Core Viewpoint - The SEC has approved a significant increase in IPO liquidity thresholds for companies, raising the minimum public float market value from $5 million to $15 million, and proposing a higher $25 million fundraising requirement for companies primarily operating in China, which may impact the ability of smaller companies to access U.S. capital markets [1] Company Overview - Riverstone Ltd, also known as "韦恩实业," is seeking to go public on NASDAQ under the ticker "DNJF" with an expected share price of $5 to $7, aiming to raise between $12.5 million and $17.5 million [2] - The company operates as a vertically integrated fast fashion supply chain management service provider, offering both B2B and B2C business models [2][4] - Riverstone's revenue for the fiscal years 2023 to 2025 is projected to grow from $28.43 million to $46.29 million, with net profits increasing from $299,000 to $301,160 [2][6] Financial Performance - The company has shown strong revenue growth, with a compound annual growth rate (CAGR) of 25.87% in product sales revenue from 2023 to 2025 [5] - Gross margins have improved significantly, rising from 3.7% in 2023 to 16.4% in 2025, indicating enhanced profitability [6] - However, net profit growth is expected to slow in 2025 due to increased sales and marketing expenses, which rose from 2.7% to 7.4% of revenue [6] Industry Context - The global fast fashion supply chain management market has grown from $36.4 billion in 2019 to $46.7 billion in 2023, with a projected CAGR of 11.2% from 2024 to 2028 [7] - The industry is characterized by intense competition, with established players like Zara, H&M, and Uniqlo posing significant challenges, alongside digital-first brands like SHEIN [8] Challenges - Riverstone faces high customer concentration, with major clients accounting for 28% and 34% of revenue in fiscal years 2024 and 2025, respectively, which poses risks if these clients are lost [8][9] - The company also relies heavily on a few suppliers, with 60% to 67% of procurement coming from four independent manufacturers, increasing supply chain risks [9] - Additionally, the company's accounts receivable represent a significant portion of total assets, raising concerns about potential credit losses [9]

As filed with the U.S. Securities and Exchange Commission on December 29, 2025 Registration No. 333-[●] UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 RIVERSTONE LTD (Exact name of Registrant as specified in its charter) Not Applicable (Translation of Registrant's name into English) (State or Other Jurisdiction of Incorporation or Organization) (Primary Standard Industrial Classification Code Number) BVI 2300 Not Appli ...