华富教育2022年度报告

UNITEDSTATES SECURITIESANDEXCHANGECOMMISSIONWASHINGTON,D.C.20549 FORM20-F ☐REGISTRATIONSTATEMENTPURSUANTTOSECTION12(b)OR(g)OFTHESECURITIESEXCHANGEACTOF1934 OR ☒ANNUALREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOF1934 ForthefiscalyearendedMarch31,2023OR ☐TRANSITIONREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOF1934 Forthetransitionperiodfromto. OR ☐SHELLCOMPANYREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOF1934 Dateofeventrequiringthisshellcompanyreport:Commissionfilenumber:001-38619 WahFuEducationGroupLtd. (ExactnameofRegistrantasSpecifiedinitsCharter) BritishVirginIslands (JurisdictionofIncorporationorOrganization) L207b,HeshengFortunePlaza,No.13DeshengmenwaiStreetXichengDistrict,Beijing,China100088 (AddressofPrincipalExecutiveOffices) YangYu Tel:+861057925024Fax:+861085171378 L207b,HeshengFortunePlaza,No.13DeshengmenwaiStreetXichengDistrict,Beijing,China100088 (Name,Telephone,E-mailand/orFacsimileNumberandAddressofCompanyContactPerson)SecuritiesregisteredortoberegisteredpursuanttoSection12(b)oftheAct: TitleofEachClassTradingsymbol NameofEachExchangeOnWhichRegistered Ordinaryshares,parvalueUS$ 0.01pershare WAFU NASDAQCapitalMarket SecuritiesregisteredortoberegisteredpursuanttoSection12(g)oftheAct: None(TitleofClass) SecuritiesforwhichthereisareportingobligationpursuanttoSection15(d)oftheAct: None(TitleofClass) Thenumberofoutstandingsharesofeachoftheissuer’sclassesofcapitalorcommonstockasofJuly31,2023was:4,410,559ordinaryshares,parvalue$0.01pershare. Indicatebycheckmarkiftheregistrantisawell-knownseasonedissuer,asdefinedinRule405oftheSecuritiesAct. Yes☐No☒ Ifthisreportisanannualortransitionreport,indicatebycheckmarkiftheregistrantisnotrequiredtofilereportspursuanttoSection13or15(d)oftheSecuritiesExchangeActof1934. Yes☐No☒ Indicatebycheckmarkwhethertheregistrant(1)hasfiledallreportsrequiredtobefiledbySection13or15(d)oftheSecuritiesExchangeActof1934duringthepreceding12months(orforsuchshorterperiodthattheregistrantwasrequiredtofilesuchreports),and(2)hasbeensubjecttosuchfilingrequirementsforthepast90days. Yes☒No☐ IndicatebycheckmarkwhethertheregistranthassubmittedelectronicallyeveryInteractiveDataFilerequiredtobesubmittedpursuanttoRule405ofRegulationS-T(§232.405ofthischapter)duringthepreceding12months(orforsuchshorterperiodthattheregistrantwasrequiredtosubmitsuchfiles). Yes☒No☐ Indicatebycheckmarkwhethertheregistrantisalargeacceleratedfiler,anacceleratedfiler,anon-acceleratedfiler,oranemerginggrowthcompany.Seedefinitionof“largeacceleratedfiler,”“acceleratedfiler”and“emerginggrowthcompany”inRule12b-2oftheExchangeAct.(Checkone): Largeacceleratedfiler☐Acceleratedfiler☐Non-acceleratedfiler☒Emerginggrowth company☒ IfanemerginggrowthcompanythatpreparesitsfinancialstatementsinaccordancewithU.S.GAAP,indicatebycheckmarkiftheregistranthaselectednottousetheextendedtransitionperiodforcomplyingwithanyneworrevisedfinancialaccountingstandards†providedpursuanttoSection13(a)oftheExchangeAct.☐ †Theterm“neworrevisedfinancialaccountingstandard”referstoanyupdateissuedbytheFinancialAccountingStandardsBoardtoitsAccountingStandardsCodificationafterApril5,2012. Indicatebycheckmarkwhethertheregistranthasfiledareportonandattestationtoitsmanagement’sassessmentoftheeffectivenessofitsinternalcontroloverfinancialreportingunderSection404(b)oftheSarbanes-OxleyAct(15U.S.C.7262(b))bytheregisteredpublicaccountingfirmthatpreparedorissueditsauditreport.☐ IfsecuritiesareregisteredpursuanttoSection12(b)oftheAct,indicatebycheckmarkwhetherthefinancialstatementsoftheregistrantincludedinthefilingreflectthecorrectionofanerrortopreviouslyissuedfinancialstatements.☐ Indicatebycheckmarkwhetheranyofthoseerrorcorrectionsarerestatementsthatrequiredarecoveryanalysisofincentive-basedcompensationreceivedbyanyoftheregistrant’sexecutiveofficersduringtherelevantrecoveryperiodpursuantto§240.10D-1(b).☐ Indicatebycheckmarkwhichbasisofaccountingtheregistranthasusedtopreparethefinancialstatementsincludedinthisfiling: ☒U.S.GAAP☐InternationalFinancialReportingStandardsasissued☐Other bytheInternationalAccountingStandardsBoard If“Other”hasbeencheckedinresponsetothepreviousquestion,indicatebycheckmarkwhichfinancialstatementitemtheregistranthaselectedtofollow: Item17☐Item18☐ Ifthisisanannualreport,indicatebycheckmarkwhethertheregistrantisashellcompany(asdefinedinRule12b-2oftheExchangeAct). Yes☐No☒ WAHFUEDUCATIONGROUPLIMITEDFORM20-FANNUALREPORT TABLEOFCONTENTS Page PARTI 1 Item1. IdentityofDirectors,SeniorManagementandAdvisers 4 Item2. OfferStatisticsandExpectedTimetable 4 Item3. KeyInformation 5 Item4. InformationOnTheCompany 55 Item4A. UnresolvedStaffComments 82 Item5. OperatingAndFinancialReviewAndProspects 83 Item6. Directors,SeniorManagementAndEmployees 100 Item7. MajorShareholdersAndRelatedPartyTransactions 106 Item8. FinancialInformation 106 Item9. TheOfferAndListing 107 Item10. AdditionalInformation 107 Item11. QuantitativeAndQualitativeDisclosuresAboutMarketRisk 120 Item12. DescriptionOfSecuritiesOtherThanEquity