Announcement • Jun 12
Nasdaq to Delist ADS of Fresh2 Group The Nasdaq Stock Market announced that it will delist the American Depositary Shares of Fresh2 Group Limited. Fresh2 Group's stock was suspended on December 24, 2024 and has not traded on Nasdaq since that time. Announcement • Dec 25
Fresh2 Group Limited(NasdaqCM:FRES) dropped from NASDAQ Composite Index AnPac Bio-Medical Science Co., Ltd. has been dropped from the NASDAQ Composite Index . New Risk • Nov 10
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended June 2023. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported June 2023 fiscal period end). Share price has been highly volatile over the past 3 months (19% average weekly change). Shareholders have been substantially diluted in the past year (53% increase in shares outstanding). Market cap is less than US$10m (US$2.96m market cap). Minor Risk Revenue is less than US$5m (CN¥17m revenue, or US$2.4m). Board Change • Nov 04
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. 1 experienced director. No highly experienced directors. Member of Technical Advisory Board Lee Shulman is the most experienced director on the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Apr 25
Fresh2 Group Limited Announces Receipt of A Delinquency Compliance Alert Notice from Nasdaq Fresh2 Group Ltd. (Fresh2 or the Company) announced that on April 18, 2024, it received a delinquency compliance alert notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC (Nasdaq) advising the Company that due to the Company's failure to timely file its Annual Report on Form 10-K for the fiscal year ended December 31, 2023, with the Securities and Exchange Commission (the SEC), the Company is not in compliance with Nasdaq's continued listing requirements under Nasdaq Listing Rule 5250(c)(1) (the Rule), which requires the timely filing of all required periodic reports with the SEC. Nasdaq provided the Company 60 days to submit a plan to regain compliance with the Rule (the Plan). The Company intends to submit its plan of compliance to Nasdaq by June 17, 2024. If Nasdaq accepts the Plan, the Company may be granted an extension of 180 calendar days from the due date of the Form 10-K, or until October 14, 2024, to regain compliance with the Rule. In the event the Plan is not accepted by Nasdaq, the Company may appeal that decision to a Hearings Panel. Announcement • Apr 03
Fresh2 Group Limited announced delayed annual 10-K filing On 04/02/2024, Fresh2 Group Limited announced that they will be unable to file their next 10-K by the deadline required by the SEC. Announcement • Feb 21
Fresh2 Group Ltd Launches TikTok Video E-commerce Venture, Bridging the Gap Between Food Sources and Consumers Fresh2 Group Ltd. announced the launch of its video e-commerce venture on TikTok. This innovative venture marks a significant milestone in mission to revolutionize how consumers connect with food sources, bringing a fresh, dynamic approach to online shopping. Understanding the evolving consumer demand for transparency, quality, and value in building on the success of newly unveiled video e-commerce platform, Fresh2 is set to further enhance the shopping experience by introducing live food e-commerce in the near future. This ambitious expansion will offer an exclusive opportunity for consumers to engage directly with food sources like never before. By providing live broadcasts from food plants and farms, Fresh2 aims to open a window into the source of food production, offering transparency and trust in every purchase. Announcement • Jan 30
Fresh2 Group Receives Deficiency Notice from the Nasdaq Regarding Fails to Comply with the $1 Minimum Bid Price Required for Continued Listing on the Nasdaq Capital Market Under Nasdaq Listing Rule 5550(a)(2) On January 26, 2024, Fresh2 Group Limited (the ‘Company’) received a deficiency notice (the ‘Notice’) from The Nasdaq Stock Market (‘Nasdaq’) informing the Company that it failed to comply with the $1 minimum bid price required for continued listing on The Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2) based upon the closing bid price of the American Depositary Shares (‘ADSs’) of the Company for the 30 consecutive business days prior to the date of the Notice from Nasdaq. Nasdaq’s Notice has no immediate effect on the listing of the Company’s ADSs on The Nasdaq Capital Market. Pursuant to the Notice, the Company has been provided an initial compliance period of 180 calendar days, or until July 24, 2024, to regain compliance with the minimum bid price requirement. To regain compliance, the closing bid price of the ADSs must meet or exceed $1.00 per share for a minimum of ten consecutive business days prior to July 24, 2024. If the Company is unable to regain compliance by July 24, 2024, the Company may be eligible for an additional 180 calendar day compliance period to demonstrate compliance with the bid price requirement. To qualify, the Company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the bid price requirement, and will need to provide written notice to Nasdaq of its intention to cure the deficiency during the second compliance period, by effecting a reverse stock split, if necessary. If the Company does not qualify for the second compliance period or fails to regain compliance during the second 180-day period, Nasdaq will notify the Company of its determination to delist the ADSs, at which point the Company would have an opportunity to appeal the delisting determination to a Hearings Panel. The Company intends to monitor the closing bid price of the ADSs and may, if appropriate, consider implementing available options to regain compliance with the minimum bid price requirement under the Nasdaq Listing Rules. Announcement • Dec 16
Fresh2 Group Limited Appoints Zhijun (Michael) Liang as Independent Director, Effective January 1, 2024 Fresh2 Group Ltd. announced the appointment of Zhijun (Michael) Liang, as an independent director of the Company, effective January 1, 2024.Zhijun (Michael) Liang, has spent more than two decades providing management consulting and investment management services, primarily to start-ups and growth businesses, enabling them to address expansion needs and financial challenges. He co-founded Beijing Yuantong Funds Management Co. Ltd., and has led its risk and investment management since 2018. Concurrently, as the Managing Partner of Shanghai Tongdai Business Management Consulting LLP, he manages the firm's financial and management advisory services, dedicated to delivering premium solutions tailored to the unique needs of its clients.Mr. Liang holds an MBA degree in general management from HEC Montreal, the business school of the University of Montreal and a Bachelor of Arts degree in English Language and Literature from South-Central University for Nationalities (PRC). Announcement • Jul 23
Fresh2 Group Limited Appoints Yidong Hu as Chief Strategy Officer On July 21, 2023, Fresh2 Group Limited appointed Mr. Yidong Hu as the Chief Strategy Officer of the Company, effectively immediately. Since 2009, Mr. Hu has served as the chairman of the board and the chief executive officer of Shenzhen Yinhetong Technology Co. Ltd. and SMI Holdings Group Limited, an investment holding company that operates theaters China and was previously listed on the Hong Kong Exchange. Mr. Hu obtained an EMBA degree from Graduate School of Tsinghua University and a bachelor’s degree in English from Linyi University in Shandong, China. Announcement • Jun 13
Fresh2 Group Ltd. Regains Compliance with Nasdaq Listing Requirements Fresh2 Group Ltd., formerly AnPac Bio-Medical Science Co. Ltd. (NASDAQ: FRES), announced that The Nasdaq Stock Market LLC ('Nasdaq") notified the Company on June 9, 2023 that Nasdaq has determined the Company has regained compliance with the requirements to remain listed on The Nasdaq Capital Market, as required by the Hearing Panel's ("Panel") decision dated March 22, 2023. Pursuant to Listing Rule 5815(d)(4)(B), the Company will be subject to a Mandatory Panel Monitor for a period of one year from June 9, 2023. If, within that one-year monitoring period, Listing Qualifications staff ("Staff") finds the Company again out of compliance with the requirement that was the subject of the exception, notwithstanding Rule 5810(c)(2), the Company will not be permitted to provide the Staff with a plan of compliance with respect to that deficiency and Staff will not be permitted to grant additional time for the Company to regain compliance with respect to that deficiency, nor will the company be afforded an applicable cure or compliance period pursuant to Rule 5810(c)(3). Instead, Staff will issue a Delist Determination Letter and the Company will have an opportunity to request a new hearing with the initial Panel or a newly convened Hearings Panel if the initial Hearings Panel is unavailable. The Company will have the opportunity to respond/present to the Panel as provided by Listing Rule 5815(d)(4)(C). The Company's securities may be at that time delisted from Nasdaq. Announcement • May 18
Fresh2 Group Limited Announces the Resignation of Chris Chang Yu as Co-Chief Executive Officer Fresh2 Group Limited announced that on May 17, 2023, Mr. Chris Chang Yu resigned as the Co-Chief Executive Officer of the company, effective immediately. Mr. Yu's resignation did not result from any disagreement with the Company or its management. Announcement • Feb 10
AnPac Bio-Medical Science Co., Ltd. (NasdaqCM:ANPC) entered into an agreement to acquire Fresh2 Ecommerce Inc for $2.1 million. AnPac Bio-Medical Science Co., Ltd. (NasdaqCM:ANPC) entered into an agreement to acquire Fresh2 Ecommerce Inc for $2.1 million on February 7, 2023. Pursuant to the SPA, the Company agreed to purchase 100% of the issued and outstanding equity interest of Fresh2 Ecommerce in consideration of $2,100,000, payable in the form of 5,440,420 newly issued Class A ordinary shares of the Company (or 272,021 American Depositary Shares or “ADSs”). The closing of the transaction is expected to take place in the first quarter of 2023. Board Change • Aug 10
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 6 new directors. 2 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Director Feng Guo is the most experienced director on the board, commencing their role in 2018. Independent Director Jianhua Shao was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • May 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. CEO & Chairman Aidong Chen was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 28
Third quarter 2021 earnings: Revenues miss analyst expectations Third quarter 2021 results: Revenue: -CN¥450.0k (down 106% from 3Q 2020). Net loss: CN¥12.6m (loss widened 2.8% from 3Q 2020). Revenue missed analyst estimates by 58%. Over the next year, revenue is forecast to grow 228%, compared to a 458% growth forecast for the industry in the US. Reported Earnings • Oct 17
Second quarter 2021 earnings released: CN¥2.16 loss per share (vs CN¥3.15 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: CN¥7.07m (up 126% from 2Q 2020). Net loss: CN¥28.0m (loss narrowed 20% from 2Q 2020). Major Estimate Revision • Jun 03
Consensus revenue estimates fall to CN¥34.5m The consensus outlook for revenues in 2021 has deteriorated. 2021 revenue forecast decreased from CN¥41.2m to CN¥34.5m. Forecast losses increased from -CN¥2.81 to -CN¥4.28 per share. Biotechs industry in the US expected to see average net income decline 6.5% next year. Consensus price target of US$8.00 unchanged from last update. Share price fell 7.1% to US$4.30 over the past week. Reported Earnings • May 29
First quarter 2021 earnings released: CN¥1.93 loss per share (vs CN¥2.56 loss in 1Q 2020) The company reported a solid first quarter result with improved revenues and control over costs, although losses increased. First quarter 2021 results: Revenue: CN¥2.19m (up 7.9% from 1Q 2020). Net loss: CN¥29.0m (loss widened 3.6% from 1Q 2020). Reported Earnings • May 03
Full year 2020 earnings released The company reported a solid full year result with reduced losses, improved revenues and improved control over expenses. Full year 2020 results: Revenue: CN¥20.5m (up 89% from FY 2019). Net loss: CN¥80.5m (loss narrowed 20% from FY 2019). Is New 90 Day High Low • Feb 18
New 90-day high: US$7.70 The company is up 137% from its price of US$3.25 on 19 November 2020. The American market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Biotechs industry, which is up 19% over the same period. Is New 90 Day High Low • Nov 26
New 90-day high: US$7.14 The company is up 28% from its price of US$5.56 on 27 August 2020. The American market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Biotechs industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share.