ECARX Holdings Inc F-3, filed Jul 21, 2025

ECARX Holdings Inc. (ECX)

F-3 2025-07-21

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	Cayman Islands			Not Applicable
	(Stale or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification Number)

	ABOUT THIS PROSPECTUS					1
	FORWARD-LOOKING STATEMENTS					3
	OUR COMPANY					5
	RISK FACTORS					26
	USE OF PROCEEDS					27
	CAPITALIZATION					28
	DESCRIPTION OF SHARE CAPITAL					29
	DESCRIPTION OF PREFERRED SHARES					33
	DESCRIPTION OF DEBT SECURITIES					35
	DESCRIPTION OF WARRANTS					38
	DESCRIPTION OF SUBSCRIPTION RIGHTS					39
	DESCRIPTION OF UNITS					40
	ENFORCEABILITY OF CIVIL LIABILITIES					41
	TAXATION					42
	PLAN OF DISTRIBUTION					49
	EXPENSES RELATED TO THE OFFERING					51
	LEGAL MATTERS					52
	EXPERTS					53
	WHERE YOU CAN FIND MORE INFORMATION					54
	INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE					55

	Three Months Ended March 31
Millions, except share data and per share data, or otherwise noted	2024		2025		2025
	RMB		RMB		USD
Revenue
Sales of goods revenue		757.1		879.2		121.2
Software license revenue		75.3		186.6		25.7
Service revenue		105.4		156.6		21.6
Total revenue		937.8		1,222.4		168.5
Cost of goods sold		(622.2)		(796.1)		(109.7)
Cost of software licenses		(22.2)		(104.0)		(14.3)
Cost of services		(89.1)		(79.8)		(11.0)
Total cost of revenue		(733.5)		(979.9)		(135.0)
Gross profit		204.3		242.5		33.5
Research and development expenses		(269.4)		(251.2)		(34.6)
Selling, general and administrative expenses and others, net		(191.8)		(170.2)		(23.5)
Total operating expenses		(461.2)		(421.4)		(58.1)
Loss from operation		(256.9)		(178.9)		(24.6)
Interest income		6.2		5.3		0.7
Interest expense		(21.3)		(34.3)		(4.7)
Share of results of equity method investments		(19.2)		0.5		0.1
Foreign currency exchange gains/(losses)		0.3		(2.8)		(0.4)
Others, net		(13.7)		15.1		2.1
Loss before income taxes		(304.6)		(195.1)		(26.8)
Income tax benefit/(expense)		0.6		(1.8)		(0.2)
Net loss		(304.0)		(196.9)		(27.0)
Net loss attributable to noncontrolling interests		17.5		8.8		1.2
Net loss attributable to ECARX Holdings Inc. ordinary shareholders		(286.5)		(188.1)		(25.8)
Net loss		(304.0)		(196.9)		(27.0)
Other comprehensive loss:
Foreign currency translation adjustments, net of nil income taxes		(17.6)		7.8		1.1
Comprehensive loss		(321.6)		(189.1)		(25.9)
Comprehensive loss attributable to non-redeemable noncontrolling interests		17.5		8.8		1.2
Comprehensive loss attributable to ECARX Holdings Inc.		(304.1)		(180.3)		(24.7)
Loss per ordinary share
– Basic and diluted loss per share, ordinary shares		(0.85)		(0.57)		(0.08)
Weighted average number of ordinary shares used in computing loss per ordinary share
– Weighted average number of ordinary shares		337,897,291		332,595,882

Millions, except otherwise noted	As of December 31, 2024		As of March 31, 2025
	RMB		RMB		USD
ASSETS
Current assets
Cash		324.0		839.6		115.7
Restricted cash		43.4		93.4		12.9
Short-term investments		130.5		131.5		18.1
Accounts receivable – third parties, net		221.1		184.4		25.4
Accounts receivable – related parties, net		1,373.8		1,076.5		148.3
Notes receivable		16.8		106.9		14.7
Inventories		233.9		281.1		38.7
Amounts due from related parties		35.4		53.6		7.4
Prepayments and other current assets		452.5		506.7		70.0
Total current assets		2,831.4		3,273.7		451.2
Non-current assets
Long-term investments		15.8		16.4		2.3
Property and equipment, net		160.3		163.8		22.6
Intangible assets, net		309.8		308.4		42.5
Operating lease right-of-use assets		132.7		126.2		17.4
Goodwill		25.7		25.7		3.5
Other non-current assets – third parties		28.3		56.6		7.8
Other non-current assets – related parties		267.3		269.9		37.2
Total non-current assets		939.9		967.0		133.3
Total assets		3,771.3		4,240.7		584.5
LIABILITIES
Current liabilities
Short-term borrowings		1,360.0		1,960.0		270.1
Accounts payable – third parties		1,617.4		1,348.3		185.8
Accounts payable – related parties		512.6		376.1		51.8
Notes payable		142.0		192.0		26.5
Amounts due to related parties		177.9		340.8		47.0
Contract liabilities, current – third parties		6.4		19.2		2.6
Contract liabilities, current – related parties		150.5		156.7		21.6
Operating lease liabilities – current		40.9		42.8		5.9
Convertible notes payable-current		470.6		467.9		64.5
Accrued expenses and other current liabilities		626.6		559.2		77.1
Income tax payable		20.4		19.7		2.7
Total current liabilities		5,125.3		5,482.7		755.6
Non-current liabilities
Contract liabilities, non-current – related parties		37.3		23.0		3.2
Operating lease liabilities, non-current		121.4		117.2		16.2
Warrant liabilities, non-current		8.8		10.4		1.4
Provisions		110.1		110.3		15.2
Other non-current liabilities – third parties		98.0		147.3		20.3
Deferred tax liabilities		15.2		15.6		2.1
Total non-current liabilities		390.8		423.8		58.4
Total liabilities		5,516.1		5,906.5		814.0

Millions, except otherwise noted	As of December 31, 2024		As of March 31, 2025
	RMB		RMB		USD
SHAREHOLDERS’ DEFICIT
Ordinary shares		—		—		—
Additional paid-in capital		6,214.3		6,543.9		901.8
Treasury shares, at cost		(7.4)		(68.9)		(9.5)
Accumulated deficit		(7,603.0)		(7,791.1)		(1,073.6)
Accumulated other comprehensive loss		(363.5)		(355.7)		(49.0)
Total deficit attributable to ordinary shareholders		(1,759.6)		(1,671.8)		(230.3)
Non-redeemable noncontrolling interests		14.8		6.0		0.8
Total shareholders’ deficit		(1,744.8)		(1,665.8)		(229.5)
Liabilities and shareholders’ deficit		3,771.3		4,240.7		584.5

	As of March 31, 2025
	RMB in millions		US$ in millions
Cash and restricted cash		933.0		128.6
Short-term borrowings		1,960.0		270.1
Convertible notes payable, net		467.9		64.5
Notes payable		192.0		26.5
Total shareholders’ deficit		(1,671.8)		(230.3)
Total capitalization		948.1		130.8

SIGNATURE	CAPACITY	DATE
/s/ Ziyu Shen Ziyu Shen	Chairman and Chief Executive Officer (Principal Executive Officer)	July 21, 2025
/s/ Zenggang Liu Zenggang Liu	Director	July 21, 2025
/s/ Ni Li Ni Li	Director	July 21, 2025
/s/ Jim Zhang (Zhang Xingsheng) Jim Zhang (Zhang Xingsheng)	Independent Director	July 21, 2025
/s/ Grace Hui Tang Grace Hui Tang	Independent Director	July 21, 2025
/s/ Jun Hong Heng Jun Hong Heng	Independent Director	July 21, 2025
/s/ Peter Cirino Peter Cirino	Chief Operating Officer	July 21, 2025
/s/ Jing (Phil) Zhou Jing (Phil) Zhou	Chief Financial Officer (Principal Financial and Accounting Officer)	July 21, 2025

TABLE OF CONTENTS

Page

ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE		5
Section 1.1	Definitions	5
Section 1.2	Other Definitions	8
Section 1.3	Incorporation by Reference of Trust Indenture Act	8
Section 1.4	Rules of Construction	9
ARTICLE II THE SECURITIES		9
Section 2.1	Issuable in Series	9
Section 2.2	Establishment of Terms of Series of Securities	9
Section 2.3	Execution and Authentication	11
Section 2.4	Registrar, Paying Agent and Notice Agent	12
Section 2.5	Paying Agent to Hold Money in Trust	12
Section 2.6	Securityholder Lists	13
Section 2.7	Transfer and Exchange	13
Section 2.8	Mutilated, Destroyed, Lost and Stolen Securities	13
Section 2.9	Outstanding Securities	14
Section 2.10	Treasury Securities	14
Section 2.11	Temporary Securities	14
Section 2.12	Cancellation	15
Section 2.13	Defaulted Interest	15
Section 2.14	Global Securities	15
Section 2.15	CUSIP Numbers	17
ARTICLE III REDEMPTION		17
Section 3.1	Notice to Trustee	17
Section 3.2	Selection of Securities to be Redeemed	17
Section 3.3	Notice of Redemption	17
Section 3.4	Effect of Notice of Redemption	18
Section 3.5	Deposit of Redemption Price	18
Section 3.6	Securities Redeemed in Part	18
ARTICLE IV COVENANTS		19
Section 4.1	Payment of Principal and Interest	19
Section 4.2	SEC Reports	19
Section 4.3	Compliance Certificate	19
Section 4.4	Stay, Extension and Usury Laws	19
ARTICLE V SUCCESSORS		20
Section 5.1	When Company May Merge, etc.	20
Section 5.2	Successor Corporation Substituted	20
ARTICLE VI DEFAULTS AND REMEDIES		20
Section 6.1	Events of Default	20
Section 6.2	Acceleration of Maturity; Rescission and Annulment	21
Section 6.3	Collection of Indebtedness and Suits for Enforcement by Trustee	22
Section 6.4	Trustee May File Proofs of Claim	22
Section 6.5	Trustee May Enforce Claims Without Possession of Securities	23
Section 6.6	Application of Money Collected	23

TABLE OF CONTENTS
(Continued)

Page

Section 6.7	Limitation on Suits	23
Section 6.8	Unconditional Right of Holders to Receive Principal and Interest	24
Section 6.9	Restoration of Rights and Remedies	24
Section 6.10	Rights and Remedies Cumulative	24
Section 6.11	Delay or Omission Not Waiver	24
Section 6.12	Control by Holders	25
Section 6.13	Waiver of Past Defaults	25
Section 6.14	Undertaking for Costs	25
ARTICLE VII TRUSTEE		26
Section 7.1	Duties of Trustee	26
Section 7.2	Rights of Trustee	27
Section 7.3	[Reserved]	28
Section 7.4	Individual Rights of Trustee	28
Section 7.5	Trustee’s Disclaimer	28
Section 7.6	Notice of Defaults	28
Section 7.7	Reports by Trustee to Holders	28
Section 7.8	Compensation and Indemnity	28
Section 7.9	Replacement of Trustee	29
Section 7.10	Successor Trustee by Merger, etc.	30
Section 7.11	Eligibility; Disqualification	30
Section 7.12	Preferential Collection of Claims Against Company	30
ARTICLE VIII SATISFACTION AND DISCHARGE; DEFEASANCE		30
Section 8.1	Satisfaction and Discharge of Indenture	30
Section 8.2	Application of Trust Funds; Indemnification	31
Section 8.3	Legal Defeasance of Securities of any Series	32
Section 8.4	Covenant Defeasance	33
Section 8.5	Repayment to Company	34
ARTICLE IX SUPPLEMENTAL INDENTURES, AMENDMENTS AND WAIVERS		34
Section 9.1	Without Consent of Holders	34
Section 9.2	With Consent of Holders	35
Section 9.3	Limitations	35
Section 9.4	Compliance with Trust Indenture Act	36
Section 9.5	Revocation and Effect of Consents	36
Section 9.6	Notation on or Exchange of Securities	36
Section 9.7	Trustee Protected	36
ARTICLE X MISCELLANEOUS		37
Section 10.1	Trust Indenture Act Controls	37
Section 10.2	Notices	37
Section 10.3	Communication by Holders with Other Holders	38
Section 10.4	Certificate and Opinion as to Conditions Precedent	38
Section 10.5	Statements Required in Certificate or Opinion	38
Section 10.6	Legal Holidays	38
Section 10.7	No Recourse Against Others	39
Section 10.8	Counterparts	39
Section 10.9	Governing Laws	39

	§ 310(a)(1)		7.10
	(a)(2)		7.10
	(a)(3)		Not Applicable
	(a)(4)		Not Applicable
	(a)(5)		7.10
	(b)		7.10
	§ 311(a)		7.11
	(b)		7.11
	(c)		Not Applicable
	§ 312(a)		2.6
	(b)		10.3
	(c)		10.3
	§ 313(a)		7.6
	(b)(1)		7.6
	(b)(2)		7.6
	(c)(1)		7.6
	(d)		7.6
	§ 314(a)		4.2, 10.5
	(b)		Not Applicable
	(c)(1)		10.4
	(c)(2)		10.4
	(c)(3)		Not Applicable
	(d)		Not Applicable
	(e)		10.5
	(f)		Not Applicable
	§ 315(a)		7.1
	(b)		7.5
	(c)		7.1
	(d)		7.1
	(e)		6.14
	§ 316(a)		2.10
	(a)(1)(A)		6.12
	(a)(1)(B)		6.13
	(b)		6.8
	§ 317(a)(1)		6.3
	(a)(2)		6.4
	(b)		2.5
	§ 318(a)		10.1

TERM		DEFINED IN SECTION
“Bankruptcy Law”		6.1
“Custodian”		6.1
“Event of Default”		6.1
“Journal”		10.15
“Judgment Currency”		10.16
“Legal Holiday”		10.7
“mandatory sinking fund payment”		11.1
“Market Exchange Rate”		10.15
“New York Banking Day”		10.16
“Notice Agent”		2.4
“optional sinking fund payment”		11.1
“Paying Agent”		2.4
“Registrar”		2.4
“Required Currency”		10.16
“successor person ”		5.1

/s/ Maples and Calder (Hong Kong) LLP

Maples and Calder (Hong Kong) LLP

		21 July 2025

To:	Maples and Calder (Hong Kong) LLP
	26th Floor, Central Plaza
	18 Harbour Road
	Wanchai, Hong Kong

“Governmental Agency”	means any national, provincial or local governmental, regulatory or administrative authority, agency or commission in the PRC, or any court, tribunal or any other judicial or arbitral body in the PRC, or any body exercising, or entitled to exercise, any administrative, judicial, legislative, law enforcement, regulatory, or taxing authority or power of a similar nature in the PRC.
“Governmental Authorization”	means any license, approval, consent, waiver, order, sanction, certificate, authorization, filing, declaration, disclosure, registration, exemption, permission, endorsement, annual inspection, clearance, qualification, permit or license by, from or with any Governmental Agency pursuant to any PRC Laws.
“PRC Companies”	mean, collectively, all entities listed in Appendix A hereof, and each, a “PRC Company”.
“PRC Laws”	mean all applicable national, provincial and local laws, regulations, rules, notices, orders, decrees and judicial interpretations of the PRC currently in effect and publicly available on the date of this Opinion.

#	Name of the PRC Company
1.	ECARX (Hubei) Tech Co., Ltd. (亿咖通（湖北）技术有限公司)
2.	ECARX (Shanghai) Technology Co., Ltd. (亿咖通（上海）科技有限公司)
3.	ECARX (Shanghai) Tech Co., Ltd. (亿咖通（上海）技术有限公司)
4.	ECARX (Beijing) Technology Co., Ltd. (亿咖通（北京）科技有限公司)
5.	ECARX (Shanghai) Smart Tech Co., Ltd. (亿咖通（上海）智能技术有限公司)
6.	ECARX (Wuhan) Technology Co., Ltd. (亿咖通（武汉）科技有限公司)
7.	ECARX (Nanjing) Automotive Electronics Co., Ltd. (亿咖通（南京）汽车电子有限公司)
8.	Hubei Dongjun Automotive Electronic Technology Co., Ltd (湖北东峻汽车电子科技有限公司)
9.	ECARX (Zhejiang) Technology Co., Ltd. (亿咖通（浙江）科技有限公司)
10.	JICA Intelligent Robotics Co., Ltd. (吉咖智能机器人有限公司)
11.	Hangzhou JICA Automotive Electronic Technology Co., Ltd. (杭州吉咖汽车电子科技有限公司)
12.	Suzhou Photon-Matrix Optoelectronics Technology Co., Ltd (苏州光之矩光电科技有限公司)

	Three Months Ended March 31
Millions, except otherwise noted	2024		2025		2025
	RMB		RMB		USD
Net Loss		(304.0)		(196.9)		(27.0)
Interest income		(6.2)		(5.3)		(0.7)
Interest expense		21.3		34.3		4.7
Income tax (benefit)/expense		(0.6)		1.8		0.2
Depreciation of property and equipment		15.2		13.1		1.8
Amortization of intangible assets		25.3		27.6		3.8
EBITDA		(249.0)		(125.5)		(17.2)
Share-based compensation expenses		25.1		20.1		2.8
Adjusted EBITDA		(223.9)		(105.4)		(14.4)

TABLE OF CONTENTS
(Continued)

Page

Section 10.10	No Adverse Interpretation of Other Agreements	39
Section 10.11	Section 10.11 Successors	39
Section 10.12	Severability	39
Section 10.13	Table of Contents, Headings, etc.	39
Section 10.14	Securities in a Foreign Currency or ECU	39
Section 10.15	Judgment Currency	40
ARTICLE XI SINKING FUNDS		40
Section 11.1	Applicability of Article	40
Section 11.2	Satisfaction of Sinking Fund Payments with Securities	41
Section 11.3	Redemption of Securities for Sinking Fund	41