QUHUO Ltd Files 20-F Annual Report

TL;DR

<b>QUHUO Ltd has filed its 2023 annual report on Form 20-F.</b>

AI Summary

QUHUO Ltd (QH) filed a Foreign Annual Report (20-F) with the SEC on April 17, 2024. QUHUO Ltd filed its annual report on Form 20-F for the fiscal year ended December 31, 2023. The filing was made on April 17, 2024. The company is incorporated in E9 and its fiscal year ends on December 31. QUHUO Ltd is listed on NASDAQ. The filing includes details on various share classes and equity components as of December 31, 2023.

Why It Matters

For investors and stakeholders tracking QUHUO Ltd, this filing contains several important signals. This 20-F filing provides a comprehensive overview of QUHUO Ltd's financial performance and business operations for the fiscal year 2023, crucial for investors to assess the company's health and future prospects. The detailed financial statements and disclosures within the 20-F are essential for regulatory compliance and for providing transparency to the market regarding the company's financial position, risks, and strategic direction.

Risk Assessment

Risk Level: medium — QUHUO Ltd shows moderate risk based on this filing. The filing is a standard annual report (20-F), which typically contains a mix of positive and negative information, making the overall sentiment neutral. However, the lack of specific financial performance data in the provided snippet necessitates a medium risk assessment due to the inability to fully gauge the company's current financial health.

Analyst Insight

Review the full 20-F filing to analyze QUHUO Ltd's financial statements, management discussion, and risk factors for a comprehensive understanding of its performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-04-17 — Filing Date (As of date)
• 001-39354 — SEC File Number (SEC file number)
• 24849303 — Film Number (Film number)

Key Players & Entities

• QUHUO Ltd (company) — Filer name
• NASDAQ (company) — Stock exchange listing
• 2024-04-17 (date) — Filing date
• 2023-12-31 (date) — Fiscal year end
• 0001781193 (company) — Central Index Key
• E9 (jurisdiction) — State of incorporation

FAQ

Industry Context

QUHUO Ltd operates within the business services sector. As a publicly traded company on NASDAQ, its filings are subject to SEC regulations.

Regulatory Implications

The company is filing a Form 20-F, which is an annual report required by the U.S. Securities and Exchange Commission (SEC) for foreign private issuers.

What Investors Should Do

1. Thoroughly review the financial statements and Management's Discussion and Analysis (MD&A) section of the 20-F for detailed financial performance and operational insights.
2. Analyze the risk factors section to understand potential challenges and uncertainties facing QUHUO Ltd.
3. Investigate any disclosures related to corporate governance, executive compensation, and related-party transactions.

Key Dates

• 2024-04-17: Filing of 20-F — Annual report submission for fiscal year 2023

Year-Over-Year Comparison

This is the initial filing of the 20-F for the fiscal year 2023. Previous filings would be for earlier periods.

Key Financial Figures

• $0.0001 — en Class A ordinary shares, par value US$0.0001 per share QH The Nasdaq Global Mark
• $ — ers to the legal currency of China; "US$," "U.S. dollars," "
  quot; or "dollars" refe
• $1 — dollars has been made at RMB7.0999 to US$1.00, the noon buying rate in effect on D
• $1.9 million — sferred nil, nil and RMB13.3 million (US$1.9 million) to the VIE, respectively. 5 Table of
• $1.8 million — RMB13.9 million and RMB13.0 million (US$1.8 million), respectively, and the total amount of
• $4.0 million — RMB19.3 million and RMB28.4 million (US$4.0 million), respectively. In 2021, 2022 and 2023,
• $32.0 million — MB191.0 million and RMB227.4 million (US$32.0 million) as of December 31, 2021, 2022 and 2023

Filing Documents

• qh-20231231x20f.htm (20-F) — 4175KB
• qh-20231231xex1d1.htm (EX-1.1) — 265KB
• qh-20231231xex2d5.htm (EX-2.5) — 147KB
• qh-20231231xex8d1.htm (EX-8.1) — 16KB
• qh-20231231xex12d1.htm (EX-12.1) — 13KB
• qh-20231231xex12d2.htm (EX-12.2) — 13KB
• qh-20231231xex13d1.htm (EX-13.1) — 6KB
• qh-20231231xex13d2.htm (EX-13.2) — 6KB
• qh-20231231xex15d1.htm (EX-15.1) — 14KB
• qh-20231231xex15d2.htm (EX-15.2) — 3KB
• qh-20231231xex15d3.htm (EX-15.3) — 6KB
• qh-20231231xex97.htm (EX-97) — 46KB
• qh-20231231x20f001.jpg (GRAPHIC) — 72KB
• qh-20231231x20f003.jpg (GRAPHIC) — 34KB
• qh-20231231x20f004.jpg (GRAPHIC) — 44KB
• qh-20231231xex15d2001.jpg (GRAPHIC) — 8KB
• 0001104659-24-048002.txt (&nbsp;) — 16870KB
• qh-20231231_def.xml (EX-101.DEF) — 377KB
• qh-20231231_lab.xml (EX-101.LAB) — 658KB
• qh-20231231_pre.xml (EX-101.PRE) — 653KB
• qh-20231231.xsd (EX-101.SCH) — 96KB
• qh-20231231_cal.xml (EX-101.CAL) — 83KB
• qh-20231231x20f_htm.xml (XML) — 3096KB

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

Item 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 2

OFFER STATISTICS AND EXPECTED TIMETABLE

Item 2. OFFER STATISTICS AND EXPECTED TIMETABLE 2

KEY INFORMATION

Item 3. KEY INFORMATION 3

INFORMATION ON THE COMPANY

Item 4. INFORMATION ON THE COMPANY 57

UNRESOLVED STAFF COMMENTS

Item 4A. UNRESOLVED STAFF COMMENTS 83

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

Item 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 83

DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

Item 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 102

MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

Item 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 111

FINANCIAL INFORMATION

Item 8. FINANCIAL INFORMATION 112

THE OFFER AND LISTING

Item 9. THE OFFER AND LISTING 113

ADDITIONAL INFORMATION

Item 10. ADDITIONAL INFORMATION 114

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Item 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 128

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

Item 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 129 PART II 132

DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES

Item 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 132

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 132

CONTROLS AND PROCEDURES

Item 15. CONTROLS AND PROCEDURES 133

AUDIT COMMITTEE FINANCIAL EXPERT

Item 16A. AUDIT COMMITTEE FINANCIAL EXPERT 133

CODE OF ETHICS

Item 16B. CODE OF ETHICS 133

PRINCIPAL ACCOUNTANT FEES AND SERVICES

Item 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 134

EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES

Item 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 134

PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS

Item 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 134

CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT

Item 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 134

CORPORATE GOVERNANCE

Item 16G. CORPORATE GOVERNANCE 135

MINE SAFETY DISCLOSURE

Item 16H. MINE SAFETY DISCLOSURE 135

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

Item 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 135

INSIDER TRADING POLICIES

Item 16J. INSIDER TRADING POLICIES 135

CYBERSECURITY

Item 16K. CYBERSECURITY 136 PART III 137

FINANCIAL STATEMENTS

Item 17. FINANCIAL STATEMENTS 137

FINANCIAL STATEMENTS

Item 18. FINANCIAL STATEMENTS 137

EXHIBITS

Item 19. EXHIBITS 138 INDEX TO THE CONSOLIDATED FINANCIAL STATEMENTS F-1 i Table of Contents INTRODUCTION Except where the context otherwise requires and for purposes of this annual report on Form 20-F only: "active workers" refers to the number of workers that established business outsourcing relationship with us, joined our insurance programs, and completed at least one transaction on our platform in a given period; "ADRs" refers to the American depositary receipts which, if issued, evidence the ADSs; "ADSs" refers to American depositary shares, each of which represents ten Class A ordinary shares; "B&B(s)" refers to a small lodging establishment that offers overnight accommodation and breakfast; "CAGR" refers to compound annual growth rate; "Class A ordinary shares" refers to our Class A ordinary shares of par value US$0.0001 per share; "Class B ordinary shares" refers to our Class B ordinary shares of par value US$0.0001 per share; "China" or "PRC" refers to the People's Republic of China, excluding, for the purpose of this annual report only, Taiwan and the special administrative regions of Hong Kong and Macau; "delivery time" refers to the amount of time that it takes for food and non-food orders to be delivered door-to-door to the ordering end consumer through our on-demand delivery solutions; "average delivery time" is calculated by dividing the total amount of delivery time of all completed delivery orders by the number of total completed delivery orders in a given period; "HFCAA" refers to Holding Foreign Companies Accountable Act, as amended; "industry customer(s)" refers to business customer(s) to which we offer services, primarily including on-demand consumer service companies in the food and non-food delivery, ride-hailing, housekeeping and bike-sharing industries, as well as chain restaurants and other companies in the overall service industry, such as hotels and B&Bs; "KPI(s)" refers to key performance indicator(s); "on-time d

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. 2 Table of Contents

KEY INFORMATION

ITEM 3. KEY INFORMATION Our Holding Company Structure and Contractual Arrangements with the VIE and Its Individual Shareholders Quhuo Limited, our ultimate Cayman Islands holding company, does not have any substantive operations. Beijing Quhuo Information Technology Co., Ltd., or WFOE, is our wholly-owned PRC subsidiary and a foreign-invested enterprise under PRC laws. We conduct our business in China through Beijing Quhuo Technology Co., Ltd., or the VIE, and its subsidiaries, or collectively the affiliated entities, in China, and may in the future commence or acquire businesses that are subject to the restrictions with respect to value-added telecommunications services. A series of contractual agreements, including equity interest pledge agreement, exclusive call option agreement, exclusive business cooperation agreement, power of attorney and financial support undertaking letters, have been entered into by and among our WFOE, the VIE and its shareholders. For more details of these contractual arrangements, see "Item 4. Information on the Company—C. Organizational Structure—Our Contractual Arrangements." The following diagram illustrates our simplified corporate structure, including our principal subsidiaries, the VIE and its subsidiaries, as of the date of this annual report: (1) The remaining 49% of the ownership interests of Quhuo International Trade (HK) Limited is owned by Mr. Bo Liang, the general manager of Quhuo International Trade (HK) Limited, and four other unaffiliated third parties. (2) The shareholders of Beijing Quhuo Technology Co., Ltd., or Beijing Quhuo, include Ms. Peilin Yu, sister of Mr. Leslie Yu, Mr. Shuyi Yang, Mr. Zhen Ba, Ningbo Maiken Investment Management LLP and Mr. Tongtong Li, holding 25.7264%, 24.9784%, 9.6547%, 38.8250% and 0.8154% of the equity interests of the VIE, respectively. (3) The remaining 30% of the equity interests of Nantong Runda Marketing Planning Co., Ltd. is owned by two independent individuals. (4) The re

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View this 20-F filing on SEC EDGAR