All statements other than statements of historical facts are forward-looking statements. These forward-looking statements are made under the "safe harbor" provision under Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and as defined in the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. In some cases, these forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. These forward-looking statements relate to, among others: our growth strategies; our future business development, results of operations and financial condition; trends in online consumer retailing; trends in Chinese manufacturing; the expected benefits of our acquisitions or investments; consumer and economic dynamics in the markets we serve, including any adverse effects the coronavirus outbreak may have on income due to lower transaction volumes; expected changes in our revenues and certain cost and expense items; and assumptions underlying or related to any of the foregoing. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. You should read these statements in conjunction with the risks disclosed in "Item 3.D. Risk Factors" of this annual report and other risks outlined in our other filings with the Securities and Exchange Commissio

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 LightInTheBox Holding Co., Ltd. is a Cayman Islands holding company with no material operations of our own. We conduct our operations primarily through our subsidiaries in Singapore, Hong Kong, the PRC, the United States and Netherlands. We generate our revenue from countries outside the PRC. 1 Table of Contents The Holding Foreign Companies Accountable Act The Holding Foreign Companies Accountable Act, or the HFCAA, was enacted on December 18, 2020. The HFCAA states that if the SEC determines that we have filed audit reports issued by a registered public accounting firm that has not been subject to inspection by the PCAOB for three consecutive years beginning in 2021, the SEC will prohibit our shares or the ADSs from being traded on a national securities exchange or in the over-the-counter trading market in the United States. On December 16, 2021, the PCAOB issued a report to notify the SEC of its determination that the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong, and our predecessor auditor, Ernst & Young Hua Ming LLP, was subject to this determination (the "2021 Determinations"). As a result, we were conclusively identified by the SEC as a "Commission-Identified Issuer" on June 1, 2022, following the filing with the SEC on May 2, 2022 of our annual report on Form 20-F for the fiscal year ended December 31, 2021, which contains an audit report issued by Ernst & Young Hua Ming LLP. In June 2021, the Senate passed the Accelerating Holding Foreign Companies Accountable Act (the "AHFCAA"), which was signed into law on December 29, 2022, amending the HFCAA and requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchange if its auditor is not subject to PCAOB inspections for two consecutive years instead of three consecutive years. On August 26, 2022, the PCAOB announced that it had sig

View Full Filing

View this 20-F filing on SEC EDGAR