MicroAlgo Inc. Files 20-F for Fiscal Year Ended December 31, 2023

TL;DR

<b>MicroAlgo Inc. has submitted its 2023 annual report on Form 20-F, detailing its financial performance and business operations.</b>

AI Summary

MicroAlgo Inc. (VENAF) filed a Foreign Annual Report (20-F) with the SEC on April 11, 2024. MicroAlgo Inc. filed its annual report on Form 20-F for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's business address is 340 Madison Avenue, 19th Floor, New York, NY 10173. MicroAlgo Inc. was formerly known as Venus Acquisition Corp until January 16, 2020. The company operates in the Services-Computer Programming Services industry (SIC code 7371).

Why It Matters

For investors and stakeholders tracking MicroAlgo Inc., this filing contains several important signals. This filing provides investors with a comprehensive overview of MicroAlgo Inc.'s financial health and strategic direction for the fiscal year 2023. As a 20-F filing, it is a crucial document for understanding the company's operations and compliance with SEC regulations for foreign private issuers.

Risk Assessment

Risk Level: low — MicroAlgo Inc. shows low risk based on this filing. The filing is a standard annual report (20-F) and does not contain immediate, significant new financial data or strategic shifts that would indicate high risk.

Analyst Insight

Review the detailed financial statements and business descriptions within the 20-F to assess MicroAlgo Inc.'s performance and future outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-04-11 — Filing Date (Filed as of date)
• 20-F — Form Type (Conformed submission type)
• 119 — Public Document Count (Number of public documents)

Key Players & Entities

• MicroAlgo Inc. (company) — Filer
• Venus Acquisition Corp (company) — Former company name
• 340 Madison Avenue, 19th Floor, New York, NY 10173 (address) — Business address
• 781-460-3801 (phone) — Business phone
• 2023-12-31 (date) — Conformed period of report
• 2024-04-11 (date) — Filed as of date
• 0001800392 (company_id) — Central Index Key
• 7371 (industry_code) — Standard Industrial Classification

FAQ

Industry Context

MicroAlgo Inc. operates within the Services-Computer Programming Services sector.

Regulatory Implications

As a foreign private issuer, MicroAlgo Inc. files an annual report on Form 20-F with the SEC.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and other key metrics.
2. Review the business overview and risk factors section for strategic insights and potential challenges.
3. Compare the 2023 results with previous years to identify trends and performance changes.

Year-Over-Year Comparison

This filing is the annual 20-F report for the fiscal year 2023, providing updated information compared to previous filings.

Key Financial Figures

• $0.001 — e on which registered Ordinary share, $0.001 par value (US$0.01 if retroactively adj
• $0.01 — d Ordinary share, $0.001 par value (US$0.01 if retroactively adjusted to reflect th

Filing Documents

• microalgoinc_20f.htm (20-F) — 2540KB
• microalgoinc_ex4-2.htm (EX-4.2) — 70KB
• microalgoinc_ex8-1.htm (EX-8.1) — 19KB
• microalgoinc_ex12-1.htm (EX-12.1) — 9KB
• microalgoinc_ex12-2.htm (EX-12.2) — 12KB
• microalgoinc_ex13-1.htm (EX-13.1) — 6KB
• microalgoinc_ex13-2.htm (EX-13.2) — 6KB
• microalgoinc_ex15-1.htm (EX-15.1) — 2KB
• img_001.jpg (GRAPHIC) — 66KB
• img_002.jpg (GRAPHIC) — 103KB
• img_003.jpg (GRAPHIC) — 77KB
• 0001829126-24-002392.txt (&nbsp;) — 11601KB
• mlgo-20231231.xsd (EX-101.SCH) — 83KB
• mlgo-20231231_cal.xml (EX-101.CAL) — 87KB
• mlgo-20231231_def.xml (EX-101.DEF) — 319KB
• mlgo-20231231_lab.xml (EX-101.LAB) — 471KB
• mlgo-20231231_pre.xml (EX-101.PRE) — 441KB
• microalgoinc_20f_htm.xml (XML) — 1897KB

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS ii INTRODUCTORY NOTE iii PART I 1

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 1

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 1

KEY INFORMATION

ITEM 3. KEY INFORMATION 1

INFORMATION ON THE COMPANY

ITEM 4. INFORMATION ON THE COMPANY 45

UNRESOLVED STAFF COMMENTS

ITEM 4A. UNRESOLVED STAFF COMMENTS 77

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 78

DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 91

MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 97

FINANCIAL INFORMATION

ITEM 8. FINANCIAL INFORMATION 98

THE OFFER AND LISTING

ITEM 9. THE OFFER AND LISTING 99

ADDITIONAL INFORMATION

ITEM 10. ADDITIONAL INFORMATION 99

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 109

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 110 PART II 111

DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES

ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 111

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 111

CONTROLS AND PROCEDURES

ITEM 15. CONTROLS AND PROCEDURES 111

[Reserved]

ITEM 16. [Reserved] 113

AUDIT COMMITTEE FINANCIAL EXPERT

ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 113

CODE OF ETHICS

ITEM 16B. CODE OF ETHICS 113

PRINCIPAL ACCOUNTANT FEES AND SERVICES

ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 113

EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES

ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 114

PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS

ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 114

CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT

ITEM 16F. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT 114

CORPORATE GOVERNANCE

ITEM 16G. CORPORATE GOVERNANCE 114

MINE SAFETY DISCLOSURE

ITEM 16H. MINE SAFETY DISCLOSURE 114

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 114

INSIDER TRADING POLICIES

ITEM 16J. INSIDER TRADING POLICIES 114

CYBERSECURITY

ITEM 16K. CYBERSECURITY 115 PART III 117

FINANCIAL STATEMENTS

ITEM 17. FINANCIAL STATEMENTS 117

FINANCIAL STATEMENTS

ITEM 18. FINANCIAL STATEMENTS 117

EXHIBITS

ITEM 19. EXHIBITS 118

SIGNATURES

SIGNATURES 119 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS F-1 i Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This annual report on Form 20-F contains forward-looking statements that involve risks and uncertainties. All statements other than statements of historical facts are forward-looking statements. 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. You can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "likely to" or other similar expressions. 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 strategies and financial needs. These forward-looking statements include, but are not limited to, statements about: our growth strategies; our future business development, financial condition and results of operations; our ability to retain, grow and engage our user base and expand our product offering; expected changes in our revenues, content-related costs and operating margins; our ability to retain key personnel and attract new talent; competition landscape in China's central processing algorithms industry; general economic, political, demographic and business conditions in China and globally; and the regulatory environment in which we operate. We would like to caution you not to place undue reliance on these forward-looking statements and you should read these statements in conjunction with the risk factors disclosed in "Item 3. Key Information — 3.D. Risk Factors." Other sections of this annual report include additional factors which could adversely impact our business and financial performance. Moreover, we operate in an evolving environment. New risk factors and u

RISK FACTORS

RISK FACTORS Summary of Risk Factors Investment in our ordinary shares involves significant risks. Below is a summary of material risks we face, organized under relevant headings. These risks are discussed more fully in "Item 3. Key Information—D. Risk Factors." Risk Factors Relating to our Business and Industry We operate in a relatively new and rapidly evolving market. Our competitive position and results of operations could be harmed if we do not compete effectively. We have a limited operating history, and it may not be able to sustain rapid growth, effectively manage growth or implement business strategies. Recent acquisitions could prove difficult to integrate, disrupt the business, dilute shareholder value and strain the resources. Failure to maintain adequate financial, information technology and management processes and controls could result in material weaknesses which could lead to errors in our financial reporting, which could adversely affect our business. If we fail to keep up with industry trends or technological developments, or develop, acquire, market and offer new products and services, our business, results of operations and financial condition may be materially and adversely affected. Our results of operations could materially suffer in the event of insufficient pricing to enable us to meet profitability expectations. We make significant investments in research and development of new products and services that may not achieve expected returns. We require a significant amount of capital to fund our research and development investments. If we cannot obtain sufficient capital on favorable terms or at all, our business, financial condition and prospects may be materially and adversely affected. Our success depends on our ability to attract, hire, retain and motivate key management personnel and highly skilled employees. Our business depends substantially on the market recognition of our brand and negative media coverage co

View Full Filing

View this 20-F filing on SEC EDGAR