DivestmentApr 26, 2026, 05:23 AM
JF Divests China VIEs, Acquires ZIITECH, Shifts Focus
AI Summary
J & Friends Holdings Ltd (JF) completed a significant corporate restructuring in 2025, divesting its entire China-based Variable Interest Entity (VIE) structure and Wholly Foreign-Owned Enterprises (WFOEs) in November. Concurrently, the company acquired equity interests in ZIITECH, an Australian subsidiary, in September 2025, shifting its operational focus outside mainland China. JF also changed its reporting currency from Renminbi to U.S. dollars effective October 1, 2025. Despite these strategic shifts, the company reported a net loss attributable to shareholders of $(1,324) thousand for the year ended December 31, 2025.
Key Highlights
- JF divested its China VIE structure and WFOEs in November 2025.
- Acquired 25.0% ordinary shares in ZIITECH (Australia) in September 2025.
- Changed reporting currency from Renminbi to U.S. dollars effective October 1, 2025.
- Net loss attributable to shareholders was $(1,324) thousand in 2025.
- Revenues from discontinued operations were $3,581 thousand in 2025.
- Consolidated net cash from operating activities was $146 thousand in 2025.