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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 20-F

☐REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934.

OR

For the fiscal year ended March 31, 2024

OR

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________________ to ____________________

OR

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

Commission file number: [*]

Ming Shing Group Holdings Limited

(Exact name of Registrant as specified in its charter)

Cayman Islands

(Jurisdiction of incorporation or organization)

Ming Shing Group Holdings Limited 8/F, Cheong Tai Factory Building 16 Tai Yau Street San Po Kong, Kowloon Hong Kong

(Address of principal executive offices) Chi Ming Lam Ming Shing Group Holdings Limited 8/F, Cheong Tai Factory Building 16 Tai Yau Street San Po Kong, Kowloon Hong Kong +852 2370 3788

(Name, Telephone, E-Mail 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 symbol(s)Name of each exchange on which registered
Ordinary shares, par value $0.0005 per shareMSWThe Nasdaq Stock 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

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of March 31, 2024:11,250,000

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 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 and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See the definition of “accelerated filer” and “large accelerated filer” 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.☐

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). ☐

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 previous question, indicate by check mark which financial statement item the registrant has elected to follow. Item 17 ☐ Item 18 ☐

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
EXCHANGE RATE INFORMATION1
FORWARD-LOOKING STATEMENTS1
COMMONLY USED DEFINED TERMS2
INTRODUCTION3
PART I4
ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS4
ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE4
ITEM 3. KEY INFORMATION4
A.[Reserved]4
B.Capitalization and Indebtedness4
C.Reasons for the Offer and Use of Proceeds4
D.Risk Factors4
ITEM 4. INFORMATION ON THE COMPANY30
A.History and Development of the Company30
B.Business Overview36
C.Organizational Structure57
D.Property, Plants and Equipment57
ITEM 4A. UNRESOLVED STAFF COMMENTS57
ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS57
A.Operating Results57
B.Liquidity and Capital Resources70
C.Research and Development, Patents and Licenses, etc.73
D.Trend Information73
E.Critical Accounting Estimates73
ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES74
A.Directors and Senior Management74
B.Compensation76
C.Board Practices79
D.Employees82
E.Share Ownership82
F.Disclosure of a registrant’s action to recover erroneously awarded compensation83
ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS83
A.Major Shareholders83
B.Related Party Transactions83
C.Interests of Experts and Counsel83
ITEM 8. FINANCIAL INFORMATION83
A.Consolidated Statements and Other Financial Information83
B.Significant Changes84
ITEM 9. THE OFFER AND LISTING84
A.Offer and Listing Details84
B.Plan of Distribution84
C.Markets85
D.Selling Shareholders85
E.Dilution85

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F.Expenses of the Issue85
ITEM 10. ADDITIONAL INFORMATION85
A.Share Capital85
B.Memorandum and Articles of Association85
C.Material Contracts90
D.Exchange Controls94
E.Taxation94
F.Dividends and Paying Agents101
G.Statement by Experts101
H.Documents on Display101
I.Subsidiary Information102
ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK102
ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES103
PART II104
ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES104
ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS104
ITEM 15. CONTROLS AND PROCEDURES104
ITEM 16. [RESERVED]105
ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT105
ITEM 16B. CODE OF ETHICS105
ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES105
ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES106
ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS106
ITEM 16F. CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT106
ITEM 16G. CORPORATE GOVERNANCE106
ITEM 16H. MINE SAFETY DISCLOSURE107
ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS107
ITEM 16J. INSIDER TRADING POLICIES107
Item 16K. CYBERSECURITY107
PART III108
ITEM 17. FINANCIAL STATEMENTS108
ITEM 18. FINANCIAL STATEMENTS108
ITEM 19. EXHIBITS108
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

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