UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(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 December 31, 2024 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 19 ...

Core Viewpoint - Borqs Technologies, Inc. has completed the sale of its core businesses to Sasken Technologies, Ltd. for a total of US$40 million, which includes embedded software design and customized hardware manufacturing for IoT products [1][2]. Group 1: Transaction Details - The sale includes customer contracts, technology licenses, intellectual property, employment agreements of key personnel, and essential subsidiaries for servicing customers [2]. - A portion of the sale price will be reserved for employees and tax withholding, with payments subject to an earnout arrangement linked to performance in 2025 [1]. Group 2: Strategic Implications - The acquisition will enable Sasken to enhance its capabilities in designing, developing, and commercializing connected devices, including mobile phones, tablets, smartwatches, and various IoT products [3]. - Sasken aims to strengthen its portfolio and competitiveness in high-demand markets such as Automotive, SatCom, Consumer, Industrial, IoT, and 5G through this acquisition [5]. Group 3: Company Background - Borqs, founded in 2007, is recognized for its end-to-end wireless product solutions for mobile telecommunications and IoT, with strategic alliances with industry leaders like Qualcomm [6]. - The company has approximately 300 employees and a global presence, positioning itself to capitalize on the growing demand for IoT and 5G technologies [6]. Group 4: Future Focus - Borqs plans to utilize the cash received from the transaction to invest in emerging opportunities in AI and capital-related ventures, aiming to shape the future of these industries [4].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(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 December 31, 2023 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 19 ...

Sales and Revenue Expectations - The company expects sales to increase in 2023 compared to the lows of 2020 and 2021, but not fully reach pre-pandemic levels of 2019[430]. - Proceeds from the sale of convertible notes were allocated for order procurement, development of next-generation 5G products, and acquisition of 51% of HHE[443]. Financial Position and Liquidity - The company has cash held by Silicon Valley Bank and received full access to its funds on March 13, 2023, without experiencing any credit losses on its deposits[429]. - The company anticipates that liquidity risk may arise if adequate working capital funding is not available for capital-intensive projects[431]. - The company has completed the purchase of $17.87 million of debt, converting it into common shares, which eliminated substantially all of its debt with the senior lender[440]. Credit and Risk Management - The company has limited credit risk concentration, with no individual customer representing more than 20% of outstanding accounts receivable[429]. - The company has not entered into investments for trading or speculative purposes and does not anticipate material risks from interest rate changes[432]. - The company’s revenues are primarily in US Dollars, while about half of its costs are in Renminbi, exposing it to foreign currency risk[434]. Settlements and Financial Agreements - The company entered into a settlement agreement with Chongqing Youtong, agreeing to repay $10,399 in cash plus 8% annual interest with ordinary shares[436]. - The company sold convertible notes for $16 million on May 25, 2022, with a 10% annual interest rate and a conversion price of $0.44325 per share[441].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(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 December 31, 2019 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 19 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(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 December 31, 2018 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 19 ...