大自然药业美股招股说明书(2024-06-25版)

424B41ea0208459-424b4_universe.htmPROSPECTUS FiledpursuanttoRule424(b)(4)RegistrationNo.333-278914 20,000,000OrdinaryShares UniversePharmaceuticalsINC Thisprospectusrelatestotheofferandsaleofanaggregateof20,000,000ordinaryshares,parvalueUS$0.01875pershare(the“ordinaryshares”),ofUniversePharmaceuticalsINC(the“Company”)atanofferingpriceofUS$1.25pershare.Thisisabesteffortsself-underwrittenpublicoffering.OurordinarysharesarelistedontheNasdaqCapitalMarket,orNasdaq,underthesymbol“UPC.”OnJune21,2024,thelastreportedsalepriceofourordinarysharesonNasdaqwasUS$2.63pershare.Therecentmarketpriceusedthroughoutthisprospectusmaynotbeindicativeoftheactualofferingprice.WeexpecttoclosetheofferingonoraboutJune28,2024.ThisofferingwillbeterminatedbySeptember30,2024,providedthattheclosing(s)oftheofferingforalloftheordinarysharesregisteredherebyhavenotoccurredbysuchdate,andmaynotbeextended. Anyproceedsfromthesaleofordinarysharesofferedbyuswillbeavailableforourimmediateuse,despiteuncertaintyaboutwhetherwewouldbeabletousesuchfundstoeffectivelyimplementourbusinessplan.See“RiskFactors”inthisprospectusand“Item3.KeyInformation—D.RiskFactors”inourmostrecentannualreportonForm20-FforthefiscalyearendedSeptember30,2023formoreinformation. Thisprospectusrefersto(i)UniversePharmaceuticalsINC,theCaymanIslandsholdingcompany,as“we”,“our”,“us”,orthe“Company”,(ii)theCompany’ssubsidiaries,as“oursubsidiaries,”(iii)JiangxiUniversePharmaceuticalsCo.,Ltd.,theCompany’sindirectwhollyownedsubsidiaryinChina(“JiangxiUniverse”)anditssubsidiaries,whicharedomiciledinChinaandconductingbusinessoperationsinChina,asourorthe“PRCoperatingentities.”TheCompanydoesnotconductanyoperations. WeareaCaymanIslandsholdingcompanywithnooperationsofourownandnotaPRCoperatingcompany.OuroperationsareconductedinChinabythePRCoperatingentities.InvestorsinoursecuritiesarenotpurchasingequityinterestsinoursubsidiariesbutinsteadarepurchasingequityinterestsintheultimateCaymanIslandsholdingcompany.Therefore,youwillnotdirectlyholdanyequityinterestsinouroperatingcompanies.TheChineseregulatoryauthoritiescoulddisallowthisstructure,whichwouldlikelyresultinamaterialchangeinouroperationsand/oramaterialchangeinthevalueofthesecuritiesweareregisteringforsale,includingthatitcouldcausethevalueofsuchsecuritiestosignificantlydeclineorbecomeworthless.ForrisksfacingourCompanyasaresultofourorganizationalstructureanddoingbusinessinChina,see“Item3.KeyInformation—D.RiskFactors—RisksRelatedtoDoingBusinessinChina”inourmostrecentannualreportonForm20-FforthefiscalyearendedSeptember30,2023.Wedirectlyhold100%equityinterestsinoursubsidiaries,andwedonotcurrentlyuseavariableinterestentity(“VIE”)structure. WefacelegalandoperationalrisksassociatedwithhavingthemajorityofouroperationsinChina,whichcouldsignificantlylimitorcompletelyhinderourabilitytooffersecuritiestoinvestorsandcausethevalueofoursecuritiestosignificantlydeclineorbeworthless.TheChinesegovernmenthassignificantauthoritytoexert influenceontheabilityofaChina-basedcompany,suchasus,toconductitsbusiness.Therefore,investorsofourcompanyandourbusinessfacepotentialuncertaintyfromthePRCgovernment.ChangesinChina’seconomic,politicalorsocialconditionsorgovernmentpoliciescouldmateriallyadverselyaffectourbusinessandresultsofoperations.Theseriskscouldresultinamaterialchangeinouroperationsand/orthevalueofourordinarysharesorcouldsignificantlylimitorcompletelyhinderourabilitytoofferorcontinuetooffersecuritiestoinvestorsandcausethevalueofsuchsecuritiestosignificantlydeclineorbeworthless.Inparticular,recentstatementsandregulatoryactionsbyChina’sgovernment,suchasthoserelatedtotheuseofvariableinterestentitiesanddatasecurityoranti-monopolyconcerns,aswellastheabilityofPublicCompanyAccountingOversightBoard(the“PCAOB”)toinspectourauditors,mayimpactourCompany’sabilitytoconductourbusiness,acceptforeigninvestments,orbelistedonaU.S.orotherforeignstockexchange.See“Item3.KeyInformation—D.RiskFactors —RisksRelatedtoDoingBusinessinChina—ThePRCgovernmenthassignificantauthoritytointerveneorinfluencetheChinaoperationsofanoffshoreholdingcompany,suchasours,atanytime.ThePRCgovernmentmayexertmorecontroloverofferingsconductedoverseasand/orforeigninvestmentinChina-basedissuers.IfthePRCgovernmentexertsmoreoversightandcontroloverofferingsthatareconductedoverseasand/orforeigninvestmentinChina-basedissuersandweweretobesubjecttosuchoversightandcontrol,itmayresultinamaterialadversechangetoourbusinessoperations,significantlylimitorcompletelyhinderourabilitytoofferorcontinuetooffersecuritiestoinvestors,andcausetheordinarysharestosignificantlydeclineinvalueorbecomeworthless”and“Item3.KeyInformation—D.RiskFactors—RisksRelatedtoDoingBusinessinChina—UncertaintiesarisingfromthelegalsysteminChina,includinguncertaintiesregardingtheinterpretationandenforcementofPRClawsandthepossibilitythatregulationsandrulescanchangequicklywithlittleadvancenotice,couldhinderourabilitytoofferorcontinuetooffertheordinaryshares,resultinamaterialadversechangetoourbusinessoperations,anddamageourreputation,whichwouldmateriallyandadverselyaffec