M
MAO SHAN HUANG HOLDINGS Ltd
MSHFiledMAO SHAN HUANG HOLDINGS Ltd · Nasdaq · latest filing 2026-06-15
One-minute decisionBASIC RESEARCHSource completeness · 71%
IPO research
Mao Shan Huang is a profitable PRC premium-fruit distributor presented through a Cayman VIE structure, but this first F-1 is unusually incomplete and internally inconsistent. The deal proposes 3.2 million primary shares at $4–$6, yet the underwriter, fees, over-allotment size, dilution table, net proceeds and lock-up duration remain blank. More importantly, MD&A assigns $85.19 million revenue and $8.78 million net income to 2025 while the selected and consolidated statements label those figures as 2024. Until an amendment reconciles the financial periods, completes CSRC filing, names the underwriter and fills the transaction economics, valuation and earnings comparisons are not decision-grade.
The preliminary F-1 was filed June 15, 2026 and proposes 3,200,000 primary ordinary shares at a $4–$6 range under intended Nasdaq symbol MSH. As of this filing, Nasdaq listing was not assured, the required CSRC filing was still being drafted, and no pricing, effectiveness, closing or trading was confirmed.
Capital destination
Awaiting verificationF-1 · 2026-06-15
Share-type percentages are not net-proceeds percentages. Amounts retain their stated gross/net basis; do not add unlike bases.
Check the source · F-1 ↗Capital destination
Awaiting verificationF-1 · 2026-06-15
Share-type percentages are not net-proceeds percentages. Amounts retain their stated gross/net basis; do not add unlike bases.
Check the source · F-1 ↗BOOKRUNNERS / LEAD UNDERWRITERSBookrunners / lead underwriters
NOT YET DISCLOSEDNames not yet published
Fully diluted valuation bridge
| Status | Reference |
|---|---|
| Awaiting verification | Source ↗ |
Basic-price scenario
A verified single offer price and basic post-offer share count are required. This is a data gap, not a paid lock.
Check the source · F-1 ↗Holder data awaits verification
Control is highly concentrated, but the filing internally conflicts over whether Ngai Seak Hong controls 18 million or all 20 million pre-offering shares. · 2026-06-15
Control is highly concentrated, but the filing internally conflicts over whether Ngai Seak Hong controls 18 million or all 20 million pre-offering shares.
One disclosed holder; not a complete ownership distribution.Check the source · F-1 ↗Conditional lock-up timeline
| Status | Reference |
|---|---|
| Awaiting verification | Source ↗ |
Financial quality and runway
| Status | Reference |
|---|---|
| Awaiting verification | Source ↗ |
Latest filing update
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SEC filing history
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The Cayman issuer has no equity in the VIE; adverse PRC interpretation or failed contractual enforcement could materially reduce or eliminate the value of the shares.
- Potential impact
- Awaiting verification
- Monitor
- Next research checkpoint: an amended F-1 that reconciles the 2024/2025 financial columns, completes the CSRC status, identifies the underwriter and fills net proceeds, dilution, allocations, over-allotment and lock-up terms; then verify SEC effectiveness, final prospectus, Nasdaq approval and actual trading separately.