F-1/A: Qinhui Technology Seeks SEC Waiver for IPO Financial Statement Requirement

Qinhui Technology International Co., Ltd. requests a waiver from the SEC regarding the 12-month audit requirement for its Form F-1 registration statement, citing impracticability and undue hardship.

Summary

• Qinhui Technology International Co., Ltd. is requesting a waiver from the SEC regarding the requirement to include audited financial statements no older than 12 months from the offering date in its Form F-1 registration statement.
• The company states that complying with this requirement is impracticable and involves undue hardship.
• Qinhui Technology represents that it is not required to comply with the 12-month audit requirement in any other jurisdiction and that its 2024 audited financial statements will not be available until April 2025.
• The company assures that it will not seek effectiveness of the registration statement if its audited financial statements are older than 15 months at the time.

Sentiment

Score: 7

Explanation: The document is a formal request for a waiver, indicating a neutral to slightly positive sentiment as the company is actively pursuing its IPO.

Future Outlook

The company anticipates its audited financial statements for the fiscal year ended December 31, 2024 will be available in April 2025 and will not seek effectiveness of the Registration Statement if its audited financial statements are older than 15 months at the time.

Management Comments

• Xin Zhang, Chief Executive Officer, states that full compliance with Item 8.A.4 of Form 20-F is impracticable and involves undue hardship for the Company.

Industry Context

This announcement is a standard regulatory procedure for foreign companies seeking to list on U.S. exchanges, particularly when facing practical difficulties in meeting specific SEC requirements.

Stakeholder Impact

• Granting the waiver would allow the company to proceed with its IPO plans, potentially benefiting shareholders and other stakeholders.
• Denial of the waiver could delay the IPO, impacting the company's fundraising timeline and potentially affecting investor confidence.

Next Steps

• The SEC will review the waiver request and determine whether to grant it.
• The company will proceed with its IPO plans, ensuring compliance with all other SEC requirements.

Key Dates