Star Fashion Culture Holdings Ltd
For the period ended Jun 30, 2025. Filed Nov 12, 2025.
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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 Nov 12, 2025
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 20-F
(Mark one)
☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (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:
For the transition period from __________ to ____________
Commission file number:001-41467
Star Fashion Culture Holdings Limited
(Exact name of the Registrant as specified in its charter)
N/A
(Translation of registrant’s name into English)
Cayman Islands
(Jurisdiction of incorporation or organization)
12F, No.611, Sishui Road
Huli District,
Xiamen
People’s Republic of China
(Address of principal executive offices)
Ms. Zhang Pingting (CFO)
Tel:+86 13063138565
Email: Hira@xmxing-ji.com
12F, No.611, Sishui Road
Huli District,
Xiamen
People’s Republic of China
(Name, Telephone, E-mail and Address of Company Contact Person)
Securities registered or to be registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Ordinary shares, par value $0.00001 per share | STFS | The Nasdaq Capital Market, LLC |
Securities registered or to be registered pursuant to Section 12(g) of the Act:
Warrants, each to purchase one ordinary share
Title of Class
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:
None
The registrant had 12,650,000 Class A ordinary shares 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
| FORWARD-LOOKING STATEMENTS | iii |
|---|---|
| DEFINITIONS | iv |
| PART I | 1 |
| ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS | 1 |
| ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE | 1 |
| ITEM 3. KEY INFORMATION | 1 |
| B. Capitalization and Indebtedness. | 1 |
| C. Reason for the Offer and Use of Proceeds. | 1 |
| D. Risk Factors. | 1 |
| ITEM 4. INFORMATION ON THE COMPANY | 32 |
| A. History and Development of the Company. | 32 |
| B. Business overview. | 33 |
| C. Organizational structure. | 48 |
| D. Property, plant and equipment. | 49 |
| ITEM 4A. UNRESOLVED STAFF COMMENTS | 50 |
| ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS | 50 |
| A. Operating results. | 51 |
| B. Liquidity and capital resources. | 59 |
| C. Research and development, patents and licenses, etc. | 63 |
| D. Trend information. | 63 |
| E. Critical accounting estimates | 63 |
| ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES | 66 |
| A. Directors and senior management. | 66 |
| B. Compensation. | 67 |
| C. Board Practices. | 68 |
| D. Employees. | 71 |
| E. Share Ownership. | 71 |
| F. Disclosure of a registrant’s action to recover erroneously awarded compensation. | 72 |
| ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS | 72 |
| A. Major Shareholders. | 72 |
| B. Related Party Transactions. | 72 |
| C. Interests of Experts and Counsel | 72 |
| ITEM 8. FINANCIAL INFORMATION | 73 |
| A. Consolidated Statements and Other Financial Information. | 73 |
| B. Significant Changes. | 73 |
| ITEM 9. THE OFFER AND LISTING | 73 |
| A. Offer and Listing Details. | 73 |
| B. Plan of Distribution. | 73 |
| C. Markets. | 73 |
| D. Selling Shareholders. | 73 |
| E. Dilution. | 73 |
| F. Expenses of the Issue. | 73 |
i
| ITEM 10. ADDITIONAL INFORMATION | 74 |
|---|---|
| A. Share Capital. | 74 |
| B. Memorandum and Articles of Association. | 74 |
| C. Material Contracts. | 80 |
| D. Exchange controls. | 80 |
| E. Taxation. | 80 |
| F. Dividends and paying agents. | 86 |
| G. Statement by experts. | 86 |
| H. Documents on display. | 86 |
| I. Subsidiary Information | 86 |
| ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK | 87 |
| ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES | 87 |
| PART II | 88 |
| ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES | 88 |
| ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS | 88 |
| ITEM 15. CONTROLS AND PROCEDURES | 88 |
| Item 16. [reserved] | 89 |
| ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT | 89 |
| ITEM 16B. CODE OF ETHICS | 89 |
| ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES | 89 |
| ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES | 90 |
| ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS | 90 |
| ITEM 16F. CHANGES IN REGISTRANT’S CERTIFYING ACCOUNTANT | 90 |
| ITEM 16G. CORPORATE GOVERNANCE | 90 |
| ITEM 16H. MINE SAFETY DISCLOSURE | 90 |
| ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTION THAT PREVENT INSPECTIONS | 90 |
| ITEM 16J. INSIDER TRADING POLICIES | 91 |
| ITEM 16K. CYBER SECURITY | 91 |
| PART III | 92 |
| ITEM 17. FINANCIAL STATEMENTS | 92 |
| ITEM 18. FINANCIAL STATEMENTS | 92 |
| ITEM 19. EXHIBITS | 92 |
| REPORTS OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMS | F-2 |
| CONSOLIDATED BALANCE SHEETS | F-3 |
| CONSOLIDATED STATEMENTS OF OPERATIONS | F-4 |
| CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY | F-5 |
| CONSOLIDATED STATEMENTS OF CASH FLOWS | F-6 |
| NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | F-7 |
ii
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