SECOO

SEC Filings

Form F-1/A
SECOO HOLDING LTD filed this Form F-1/A on 09/11/2017
Document Outline
Entire Document (5851.1 KB)
Subdocument 1 - F-1/A - F-1/A
Page 1 - As filed with the Securities and Exchange Commission on September 11, 2017
Page 2 - 8,500,000 American Depositary Shares
Page 3 - N/A
Page 4 - TABLE OF CONTENTS
Page 5 - PROSPECTUS SUMMARY
Page 6 - Our Industry
Page 7 - Our Competitive Strengths
Page 8 - Recent Corporate Developments
Page 9 - N/A
Page 10 - Implications of Being an Emerging Growth Company
Page 11 - Enforceability of Civil Liabilities
Page 12 - N/A
Page 13 - THE OFFERING
Page 14 - N/A
Page 15 - N/A
Page 16 - SUMMARY CONSOLIDATED FINANCIAL DATA AND OPERATING DATA
Page 17 - Summary Operating Data
Page 18 - RISK FACTORS
Page 19 - We have incurred and in the future may continue to incur net losses and negative cash flow from oper
Page 20 - If we are unable to provide good customer experience, our business and reputation may be materially
Page 21 - We have a limited operating history with our current business model and business approach, which mak
Page 22 - We may incur liability or become subject to administrative penalties for counterfeit or unauthorized
Page 23 - Secoo.com
Page 24 - Our expansion into new product categories and new services may expose us to new challenges and more
Page 25 - If we fail to forecast customer demand or manage our inventory effectively, our results of operation
Page 26 - We use third-party delivery companies to deliver our products to customers. If these couriers fail t
Page 27 - Inability to obtain additional financing on commercially reasonable terms in the future may material
Page 28 - If our senior management is unable to work together effectively or efficiently or if we lose their s
Page 29 - We may be the subject of anti-competitive, harassing, or other detrimental conduct by third parties
Page 30 - The proper functioning of our technology platform is essential to our business. Any failure to maint
Page 31 - If we fail to adopt new technologies or adapt our website, mobile applications and systems to changi
Page 32 - The wide variety of payment methods that we accept subjects us to third-party payment processing-rel
Page 33 - Our delivery, return and exchange policies may adversely affect our results of operations.
Page 34 - We have granted options, and may continue to grant options, restricted share units and other types o
Page 35 - We may not be able to prevent others from unauthorized use of our intellectual property, which could
Page 36 - We have limited insurance coverage which could expose us to significant costs and business disruptio
Page 37 - We face risks related to natural disasters, health epidemics and other outbreaks, which could signif
Page 38 - If additional remedial measures are imposed on the Big Four PRC-based accounting firms, including ou
Page 39 - Risks Related to Our Corporate Structure
Page 40 - We rely on contractual arrangements with our variable interest entities and their shareholders for s
Page 41 - Substantial uncertainties exist with respect to the enactment timetable, interpretation and implemen
Page 42 - Any failure by our variable interest entities or their shareholders to perform their obligations und
Page 43 - The shareholders of our variable interest entities may have potential conflicts of interest with us,
Page 44 - We may rely on dividends and other distributions on equity paid by our PRC subsidiaries to fund any
Page 45 - Contractual arrangements in relation to our variable interest entities may be subject to scrutiny by
Page 46 - Risks Related to Doing Business in China
Page 47 - We are subject to consumer protection laws that could require us to modify our current business prac
Page 48 - Secoo.com
Page 49 - We may be required to register our operating offices outside of our registered addresses as branch o
Page 50 - Governmental control of currency conversion may limit our ability to utilize our revenues effectivel
Page 51 - The M A Rules and certain other PRC regulations establish complex procedures for some acquisitions o
Page 52 - N/A
Page 53 - Any failure to comply with PRC regulations regarding the registration requirements for employee stoc
Page 54 - Enhanced scrutiny over acquisitions by the PRC tax authorities may have a negative impact on potenti
Page 55 - The enforcement of the PRC Labor Contract Law and other labor-related regulations in the PRC may adv
Page 56 - The trading price of our ADSs may be volatile.
Page 57 - Because we do not expect to pay dividends in the foreseeable future after this offering, you must re
Page 58 - You, as holders of ADSs, may have fewer rights than holders of our Class A ordinary shares and must
Page 59 - Your right to participate in any future rights offerings may be limited, which may cause dilution to
Page 60 - Since we are a Cayman Islands company, the rights of our shareholders may be more limited than those
Page 61 - The post-offering memorandum and articles of association that we expect to adopt and to become effec
Page 62 - We may be classified as a passive foreign investment company for U.S. federal income tax purposes, w
Page 63 - Passive Foreign Investment Company Rules
Page 64 - SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
Page 65 - USE OF PROCEEDS
Page 66 - DIVIDEND POLICY
Page 67 - CAPITALIZATION
Page 68 - N/A
Page 69 - DILUTION
Page 70 - N/A
Page 71 - EXCHANGE RATE INFORMATION
Page 72 - ENFORCEABILITY OF CIVIL LIABILITIES
Page 73 - N/A
Page 74 - CORPORATE HISTORY AND STRUCTURE
Page 75 - N/A
Page 76 - Agreements that provide us with effective control over Beijing Secoo and Beijing Auction
Page 77 - Powers of Attorney.
Page 78 - Exclusive Option Agreement to Purchase Intellectual Properties.
Page 79 - SELECTED CONSOLIDATED FINANCIAL DATA
Page 80 - N/A
Page 81 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF
Page 82 - Key Factors Affecting Our Results of Operations
Page 83 - Total number of orders.
Page 84 - N/A
Page 85 - Cost of revenues
Page 86 - General and administrative expenses.
Page 87 - N/A
Page 88 - Internal Control Over Financial Reporting
Page 89 - Results of Operations
Page 90 - Gross profit
Page 91 - Other income/(expenses)
Page 92 - Marketing expenses.
Page 93 - Selected Quarterly Results of Operations
Page 94 - Liquidity and Capital Resources
Page 95 - N/A
Page 96 - Operating activities
Page 97 - Contractual Obligations
Page 98 - Off-balance Sheet Commitments and Arrangements
Page 99 - Revenue Recognition
Page 100 - Revenue Recognition Multiple-Element Arrangements
Page 101 - Discount rates
Page 102 - Income taxes
Page 103 - Inventory (Topic 330)
Page 104 - Quantitative and Qualitative Disclosures about Market Risk
Page 105 - N/A
Page 106 - INDUSTRY OVERVIEW
Page 107 - Online Retail Market of Upscale Products and Services in China
Page 108 - Key Growth Drivers
Page 109 - Domestic Players Enjoy Dominant Positions in China
Page 110 - Source: Frost Sullivan Report
Page 111 - BUSINESS
Page 112 - COMPETITIVE STRENGTHS
Page 113 - Large and Loyal Customer Base with High Purchasing Power and Tremendous Cross-Selling Opportunities
Page 114 - Leveraging our Comprehensive Global Supply System to Optimize the Shopping Experience
Page 115 - Proprietary Business Intelligence System and Strong Data Analytics Capabilities
Page 116 - Strengthen Brand Relationships and Expand Products Offerings
Page 117 - OUR BUSINESS MODEL
Page 118 - Online Platform
Page 119 - Offline Experience Centers
Page 120 - CUSTOMER SERVICES AND MEMBERSHIP PROGRAM
Page 121 - PAYMENT
Page 122 - General Pricing Policy
Page 123 - Product sourcing.
Page 124 - Delivery Services
Page 125 - Supplier Selection
Page 126 - MARKETING
Page 127 - Website and mobile applications.
Page 128 - INTELLECTUAL PROPERTY
Page 129 - FACILITIES
Page 130 - REGULATION
Page 131 - secoo.com, secoo.cn, siku.cn
Page 132 - Auction License.
Page 133 - N/A
Page 134 - Regulations Relating to Product Quality and Consumer Protection
Page 135 - Regulations Relating to Pricing
Page 136 - Regulation on Intellectual Property Rights
Page 137 - Regulation on Employment
Page 138 - Regulations on Tax
Page 139 - Regulations Relating to Foreign Exchange
Page 140 - SAFE Regulations on Offshore Special Purpose Companies Held by PRC Residents
Page 141 - M A Rules and Overseas Listing
Page 142 - N/A
Page 143 - MANAGEMENT
Page 144 - Mr. Xian Chen
Page 145 - Mr. Eric Chan
Page 146 - Compensation Committee.
Page 147 - Terms of Directors and Officers
Page 148 - Compensation of Directors and Executive Officers
Page 149 - Termination and amendment.
Page 150 - PRINCIPAL SHAREHOLDERS
Page 151 - N/A
Page 152 - N/A
Page 153 - N/A
Page 154 - RELATED PARTY TRANSACTIONS
Page 155 - DESCRIPTION OF SHARE CAPITAL
Page 156 - Voting Rights.
Page 157 - Liquidation.
Page 158 - Inspection of Books and Records.
Page 159 - Differences in Corporate Law
Page 160 - Shareholders' Suits.
Page 161 - Shareholder Action by Written Consent.
Page 162 - Removal of Directors.
Page 163 - Amendment of Governing Documents.
Page 164 - Liquidation preference.
Page 165 - Registration Rights
Page 166 - Termination of Obligations.
Page 167 - DESCRIPTION OF AMERICAN DEPOSITARY SHARES
Page 168 - If the exchange rates fluctuate during a time when the depositary cannot convert the foreign currenc
Page 169 - Other Distributions.
Page 170 - How do ADS holders interchange between Certificated ADSs and Uncertificated ADSs?
Page 171 - This means that you may not be able to exercise your right to vote and you may have no recourse if t
Page 172 - Fees and Expenses
Page 173 - Payment of Taxes
Page 174 - Reclassifications, Recapitalizations and Mergers
Page 175 - Books of Depositary
Page 176 - Requirements for Depositary Actions
Page 177 - Your Right to Receive the Shares Underlying Your ADSs
Page 178 - SHARES ELIGIBLE FOR FUTURE SALES
Page 179 - Rule 701
Page 180 - TAXATION
Page 181 - N/A
Page 182 - United States Federal Income Tax Considerations
Page 183 - Passive Foreign Investment Company Considerations
Page 184 - Sale or Other Taxable Disposition of our ADSs or Ordinary Shares
Page 185 - N/A
Page 186 - Backup Withholding and Information Reporting
Page 187 - UNDERWRITING
Page 188 - Determination of Offering Price
Page 189 - No Sales of Similar Securities
Page 190 - Electronic Distribution
Page 191 - Disclaimers About Non-U.S. Jurisdictions
Page 192 - Australia
Page 193 - European Economic Area
Page 194 - Japan
Page 195 - Saudi Arabia
Page 196 - Taiwan
Page 197 - EXPENSES RELATED TO THIS OFFERING
Page 198 - LEGAL MATTERS
Page 199 - EXPERTS
Page 200 - WHERE YOU CAN FIND ADDITIONAL INFORMATION
Page 201 - SECOO HOLDING LIMITED
Page 202 - REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Page 203 - N/A
Page 204 - N/A
Page 205 - N/A
Page 206 - N/A
Page 207 - N/A
Page 208 - 1. Organization and principal activities
Page 209 - NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Page 210 - NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Page 211 - NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Page 212 - NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Page 213 - NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Page 214 - NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Page 215 - NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Page 216 - NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Page 217 - NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Page 218 - NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Page 219 - NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Page 220 - NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Page 221 - NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Page 222 - NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Page 223 - NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Page 224 - NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Page 225 - NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Page 226 - NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Page 227 - NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Page 228 - NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Page 229 - NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Page 230 - NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Page 231 - NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Page 232 - NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Page 233 - NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Page 234 - NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Page 235 - NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Page 236 - NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Page 237 - NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Page 238 - NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Page 239 - NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Page 240 - NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Page 241 - NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Page 242 - NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Page 243 - NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Page 244 - NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Page 245 - NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Page 246 - NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Page 247 - NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Page 248 - N/A
Page 249 - N/A
Page 250 - N/A
Page 251 - N/A
Page 252 - 1. Summary of Significant Accounting Policies
Page 253 - NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Page 254 - NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Page 255 - NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Page 256 - NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Page 257 - NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Page 258 - NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Page 259 - NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Page 260 - NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Page 261 - NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Page 262 - NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Page 263 - NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Page 264 - 8,500,000 American Depositary Shares
Page 265 - PART II
Page 266 - ITEM 7. RECENT SALES OF UNREGISTERED SECURITIES.
Page 267 - ITEM 9. UNDERTAKINGS.
Page 268 - N/A
Page 269 - SECOO HOLDING LIMITED
Page 270 - N/A
Page 271 - N/A
Page 272 - SIGNATURES
Page 273 - POWER OF ATTORNEY
Page 274 - SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES
Subdocument 2 - EX-1.1 - EX-1.1
Page 1 - Exhibit 1.1
Page 2 - Rule 462(b) Registration Statement
Page 3 - (a)
Page 4 - (d)
Page 5 - (i)
Page 6 - (l)
Page 7 - (o)
Page 8 - Bejing Auction VIE Agreements
Page 9 - (r)
Page 10 - Debt Repayment Triggering Event
Page 11 - (aa)
Page 12 - Regulation M
Page 13 - (kk)
Page 14 - (pp)
Page 15 - (ss)
Page 16 - (vv)
Page 17 - Section 2.
Page 18 - Schedule A
Page 19 - (f)
Page 20 - (h)
Page 21 - (n)
Page 22 - (p)
Page 23 - (x)
Page 24 - Section 5.
Page 25 - (d)
Page 26 - (l)
Page 27 - provided, however
Page 28 - (c)
Page 29 - Section 10.
Page 30 - Schedule A
Page 31 - provided, however,
Page 32 - Section 16.
Page 33 - Section 19.
Page 34 - N/A
Page 35 - Schedule A
Page 36 - Schedule C
Page 37 - Schedule
Page 38 - Exhibit A
Page 39 - Exhibit B
Page 40 - Exhibit
Page 41 - Exhibit
Page 42 - Exhibit E
Page 43 - , however
Page 44 - N/A
Page 45 - Certain Defined Terms
Page 46 - N/A
Page 47 - Exhibit F
Page 48 - YTL E-Solutions Berhad F-2
Subdocument 3 - EX-3.2 - EX-3.2
Page 1 - Exhibit 3.2
Page 2 - THE COMPANIES LAW (2016 REVISION)
Page 3 - N/A
Page 4 - N/A
Page 5 - N/A
Page 6 - PRELIMINARY
Page 7 - CLASS A ORDINARY SHARES AND CLASS B ORDINARY SHARES
Page 8 - pari passu
Page 9 - CALLS ON SHARES
Page 10 - FORFEITURE OF SHARES
Page 11 - TRANSMISSION OF SHARES
Page 12 - REGISTRATION OF EMPOWERING INSTRUMENTS
Page 13 - TREASURY SHARES
Page 14 - NOTICE OF GENERAL MEETINGS
Page 15 - VOTES OF SHAREHOLDERS
Page 16 - CORPORATIONS ACTING BY REPRESENTATIVES AT MEETINGS
Page 17 - ALTERNATE DIRECTOR OR PROXY
Page 18 - BORROWING POWERS OF DIRECTORS
Page 19 - DISQUALIFICATION OF DIRECTORS
Page 20 - N/A
Page 21 - PRESUMPTION OF ASSENT
Page 22 - ACCOUNTS, AUDIT AND ANNUAL RETURN AND DECLARATION
Page 23 - N/A
Page 24 - SHARE PREMIUM ACCOUNT
Page 25 - INFORMATION
Page 26 - FINANCIAL YEAR
Subdocument 4 - EX-4.2 - EX-4.2
Page 1 - Exhibit 4.2
Subdocument 5 - EX-4.3 - EX-4.3
Page 1 - Exhibit 4.3
Page 2 - DEPOSIT AGREEMENT
Page 3 - Article
Page 4 - Deposit Agreement
Page 5 - Receipt(s); American Depositary Receipt(s) ; and ADR(s)
Page 6 - Form and Transferability of Receipts
Page 7 - Title
Page 8 - N/A
Page 9 - Execution and Delivery of Receipts
Page 10 - Substitution of Receipts
Page 11 - Lost Receipts, etc.
Page 12 - Liability for Taxes and Other Charges
Page 13 - Compliance with Information Requests
Page 14 - Distribution in Shares
Page 15 - Distribution of Rights to Purchase Shares
Page 16 - Lapse of Rights
Page 17 - Conversion of Foreign Currency
Page 18 - Fixing of Record Date
Page 19 - Changes Affecting Deposited Securities
Page 20 - Available Information
Page 21 - Affiliates etc
Page 22 - Exoneration
Page 23 - Special Damages
Page 24 - Resignation and Removal of the Depositary; Appointment of Successor Depositary
Page 25 - The Custodian
Page 26 - Issuance of Additional Shares, ADSs etc.
Page 27 - Losses
Page 28 - Restricted Securities Owners/Ownership Restrictions
Page 29 - ARTICLE VI.
Page 30 - N/A
Page 31 - ARTICLE VII.
Page 32 - Process Agent
Page 33 - Arbitration
Page 34 - Assignment
Page 35 - EXHIBIT A
Page 36 - Deposited Securities
Page 37 - Transfers, Split-Ups and Combinations of Receipts
Page 38 - Pre-Conditions to Registration, Transfer, Etc
Page 39 - NASDAQ
Page 40 - Filing Proofs, Certificates and Other Information
Page 41 - N/A
Page 42 - Title to Receipts
Page 43 - EXHIBIT B
Page 44 - N/A
Page 45 - N/A
Page 46 - Fixing of Record Date
Page 47 - Voting of Deposited Securities
Page 48 - Changes Affecting Deposited Securities
Page 49 - Exoneration
Page 50 - Resignation and Removal of the Depositary; Appointment of Successor Depositary
Page 51 - Amendment/Supplement
Page 52 - Termination
Page 53 - (ASSIGNMENT AND TRANSFER SIGNATURE LINES)
Page 54 - N/A
Page 55 - N/A
Page 56 - SECTION 7.3 Severability 33 SECTION 7.4 Holders and Beneficial Owners as Parties; Binding Effect 33
Subdocument 6 - EX-5.1 - EX-5.1
Page 1 - Exhibit 5.1
Page 2 - N/A
Page 3 - We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to t
Subdocument 7 - EX-10.2 - EX-10.2
Page 1 - Exhibit 10.2
Page 2 - Code
Page 3 - Disability
Page 4 - Incentive Share Option
Page 5 - Plan
Page 6 - Shares Distributed
Page 7 - provided
Page 8 - Other Terminations of Employment or Service
Page 9 - Exercise Price
Page 10 - Certificates for Restricted Shares
Page 11 - Beneficiaries
Page 12 - Paperless Administration
Page 13 - Outstanding Awards Other Changes
Page 14 - Decisions Binding
Page 15 - ARTICLE 12
Page 16 - Unfunded Status of Awards
Page 17 - Governing Law
Subdocument 8 - EX-10.29 - EX-10.29
Page 1 - Exhibit 10.29
Page 2 - Purchased Shares
Page 3 - Section 1.3
Page 4 - Conditions to Company s Obligations to Effect the Closing
Page 5 - REPRESENTATIONS AND WARRANTIES
Page 6 - Due Issuance of the Purchased Shares
Page 7 - Material Adverse Effect
Page 8 - Section 2.2
Page 9 - Status and Investment Intent
Page 10 - Not U.S. Person
Page 11 - Section 4.2(b)
Page 12 - ARTICLE V
Page 13 - Section 5.6
Page 14 - Section 5.7
Page 15 - Section 5.15
Page 16 - N/A
Page 17 - N/A
Page 18 - Schedule I
Subdocument 9 - EX-99.2 - EX-99.2
Page 1 - Exhibit 99.2
Page 2 - Documents
Page 3 - M A Rules
Page 4 - N/A
Page 5 - Qualifications
Page 6 - Company and PRC government officials. (vi) This opinion is intended to be used in the context which