Jinxin Technology appoints Summit Group CPAs after clean WWC exit

Rhea-AI Filing Summary

Jinxin Technology Holding Company (symbol: NAMI) filed a Form 6-K announcing the dismissal of WWC, P.C. and the appointment of Summit Group CPAs, P.C. (SG CPA) as its independent registered public accounting firm, effective 11 July 2025. The board of directors and audit committee approved the change after a formal evaluation process. WWC’s audit opinions on the Company’s FY 2022-2024 consolidated financial statements were clean, with no qualifications or adverse language. The filing states that during FY 2023-2024 and through 11 July 2025 there were no disagreements or reportable events with WWC regarding accounting principles, financial disclosures, or audit scope. The only reportable control issue remains the material weaknesses in internal control over financial reporting previously disclosed in the FY 2024 Form 20-F, specifically a shortage of personnel knowledgeable in U.S. GAAP and SEC requirements. The Company confirms that it did not consult SG CPA on any accounting matters prior to the engagement. WWC has been asked to provide a letter to the SEC confirming its agreement with the disclosures (filed as Exhibit 16.1). No other financial data, earnings information, or strategic transactions are included in this report.

Positive

• Clean audit opinions from outgoing auditor for FY 2022-2024 with no qualifications or adverse language.
• No disagreements or reportable events identified between the Company and WWC during the audit period.
• Board and audit committee approval signals adherence to proper corporate governance procedures in selecting a new auditor.

Negative

• Auditor change introduces transitional uncertainty and may draw additional investor scrutiny.
• Material weaknesses in internal control over financial reporting remain unresolved, tied to insufficient U.S. GAAP expertise.
• No prior consultations with new auditor could lengthen onboarding and increase audit complexity.

Insights

Corporate Governance Expert

TL;DR: Auditor switch appears procedural; clean prior opinions limit governance risk, but unresolved control weaknesses remain.

The board-approved move from WWC to Summit Group CPAs seems orderly: no disagreements, no scope limitations, and prior audits were unqualified. This lowers the likelihood of undisclosed disputes that could signal deeper financial issues. However, the filing reiterates material weaknesses tied to insufficient U.S. GAAP expertise—an area investors expect to see remediated. Until additional qualified finance staff are hired and controls improved, auditor rotation alone will not fully mitigate reporting risk. Overall impact is neutral from a governance standpoint.

Securities Analyst

TL;DR: Auditor change modestly increases short-term uncertainty; ongoing control weaknesses are a lingering negative.

Auditor transitions often prompt incremental diligence from investors and regulators. While WWC issued clean opinions and confirms no disputes, Summit Group CPAs must familiarize itself with the Company’s complex reporting environment, potentially elongating future audit timelines. The continued disclosure of material control weaknesses suggests remediation efforts have not yet succeeded, which could affect audit fees and raise the risk of future restatements. Because no earnings or transactional data accompany the filing, market impact should be limited but tilts slightly negative until internal control issues are resolved.

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

 

 

FORM 6-K

 

 

 

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of July 2025

 

Commission File Number: 001-42287

 

 

 

Jinxin Technology Holding Company

(Exact name of registrant as specified in its charter)

 

 

 

Floor 8, Building D, Shengyin Building, Shengxia Road 666

Pudong District, Shanghai 201203

People’s Republic of China

+86 21-5058-2081

(Address of principal executive offices)

 

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F ☒         Form 40-F ☐

 

 

 

 

 

 

Change of Independent Registered Public Accounting Firm

 

Jinxin Technology Holding Company (the “Company”) dismissed WWC, P.C. (“WWC”) as its independent registered public accounting firm on July 11, 2025. The Company has appointed Summit Group CPAs, P.C. (“SG CPA”) as its independent registered public accounting firm, effective on the same date. The change of the independent registered public accounting firm was made after a careful consideration and evaluation process by the Company, and has been approved by the Company’s board of directors and the audit committee. The audit report of WWC on the consolidated financial statements of the Company for the fiscal years ended December 31, 2022, 2023 and 2024 did not contain any adverse opinion or disclaimer of opinion and was not qualified or modified as to uncertainty, audit scope or accounting principles.

 

During the fiscal years ended December 31, 2023 and 2024, and the subsequent interim period through July 11, 2025, there were no: (1) “disagreements” (as that term is defined in Item 16F(a)(1)(iv) of Form 20-F and the related instructions) between the Company and WWC on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of WWC, would have caused WWC to make reference in connection with their opinion to the subject matter of the disagreement, or (2) reportable events as set forth in Item 16F(a)(1)(v)(A) through (D) of Form 20-F, other than the material weaknesses as reported in Item 15 of the Company’s annual report on Form 20-F for the fiscal year ended December 31, 2024 filed with the U.S. Securities and Exchange of Commission (the “SEC”) on April 18, 2025. Such material weaknesses related to the Company’s lack of sufficient accounting and financial reporting personnel with appropriate knowledge of U.S. GAAP and financial reporting requirements set forth by the SEC to design and implement period-end financial reporting policies and procedures for the preparation of its consolidated financial statements and related disclosures in accordance with U.S. GAAP and the SEC reporting requirements.

 

During the Company’s fiscal years ended December 31, 2023 and 2024 and until the engagement of SG CPA, neither the Company nor anyone on its behalf has consulted with SG CPA on either (a) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company’s consolidated financial statements, and neither a written report nor oral advice was provided to the Company by SG CPA which SG CPA concluded as an important factor considered by the Company in reaching a decision as to any accounting, auditing or financial reporting issue, or (b) any matter that was the subject of a disagreement, as that term is defined in Item 16F(a)(1)(iv) of Form 20-F (and the related instructions thereto) or a reportable event as set forth in Item 16F(a)(1)(v)(A) through (D) of Form 20-F.

 

The Company provided WWC with a copy of the disclosures it is making in this report on Form 6-K and requested that WWC furnish a letter addressed to the SEC stating whether or not it agrees with the statements made herein. A copy of WWC’s letter, dated July 11, 2025, is attached as Exhibit 16.1 to this report on Form 6-K.

 

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EXHIBIT INDEX

 

Exhibit No.	 	Description
 	 	 
Exhibit 16.1	 	Letter of WWC, P.C. dated July 11, 2025

 

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SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 	Jinxin Technology Holding Company
 	 
 	By:	/s/ Jin Xu
 	Name:	Jin Xu
 	Title:	Chairman of the Board of Directors and Chief Executive Officer

 

Date: July 11, 2025

 

 

 

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FAQ

Why did Jinxin Technology (NAMI) change its independent auditor?

The board approved replacing WWC, P.C. with Summit Group CPAs, P.C. after a formal evaluation; no specific dispute was cited.

Were there any disagreements with WWC regarding NAMI's financial statements?

No; the filing states there were no disagreements or reportable events during FY 2023-2024 and up to 11 July 2025.

Do material weaknesses still exist at Jinxin Technology?

Yes; the Company reiterates previously disclosed weaknesses related to insufficient personnel knowledgeable in U.S. GAAP and SEC reporting.

When does Summit Group CPAs’ engagement become effective?

Summit Group CPAs, P.C. became the independent auditor on 11 July 2025.

What is contained in Exhibit 16.1 of the Form 6-K?

Exhibit 16.1 is a letter from WWC, P.C. to the SEC confirming its agreement with the Company’s disclosures.