SHENZHEN, China, March 20, 2024 /PRNewswire/ -- Addentax Group Corp. ("Addentax" or the "Company") (Nasdaq: ATXG), an integrated service provider focusing on garment manufacturing, logistics services, property management, and subleasing, has announced the formalization of a strategic cooperation and the signing of a three year memorandum of understanding (the "MOU") with Dezhong Xinghui Information Technology Co., Ltd. ("Dezhong Xinghui") on March 20, 2024, an enterprise established in September 2017 based ...

Core Viewpoint - Addentax Group Corp. has announced a collaboration with Regina Miracle International to enhance its activewear division through Regina's Innovative Design Manufacturing model, aiming to improve product quality and market competitiveness in the sportswear industry [1][2]. Group 1: Collaboration Details - The collaboration agreement focuses on producing high-quality, functional, and fashionable activewear by leveraging Addentax's manufacturing capabilities and Regina's R&D technology [1][2]. - Regina's IDM business model will be utilized to enhance Addentax's activewear division, aiming to streamline delivery timelines and fortify market competitiveness [2]. Group 2: Brand Philosophy and Product Offerings - Addentax's subsidiary brand, ATXG, promotes a brand philosophy of "Lightness, Freedom, and Joy," merging fashion aesthetics with athletic trends [2]. - ATXG's product offerings include light sportswear and outdoor collections, emphasizing quality through innovative craftsmanship and advanced fabrics [2]. Group 3: Company Overview - Addentax Group Corp. specializes in garment manufacturing, logistics services, property management, and subleasing [3].

Logistics Services - For the logistics services segment, the company provides services to over 86 cities across approximately 11 provinces and 3 municipalities in China, with plans to develop an additional 20 logistics points in existing cities in 2024[107]. - The logistics services revenue is expected to increase during the third and fourth quarters due to seasonal trends[109]. - Revenue from logistics services contributed approximately $1,189,004, or 81.0% of total revenue for the three months ended December 31, 2023, compared to $1,213,530, or 57.2% in the same period of 2022[126]. - Gross profit margin for logistics services decreased to 11.2% in the three months ended December 31, 2023, down from 25.6% in the same period of 2022[134]. - Subcontracting fees for logistics services increased by approximately 121.3% to $560,735 in the three months ended December 31, 2023, compared to $253,359 in 2022[131]. - Revenue from logistics services contributed approximately $3.4 million or 87.5% of total revenue for the nine months ended December 31, 2023[150]. - Gross profit in the logistics services business decreased to approximately $695,940 for the nine months ended December 31, 2023, with a gross margin of 20.6%, down from 26.6% in 2022[158]. Property Management - The company aims to increase the occupancy rate of stores in its property management segment to over 70%[108]. - The company disposed of its property management subsidiary, DY, at fair value in February 2023 and completed the acquisition of HX in September 2023[108]. - Revenue from property management and subleasing was $252,477, a decrease of $543,866, or 68.3%, compared to $796,343 in 2022[127]. Garment Manufacturing - The garment manufacturing business focuses on expanding the customer base and improving profit margins, emphasizing exceptional quality and timely delivery[107]. - The garment manufacturing segment is supported by sufficient production capacity and skilled workers to meet quality control standards[104]. - The garment manufacturing business reported a gross profit of approximately $17,112, or 63.3% of its revenue, down from $33,083, or 32.8% in 2022[134]. - Labor costs for the garment manufacturing business increased to approximately 58.2% of total revenue for the nine months ended December 31, 2023, compared to 51.7% for the same period in 2022[152]. - Gross profit for the garment manufacturing business was approximately $40,433 for the nine months ended December 31, 2023, representing a gross margin of 23.5%, down from 25.3% in 2022[158]. - Raw material costs for garment manufacturing accounted for approximately 15.7% of total revenue in the three months ended December 31, 2023, compared to 0.8% in 2022[128]. - Overhead and other expenses for the garment manufacturing business decreased to approximately 0.8% of total garment business revenue for the nine months ended December 31, 2023, down from 3.1% in the same period of 2022[153]. Financial Performance - Total revenue for the three months ended December 31, 2023 decreased by approximately $653,746, or 30.8%, compared to the same period in 2022, primarily due to declines in property management and garment manufacturing businesses[124]. - Gross profit for the three months ended December 31, 2023 was $162,327, a decrease of $445,135, or 73.3%, compared to $607,462 in 2022[136]. - Operating expenses for the three months ended December 31, 2023 were $611,919, a decrease of $88,510, or 12.6%, compared to $700,429 in 2022[136]. - Net loss for the three months ended December 31, 2023 was $(2,607,662), a significant increase in loss of $(2,525,444), or 3071.6%, compared to $(82,218) in 2022[124]. - Total revenue for the nine months ended December 31, 2023, decreased by approximately $2.8 million, or 42.0%, compared to the same period in 2022[148]. - The company incurred a net loss of approximately $4.0 million for the nine months ended December 31, 2023, compared to a net income of approximately $0.1 million for the same period in 2022[168]. - Total general and administrative expenses increased by approximately 9.0% to $1.7 million for the nine months ended December 31, 2023, from $1.5 million in 2022[164]. - Net cash used in operating activities was $1.5 million for the nine months ended December 31, 2023, nearly the same as the $1.5 million used in the same period of 2022[170]. Regulatory and Structural Risks - The company operates through a holding structure that presents unique risks to investors, particularly regarding regulatory changes in China[100]. - The company has no off-balance sheet arrangements that could materially affect its financial condition as of December 31, 2023[175]. Management and Compliance - The report was signed on February 14, 2024, by Hong Zhida, the President and CEO, and Huang Chao, the CFO and Treasurer[185]. - The certifications required under Section 302 and Section 906 were completed by the Principal Executive Officer and Principal Financial Officer[184].

SHENZHEN, China, Feb. 6, 2024 /PRNewswire/ -- Addentax Group Corp. ("Addentax" or the "Company") (Nasdaq: ATXG), an integrated service provider focusing on garment manufacturing, logistics services, property management, and subleasing, has announced the formalization of a strategic cooperation and the signing of a Memorandum of Understanding (the "MOU") with Shenzhen Tamir Cultural Tourism Development Co., LTD ("Tamir"), a leading full block-chain service provider for Chinese cultural  commercial tourism an ...

Revenue Performance - For the three months ended September 30, 2023, the company reported a significant increase in revenue, reflecting a strong performance in its garment manufacturing segment [106]. - Total revenue for the three months ended September 30, 2023, decreased by approximately $0.8 million, or 37.7%, compared to the same period in 2022 [108]. - Revenue from the garment manufacturing business contributed approximately $0.1 million or 6.8% of total revenue for the three months ended September 30, 2023, down from $0.4 million or 14.3% in the same period of 2022 [109]. - Revenue from logistics services business accounted for approximately $1.2 million or 88.8% of total revenue for the three months ended September 30, 2023, compared to $1.2 million or 57.0% in the same period of 2022 [111]. - Total revenue for the six months ended September 30, 2023 decreased by approximately $2.1 million, or 47.3%, compared to the same period in 2022 [139]. - Revenue generated from logistics services contributed approximately $2.2 million or 91.5% of total revenue for the six months ended September 30, 2023 [141]. - Revenue from property management and subleasing business was $0.06 million for the six months ended September 30, 2023, a decrease of 96.9% compared to $1.9 million for the same period in 2022 [142]. Profitability and Costs - Cost of revenue for the garment manufacturing business was approximately 82.7% of total garment revenue for the three months ended September 30, 2023, compared to 100% in the same period of 2022 [113]. - Gross profit for the garment manufacturing business was approximately $15.8 thousand for the three months ended September 30, 2023, compared to a loss of approximately $0.5 thousand in the same period of 2022 [122]. - Gross profit in logistics services business for the three months ended September 30, 2023, was approximately $333,700 with a gross margin of 28.1%, down from $360,200 and 29.5% in the same period of 2022 [123]. - Gross profit for the three months ended September 30, 2023 was approximately $402,887, a decrease of 28.7% compared to $565,161 for the same period in 2022 [127]. - Gross profit for logistics services was $563,023 for the six months ended September 30, 2023, a decrease of 20.4% compared to $707,253 for the same period in 2022 [143]. - Gross profit for the garment manufacturing business was approximately $23,300 for the six months ended September 30, 2023, compared to approximately $2,800 for the same period in 2022, representing a gross margin increase from 6.9% to 16.1% [152]. - Gross profit in the logistics services business decreased to approximately $563,000 for the six months ended September 30, 2023, with a gross margin of 25.8%, down from approximately $707,300 and 27.1% in 2022 [153]. Expenses and Losses - General and administrative expenses in the corporate office for the three months ended September 30, 2023, were approximately $475,600, up from $142,800 in the same period of 2022 [126]. - Total general and administrative expenses increased by approximately 44.2% to $670,600 from $465,000 for the three months ended September 30, 2022 [129]. - The company incurred a net loss of approximately $1.4 million for the six months ended September 30, 2023, compared to a net income of approximately $0.2 million for the same period in 2022, resulting in basic and diluted earnings per share of ($0.37) and $0.00, respectively [165]. - Loss from operations for the three months ended September 30, 2023 was approximately $304,900, compared to income from operations of $70,200 for the same period in 2022, representing a decrease of 534.7% [130]. - Total general and administrative expenses increased by approximately 34.3% to $1.2 million for the six months ended September 30, 2023, compared to $0.9 million for the same period in 2022 [159]. Operational Developments - The logistics services segment currently operates in 86 cities across 11 provinces and 3 municipalities in China, with plans to develop an additional 20 logistics points in existing cities by 2024 [90]. - The company aims to increase the occupancy rate of its property management and subleasing segment to over 70% in the short term [91]. - The garment manufacturing business focuses on expanding its customer base and improving profit margins, emphasizing quality and timely delivery [89]. - The company disposed of its subsidiary Dongguan Yingxi Daying Commercial Co., Ltd. (DY) in February 2023 at fair value, which was also its carrying value [89]. - The company completed the acquisition of Dongguan Hongxiang Commercial Co., Ltd. (HX) in September 2023, enhancing its property management capabilities [91]. - The company has indicated the intent and ability to provide additional equity financing to support growth and strategic objectives [171]. Financial Position - Cash on hand as of September 30, 2023, was approximately $1.7 million, with total current assets of approximately $30.2 million and current liabilities of approximately $4.9 million [170]. - Net cash used in operating activities was approximately $1.58 million for the six months ended September 30, 2023, compared to $1.53 million for the same period in 2022 [168]. - The company incurred net finance costs of $1,893,117 for the six months ended September 30, 2023, a significant increase of 40,505.4% compared to $333 for the same period in 2022 [143]. Market Conditions - The company has experienced pricing pressure due to economic uncertainty in China, impacting sales growth and operating margins [94]. - The company’s business is affected by seasonal trends, with higher garment sales in the second and third quarters and increased logistics revenue in the third and fourth quarters [92]. - The foreign currency translation loss for the six months ended September 30, 2023, was approximately $0.09 million, compared to a loss of $0.2 million for the same period in 2022 [172].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock ATXG Nasdaq Capital Markets FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: June 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to _________________ Commission File ...

Garment Manufacturing Business - The company's garment manufacturing business operates through five wholly owned subsidiaries located in Guangdong province, China, with sufficient production capacity and skilled workers to meet high-quality control standards and timely delivery requirements[245] - The company's garment manufacturing segment aims to expand its customer base and improve profitability, leveraging its emphasis on quality and timely delivery[249] - For new garment manufacturing customers, orders require advances or deposits, while long-term customers receive payment terms of 30 to 180 days post-delivery[251] - Revenue from the garment manufacturing business decreased by $2.3 million (93.0%) in 2023, contributing only 2.2% of total revenue, down from 19.9% in 2022[268][271] - Raw materials cost for the garment manufacturing business decreased to 16.0% of revenue in 2023, down from 69.1% in 2022, due to reduced manufacturing during factory renovation[272] Logistics Services Business - The logistics business covers 86 cities in 11 provinces and 3 municipalities in China, with plans to develop 20 additional logistics routes in existing serving cities by 2024[246][249] - The logistics services segment plans to establish an efficient nationwide delivery and courier network in China, with current operations outsourced to contractors to maximize capacity and reduce costs[246][249] - Logistics services payments are collected 30 to 90 days after package receipt registration[251] - Logistics services revenue increased by $0.7 million (13.3%) in 2023, contributing 58.2% of total revenue, up from 42.0% in 2022[269] - Subcontracting fees for the logistics business decreased by $1.2 million (53.0%) in 2023, accounting for 23.2% of logistics revenue, down from 42.9% in 2022[274] - Gross profit margin for the logistics services business improved to 24.2% in 2023, up from 21.2% in 2022, primarily due to reduced subcontracting fees[277] - The logistics services segment generated income from operations of $0.28 million in FY2023, up from $0.24 million in FY2022[284] Property Management and Subleasing Business - The property management and subleasing business was restructured in February 2023, with the disposal of subsidiary DY to an independent third party at fair value, while retaining its business operations, customers, and suppliers[247][249] - Property management fees are collected monthly in advance[252] - Property management and subleasing revenue decreased by $1.2 million (27.4%) in 2023, contributing 39.0% of total revenue, down from 33.6% in 2022[269] - The property management and subleasing business reported income from operations of $0.27 million in FY2023, compared to $0.1 million in FY2022[284] Financial Performance and Revenue Recognition - Total revenue for the year ended March 31, 2023 decreased by $4.7 million (37.4%) compared to the previous year, primarily due to a decline in the garment manufacturing business[268] - Gross profit decreased by $222,193 (10.8%) in 2023, with the gross profit margin declining from 16.3% to 23.2%[271] - Operating expenses increased by $183,717 (8.7%) in 2023, with general and administrative expenses rising by $311,199 (16.3%)[279] - Net income increased significantly by $1,241,659 (1,591.9%) in 2023, driven by a fair value gain of $2,983,538[267] - General and administrative expenses increased by 16.3% to $2.2 million in FY2023 from $1.9 million in FY2022[283] - Net profit for FY2023 was $1.3 million, compared to $0.08 million in FY2022, with basic and diluted earnings per share of $0.04 and $0.00, respectively[287] - The company's revenue recognition follows a five-step model under ASC 606, recognizing revenue when control of goods or services is transferred to customers, typically upon delivery[257][259] Cash Flow and Financial Position - Net cash provided by operating activities decreased by $2.7 million to $(1,569,159) in FY2023, primarily due to lower net profit adjustments and cash outflows from operating assets and liabilities[290] - Net cash used in investing activities increased by $21.0 million to $(21,168,153) in FY2023, driven by $17.5 million in debt securities purchases and $2.5 million in long-term loan payments[291] - Net cash provided by financing activities increased by $23.2 million to $21,845,838 in FY2023, mainly due to $22.7 million from the IPO and $15.0 million from Notes and warrants issuance[292] - Cash on hand as of March 31, 2023, was $0.6 million, with restricted cash of $14.8 million, total current assets of $37.8 million, and current liabilities of $3.5 million[293] Economic and Market Conditions - The company faces economic uncertainty in China, with potential impacts on sales growth, operating margins, cash position, and accounts receivable collection due to pricing pressure and tightened credit conditions[253] Seasonal Business Trends - The company's business is seasonal, with higher garment sales in the second and third quarters and higher logistics revenue in the third and fourth quarters[250] Foreign Currency and Off-Balance Sheet Arrangements - Foreign currency translation gain for FY2023 was $0.2 million, compared to a loss of $(0.1) million in FY2022[294] - The company has no off-balance sheet arrangements as of March 31, 2023[295]

As filed with the Securities and Exchange Commission on March 2, 2023 Registration No. 333-269409 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM S-1/A (Amendment No. 2) REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ADDENTAX GROUP CORP. (Primary Standard Industrial Classification Code Number) Kingkey 100, Block A, Room 4805 Luohu District, Shenzhen City, China 518000 +(86) 755 8233 0336 (Address, including zip code, and telephone number, including area code, of registr ...

As filed with the Securities and Exchange Commission on February 21, 2023 Registration No. 333-269409 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM S-1/A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ADDENTAX GROUP CORP. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Nevada 3990 35-2521028 (Primary Standard Industrial Classification Code Number) Kingkey 100, Block A, Room 4805 Luohu District, Shen ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock ATXG Nasdaq Capital Market FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: December 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to _________________ Commission Fi ...