F-1/A: Gamehaus Holdings Files Amended Prospectus for Share Resale Amidst Revenue Decline and Heightened PRC Regulatory Scrutiny

Sentiment:

Amendment to Form F-1 Registration Statement for Resale of Shares 13 June 2025 4:06 PM

Gamehaus Holdings Inc. filed an amended F-1 registration statement for the resale of up to 52,093,399 Class A Ordinary Shares by existing shareholders, while disclosing a significant decrease in revenue and net income for the nine months ended March 31, 2025, alongside substantial operational and regulatory risks related to its PRC-based subsidiaries.

Delay expectedThe registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to such Section 8(a), may determine.

Capital raiseThis prospectus relates to the resale from time to time by the selling shareholders of up to 52,093,399 Class A Ordinary Shares.The company will not receive any proceeds from the sale of these shares by the Selling Shareholders.

Worse than expectedFor the nine months ended March 31, 2025, total revenue decreased by 23.1% to $87.4 million compared to the prior year period.Net income for the nine months ended March 31, 2025, decreased by 61.7% to $2.3 million compared to the prior year period.Key user engagement metrics, including Average Daily Active Users (DAUs), Average Monthly Active Users (MAUs), Average Daily Paying Users (DPUs), Average Monthly Paying Users (MPUs), and Average Day Seven Retention Rate, all showed declines for the nine months ended March 31, 2025, indicating a loss of game players and reduced monetization effectiveness.

Summary

Gamehaus Holdings Inc. is a Cayman Islands holding company that conducts its mobile game publishing operations through subsidiaries in Singapore, Hong Kong, and mainland China, focusing on partnerships with smalland medium-sized game developers.
The company reported total revenue of $87.4 million for the nine months ended March 31, 2025, a 23.1% decrease from $113.6 million in the same period of the prior year.
Net income for the nine months ended March 31, 2025, significantly decreased by 61.7% to $2.3 million, compared to $6.0 million in the prior year period.
Net cash flows generated from operating activities for the nine months ended March 31, 2025, were $0.8 million, down from $3.7 million in the prior year period.
For the fiscal year ended June 30, 2024, total revenue was $145.2 million, a 13.6% decrease from $168.2 million in the prior fiscal year, primarily due to a strategic reduction in advertising costs.
Despite the revenue decline, net income for the fiscal year ended June 30, 2024, increased by 109.8% to $8.6 million, up from $4.1 million in the fiscal year ended June 30, 2023, attributed to cost optimization and enhanced payer conversion rates.
Key performance indicators such as Average Daily Active Users (DAUs), Average Monthly Active Users (MAUs), Average Daily Paying Users (DPUs), Average Monthly Paying Users (MPUs), and Average Day Seven Retention Rate all decreased for the nine months ended March 31, 2025, and the fiscal year ended June 30, 2024, due to reduced user acquisition advertising.
The filing relates to the resale of up to 52,093,399 Class A Ordinary Shares by selling shareholders, from which the company will not receive any proceeds.
The company highlights significant risks associated with its PRC operations, including potential government intervention, data security oversight by the Cyberspace Administration of China (CAC), and the ability of the Public Company Accounting Oversight Board (PCAOB) to inspect its auditors under the Holding Foreign Companies Accountable Act (HFCA Act).
The dual-class share structure concentrates 86.04% of voting control with Chairman of the Board of Directors, Mr. Feng Xie.

Sentiment

Score: 4

Explanation: While the company highlights strategic shifts and cost optimization leading to improved net income for FY2024, the significant decline in revenue, net income, and user metrics for the most recent nine-month period (ended March 31, 2025) and the ongoing regulatory risks in China present considerable headwinds and uncertainty. The fact that the company will not receive proceeds from the current share resale also limits immediate financial benefit.

Positives

The company focuses on serving smalland medium-sized game developers, leveraging its established industry reputation and experience, with relationships with over 200 potential developer teams and partnerships with over 70 game developers.
It utilizes sophisticated data-driven technology systems and platforms, including the Dataverse System, Creative System, and Beiming System, to empower game publishing through data analysis, AIGC services, and intelligent advertising management.
The company has built a diverse game portfolio across multiple genres, including social casino, match, simulation, RPG, puzzle, and bingo, with approximately 110 mobile games published and over 200 million cumulative downloads.
Strategic investments in selected elite developer teams aim to foster stronger cooperative relationships and align interests for long-term growth.
The management team is described as visionary and experienced, with strong technical and operational expertise, including founder Mr. Feng Xie's background in mobile and technology industries.
The company has obtained the required filing notification from the China Securities Regulatory Commission (CSRC) for its overseas listing.
The company's auditor, Audit Alliance LLP, is headquartered in Singapore and has been inspected by the PCAOB on a regular basis, indicating compliance with U.S. audit oversight requirements.

Negatives

Total revenue decreased by 23.1% to $87.4 million for the nine months ended March 31, 2025, from $113.6 million in the prior year period.
Net income decreased significantly by 61.7% to $2.3 million for the nine months ended March 31, 2025, from $6.0 million in the prior year period.
Net cash provided by operating activities decreased to $0.8 million for the nine months ended March 31, 2025, from $3.7 million in the prior year period.
Average Daily Active Users (DAUs) decreased by 18.2% to 719,000 for the nine months ended March 31, 2025, from 879,000.
Average Monthly Active Users (MAUs) decreased by 12.3% to 3,887,000 for the nine months ended March 31, 2025, from 4,431,000.
Average Daily Paying Users (DPUs) decreased by 25.0% to 15,000 for the nine months ended March 31, 2025, from 20,000.
Average Monthly Paying Users (MPUs) decreased by 19.8% to 146,000 for the nine months ended March 31, 2025, from 182,000.
Average Day Seven Retention Rate decreased by 7.3% to 10.1% for the nine months ended March 31, 2025, from 10.9%.
The decrease in user metrics and revenue is primarily attributed to a strategic reduction in advertising costs related to user acquisition, which also reflected reduced effectiveness of monetization activities in mature games.
The company relies on a few significant suppliers (Sinointeractive, AppLovin, Moloco) for advertising services, with the top two accounting for 20.5% and 15.1% of total accounts payable as of March 31, 2025, posing concentration risk.
The company does not maintain cyber-security insurance or insurance against breaches or loss of data or personal private information of users, nor does it have directors and officers liability insurance, group comprehensive life insurance for employees, property insurance, or business disruption insurance.
PRC Subsidiaries have not made adequate social insurance and housing fund contributions for all employees as required by PRC regulations, potentially subjecting them to penalties.
PRC Subsidiaries have not completed lease registration with relevant PRC government authorities for all leased properties, exposing them to potential fines.
Shanghai Kuangre, a PRC subsidiary, leases office and carries out business activities in Xian City without completing registration and establishing a branch office, which may lead to penalties.

Risks

Any actions by the Chinese government, including intervention or influence over PRC Subsidiaries' operations or control over overseas securities offerings, may cause material changes to operations, limit ability to offer securities, or cause securities value to significantly decline or become worthless.
Uncertainties in the interpretation and enforcement of PRC laws and regulations and rapid changes in policies could limit legal protection available to the company and investors.
The Opinions, Trial Measures, and revised Provisions recently issued by PRC authorities may subject PRC Subsidiaries to additional compliance requirements in the future.
Given the Chinese government's significant oversight and discretion, it may intervene or influence PRC Subsidiaries' operations at any time, potentially resulting in a material change in operations and/or the value of Class A Ordinary Shares.
Joint statements by the SEC and PCAOB, rule changes by Nasdaq, and the HFCA Act call for additional and more stringent criteria for emerging market companies, adding uncertainties to continued Nasdaq listing or future U.S. offerings.
Recent greater oversight by the CAC over data security, particularly for companies seeking to list or continuously list on a foreign exchange, could adversely impact the business.
Cash or assets in PRC/Hong Kong entities may not be available to fund operations or for other use outside of PRC/Hong Kong due to government restrictions on cash/asset transfers.
The company may be classified as a PRC resident enterprise for PRC enterprise income tax purposes, which would likely result in unfavorable tax consequences to the company and non-PRC shareholders.
Chinese regulatory authorities could disallow the holding company structure, potentially resulting in a material change in operations and/or a material change in the value of the securities.
The business is subject to complex and rapidly evolving PRC laws and regulations, which could increase costs, require more licenses, or subject the company to liabilities.
Possibility of changes with respect to the interpretation and implementation of the PRC Foreign Investment Law and Implementation Regulations may affect corporate governance.
PRC regulations relating to offshore investment activities by PRC residents (SAFE Circular 37) may limit PRC Subsidiaries' ability to increase registered capital or distribute profits, or expose the company to liability and penalties.
Restrictions on PRC and Hong Kong subsidiaries paying dividends or making other payments to the company under existing or new PRC laws may restrict the company's ability to satisfy liquidity requirements.
If the company becomes directly subject to scrutiny, criticism, and negative publicity involving U.S.-listed Chinese companies, it may have to expend significant resources to investigate and resolve the matter, harming business, stock price, and reputation.
PRC regulation of loans to and direct investment in PRC entities by offshore holding companies and governmental control of currency conversion may restrict or delay using Business Combination proceeds for PRC Subsidiaries.
Some Hong Kong subsidiaries are subject to evolving Hong Kong laws and regulations regarding data security or anti-monopoly, which could subject them to government enforcement actions, fines, and operational disruptions.
Increases in labor costs may adversely affect business and profitability.
Failure to screen, test, and publish popular, high-quality mobile games in a timely and successful manner could impair competitiveness and revenue generation.
Inability to successfully monetize free-to-play games could harm the business.
Reliance on developer partners for game development; if third parties or critical staff are unable or unwilling to cooperate, business may be severely disrupted.
The value of virtual items is highly dependent on game economy management; failure could harm business.
Failure to successfully invest in, establish, and maintain brand awareness, or if games contain defects or objectionable content, could harm business, financial condition, results of operations, or reputation.
New games and features could divert players from other games without growing the overall user base, harming operating results.
Failure to anticipate or successfully implement new technologies could render game publishing support services uncompetitive and reduce revenue and market share.
Inability to continue extending the life of existing mobile games through new features or functionalities could negatively impact the business.
The highly competitive mobile gaming industry may prevent successful competition against existing or new competitors, reducing market share and adversely affecting financial performance.
Reliance on certain third-party services (online cloud, advertising, data support) exposes the company to risks from interruptions or failures.
Reliance on a few significant suppliers; any interruption in their operations may have a materially adverse effect.
Reliance on assumptions and estimates to calculate key metrics; inaccuracies may harm reputation and negatively affect business.
If the use of mobile devices as game platforms and their proliferation do not increase, the business could be adversely affected.
Generating and processing large amounts of data requires compliance with data privacy and security laws in multiple jurisdictions; improper use or disclosure could have a material adverse effect.
The business is subject to a variety of U.S. and foreign laws, many unsettled and developing, which could subject the company to claims or otherwise harm the business.
Disruption to technology systems and platforms could materially affect the ability to maintain satisfactory performance of game publishing support services.
Cyber-attacks or other privacy/data security incidents could result in increased costs, liabilities, or reputational harm.
Reliance on app distribution platforms (Apple App Store, Google Play); denial of access or adverse changes in terms could adversely affect mobile games business.
Non-compliance with rules, policies, and guidance established by app distribution platforms, either by the company or third parties, could result in penalties and business disruptions.
Use of generative artificial intelligence tools may require additional investment and costs, and pose unique risks, potentially subjecting the company to legal liability.
Failure to manage growth or execute strategies and future plans effectively may prevent taking advantage of market opportunities or meeting customer demand.
Unauthorized use of intellectual property by third parties and expenses incurred in protecting IP rights may adversely affect business, reputation, and competitive edge.
Third parties may claim infringement of their proprietary intellectual property rights, leading to significant legal expenses and hindering service promotion.
Non-compliance with laws and regulations by third parties could expose the company to legal expenses, compensation, penalties, and business disruptions.
Future acquisitions may have an adverse effect on the ability to manage the business.
A decline in general economic conditions or disruption of financial markets may affect entertainment and gaming markets or discretionary income of consumers, adversely affecting profitability.
Failure to attract, recruit, or retain key personnel could affect ongoing operations and growth.
The company may from time to time be subject to claims, controversies, lawsuits, and legal proceedings, which could adversely affect business, prospects, results of operations, and financial condition.
As a public company, the company incurs higher costs compared to when it was private.
Failure to implement and maintain an effective system of internal controls or remediate identified material weaknesses could lead to inaccurate financial reporting, missed obligations, or fraud.
A market for the company's securities may not develop or be sustained, adversely affecting liquidity and price.
The market price of Class A Ordinary Shares may be volatile or decline regardless of operating performance.
The company may not be able to maintain the listing of its Class A Ordinary Shares on Nasdaq.
Negative reports by securities or industry analysts could cause share price and trading volume to decline.
Issuance of additional Class A Ordinary Shares in connection with future financings, acquisitions, investments, or incentive plans will dilute all other shareholders.
As an emerging growth company, reduced SEC reporting requirements may make Class A Ordinary Shares less attractive to investors.
As a foreign private issuer, the company is permitted to file less or different information with the SEC and follow certain home-country corporate governance practices, potentially offering less protection to U.S. shareholders.
As a controlled company, the company may follow certain exemptions from Nasdaq corporate governance requirements, which could adversely affect public shareholders.
The dual-class structure of Ordinary Shares concentrates voting control with the Chairman of the Board of Directors, whose interests may not align with other shareholders.
The dual-class capital structure may render Class A Ordinary Shares ineligible for inclusion in certain stock market indices, adversely affecting trading price and liquidity.
Due to incorporation in the Cayman Islands, investors may face difficulties in protecting their interests and limited ability to protect rights through U.S. federal courts.
If characterized as a passive foreign investment company (PFIC) for U.S. federal income tax purposes, U.S. shareholders may suffer adverse tax consequences.
Economic substance legislation of the Cayman Islands may adversely impact the company or its operations.

Future Outlook

Gamehaus Holdings intends to deepen collaboration with current developer partners by improving mature game products and accelerating the screening process for new games. The company plans to further expand its developer partner base and diversify its game portfolio into casual and mid-core genres like puzzle, match, simulation, RPG, and strategy games. A continuous investment in technology research and development is planned, focusing on enhancing its AIGC service platform, data platform, and technical support system, with an expected expenditure of approximately $6 million on technology research and equipment upgrades in 2024. The company aims to achieve higher data analysis accuracy with limited user data and build a universal research development engine component platform to streamline game model development.

Management Comments

"The decrease in net income [for the nine months ended March 31, 2025] was primarily attributable to the decrease in revenue, which resulted from the Company's strategically reduced advertising costs related to user acquisition... However, the Company remains committed to its strategic focus on enhancing gameplay experiences and improving payer conversion rates, which are expected to contribute to long-term growth and profitability."
"The increase in net income [for the fiscal year ended June 30, 2024] was primarily attributable to the Company's continued effort to elevate gameplay experiences and enhance payer conversion rates. By prioritizing these aspects, the Company maintained steady revenue and effectively reduced advertising costs related to marketing and player acquisition and retention."
"The decrease in Average DAUs, MAUs, DPUs and MPUs was primarily due to the loss of game players, as the Company strategically reduced advertising costs related to user acquisition by 19.7%, or $8.6 million, to $34.9 million for the nine months ended March 31, 2025, compared to $43.5 million for the nine months ended March 31, 2024."
"The reduction in advertising costs was primarily attributable to the following factors: (i) as advertising platforms updated their placement algorithms, advertisement effectiveness became unstable and subject to significant fluctuations, prompting the Company to proactively and temporarily reduce its promotional volume for the nine months ended March 31, 2025; (ii) in response to intensifying competition in the advertising market, the Company implemented stricter payback period requirements for several mature games to preserve operating cash flow and reallocate marketing budgets to upcoming product launches; and (iii) with the widespread adoption of AI technology in the gaming industry, the Company proactively adjusted its strategies to better adapt to market changes, enhance the competitiveness of its games, and improve overall product profitability."
"The decrease in Average RPDAU and payment conversion rates reflected the reduced effectiveness of monetization activities in mature games, primarily due to a strategic reduction in advertising expenditures. To counteract this trend, the Company is partnering with game developers to introduce new monetization events and optimized operational content, with the goal of revitalizing revenue performance across its existing product portfolio."
"The decrease in Average 7D Retention Rate was primarily attributable to a strategic reduction in advertising expenditures, including decreased spending on high-value users, who are typically acquired at a higher cost. This shift in resource allocation resulted in a temporary decline in retention metrics. The Company is refining its targeting strategies to improve retention in future periods."
"To support long-term growth, the Company is actively expanding its product portfolio through developing customized games and diversifying game genres and target markets, with several games currently in testing and optimization phases."

Industry Context

The mobile gaming industry is highly competitive and rapidly evolving, characterized by continuous technological advancements, frequent new game launches, and changing player preferences. There is a growing trend of smalland medium-sized game developers entering the market, creating a heightened demand for comprehensive commercialization support. Gamehaus Holdings operates as a game publisher targeting the global market, with a significant portion of its revenue derived from European and North American markets, particularly in the social casino genre. The industry is also seeing widespread adoption of AI technology, which influences game development and marketing strategies.

Management Changes

Role	Previous Person	New Person	Effective Date	Reason
Chairman of the Board of Directors and Director	NA	Feng Xie	January 2025	Appointment following Business Combination
Chief Executive Officer and Director	NA	Yimin Cai	January 2025	Appointment following Business Combination
Chief Financial Officer and Director	NA	Ling Yan	January 2025	Appointment following Business Combination
Chief Technology Officer and Director	NA	Xi Yan	January 2025	Appointment following Business Combination
Independent Director	NA	Yan Gong	January 2025	Appointment following Business Combination
Independent Director	NA	Lei Zhu	January 2025	Appointment following Business Combination
Independent Director	NA	Kenneth Lam	January 2025	Appointment following Business Combination

Corporate Governance

Change Type	Description	Effective Date	Impact Assessment
Committee Establishment	Established an audit committee, a compensation committee, and a nominating and corporate governance committee.	NA	Enhances corporate oversight and aligns with public company governance structures, though certain exemptions are utilized.
Board Composition	Board of directors consists of seven directors, three of whom are independent as per Nasdaq listing rules and Rule 10A-3 of the Exchange Act.	NA	Meets minimum independence requirements for certain committees, but not a majority independent board due to controlled company status.
Controlled Company Status	Mr. Feng Xie beneficially owns 86.04% of the aggregate voting power, making the company a controlled company under Nasdaq listing rules. The company intends to utilize exemptions from certain corporate governance standards, such as having a majority independent board or fully independent compensation/nominating committees.	NA	Concentrates voting control with Mr. Xie, potentially limiting the influence of other shareholders and reducing certain protections afforded to shareholders of companies subject to all Nasdaq governance requirements.
Dual-Class Share Structure	The company has a dual-class voting structure where Class B Ordinary Shares (held by Mr. Feng Xie) are entitled to 15 votes per share, while Class A Ordinary Shares have one vote per share.	NA	Concentrates voting control with Mr. Feng Xie, potentially discouraging transactions not aligned with his interests and possibly rendering Class A Ordinary Shares ineligible for inclusion in certain stock market indices, which could affect trading price and liquidity.
Code of Business Conduct and Ethics	Adopted a code of business conduct and ethics applicable to all directors, officers, and employees.	NA	Establishes ethical guidelines and promotes responsible conduct within the company.

Legal Proceedings

The company and its operating subsidiaries are currently not a party to, and are not aware of any threat of, any legal or administrative proceedings that are likely to have any material and adverse effect on their business, financial condition, cash flow, or results of operations.

Related Party Transactions

The company incurred royalty fees and service expenses from related parties (investees) such as Wuhan Huiyu ($261,084 for 9 months ended March 31, 2025), Shanghai Dongying ($1,709,587 for 9 months ended March 31, 2025), and Mobile Motion ($434,398 for 9 months ended March 31, 2025).
Advances to suppliers related parties totaled $1,299,565 as of March 31, 2025, including amounts to Wuhan Huiyu ($42,285), Shanghai Dongying ($552,343), and Mobile Motion ($704,937).
A 'due to related party' balance of $107,361 to Feng Xie as of June 30, 2024, was paid off during the nine months ended March 31, 2025. These advances were due on demand and without interest.

Stakeholder Impact

Shareholders: Face potential dilution from future equity issuances, volatility in share price due to market reaction and financial performance, and risks associated with PRC regulations. The dual-class structure concentrates voting power with the controlling shareholder, potentially limiting the influence of other shareholders and affecting eligibility for certain stock market indices.
Employees: May experience increased labor costs and potential penalties for the company's past inadequate social insurance and housing fund contributions.
Customers (game players): Their experience and engagement are directly impacted by the company's ability to introduce new content, manage game economies, and maintain service quality. They are also affected by changes in app distribution platform policies and potential security breaches.
Suppliers (especially advertising service providers and game developers): Their business is influenced by the company's strategic decisions on advertising expenditure and its financial performance, as well as the terms of their contractual arrangements.
Creditors: Their interests are tied to the company's liquidity and its ability to generate sufficient revenue and cash flows to meet its financial obligations.

Next Steps

Selling Shareholders may offer, sell or distribute all or part of the registered securities from time to time.
The company plans to continue improving mature game products and investing in user acquisition for them.
The company plans to further accelerate the screening process for game products from current developer partners.
The company plans to continue investing in selected elite developer teams to strengthen cooperative relationships.
The company will endeavor to enlarge its developer partner base and diversify its game portfolio, exploring new opportunities in casual and mid-core game genres.
The company plans to continue investing in technology research and development, focusing on its AIGC service platform, data platform, and technical support system, with an expected expenditure of approximately $6 million on technology research and equipment upgrades in 2024.
The company will file annual reports on Form 20-F and other information from time to time with the SEC.
The company will continue to monitor its tax status regarding PRC resident enterprise classification.
Gamehaus HK intends to apply for the tax resident certificate if and when Chongqing Haohan and Shanghai Kuangre plan to declare and pay dividends to Gamehaus HK.

Key Dates

Date	Description
2016-08-25	Shanghai Kuangre Network Technology Co., Ltd. incorporated.
2016-09-09	Dataverse Co., Limited incorporated.
2017-06-21	Avid.ly Co., Limited incorporated.
2019-05-27	Service agreement between AppLovin and Dataverse dated.
2019-12-01	Company began investing in selected developer partners.
2020-01-01	Company entered into an exclusive game agency agreement with Wuhan Huiyu.
2020-12-02	Gamehaus Inc. incorporated in the Cayman Islands.
2020-12-09	Joypub Holding Limited (Gamehaus BVI) incorporated.
2021-01-07	Gamehaus Limited (Gamehaus HK) incorporated.
2021-01-21	Company entered into a technology development agreement with Shanghai Dongying.
2021-01-21	Company entered into an exclusive game agency agreement with Mobile Motion.
2021-03-04	Chongqing Haohan Network Technology Co., Ltd. incorporated.
2021-04-08	Beijing Haoyou Network Technology Co., Ltd. incorporated.
2021-05-17	Gamepromo Co., Limited incorporated.
2021-07-01	Company adopted ASC 985-20-25 for software development costs.
2021-07-01	Company adopted ASU 2016-13 for financial instruments.
2021-09-30	Company entered into Ningbo Huixin LP Partnership Agreement.
2021-10-29	Gamehaus HK acquired equity interests in Shanghai Kuangre.
2021-10-31	Company entered into Chongqing Xiangyou LP Partnership Agreement.
2021-12-01	Former VIE Agreements (Exclusive Services, Exclusive Call Option, Power of Attorney, Equity Interest Pledge) entered into.
2021-12-01	Kuangre SH qualified as a High and New Technology Enterprise (HNTE), subject to 15% income tax rate until December 31, 2024.
2022-02-15	Cybersecurity Review Measures became effective.
2022-05-25	Gamehaus Pte. Ltd. (Gamehaus SG) incorporated.
2022-08-15	Chongqing Haohan acquired 70% of Chongqing Fanfengjian Network Technology Co., Ltd.
2022-09-30	Shanghai Haoyu Network Technology Co., Ltd. incorporated.
2022-12-15	PCAOB determined complete access to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong.
2022-12-29	Consolidated Appropriations Act signed into law, reducing HFCA Act non-inspection years from three to two.
2023-02-17	CSRC promulgated Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies (Trial Measures).
2023-03-31	Trial Measures and revised Provisions on Strengthening Confidentiality and Archives Administration of Overseas Securities Offering and Listing by Domestic Companies (Archive Provisions) became effective.
2023-06-30	Shareholders of Kuangre SH approved termination of former VIE Agreements.
2023-07-20	Gamehaus Holdings Inc. incorporated in the Cayman Islands.
2023-09-01	Former VIE Agreements terminated.
2023-09-16	Gamehaus Holdings entered into Business Combination Agreement with Golden Star.
2023-11-01	Haohan CQ's HNTE certification valid for three years starting from November 2024.
2024-01-01	Google's new Consent Management Platform (CMP) requirements for ads served in EEA and U.K. effective.
2024-02-01	Gamehaus HK entered into share transfer agreements with Mr. Feng Xie and other minority shareholders to acquire remaining equity interests in Shanghai Kuangre.
2024-04-17	Xian Ruojintang Technology Co., Ltd. incorporated as a wholly owned subsidiary of Chongqing Haohan.
2024-05-28	Shanghai Kuangre lease agreement dated.
2024-06-01	Chongqing Haohan lease term from June 1, 2024 to May 31, 2026.
2024-06-13	Chongqing Haohan filed with the CSRC in connection with this offering and listing.
2024-09-01	Shanghai Kuangre lease term from September 1, 2024 to August 31, 2026.
2024-09-24	Regulations on the Network Data Security Administration (Security Administration) published.
2024-09-27	Last PCAOB inspection of Audit Alliance LLP.
2024-11-01	Security Administration Regulations effective.
2024-11-18	Beijing Haoyou lease agreement dated.
2024-11-21	CSRC issued filing notification to Chongqing Haohan.
2025-01-01	Kuangre SH subject to corporate income tax at the PRC unified rate of 25%.
2025-01-06	Beijing Haoyou lease term from January 6, 2025 to January 5, 2026.
2025-01-20	Golden Star's shareholders approved business combination at extraordinary general meeting.
2025-01-24	Business Combination consummated; Gamehaus became a wholly owned subsidiary of Gamehaus Holdings.
2025-01-27	Class A Ordinary Shares commenced trading on Nasdaq under the symbol GMHS.
2025-03-01	During March 2025, Gamehaus Holdings received $100,798 from Gamehaus HK for working capital purpose.
2025-03-31	End of the latest reported nine-month period for financial statements.
2025-05-02	Avid.ly Co., Limited deregistered.
2025-06-13	Date of F-1/A filing.
2025-12-31	Next determination date for foreign private issuer status.
2026-01-01	ASU 2024-03 effective for annual reporting periods beginning after this date.
2027-01-01	ASU 2024-03 effective for interim periods within annual reporting periods beginning after this date.
2030-12-31	Chongqing Haohan and Chongqing Fanfengjian subject to a favorable income tax rate of 15% until this date.

Recommendation

hold

Keywords

Mobile gaming, Game publishing, Game development, Social casino, In-app purchases, Advertising, AI, AIGC, Data analytics, China, Hong Kong, Singapore, SEC filing, F-1/A, Nasdaq, Class A Ordinary Shares, Class B Ordinary Shares, Business Combination, Regulatory risk, Cybersecurity, Data privacy, Intellectual property, Financial performance, User acquisition, Monetization

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