RegulatoryApr 26, 2026, 05:23 AM
YJ Files 20-F; No Longer HFCAA Commission-Identified Issuer
AI Summary
Yunji Inc. filed its annual report on Form 20-F, detailing its corporate structure, operations in China through PRC subsidiaries and a Variable Interest Entity (VIE), and associated regulatory risks. The company announced it is no longer identified as a Commission-Identified Issuer under the Holding Foreign Companies Accountable Act (HFCAA), as its current auditor, WWC, P.C., is inspectable by the PCAOB. The report also highlighted the streamlining of its VIE structure through recent acquisitions and noted that future overseas securities offerings will require filing procedures with the CSRC.
Key Highlights
- YJ no longer identified as a Commission-Identified Issuer under the HFCAA.
- Current auditor WWC, P.C. is inspectable by the PCAOB.
- VIE contributed 49.4% (2023), 56.2% (2024), 16.1% (2025) of total revenues.
- Streamlined VIE structure by acquiring Yunji Sharing (Dec 2023) and Hangzhou Chuanchou (May 2024).
- Future overseas offerings will require CSRC filing under Overseas Listing Trial Measures.
- Restricted net assets of PRC subsidiaries and VIE totaled RMB639.4M, RMB909.4M, RMB859M.