2022-05-05 | NDAQ:YJ | Press release
HANGZHOU, China, May 5, 2022 /PRNewswire/ — Yunji Inc. (“Yunji” or the “Company”) (NASDAQ: YJ), a leading membership-based social e-commerce platform, today provides a status update under the Foreign Held Companies Liability Act (the “HFCAA”).
The Company has been provisionally identified by the United States Securities and Exchange Commission (the “SEC”) under the HFCAA as an issuer identified by the Commission on May 4, 2022. The Company understands that such identification may result from its filing of the Annual Report on Form 20-F for the fiscal year ended December 31, 2021 with the SEC on April 26, 2022.
Yunji understands that the SEC has made such identification in accordance with the HFCAA and its implementing rules issued thereunder, and this indicates that the SEC determines that the company has used a registered public accounting firm. whose working paper cannot be inspected or studied completely by the Public Company Accounting Oversight Board of United States (the “PCAOB”) to issue the audit opinion on its financial statements for the year ended the 31st of December2021.
Under the HFCAA, a company will only be delisted from a US stock exchange if it has been identified by the SEC for three consecutive years due to the PCAOB’s failure to inspect the auditor’s working paper.
Yunji actively explored possible solutions. Yunji will continue to comply with applicable laws and regulations in both China and United Statesand endeavor to maintain its Nasdaq listed status to the extent possible.
About Yunji Inc.
Yunji Inc. is a leading social e-commerce platform in China who pioneered a unique membership-based model to leverage the power of social interactions. The company’s e-commerce platform offers high-quality products at attractive prices in a wide variety of categories that meet the daily needs of Chinese consumers. Additionally, the Company uses advanced technologies including big data and artificial intelligence to optimize user experience and incentivize members to promote the platform as well as share products with their social contacts. Through deliberate product curation, centralized sourcing of goods, and efficient supply chain management, Yunji has established itself as a trustworthy e-commerce platform with high-quality products and exclusive benefits for members, including discounted prices.
For more information, please visit https://investor.yunjiglobal.com/.
Safe Harbor Statements
This announcement contains forward-looking statements. These statements are made pursuant to the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as “will”, “expect”, “anticipate” , “aims”, “future”, “intends”, “plans”, “believes”, “estimates”, “confident”, “potential”, “continues” or other similar expressions. Yunji may also make written or oral forward-looking statements in its periodic reports to the United States Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Yunji’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statements, including, but not limited to, the following: Yunji’s growth strategies; its future business development, results of operations and financial condition; its ability to understand buyer needs and provide products and services to attract and retain buyers; its ability to maintain and improve its brand recognition and reputation; its ability to rely on merchants and third-party logistics service providers to provide delivery services to buyers; its ability to maintain and improve quality control policies and measures; its ability to establish and maintain relationships with merchants; trends and competition in China e-commerce market; variations in its revenues and certain cost or expense items; the expected growth of China e-commerce market; PRC government policies and regulations relating to Yunji’s industry, and general economic and business conditions globally and in China and assumptions underlying or relating to any of the foregoing. Further information regarding these and other risks is included in Yunji’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Yunji undertakes no obligation to update any forward-looking statements except as required by applicable law.
Phone: +1 (646) 224-6957
Phone: +1 (646) 224-6957