As filed with the Securities and Exchange Commission on September 18, 2020
Registration No. 333-
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
THE SECURITIES ACT OF 1933
(Exact name of registrant as specified in its charter)
|Cayman Islands||Not Applicable|
(State or other jurisdiction of
Incorporation or Organization)
3rd Floor, Block D, Tonghui Building
No. 1132 Huihe South Street, Chaoyang District
Beijing, Peoples Republic of China
(+86-10) 5338 4963
(Address, including zip code, and telephone number, including area code, of registrants principal executive offices)
2019 Share Incentive Plan
(Full title of the Plan)
Cogency Global Inc.
122 East 42nd Street, 18th Floor
New York, NY 10168
(Name, address, including zip code, and telephone number, including area code, of agent for service)
|Leslie Yu||Dan Ouyang, Esq.|
|Chief Executive Officer||Wilson Sonsini Goodrich & Rosati|
|3rd Floor, Block D, Tonghui Building||Professional Corporation|
|No. 1132 Huihe South Street, Chaoyang District||Unit 2901, 29F, Tower C, Beijing Yintai Centre|
|Beijing, Peoples Republic of China||No. 2 Jianguomenwai Avenue|
|(+86-10) 5338 4963||Chaoyang District, Beijing 100022|
|Peoples Republic of China|
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of large accelerated filer, accelerated filer, smaller reporting company and emerging growth company in Rule 12b-2 of the Exchange Act.
|Large accelerated filer||☐||Accelerated filer||☐|
|Non-accelerated filer||☒||Smaller reporting company||☐|
|Emerging growth company||☒|
If an emerging growth company, 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. ☐
CALCULATION OF REGISTRATION FEE
Title of Securities
to be Registered(1)
|Amount to be
Class A ordinary shares, par value US$0.0001 per share
Class A ordinary shares, par value US$0.0001 per share
The Class A ordinary shares of Quhuo Limited (the Company or Registrant) may be represented by the Registrants ADSs, each of which represents one Class A ordinary share. The Registrants ADSs issuable upon deposit of the Class A ordinary shares registered hereby have been registered under a separate registration statement on Form F-6 (Registration No. 333-239528).
Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the Securities Act), this Registration Statement includes an indeterminate number of additional shares of the Registrant, which may be offered and issued to prevent dilution from share splits, share dividends or similar transactions as provided in the 2019 Share Incentive Plan (the Plan).
Represents Class A ordinary shares which are issuable upon the exercise of outstanding options previously granted under the Plan as of the date of this registration statement and the corresponding proposed maximum offering price per share represents the weighted average of the exercise price of options which have been already granted and are outstanding under the Plan.
Represents Class A ordinary shares underlying the share awards to be granted pursuant to the Plan. The corresponding proposed maximum offering price per share, which is estimated solely for the purposes of calculating the registration fee under Rule 457(h) and Rule 457(c) under the Securities Act, is based on the average of the high and low prices for the Registrants Class A ordinary shares as quoted on the NASDAQ on September 16, 2020.
Any Class A ordinary shares covered by an award granted under the Plan (or portion of an award) that is forfeited, cancelled or otherwise expired for any reason without having been exercised shall be deemed not to have been issued for purposes of determining the maximum aggregate number of Class A ordinary shares which may be issued under the Plan.
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
|Item 1.|| |
|Item 2.|| |
Registrant Information and Employee Plan Annual Information*
* Information required by Part I to be contained in the Section 10(a) prospectus is omitted from this registration statement in accordance with Rule 428 under the Securities Act and the Note to Part I of Form S-8. In accordance with the rules and regulations of the Securities and Exchange Commission (the Commission) and the instructions to Form S-8, such documents are not being filed with the Commission either as part of this Registration Statement or as prospectuses or prospectus supplements pursuant to Rule 424. The documents containing information specified in this Part I will be separately provided to the participants covered by the Plan, as specified by Rule 428(b)(1) under the Securities Act.
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
|Item 3.|| |
Incorporation of Documents by Reference
The following documents previously filed by the Registrant with the Commission are incorporated by reference herein:
The Registrants prospectus filed with the Commission on July 10, 2020 pursuant to Rule 424(b)(4) under the Securities Act, which includes audited financial statements as of December 31, 2018 and 2019, and for the fiscal years ended December 31, 2017, 2018 and 2019 (File No. 333-238941); and
The description of the Registrants Class A ordinary shares incorporated by reference in the Registrants registration statement on Form 8-A (File No. 001-39354) filed with the Commission on June 29, 2020 pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the Exchange Act), including any amendment and report subsequently filed for the purpose of updating that description.
All documents subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, after the date of this registration statement and prior to the filing of a post-effective amendment to this registration statement which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference in this registration statement and to be part hereof from the date of filing of such documents. Any statement in a document incorporated or deemed to be incorporated by reference in this registration statement will be deemed to be modified or superseded to the extent that a statement contained in this registration statement or in any other later filed document that also is or is deemed to be incorporated by reference modifies or supersedes such statement. Any such statement so modified or superseded will not be deemed, except as so modified or superseded, to be a part of this registration statement.
|Item 4.|| |
Description of Securities
|Item 5.|| |
Interests of Named Experts and Counsel
|Item 6.|| |
Indemnification of Directors and Officers
Cayman Islands law does not limit the extent to which a companys 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. The Registrants amended and restated articles of association provide that the Registrant shall indemnify each of its directors and officers against all actions, proceedings, costs, charges, losses, damages or liabilities incurred or sustained by such directors or officer, other than by reason of such persons fraud or dishonesty, in or about the conduct of the Registrants business or affairs (including as a result of any mistake of judgment) or in the execution or discharge of their duties, powers, authorities or discretions.
Pursuant to the indemnification agreements, the form of which was filed as Exhibit 10.22 to the Registrants registration statement on Form F-1, as amended (File No. 333-238941), the Registrant has agreed to indemnify its 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 officer.
Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling the Registrant pursuant to the foregoing provisions, the Registrant has been informed that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.
The Registrant also maintains a directors and officers liability insurance policy for its directors and officers.
|Item 7.|| |
Exemption from Registration Claimed
|Item 8.|| |
The Exhibits listed on the accompanying Exhibit Index are filed as a part of, or incorporated by reference into, this Registration Statement (See the Exhibit Index attached hereto).
|Item 9.|| |
The undersigned Registrant hereby undertakes:
To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
to include any prospectus required by Section 10(a)(3) of the Securities Act;
to reflect in the prospectus any facts or events arising after the effective date of this registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this registration statement; and
to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to that information in the registration statement;
provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) above do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this registration statement;
That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment 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.
To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrants annual report pursuant to Section 13(a) or 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plans annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this registration statement 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.
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 foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission 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.
|4.1||Second Amended and Restated Memorandum and Articles of Association of the Registrant (incorporated herein by reference to Exhibit 3.2 to the Registrants registration statement on Form F-1, as amended (File No. 333-238941))|
|4.2||Registrants Specimen Certificate for its Class A ordinary shares (incorporated herein by reference to Exhibit 4.1 to the Registrants registration statement on Form F-1, as amended (File No. 333-238941))|
|4.3||Registrants Specimen American Depositary Receipt (included in Exhibit 4.4 and incorporated herein by reference to the Registrants registration statement on Form F-6, as amended (File No. 333-239528)|
|4.4||Form of Deposit Agreement among the Registrant, the depositary, and holders of American Depositary Shares evidenced by American Depositary Receipts issued thereunder (incorporated herein by reference to the Registrants registration statement on Form F-6, as amended (File No. 333-239528)|
|4.5||English translation of Shareholders Agreement dated August 23, 2019 among the Registrant and other parties thereto (incorporated herein by reference to Exhibit 4.4 to the Registrants registration statement on Form F-1, as amended (File No. 333-238941))|
|5.1*||Opinion of Maples and Calder (Hong Kong) LLP, regarding the validity of the Class A ordinary shares being registered|
|10.1||2019 Share Incentive Plan (incorporated herein by reference to Exhibit 10.23 to the Registrants registration statement on Form F-1, as amended (File No. 333-238941))|
|23.1*||Consent of Ernst & Young Hua Ming LLP, an independent registered public accounting firm|
|23.2*||Consent of Maples and Calder (Hong Kong) LLP (included in Exhibit 5.1)|
|24.1*||Powers of Attorney (included on signature page hereto)|
* Filed herewith.
Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of Beijing, Peoples Republic of China, on September 18, 2020.
|By:||/s/ Leslie Yu|
|Title:||Chairman and Chief Executive Officer|
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints, severally and not jointly, each of Mr. Leslie Yu and Ms. Wenting Ji, with full power to act alone, as his/her true and lawful attorney-in-fact, with the power of substitution, for and in such persons name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto each said attorney-in-fact full power and authority to do and perform each and every act and thing requisite and necessary to be done as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that each said attorney-in-fact may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons on September 18, 2020 in the capacities indicated.
Chairman and Chief Executive Officer
(principal executive officer)
Harry Chi Hui
Chief Financial Officer
(principal financial and accounting officer)
SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES
Pursuant to the Securities Act of 1933, the undersigned, the duly authorized representative in the United States of Quhuo Limited has signed this registration statement or amendment thereto in New York on September 18, 2020.
COGENCY GLOBAL INC.
Authorized U.S. Representative
|By:||/s/ Colleen A. De Vries|
|Name:||Colleen A. De Vries|
|Title:||Senior Vice President|
3rd Floor, Block D, Tonghui Building
No. 1132 Huihe South Street
Chaoyang District, Beijing
Peoples Republic of China
18 September 2020
QUHUO LIMITED (the Company)
We have acted as Cayman Islands legal counsel to the Company in connection with a registration statement on Form S-8 to be filed with the Securities and Exchange Commission (the Commission) on or about the date hereof (the Registration Statement) relating to the registration under the United States Securities Act of 1933, as amended (the Securities Act) of Class A ordinary shares, par value US$0.0001 per share (the Shares), comprising shares issuable pursuant to the Companys 2019 Share Incentive Plan (the Share Incentive Plan).
For the purposes of giving this opinion, we have examined copies of the Registration Statement and the Share Incentive Plan. We have also reviewed copies of the second amended and restated memorandum and articles of association of the Company adopted by special resolution passed on 4 June 2020 and effective immediately prior to the completion of the Companys initial public offering of American Depositary Shares representing its Shares (the Memorandum and Articles), the written resolutions of the board of directors of the Company dated 23 August 2019 and 18 September 2020 and the written resolutions of the shareholders of the Company dated 23 August 2019 (together, the Resolutions).
Based upon, and subject to, the assumptions and qualifications set out below, and having regard to such legal considerations as we deem relevant, we are of the opinion that:
The Shares to be issued by the Company and registered under the Registration Statement have been duly and validly authorized.
When issued and paid for in accordance with the terms of the applicable Share Incentive Plan and in accordance with the Resolutions, and when appropriate entries are made in the register of members (shareholders) of the Company, the Shares will be validly issued, fully paid and non-assessable.
In this opinion letter, the phrase non-assessable means, with respect to the issuance of Shares, that a shareholder shall not, in respect of the relevant Shares and in the absence of a contractual arrangement, or an obligation pursuant to the memorandum and articles of association, to the contrary, have any obligation to make further contributions to the Companys assets (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil).
These opinions are subject to the qualification that under the Companies Law (2020 Revision) of the Cayman Islands (the Companies Law), the register of members of a Cayman Islands company is by statute regarded as prima facie evidence of any matters which the Companies Law directs or authorises to be inserted therein. A third party interest in the shares in question would not appear. An entry in the register of members may yield to a court order for rectification (for example, in the event of fraud or manifest error).
These opinions are given only as to, and based on, circumstances and matters of fact existing and known to us on the date of this opinion letter. These opinions only relate to the laws of the Cayman Islands which are in force on the date of this opinion letter. We express no opinion as to the meaning, validity or effect of any references to foreign (i.e. non-Cayman Islands) statutes, rules, regulations, codes, judicial authority or any other promulgations.
We have also relied upon the assumptions, which we have not independently verified, that (a) all signatures, initials and seals are genuine, (b) copies of documents, conformed copies or drafts of documents provided to us are true and complete copies of, or in the final forms of, the originals, (d) the Memorandum and Articles remain in full force and effect and are unamended, (e) the Resolutions were duly passed in the manner prescribed in the Memorandum and Articles (including, without limitation, with respect to the disclosure of interests (if any) by directors of the Company) and have not been amended, varied or revoked in any respect, (f) there is nothing under any law (other than the laws of the Cayman Islands) which would or might affect the opinions set out below, and (g) upon the issue of any Shares, the consideration received by the Company shall be not less than the par value of such Shares.
We consent to the use of this opinion as an exhibit to the Registration Statement and further consent to all references to us in the Registration Statement and any amendments thereto. In giving such consent, we do not consider that we are experts within the meaning of such term as used in the Securities Act, or the rules and regulations of the Commission issued thereunder, with respect to any part of the Registration Statement, including this opinion as an exhibit or otherwise.
/s/ Maples and Calder (Hong Kong) LLP
Maples and Calder (Hong Kong) LLP
Consent of Independent Registered Public Accounting Firm
We consent to the incorporation by reference in the Registration Statement (Form S-8) pertaining to the 2019 Share Incentive Plan of Quhuo Limited of our report dated April 17, 2020 (except for Note 25, as to which the date is June 4, 2020), with respect to the consolidated financial statements of Quhuo Limited included in its Registration Statement (Form F-1 No. 333-238941) and related Prospectus of Quhuo Limited dated July 9, 2020, filed with the Securities and Exchange Commission.
/s/Ernst & Young Hua Ming LLP
Shanghai, the Peoples Republic of China
September 18, 2020