MAO SHAN HUANG HOLDINGS Ltd Filed Primary

What the company does

MAO SHAN HUANG HOLDINGS LIMITED is a Cayman Islands exempted holding company that conducts operations in the People's Republic of China through a variable interest entity (VIE), Maoshanhuang (Guangdong) Industrial Technology Co., Ltd., under contractual arrangements due to restrictions on foreign investment in the value-added telecommunication business. The company does not directly own equity in its VIE but seeks to control and receive 100% of the economic benefits of the VIE's business operations through VIE agreements, with results consolidated under U.S. GAAP.

Use of proceeds

We intend to use the net proceeds of this offering for [•].

Underwriters

The completed effective-prospectus read stated no underwriters.

Extracted from F-1 0001213900-26-068576, filed Jun 15, 2026 and verified against that filing text.

Key risk factors

• VIE structure risk to investors

  “The VIE structure poses risks to investors. Investors will not and may never directly hold equity interests in the VIE. The VIE structure may be less effective than direct ownership and the Company may incur substantial costs to enforce the terms of the VIE Agreements.”

• PRC regulatory action risk

  “The PRC regulatory authorities could disallow our structure, which would likely result in a material change in our operations and/or a material change in the value of the securities we are registering for sale, including a significant decline in the value of such securities or such securities becoming worthless.”

• Holding Foreign Companies Accountable Act risk

  “Our Ordinary Shares may be prohibited from trading on a national exchange under the Holding Foreign Companies Accountable Act (the "HFCA Act"), if the Public Company Accounting Oversight Board (United States) (the "PCAOB") is unable to inspect our auditors for two consecutive years.”

• CSRC filing requirement risk

  “A filing with the CSRC is required in connection with this offering, and we cannot predict whether we will be able to complete such filing.”

• VIE contractual obligation performance risk

  “Any failure by the VIE or the VIE Shareholders to perform their respective contractual obligations would have a material adverse effect on our business and the market price of our ordinary shares.”