As filed with the U.S. Securities and Exchange Commission on August 12, 2022.
Registration No. 333-266607
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Amendment No. 1 to
FORM F-1
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
YanGuFang International Group Co., Ltd.
(Exact name of Registrant as specified in its charter)
Not Applicable
(Translation of Registrant’s name into English)
| Cayman Islands | | 2000 | | Not Applicable |
(State or other jurisdiction of
incorporation or organization) | | (Primary Standard Industrial
Classification Code Number) | | (I.R.S. Employer
Identification number) |
3/F, Building 3,
33 Suhong Road, Minhang District
Shanghai, China, 201100
Tel: +86 (21) 52966658
(Address, including zip code, and telephone number, including area code, of Registrant’s principal executive office)
Puglisi & Associates
850 Library Avenue, Suite 204
Newark, DE 19711
Tel: (302) 738-6680
(Name, address, including zip code, and telephone number, including area code, of agent for service)
Copies of all communications, including communications
sent to agent for service, should be sent to:
Richard I. Anslow, Esq.
Wei Wang, Esq.
Ellenoff Grossman & Schole LLP
1345 Avenue of the Americas, 11th Floor
New York, NY 10105
Tel: (212) 370-1300 | | Louis Taubman, Esq.
Guillaume de Sampigny, Esq.
Hunter Taubman Fischer & Li LLC
48 Wall Street, Suite 1100
New York, NY 10005
Tel: (212) 530-2210 |
Approximate date of commencement of proposed sale to the public: As soon as practicable after this registration statement becomes effective.
If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☐
If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.
Emerging growth company ☒
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐
| † | The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012. |
The Registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the registration statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.
EXPLANATORY NOTE
This Amendment No. 1 to the Registration Statement on Form F-1 (File No. 333-266607) is being filed solely to file certain exhibits thereto.
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.
Cayman Islands law does not limit the extent to which a company’s articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime. Our amended and restated articles of association, which will become effective upon or before completion of this offering, provide that, to the extent permitted by law, we shall indemnify each existing or former secretary, director (including alternate director), and any of our other officers (including an investment adviser or an administrator or liquidator) and their personal representatives against:
| (a) | all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by the existing or former director (including alternate director), secretary or officer in or about the conduct of our business or affairs or in the execution or discharge of the existing or former director (including alternate director), secretary’s or officer’s duties, powers, authorities or discretions; and |
| (b) | without limitation to paragraph (a) above, all costs, expenses, losses or liabilities incurred by the existing or former director (including alternate director), secretary or officer in defending (whether successfully or otherwise) any civil, criminal, administrative or investigative proceedings (whether threatened, pending or completed) concerning us or our affairs in any court or tribunal, whether in the Cayman Islands or elsewhere. |
No such existing or former director (including alternate director), secretary or officer, however, shall be indemnified in respect of any matter arising out of his own dishonesty.
To the extent permitted by law, we may make a payment, or agree to make a payment, whether by way of advance, loan or otherwise, for any legal costs incurred by an existing or former director (including alternate director), secretary or any of our officers in respect of any matter identified in above on condition that the director (including alternate director), secretary or officer must repay the amount paid by us to the extent that it is ultimately found not liable to indemnify the director (including alternate director), the secretary or that officer for those legal costs.
Pursuant to our offer letters to directors and employment agreements with executive officers, we will agree to indemnify our directors and executive officers against certain liabilities and expenses incurred by such persons in connection with claims made by reason of their being such a director or executive officer.
The form of underwriting agreement to be filed as Exhibit 1.1 to this registration statement will also provide for indemnification of us and our officers and directors.
Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling us under the foregoing provisions, we have been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.
ITEM 7. RECENT SALES OF UNREGISTERED SECURITIES.
During the past three years, we have issued the following ordinary shares. We believe that each of the following issuances was exempt from registration under the Securities Act pursuant to Section 4(a)(2) of the Securities Act regarding transactions not involving a public offering, or in reliance on Regulation S under the Securities Act regarding sales by an issuer in offshore transactions. No underwriters were involved in these issuances of ordinary shares.
In May 2020, we issued an aggregate of 30,000,000 ordinary shares at US$0.0001 per share to six founders, including 1 share to Sertus Nominees (Cayman) Limited who transferred same to BioNature Organic Solution Co. Ltd on the same day, 11,879,999 shares to BioNature Organic Solution Co. Ltd, of which, Junguo He, our Chief Executive Officer and Chairman of the Board, is the sole shareholder and director, 3,645,000 shares to Upworld Fitness Approach Solution Co. Ltd, of which, Junguo He, our Chief Executive Officer and Chairman of the Board, is the sole shareholder and director, 2,700,000 shares to Supreme Green Incubator Co. Ltd, of which Yuxiang Sun, is the sole shareholder and director, 7,650,000 shares to VicVans Organic Service Co. Ltd, of which, our director, Zhu Sun, is the sole shareholder and director and 4,125,000 to VanYat Fitness Create Co. Ltd, of which, Ya Zhang, our Chief Operating Officer, is the sole shareholder and director.
In February 2021, we issued an aggregate of 120,000,000 ordinary shares at US$0.0001 per share to five entities, including 47,520,000 shares to BioNature Organic Solution Co. Ltd, 14,580,000 shares to Upworld Fitness Approach Solution Co. Ltd, 10,800,000 shares to Supreme Green Incubator Co. Ltd, 30,600,000 shares to VicVans Organic Service Co. Ltd, and 16,500,000 to VanYat Fitness Create Co. Ltd.
ITEM 8. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.
a) Exhibits
See Exhibit Index beginning on page II-6 of this registration statement.
The agreements included as exhibits to this registration statement contain representations and warranties by each of the parties to the applicable agreement. These representations and warranties were made solely for the benefit of the other parties to the applicable agreement and (i) were not intended to be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate; (ii) may have been qualified in such agreement by disclosure that was made to the other party in connection with the negotiation of the applicable agreement; (iii) may apply contract standards of “materiality” that are different from “materiality” under the applicable securities laws; and (iv) were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement.
We acknowledge that, notwithstanding the inclusion of the foregoing cautionary statements, we are responsible for considering whether additional specific disclosure of material information regarding material contractual provisions is required to make the statements in this registration statement not misleading.
b) Financial Statement Schedules
Schedules have been omitted because the information required to be set forth therein is not applicable or is shown in our consolidated financial statements or the notes thereto.
ITEM 9. UNDERTAKINGS.
The undersigned registrant hereby undertakes to provide to the underwriter at the closing specified in the underwriting agreements, certificates in such denominations and registered in such names as required by the underwriter to permit prompt delivery to each purchaser.
Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the provisions described in Item 6, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
The undersigned registrant hereby undertakes that:
| (1) | For purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective. |
| (2) | For the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. |
| (3) | For the purpose of determining liability under the Securities Act to any purchaser, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness; provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use. |
| (4) | For the purpose of determining any liability of the registrant under the Securities Act to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser: |
| (i) | Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424; |
| (ii) | Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant; |
| (iii) | The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and |
| (iv) | Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser. |
YANGUFANG INTERNATIONAL GROUP CO., LTD.
EXHIBIT INDEX
Exhibit
Number | |
Description of Document |
| 1.1* | | Form of Underwriting Agreement |
| 3.1** | | Memorandum and Articles of Association of the Registrant, as currently in effect |
| 3.2* | | Form of Amended and Restated Memorandum and Articles of Association of the Registrant, as effective immediately prior to the completion of this offering |
| 4.1* | | Registrant’s Specimen Certificate for Ordinary Shares |
| 5.1*** | | Opinion of Carey Olsen Hong Kong LLP regarding the validity of the ordinary shares being registered |
| 8.1*** | | Opinion of Carey Olsen Hong Kong LLP regarding certain Cayman Islands tax matters (included in Exhibit 5.1) |
| 8.2* | | Opinion of Ellenoff Grossman & Schole LLP regarding certain U.S. tax matters |
| 10.1** | | English Translation of Form of Exclusive Option Agreement by and among Inner Mongolia YanGuFang Whole Grain Nutrition Health Industry Technology Co., Ltd., Inner Mongolia YanGuFang Ecological Agriculture Technology (Group) Co., Ltd., and each variable interest entity |
| 10.2** | | English Translation of Form of Exclusive Technology Development, Consulting and Services Agreements by and among Inner Mongolia YanGuFang Whole Grain Nutrition Health Industry Technology Co., Ltd., Inner Mongolia YanGuFang Ecological Agriculture Technology (Group) Co., Ltd., and each variable interest entity |
| 10.3** | | English Translation of Form of Equity Pledge Agreement by and among Inner Mongolia YanGuFang Whole Grain Nutrition Health Industry Technology Co., Ltd., Inner Mongolia YanGuFang Ecological Agriculture Technology (Group) Co., Ltd., and each variable interest entity |
| 10.4** | | English Translation of Form of Power of Attorney by and among Inner Mongolia YanGuFang Whole Grain Nutrition Health Industry Technology Co., Ltd., Inner Mongolia YanGuFang Ecological Agriculture Technology (Group) Co., Ltd., and each variable interest entity |
| 10.5** | | Employment Agreement dated December 18, 2021, by and between Registrant and Junguo He |
| 10.6** | | Employment Agreement dated December 18, 2021, by and between Registrant and Kui Shi |
| 10.7** | | Employment Agreement dated December 18, 2021, by and between Registrant and Ya Zhang |
| 10.8** | | Employment Agreement dated January 10, 2022, by and between Registrant and Zhu Sun |
| 10.9** | | Form of Director Offer Letter |
| 10.10** | | English Translation of Form of Labor Contract between executive officers of the Registrant and Shanghai YanGuFang E-Commerce Co., Ltd. |
| 10.11** | | English Translation of Form of Poverty Alleviation Fund Trust Agreement by and between Inner Mongolia YanGuFang Whole Grain Industry Development Co., Ltd. and each Inner Mongolia local village committee |
| 10.12+* | | English Translation of Form of Village-Enterprise Poverty Alleviation Co-workshop Agreement by and between Inner Mongolia YanGuFang Whole Grain Industry Development Co., Ltd. and each Inner Mongolia local village committee |
| 10.13** | | English Translation of General Agency Agreement dated July 30, 2021, by and among Inner Mongolia YanGuFang Ecological Agriculture Technology (Group) Co., Ltd. as supplier and Inner Mongolia YanGuFang Whole Grain Industry Development Co., Ltd., Shanghai YanGuFang E-Commerce Co., Ltd., Inner Mongolia YanGuFang Contract Farming Development Co., Ltd. and Inner Mongolia YanGuFang Import and Export Trading Co., Ltd. |
| 10.14** | | English Translation of Trademark License Agreement and Supplemental Agreements dated November 1, 2020, December 1, 2020 and October 1, 2021, respectively, by and among Inner Mongolia YanGuFang Ecological Agriculture Technology (Group) Co., Ltd., Inner Mongolia YanGuFang Whole Grain Industry Development Co., Ltd. and its Shanghai Branch, Shanghai YanGuFang E-Commerce Co., Ltd., Inner Mongolia YanGuFang Contract Farming Development Co., Ltd. and Inner Mongolia YanGuFang Import and Export Trading Co., Ltd. |
| 10.15** | | English Translation of Trademark License Agreement and Supplemental Agreement, dated December 10, 2020 and October 1, 2021, respectively, by and between Inner Mongolia YanGuFang Ecological Agriculture Technology (Group) Co., Ltd. and Inner Mongolia YanGuFang Whole Grain Nutrition Health Industry Technology Co., Ltd. |
Exhibit
Number | |
Description of Document |
| 10.16** | | English Translation of Trademark License Agreement and Supplemental Agreement dated July 1, 2020 and October 1, 2021, respectively, by and between Inner Mongolia YanGuFang Ecological Agriculture Technology (Group) Co., Ltd., the Registrant and YanGuFang International Holding Group (HK) Co., Limited |
| 10.17** | | English Translation of Trademark License Agreement and Supplemental Agreement dated March 1, 2021 and October 1, 2021, respectively, by and between Inner Mongolia YanGuFang Ecological Agriculture Technology (Group) Co., Ltd. and Shanghai Yanna Technology Co., Ltd. |
| 10.18** | | English Translation of the Office Lease dated June 10, 2020, by and between Shanghai Ruiqiao Real Estate Development Co., Ltd. and Inner Mongolia YanGuFang Whole Grain Industry Development Co., Ltd. Shanghai Branch |
| 10.19* | | English Translation of the Facility License Agreement dated May 16, 2015, by and between Inner Mongolia YanGuFang Ecological Agriculture Technology (Group) Co., Ltd. and Inner Mongolia YanGuFang Whole Grain Industry Development Co., Ltd. |
| 10.20+* | | English Translation of the Facility Lease Agreement dated April 15, 2015 by and between Inner Mongolia Menggelai Food Co., Ltd. and Inner Mongolia YanGuFang Ecological Agriculture Technology (Group) Co., Ltd. |
| 10.21* | | English Translation of the Farming Land Lease dated January 15, 2016, by and between Jubing Wang and Inner Mongolia YanGuFang Whole Grain Industry Development Co., Ltd. |
| 10.22* | | English Translation of the Farming Land Lease dated January 15, 2016, by and between Peijun Guo and Inner Mongolia YanGuFang Whole Grain Industry Development Co., Ltd. |
| 10.23** | | Consulting Service Agreement and its amendment dated September 6, 2019 and February 26, 2022, respectively, by and between the Registrant and Allstar Advisory Inc. (Beijing) |
| 10.24+** | | Purchase and Sales Agreement dated December 30, 2021, by and between Inner Mongolia YanGuFang Whole Grain Industry Development Co., Ltd. and Company A |
| 10.25** | | Form of 2022 Equity Incentive Plan |
| 21.1** | | List of Subsidiaries |
| 23.1** | | Consent of Friedman LLP |
| 23.2*** | | Consent of Carey Olsen Hong Kong LLP (included in Exhibit 5.1) |
| 23.3* | | Consent of Beijing Sunland Law Firm (included in Exhibit 99.2) |
| 23.4* | | Consent of Ellenoff Grossman & Schole LLP (included in Exhibit 8.2) |
| 24.1** | | Powers of Attorney (included on signature page to Registration Statement on Form F-1) |
| 99.1* | | Code of Business Conduct and Ethics of the Registrant |
| 99.2* | | Opinion of Beijing Sunland Law Firm regarding certain PRC law matters |
| 99.3** | | Consent of Arthur Burton Pinoli |
| 99.4** | | Consent of Jiangping Xiao |
| 99.5** | | Consent of Christopher An-Tung Lin |
| 99.6* | | Form of Audit Committee Charter |
| 99.7* | | Form of Compensation Committee Charter |
| 99.8* | | Form of Nominating and Corporate Governance Committee Charter |
| 99.9** | | Representation under Item 8.A.4 of Form 20-F |
| 107** | | Filing Fee Table |
| *** | To be filed by amendment. |
| + | Portions of the exhibit have been omitted pursuant to Item 601(b)(10)(iv) of Regulations S-K. The Company hereby agrees to furnish a copy of any omitted portion to the SEC upon request. |
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Shanghai, China, on August 12, 2022.
| | YanGuFang International Group Co., Ltd. |
| | |
| | By: | /s/ Junguo He |
| | | Name: | Junguo He |
| | | Title: | Chief Executive Officer |
Pursuant to the requirements of the Securities Act, this registration statement has been signed by the following persons in the capacities and on the dates indicated.
| Signature | | Title | | Date |
| | | | | |
| /s/ Junguo He | | Chief Executive Officer and Chairman | | August 12, 2022 |
| Junguo He | | (principal executive officer) | | |
| /s/ Kui Shi | | Chief Financial Officer | | August 12, 2022 |
| Kui Shi | | (principal financial and accounting officer) | | |
| /s/ Zhu Sun | | Chief Technical Officer and Director | | August 12, 2022 |
| Zhu Sun | | | | |
