Skip to main content

Big Tree Cloud Holdings Ltd

For the period ended Jun 30, 2025. Filed Oct 30, 2025.

View on SEC.gov

About this filing

The yearly report of a company based outside the US. It covers much of what a 10-K does, and may follow accounting rules other than US ones.

FY2025 · Filed Oct 30, 2025

DSY$3.18-1.9%Stored close · as of Nov 6, 2026
See the whole filing, with its images and exhibits
Contents

Cover page

Show cover page

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 20-F

(Mark One)

☐** REGISTRATION STATEMENT PURSUANT TO SECTION 12(B) OR 12(G) OF THE SECURITIES EXCHANGE ACT OF 1934**

OR

☒** ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934**

For the fiscal year ended June 30,2025

OR

☐** TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934**

OR

☐** SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934**

Date of event requiring this shell company report

Commission File Number:001-42114

BIG TREE CLOUD HOLDINGS LIMITED

(Exact name of Registrant as specified in its charter)

Not applicableCayman Islands
(Translation of Registrant’s name into English)(Jurisdiction of incorporation or organization)

Building B4, Qianhai Shengang Fund Town

Nanshan District, Shenzhen 518052, China

(Address of principal executive offices)

Wenquan Zhu, Chief Executive Officer and Chairman of the Board of Directors

Telephone:+86 0755 2759-5623

Email: zhuwenquan@bigtreeclouds.com

At the address of the Company set forth above

(Name, Telephone, Email and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Title of each classTrading SymbolName of each exchange on which registered
Ordinary shares, par value US$0.0001DSYThe Nasdaq Stock Market LLC
Warrants to purchase ordinary sharesDSYWWThe Nasdaq Stock Market LLC

Securities registered or to be registered pursuant to Section 12(g) of the Act:

None

(Title of Class)

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

None

(Title of Class)

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report:

An aggregate of 86,972,928 ordinary shares, par value $0.0001 per share, were issued and outstanding as of June 30, 2025.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☐ No ☒

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Yes☐ No ☒

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “large accelerated filer”, “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐Accelerated filer ☐Non-accelerated filer ☒
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 13(a) of the Exchange 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.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP ☒International Financial Reporting Standards as issued by the International Accounting Standards Board ☐Other ☐

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. Item 17☐ Item 18☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐ No☒

TABLE OF CONTENTS

Page
INTRODUCTIONii
FORWARD-LOOKING INFORMATIONiv
PART I1
ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS1
ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE1
ITEM 3. KEY INFORMATION1
ITEM 4. INFORMATION ON THE COMPANY42
ITEM 4A. UNRESOLVED STAFF COMMENTS60
ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS60
ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES72
ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS77
ITEM 8. FINANCIAL INFORMATION79
ITEM 9. THE OFFER AND LISTING80
ITEM 10. ADDITIONAL INFORMATION80
ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET88
ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES89
PART II90
ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES90
ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS90
ITEM 15. CONTROLS AND PROCEDURES90
ITEM 16. [RESERVED]91
ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPER91
ITEM 16B. CODE OF ETHICS92
ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES92
ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES92
ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS92
ITEM 16F. CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT92
ITEM 16G. CORPORATE GOVERNANCE92
ITEM 16H. MINE SAFETY DISCLOSURE93
ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS.93
PART III94
ITEM 17. FINANCIAL STATEMENTS94
ITEM 18. FINANCIAL STATEMENTS94
ITEM 19. EXHIBITS94

i

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.