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FLJ Group | 20-F: Registration statement / Annual report / Transition report

SEC announcement ·  Feb 9 07:14
Summary by Moomoo AI
FLJ Group Limited, a leading rental apartment operation platform in China, has undergone significant changes in its business structure and financial strategies. The company disposed of its long-term apartment rental business, Haoju (Shanghai) Artificial Intelligence Technology Co., Ltd., to Wangxiancai Limited for nominal consideration on October 31, 2023. This strategic shift marked FLJ's exit from the rental services market, leading to the classification of the business as discontinued operations. Subsequently, FLJ acquired Alpha Mind Technology Limited, an insurance agency and technology business, for a total consideration of $180 million, paid through promissory notes. The acquisition, completed on December 28, 2023, signifies FLJ's entry into the insurance agency sector, diversifying its business portfolio. The company's financial statements for the fiscal year ended...Show More
FLJ Group Limited, a leading rental apartment operation platform in China, has undergone significant changes in its business structure and financial strategies. The company disposed of its long-term apartment rental business, Haoju (Shanghai) Artificial Intelligence Technology Co., Ltd., to Wangxiancai Limited for nominal consideration on October 31, 2023. This strategic shift marked FLJ's exit from the rental services market, leading to the classification of the business as discontinued operations. Subsequently, FLJ acquired Alpha Mind Technology Limited, an insurance agency and technology business, for a total consideration of $180 million, paid through promissory notes. The acquisition, completed on December 28, 2023, signifies FLJ's entry into the insurance agency sector, diversifying its business portfolio. The company's financial statements for the fiscal year ended September 30, 2023, reflect the impact of these significant transactions, including a net loss from continuing operations and a comprehensive loss attributable to shareholders. FLJ Group's management has taken measures to address the material weakness in internal control over financial reporting and is working on strategies to ensure the company's sustainability and growth.

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