Group 1 - The core viewpoint of the article highlights the financial performance of Mingzhu Freight (YGMZ), which experienced a stock price increase of 2.9% to $1.019 per share, with a total market capitalization of $78.113 million as of July 31 [1] - For the fiscal year ending December 31, 2024, Mingzhu Freight reported total revenue of $40.4297 million, reflecting a year-on-year decrease of 54.57% [1] - The company recorded a net loss attributable to shareholders of $6.1875 million, which represents a year-on-year increase of 35.41% [1] Group 2 - Mingzhu Freight Holdings Limited is an offshore holding company registered abroad, operating through its domestic subsidiary, Shenzhen Yanguang Mingzhu Freight Industry Co., Ltd. [1] - The subsidiary was established in July 2002 and is an independent legal entity engaged in logistics, primarily based in the Yantian Port of Shenzhen, focusing on domestic long-haul container transportation and port container transportation services [1]

Core Viewpoint - MingZhu Logistics Holdings Limited has entered into a non-binding memorandum of understanding with Enextrend to enhance cross-border logistics and supply chain efficiency over a two-year term [1][2]. Group 1: Company Overview - MingZhu Logistics Holdings Limited, established in 2002 and headquartered in Shenzhen, China, is a professional trucking service provider with a focus on tailored logistics solutions [4]. - The company operates regional logistics terminals in Guangdong Province, utilizing a combination of self-owned and subcontracted fleets to deliver goods across China [4]. Group 2: Partnership Details - The strategic partnership aims to leverage the strengths of both companies, focusing on resource sharing and complementary advantages to enhance core competitiveness [2]. - MingZhu plans to provide Enextrend with efficient logistics services to support the growth of its e-commerce platform, Muamau Mall, which specializes in fashion and sports products [2][3]. - The cooperation is intended to reduce operating costs, improve efficiency, and enhance customer satisfaction while promoting market expansion and product innovation [2]. Group 3: Enextrend Overview - Enextrend, based in Ho Chi Minh City, Vietnam, operates the Muamau Mall, an emerging cross-border e-commerce platform that also serves markets in the United States [3]. - The platform focuses on providing competitive prices and efficient logistics to meet consumer demand for affordable goods and fast delivery [3].

Core Viewpoint - MingZhu Logistics Holdings Limited has announced its acquisition of Shenzhen Mingzhuchun Wine Co., Ltd., aiming to expand into China's liquor distribution sector, leveraging synergies with its existing logistics operations [1][4]. Group 1: Acquisition Details - MingZhu will acquire 100% of Mingzhuchun in exchange for 2,000,000 ordinary shares upon closing of the transaction [2]. - Additional earnout payments of 2,000,000 ordinary shares each will be made if Mingzhuchun achieves a net income of no less than US$1 million for the fiscal years 2025 and 2026 [2]. Group 2: Strategic Alignment - The acquisition aligns with MingZhu's strategic plan to enter the commercial liquor distribution sector in China [4]. - The company is exploring partnerships with established liquor distributors to enhance its distribution network across the country [4]. Group 3: Industry Context - Mingzhuchun specializes in distributing high-quality liquor from Maotai Town, Guizhou, known for its prestigious baijiu production [5]. - Baijiu is the national drink of China, dominating the domestic spirits market and is integral to various social and business occasions [5].

Core Viewpoint - Mingzhu Logistics Holdings Limited has regained compliance with Nasdaq Listing Rule 5550(a)(2) after maintaining a closing bid price of $1.00 or greater for twenty consecutive trading days [1][2]. Compliance and Monitoring - The Nasdaq Hearings Panel determined that the company has met the compliance requirements as of May 20, 2025, following a review of the company's stock performance [1][2]. - A Discretionary Panel Monitor will be imposed for one year to ensure the company addresses any future compliance concerns and maintains long-term compliance with Nasdaq's listing requirements [3]. Company Overview - Mingzhu Logistics Holdings Limited, established in 2002 and headquartered in Shenzhen, China, is a 4A-rated professional trucking service provider [4]. - The company offers tailored logistics solutions through a combination of self-owned fleets and subcontractors, leveraging its regional logistics terminals in Guangdong Province [4].

PART I [Key Information](index=8&type=section&id=Item%203.%20Key%20Information) This section outlines significant investment risks related to corporate structure, China operations, and business specifics [Risk Factors](index=8&type=section&id=3.D.%20Risk%20Factors) Details specific risks including the VIE structure, customer concentration, PRC regulations, and internal control weaknesses - The company operates through a **VIE structure** in China, meaning investors hold shares in a Cayman Islands holding company, not the PRC operating entities, which carries significant legal and regulatory risks[36](index=36&type=chunk)[37](index=37&type=chunk) - The **Holding Foreign Companies Accountable Act (HFCAA)** poses a risk of trading prohibition on U.S. exchanges if the PCAOB cannot inspect the company's auditor for two consecutive years[84](index=84&type=chunk)[86](index=86&type=chunk)[90](index=90&type=chunk) - The company has identified a **material weakness in its internal control** over financial reporting due to a lack of sufficient skilled staff with knowledge of U.S. GAAP and SEC reporting requirements[185](index=185&type=chunk)[700](index=700&type=chunk) - A significant portion of revenue comes from a small number of major customers, with the top five accounting for **73.6% of total revenue in fiscal year 2024**, indicating increasing concentration risk[122](index=122&type=chunk) - The company faces **cybersecurity risks** and must comply with evolving PRC laws, where failure could result in significant penalties and reputational damage[96](index=96&type=chunk)[98](index=98&type=chunk) [Information on the Company](index=59&type=section&id=Item%204.%20Information%20on%20the%20Company) Provides an overview of the company's history, diversified business operations, and VIE-based corporate structure [History and Development of the Company](index=59&type=section&id=4.A.%20History%20and%20Development%20of%20the%20Company) Details the company's incorporation, IPO, strategic acquisitions, and recent corporate actions like a reverse stock split - Completed its **IPO on the Nasdaq Capital Market** on October 21, 2020, raising gross proceeds of $12 million[232](index=232&type=chunk) - Acquired Yinhua in March 2022 to enter the **car owner services market**, providing services to insurance companies[238](index=238&type=chunk)[240](index=240&type=chunk) - Acquired Feipeng BVI in December 2022 to expand its **regional trucking services**, particularly in Xinjiang[242](index=242&type=chunk) - Acquired Alliance BVI in May 2023, entering the **liquor distribution business** in China[243](index=243&type=chunk) - On July 1, 2024, the company executed a **1-for-8 reverse stock split** of its ordinary shares[247](index=247&type=chunk) - In January 2025, the company agreed to sell up to **120 million restricted ordinary shares** to non-U.S. persons at $0.40 per share[251](index=251&type=chunk) [Business Overview](index=65&type=section&id=4.B.%20Business%20Overview) Details the company's diversified operations in trucking, car owner services, and liquor distribution within the PRC - The company's business is diversified into three main segments: **Trucking Services, Car Owner Services, and Liquor Distribution**[255](index=255&type=chunk)[261](index=261&type=chunk) - Trucking services, the core business, operate from terminals in Guangdong and Xinjiang and is accredited as a **4A-grade trucking service provider**[263](index=263&type=chunk)[304](index=304&type=chunk) - Car owner services are provided through the VIE Zhisheng, offering value-added services for **auto insurance companies**[264](index=264&type=chunk)[265](index=265&type=chunk) - Liquor distribution is conducted through the VIE Liquor Alliance, focusing on the wholesale of **Baijiu and other Chinese spirits**[268](index=268&type=chunk) Intellectual Property Portfolio | Type | Count | | :--- | :--- | | PRC Patents | 6 (1 invention, 5 utility) | | PRC Copyrights | 17 (16 software, 1 art-work) | | PRC Trademarks | 1 | | Domain Names | 1 | [Organizational Structure](index=86&type=section&id=4.C.%20Organizational%20Structure) Explains the Cayman Islands holding company structure and its reliance on VIE agreements to control PRC operations - The company is a Cayman Islands holding company that controls its key PRC operating entities through **VIE agreements** rather than direct ownership[354](index=354&type=chunk)[357](index=357&type=chunk) - The **VIE structure is subject to significant risks**, including potential unenforceability of contracts under PRC law and adverse regulatory changes[358](index=358&type=chunk)[359](index=359&type=chunk)[361](index=361&type=chunk) - The company controls three main VIEs: **Liquor Alliance** (liquor distribution), **Zhisheng** (car owner services), and **Feipeng** (regional trucking services)[363](index=363&type=chunk)[382](index=382&type=chunk)[396](index=396&type=chunk) [Operating and Financial Review and Prospects](index=96&type=section&id=Item%205.%20Operating%20and%20Financial%20Review%20and%20Prospects) Analyzes financial performance, highlighting a significant revenue decrease and net loss in FY2024 due to strategic shifts [Operating Results](index=96&type=section&id=5.A.%20Operating%20Results) Presents a 54.6% revenue decrease to $40.4 million and a net loss of $6.2 million for fiscal year 2024 Consolidated Results of Operations (2024 vs. 2023) | Metric | 2024 | 2023 | Change (%) | | :--- | :--- | :--- | :--- | | **Revenues** | $40,429,750 | $89,002,243 | (54.6)% | | **Gross Profit** | $792,796 | $3,074,106 | (74.2)% | | **Gross Margin** | 2.0% | 3.5% | - | | **(Loss)/Income from Operations** | $(4,034,531) | $848,898 | (575.3)% | | **Net (Loss)/Income** | $(6,187,511) | $365,091 | (1794.8)% | Consolidated Results of Operations (2023 vs. 2022) | Metric | 2023 | 2022 | Change (%) | | :--- | :--- | :--- | :--- | | **Revenues** | $89,002,243 | $63,515,071 | 40.1% | | **Gross Profit** | $3,074,106 | $2,715,597 | 13.2% | | **Gross Margin** | 3.5% | 4.3% | - | | **Income/(Loss) from Operations** | $848,898 | $(100,052) | n/a | | **Net Income/(Loss)** | $365,091 | $(58,327) | n/a | - The significant revenue decrease in 2024 was attributed to a decline in revenues from the Guangdong region and a **strategic shift to a platform-based logistics company**[469](index=469&type=chunk) - The increase in revenue in 2023 was primarily attributable to the **acquisition of certain subsidiaries and VIEs** in 2023 and 2022[479](index=479&type=chunk) [Liquidity and Capital Resources](index=111&type=section&id=5.B.%20Liquidity%20and%20Capital%20Resources) Details the company's cash position, cash flows, and capital resources, noting reliance on PRC subsidiary distributions Cash and Cash Equivalents by Jurisdiction (As of Dec 31, 2024) | Jurisdiction | Amount (USD) | | :--- | :--- | | Cayman | $240,307 | | BVI | $8,106 | | Hong Kong | $129,128 | | PRC - subsidiaries | $33,264 | | PRC - VIEs | $287,434 | | **Total** | **$698,239** | Summary of Cash Flows (For the year ended Dec 31) | Cash Flow Activity | 2024 | 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | $(2,593,308) | $(12,351,357) | | Net cash used in investing activities | $(580,364) | $89,950 (provided) | | Net cash provided by financing activities | $491,084 | $12,037,761 | - The company has **not made any dividend distributions** to U.S. investors and intends to retain future earnings to finance business expansion[503](index=503&type=chunk)[506](index=506&type=chunk) - The company is involved in two notable legal proceedings, including a contract dispute with a claim of RMB 1.67 million and a loan dispute resulting in a **judgment to pay RMB 23.38 million**[306](index=306&type=chunk)[307](index=307&type=chunk)[510](index=510&type=chunk)[511](index=511&type=chunk) [Directors, Senior Management and Employees](index=117&type=section&id=Item%206.%20Directors%2C%20Senior%20Management%20and%20Employees) Provides information on the company's leadership, compensation, board structure, and employee base Executive Officers and Directors | Name | Position | | :--- | :--- | | Jinlong Yang | Chairman of the Board of Directors and Chief Executive Officer | | Jingwei Zhang | Chief Financial Officer, Director | | Mikael Charette | Independent Director | | Zhi Xia | Independent Director | | Jie Zhong | Independent Director | - For the fiscal year ended December 31, 2024, the aggregate cash compensation paid to all directors and senior management was **$54,000**[537](index=537&type=chunk) - The Board has established an **Audit, Compensation, and Nominating and Corporate Governance committee**, all composed of independent directors[542](index=542&type=chunk)[543](index=543&type=chunk)[544](index=544&type=chunk) - As of December 31, 2024, the company had **26 full-time employees**, primarily in management, administration, and operations[302](index=302&type=chunk) - On March 20, 2024, the company adopted the **2024 Incentive Plan** to register 5,000,000 ordinary shares for issuance[538](index=538&type=chunk) [Major Shareholders and Related Party Transactions](index=124&type=section&id=Item%207.%20Major%20Shareholders%20and%20Related%20Party%20Transactions) Details the company's major shareholders and significant transactions and balances with related parties Beneficial Ownership of Executive Officers and Directors | Name | Beneficial Ownership | Percentage of Outstanding Shares | | :--- | :--- | :--- | | Jinlong Yang | 675,000 | 0.88% | | All directors and executive officers as a group (5 individuals) | 675,000 | 0.88% | Related Party Balances (as of Dec 31, 2024) | Type | Amount (USD) | | :--- | :--- | | Amount due from related parties | $1,279,069 | | Amount due to related parties | $6,825,203 | - Related parties have provided significant **guarantees and collateral for the company's bank borrowings**, totaling approximately $3.3 million in carrying amount as of December 31, 2024[556](index=556&type=chunk)[961](index=961&type=chunk) [Financial Information](index=128&type=section&id=Item%208.%20Financial%20Information) Refers to the full consolidated financial statements and outlines the company's policy of retaining earnings for reinvestment - The company's consolidated financial statements are located at the end of the Form 20-F, beginning on **page F-1**[560](index=560&type=chunk) - The company has **never declared a dividend** and does not plan to in the foreseeable future, intending to retain earnings for business growth[561](index=561&type=chunk) [Additional Information](index=129&type=section&id=Item%2010.%20Additional%20Information) Covers details on share capital, material contracts, exchange controls, and key taxation considerations - The company is authorized to issue **100,000,000 ordinary shares** with a par value of $0.008 each[571](index=571&type=chunk)[580](index=580&type=chunk) - **Material contracts** in the last two years include acquisition agreements and several securities purchase agreements for financing[619](index=619&type=chunk)[621](index=621&type=chunk)[622](index=622&type=chunk)[624](index=624&type=chunk) - The company is subject to **PRC foreign exchange controls**, where Renminbi is not freely convertible and fund transfers require government approval[627](index=627&type=chunk)[628](index=628&type=chunk) - There is a risk the company could be classified as a **PRC resident enterprise**, which would subject its global income to a 25% PRC enterprise income tax[635](index=635&type=chunk)[636](index=636&type=chunk) - The company may be classified as a **Passive Foreign Investment Company (PFIC)** for U.S. federal income tax purposes, which could result in adverse tax consequences for U.S. shareholders[207](index=207&type=chunk)[656](index=656&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=145&type=section&id=Item%2011.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Details the company's exposure to interest rate, foreign exchange, and liquidity risks - The company is exposed to interest rate risk from its debt; a hypothetical **1% change in interest rates** would have affected 2024 profit by approximately $36,000[675](index=675&type=chunk) - Significant **foreign exchange risk** exists as almost all revenues and costs are in RMB, but financial statements are reported in USD[676](index=676&type=chunk) - **Credit risk** is managed through ongoing evaluation of customers, with maximum loss represented by the carrying amount of financial assets[672](index=672&type=chunk)[678](index=678&type=chunk) PART II [Material Modifications to the Rights of Security Holders and Use of Proceeds](index=147&type=section&id=Item%2014.%20Material%20Modifications%20to%20the%20Rights%20of%20Security%20Holders%20and%20Use%20of%20Proceeds) Outlines the use of proceeds from financing activities for strategic acquisitions and general corporate purposes - Net proceeds from the IPO and subsequent offerings were used to **fund acquisitions** and for general corporate purposes[688](index=688&type=chunk)[689](index=689&type=chunk)[690](index=690&type=chunk) - As of the date of the annual report, the company had **76,679,065 ordinary shares outstanding**[693](index=693&type=chunk) [Controls and Procedures](index=147&type=section&id=Item%2015.%20Controls%20and%20Procedures) Discloses that disclosure controls were not effective due to a material weakness in internal control over financial reporting - Management concluded that as of December 31, 2024, the company's **disclosure controls and procedures were not effective**[695](index=695&type=chunk) - A **material weakness was identified** in internal control over financial reporting due to a lack of sufficient skilled staff with U.S. GAAP and SEC reporting knowledge[700](index=700&type=chunk) - Remediation plans include **hiring additional experienced accounting personnel** and providing regular training[702](index=702&type=chunk) [Corporate Governance and Other Disclosures](index=151&type=section&id=Item%2016.%20Corporate%20Governance%20and%20Other%20Disclosures) Covers governance topics including the audit committee, accountant fees, and reliance on home country practices - Mr. Jie Zhong is designated as the **"audit committee financial expert"**[706](index=706&type=chunk) Principal Accountant Fees (2024) | Fee Category | Amount (USD) | | :--- | :--- | | Audit Fees | $140,000 | | Audit-Related Fees | $30,000 | | **Total** | **$170,000** | - On February 27, 2025, the company dismissed Audit Alliance LLP and **appointed Li CPA LLC** as its independent registered public accounting firm[714](index=714&type=chunk)[710](index=710&type=chunk) - As a foreign private issuer, the company follows certain **Cayman Islands home country practices**, exempting it from some Nasdaq corporate governance rules[715](index=715&type=chunk)[721](index=721&type=chunk) - The company has implemented a **cybersecurity risk management framework** and reported no material incidents for the year ended December 31, 2024[722](index=722&type=chunk)[723](index=723&type=chunk)[724](index=724&type=chunk) PART III [Financial Statements](index=156&type=section&id=Item%2018.%20Financial%20Statements) Presents the company's consolidated financial statements and reports from its independent auditors Consolidated Balance Sheet Highlights (As of Dec 31) | Metric (USD) | 2024 | 2023 | | :--- | :--- | :--- | | **Total Assets** | $90,331,803 | $127,354,302 | | **Total Liabilities** | $45,578,500 | $82,797,349 | | **Total Shareholders' Equity** | $44,753,303 | $44,556,953 | Consolidated Statement of Income Highlights (Year Ended Dec 31) | Metric (USD) | 2024 | 2023 | 2022 | | :--- | :--- | :--- | :--- | | **Revenues** | $40,429,750 | $89,002,243 | $63,515,071 | | **Net (Loss)/Income from Continuing Operations** | $(6,187,511) | $365,091 | $(58,327) | | **Net (Loss)/Income** | $(6,187,511) | $(9,579,760) | $1,896,188 | | **Basic EPS (USD)** | $(1.31) | $(2.98) | $0.71 | Consolidated Statement of Cash Flows Highlights (Year Ended Dec 31) | Metric (USD) | 2024 | 2023 | | :--- | :--- | :--- | | **Net cash used in operating activities** | $(2,593,308) | $(10,079,465) | | **Net cash (used in)/provided by investing activities** | $(580,364) | $89,950 | | **Net cash provided by financing activities** | $491,084 | $8,553,064 | | **Cash at end of year** | $698,239 | $4,004,740 | [Notes to the Consolidated Financial Statements](index=169&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) Provides detailed explanations of accounting policies, significant events, and financial data composition - On December 30, 2023, the company disposed of its interest in Cheyi BVI, with results reclassified as **discontinued operations** for all periods presented[768](index=768&type=chunk)[868](index=868&type=chunk) - For the year ended December 31, 2024, the company recorded a **credit loss of $2.6 million** under the CECL model[814](index=814&type=chunk)[815](index=815&type=chunk) - As of December 31, 2024, **goodwill on the balance sheet totaled $41.1 million** from acquisitions, with no impairment identified[881](index=881&type=chunk)[883](index=883&type=chunk) - The company's VIEs are consolidated based on contractual agreements that grant **effective control and economic benefits** despite lacking direct equity ownership[901](index=901&type=chunk)[902](index=902&type=chunk)[920](index=920&type=chunk)[936](index=936&type=chunk) - Subsequent to year-end, the company issued **70 million restricted ordinary shares** and received a delisting notice from Nasdaq for failing to meet the minimum bid price requirement[1003](index=1003&type=chunk)[1004](index=1004&type=chunk)

Core Insights - MingZhu Logistics Holdings Limited has secured a significant coal transport contract with Ruoqiang Tengyue Logistics Co., Ltd. through its subsidiary, Shenzhen Yangang Mingzhu Supply Chain Management Co. [1][2] - The contract entails providing coal transportation services until March 20, 2030, utilizing approximately 300 trucks during the contract period [2]. Company Overview - MingZhu Logistics Holdings Limited, established in 2002 and headquartered in Shenzhen, China, is recognized as a 4A-rated professional trucking service provider [5]. - The company operates regional logistics terminals in Guangdong Province, offering tailored logistics solutions through a combination of self-owned and subcontracted fleets [5]. Subsidiary Insights - Mingzhu Supply Chain, founded in 2018, focuses on providing integrated logistics solutions aimed at reducing costs and enhancing efficiency within the supply chain [3]. - The subsidiary's recent contract win is seen as a significant milestone, reinforcing its market position and driving growth momentum for the company [3]. Partner Insights - Ruoqiang Logistics specializes in coal transportation, connecting power plants and chemical factories with efficient logistics solutions [4]. - The company emphasizes operational excellence and customer satisfaction, ensuring timely delivery of coal, which is critical for energy and industrial operations [4]. - Ruoqiang Logistics is noted for its strong cash flow management, enabling financial stability and strategic investments [4].

[Financial Statements](index=1&type=section&id=Financial%20Statements) This section presents the company's interim consolidated financial statements, detailing its financial position, performance, and cash flows [Interim Condensed Consolidated Balance Sheets](index=1&type=section&id=Interim%20Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2024, total assets decreased to **$111.8 million** from **$127.4 million**, driven by reduced cash and receivables, while shareholders' equity declined to **$40.1 million** due to accumulated losses, indicating a weakening financial position Interim Condensed Consolidated Balance Sheets (USD) | Financial Item | June 30, 2024 (Unaudited) (USD) | December 31, 2023 (USD) | | :--- | :--- | :--- | | **Total Current Assets** | $66,815,839 | $83,841,763 | | **Total Assets** | **$111,794,574** | **$127,354,302** | | **Total Current Liabilities** | $71,147,426 | $82,676,261 | | **Total Liabilities** | **$71,661,239** | **$82,797,349** | | **Total Shareholders' Equity** | **$40,133,335** | **$44,556,953** | - Cash decreased significantly from **$3.7 million** to **$1.3 million**, and Accounts Receivable nearly halved from **$31.6 million** to **$16.0 million** between December 31, 2023, and June 30, 2024[2](index=2&type=chunk) - The company's equity position deteriorated, with retained earnings turning into an accumulated loss of **$(4.9) million** from retained earnings of **$4.9 million** at the end of 2023[2](index=2&type=chunk) [Interim Condensed Consolidated Statements of Income and Comprehensive Income](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Statements%20of%20Income%20and%20Comprehensive%20Income) For the six months ended June 30, 2024, revenues sharply declined to **$22.9 million**, resulting in a significant operating loss of **$11.1 million** and a net loss of **$9.8 million**, a substantial deterioration from the prior year Interim Condensed Consolidated Statements of Income and Comprehensive Income (USD) | Metric | Six Months Ended June 30, 2024 (USD) | Six Months Ended June 30, 2023 (USD) | | :--- | :--- | :--- | | **Revenues** | $22,894,170 | $56,090,997 | | **Loss from Operations** | $(11,104,457) | $(901,909) | | **Net Loss** | $(9,798,388) | $(805,636) | | **Losses Per Share - Basic** | $(0.30) | $(0.04) | - Revenues for the first six months of 2024 fell by **59.2%** year-over-year[3](index=3&type=chunk) - General and administrative expenses surged to **$11.2 million** from **$2.1 million** in the prior-year period, contributing significantly to the increased operating loss[3](index=3&type=chunk) - The company ceased its Car-hailing and driver management services, which had generated costs of **$13.0 million** in the first half of 2023, and incurred new costs related to liquor distribution[3](index=3&type=chunk) [Interim Condensed Consolidated Statements of Changes in Shareholders' Equity](index=3&type=section&id=Interim%20Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Shareholders'%20Equity) Shareholders' equity decreased from **$44.6 million** to **$40.1 million** by June 30, 2024, primarily due to a **$9.8 million** net loss, partially offset by new share issuance and foreign currency translation adjustments Interim Condensed Consolidated Statements of Changes in Shareholders' Equity (USD) | Description | Amount (USD) | | :--- | :--- | | **Balance, December 31, 2023** | **$44,556,953** | | Net loss for the period | $(9,798,388) | | Foreign currency translation adjustment | $1,073,994 | | Issuance of shares | $4,300,776 | | **Balance, June 30, 2024** | **$40,133,335** | - The company's retained earnings of **$4.9 million** at the start of the period were wiped out by the **$9.8 million** net loss, resulting in an accumulated deficit of **$(4.9) million**[4](index=4&type=chunk) - The number of outstanding shares increased from **27,529,372** to **37,496,372** due to the new share issuance[4](index=4&type=chunk) [Interim Condensed Consolidated Statements of Cash Flows](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the first six months of 2024, the company's cash position deteriorated, with net cash used in operating activities worsening to **$7.4 million**, leading to a net decrease in cash of **$2.4 million**, despite positive financing activities Interim Condensed Consolidated Statements of Cash Flows (USD) | Cash Flow Activity | Six Months Ended June 30, 2024 (USD) | Six Months Ended June 30, 2023 (USD) | | :--- | :--- | :--- | | **Net cash used in operating activities** | $(7,377,714) | $(3,965,784) | | **Cash provided by investing activities** | $88,287 | $31,102 | | **Net cash provided by financing activities** | $5,336,809 | $2,703,275 | | **Net decrease in cash** | $(2,397,429) | $(1,379,948) | | **Cash at end of the period** | $1,278,953 | $4,307,363 | - The increased cash outflow from operations was primarily driven by the larger net loss, despite positive changes from non-cash items like a **$5.6 million** allowance for credit losses[5](index=5&type=chunk) - Financing activities were a key source of cash, with **$5.1 million** advanced from related parties being the largest contributor[5](index=5&type=chunk)

Core Viewpoint - MingZhu Logistics Holdings Limited announced the acquisition of HOLDCO 36, which is expected to transform the company into higher growth market segments with favorable regulatory conditions and demand catalysts [1][2]. Company Overview - MingZhu Logistics Holdings Limited, established in 2002 and headquartered in Shenzhen, China, is a 4A-rated professional trucking service provider, offering tailored logistics solutions across the country [3]. Acquisition Details - The acquisition of HOLDCO 36 is an all-stock transaction subject to customary closing conditions, including regulatory approvals [1]. - The acquisition is part of MingZhu's active M&A strategy, focusing on long-term potential and shareholder value [2]. - The initial business assets being acquired include: - Green Fuel Smart Trading Platform, aimed at establishing a global distribution platform for sustainable fuels [2]. - EPC+O services for biomass energy and new energy systems, providing consulting services across multiple continents [2]. - An intelligent financial service platform for leasing green vessels and maritime equipment [2]. - Digital Energy Services Segment targeting the steel industry, focusing on carbon reduction and energy management [2].

Core Points - MingZhu Logistics Holdings Limited has regained compliance with Nasdaq Listing Rule 5550(a)(2) after curing a bid price deficiency, allowing its ordinary shares to continue trading uninterrupted under the ticker "YGMZ" [1] Company Overview - MingZhu Logistics Holdings Limited, established in 2002 and headquartered in Shenzhen, China, is a 4A-rated professional trucking service provider [2] - The company operates regional logistics terminals in Guangdong Province, offering tailored logistics solutions through a combination of self-owned fleets and subcontractors' fleets, ensuring broad geographic coverage across China [2]

Core Viewpoint - MingZhu Logistics Holdings Limited has secured a significant one-year vehicle transport contract with Sinotrans Logistics, enhancing its operational capacity and financial performance [1][2]. Company Overview - MingZhu Logistics Holdings Limited, established in 2002 and headquartered in Shenzhen, China, is a 4A-rated professional trucking service provider, offering tailored logistics solutions across the country [4]. - The company operates through regional logistics terminals in Guangdong Province, utilizing a combination of self-owned and subcontracted fleets to deliver goods efficiently [4]. Contract Details - The contract awarded to MingZhu's subsidiary, Shanghai Feipeng Supply Chain Management Co., Ltd., involves transporting new energy commercial vehicles from Zhejiang Geely Holding Group's factories to various destinations in China [1]. - Initially, Feipeng will deploy 100 trucks for this transportation service, which will last until June 2025 [1]. Strategic Importance - The contract win is seen as a demonstration of MingZhu's capability to support high-profile customers, which is expected to drive significant growth and momentum for the company [2]. - Sinotrans Logistics, the contracting party, is one of the largest contract logistics companies in China, operating multiple business platforms and collaborating with numerous Fortune 500 companies [3].