F-1: Yimutian Inc. Files for U.S. IPO Amidst Continued Losses and China Regulatory Scrutiny

Sentiment:

Initial Public Offering Registration Statement 9 June 2025 7:18 PM

Yimutian Inc., China's largest agricultural B2B platform, is pursuing an initial public offering of American Depositary Shares on Nasdaq despite ongoing net losses and significant regulatory and operational risks associated with its China-based Variable Interest Entity (VIE) structure.

Delay expectedThe maturity date for the Convertible Loans from Dezhou Decai Industrial Innovation Equity Investment Fund (Limited Partnership) was extended from September 8, 2024, to September 8, 2025.The maturity date for the Exchangeable Notes from Investor B was extended from September 8, 2024, to September 8, 2025.The preferred shareholders' redemption rights are triggered if a qualified IPO or trade sale is not completed by December 31, 2025, with a potential automatic postponement to December 31, 2026, if IPO filings are submitted but postponed due to material adverse legal, regulatory, market, or policy changes in China. This indicates a potential delay in achieving the IPO milestone.

Capital raiseThe F-1 filing itself is for an Initial Public Offering (IPO) of American Depositary Shares (ADSs) to raise capital.The company expects to receive total estimated net proceeds of approximately US$ million from this offering.The company states it will require additional liquidity to continue operations over the next 12 months and is evaluating strategies including obtaining equity financing, issuing debt, or entering into other financing arrangements.The company borrowed interest-free loans totaling RMB28.3 million from its founder in 2024.The company obtained a 12-month short-term credit bank borrowing of RMB5,000 from China CITIC Bank in February 2024.The company received capital contribution from non-controlling interest of RMB30.0 million (US$4.110 million) in 2024.

Worse than expectedThe company incurred net losses of RMB105.6 million in 2023 and RMB34.9 million (US$4.8 million) in 2024, indicating a lack of profitability.Net cash used in operating activities was RMB61.4 million (US$8.4 million) for the year ended December 31, 2024, showing that operations are consuming cash.The company had net current liabilities of RMB432.2 million (US$59.2 million) as of December 31, 2024, indicating a working capital deficit.The independent registered public accounting firm's report contains an explanatory paragraph raising substantial doubt about the company's ability to continue as a going concern due to recurring operating losses, negative operating cash flow, and net current liabilities, compounded by preferred shareholder redemption rights contingent on IPO completion by December 31, 2025.

Summary

Yimutian Inc. is the largest agricultural B2B platform in mainland China by monthly active merchants in 2024, with over 38 million merchants and facilitating over 187 million potential transactions in 2024.
The company's business lines include digital agricultural commerce services (Yimutian App, Douniu App), agricultural sourcing and trading services (Wolaicai), smart farming, and other digital agricultural solutions.
Total revenues decreased by 14.0% from RMB187.5 million in 2023 to RMB161.3 million (US$22.1 million) in 2024, primarily due to disabled short video features impacting user engagement and a decrease in government-related projects.
Net loss decreased by 66.9% from RMB105.6 million in 2023 to RMB34.9 million (US$4.8 million) in 2024.
Gross margin increased from 73.7% in 2023 to 81.0% in 2024, mainly due to a decrease in staff costs related to cost of revenues.
Selling and marketing expenses decreased by 7.4% to RMB87.6 million (US$12.0 million) in 2024, while general and administrative expenses decreased by 59.1% to RMB39.6 million (US$5.4 million) in 2024, partly due to share-based compensation in 2023.
Research and development expenses decreased by 20.3% to RMB37.8 million (US$5.2 million) in 2024, attributed to a reduction in R&D workforce for trial-and-error operations.
The company had net cash used in operating activities of RMB61.4 million (US$8.4 million) in 2024 and net current liabilities of RMB432.2 million (US$59.2 million) as of December 31, 2024.
The company's redeemable convertible preferred shareholders have rights to request redemption of all preferred shares if a qualified IPO or trade sale (valuation no less than US$800 million) is not completed by December 31, 2025, raising substantial doubt about its ability to continue as a going concern.
The company plans to use IPO net proceeds for enhancing Apps (30%), developing technological infrastructure for new initiatives (30%), expanding sales representatives for sourcing/trading (30%), and working capital/general corporate purposes (10%).

Sentiment

Score: 3

Explanation: The company shows strong market leadership and technological capabilities in a growing industry, and has significantly reduced its net losses. However, persistent operating cash outflows, substantial net current liabilities, and the explicit 'going concern' warning from auditors, coupled with significant regulatory uncertainties in China and contingent preferred share redemption, indicate high financial risk and uncertainty, leading to a cautious sentiment.

Positives

Largest agricultural B2B platform in mainland China by monthly active merchants in 2024, demonstrating significant market presence.
High merchant stickiness and organic growth, with approximately 44.5% of new merchants acquired through word-of-mouth marketing in 2024, indicating strong brand loyalty and efficient acquisition costs (average RMB8.15 per merchant).
Strong technological capabilities, including proprietary agricultural algorithms, AI-powered applications (natural language processing, customer service system), and a comprehensive market quotation database.
Expansion into new business ventures like agricultural sourcing and trading (Wolaicai) and smart farming, aiming to diversify revenue streams and deepen supply chain penetration.
Improved gross margin from 73.7% in 2023 to 81.0% in 2024, indicating better cost management relative to revenue.
Significant reduction in net loss from RMB105.6 million in 2023 to RMB34.9 million (US$4.8 million) in 2024, showing progress towards profitability.
Management team with extensive experience in both agriculture and internet technology, including founder Jinhong Deng, recognized as a pioneer in agri-tech.

Negatives

Continued net losses, with RMB34.9 million (US$4.8 million) in 2024, indicating ongoing unprofitability.
Decreased total revenues by 14.0% from RMB187.5 million in 2023 to RMB161.3 million (US$22.1 million) in 2024, partly due to strategic decisions that impacted user engagement and reduced government-related projects.
Net cash used in operating activities of RMB61.4 million (US$8.4 million) in 2024, indicating negative operational cash flow.
Significant net current liabilities of RMB432.2 million (US$59.2 million) as of December 31, 2024, raising concerns about working capital and liquidity.
Substantial doubt about the ability to continue as a going concern due to recurring operating losses, negative operating cash flow, net current liabilities, and preferred shareholder redemption rights contingent on IPO completion by December 31, 2025.
Reliance on Variable Interest Entity (VIE) structure in China, which carries unique and evolving regulatory risks, including potential government intervention or changes in interpretation of laws that could affect control and financial consolidation.
Exposure to the Holding Foreign Companies Accountable Act (HFCAA), which could lead to delisting from U.S. exchanges if PCAOB inspections are not possible for two consecutive years, despite the current auditor being Singapore-based.

Risks

Inability to attract or retain agricultural product sellers and buyers could materially and adversely impact platform appeal and financial results.
Uncertainty regarding monetization strategies and ability to achieve and maintain profitability in the future, given limited operating history and evolving business model.
Operating cash outflow, net current liabilities, and preferred shareholder redemption rights raise substantial doubt about the ability to continue as a going concern.
Limited operating history and evolving business make it difficult to evaluate future prospects and risks, and historical growth may not be indicative of future performance.
Business and results of operations are susceptible to inclement weather, natural disasters, and disease outbreaks (e.g., swine flu), which can affect agricultural product supply, quality, and prices.
Dependence on market recognition and reputation of brands; negative publicity or failure to maintain user experience could materially and adversely affect the business.
Reliance on third-party logistics service providers exposes the company to risks of service interruptions, failures, or constraints, potentially harming reputation and business.
Potential exposure to complex and evolving laws and regulations regarding cybersecurity, data privacy, and data protection in mainland China, including the Cybersecurity Review Measures and Personal Information Protection Law.
Risk of fictitious transactions or other fraudulent conduct on the platform, which could lead to lawsuits, regulatory investigations, fines, and reputational damage.
Dependence on the proper functioning of technology platform; any failure to maintain satisfactory performance or disruption to systems could adversely affect service delivery and reputation.
Failure to adopt new technologies or adapt existing systems to changing user requirements or industry standards could materially and adversely affect the business.
Challenges in expanding service and product offerings, including limited familiarity with new products and lack of buyer data, potentially leading to undesirable sales volumes or product liability claims.
Any lack of requisite approvals, licenses, or permits applicable to the business may subject the company to administrative penalties or other government sanctions.
Dependence on senior management team; inability to hire, retain, manage, and motivate key personnel could harm the business.
Reliance on commercial banks for payment processing and escrow services; restrictions, less favorable terms, or unavailability of these services could materially and adversely affect the business.
Online marketing services constitute internet advertisement, subjecting the company to evolving advertising laws and regulations, potentially leading to increased costs or penalties.
Illegal, improper, or inappropriate activity of sellers, buyers, other users, or employees could expose the company to liability and harm its business and brand.
Business and operating results may experience seasonal fluctuations, particularly around Chinese New Year and summer months due to natural disasters.
Material weakness in internal control over financial reporting related to lack of sufficient financial reporting and accounting personnel with U.S. GAAP and SEC reporting knowledge.
Reliance on a single facility for computer and communications hardware, making the business vulnerable to damage or interruption.
Merchant growth and activity on mobile devices depend on effective use of mobile operating systems, networks, and standards not controlled by the company.
Reliance on certain key operating metrics that are calculated using internal data and have not been independently verified, potentially harming reputation if perceived as inaccurate.
Dependence on app stores (Apple, Android) to distribute mobile apps; changes in terms or refusal to distribute could adversely affect the business.
Granting of share-based incentive awards may result in increased compensation expenses and immediate substantial dilution to investors.
Legal and regulatory risks relating to certain leased real properties, including lack of valid ownership certificates or unregistered lease agreements.
Inability to prevent unauthorized use of intellectual property could harm business and competitive position.
Potential for intellectual property infringement claims against the company, which may be expensive to defend and disrupt business.
Increasing focus on environmental, social, and governance (ESG) matters may impose additional costs or expose the company to risks.
Some technologies are adapted from open source or third-party models, posing risks related to licensing, security, and potential disclosure of proprietary code.
Insufficient insurance coverage to cover business risks, particularly for business liability or service disruption.
Dependence on the performance of the internet infrastructure and telecommunications networks in mainland China.
Uncertainty with respect to indirect transfers of equity interests in mainland China resident enterprises by their non-mainland China holding companies, potentially leading to additional taxes.
Difficulties for overseas regulators to conduct investigations or collect evidence within mainland China, limiting investor protection.
An active trading market for ADSs may not develop, and the trading price may fluctuate significantly.
Proposed dual-class voting structure will limit influence over corporate matters and could discourage change of control transactions.
Being an emerging growth company and foreign private issuer allows for reduced reporting requirements and different corporate governance practices, potentially affording less protection to shareholders.
No expectation of paying dividends in the foreseeable future, requiring reliance on price appreciation for investment return.
Uncertainty regarding the use of a portion of net proceeds from the offering.
Potential classification as a passive foreign investment company (PFIC) for U.S. federal income tax purposes, which could result in adverse tax consequences for U.S. investors.
Increased costs as a public company due to compliance and reporting requirements.
Uncertainty regarding the accuracy or completeness of certain facts, forecasts, and statistics obtained from third-party sources in the prospectus.
Difficulties in effecting service of legal process, enforcing foreign judgments, or bringing actions against the company based on foreign laws due to incorporation in Cayman Islands and operations in China.
ADS holders may not be entitled to a jury trial with respect to claims arising under the deposit agreement, potentially resulting in less favorable outcomes.

Future Outlook

Yimutian Inc. plans to reinforce its market leadership by continually upgrading and optimizing digital agricultural commerce services, including refining value-added services, launching data-driven robot customer service, and providing diversified online and offline marketing tools. The company intends to expand its reach both online and offline, growing the Douniu App business and attracting more sellers from agricultural production bases. Significant investment is planned for innovative businesses like agricultural sourcing and trading (Wolaicai) and smart farming to diversify revenue streams and solidify merchant loyalty. The company will continue to invest in infrastructure development and technology innovation, focusing on data analysis, cloud computing, and AI to enhance user experience and operational efficiency. Strategic partnerships, investments, and acquisitions will be selectively pursued to foster synergies and strengthen market position.

Management Comments

Our mission is to make every acre of farmland more valuable via technology and industry know-how.
We believe technology plays a critical role in agriculture, contributing to increased productivity of the industry.
We pride ourselves as the go-to platform for merchants by leveraging our innovative technology and industry know-how.
Technological capabilities run in our genes ever since we commenced our operations.
Our proprietary agricultural algorithm, being accurate and efficient to sort out matching problems amongst buyers, sellers and massive SKUs, processes terabytes of information daily.
We continue to pioneer innovation in the industry through expanding into broader areas of AI-powered applications to enhance merchants experience and streamline operations.
Our insightful, accurate and up-to-date market quotation database, being the other building block of our success formula, is backed by our dedicated R&D team.
We have achieved at-scale commercialization and have a track record of proven success.
As we are still in the early stage of monetization, given our broad merchant base, we are poised for growth across multiple new monetization channels and through value-added services throughout the supply chain of agricultural products.
We believe that our overall leading position in the industry, in particular, our strengths in technological capabilities and market insights, make us well-positioned to benefit from the significant growth opportunities.
Our dedication to technological advancements runs deep in our DNA, evident through our substantial investments in technology since our inception.
We believe a critical component of our success has been our corporate culture, which focuses on development in the long run and not be blinded by immediate interests.

Industry Context

The Chinese agricultural B2B e-commerce platform market is experiencing rapid growth, driven by technological advancements, increasing internet penetration in rural areas, and favorable government policies promoting agricultural modernization and supply chain digitalization. The market reached approximately RMB132.7 billion in 2024 and is projected to grow to RMB284.2 billion by 2029, representing a CAGR of 17.5%. The digital service market within this sector is also growing rapidly, reaching RMB1,629.6 million in 2024 with a projected 5-year CAGR of 36.7%. Key challenges in the industry include information asymmetry and high costs due to multi-layer circulation. Yimutian positions itself as a leader in this evolving landscape, leveraging technology and industry know-how to streamline transactions and expand into smart farming and sourcing/trading.

Comparison to Industry Standards

Yimutian Inc. is identified as the largest agricultural B2B platform in mainland China in terms of monthly active merchants in 2024, according to the Frost & Sullivan Report, indicating a leading market position.
The company's proprietary agricultural algorithm processes terabytes of information daily, sorting matching problems among buyers, sellers, and SKUs, which is a key technological advantage in the industry.
Approximately 69% of Yimutian's R&D personnel were senior engineers with over 5 years of work experience as of December 31, 2024, suggesting a high-quality R&D team compared to industry peers.
The company's average merchant acquisition cost was RMB8.15 in 2024, with 44.5% of new merchants acquired organically through word-of-mouth, suggesting a highly efficient and cost-effective merchant acquisition strategy compared to typical industry marketing expenditures.
The company's geographic footprint covers over 340 cities and 2,800 counties, representing over 65% of primary and secondary agricultural wholesale markets in mainland China, indicating extensive market penetration and network coverage.
The company's expansion into agricultural sourcing and trading (Wolaicai) and smart farming demonstrates a proactive approach to penetrate deeper into the supply chain, addressing market demands for standardized transactions and consistent quality, which is a growing trend in the industry.

Management Changes

Role	Previous Person	New Person	Effective Date	Reason
Director	Kui Zhou	NA	Upon completion of this offering	Resignation
Independent Director	NA	Xinghong Hua	Upon SEC's declaration of effectiveness of F-1	New appointment
Independent Director	NA	Xiaowei Wang	Upon SEC's declaration of effectiveness of F-1	New appointment
Independent Director	NA	Junchen Sun	Upon SEC's declaration of effectiveness of F-1	New appointment

Corporate Governance

Change Type	Description	Effective Date	Impact Assessment
Board Composition	The board of directors will consist of nine directors upon the effectiveness of the registration statement. The Founder Holding Company will designate five directors, and various preferred shareholders (HSG CV IV Holdco, Ltd., Passion Stream Investment Limited, Wise Prime, Win-Chain) will each designate one director. Two observers will be designated by Yunfeng and CGC Moonwalk Limited.	Upon SEC's declaration of effectiveness of F-1	Establishes a specific board structure with significant control retained by the Founder and representation for key preferred shareholders, potentially influencing strategic decisions.
Independent Directors	The company will rely on the foreign private issuer exemption from Nasdaq rules, and will not have a majority of independent directors on its board. However, three independent directors (Xinghong Hua, Xiaowei Wang, Junchen Sun) will be appointed.	Upon SEC's declaration of effectiveness of F-1	May afford less protection to shareholders compared to U.S. domestic issuers due to reliance on home country practices for corporate governance, but the appointment of independent directors for audit, compensation, and nominating committees provides some oversight.
Dual-Class Voting Structure	The company will have Class A ordinary shares (one vote per share) and Class B ordinary shares (twenty votes per share). The Founder will beneficially own all Class B ordinary shares and control a significant majority of total voting power (77.61% prior to offering, 54.54% after offering assuming no exercise of over-allotment option).	Immediately prior to completion of this offering	Concentrates voting power with the founder, limiting the ability of other shareholders to influence corporate matters and potentially discouraging change of control transactions. This structure may also affect inclusion in certain stock indices.
Controlled Company Status	The company will be a controlled company under Nasdaq rules because the founder will hold more than 50% of the total voting power, allowing it to elect not to comply with certain corporate governance requirements.	Immediately following completion of this offering	Allows the company to be exempt from certain Nasdaq corporate governance requirements, such as having a majority of independent directors and fully independent nominating/corporate governance and compensation committees, potentially affording less protection to shareholders.
Shareholder Meeting Quorum	A quorum for a meeting of shareholders consists of one or more shareholders holding not less than one-third (1/3) of all votes attaching to the issued and outstanding shares entitled to vote. For board meetings, seven directors including Series A, B, C, and C-1 Directors are required for a quorum. Adjourned board meetings have reduced quorum requirements.	Immediately prior to completion of this offering	The specific quorum requirements, especially for board meetings, ensure significant investor representation in key decisions, but the reduced quorum for adjourned meetings could allow decisions with less broad consensus.
Shareholder Requisition Rights	Shareholders holding not less than a majority of the voting power of all issued and outstanding shares entitled to vote can requisition an extraordinary general meeting.	Immediately prior to completion of this offering	Provides a mechanism for significant shareholders to call special meetings, offering a degree of shareholder influence.
Written Consent for Shareholder Actions	Shareholders may approve corporate matters by unanimous written resolution.	Immediately prior to completion of this offering	Allows for efficient decision-making when there is unanimous agreement among shareholders.
Director Removal	Directors may be removed with or without cause by an ordinary resolution of shareholders, except for the chairman who requires a special resolution. Directors elected by specific shareholder groups can only be removed by that group.	Immediately prior to completion of this offering	Provides a clear process for director removal, but the special resolution for chairman and group-specific removal rights reinforce the founder's control and investor representation.
Indemnification of Directors and Officers	Directors and officers will be indemnified against all actions, proceedings, costs, charges, expenses, losses, damages, or liabilities incurred or sustained by reason of any act done or omitted in or about the execution of their duty, except for dishonesty, willful default, or fraud.	Immediately prior to completion of this offering	Provides protection to management, which is standard, but the SEC views indemnification for securities law liabilities as against public policy and unenforceable.
Forum Selection Clause	The United States District Court for the Southern District of New York (or state courts in New York County, New York) is the exclusive forum for federal securities law claims.	Immediately prior to completion of this offering	Limits shareholders' ability to choose their preferred judicial forum for disputes, potentially discouraging lawsuits, though enforceability is subject to court determination.

Legal Proceedings

The company is currently not a party to any material legal or administrative proceedings.
The company may from time to time be subject to various legal or administrative claims and proceedings arising in the ordinary course of business.
Litigation or any other legal or administrative proceeding, regardless of outcome, is likely to result in substantial costs and diversion of resources.

Related Party Transactions

Amounts due from related parties were RMB11.3 million in 2023 and RMB3.4 million (US$471 thousand) in 2024, representing interest-free loans provided to a preferred shareholder and entities controlled by a preferred shareholder.
In 2019, the company provided interest-free loans of RMB12.3 million to certain entities controlled by a preferred shareholder, with RMB5.0 million repaid in 2023 and RMB1.5 million in 2024.
In June 2021, the company provided an interest-free loan of US$0.5 million (RMB3.1 million) to a preferred shareholder.
Amounts due to related parties included payables related to cash collected on behalf of an equity investee (RMB18.0 million in 2023, RMB9.5 million in 2024) and payables related to the repurchase of preferred shares (RMB3.5 million in 2023, RMB3.6 million in 2024).
The company borrowed interest-free loans of RMB14.2 million from its founder in 2023, repaying RMB4.6 million.
In 2024, the company borrowed interest-free loans totaling RMB28.3 million from its founder.
In 2023, the company borrowed interest-free loans of RMB6.9 million from entities controlled by a preferred shareholder, which were repaid in full in 2024.

Stakeholder Impact

Shareholders: Face dilution from future equity issuances, limited influence due to dual-class voting, and potential loss of investment if the company cannot achieve profitability or meet redemption obligations. Subject to significant regulatory risks related to China operations and potential delisting under HFCAA.
Employees: Benefit from share-based incentive plans, competitive salaries, and social welfare benefits. However, face risks related to potential workforce reductions if cost-saving measures are implemented.
Customers (merchants/buyers): Benefit from the platform's efficiency, transparency, and diverse services. Risks include potential service interruptions, product quality issues, and evolving platform features.
Suppliers: Benefit from reliable payment processes and expanded sales channels through the platform. Risks include potential changes in payment terms or business relationships.
Creditors: Face risks due to the company's net current liabilities and going concern doubts, particularly preferred shareholders with redemption rights contingent on IPO success.

Next Steps

Complete the Initial Public Offering (IPO) of American Depositary Shares on the Nasdaq Stock Market.
Enhance and expand digital agricultural commerce services via Yimutian and Douniu Apps.
Develop technological infrastructure and product operations for agricultural sourcing and trading and smart farming initiatives.
Expand the network of sales representatives for agricultural sourcing and trading services.
Secure additional funding through equity financing, debt issuance, or other financing arrangements to address liquidity needs and going concern doubts.
Diversify revenue streams and implement cost-saving measures to achieve profitability.
Continue to invest in research and development in areas such as big data analysis, cloud computing, and AI.
Selectively pursue strategic partnerships, investments, and acquisitions to foster synergies and advance operations.
Address the material weakness in internal control over financial reporting by hiring qualified personnel and improving internal accounting controls.
Comply with evolving Chinese laws and regulations, particularly regarding VIE structure, cybersecurity, data privacy, and overseas listings.

Key Dates

Date	Description
2011-08-01	Yi Cun Tong Da (Beijing) Network Technology Co., Ltd. (later Beijing Yimutian Xinnong Network Co., Ltd.) was established, commencing business operations under the brand name Yi Cun Wang.
2014-01-29	Yimutian Inc. was established in the Cayman Islands to facilitate offshore financing.
2014-05-14	Beijing Yimutian Network Technology Co., Ltd. (WFOE) was established in mainland China.
2015-06-15	Beijing Yi Mu Tian New Agriculture Network Technology Co., Ltd. (Yimutian Xinnong) was renamed from Yi Cun Tong Da (Beijing) Network Technology Co., Ltd. and the brand name changed to Yimutian.
2015-12-05	The 2015 Share Incentive Plan was adopted by the board of directors.
2016-12-14	Initial contractual agreements with Beijing Douniu (then Beijing Tian Rong Yi Network Technology Co., Ltd.) and its shareholders were entered into.
2018-12-26	Updated contractual agreements with Beijing Douniu were entered into, replacing previous ones.
2019-01-01	E-commerce Law of the PRC came into effect, imposing new requirements on e-commerce operators.
2019-03-15	Foreign Investment Law of the PRC was promulgated, effective January 1, 2020.
2020-01-01	Implementation Rules of the Foreign Investment Law of the PRC became effective.
2020-03-01	Administrative Provisions on Algorithms Recommendation in Internet-based Information Services became effective.
2020-05-28	NPC approved the Civil Code of the PRC, effective January 1, 2021.
2020-08-15	Sixth Amended and Restated Shareholders Agreement was dated.
2021-03-15	Measures for the Supervision and Administration of Online Transactions were promulgated, effective May 1, 2021.
2021-05-08	Seventh Amended and Restated Shareholders Agreement was entered into.
2021-06-10	PRC Data Security Law was promulgated, effective September 1, 2021.
2021-08-20	Law of Personal Information Protection of PRC was promulgated, effective November 1, 2021.
2021-12-28	Cybersecurity Review Measures were promulgated, effective February 15, 2022.
2022-09-02	Agricultural Product Quality and Safety Law of the PRC was promulgated, effective January 1, 2023.
2022-09-05	Investment Agreement with Dezhou Decai Industrial Innovation Equity Investment Fund (Limited Partnership) was entered into.
2022-12-15	PCAOB issued a report vacating its December 16, 2021 determination and removed mainland China and Hong Kong from the list of jurisdictions where it was unable to inspect or investigate completely registered public accounting firms.
2022-12-29	Consolidated Appropriations Act, 2023, was signed into law, amending the HFCAA to reduce non-inspection years from three to two.
2023-02-17	CSRC promulgated Trial Administrative Measures of the Overseas Securities Offering and Listing by Domestic Companies, effective March 31, 2023.
2023-03-01	Computer Software Protection Regulations last amended, effective March 1, 2013.
2023-05-01	Measures on Internet Advertisement took effect.
2023-09-08	Supplemental Agreement with Dezhou Decai Industrial Innovation Equity Investment Fund (Limited Partnership) was entered into, extending loan maturity.
2023-10-18	Exclusive Business Cooperation Agreement, Exclusive Option Agreement, Equity Pledge Agreement, and Powers of Attorney with Beijing Yimutian Xinnong Network Co., Ltd. and its shareholders were entered into, replacing previous agreements.
2023-10-18	Exclusive Business Cooperation Agreement, Exclusive Option Agreement, Equity Pledge Agreement, and Powers of Attorney with Beijing Douniu Network Technology Co., Ltd. and its shareholders were entered into, replacing previous agreements.
2023-12-10	Company issued 63,600,043 ordinary shares to founding shareholders for nil consideration.
2023-12-10	Company issued 280,352,854 Series B preferred shares to Beijing Fengmu Enterprise Consulting Center (Limited Partnership) for US$20 million.
2023-12-10	Company issued 124,523,393 Series C preferred shares to Beijing Fengmu Enterprise Consulting Center (Limited Partnership) for US$5 million.
2023-12-10	Company issued 36,214,579 Series C preferred shares to LC Multi Strategy Fund SG VCC LC Multi Strategy SF5 for US$1 million.
2023-12-10	Company issued 6,559,380 preferred shares of Series C-2 and Series D to various shareholders for nil consideration.
2024-01-01	Regulations on Network Data Security Management became effective.
2024-02-07	Yimutian Xinnong obtained a 12-month short-term credit bank borrowing of RMB5,000 from China CITIC Bank.
2024-04-08	MIIT issued Announcement on Launching the Pilot Program of Expanding the Opening-up in Value-added Telecommunications Services.
2024-05-06	SAMR promulgated Interim Provisions on Anti-Unfair Competition in the Internet Sector, effective September 1, 2024.
2024-08-22	SAMR issued the Internet Advertising Recognizability Law Enforcement Guide.
2024-09-08	Maturity date of Convertible Loans from Dezhou Decai Industrial Innovation Equity Investment Fund (Limited Partnership) was further extended to September 8, 2025.
2024-11-01	Latest Special Administrative Measures for the Entry of Investment (Negative List) became effective.
2024-12-04	SAFE promulgated Notice on Further Deepening Reform and Promoting the Facilitation of Cross-border Trade and Investment.
2024-12-06	Administrative Measures on Internet Information Services last amended, effective January 20, 2025.
2024-12-25	Regulations of the PRC on Value-added Tax promulgated, effective January 1, 2026.
2025-02-17	CSRC concluded the filing procedure and published the filing results for this offering.
2025-05-01	Online Food Safety Measures last amended, effective May 1, 2025.
2025-05-08	Company dismissed KPMG and engaged Assentsure PAC as new independent registered public accounting firm.
2025-05-09	Xinghong Hua, Xiaowei Wang, and Junchen Sun accepted appointments as independent directors, effective upon SEC's declaration of effectiveness of F-1.
2025-05-12	Thirteenth Amended and Restated Memorandum and Articles of Association adopted, effective immediately prior to IPO completion.
2025-05-23	Maturity date of Exchangeable Notes from Investor B was further extended to September 8, 2025.
2025-05-30	Frost & Sullivan Report on industry and market position was dated.
2025-06-09	F-1 Registration Statement filed with the SEC.
2025-12-31	Deadline for qualified IPO or trade sale (valuation no less than US$800 million) to avoid preferred shareholder redemption, with potential extension to December 31, 2026.
2026-12-31	Expected date for the company to include a management report on internal control over financial reporting in its annual report on Form 20-F.

Recommendation

sell

Keywords

Agricultural B2B, E-commerce, Agri-tech, China, Supply Chain, Smart Farming, Digital Agriculture, IPO, Nasdaq, VIE Structure, SEC Filing, F-1, AI, Marketplace, Logistics, Food Supply

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