Nano Labs Ltd Files 20-F Annual Report for Fiscal Year Ended December 31, 2023

TL;DR

<b>Nano Labs Ltd has filed its 2023 annual report on Form 20-F, detailing its share structure and trading information.</b>

AI Summary

Nano Labs Ltd (NA) filed a Foreign Annual Report (20-F) with the SEC on April 8, 2024. Nano Labs Ltd filed its annual report on Form 20-F for the fiscal year ended December 31, 2023. The company's Class A ordinary shares are traded on the Nasdaq Global Market under the symbol NA. As of December 31, 2023, Nano Labs Ltd had 37,242,359 Class A ordinary shares outstanding. The company also had 28,589,078 Class B ordinary shares outstanding as of the same date. A 2-for-1 share consolidation was effective from January 31, 2024.

Why It Matters

For investors and stakeholders tracking Nano Labs Ltd, this filing contains several important signals. This filing provides investors with the official financial and operational overview of Nano Labs Ltd for the 2023 fiscal year, crucial for assessing the company's performance and future prospects. The disclosure of outstanding share counts and the recent share consolidation offers transparency into the company's capital structure and potential impact on share value and liquidity.

Risk Assessment

Risk Level: low — Nano Labs Ltd shows low risk based on this filing. The filing is a standard annual report (20-F) and does not contain immediate, significant financial or operational disclosures that would alter the risk profile beyond what is typically expected for a public company.

Analyst Insight

Investors should review the full 20-F filing to understand Nano Labs Ltd's financial performance, operational details, and any forward-looking statements for the fiscal year 2023.

Key Numbers

• 37,242,359 — Class A ordinary shares outstanding (As of December 31, 2023)
• 28,589,078 — Class B ordinary shares outstanding (As of December 31, 2023)
• 2-for-1 — Share consolidation ratio (Effective January 31, 2024)

Key Players & Entities

• Nano Labs Ltd (company) — Registrant
• Nasdaq Global Market (company) — Exchange where Class A ordinary shares are traded
• Jianping Kong (person) — Chief Executive Officer

FAQ

Industry Context

Nano Labs Ltd operates in the semiconductors and related devices industry.

Regulatory Implications

As a foreign private issuer, Nano Labs Ltd files annual reports on Form 20-F with the SEC, which are less detailed than domestic US filings.

What Investors Should Do

1. Review the full 20-F filing for detailed financial statements and management discussion.
2. Analyze the impact of the 2-for-1 share consolidation on share price and investor holdings.
3. Monitor future filings for updates on operational performance and strategic initiatives.

Key Dates

• 2023-12-31: Fiscal Year End — Reporting period for the 20-F filing
• 2024-01-31: Share Consolidation Effective Date — Impacts outstanding share counts reported
• 2024-04-08: Filing Date — Date the 20-F was submitted to the SEC

Year-Over-Year Comparison

This is the initial 20-F filing for the fiscal year 2023, following the company's reporting obligations.

Key Financial Figures

• $0.0002 — : Class A ordinary shares, par value US$0.0002 each (giving effect to the 2-for-1 shar
• $0.0001 — idated two shares with a par value of US$0.0001 each in our issued and unissued share c
• $50,000 — , our authorized share capital became US$50,000 divided into 250,000,000 ordinary share
• $1 — dollars has been made at RMB7.0827 to US$1.00, the central parity rate on December
• $0.9 million — s had reserve fund of RMB6.6 million (US$0.9 million). None of our PRC subsidiaries has iss
• $21.1 m — 2023, we transferred cash proceeds of US$21.1 million, US$24.3 million and US$17.5 mill
• $24.3 million — red cash proceeds of US$21.1 million, US$24.3 million and US$17.5 million to our PRC subsidia
• $17.5 million — US$21.1 million, US$24.3 million and US$17.5 million to our PRC subsidiaries for the settlem

Filing Documents

• ea0202375-20f_nanolabs.htm (20-F) — 2189KB
• ea020237501ex1-1_nanolabs.htm (EX-1.1) — 267KB
• ea020237501ex2-2_nanolabs.htm (EX-2.2) — 76KB
• ea020237501ex8-1_nanolabs.htm (EX-8.1) — 9KB
• ea020237501ex12-1_nanolabs.htm (EX-12.1) — 10KB
• ea020237501ex12-2_nanolabs.htm (EX-12.2) — 12KB
• ea020237501ex13-1_nanolabs.htm (EX-13.1) — 4KB
• ea020237501ex13-2_nanolabs.htm (EX-13.2) — 4KB
• ea020237501ex15-1_nanolabs.htm (EX-15.1) — 6KB
• ea020237501ex15-2_nanolabs.htm (EX-15.2) — 2KB
• ea020237501ex97-1_nanolabs.htm (EX-97.1) — 39KB
• image_001.jpg (GRAPHIC) — 195KB
• ex15-1_001.jpg (GRAPHIC) — 15KB
• 0001213900-24-031192.txt (&nbsp;) — 10440KB
• ck0001872302-20231231.xsd (EX-101.SCH) — 87KB
• ck0001872302-20231231_cal.xml (EX-101.CAL) — 61KB
• ck0001872302-20231231_def.xml (EX-101.DEF) — 423KB
• ck0001872302-20231231_lab.xml (EX-101.LAB) — 747KB
• ck0001872302-20231231_pre.xml (EX-101.PRE) — 428KB
• ea0202375-20f_nanolabs_htm.xml (XML) — 1167KB

QUANTITATIVE AND QUALITATIVE DISCLOSURES

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 131 Item 12.

DESCRIPTION OF SECURITIES OTHER THAN

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 132 PART II 133 Item 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 133 Item 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 133 Item 15.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 134 Item 16. [RESERVED] 135 Item 16A. AUDIT COMMITTEE FINANCIAL EXPERT 135 Item 16B. CODE OF ETHICS 135 Item 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 136 Item 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 136 Item 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 136 Item 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 136 Item 16G. CORPORATE GOVERNANCE 136 Item 16H. MINE SAFETY DISCLOSURE 137 Item 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 137 ITEM 16J. INSIDER TRADING POLICIES 137 ITEM 16K. CYBERSECURITY 138 PART III 139 Item 17.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 139 Item 18.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 139 Item 19. EXHIBITS 139 INDEX TO CONSOLIDATED

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS F-1 i INTRODUCTION Except where the context otherwise requires and for purposes of this annual report on Form 20-F only: "CAGR" refers to compound annual growth rate; "China" and "PRC" refers to the People's Republic of China, excluding, for the purposes of this annual report only, Taiwan, the Hong Kong Special Administrative Region and the Macau Special Administrative Region; "Class A ordinary shares" refers to our Class A ordinary shares, par value US$0.0002 per share; "Class B ordinary shares" refers to our Class B ordinary shares, par value US$0.0002 per share; "hash rate" refers to the processing power of the cryptocurrency network and represents the number of computations that is processed by the network in a given time period; "ICs" or "chips" refers to integrated circuits; "nm" refers to nanometer (1 meter = 1,000,000,000 nanometers); "RMB" and "Renminbi" refers to the legal currency of China; "shares" and "ordinary shares" refers to our Class A ordinary shares and our Class B ordinary shares; "TH/s" and "GH/s" refers to the measuring unit of hash rate, which represent the processing power of the cryptocurrency mining machine. 1 TH/s =1,000 GH/s; "US$" and "U.S. dollars" refers to the legal currency of the United States of America; and "we," "us," "our company," "our," and "our group" refers to Nano Labs Ltd, our Cayman Islands holding company, its predecessor entity and its subsidiaries, as the context requires. On December 29, 2023, Citibank N.A. distributed a notification regarding the amendment to the deposit agreement, dated December 19, 2023, as amended, and the termination of American depositary receipts facility for our American depositary shares, effective from February 1, 2024. Effective from January 31, 2024, we conducted a 2-to-1 share consolidation, which consolidated two shares with a par value of US$0.0001 each in our issued and unissued share capital into one share with a par value of US$0

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 A. [Reserved] B. Capitalization and Indebtedness Not applicable. C. Reasons for the Offer and Use of Proceeds Not applicable. D. Risk Factors Our business is subject to numerous risks and uncertainties, including risks that may prevent us from achieving our business objectives or may adversely affect our business, financial condition, results of operations, cash flows, and prospects. These risks are discussed more fully below and include, but are not limited to, risks related to: Risks Related to Our Business Uncertainties in our research and development activities; Volatility of the cryptocurrency market; Market conditions for HTC and HPC solutions market; Constant technological changes in the industries we operate in; Significant revenue contribution from our cryptocurrency mining machines; and Our reliance on limited suppliers. 1 Risks Related to Our Operations Our ability to achieve or sustain profitability; Our ability to forecast our business and assess the seasonality and volatility in our business; Ongoing global coronavirus COVID-19 outbreak; Our ability to obtain significant financial resources; Our ability to price our products at our desired margins; Credit risks and concentration of credit risks in relation to defaults from counterparties; Our ability to manage our growth or execute our strategies effectively; and High customer concentration. Risks Related to Our Industry Adverse changes in the regulatory environment in China; Adverse changes of regulatory environment in foreign markets; Increasing mining difficulty, which could result in downward pressure on the expected economic returns; Concert actions, which could prevent new transactions from gaining confirmations, halt payments between users, and reverse previously completed transactions; Challenges against decentralized nature of cryptocurrencies; and Change of algorithm and mining mechanism. 2 Risks Related to C

View Full Filing

View this 20-F filing on SEC EDGAR