EShallGo Inc. Files 20-F for FY2025

Ticker: EHGO · Form: 20-F · Filed: Aug 14, 2025 · CIK: 1879754

Sentiment: neutral

Topics: 20-F, annual-report, related-party-transactions

TL;DR

EShallGo Inc. 20-F filed: $5.86M related party deals, $17.84M other non-op income/expense.

AI Summary

EShallGo Inc. filed its annual 20-F report for the period ending March 31, 2025. The company, incorporated in E9 and headquartered in Shanghai, China, operates in the services-equipment rental & leasing sector. Key financial figures include $5.86 million in related party transactions and $17.84 million in other non-operating income/expense.

Why It Matters

This filing provides investors with a comprehensive overview of EShallGo Inc.'s financial performance and operations for the fiscal year, including details on related party transactions and non-operating income/expenses.

Risk Assessment

Risk Level: medium — The filing contains specific financial figures and details about related party transactions, which can introduce complexity and potential risks if not properly managed or disclosed.

Key Numbers

Key Players & Entities

FAQ

What is the nature of the $5.86 million in related party transactions?

The filing indicates $5.86 million in transactions with 'ehgo:QingdaoLixingTechnologyCo.LtdMember' and 'us-gaap:RelatedPartyMember', but the specific nature of these transactions is not detailed in the provided snippet.

What constitutes the $17.84 million in 'Other Non-operating Income/Expense'?

The filing references 'http://fasb.org/us-gaap/2024#OtherNonoperatingIncomeExpense' but does not provide specific details on the components of this $17.84 million figure in the provided text.

What is the primary business of EShallGo Inc.?

EShallGo Inc. is classified under 'SERVICES-EQUIPMENT RENTAL & LEASING, NEC [7359]' according to its Standard Industrial Classification.

Where is EShallGo Inc. headquartered?

EShallGo Inc. is headquartered at 12F Block 16, No.1000 Jinhai Road, Pudong New District, Shanghai, China.

When was EShallGo Inc. incorporated?

The state of incorporation is listed as 'E9', but a specific date or year of incorporation is not provided in the snippet.

Filing Stats: 4,615 words · 18 min read · ~15 pages · Grade level 12 · Accepted 2025-08-14 16:17:32

Key Financial Figures

Filing Documents

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 Securities Exchange Act of 1934). 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 Page PART I 1 ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 1 ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 1 ITEM 3. KEY INFORMATION 1 ITEM 4. INFORMATION ON THE COMPANY 63 ITEM 4A. UNRESOLVED STAFF COMMENTS 105 ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 105 ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 125 ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 134 ITEM 8. FINANCIAL INFORMATION 139 ITEM 9. THE OFFER AND LISTING 140 ITEM 10. ADDITIONAL INFORMATION 141 ITEM 11.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 156 ITEM 12.

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 156 PART II 156 ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 156 ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 156 ITEM 15.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 157 ITEM 16 [Reserved] 157 ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 157 ITEM 16B. CODE OF ETHICS 158 ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 158 ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 158 ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 158 ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 159 ITEM 16G. CORPORATE GOVERNANCE 159 ITEM 16H. MINE SAFETY DISCLOSURE 159 ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 159 ITEM 16J INSIDER TRADING POLICIES 159 ITEM 16K CYBERSECURITY 160 PART III 161 ITEM 17.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 161 ITEM 18.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 161 ITEM 19. EXHIBITS 161 i Table of Contents Conventions Used in this Annual Report Unless otherwise indicated or the context requires otherwise, references in this annual report ("Annual Report"): "PRC" refers to the People's Republic of China. "RMB" refers to Renminbi, the official currency, i.e., Yuan, in the PRC. "JPY" refers to Japanese Yen, the official currency in Japan. "Eshallgo" refers to Eshallgo Inc, a Cayman Islands exempted company; "Junzhang HK" refers to Junzhang Monarch Ltd., a Hong Kong SAR company; "EShallGo Shanghai" or "EShallGo WFOE" refers to Shanghai Eshallgo Enterprise Development (Group) Co., Ltd., a PRC company that is a wholly-owned subsidiary of Junzhang HK; "Junzhang Shanghai" refers to Junzhang Digital Technology (Shanghai) Co., Ltd., the variable interest entity ("VIE") in the PRC company contractually related to EShallGo WFOE; its registered address is 12th Floor, Building 16, Jinling Capital, 1000 Jinhai Road, Pudong New Area, Shanghai, China, and the actual business address is Room 1206A, Building 3, No. 1501 Jinsui Road, Pudong New District, Shanghai, China; "Junzhang Beijing" refers to Junzhang Digital Technology (Beijing) Co., Ltd., the VIE in the PRC contractually related to EShallGo WFOE. "VIE" refers to variable interest entity. "VIEs" refers to the variable interest entities, Junzhang Shanghai and Junzhang Beijing. Junzhang Digital Technology (Suzhou) Co., Ltd. is a PRC company and a 55% owned subsidiary of EShallGo WFOE. Junzhang Digital Technology (Changzhou) Co., Ltd. is a PRC company and a 55% owned subsidiary of EShallGo WFOE. Zibo ESHALLGO Information Technology Co., Ltd. is a PRC company and a 55% owned subsidiary of EShallGo WFOE. Shanghai Lixin Office Equipment Co., Ltd. is a PRC company and a 100% owned subsidiary of Junzhang Shanghai. ESHALLGO Office Supplies (Shanghai) Co., Ltd. is a PRC company and a 55% owned subsidiary of Junzhang Shanghai. Its registered addre

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS Not applicable for annual reports on Form 20-F.

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE Not applicable for annual reports on Form 20-F.

KEY INFORMATION

ITEM 3. KEY INFORMATION Cayman Holding Company We are incorporated in the Cayman Islands. As a holding company with no material operations of our own, we conduct our operations in China through the variable interest entities, Junzhang Digital Technology (Beijing) Co., Ltd. and Junzhang Digital Technology (Shanghai) Co., Ltd., or Junzhang Beijing and Junzhang Shanghai, (the "VIEs"). This structure involves unique risks to investors. We commenced our commercial operations in 2015 through Junzhang Digital Technology (Shanghai) Co., Ltd. On June 16, 2021, to facilitate offshore financing, we incorporated Eshallgo Inc. under the laws of the Cayman Islands as our offshore holding company. On June 30, 2021, we established Junzhang Monarch Limited, or Junzhang HK, our wholly-owned Hong Kong subsidiary, and on July 22, 2021, we established Shanghai Eshallgo Enterprise Development (Group) Co., Ltd., or WOFE, which is a wholly-owned subsidiary of Junzhang HK and does not engage in any business activity. On May 19, 2025, we established the ESHALLGO USA, INC. a subsidiary owned 75% by Eshallgo Inc. and 25% by Shanghai Eshallgo Enterprise Development (Group) Co., Ltd. 1 Table of Contents You are not investing in Junzhang Beijing or Junzhang Shanghai, the VIEs. Neither we nor our subsidiaries own any share in, Junzhang Beijing and Junzhang Shanghai. Instead, we receive the economic benefits of, Junzhang Beijing or Junzhang Shanghai's business operation through a series of contractual agreements, or the VIE Agreements, which have not been tested in court. As a result of our indirect ownership in the Wholly Foreign-Owned Enterprise (the "WFOE") and the VIE Agreements, we are regarded as the primary beneficiary of the VIE. The VIE structure provides contractual exposure to foreign investment in Chinese-based companies where Chinese law prohibits direct foreign investment in the operating companies and investors directly holding equity interests in the Chinese operating entitie

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