易恒健康英文IPO上市招股书--301页.pdf详细介绍

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ECMOHO Limited, a Cayman Islands-based company, has filed a Form F-1 registration statement with the Securities and Exchange Commission on September 26, 2019, in preparation for an initial public offering (IPO). The company's exact name, as specified in its charter, is ECMOHO Limited, with the English translation of its name being Not Applicable. ECMOHO Limited is incorporated or organized in the Cayman Islands and operates in the healthcare industry. The registration statement provides detailed information about ECMOHO Limited's business operations, financial performance, management team, and competitive landscape. It outlines the company's plans to raise capital through the IPO and lists the risks and uncertainties associated with investing in the company. The filing also includes the proposed ticker symbol and underwriters for the offering. ECMOHO Limited's decision to go public reflects its ambition to expand its footprint in the healthcare sector and capitalize on new growth opportunities. The company's strong track record of innovation and customer service sets it apart from competitors and positions it for long-term success. By going public, ECMOHO Limited aims to attract new investors and increase its market share in the competitive healthcare industry. Overall, ECMOHO Limited's IPO filing represents a significant milestone in the company's growth journey. It demonstrates the management team's confidence in the business's prospects and their commitment to delivering value to shareholders. As the company moves forward with the IPO process, investors will have the opportunity to participate in ECMOHO Limited's success and contribute to its continued growth and expansion in the healthcare market.

Table of Contents

Summary Consolidated Financial and Operating Data

The following summary consolidated statements of comprehensive income data and summary consolidated statements of cash flows data for the

years ended December 31, 2017 and 2018 and summary consolidated balance sheets data as of December 31, 2017 and 2018 have been derived

from our audited consolidated financial statements included elsewhere in this prospectus. The following summary consolidated statements of

comprehensive income data and summary consolidated statements of cash flow data for the six months ended June 30, 2018 and 2019 and

summary consolidated balance sheet data as of June 30, 2019 have been derived from our unaudited consolidated financial statements included

elsewhere in this prospectus and have been prepared on the same basis as the audited consolidated financial statements. In the opinion of

management, the unaudited data reflects all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the

financial information in those statements.

You should read this “Summary Consolidated Financial Data and Operating Data” section together with our consolidated financial statements and

the related notes and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included elsewhere in this

prospectus. Our consolidated financial statements are prepared and presented in accordance with accounting principles generally accepted in the

United States, or U.S. GAAP. Our historical results are not necessarily indicative of results expected for future periods.

Summary Consolidated Statements of Comprehensive Income Data



Year ended December 31, Six months ended June 30,

2017 2018 2018 2019

Amount

% of

total net

revenues Amount

% of

total net

revenues Amount

% of

total net

revenues Amount

% of

total net

revenues

(unaudited)

(in thousands of U.S. dollars, except for share, per share data and percentages)

Net revenues:

Product sales 95,573 97.3% 176,098 88.5% 66,326 92.9% 139,912 92.5%

Services 2,665 2.7 22,917 11.5 5,038 7.1 11,413 7.5

Total net revenues 98,238 100.0 199,015 100.0 71,364 100.0 151,325 100.0

Total cost of revenue (69,124) (70.4) (140,153) (70.4) (48,877) (68.5) (115,433) (76.3)

Gross profit 29,114 29.6 58,862 29.6 22,487 31.5 35,892 23.7

Operating expenses:

Fulfillment expenses (6,217) (6.3) (13,097) (6.6) (4,969) (7.0) (8,448) (5.6)

Sales and marketing expenses (15,529) (15.8) (27,462) (13.8) (12,429) (17.4) (19,111) (12.6)

General and administrative expenses (4,004) (4.1) (9,069) (4.6) (3,184) (4.5) (4,441) (2.9)

Research and development expenses (485) (0.5) (1,669) (0.8) (673) (0.9) (899) (0.6)

Total operating expenses (26,235) (26.7) (51,297) (25.8) (21,255) (29.8) (32,899) (21.7)

Operating income 2,879 2.9 7,565 3.8 1,232 1.7 2,993 2.0

Finance expenses, net (145) (0.1) (926) (0.4) (217) (0.2) (1,109) (0.8)

Income before income tax expenses 2,804 2.9 6,567 3.3 1,111 1.6 2,095 1.4

Income taxes expenses (80) (0.1) (417) (0.2) (78) (0.2) (376) (0.3)

Net income 2,724 2.8% 6,150 3.1% 1,033 1.4% 1,719 1.1%

Less: Net income/(loss) attributable to the non-

controlling interest shareholders and redeemable

non-controlling interest shareholders (101) 26

(99)

(94)

Net income attributable to ECMOHO Limited 2,825 6,124 1,132 1,813



Table of Contents

Year ended December 31, Six months ended June 30,

2017 2018 2018 2019

Amount

% of

total net

revenues Amount

% of

total net

revenues Amount

% of

total net

revenues Amount

% of

total net

revenues

(unaudited)

(in thousands of U.S. dollars, except for share, per share data and percentages)

Less: Accretion on Round A convertible

redeemable preferred shares to redemption

value (1,559) (1,018) (841) —

Less: Accretion on Round B convertible

redeemable preferred shares to redemption

value (2,413) (1,575) (1,291) —

Less: Accretion on Series A convertible

redeemable preferred shares to redemption

value — (445) — (608)

Less: Accretion to redemption value of

redeemable non-controlling interests — (130) — (312)

Less: Extinguishment of convertible

redeemable preferred shares — (24,764) — —

Net (loss)/income attributable to ECMOHO

Limited’s ordinary shareholders (1,147) (21,808) (1,000) 893



Year ended December 31, Six months ended June 30,

2017 2018 2018 2019

Amount

% of

total net

revenues Amount

% of

total net

revenues Amount

% of

total net

revenues Amount

% of

total net

revenues

(unaudited)

(in thousands of U.S. dollars, except for share, per share data and percentages)

Comprehensive income attributable to

ECMOHO Limited 3,618 5,454 942 1,534

Net (loss)/earnings per share

attributable to ECMOHO Limited’s

ordinary shareholders

—basic (0.01) (0.26) (0.01) 0.01

—diluted (0.01) (0.26) (0.01) 0.01

Weighted average number of Ordinary

—basic 81,162,400 84,970,000 81,162,400 90,681,400

—diluted 81,162,400 84,970,000 81,162,400 111,584,966

Pro forma net earnings per share

attributable to ECMOHO Limited’s

ordinary shareholders

—basic 0.01

—diluted 0.01

Pro forma weighted average number

of Ordinary Shares

—basic 118,956,415

—diluted 119,523,881



Table of Contents

(1) The unaudited pro-forma earnings per share for the six months ended June 30, 2019, giving effect to the assumed conversion of all the

convertible preferred shares into ordinary shares as of the issuance dates at the conversion ratio of one-for-one and the weighted average

number of the convertible preferred shares during the six months ended June 30, 2019.

Summary Consolidated Statements of Cash Flow Data



Year ended December 31,

Six months ended

June 30,

2017 2018 2018 2019

(unaudited)

(in thousands of U.S. dollars)

Net cash used in operating activities (2,444) (40,756) (3,548) (12,725)

Net cash used in investing activities (492) (1,748) (513) (354)

Net cash provided by financing activities 1,567 44,036 3,145 16,532

Cash, cash equivalents and restricted cash at beginning of the period 12,079 10,689 10,689 12,965

Cash, cash equivalents and restricted cash at end of the period 10,689 12,965 9,797 16,162

Summary Consolidated Balance Sheets Data



As of December 31, As of June 30,

Pro forma(1)

As of June 30, 2019 2018 2019

(unaudited)

(in thousands of U.S. dollars)

Current assets:

Cash and cash equivalents 10,336 11,662 11,662

Accounts receivable, net 33,840 59,031 59,031

Inventories, net 53,683 43,901 43,901

Total current assets 111,747 130,355 130,355

Total assets 117,772 139,459 139,459

Total current liabilities 74,829 93,525 93,525

Total liabilities 75,148 95,545 95,545

Total mezzanine equity 74,847 69,151 —

Total shareholders’ (deficit)/equity (32,223) (25,237) 43,914



(1) The unaudited pro-forma balance sheet as of June 30, 2019 assumes the completion of the initial public offering on such date and the

conversion thereupon of all outstanding convertible preferred shares into ordinary shares at the conversion ratio of one for one.



Table of Contents

Summary Quarterly Financial Data

The following table sets forth our unaudited consolidated quarterly financial data for the periods indicated. You should read the following

table together with our consolidated financial statements and the related notes included elsewhere in this prospectus. We have prepared the

unaudited consolidated quarterly financial information on the same basis as our audited consolidated financial statements. In the opinion of

management, the unaudited consolidated quarterly financial information reflects all adjustments, consisting only of normal recurring adjustments,

necessary for a fair representation of our results of operations in the quarters presented.



Three months ended

March 31,

2017

June 30,

2017

September 30,

2017

December 31,

2017

March 31,

2018

June 30,

2018

September 30,

2018

December 31,

2018

March 31,

2019

June 30,

2019

(unaudited)

(in thousands of US dollars)

Net revenues:

Product sales 15,205 18,484 22,761 39,123 26,487 39,839 44,130 65,642 58,271 81,641

Services 270 460 897 1,038 1,718 3,320 4,629 13,250 5,591 5,822

Total net revenues 15,475 18,944 23,658 40,161 28,205 43,159 48,759 78,892 63,862 87,463

Total cost of

revenue (10,648) (12,721) (16,638) (29,117) (19,297) (29,580) (34,521) (56,755) (47,394) (68,039)

Gross profit 4,827 6,223 7,020 11,044 8,908 13,579 14,238 22,137 16,468 19,424

Operating

expenses:

Fulfillment expenses (1,035) (1,359) (1,443) (2,380) (1,262) (3,707) (3,300) (4,828) (3,876) (4,572)

Sales and marketing

expenses(1) (2,767) (3,446) (3,745) (5,571) (5,558) (6,871) (6,467) (8,566) (9,157) (9,954)

General and

administrative

expenses(1) (829) (976) (989) (1,210) (1,483) (1,701) (2,419) (3,466) (2,207) (2,234)

Research and

development

expenses (63) (89) (154) (179) (322) (351) (365) (631) (471) (428)

Total operating

expenses (4,694) (5,870) (6,331) (9,340) (8,625) (12,630) (12,551) (17,491) (15,711) (17,188)

Operating income 133 353 689 1,704 283 949 1,687 4,646 757 2,236

Finance expenses,

net (15) (9) (43) (78) (81) (136) (211) (498) (505) (604)

Income before

income tax

expenses 186 234 812 1,572 521 590 1,537 3,919 446 1,649

Income taxes

(expenses)/profit (19) (24) (53) 16 (54) (24) (132) (207) (150) (226)

Net income 167 210 759 1,588 467 566 1,405 3,712 296 1,423



(1) Share-based compensation expenses were allocated as follows:



Three months ended

March 31,

2017

June 30,

2017

September 30,

2017

December 31,

2017

March 31,

2018

June 30,

2018

September 30,

2018

December 31,

2018

March 31,

2019

June 30,

2019

(unaudited)

(in thousands of US dollars)

Sales and marketing

expenses — — — — — — — 112 72 94

General and

administrative

expenses — — — — — — — 245 253 249

Total — — — — — — — 357 325 343



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