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Sharing Economy International Inc. reports full-year 2023 results and outlines substantial Hong Kong/PRC-related risks. The Nevada holding company operates mainly through Hong Kong subsidiaries and notes investors do not directly own those subsidiaries, relying instead on upstream cash distributions.
For 2023, the company reports one-off net income of $25.6 million, driven largely by disposal of subsidiaries and a wider restructuring, which shifted stockholders’ equity from a deficit of $(14.8) million at December 31, 2022 to positive equity of $14.1 million at December 31, 2023. Cash and cash equivalents were only $1,557, underscoring tight liquidity.
Management and auditors both highlight substantial doubt about the company’s ability to continue as a going concern over the next twelve months, citing past losses, limited revenues from its ECrent sharing platform and dependence on new funding. The report emphasizes extensive legal and operational risks stemming from evolving PRC and Hong Kong regulation, potential intervention by Chinese authorities, foreign exchange and tax constraints, and possible future impacts of the Holding Foreign Companies Accountable Act on U.S. trading of its stock.
Sharing Economy International Inc. reported a sharp swing to profit for the nine months ended September 30, 2023, driven by a one-time gain. The company booked net income of $25.6 million, mainly from a $26.2 million gain on disposal of subsidiaries, while its core business generated no revenue and an operating loss of $0.6 million.
Total assets rose to $18.0 million and working capital improved to about $14.2 million, turning prior negative equity positive. However, cash was only $1,666 and accumulated deficits were $55.4 million. Management disclosed substantial doubt about the company’s ability to continue as a going concern, citing ongoing losses from operations and dependence on external financing.
Sharing Economy International Inc. reported no revenue for the three and six months ended June 30, 2023, reflecting that its sharing economy business is not yet generating sales. Operating expenses fell sharply to $562,442 for the quarter and $598,207 for the first half, down more than half from the prior-year periods.
A $26.2 million gain on disposal of subsidiaries drove net income of $25.6 million, or $0.04 per basic share, for the six months, compared with a net loss a year earlier. This restructuring eliminated significant discontinued-operation liabilities and moved stockholders’ equity from a deficit to a positive $14.2 million as of June 30, 2023.
Despite the improved balance sheet, the company had only $1,823 of cash, an accumulated deficit of $55.4 million, and negative operating cash flow. Management states that existing capital resources are not adequate for the next twelve months and that there is substantial doubt about the company’s ability to continue as a going concern without new debt or equity financing.
Sharing Economy International Inc. reported net income of $26,205,776 for the three months ended March 31, 2023, driven almost entirely by a $26,222,555 gain on disposal of subsidiaries classified as discontinued operations. The company generated no revenues and recorded an operating loss of $35,765, reflecting limited ongoing activity.
Total assets rose to $18,001,588, largely due to a new related-party receivable of $17,983,635, while cash and cash equivalents were only $6,965. Working capital turned positive at $14,123,008, helped by removing liabilities tied to discontinued operations.
Convertible note payable was $1,031,775 and the company is in default on Pyram notes totaling $1,010,275. Management disclosed substantial doubt about the ability to continue as a going concern, citing an accumulated deficit of $54,819,792 and insufficient capital resources. Internal control over financial reporting was deemed ineffective due to material weaknesses.
Sharing Economy International Inc., a Nevada holding company with operations conducted through subsidiaries in Hong Kong, reports a financially distressed position for the year ended December 31, 2022. The company focuses on sharing-economy platforms and the ECrent online rental marketplace, but these initiatives remain early stage with limited revenues.
At year-end 2022, cash was minimal, liabilities far exceeded assets and stockholders’ equity was deeply negative, leading management and auditors to express substantial doubt about the company’s ability to continue as a going concern. The business relies on short-term bank loans and potential future financings to fund operations and an estimated $2 million expansion need.
The company highlights significant legal and regulatory risks tied to its Hong Kong- and PRC-related structure, including possible PRC policy changes, capital controls, tax exposure, data and cybersecurity rules, and potential impacts from the Holding Foreign Companies Accountable Act on U.S. trading status. No dividends or intercompany cash transfers have occurred, and management does not expect dividends in the foreseeable future.
Sharing Economy International Inc. filed an update explaining that a prior report of board and leadership changes was made in error. The company states it did not receive valid director resignations or consents, and no valid new appointments were made by the board or stockholders.
As a result, Shanna Wu, Michael Bibat Bautista, Shao Yuan Guo and Wai Yin Cheng remain the only directors. The filing also clarifies that Ximing Huang is not the President or Chief Executive Officer. Wu Shaunna continues to serve as the company’s Chief Executive Officer and President.
Sharing Economy International Inc. reported a change in its independent auditor. On January 29, 2026, the board accepted the resignation of Olayinka Oyebola & Co. as the company’s independent registered public accountant, effective immediately, and engaged Lao Professionals to audit the consolidated financial statements for the fiscal years ending December 31, 2022, 2023, 2024 and 2025, as well as quarterly reviews for March, June and September in 2023, 2024 and 2025. The company stated that, during the fiscal years ended December 31, 2021 and through the decision date, it did not consult Lao Professionals on accounting principles, potential audit opinions, or any matters involving disagreements or reportable events with the prior auditor.
Sharing Economy International Inc. reported major board changes. On January 7, 2026, four directors resigned from the board, and the company stated the resignations were not due to any disagreement over operations, policies, or practices.
On the same day, the board appointed Ximing Huang as president and director, and later he signed this report as chief executive officer. The board also added Johnny Chen and Tin Chi Chan as directors, and Dr. Kevin Yikang Zhang and Dr. Hao Zheng as independent directors. Committee assignments for the new board members have not yet been determined, and no related-party transactions requiring disclosure were reported.
Sharing Economy International Inc. announced a leadership change, with Chan Pak Hei Jefferson resigning as Chief Executive Officer, Chief Financial Officer, Secretary and Director effective March 1, 2023. The company states his departure is for personal reasons and not due to any disagreement over operations, policies or practices.
On the same date, Shanna Wu, age 35, was appointed Chief Executive Officer, Chief Financial Officer, Secretary and Director. Wu has served as the company’s Business Development Manager since 2020 and is described as bringing deep experience in business development and administration. Jefferson Chan continues to hold approximately 6.92% of the company’s outstanding common shares.