6-K
BitVentures Ltd (BVC)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TORULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2021 CommissionFile Number: 001-40238
HYWIN HOLDINGS LTD.
F3, Hywin Financial Centre, 8 Yincheng Mid.Road, Pudong New District,
Shanghai, People’s Republic of China,200120 (Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
Press Release
On August 31, 2021 Beijing Time, the registrant announced its unaudited financial results for the three months ended June 30, 2021 and for the fiscal year ended June 30, 2021. A copy of the press release issued by the registrant regarding the foregoing is filed herewith as Exhibit 99.1 and is incorporated herein by reference.
| Exhibits | |
|---|---|
| 99.1 | Press<br>release regarding financial results for the three months ended June 30, 2021 and for the fiscal year ended June 30, 2021. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Hywin Holdings Ltd. | ||
|---|---|---|
| By: | /s/<br>Wai Lok | |
| Name: | Wai Lok | |
| Title: | Chief<br>Financial Officer | |
| Date: August 31, 2021 Beijing Time |
Exhibit 99.1
Hywin Holdings Announces UnauditedFinancial Results for the Fourth Quarter and Full Year of Fiscal 2021
- Hywin Holdings Announces Record Fourth QuarterResults –
- Net Income Grew 95.6% in Fiscal Year 2021 –
SHANGHAI, China, August 31, 2021 (GLOBE NEWSWIRE) -- Hywin Holdings Ltd. ("Hywin Wealth," “Hywin,” or the "Company") (NASDAQ: HYW), a leading independent wealth management service provider in China, today announced its unaudited financial results for the fourth quarter and full year of fiscal 2021 ended June 30, 2021.
Fourth Quarter Fiscal 2021 Highlights
| · | Number of clients^1^ increased by 12.5% to 127,317 from 113,146 in the same period of 2020. |
|---|---|
| · | Number of active clients^2^ increased by 17.6% to 29,094 from 24,734 in the same period of 2020. |
| --- | --- |
| · | Aggregate transaction value of wealth<br>management products distributed on the Company’s platform increased by 39.3% to RMB 20.89 billion from RMB 15.00 billion in the<br>same period of 2020. |
| --- | --- |
| ○ | Transaction value of wealth management products per relationship manager increased by 53.8% to<br>RMB 14.29 million from RMB 9.29 million in the same period of 2020. |
| --- | --- |
| · | Net revenues increased by 43.0% to RMB<br>502.31 million (US$ 77.78 million) from RMB 351.19 million in the same period of 2020. |
| --- | --- |
| ○ | Net revenues per relationship manager increased by 57.9% to RMB 343,579 from RMB 217,590 in the<br>same period of 2020. |
| --- | --- |
| · | Net income increased by 111.1% to RMB<br>62.10 million (US$ 9.62 million) from RMB 29.42 million in the same period of 2020. |
| --- | --- |
| · | Basic earnings per American Depositary Share ("ADS") was RMB 2.22 (US$ 0.34), compared with RMB 1.18 in the same period of 2020. Diluted earnings per ADS was<br> RMB 2.14 (US$ 0.33), compared with RMB 1.18 in the same period of 2020. |
| --- | --- |
^1^ Clients are those who had conducted at least one transaction with the Company.
^2^ Active clients are those who purchased products distributed by the Company during the specified period or those who maintained as holders of the Company’s products within the given period.
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Full Year Fiscal 2021 Highlights
| · | Number of clients^3^ increased by 12.5% to 127,317 as of June 30, 2021 from 113,146<br> as of June 30, 2020. |
|---|---|
| · | Number of active clients^4^ increased by 4.5% to 38,033 from 36,397 in fiscal 2020. |
| --- | --- |
| · | Aggregate transaction value of wealth<br>management products distributed on the Company’s platform increased by 15.0% to RMB 78.78 billion from RMB 68.49 billion in fiscal<br>2020. |
| --- | --- |
| ○ | Transaction value of wealth management products per relationship manager increased by 16.1% to<br>RMB 52.38 million from RMB 45.12 million in fiscal 2020. |
| --- | --- |
| · | Net revenues increased by 42.8% to RMB<br>1,834.42 million (US$ 277.11 million) from RMB 1,284.86 million in fiscal 2020. |
| --- | --- |
| ○ | Net revenues per relationship manager increased by 44.1% to RMB 1.22 million from RMB 0.85 million<br>in fiscal 2020. |
| --- | --- |
| · | Net income increased by 95.6% to RMB 207.66<br>million (US$ 31.37 million) from RMB 106.15 million in fiscal 2020. |
| --- | --- |
| · | Basic earnings per American Depositary Share<br>("ADS") was RMB 8.05 (US$ 1.22), compared with RMB 4.25 in fiscal 2020. |
| --- | --- |
| · | Diluted earnings per ADS was RMB 7.76<br>(US$ 1.17), compared with RMB 4.25 in fiscal 2020. |
| --- | --- |
^3^ Clients are those who had conducted at least one transaction with the Company.
^4^ Active clients are those who purchased products distributed by the Company during the specified period or those who maintained as holders of the Company’s products within the given period.
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Ms. Wang Dian, Chief Executive Officer and Director of Hywin, commented, “Our financial and operating results for the fourth quarter and fiscal year 2021 were record high. While we continued to grow our new client base, we also saw strong, recurring transaction demands from our existing users, as evident in our industry-leading 76.7% repeat investment rate from our existing clients. Meanwhile, we continued to diversify our product offerings and are seeing early success in several newer product categories, such as our privately-raised securities products. These efforts, combined with our continuing strategies to expand our geographic footprint, to enhance our technology, and to strengthen our research and advisory capabilities, will drive value creation for our clients and shareholders.”
Mr. Lawrence Lok, Chief Financial Officer of Hywin, stated, “During the fourth quarter and fiscal year 2021, we achieved impressive growth while maintaining cost discipline. Productivity per relationship manager increased, whereas our sales and marketing expenses and our general and administrative expenses both declined as a percentage of revenue. As a result, our net income for fiscal year 2021 increased by 95.6% from the prior fiscal year. Looking forward, we will continue our investment, especially in R&D and in training our talents to drive further productivity gains, as we carefully execute our growth strategy.”
Fourth Quarter Fiscal 2021 Financial Results
Net Revenues
Total net revenues in the quarter ended June 30, 2021 increased by 43.0% to RMB 502.31 million (US$77.78 million) from RMB 351.19 million in the same period of 2020.
| · | Net<br> revenues from wealth management services in the quarter ended June 30, 2021 increased<br> by 43.5% to RMB 493.62 million (US$76.43 million) from RMB 343.88 million in the same period<br> of 2020, mostly due to expanded volumes in privately-raised products^5^. |
|---|---|
| · | Net revenues from asset management services<br> in the quarter ended June 30, 2021 increased by 61.4% to RMB 2.93 million (US$0.45 million) from RMB 1.81 million in the same<br> period of 2020, driven by client interest in more diversified products and asset management offerings of the Company. |
| --- | --- |
| · | Net revenues from other services in the<br> quarter ended June 30, 2021 were RMB 5.77 million (US$0.89 million), mostly attributable to the Company’s technology<br> consulting services and other value-added services. |
| --- | --- |
^5^ The revenues of insurance brokerage services have been absorbed into the wealth management services, reflecting the fact that insurance solutions increasingly form an integral part of the wealth management proposition to clients.
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Operating Costs and Expenses
Total operating costs and expenses in the quarter ended June 30, 2021 increased by 39.3% to RMB 423.47 million (US$ 65.57 million) from RMB 304.08 million in the same period of 2020, in line with net revenue growth.
| · | Cost of compensation and benefits in the quarter<br>ended June 30, 2021 increased by 41.3% to RMB 277.97 million (US$ 43.04 million) from RMB 196.74 million in the same period of 2020,<br>due to increased average business volumes per relationship manager. |
|---|---|
| · | Sales and marketing expenses in the quarter ended<br>June 30, 2021 increased by 25.5% to RMB 80.15 million (US$ 12.41 million) from RMB 63.85 million in the same period of 2020, due<br>to increased marketing and sales activities. |
| --- | --- |
| · | General and administrative expenses in the quarter<br>ended June 30, 2021 increased by 29.3% to RMB 56.21 million (US$ 8.70 million) from RMB 43.49 million in the same period of 2020,<br>due to increased administrative personnel expenses in line with the Company’s expansion. |
| --- | --- |
| · | Other costs in the quarter ended June 30,<br>2021 were RMB 9.14 million (US$1.41 million), mainly due to scheduled cost recognition related to the Company’s ESOP. |
| --- | --- |
Income from Operations
As a result of the foregoing, income from operations in the quarter ended June 30, 2021 increased by 67.4% to RMB 78.85 million (US$ 12.21 million) from RMB 47.11 million in the same period of 2020.
Net Income
Net income in the quarter ended June 30, 2021 increased by 111.1% to RMB 62.10 million (US$ 9.62 million) from RMB 29.42 million in the same period of 2020.
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Earnings per ADS
Basic earnings per ADS in the quarter ended June 30, 2021 was RMB 2.22 (US$ 0.34), compared with RMB 1.18 in the same period of 2020.
Diluted earnings per ADS in the quarter ended June 30, 2021 was RMB 2.14 (US$ 0.33), compared with RMB 1.18 in the same period of 2020.
Each ADS represents two of the Company’s ordinary shares.
Full Year Fiscal 2021 Financial Results
Net Revenues
Total net revenues in the full year of fiscal 2021 increased by 42.8% to RMB 1,834.42 million (US$277.11 million) from RMB 1,284.86 million in the full year of fiscal 2020.
| · | Net<br> revenues from wealth management services in the full year of fiscal 2021 increased by 40.9%<br> to RMB 1,795.55 million (US$271.24 million) from RMB 1,274.43 million in the full year of fiscal<br> 2020, mostly due to expanded volumes in privately-raised products and diversified products<br> offerings^6^. |
|---|---|
| · | Net revenues from asset management services<br> in the full year of fiscal 2021 increased by 223.4% to RMB 14.94 million (US$2.26 million) from RMB 4.62 million in the full year of<br> fiscal 2020, driven by growing client interest in offshore funds and discretionary mandates managed by the Company. |
| --- | --- |
| · | Net revenues from other services in the<br> full year of fiscal 2021 were RMB 23.93 million (US$3.62 million), mostly attributable to the Company’s technology consulting<br> services and other value-added services. |
| --- | --- |
^6^ Note: The revenues of insurance brokerage services have been absorbed into the wealth management services, reflecting the fact that insurance solutions increasingly form an integral part of the wealth management proposition to clients.
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Operating Costs and Expenses
Total operating costs and expenses in the full year of fiscal 2021 increased by 37.9% to RMB 1,552.82 million (US$ 234.57 million) from RMB 1,125.82 million in the full year of fiscal 2020, in line with net revenue growth.
| · | Cost of compensation and benefits in the<br> full year of fiscal 2021 increased by 41.5% to RMB 1,003.06 million (US$ 151.52 million) from RMB 708.65 million in the full year of<br> fiscal 2020, due to increased average business volume per relationship manager. |
|---|---|
| · | Sales and marketing expenses in the full year<br>of fiscal 2021 increased by 32.8% to RMB 326.88 million (US$ 49.38 million) from RMB 246.11 million in the full year of fiscal 2020, due<br>to increased marketing and sales activities. |
| --- | --- |
| · | General and administrative expenses in the full<br>year of fiscal 2021 increased by 17.2% to RMB 200.93 million (US$ 30.35 million) from RMB 171.42 million in the full year of fiscal 2020,<br>due to increased administrative personnel expenses in line with the Company’s expansion. |
| --- | --- |
| · | Other costs in the full year of fiscal 2021 were<br>RMB 21.95 million (US$ 3.32 million), mainly due to scheduled cost recognition related to the Company’s ESOP. |
| --- | --- |
Income from Operations
As a result of the foregoing, income from operations in the full year of fiscal 2021 increased by 77.1% to RMB 281.61 million (US$ 42.54 million) from RMB 159.05 million in the full year of fiscal 2020.
Net Income
Net income in the full year of fiscal 2021 increased by 95.6% to RMB 207.66 million (US$ 31.37 million) from RMB 106.15 million in the full year of fiscal 2020.
Earnings per ADS
Basic earnings per ADS in the full year of fiscal 2021 was RMB 8.05 (US$ 1.22), compared with RMB 4.25 in the full year of fiscal 2020.
Diluted earnings per ADS in the full year of fiscal 2021 was RMB 7.76 (US$ 1.17), compared with RMB 4.25 in the full year of fiscal 2020.
Each ADS represents two of the Company’s ordinary shares.
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Balance Sheet
As of June 30, 2021, the Company had RMB 705.31 million (US$ 109.18 million) in cash, cash equivalents, and restricted cash, compared with RMB 188.39 million as of June 30, 2020.
Recent Developments
On 7 July, Hywin’s CEO, Ms Wang Dian, was featured in the “InvestHK Family Office” promotional video as one of the ambassadorial figures for the family office initiative of the Hong Kong SAR Government.
On 20 July, Hywin received the Type 1 License (Dealing in Securities) from the Securities and Futures Commission of Hong Kong, complementing our existing Type 4 (Advising on Securities), Type 5 (Advising on Futures Contracts) and Type 9 (Asset Management) Licenses.
On 12 August, Hywin appointed Mr. Wai Lok (Lawrence) to the position of Chief Financial Officer, to strengthen our shareholder value-centric business strategy, and broaden our conversations with the international investor community. Prior to joining Hywin, Mr. Lok was a senior investment banker at Citigroup for more than 15 years.
Conference Call Information
The Company’s management team will hold a Direct Event conference call on August 31, 2021, at 8:00 A.M. Eastern Time (8:00 P.M. Beijing Time on the same day) to discuss the financial results. Details for the conference call are as follows:
| Event Title: | Hywin<br>Holdings Fourth Quarter and Full Year Fiscal 2021 Earnings Conference Call |
|---|---|
| Conference ID: | 8225068 |
| Registration Link: | https://apac.directeventreg.com/der/validateConferenceId.action |
All participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of participant dial-in numbers, the Direct Event passcode, and a unique access PIN, which can be used to join the conference call.
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A replay of the conference call will be accessible through August 31, 2021, by dialing the following numbers:
| International: | +612-8199-0299 |
|---|---|
| United States Toll Free: | +1-855-452-5696 |
| Mainland China Toll Free: | 400-632-2162 |
| Hong Kong, China Toll Free: | 800-963-117 |
| Access Code: | 8225068 |
A live and archived webcast of the conference call will also be available at the Company’s investor relations website at ir.hywinwealth.com.
Exchange Rate
This press release contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from RMB to U.S. dollars in this press release were made at a rate of RMB6.4601^7^to US$1.00 for figures on the balance sheet as of June 30, 2021, RMB6.4583^8^ to US$1.00 for figures on the income statement for the three months ended June 30, 2021, and RMB6.6199^9^ to US$1.00 for figures on the income statement for the twelve months ended June 30, 2021.
About Hywin Holdings Ltd.
Hywin (NASDAQ: HYW) is a leading independent wealth management service provider in China focused on providing asset allocation advisory services and comprehensive financial products to high-net-worth clients. The Company’s primary services are wealth management, asset management, and other comprehensive financial services. Wealth management is currently the Company’s largest business segment, in which its onshore and offshore solution platforms serve clients across generations. For more information, please visit https://ir.hywinwealth.com.
^7^ China Foreign Exchange Trade System USD/RMB mid-point rate on June 30, 2021.
^8^ An appropriately weighted average exchange rate for the reporting period.
^9^ An appropriately weighted average exchange rate for the reporting period.
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Safe Harbor Statement
This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “anticipate,” “estimate,” “forecast,” “plan,” “project,” “potential,” “continue,” “ongoing,” “expect,” “aim,” “believe,” “intend,” “may,” “should,” “will,” “is/are likely to,” “could” and similar statements. Statements that are not historical facts, including statements about the Company's beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Investor Contact:
Hywin Holdings Ltd.
Jingyi Wen
Email: [email protected]
ICR, LLC
Robin Yang
Phone: +1 212-537-5797
Email: [email protected]
Media contact:
ICR, LLC
Ker Zheng
Phone: +86 139-2280-3249
Email: [email protected]
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| HYWIN HOLDINGS LTD.<br><br>CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| (In thousands, except for per ADS data and percentages) | |||||||||||
| (unaudited) | |||||||||||
| 3 months <br><br>ended, | 3 months <br><br>ended, | 3 months <br>ended, | |||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 6/30/2020 | 6/30/2021 | 6/30/2021 | Change | ||||||||
| RMB'000 | RMB'000 | '000 | |||||||||
| Net Revenues | |||||||||||
| -Wealth management | 343,880 | 493,619 | 43.5 | % | |||||||
| -Assets management | 1,813 | 2,926 | 61.4 | % | |||||||
| -Other | 5,498 | 5,768 | 4.9 | % | |||||||
| Total Net Revenues | 351,191 | 502,313 | 43.0 | % | |||||||
| Operating Costs and Expenses | |||||||||||
| -Compensation and benefits | 196,735 | 277,967 | 41.3 | % | |||||||
| -Share-based compensation | - | 9,135 | N/A | ||||||||
| -Sales and marketing expenses | 63,852 | 80,152 | 25.5 | % | |||||||
| -General and administrative expenses | 43,490 | 56,212 | 29.3 | % | |||||||
| Total Operating Costs and Expenses | 304,077 | 423,466 | 39.3 | % | |||||||
| Income from operations | 47,114 | 78,847 | 67.4 | % | |||||||
| Other (expenses)/income | |||||||||||
| -Interest income, net | 46 | 201 | 337.0 | % | |||||||
| -Other non-operation (expenses)/income,<br> net | (1,588 | ) | 7,132 | (549.1 | )% | ||||||
| Total Other (expenses)/income | (1,542 | ) | 7,333 | (575.6 | )% | ||||||
| Income before tax | 45,572 | 86,180 | 89.1 | % | |||||||
| Income tax expense | 16,150 | 24,078 | 49.1 | % | |||||||
| Net income | 29,422 | 62,102 | 111.1 | % | |||||||
| Other comprehensive Income | |||||||||||
| -Foreign currency translation Loss/(gain) | (166 | ) | (783 | ) | ) | 371.7 | % | ||||
| Comprehensive Income | 29,588 | 62,885 | 112.5 | % | |||||||
| Profit attributable to shareholders | 29,422 | 62,102 | 111.1 | % | |||||||
| Income per ADS | |||||||||||
| Income per ADS basic | 1.18 | 2.22 | 88.1 | % | |||||||
| Income per ADS diluted | 1.18 | 2.14 | 81.4 | % |
All values are in US Dollars.
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| HYWIN HOLDINGS LTD.<br><br>CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| (In thousands, except for per ADS data and percentages) | |||||||||||
| (unaudited) | |||||||||||
| 12 months ended, | 12 months ended, | 12 months ended, | |||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 6/30/2020 | 6/30/2021 | 6/30/2021 | Change | ||||||||
| RMB'000 | RMB'000 | '000 | |||||||||
| Net Revenues | |||||||||||
| -Wealth management | 1,274,434 | 1,795,552 | 40.9 | % | |||||||
| -Assets management | 4,620 | 14,942 | 223.4 | % | |||||||
| -Other | 5,809 | 23,928 | 311.9 | % | |||||||
| Total Net Revenues | 1,284,863 | 1,834,422 | 42.8 | % | |||||||
| Operating Costs and Expenses | |||||||||||
| -Compensation and benefits | 708,654 | 1,003,061 | 41.5 | % | |||||||
| -Share-based compensation | (369 | ) | 21,947 | (6047.7 | )% | ||||||
| -Sales and marketing expenses | 246,108 | 326,879 | 32.8 | % | |||||||
| -General and administrative expenses | 171,423 | 200,929 | 17.2 | % | |||||||
| Total Operating Costs and Expenses | 1,125,816 | 1,552,816 | 37.9 | % | |||||||
| Income from operations | 159,047 | 281,606 | 77.1 | % | |||||||
| Other(expenses)/ income | |||||||||||
| -Interest income, net | 325 | 1,537 | 372.9 | % | |||||||
| -Other non-operation (expenses)/income,<br> net | (2,458 | ) | 12,608 | (612.9 | )% | ||||||
| Total Other<br> (expenses)/Income | (2,133 | ) | 14,145 | (763.2 | )% | ||||||
| Income before tax | 156,914 | 295,751 | 88.5 | % | |||||||
| Income tax expense | 50,763 | 88,094 | 73.5 | % | |||||||
| Net income | 106,151 | 207,657 | 95.6 | % | |||||||
| Other comprehensive Income | |||||||||||
| -Foreign currency translation Loss/(gain) | 3,641 | (10,542 | ) | ) | (389.5 | )% | |||||
| Comprehensive Income | 102,510 | 218,199 | 112.9 | % | |||||||
| Profit attributable to shareholders | 106,151 | 207,657 | 95.6 | % | |||||||
| Income per ADS | |||||||||||
| Income per ADS basic | 4.25 | 8.05 | 89.4 | % | |||||||
| Income per ADS diluted | 4.25 | 7.76 | 82.6 | % |
All values are in US Dollars.
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| HYWIN HOLDINGS LTD.<br><br>CONSOLIDATED BALANCE SHEETS | |||||
|---|---|---|---|---|---|
| (unaudited) | |||||
| 6/30/2021 | 6/30/2021 | ||||
| --- | --- | --- | --- | --- | --- |
| RMB'000 | '000 | ||||
| ASSETS | |||||
| Current assets | |||||
| Cash and cash equivalents | 108,358 | 439,287 | |||
| Restricted cash | 80,027 | 266,023 | |||
| Accounts receivable, net | 403,693 | 594,061 | |||
| Due from related parties, net | 321,772 | 126,103 | |||
| Deposits, prepayments and other current assets | 43,451 | 51,540 | |||
| Total Current Assets | 957,301 | 1,477,014 | |||
| Non-current assets | |||||
| Property and equipment, net | 34,116 | 21,104 | |||
| Intangible assets, net | 29,423 | 24,225 | |||
| Long-term prepayments | 1,808 | 7,427 | |||
| Deferred Tax Asset | 2,583 | 649 | |||
| Total Non-current Assets | 67,930 | 53,405 | |||
| Total Assets | 1,025,231 | 1,530,419 | |||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||
| Current Liabilities | |||||
| Commission payable | 84,857 | 127,194 | |||
| Investors’ deposit | 74,262 | 248,277 | |||
| Income Tax Payable | 115,432 | 116,897 | |||
| Due to related parties | 59,254 | 24,799 | |||
| Other payable and accrued liabilities | 168,887 | 278,697 | |||
| Total Current Liabilities | 502,692 | 795,864 | |||
| Non-current liabilities | |||||
| Commission payable-non current | 18,321 | 10,080 | |||
| Deferred Tax Liability | 3,961 | 3,548 | |||
| Total Non-current Liabilities | 22,282 | 13,628 | |||
| Total Liabilities | 524,974 | 809,492 | |||
| Shareholders' Equity | |||||
| Ordinary shares (US0.0001 par value; authorized 500,000,000 shares; issued and<br> outstanding 50,000,000 shares as of June 30, 2020; issued and outstanding 56,000,000 shares as of June 30,<br> 2021) | 34 | 36 | |||
| Additional paid-in capital | 500,581 | 503,050 | |||
| Statutory reserves | 52,959 | 52,959 | |||
| Accumulated (loss)/gain | (47,056 | ) | 160,601 | ||
| Other comprehensive (loss)/income | (6,261 | ) | 4,281 | ||
| Total Shareholders' equity | 500,257 | 720,927 | |||
| Total Liabilities and Shareholder's equity | 1,025,231 | 1,530,419 |
All values are in US Dollars.
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