As filed with the Securities and Exchange Commission on April 1, 2019
RegistrationNo. 333-230624
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Amendment No. 1
to
Form F-1
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
Qutoutiao Inc.
(Exact name of Registrant as specified in its charter)
Cayman Islands | 7370 | Not Applicable | ||
(State or Other Jurisdiction of Incorporation or Organization) | (Primary Standard Industrial Classification Code Number) | (I.R.S. Employer Identification Number) |
11/F, Block 3, XingChuang Technology Center
Shen Jiang Road 5005,
Pudong New Area, Shanghai, 200120
People’s Republic of China
+86-21-6858-3790
(Address and Telephone Number of Registrant’s Principal Executive Offices)
Cogency Global Inc.
10E. 40th Street, 10th Floor
New York, NY10016, United States
+1-212-947-7200
(Name, address and telephone number of agent for service)
Copies to:
Chris K.H. Lin, Esq. Daniel Fertig, Esq. Simpson Thacher & Bartlett LLP 35th Floor, ICBC Tower 3 Garden Road Central, Hong Kong +852-2514-7600 | Dan Ouyang, Esq. Wilson Sonsini Goodrich & Rosati Professional Corporation Unit 2901, 29/F, Tower C, Beijing Yintai Centre No. 2 Jianguomenwai Avenue Chaoyang District, Beijing 100022 People’s Republic of China +86-10-6529-8300
Jie Zhu, Esq. Wilson Sonsini Goodrich & Rosati Professional Corporation Unit03-04, 38F, Jin Mao Tower 88 Century Boulevard Pudong New Area, Shanghai 200121 People’s Republic of China +86-21-6165-1700 |
Approximate date of commencement of proposed sale to the public:
As soon as practicable after the effective date of this registration statement.
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.
CALCULATION OF REGISTRATION FEE
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Title of Each Class of Securities to be Registered(1) | Amount to be Registered(2)(3) | Proposed Maximum Offering Price per Share(3) | Proposed Maximum Aggregate Offering Price(2)(3) | Amount of Registration Fee(4) | ||||
Class A ordinary shares, par value US$0.0001 per share | 2,443,750 | US$47.32 | US$115,638,250 | US$14,015 | ||||
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(1) | American depositary shares, or ADSs, issuable upon deposit of the Class A ordinary shares registered hereby have been registered under a separate registration statement on FormF-6 (RegistrationNo. 333-227181). Every four ADSs represent one Class A ordinary share. |
(2) | Includes (a) Class A ordinary shares represented by ADSs that may be purchased by the underwriters pursuant to their option to purchase additional ADSs and (b) all Class A ordinary shares represented by ADSs initially offered and sold outside the United States that may be resold from time to time in the United States either as part of the distribution or within 40 days after the later of the effective date of this registration statement and the date the securities are first bona fide offered to the public. |
(3) | Estimated solely for the purpose of computing the amount of the registration fee pursuant to Rule 457(c) under the Securities Act of 1933, as amended, based on the average of the high and low trading prices on March 28, 2019 of the ADSs listed on the NASDAQ Global Select Market. |
(4) | Previously paid. |
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 Securities and Exchange Commission, acting pursuant to such Section 8(a), may determine.
EXPLANATORY NOTE
This Amendment No. 1 is being filed solely for the purpose of filing an exhibit to this registration statement on Form F-1, or the Registration Statement, and to amend and restate the exhibit index set forth in Part II of the Registration Statement. No changes have been made to the Registration Statement other than this explanatory note as well as revised versions of the cover page and exhibit index of the Registration Statement. This Amendment No. 1 does not contain copies of the prospectus included in the Registration Statement, which remains unchanged from the Registration Statement filed on March 29, 2019.
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 indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to the public interest, such as providing indemnification against civil fraud or the consequences of committing a crime. The registrant’s articles of association provide that each officer or director of the registrant shall be indemnified out of the assets of the registrant against any liability incurred by him or her in defending any proceedings, whether civil or criminal, in which judgment is given in his or her favor, or the proceedings are otherwise disposed of without any finding or admission of any material breach of duty on his or her part, or in which he or she is acquitted or in connection with any application in which relief is granted to him or her by the court from liability for negligence, default, breach of duty or breach of trust in relation to the affairs of the registrant.
Under the form of indemnification agreements filed as Exhibit 10.1 to this registration statement, we 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 |
We were incorporated in July 2017 and have since then issued and sold the securities described below without registering the securities under the Securities Act. None of these transactions involved any underwriters’ underwriting discounts or commissions, or any public offering. We believe that each of the following issuances was exempt from registration under the Securities Act in reliance on Regulation S or Rule 701 under the Securities Act or pursuant to Section 4(2) of the Securities Act regarding transactions not involving a public offering.
Purchaser | Date of Issuance | Number of Securities | Consideration in U.S. Dollars | Underwriting Discount and Commission | ||||||||
Vistra (Cayman) Limited | July 2017 | 1 ordinary shares | US$1 | n/a | (1) | |||||||
Innotech Group Holdings Ltd. | July 2017 | 42,499 ordinary shares | US$42,499 | n/a | (1) | |||||||
News Optimizer (BVI) Ltd. | July 2017 | 7,500 ordinary shares | US$7,500 | n/a | (1) | |||||||
CW_toutiao Limited | September 2017 | 3,296,703 Series A convertible redeemable preferred shares | US$21,600,000 | n/a | ||||||||
ACE Redpoint Ventures China I, L.P. | September 2017 | 1,539,560 Series A convertible redeemable preferred shares |
| US$10,087,200 |
|
| n/a |
| ||||
ACE Redpoint Associates China I, L.P. | September 2017 | 87,363 Series A convertible redeemable preferred shares |
| US$572,400 |
|
| n/a |
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ACE Redpoint China Strategic I, L.P. | September 2017 | 21,429 Series A convertible redeemable preferred shares |
| US$140,400 |
|
| n/a |
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CMC Queen Holdings Limited | September 2017 | 1,373,626 Series A1 convertible redeemable preferred shares | US$10,000,000 | n/a |
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Purchaser | Date of Issuance | Number of Securities | Consideration in U.S. Dollars | Underwriting Discount and Commission | ||||||||
Image Flag Investment (HK) Limited | March 2018 | 5,420,144 Series B1 convertible redeemable preferred shares |
| US$105,000,000 |
|
| n/a |
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Long Range L.P. | March 2018 | 1,371,974 Series B2 convertible redeemable preferred shares | US$32,400,000 | n/a | ||||||||
People Better Limited | March 2018 | 342,993 Series B2 convertible redeemable preferred shares | US$8,100,000 | n/a | ||||||||
Shunwei Growth III Limited | March 2018 | 342,993 Series B2 convertible redeemable preferred shares | US$8,100,000 | n/a |
(1) | We subsequently effected a share split in September 2017 in which each one of these ordinary shares were split into 10,000 ordinary shares. |
Purchaser | Date of Issuance | Number of Securities | Consideration in U.S. Dollars | Underwriting Discount and Commission | ||||||||
Double Excel Investment Limited | March 2018 | 716,145 Series B2 convertible redeemable preferred shares |
| US$16,912,196 |
|
| n/a |
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Lighthouse Capital International Inc. | March 2018 | 127,035 Series B2 convertible redeemable preferred shares |
| US$3,000,000 |
|
| n/a |
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CMC Queen Holdings Limited | March 2018 | 423,449 Series B2 convertible redeemable preferred shares | US$10,000,000 | n/a | ||||||||
ACE Redpoint Ventures China I, L.P. | March 2018 | 335,693 Series B2 convertible redeemable preferred shares |
| US$7,927,605 |
|
| n/a |
| ||||
ACE Redpoint Associates China I, L.P. | March 2018 | 19,049 Series B2 convertible redeemable preferred shares |
| US$449,855 |
|
| n/a |
| ||||
ACE Redpoint China Strategic I, L.P. | March 2018 | 4,673 Series B2 convertible redeemable preferred shares |
| US$110,344 |
|
| n/a |
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Shanghai ChuangVest Venture Investment Partnership (Limited Partnership) | April 2018 | 211,724 Series B2 convertible redeemable preferred shares |
| US$5,000,000 |
|
| n/a |
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Hundreds TWC Fund Limited Partnership (now known as Hundreds ANTA Fund Limited Partnership) | April 2018 | 962,384 Series B3 convertible redeemable preferred shares |
| US$25,000,000 |
|
| n/a |
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Harvest Ceres Fund, LP | April 2018 | 654,421 Series B3 convertible redeemable preferred shares | US$17,000,000 | n/a | ||||||||
Vision Global Capital Limited | April 2018 | 134,734 Series B3 convertible redeemable preferred shares | US$3,500,000 | n/a | ||||||||
CG Partners Opportunity Fund SP | September 2018 | 290,104 Series C1 preferred shares |
| US$10,800,000 |
|
| n/a |
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Shimmering Investment (BVI) Ltd. | September 2018 | 145,052 Series C1 preferred shares |
| US$5,400,000 |
|
| n/a |
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Pursuant to a share purchase agreement dated August 27, 2018, we agreed to issue 1,480,123 Class A ordinary shares to an affiliate of Shanghai Dongfang Newspaper Co., Ltd. (“The Paper”) for the consideration of
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US$55,102,061. Such transaction is subject to regulatory approvals from relevant PRC government authorities and we currently expect the transactions to close in the next 12 months.
Item 8. | Exhibits and Financial Statement Schedules |
(a) | Exhibits |
See Exhibit Index beginning onpage II-4 of this Registration Statement.
(b) | Financial Statement Schedules. |
All supplement schedules are omitted because of the absence of conditions under which they are required or because the information is shown in the financial statements or 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 under 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 under 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. |
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EXHIBIT INDEX
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* | Previously filed. |
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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 onForm 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 April 1, 2019.
QUTOUTIAO INC.
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By: | /s/ Eric Siliang Tan | |||
Name: Eric Siliang Tan | ||||
Title: Executive Chairman |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signature | Capacity | Date | ||
/s/ Eric Siliang Tan | Executive Chairman | April 1, 2019 | ||
Eric Siliang Tan | ||||
/s/ Lei Li | Director and Chief Executive Officer | April 1, 2019 | ||
Lei Li | (principal executive officer) | |||
* | Director | April 1, 2019 | ||
Shaoqing Jiang | ||||
* | Director | April 1, 2019 | ||
Yongbo Dai | ||||
* | Director | April 1, 2019 | ||
James Jun Peng | ||||
* | Director | April 1, 2019 | ||
Feng Li | ||||
* | Director andCo-President | April 1, 2019 | ||
Jianfei Dong | ||||
/s/ Jingbo Wang | Director and Chief Financial Officer | April 1, 2019 | ||
Jingbo Wang | (principal financial and accounting officer) | |||
* | Director and Chief Strategy Officer | April 1, 2019 | ||
Oliver Yucheng Chen |
*By: | /s/ Eric Siliang Tan | |
Name: Eric Siliang Tan | ||
Attorney-in-fact |
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SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES
Pursuant to the Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of Qutoutiao Inc. has signed this registration statement or amendment thereto in New York on April 1, 2019.
COGENCY GLOBAL INC.
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By: | /s/ Shek Yuen Ting | |
Name: Shek Yuen Ting | ||
Title: Assistant Secretary |
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