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UTime Limited completed a private placement of up to 80,000,000 Class A ordinary shares at $0.3125 per share, for an aggregate purchase price of approximately $25 million, to certain non-U.S. investors under Regulation S. The company plans to use the net proceeds for working capital and other general corporate purposes. The transaction closed on August 22, 2025 after all closing conditions in the securities purchase agreement were satisfied.
The company also announced governance changes. Effective August 18, 2025, independent director Ms. Na Cai resigned from the board and from her roles on the audit, compensation, and nominating committees for personal reasons, stating there was no disagreement with management or the board. On August 21, 2025, the board approved the appointment of Mr. Yanzhi Wang as an independent director and committee member, effective August 22, 2025, under a director offer letter setting the terms of his service.
UTime Limited operates as a Cayman Islands holding company and conducts substantially all operations in China through a consolidated variable interest entity (VIE), United Time Technology Co., Ltd., under contractual arrangements rather than equity ownership. The company reported consolidated revenue of RMB 250,997 thousand (FY2025) with a gross profit of RMB 7,084 thousand, but recorded a large consolidated net loss of RMB 670.1 million (approximately US$92.3 million) in FY2025.
Operating cash flows were negative in recent years, with cash used in operations of RMB 31.7 million (US$4.4 million) in FY2025 after a larger outflow in FY2024. Cash on hand totaled US$15.1 million at March 31, 2025 (about US$10.4 million in Hong Kong, US$4.6 million in the U.S., and US$0.1 million in the PRC). The filing discloses material weaknesses in internal control over financial reporting and highlights regulatory risks tied to the VIE structure and U.S. inspection/delisting provisions (HFCA Act/PCAOB). Outstanding Class A shares totaled 3,604,015 as of March 31, 2025.