TCTM Kids IT Education Inc. Files 20-F Report for Fiscal Year Ended December 31, 2023

TL;DR

<b>TCTM Kids IT Education Inc. has submitted its 2023 annual 20-F filing, detailing financial performance and corporate structure.</b>

AI Summary

TCTM Kids IT Education Inc. (VSA) filed a Foreign Annual Report (20-F) with the SEC on April 19, 2024. TCTM Kids IT Education Inc. filed its annual 20-F report for the fiscal year ending December 31, 2023. The company was formerly known as Tarena International, Inc., with a name change effective November 21, 2013. The filing includes financial data for the years ending December 31, 2023, 2022, and 2021. Key financial statement components such as Retained Earnings, Additional Paid-In Capital, and Treasury Stock are detailed for multiple fiscal years. Subsequent events related to common stock are noted for January and February 2024.

Why It Matters

For investors and stakeholders tracking TCTM Kids IT Education Inc., this filing contains several important signals. This filing provides investors with a comprehensive overview of the company's financial health and operational status for the fiscal year 2023. The detailed financial data and historical comparisons allow for an assessment of the company's performance trends and stability.

Risk Assessment

Risk Level: low — TCTM Kids IT Education Inc. shows low risk based on this filing. The filing is a standard annual report (20-F) and does not contain immediate red flags or significant negative disclosures, indicating a routine update.

Analyst Insight

Review the detailed financial statements and segment information within the 20-F to understand TCTM Kids IT Education Inc.'s performance and financial position.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reported fiscal year end)
• 2024-04-19 — Filing Date (Date the 20-F was filed)
• 8200 — SIC Code (Standard Industrial Classification for Educational Services)
• 001-36363 — SEC File Number (SEC file number for the company)

Key Players & Entities

• TCTM Kids IT Education Inc. (company) — Filer of the 20-F report
• Tarena International, Inc. (company) — Former name of TCTM Kids IT Education Inc.
• 2024-04-19 (date) — Filing date
• 2023-12-31 (date) — Fiscal year end date
• Beijing (location) — City of business address

FAQ

Industry Context

TCTM Kids IT Education Inc. operates within the educational services sector, focusing on IT education for children.

Regulatory Implications

As a foreign private issuer, the company files an annual report on Form 20-F with the SEC, which is a comprehensive disclosure document.

What Investors Should Do

1. Analyze the financial statements for revenue trends and profitability.
2. Examine any disclosed risk factors or legal proceedings.
3. Review management discussion and analysis for strategic insights.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 20-F filing.
• 2024-04-19: Filing Date — Date the 20-F report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 20-F filing for TCTM Kids IT Education Inc. under its current name, providing a baseline for future comparisons.

Key Financial Figures

• $0.001 — he NASDAQ Capital Market) par value US$0.001 per share Class A ordinary shares ,
• $ — the legal currency of mainland China; "$," "US$," "dollars" or "U.S. dollars" re
• $1 — were made at the rate of RMB7.0999 to US$1.00, the exchange rate as set forth in t

Filing Documents

• tctm-20231231x20f.htm (20-F) — 4207KB
• tctm-20231231xex1d1.htm (EX-1.1) — 304KB
• tctm-20231231xex2d4.htm (EX-2.4) — 187KB
• tctm-20231231xex4d10.htm (EX-4.10) — 19KB
• tctm-20231231xex4d11.htm (EX-4.11) — 111KB
• tctm-20231231xex4d12.htm (EX-4.12) — 117KB
• tctm-20231231xex4d13.htm (EX-4.13) — 131KB
• tctm-20231231xex4d14.htm (EX-4.14) — 11KB
• tctm-20231231xex4d15.htm (EX-4.15) — 226KB
• tctm-20231231xex8d1.htm (EX-8.1) — 149KB
• tctm-20231231xex12d1.htm (EX-12.1) — 13KB
• tctm-20231231xex12d2.htm (EX-12.2) — 13KB
• tctm-20231231xex13d1.htm (EX-13.1) — 6KB
• tctm-20231231xex13d2.htm (EX-13.2) — 6KB
• tctm-20231231xex15d1.htm (EX-15.1) — 19KB
• tctm-20231231xex15d2.htm (EX-15.2) — 12KB
• tctm-20231231xex15d3.htm (EX-15.3) — 8KB
• tctm-20231231xex97d1.htm (EX-97.1) — 35KB
• tctm-20231231x20f002.jpg (GRAPHIC) — 101KB
• tctm-20231231x20f007.jpg (GRAPHIC) — 96KB
• tctm-20231231xex1d1001.jpg (GRAPHIC) — 28KB
• tctm-20231231xex1d1002.jpg (GRAPHIC) — 3KB
• tctm-20231231xex15d1001.jpg (GRAPHIC) — 6KB
• tctm-20231231xex15d2001.jpg (GRAPHIC) — 14KB
• tctm-20231231xex15d2002.jpg (GRAPHIC) — 7KB
• tctm-20231231xex15d2003.jpg (GRAPHIC) — 29KB
• tctm-20231231xex15d3001.jpg (GRAPHIC) — 8KB
• 0001104659-24-049422.txt (&nbsp;) — 16858KB
• tctm-20231231.xsd (EX-101.SCH) — 77KB
• tctm-20231231_cal.xml (EX-101.CAL) — 120KB
• tctm-20231231_def.xml (EX-101.DEF) — 349KB
• tctm-20231231_lab.xml (EX-101.LAB) — 720KB
• tctm-20231231_pre.xml (EX-101.PRE) — 594KB
• tctm-20231231x20f_htm.xml (XML) — 2668KB

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 128 ITEM 12.

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 129 PART II. 130 ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 130 ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 130 ITEM 15.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 130 ITEM 16 [RESERVED] 133 ITEM 16.A. AUDIT COMMITTEE FINANCIAL EXPERT 133 ITEM 16.B. CODE OF ETHICS 133 ITEM 16.C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 133 ITEM 16.D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 133 ITEM 16.E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 133 ITEM 16.F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 134 ITEM 16.G. CORPORATE GOVERNANCE 134 ITEM 16.H. MINE SAFETY DISCLOSURE 134 ITEM 16.I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 134 ITEM 16.J. INSIDER TRADING POLICIES 135 ITEM 16.K. CYBERSECURITY 135 PART III. 136 ITEM 17.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 136 ITEM 18.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 136 ITEM 19. EXHIBITS 136

SIGNATURES

SIGNATURES 138 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS F-1 i Table of Contents INTRODUCTION In this annual report, except where the context otherwise requires and for purposes of this annual report only: "ADSs" refer to our American depositary shares, each of which represents five Class A ordinary shares; "current VIE" refers to Beijing Tongcheng Shidai Jinqiao Technology Co., Ltd., or Beijing Tongcheng; "China" or "PRC" refers to the People's Republic of China, including Hong Kong, Macau and Taiwan; and "mainland China" refers to the People's Republic of China, excluding Hong Kong, Macau and Taiwan; "Divestiture" refers to the equity transfer transaction entered into in December 2023 to divest our professional education business. The Divestiture had been consummated at the end of March 2024. See "Item 4. Information on the Company—A. History and Development of the Company" for more details; "former VIE" refers to Beijing Tarena Jinqiao Technology Co., Ltd., or Beijing Tarena. Upon the consummation of the Divestiture, the professional education business, including the business operated by the former VIE, had been divested, and the STEM education business operated by the former VIE had been transferred to the current VIE. See "Item 4. Information on the Company—A. History and Development of the Company" for more details; "Hong Kong" or "HK" or "Hong Kong S.A.R." refers to the Hong Kong Special Administrative Region of the PRC; "IT" refers to information technology; "our company" refers to TCTM Kids IT Education Inc. (formerly known as Tarena International, Inc.), which is not a PRC operating company but a Cayman Islands holding company with operations primarily conducted through (i) our subsidiaries in mainland China and (ii) contractual arrangements with the VIEs based in mainland China. This structure entails unique risks to investors, see "Item 3. Key Information—D. Risk Factors—Risks Related to our Corporate Structure" for more details; "sha

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 Variable Interest Entities TCTM is not a PRC operating company but a Cayman Islands holding company with operations primarily conducted through (i) our subsidiaries incorporated in mainland China, or mainland China subsidiaries, and (ii) contractual arrangements with the variable interest entities based in mainland China. Laws and regulations of mainland China restrict and impose conditions on foreign investment in certain internet value-added businesses. Accordingly, we operate these businesses in mainland China through the variable interest entities in order to comply with these laws and regulations, and rely on contractual arrangements among our mainland China subsidiaries, the variable interest entities, and their nominee shareholders to control the business operations of the variable interest entities. Revenues from continuing operations contributed by the variable interest entities accounted for 1.3%, 2.9% and 6.6% of our net revenues from continuing operations for the years of 2021, 2022 and 2023, respectively. As used in this annual report, "we," "us," "our" or "TCTM" refers to TCTM Kids IT Education Inc. (formerly known as Tarena International, Inc.), its subsidiaries, and, in the context of describing our operations and consolidated financial information, the variable interest entities in mainland China, including but are not limited to, Beijing Tarena and Beijing Tongcheng for the effective period of their respective contractual arrangements with us. The current VIE, Beijing Tongcheng, holds our ICP license as an internet information provider and a permit for the production and operation of radio and television programs, and operates our 61it.cn website and Tongcheng Online App. Our variable interest entities are domestic companies incorporated in mainland China in which we do not have any equity ownership but whose financial results have been consolidated into

View Full Filing

View this 20-F filing on SEC EDGAR