Niu Technologies Files 20-F Annual Report for Fiscal Year 2023

TL;DR

<b>Niu Technologies has submitted its 2023 annual report on Form 20-F, detailing financial performance and share incentive plan information.</b>

AI Summary

Niu Technologies (NIU) filed a Foreign Annual Report (20-F) with the SEC on April 24, 2024. Niu Technologies filed its annual report on Form 20-F for the fiscal year ended December 31, 2023. The filing includes financial data for the years 2023, 2022, 2021, and 2020. Key financial statement components such as Retained Earnings, Additional Paid-In Capital, and Accumulated Other Comprehensive Income are detailed for these periods. Information regarding Secured Debt and Commercial Bank Loans in China as of December 31, 2022, is provided. Details on various share incentive plans, including the Amended 2016 Plan and 2018 Plan, are presented for multiple fiscal years.

Why It Matters

For investors and stakeholders tracking Niu Technologies, this filing contains several important signals. This filing provides a comprehensive overview of Niu Technologies' financial position and historical performance over the past few years, crucial for investors assessing the company's stability and growth trajectory. The detailed breakdown of share incentive plans and related equity components offers insight into the company's long-term compensation strategies and potential dilution effects for shareholders.

Risk Assessment

Risk Level: medium — Niu Technologies shows moderate risk based on this filing. The filing is a standard annual report (20-F), which typically contains a broad range of financial and operational information. Specific risks are not detailed in this header information, but the nature of an annual report suggests a medium level of risk due to the inherent uncertainties in business operations and financial reporting.

Analyst Insight

Review the detailed financial statements and risk factors within the full 20-F filing to understand Niu Technologies' financial health and operational challenges.

Revenue Breakdown

Key Numbers

• 2023-12-31 — Fiscal Year End (Reported period)
• 2024-04-24 — Filing Date (Date the 20-F was filed)
• 001-38696 — SEC File Number (Niu Technologies' SEC file number)
• 0001744781 — Central Index Key (Niu Technologies' Central Index Key)

Key Players & Entities

• Niu Technologies (company) — Filer of the 20-F report
• 20-F (filing) — Form type filed by Niu Technologies
• 2023-12-31 (date) — Fiscal year end date
• 2022-12-31 (date) — Prior fiscal year end date
• 2021-12-31 (date) — Prior fiscal year end date
• 2020-12-31 (date) — Prior fiscal year end date

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 20-F filing.
• 2024-04-24: Filing Date — Date Niu Technologies submitted its 20-F annual report.

Key Financial Figures

• $0.0001 — o Class A ordinary shares, par value US$0.0001 per share) Class A ordinary shares, p
• $ — gal currency of mainland China; and "US$," "U.S. dollars," "$," and "dollars" ar
• $1 — t were made at a rate of RMB7.0999 to US$1.00, the exchange rate in effect as of D
• $8.0 million — RMB112.2 million and RMB56.8 million (US$8.0 million) of service fee to our WFOE, respective

Filing Documents

• niu-20231231x20f.htm (20-F) — 4323KB
• niu-20231231xex8d1.htm (EX-8.1) — 9KB
• niu-20231231xex12d1.htm (EX-12.1) — 13KB
• niu-20231231xex12d2.htm (EX-12.2) — 12KB
• niu-20231231xex13d1.htm (EX-13.1) — 7KB
• niu-20231231xex13d2.htm (EX-13.2) — 7KB
• niu-20231231xex15d1.htm (EX-15.1) — 3KB
• niu-20231231xex15d2.htm (EX-15.2) — 5KB
• niu-20231231xex97.htm (EX-97) — 42KB
• niu-20231231x20f001.jpg (GRAPHIC) — 98KB
• niu-20231231x20f005.jpg (GRAPHIC) — 98KB
• 0001104659-24-050776.txt (&nbsp;) — 15857KB
• niu-20231231.xsd (EX-101.SCH) — 83KB
• niu-20231231_def.xml (EX-101.DEF) — 322KB
• niu-20231231_lab.xml (EX-101.LAB) — 709KB
• niu-20231231_pre.xml (EX-101.PRE) — 585KB
• niu-20231231_cal.xml (EX-101.CAL) — 96KB
• niu-20231231x20f_htm.xml (XML) — 2958KB

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 Exchange Act). 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 TABLE OF CONTENTS INTRODUCTION 1 FORWARD-LOOKING INFORMATION 2 Part I 3 Item 1. Identity of Directors, Senior Management and Advisers 3 Item 2. Offer Statistics and Expected Timetable 3 Item 3. Key Information 3 Item 4. Information on the Company 60 Item 4A. Unresolved Staff Comments 90 Item 5. Operating and Financial Review and Prospects 90 Item 6. Directors, Senior Management and Employees 103 Item 7. Major Shareholders and Related Party Transactions 112 Item 8. Financial Information 112 Item 9. The Offer and Listing 113 Item 10. Additional Information 114 Item 11.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 129 Item 12.

Description of Securities Other than Equity Securities

Description of Securities Other than Equity Securities 129 Part II 132 Item 13. Defaults, Dividend Arrearages and Delinquencies 132 Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds 132 Item 15.

Controls and Procedures

Controls and Procedures 132 Item 16. [Reserved] 134 Item 16A. Audit Committee Financial Expert 134 Item 16B. Code of Ethics 134 Item 16C. Principal Accountant Fees and Services 134 Item 16D. Exemptions from the Listing Standards for Audit Committees 134 Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers 134 Item 16F. Change in Registrant's Certifying Accountant 134 Item 16G. Corporate Governance 135 Item 16H. Mine Safety Disclosure 135 Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 135 Item 16J. Insider Trading Policies 135 Item 16K. Cybersecurity 135 Part III 137 Item 17.

Financial Statements

Financial Statements 137 Item 18.

Financial Statements

Financial Statements 137 Item 19. Exhibits 137

SIGNATURES

SIGNATURES 140 i Table of Contents INTRODUCTION In this annual report, except where the context otherwise requires and for purposes of this annual report only: "ADRs" are to the American depositary receipts that evidence the ADSs; "ADSs" are to the American depositary shares, each of which represents two Class A ordinary shares; "Class A ordinary shares" are to our Class A ordinary shares, par value US$0.0001 per share; "Class B ordinary shares" are to our Class B ordinary shares, par value US$0.0001 per share; "NIU," "we," "us," and "our" are to Niu Technologies, our Cayman Islands holding company, its subsidiaries, and, in the context of describing our operations and consolidated financial information, the VIE and the subsidiaries of the VIE; "ordinary shares" are to our Class A and Class B ordinary shares, par value US$0.0001 per share; "our company" is to Niu Technologies, our Cayman Islands holding company; "the variable interest entity" and "the VIE" are to Beijing Niudian Technology Co., Ltd., or Beijing Niudian. The VIE is a domestic company incorporated in mainland China in which we do not have any equity ownership but whose financial results have been consolidated into our consolidated financial statements based solely on contractual arrangements in accordance with U.S. GAAP. See "Item 4. Information on the Company—C. Organizational Structure" for an illustrative diagram of our corporate structure; "WFOE" are to Beijing Niudian Information Technology Co., Ltd., or Niudian Information, a wholly foreign-owned entity in China; "RMB" and "Renminbi" are to the legal currency of mainland China; and "US$," "U.S. dollars," "$," and "dollars" are to the legal currency of the United States. Unless otherwise noted, all translations from Renminbi to U.S. dollars and from U.S. dollars to Renminbi in this annual report were made at a rate of RMB7.0999 to US$1.00, the exchange rate in effect as of December 29, 2023 as set forth in the H.10 statistical

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 Contractual Arrangements with the VIE Niu Technologies is not an operating company in mainland China but a Cayman Islands holding company with operations primarily conducted through (i) our mainland China subsidiaries and (ii) contractual arrangements with the VIE based in mainland China. The laws and regulations of mainland China restrict and impose conditions on foreign direct investment in internet content, value-added telecommunication-based online marketing, audio and video services and mobile application distribution businesses. Accordingly, we operate these businesses in mainland China through the VIE, and rely on contractual arrangements among our mainland China subsidiaries, the VIE and its shareholders to conduct the business operations of the VIE. The VIE is consolidated for accounting purposes, but is not an entity in which our Cayman Islands holding company, or our investors, own equity. Revenues contributed by the VIE accounted for 99.8%, 99.7%, and 99.6% of our total revenues for the year ended December 31, 2021, 2022 and 2023, respectively. As used in this annual report, "our company" refers to Niu Technologies, whereas "NIU," "we," "us," and "our" refer to Niu Technologies, its subsidiaries, and, in the context of describing our operations and consolidated financial information, the VIE and its subsidiaries. Investors in our ADSs are not purchasing equity interest in the VIE in mainland China, but instead are purchasing equity interest in a holding company incorporated in the Cayman Islands. A series of contractual agreements, including power of attorney, second amended and restated equity pledge agreement, amended and restated exclusive business cooperation agreements, second amended and restated exclusive option agreements and spousal consent letters, have been entered into by and among our subsidiaries, the VIE and its shareholders. Terms contained in each set of contractual arrangemen

View Full Filing

View this 20-F filing on SEC EDGAR