WiMi Hologram Cloud Inc.'s SEC filings document foreign private issuer reporting for a holographic cloud and augmented-reality technology company. Form 6-K reports include annual Form 20-F availability, interim condensed consolidated financial statements, management discussion and analysis, and current-event disclosures tied to the company's operating results and financial condition.
The filings also record corporate governance and capital-allocation matters, including board and audit committee changes and a convertible note purchase involving the subsidiary MicroAlgo Inc.. These documents describe the company's reporting basis, exhibit agreements, committee composition, and financial disclosures for its holographic AR and semiconductor-related operations.
WiMi Hologram Cloud Inc. reported multiple board and leadership changes effective March 31, 2026. Mr. Songrui Guo resigned as director and Chief Technology Officer, while Mr. Teck Yong Heng and Ms. Ting Zhang stepped down as independent directors, with Mr. Heng also leaving his role as Audit Committee chairperson.
The company stated these resignations were not due to any dispute or disagreement over operations, policies, practices, or accounting. To fill the vacancies, the Board appointed Mr. Ethan Yang as an independent director and Audit Committee member and named existing independent director Mr. Hongtao Zhao as the new Audit Committee chairperson.
Following these moves, the Audit Committee consists of two independent directors, Mr. Zhao and Mr. Yang, who each meet the independence requirements of the Nasdaq Stock Market and the Securities Exchange Act of 1934.
WiMi Hologram Cloud Inc. (WIMI) filed a Form 6-K to disclose a $35 million unsecured convertible note purchase from its majority-owned subsidiary, MicroAlgo Inc., executed on 20 June 2025. WiMi paid $32.2 million, reflecting an 8 % original-issue discount; the note therefore carries an immediate paper gain of $2.8 million and bears no interest. The instrument matures in 360 days, supplying MicroAlgo with near-term working capital to fund growth and R&D while allowing the parent to sustain its strategic influence over the fast-growing subsidiary.
Conversion mechanics: WiMi may convert the note into MicroAlgo Class A ordinary shares at any time at a 60 % discount to the lowest closing price recorded during the 60 trading days prior to a conversion notice. This deep discount is economically favourable to WiMi but could prove highly dilutive to MicroAlgo shareholders if exercised.
Lock-up terms: WiMi entered a parallel 10-year Lock-Up Agreement prohibiting the sale or transfer of any conversion shares, subject to limited exceptions. The long lock-up mitigates near-term market overhang risk yet materially limits WiMi’s liquidity on the investment.
Strategic rationale: Management cites the need to provide funding for MicroAlgo’s rapid expansion and to preserve the parent-subsidiary relationship. No financial covenants, interest expense or external counterparty risk are present, indicating an internal capital reallocation rather than third-party financing. The filing attaches the Purchase Agreement (Ex. 99.1), Note (Ex. 99.2) and Lock-Up Agreement (Ex. 99.3) for full contractual details.