Sunrise Real Estate Group Files 2023 10-K

TL;DR

Sunrise Real Estate Group filed its 2023 10-K, showing its financial status for the year ending Dec 31, 2023.

AI Summary

Sunrise Real Estate Group Inc. filed its 2023 10-K on June 5, 2024, reporting its financial performance for the fiscal year ending December 31, 2023. The company, incorporated in Texas, operates in the apartment building sector. Its business and mailing addresses are located in Shanghai, China.

Why It Matters

This filing provides investors with a comprehensive overview of Sunrise Real Estate Group's financial health and operational performance for the past fiscal year, crucial for investment decisions.

Risk Assessment

Risk Level: low — The filing is a standard annual report and does not contain immediate red flags or significant new risks.

Key Numbers

• 20231231 — Fiscal Year End (The report covers the financial performance up to this date.)
• 20240605 — Filing Date (The date the 10-K was officially submitted to the SEC.)

Key Players & Entities

• SUNRISE REAL ESTATE GROUP INC (company) — Filer
• 20231231 (date) — Fiscal Year End
• 20240605 (date) — Filing Date
• SHANGHAI (location) — Business Address City
• TX (location) — State of Incorporation

FAQ

Key Financial Figures

• $0.01 — ich registered Common stock, par value $0.01 per share SRRE N/A Securities reg
• $0.39 — he average opening and closing price of $0.39 for the Common Stock on June 30, 2023.
• $25,375,686 — result, LRY received 180 million RMB ( $25,375,686) net of taxes. On March 2023, LRY trans
• $10,303,789 — f taxes. On March 2023, LRY transferred $10,303,789 to SRRE to pay a dividend to our shareh

Filing Documents

• srre-20231231x10k.htm (10-K) — 2488KB
• srre-20231231xex4d1.htm (EX-4.1) — 6KB
• srre-20231231xex31d1.htm (EX-31.1) — 8KB
• srre-20231231xex31d2.htm (EX-31.2) — 8KB
• srre-20231231xex32d1.htm (EX-32.1) — 5KB
• srre-20231231xex32d2.htm (EX-32.2) — 5KB
• srre-20231231x10k001.jpg (GRAPHIC) — 164KB
• 0001410578-24-000987.txt ( ) — 9738KB
• srre-20231231.xsd (EX-101.SCH) — 72KB
• srre-20231231_cal.xml (EX-101.CAL) — 57KB
• srre-20231231_def.xml (EX-101.DEF) — 214KB
• srre-20231231_lab.xml (EX-101.LAB) — 427KB
• srre-20231231_pre.xml (EX-101.PRE) — 379KB
• srre-20231231x10k_htm.xml (XML) — 1610KB

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 13 Item 1B. Unresolved Staff Comments 34 Item 1C Cybersecurity 34 Item 2. Property 35 Item 3.

Legal Proceedings

Legal Proceedings 35 Item 4. Mine Safety Disclosures 35 PART II Item 5. Market for Registrant's Common Equity and Related Stockholder Matters and Issuer Purchases of Equity Securities 35 Item 6.

Selected Financial Data

Selected Financial Data 35 Item 7.

Management's Discussion and Analysis of Financial Condition, and Results of Operations

Management's Discussion and Analysis of Financial Condition, and Results of Operations 36 Item 7A.

Quantitative and Qualitative Disclosures about Market Risks

Quantitative and Qualitative Disclosures about Market Risks 42 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 43 Item 9. Changes In and Disagreements With Accountants on Accounting and Financial Disclosure 66 Item 9A.

Controls and Procedures

Controls and Procedures 66 Item 9B. Other Information 67 PART III Item 10. Directors, Executive Officers and Corporate Governance 68 Item 11.

Executive Compensation

Executive Compensation 72 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 74 Item 13. Certain Relationships and Related Transactions and Director Independence 74 Item 14. Principal Accountant Fees and Services 75 PART IV Item 15. Exhibits and Financial Statement Schedules 76 1 Table of Contents PART I

BUSINESS

ITEM 1. BUSINESS Corporate History Sunrise Real Estate Group, Inc. (" SRRE ") is a Texas holding company and conducts business primarily through its operating subsidiaries in China. The principal activities of SRRE and its subsidiaries (collectively referred to as the " Company ") are real estate development including property leasing services; and property management services in the People's Republic of China (" PRC "). Our investors hold shares of common stock in SRRE, the Texas holding company Our current ownership interests in our various subsidiaries and other entities are set forth in the organizational chart below. We operate through our wholly-owned subsidiaries, CY-SRRE and LRY. CY-SRRE and LRY do not have operations themselves but conduct operations in Mainland China through their respective subsidiaries that are based in the PRC. CY-SRRE operates through its wholly owned subsidiary, Shanghai Xin Ji Yang Real Estate Consultation Company Limited ("SHXJY"). LRY operates primarily through its wholly owned subsidiary, Shanghai Shang Yang Investment Management and Consulting Company Limited ("SHSY") and majority owned subsidiary, Huaian Zhanbao Industrial Co., Ltd. SHSY and SHXJY and are property agency businesses earning commission revenue from marketing and sales services to developers. We and our subsidiaries do not have material contractual arrangements with one or more variable interest entities (VIEs) based in China. Pursuant to the Special Administrative Measures on the Access of Foreign Investment (Negative List) (2021 Edition), or the 2021 Negative List, jointly issued by the NDRC and the MOFCOM on December 27, 2021 and enforced on January 1, 2022, the foreign investment related to real estate development does not fall within the category of industries in which foreign investment is restricted or prohibited. See "Government Regulation -. Regulations on Foreign-Invested Real Estate Enterprise. Sunrise Real Estate Development Group, Inc. (" CY-SRRE

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View this 10-K filing on SEC EDGAR