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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 20-F

(Mark One)

REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                   to                   

OR

SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of event requiring this shell company report __________

Commission File Number: 001-41576

ECARX Holdings Inc.

(Exact Name of Registrant as Specified in Its Charter)

N/A

(Translation of Registrant’s Name into English)

Cayman Islands

(Jurisdiction of Incorporation or Organization)

ECARX office, 2nd Floor South, International House

1 St. Katharine’s Way

London E1W 1UN

United Kingdom

(Address of Principal Executive Offices)

Ramesh Narasimhan, Chief Financial Officer

Telephone: +44 744 3344 353

Email: ramesh.narasimhan@ecarxgroup.com

ECARX office, 2nd Floor South, International House

1 St. Katharine’s Way

London E1W 1UN

United Kingdom

(Name, Telephone, Email and/or Facsimile Number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12 (b) of the Act:

Title of Each Class

    

Trading Symbol

    

Name of Each Exchange on Which Registered

Class A ordinary shares, par value $0.000005 per share

ECX

The Nasdaq Stock Market LLC

Warrants

ECXWW

The Nasdaq Stock Market LLC

Securities registered or to be registered pursuant to Section 12 (g) of the Act:

None

(Title of Class)

Securities for which there is a reporting obligation pursuant to Section 15 (d) of the Act:

None

(Title of Class)

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report : 288,434,474 Class A ordinary shares and 48,960,916 Class B ordinary shares, par value US$0.000005 per share, as of December 31, 2022.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes No

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

Yes No

Note — Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated filer

Accelerated Filer

Non-Accelerated Filer

Emerging Growth Company

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.     

†The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.     

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.     

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).      

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP 

International Financial Reporting Standards
as issued by the International Accounting Standards Board

Other

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.

Item 17 Item 18

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes  No

(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13, or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

Yes  No

Table of Contents

TABLE OF CONTENTS

INTRODUCTION

1

FORWARD-LOOKING INFORMATION

3

PART I

5

Item 1.

Identity of Directors, Senior Management and Advisers

5

Item 2.

Offer Statistics and Expected Timetable

5

Item 3.

Key Information

5

Item 4.

Information on the Company

59

Item 4A.

Unresolved Staff Comments

81

Item 5.

Operating and Financial Review and Prospects

81

Item 6.

Directors, Senior Management and Employees

100

Item 7.

Major Shareholders and Related Party Transactions

112

Item 8.

Financial Information

114

Item 9.

The Offer and Listing

115

Item 10.

Additional Information

115

Item 11.

Quantitative and Qualitative Disclosures about Market Risk

130

Item 12.

Description of Securities Other than Equity Securities

131

PART II

131

Item 13.

Defaults, Dividend Arrearages and Delinquencies

131

Item 14.

Material Modifications to the Rights of Security Holders and Use of Proceeds

131

Item 15.

Controls and Procedures

131

Item 16A.

Audit Committee Financial Expert

132

Item 16B.

Code of Ethics

133

Item 16C.

Principal Accountant Fees and Services

133

Item 16D.

Exemptions from the Listing Standards for Audit Committees

133

Item 16E.

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

133

Item 16F.

Change in Registrant’s Certifying Accountant

133

Item 16G.

Corporate Governance

134

Item 16H.

Mine Safety Disclosure

134

Item 16I.

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

134

Item 16J.

Insider Trading Policies

134

PART III

135

Item 17.

Financial Statements

135

Item 18.

Financial Statements

135

Item 19.

Exhibits

135

SIGNATURES

138

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INTRODUCTION

In this annual report, except where the context otherwise requires and for purposes of this annual report only:

“Business Combination” means the transactions contemplated by the Agreement and Plan of Merger, dated as of May 26, 2022 by and among COVA, ECARX Holdings, Ecarx Temp Limited, and Ecarx&Co Limited;
“China” or “PRC” means the People’s Republic of China;
“Class A Ordinary Shares” means Class A ordinary shares of ECARX Holdings, par value US$0.000005 per share;
“Class B Ordinary Shares” means Class B ordinary shares of ECARX Holdings, par value US$0.000005 per share;
“COVA” means COVA Acquisition Corp., an exempted company limited by shares incorporated under the laws of the Cayman Islands;
“ECARX,” “we,” or “our company” means ECARX Holdings and its subsidiaries (and, in the context of describing ECARX’s historical operations and consolidated financial information, also the VIEs and their subsidiaries for the periods ended prior to the Restructuring). References to “our” financial statements, share capital, securities (including shares, options, and warrants), shareholders, directors, board of directors, and auditors are to those of ECARX Holdings, respectively;
“ECARX Holdings” means ECARX Holdings Inc., an exempted company limited by shares incorporated under the laws of the Cayman Islands;
“Geely Auto” means Geely Automobile Holdings Limited, which manages brands including Geely, Lynk & Co, Geometry, and Zeekr, among others;
“Geely ecosystem” means Geely Auto, Volvo Car, smart, Lotus, Proton, LEVC, and other OEMs that are affiliated with or are investee companies of Geely Holding;
“Geely Holding” means Zhejiang Geely Holding Group Co., Ltd;
“Investor Notes” means the convertible notes issued by ECARX Holdings to certain institutional investors in the aggregate principal amount of US$65 million pursuant to the convertible note purchase agreement dated October 25, 2022 and entered into between ECARX Holdings and certain institutional investors;
“IPO” means COVA’s initial public offering, which was consummated on February 9, 2021;
“Lotus Note” means the convertible note issued by ECARX Holdings Lotus Technology Inc. in the aggregate principal amount of US$10 million pursuant to the convertible note purchase agreement dated May 9, 2022 and entered into between ECARX Holdings and Lotus Technology Inc.;
“Nasdaq” means The Nasdaq Stock Market LLC;
“Ordinary Shares” means, collectively, Class A Ordinary Shares and Class B Ordinary Shares;
“PCAOB” means the Public Company Accounting Oversight Board;
“Public Warrants” means warrants to purchase Class A Ordinary Shares at an exercise price of US$11.50 per share, which were issued upon the closing of the Business Combination in exchange for the public warrants of COVA that were issued in the initial public offering of COVA;
“Renminbi” or “RMB” means the legal currency of China;

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“Restructuring” means a series of transactions that ECARX has implemented to restructure its organization and business operations in early 2022;
“SEC” means the U.S. Securities and Exchange Commission;
“Sponsor” means COVA Acquisition Sponsor LLC, a Cayman Islands limited liability company;
“Sponsor Warrants” means warrants to purchase Class A Ordinary Shares at an exercise price of US$11.50 per share, which were issued to the Sponsor upon the closing of the Business Combination;
“Units” means the units issued in the IPO, each consisting of one COVA Public Share and one-half of one COVA Public Warrant;
“U.S. dollars” or “US$” means United States dollars, the legal currency of the United States;
“U.S. GAAP” means accounting principles generally accepted in the United States of America;
“VIE” means variable interest entity, and “the former VIE” or “Hubei ECARX” means Hubei ECARX Technology Co., Ltd., a former consolidated variable interest entity of ECARX;
“Warrant Agreement” means the Warrant Agreement, dated as of February 4, 2021, by and between COVA and Continental Stock Transfer & Trust Company, as warrant agent, as amended and assigned to ECARX Holdings pursuant to the Assignment, Assumption and Amendment Agreement by and among COVA, ECARX Holdings, and Continental Stock Transfer & Trust Company dated as of December 20, 2022; and
“Warrants” means, collectively, the Public Warrants and the Sponsor Warrants.

Any discrepancies in any table between the amounts identified as total amounts and the sum of the amounts listed therein are due to rounding.

Our reporting currency is Renminbi. This annual report contains translations from Renminbi to U.S. dollars solely for the convenience of the reader. Unless otherwise stated, all translations from Renminbi to U.S. dollars were made at a rate of RMB6.8972 to US$1.00, which was the exchange rate in effect as of December 30, 2022 as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. The exchange rate in effect as of April 14, 2023 was RMB6.8690 to US$1.00. We make no representation that any Renminbi amounts referred to in this annual report could have been, or could be, converted into U.S. dollars at any particular rate, or at all.

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FORWARD-LOOKING INFORMATION

This annual report contains statements that are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on management’s beliefs and expectations as well as on assumptions made by and data currently available to management, appear in a number of places throughout this document and include statements regarding, amongst other things, results of operations, financial condition, liquidity, prospects, growth, strategies and the industry in which we operate. The use of words “expects,” “intends,” “anticipates,” “estimates,” “predicts,” “believes,” “should,” “potential,” “may,” “preliminary,” “forecast,” “objective,” “plan,” or “target,” and other similar expressions are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to a number of risks and uncertainties that could cause actual results to differ materially, including, but not limited to statements regarding our intentions, beliefs or current expectations concerning, among other things, results of operations, financial condition, liquidity, prospects, growth, strategies, future market conditions or economic performance and developments in the capital and credit markets and expected future financial performance, and the markets in which we operate.

Forward-looking statements involve a number of risks, uncertainties and assumptions, and actual results or events may differ materially from those projected or implied in those statements. Important factors that could cause such differences include, but are not limited to:

Developments related to the COVID-19 pandemic, including, among others, with respect to stay-at-home orders, social distancing measures, the success of vaccine rollouts, numbers of COVID-19 cases and the occurrence of new COVID-19 strains;
The regulatory environment and changes in laws, regulations or policies in the jurisdictions in which we operate;
The overall economic environment and general market and economic conditions in the jurisdictions in which we operate and beyond;
The progress and results of the research and development of our products and services, as well as of their manufacturing, launch, commercialization and delivery;
The conditions and outlook of the automobile and automotive intelligence industries in China and globally;
Our relationships with OEMs, Tier 1 suppliers, and our other customers, suppliers, other business partners and stakeholders;
Our ability to successfully compete in highly competitive industries and markets;
Our ability to continue to adjust our offerings to meet market demand, attract customers to choose our products and services and grow our ecosystem;
Our ability to execute our strategies, manage growth and maintain our corporate culture as we grow;
Our anticipated investments in new products, services, collaboration arrangements, technologies and strategic acquisitions, and the effect of these investments on our results of operations;
Changes in the needs for capital and the availability of financing and capital to fund these needs;
Anticipated technology trends and developments and our ability to address those trends and developments with our products and services;
The safety, price-competitiveness, quality and breadth of our products and services;
The loss of key personnel and the inability to replace such personnel on a timely basis or on acceptable terms;

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Man-made or natural disasters, health epidemics, and other outbreaks including war, acts of international or domestic terrorism, civil disturbances, occurrences of catastrophic events and acts of God such as floods, earthquakes, wildfires, typhoons and other adverse weather and natural conditions that affect our business or assets;
Exchange rate fluctuations;
Changes in interest rates or rates of inflation;
Legal, regulatory and other proceedings;
The results of future financing efforts; and
All other risks and uncertainties described in “Item 3. Key Information— D. Risk Factors” and “Item 5. Operating and Financial Review and Prospects.”

We would like to caution you not to place undue reliance on these forward-looking statements and you should read these statements in conjunction with the risk factors disclosed in “Item 3. Key Information— D. Risk Factors.” Those risks are not exhaustive. We operate in a rapidly evolving environment. New risks emerge from time to time and it is impossible for our management to predict all risk factors, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ from those contained in any forward-looking statement. We do not undertake any obligation to update or revise the forward-looking statements except as required under applicable law.

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PART I

Item 1.     Identity of Directors, Senior Management and Advisers

Not applicable.

Item 2.     Offer Statistics and Expected Timetable

Not applicable.

Item 3.     Key Information

Our Holding Company Structure and China Operations

The following diagram illustrates our corporate structure, including our principal and other subsidiaries as of the date of this annual report.

Graphic

ECARX Holdings is not a Chinese operating company but a Cayman Islands holding company. We conduct operations through our subsidiaries, with our operations in China currently being conducted by our PRC subsidiaries. Investors in the Class A Ordinary Shares or in ECARX Holdings are not acquiring equity interest in any operating company but instead are acquiring interest in a Cayman Islands holding company. This holding company structure involves unique risks to investors. As a holding company, ECARX Holdings may rely on dividends from its subsidiaries for cash requirements, including any payment of dividends to its shareholders. The ability of our subsidiaries to pay dividends or make distributions to ECARX Holdings may be restricted by laws and regulations applicable to them or the debt they incur on their own behalf or the instruments governing their debt. In addition, PRC regulatory authorities could disallow this holding company structure and limit or hinder our ability to conduct our business through, receive dividends or distributions from, or transfer funds to, the operating companies or list on a U.S. or other foreign exchange, which could cause the value of our securities to significantly decline or become worthless.

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Historically, we conducted our operations in China through our PRC subsidiaries and through Hubei ECARX Technology Co., Ltd., the VIE, with which we, our subsidiary, and the nominee shareholders of the VIE entered into certain contractual arrangement. PRC laws, regulations, and rules restrict and impose conditions on foreign investment in certain types of businesses, and we operated certain businesses, including businesses that were subject to such restrictions and conditions in China such as surveying and mapping services and ICP businesses, through the VIE. We did not own an equity interest in the VIE or its subsidiaries and relied on the contractual arrangements to direct the business operations of the VIE. Such structure enables investors to invest in China-based companies in sectors where foreign direct investment is prohibited or restricted under PRC laws and regulations. Following the Restructuring in 2022, the contractual arrangement was terminated and currently we do not have any VIE in China.

We face various legal and operational risks and uncertainties relating to doing business in China. Our business operations are primarily conducted in China, and we are subject to complex and evolving PRC laws and regulations. For example, the PRC government has recently issued statements and regulatory actions relating to areas such as regulatory approvals on overseas offerings and listings by, and foreign investment in, mainland China-based issuers, anti-monopoly regulatory actions, and oversight on cybersecurity and data privacy. It remains uncertain how PRC government authorities will regulate overseas listings and offerings in general and whether we can fully comply with the relevant regulatory requirements, including completing filings with the China Securities Regulatory Commission, or the CSRC, and whether we are required to complete other filings or obtain any specific regulatory approvals from the CSRC, the Cyberspace Administration of China, or the CAC, or any other PRC government authorities for our overseas offerings and listings, as applicable. In addition, if future regulatory developments mandate clearance of cybersecurity review or other specific actions to be completed by China-based companies listed on foreign stock exchanges, such as us, we face uncertainties as to whether such clearance can be timely obtained, or at all. These risks may impact our ability to conduct certain businesses, accept foreign investments, or list and conduct offerings on a stock exchange in the United States or any other foreign country. These risks could result in a material adverse change in our operations and the value of our Class A Ordinary Shares, significantly limit or completely hinder our ability to continue to offer securities to investors, or cause the value of such securities to significantly decline or become worthless. For a detailed description of risks relating to doing business in China, see “Item 3. Key Information— D. Risk Factors—Risks Relating to Doing Business in China.”

The PRC government’s significant authority in regulating our operations and its oversight and control over offerings conducted overseas by, and foreign investment in, mainland China-based issuers could significantly limit or completely hinder our ability to offer or continue to offer securities to investors. Implementation of industry-wide regulations in this nature, such as data security or anti-monopoly related regulations, may cause the value of such securities to significantly decline. For more details, see “Item 3. Key Information—D. Risk Factors—Risks Relating to Doing Business in China—The PRC government has significant oversight and discretion over our business operations, and it may influence or intervene in our operations as part of its efforts to enforce PRC law, which could result in a material adverse change in our operations and the value of our securities.”

Risks and uncertainties arising from the legal system in China, including risks and uncertainties regarding the enforcement of laws and quickly evolving rules and regulations in China, could result in a material adverse change in our operations and the value of our Class A Ordinary Shares. For more details, see “Item 3. Key Information—D. Risk Factors—Risks Relating to Doing Business in China—Uncertainties in the PRC legal system and the interpretation and enforcement of PRC laws and regulations could limit the legal protections available to you and us, hinder our ability and the ability of any holder of our securities to offer or continue to offer such securities, result in a material adverse change to our business operations, and damage our reputation, which would materially and adversely affect our financial condition and results of operations and cause our securities to significantly decline in value or become worthless.”

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The Holding Foreign Companies Accountable Act

Pursuant to the Holding Foreign Companies Accountable Act, or the HFCAA, if the SEC determines that we have filed audit reports issued by a registered public accounting firm that has not been subject to inspections by the PCAOB for two consecutive years, the SEC will prohibit our securities from being traded on a national securities exchange or in the over-the-counter trading market in the United States. On December 16, 2021, the PCAOB issued a report to notify the SEC of its determination that the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong, including our auditor. On December 15, 2022, the PCAOB issued a report that vacated its December 16, 2021 determination and removed mainland China and Hong Kong from the list of jurisdictions where it is unable to inspect or investigate completely registered public accounting firms. For this reason, we do not expect to be identified as a Commission-Identified Issuer under the HFCAA after we file this annual report. Each year, the PCAOB will determine whether it can inspect and investigate completely registered public accounting firms in mainland China and Hong Kong, among other jurisdictions. If PCAOB determines in the future that it no longer has full access to inspect and investigate completely registered public accounting firms in mainland China and Hong Kong and we continue to use a registered public accounting firm headquartered in one of these jurisdictions to issue an audit report on our financial statements filed with the SEC, we would be identified as a Commission-Identified Issuer following the filing of the annual report on Form 20-F for the relevant fiscal year. There can be no assurance that we would not be identified as a Commission-Identified Issuer for any future fiscal year, and if we were so identified for two consecutive years, we would become subject to the prohibition on trading under the HFCAA. See “Item 3. Key Information—D. Risk Factors—Risks Relating to Doing Business in China—The PCAOB had historically been unable to inspect our auditor in relation to their audit work performed for our financial statements and the inability of the PCAOB to conduct inspections of our auditor in the past has deprived our investors with the benefits of such inspections,” and “Item 3. Key Information—D. Risk Factors—Risks Relating to Doing Business in China—Our securities may be prohibited from trading in the United States under the HFCAA in the future if the PCAOB is unable to inspect or investigate completely auditors located in mainland China and Hong Kong. The delisting of our securities, or the threat of their being delisted, may materially and adversely affect the value of your investment.”

Permission Required from the PRC Authorities for Our Operations

We conduct our operations in China through our PRC subsidiaries. Each of our mainland China subsidiaries is required to obtain, and has obtained, a business license issued by the PRC State Administration for Market Regulation and its local counterparts, or the SAMR. Our mainland China subsidiaries are also required to obtain, and have obtained, additional operating licenses and permits in connection with their operations, including but not limited to the model confirmation, compulsory product certifications, and network connection licenses for certain of our products. None of our mainland China subsidiaries has been subject to any penalties or other disciplinary actions from any authority in mainland China for the failure to obtain or insufficiency of any approvals or permits in connection with the conduct of its business operations as of the date of this annual report.

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The PRC government has recently sought to exert more control and impose more restrictions on mainland China-based issuers raising capital overseas and such efforts may continue or intensify in the future. On July 6, 2021, the relevant PRC authorities promulgated the Opinions on Severely Cracking Down on Illegal Securities Activities According to Law, which emphasized the need to strengthen the supervision over overseas listings by mainland China-based companies. Effective measures, such as promoting the establishment of relevant regulatory systems, are to be taken to deal with the risks and incidents of mainland China-based overseas-listed companies, cybersecurity and data privacy protection requirements, and similar matters. The revised Measures for Cybersecurity Review issued by the CAC, and several other administrations on December 28, 2021 (which took effect on February 15, 2022) require that, both critical information infrastructure operators purchasing network products or services that affect or may affect national security and “online platform operators” carrying out data processing activities that affect or may affect national security should be subject to the cybersecurity review. On February 17, 2023, the CSRC released several regulations regarding the filing requirements for overseas offerings and listings by mainland China-based issuers, including the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies and five supporting guidelines, or collectively the Overseas Listing Filing Rules, which took effect on March 31, 2023. According to the Overseas Listing Filing Rules, mainland China-based issuers like us that have completed overseas listings are not required to file with CSRC immediately, but must carry out filing procedures as required if we conduct refinancing or if other circumstances arise, which will require us to make a filing with the CSRC. Any failure to obtain or delay in obtaining such approval or completing such procedures could subject us to restrictions and penalties imposed by the CSRC, the CAC, or other PRC regulatory authorities, which could include fines and penalties on our operations in China, delays of or restrictions on the repatriation of the proceeds from our overseas offerings into China, or other actions that could materially and adversely affect our business, financial condition, results of operations, and prospects. For more detailed information, see “Item 3. Key Information—D. Risk Factors—Risks Relating to Doing Business in China—The approval of and filing with the CSRC or other PRC government authorities may be required in connection with our offerings under PRC law, and, if so required, we cannot predict whether or when we will be able to obtain such approval or complete such filing, and even if we obtain such approval, it could be rescinded. Any failure to or delay in obtaining such approval or complying with such filing requirements in relation to our offerings, or a rescission of such approval, could subject us to sanctions imposed by the CSRC or other PRC government authorities.”

If (i) we do not receive or maintain any permits or approvals required of us, (ii) we inadvertently concluded that certain permits or approvals have been acquired or are not required, or (iii) applicable laws, regulations, or interpretations thereof change and we become subject to the requirement of additional permits or approvals in the future, we may have to expend significant time and costs to procure them. If we are unable to do so, on commercially reasonable terms, in a timely manner or otherwise, we may become subject to sanctions imposed by the PRC regulatory authorities, which could include fines and penalties, proceedings against us, and other forms of sanctions, and our ability to conduct our business, invest into China as foreign investments or accept foreign investments, or list on a U.S. or other overseas exchange may be restricted, and our business, reputation, financial condition, and results of operations may be materially and adversely affected. For more detailed information, see “Item 3. Key Information—D. Risk Factors—Risks Relating to Doing Business in China—Uncertainties in the PRC legal system and the interpretation and enforcement of PRC laws and regulations could limit the legal protections available to you and us, hinder our ability and the ability of any holder of our securities to offer or continue to offer such securities, result in a material adverse change to our business operations, and damage our reputation, which would materially and adversely affect our financial condition and results of operations and cause our securities to significantly decline in value or become worthless.”

Arrangements with Respect to Certain Personal Data

In response to the move by PRC government authorities to tighten the regulatory framework governing data security, cybersecurity and privacy, in September 2021 we initiated an internal process to transfer the rights of our PRC subsidiaries and of the VIE to access and process personal data relevant to their respective business operations to Zhejiang Huanfu Technology Co., Ltd., or Zhejiang Huanfu. The transfer was completed in December 2021 and as of the date of this annual report, our mainland China subsidiaries do not have any right to access or process any personal data other than certain employee personal data and certain vehicle identification numbers provided by OEMs in association with our provision of product repair and maintenance services. In January 2022, we entered into a procurement framework agreement with Zhejiang Huanfu and concluded several procurement-related contracts pursuant to the procurement framework agreement for the sole purpose of contracting Zhejiang Huanfu to discharge our outstanding obligations to provide certain data-related services to our customers.

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Cash Transfers and Dividend Distribution

Cash is transferred from ECARX Holdings to our subsidiaries through capital contributions, loans, and inter-company advances. In addition, cash may be transferred among our subsidiaries, through capital contributions, loans and settlement of transactions. Under our cash management policy, the amount of inter-company transfers of funds is determined based on the working capital needs of the subsidiaries and inter-company transactions, and is subject to internal approval processes and funding arrangements. Our management regularly reviews and monitors the cash flow forecast and working capital needs of our subsidiaries.

Advances and loans. In 2020, ECARX Holdings made advances in the principal amount of US$15.0 million to a subsidiary and an intermediary holding company of ours, ECARX Technology Limited. In 2021 (i) ECARX Holdings made advances in the principal amount of US$478.5 million to ECARX Technology Limited and provided loans in the principal amount of US$11.0 million to our subsidiaries ECARX Limited and ECARX Europe AB, and (ii) ECARX Technology Limited provided a loan in the principal amount of US$2.3 million to our subsidiary, ECARX Europe AB, which has been fully repaid. In 2022, (i) ECARX Holdings made advances in the principal amount of US$50.9 million to ECARX Technology Limited, and (ii) ECARX Holdings provided loans in the principal amount of US$3.0 million to ECARX Europe AB, (iii) ECARX Holdings provided loans in the principal amount of US$35.0 million to ECARX (Hubei) Tech Co., Ltd., (iv) ECARX Holdings made advances in the principal amount of US$21.0 million to ECARX Group Limited, and (v) ECARX Holdings received US$8.8 million as repayment from ECARX Europe AB.

Capital contribution. In 2021, ECARX Technology Limited made capital contribution of US$7.6 million, US$250.0 million, and US$75.0 million to our subsidiaries, ECARX Europe AB, ECARX (Wuhan) Technology Co., Ltd. and ECARX (Hubei) Tech Co., Ltd., respectively. In 2021, ECARX (Wuhan) Technology Co., Ltd., a subsidiary of ours, made capital contribution of RMB10.0 million to ECARX (Shanghai) Technology Co., Ltd., another subsidiary of ours. In 2022, ECARX Technology Limited made capital contribution of US$14.6 million and US$25.0 million to its subsidiaries, ECARX Limited and ECARX (Hubei) Tech Co., Ltd., respectively.

Cash transfers involving Hubei ECARX, the former VIE. In 2020, 2021, and 2022, Hubei ECARX received nil, RMB2.1 billion and RMB157 million (US$22.8 million) in the form of loans from our subsidiaries, respectively. In 2020 and 2021, subsidiaries of Hubei ECARX made payments totaling US$0.7 million and US$1.7 million to ECARX Technology Limited relating to certain sales transactions. In 2022, Hubei ECARX, ECARX Technology and ECARX (Hubei) Tech Co. made payments totaling RMB36.1 million, US$2.2 million, and RMB60.0 million, respectively, to ECARX Europe AB relating to certain R&D expense.

We, our subsidiaries, and consolidated VIEs have not declared or paid dividends or made any distributions as of the date of this annual report. We do not intend to declare dividends or make distributions in the near future. Any determination to pay dividends in the future will be at the discretion of our board of directors.

We are subject to various restrictions on inter-company fund transfers and foreign exchange control.

Dividends. ECARX Holdings is a holding company and may rely on dividends and other distributions on equity paid by our mainland China subsidiaries for its cash and financing requirements. Restrictions on the ability of our mainland China subsidiaries to pay dividends to an offshore entity primarily include: (i) our mainland China subsidiaries may pay dividends only out of their accumulated after-tax profits upon satisfaction of relevant statutory conditions and procedures, if any, determined in accordance with accounting standards and regulations in mainland China; (ii) each of our mainland China subsidiaries is required to set aside at least 10% of its after-tax profits each year, if any, to fund certain reserve funds until the total amount set aside reaches 50% of its registered capital; (iii) our mainland China subsidiaries are required to complete certain procedural requirements related to foreign exchange control in order to make dividend payments in foreign currencies; and (iv) a withholding tax, at the rate of 10% or lower, is payable by our mainland China subsidiary upon dividend remittance. Such restrictions could have a material and adverse effect on the ability of ECARX Holdings to distribute profits to its shareholders. Under Cayman Islands Law, while there are no exchange control regulations or currency restrictions, ECARX Holdings is also subject to certain restrictions under Cayman Islands law on dividend distribution to its shareholders, namely that it may only pay dividends out of profits or share premium account, and provided always that in no circumstances may a dividend be paid if this would result in ECARX Holdings being unable to pay its debts as they fall due in the ordinary course of business.

9

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Capital expenses. Approval from or registration with appropriate government authorities is required where Renminbi is to be converted into foreign currency and remitted out of mainland China to pay capital expenses, such as the repayment of loans denominated in foreign currencies. As a result, our mainland China subsidiaries are required to obtain approval from the State Administration of Foreign Exchange, or SAFE, or complete certain registration process in order to use cash generated from their operations to pay off their respective debt in a currency other than Renminbi owed to entities outside mainland China, or to make other capital expenditure payments outside mainland China in a currency other than Renminbi.

Shareholder loans and capital contributions. Loans by us to our mainland China subsidiaries to finance their operations shall not exceed certain statutory limits and must be registered with the local counterpart of the SAFE, and any capital contribution from us to our mainland China subsidiaries is required to be registered with the competent government authorities in mainland China.

Financial Information Relating to the VIE

In December 2019, ECARX (Wuhan) Technology Co., Ltd. (“ECARX WH” or “WFOE”) was established in the PRC as a wholly owned subsidiary of ECARX Holdings. ECARX Holdings, through the WFOE, is the primary beneficiary of the VIEs. Since early 2022, ECARX Holdings has implemented the Restructuring. In association with the Restructuring, in April 2022 ECARX Holdings, Hubei ECARX and shareholders of Hubei ECARX entered into a VIE Termination Agreement, pursuant to which, the VIE Agreements were terminated with immediate effect.

Selected Condensed Consolidating Statements of Comprehensive Income/Loss Information

The following tables present our condensed consolidating schedule depicting the consolidated statements of comprehensive loss for the fiscal years ended December 31, 2020, 2021, and 2022.

Year Ended December 31, 2022

(RMB in thousands)

ECARX

Other

Elimination

    

Holdings

    

WFOE

    

VIEs

    

Subsidiaries

    

adjustments

    

Consolidated

Revenues

 

 

 

936,520

 

2,923,087

 

(302,470)

(1)

3,557,137

Cost of revenues

 

 

 

(680,699)

 

(2,188,412)

 

302,470

(1)

(2,566,641)

Gross profit

 

 

 

255,821

 

734,675

 

990,496

Operating expenses

 

(26,005)

 

(299)

 

(253,107)

 

(2,274,976)

 

97,608

(5)

(2,456,779)

Loss from operation

 

(26,005)

 

(299)

 

2,714

 

(1,540,301)

 

97,608

(1,466,283)

Interest income

 

6,565

 

7,741

 

1,448

 

2,561

 

(5,871)

(3)

12,444

Interest expenses

 

(3,132)

 

 

(17,370)

 

(36,505)

 

5,871

(3)

(51,136)

Share of loss of subsidiaries and consolidated VIEs

 

(1,486,141)

 

 

 

 

1,486,141

(4)

Income (loss) from equity method investments

 

 

 

(86,588)

 

(50,803)

 

(137,391)

Change in fair value of an equity security

 

(16,843)

 

 

 

 

(16,843)

Gains on deconsolidation of a subsidiary

 

 

 

71,974

 

 

71,974

Gains on sale of an equity security

 

 

 

 

59,728

 

59,728

Gain/(Loss) on the Restructuring

 

 

(1,337,832)

 

1,639,979

 

(302,147)

 

Gains on intellectual property transfers

 

 

 

1,171,300

 

 

(1,171,300)

(5)

Other income (expenses)

 

(14,459)

 

(5,178)

 

9,844

 

17,662

 

7,869

Loss before income taxes

 

(1,540,015)

 

(1,335,568)

 

2,793,301

 

(1,849,805)

 

412,449

(1,519,638)

Income tax expenses

 

 

(19,263)

 

 

(2,308)

 

(21,571)

Net loss

(1,540,015)

(1,354,831)

2,793,301

(1,852,113)

412,449

(1,541,209)

Foreign currency translation adjustments, net of nil income taxes

(391,934)

(96,181)

96,181

(4)

(391,934)

Comprehensive loss

 

(1,931,949)

 

(1,354,831)

 

2,793,301

 

(1,948,294)

 

508,630

(1,933,143)

10

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Year ended December 31, 2021

(RMB in thousands)

ECARX

Other

Elimination

    

Holdings

    

WFOE

    

VIEs

    

Subsidiaries

    

adjustments

    

Consolidated

Revenues

 

 

 

2,755,780

 

120,224

 

(96,941)

(1)(2)

2,779,063

Cost of revenues

 

 

(400)

 

(1,938,322)

 

(56,711)

 

33,463

(1)

(1,961,870)

Gross profit

 

 

(400)

 

817,558

 

63,513

 

(63,478)

 

(817,193)

Operating expenses

 

(17,660)

 

(1)

 

(1,726,430)

 

(118,265)

 

63,478

(2)

(1,798,878)

Loss from operation

 

(17,660)

 

(401)

 

(908,872)

 

(54,752)

 

 

(981,685)

Interest income

 

885

 

20

 

11,696

 

67

 

(885)

(3)

11,783

Interest expenses

 

(514)

 

 

(131,152)

 

(885)

 

885

(3)

(131,666)

Share of loss of subsidiaries and consolidated VIEs

 

(1,176,110)

 

 

 

 

(1,176,110)

(4)

Income (loss) from equity method investments

 

 

 

14,433

 

(16,952)

 

 

(2,519)

Gains on deconsolidation of a subsidiary

 

 

 

10,579

 

 

 

10,579

Other income (expenses)

 

12,478

 

 

(100,220)

 

(735)

 

 

(88,477)

Loss before income taxes

 

(1,180,921)

 

(381)

 

(1,103,536)

 

(73,257)

 

1,176,110

 

(1,181,985)

Income tax expenses

 

 

 

(3,329)

 

(118)

 

 

(3,447)

Net loss

 

(1,180,921)

 

(381)

 

(1,106,865)

 

(73,375)

 

1,176,110

 

(1,185,432)

Foreign currency translation adjustments, net of nil income taxes

 

4,551

 

 

 

(20,310)

 

20,310

(4)

4,551

Comprehensive loss

 

(1,176,370)

 

(381)

 

(1,106,865)

 

(93,685)

 

1,196,420

 

(1,180,881)

Year ended December 31, 2020

(RMB in thousands)

ECARX

Other

Elimination

    

Holdings

    

WFOE

    

VIEs

    

Subsidiaries

    

adjustments

    

Consolidated

Revenues

 

 

 

2,241,536

 

40,365

 

(40,838)

(1)

2,241,063

Cost of revenues

 

 

 

(1,690,518)

 

(39,995)

 

40,838

(1)

(1,689,675)

Gross profit

 

 

 

551,018

 

370

 

 

551,388

Operating expenses

 

 

(981,866)

 

(3)

 

 

(981,869)

Loss from operation

 

 

 

(430,848)

 

367

 

 

(430,481)

Interest income

 

431

 

 

28,047

 

2

 

 

28,480

Interest expenses

 

 

 

(59,128)

 

 

 

(59,128)

Share of loss of subsidiaries and consolidated VIEs

 

(495,303)

 

 

 

 

495,303

(4)

Income (loss) from equity method investments

 

 

 

148

 

 

 

148

Other income (expenses)

 

55,213

 

 

(33,732)

 

(276)

 

 

21,205

Loss before income taxes

 

(439,659)

 

 

(495,513)

 

93

 

495,303

 

(439,776)

Income tax expenses

 

 

 

(228)

 

 

 

(228)

Net loss

 

439,659

 

 

(495,741)

 

93

 

495,303

 

(440,004)

Foreign currency translation adjustments, net of nil income taxes

 

1,497

 

 

 

(11)

 

11

(4)

1,497

Comprehensive loss

 

(438,162)

 

 

(495,741)

 

82

 

495,314

 

(438,507)

(1)To eliminate the inter-company sales of goods transactions between subsidiaries of ECARX Holdings and consolidated VIEs.
(2)To eliminate the inter-company sales of services transactions between subsidiaries of ECARX Holdings and consolidated VIEs.
(3)To eliminate the interest income and interest expenses recognized in ECARX Holdings and subsidiaries of ECARX Holdings respectively for the loans that ECARX Holdings has provided to its subsidiaries.
(4)To reflect the elimination on share of comprehensive loss that ECARX Holdings picked up from its subsidiaries and consolidated VIEs.
(5)To eliminate the gains, related intangible assets and amortization expenses relating to the inter-company transfer of intellectual properties from Hubei ECARX to ECARX (Hubei) Tech.

11

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Selected Condensed Consolidating Balance Sheets Information

The following tables present our condensed consolidating schedule depicting the consolidated balance sheets as of December 31, 2021 and 2022. As a result of the Restructuring, ECARX Holdings did not consolidate Hubei ECARX as of December 31, 2022.

Year Ended December 31, 2022

(RMB in thousands)

ECARX

Other

Elimination

    

Holdings

    

WFOE

    

VIEs

    

Subsidiaries

    

adjustments

    

Consolidated

ASSETS

 

Current assets

 

Cash

 

119,022

 

330

 

 

618,032

 

737,384

Restricted cash

 

 

 

 

40,957

 

40,957

Accounts receivable - related parties, net

 

 

 

 

482,992

 

482,992

Amounts due from related parties

 

4,168,615

 

520

 

 

931,977

 

(4,189,523)

(1)(2)

911,589

Other current assets

 

35

 

125

 

 

1,107,993

 

1,108,153

Total current assets

 

4,287,672

 

975

 

 

3,181,951

 

(4,189,523)

3,281,075

Non-current assets

 

 

 

 

 

Investment in WFOE

 

 

 

 

1,724,298

 

(1,724,298)

(4)

Long-term investments

 

69,319

 

 

 

420,445

 

489,764

Intangible assets, net

 

 

 

 

1,110,381

 

(1,073,692)

(5)

36,689

Other non-current assets

 

 

213,695

 

 

229,804

 

443,499

Total non-current assets

 

69,319

 

213,695

 

 

3,484,928

 

(2,797,990)

969,952

Total assets

 

4,356,991

 

214,670

 

 

6,666,879

 

(6,987,513)

4,251,027

 

 

 

 

 

LIABILITIES

 

 

 

 

 

Current liabilities

 

 

 

 

 

Share of losses in excess of investments in subsidiaries and VIEs

 

3,928,883

 

 

 

 

(3,928,883)

(3)

Accounts payable - related parties

 

 

 

 

239,891

 

239,891

Amounts due to related parties

 

18,925

 

1,446

 

 

4,360,326

 

(4,189,523)

(2)

191,174

Other current liabilities

 

146,507

 

24,664

 

 

2,997,166

 

3,168,337

Total current liabilities

 

4,094,315

 

26,110

 

 

7,597,383

 

(8,118,406)

3,599,402

Non-current liabilities

 

 

 

 

 

Total non-current liabilities

 

439,869

 

 

 

388,949

 

828,818

Total liabilities

 

4,534,184

 

26,110

 

 

7,986,332

 

(8,118,406)

4,428,220

 

 

 

 

 

MEZZANINE EQUITY

 

 

 

 

 

 

 

 

 

 

SHAREHOLDERS’ DEFICIT

 

 

 

 

 

Ordinary Shares

 

 

1,600,105

 

 

 

(1,600,105)

(3)(4)

Class A Ordinary Shares

 

9

 

 

 

 

9

Class B Ordinary Shares

 

1

 

 

 

 

1

Additional paid-in capital

5,919,660

(916,555)

(3)

5,919,660

Accumulated deficit

(5,710,977)

(1,411,545)

(2,119,506)

3,531,051

(3)

(5,710,977)

Accumulated other comprehensive income / (loss)

(385,886)

(116,502)

116,502

(3)(4)

(385,886)

Total shareholders’ deficit

(177,193)

188,560

(1,319,453)

1,130,893

(177,193)

Total liabilities, mezzanine equity and shareholders’ deficit

 

4,356,991

 

214,670

 

 

6,666,879

 

(6,987,513)

4,251,027

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As of December 31, 2021

(RMB in thousands)

ECARX

Other

Elimination

    

Holdings

    

WFOE

    

VIEs

    

Subsidiaries

    

adjustments

    

Consolidated

ASSETS

 

  

 

  

 

  

 

  

 

  

 

  

Current Assets

 

  

 

  

 

  

 

  

 

  

 

  

Cash

 

158,755

 

6

 

642,293

 

76,905

 

 

877,959

Restricted Cash

 

 

 

23,004

 

 

 

23,004

Accounts receivable–related parties, net

 

 

 

813,364

 

72,044

 

(116,661)

(1)

768,747

Amounts due from related parties

 

3,217,624

 

1,590,639

 

42,604

 

568,906

 

(5,378,495)

(1)(2)

41,278

Other current assets

 

5,751

 

 

728,164

 

11,735

 

 

745,650

Total current assets

 

3,382,130

 

1,590,645

 

2,249,429

 

729,590

 

(5,495,156)

 

2,456,638

Non-current assets

 

  

 

  

 

  

 

  

 

  

 

  

Investment in WFOE

 

 

 

 

1,593,925

 

(1,593,925)

(4)

Long-term investments

 

 

 

441,586

 

912,463

 

 

1,354,049

Other non-current assets

 

 

 

147,246

 

8,769

 

 

156,015

Total non-current assets

 

 

 

588,832

 

2,515,157

 

(1,593,925)

 

1,510,064

Total Assets

 

3,382,130

 

1,590,645

 

2,838,261

 

3,244,747

 

(7,089,081)

 

3,966,702

LIABILITIES

 

  

 

  

 

  

 

  

 

  

 

  

Current Liabilities

 

  

 

  

 

  

 

  

 

  

 

  

Share of losses in excess of investments in subsidiaries and VIEs

 

2,866,711

 

 

 

 

(2,866,711)

(3)

Accounts payable–related parties

 

 

 

159,528

 

68,664

 

(116,661)

(1)

111,531

Amounts due to related parties

 

85,390

 

521

 

2,452,787

 

3,216,703

 

(5,378,495)

(1)(2)

376,906

Other current liabilities

 

108

 

400

 

2,490,729

 

42,983

 

 

2,534,220

Total current liabilities

 

2,952,209

 

921

 

5,103,044

 

3,328,350

 

(8,361,867)

 

3,022,657

Non-current liabilities

 

  

 

  

 

  

 

  

 

  

 

  

Total non-current liabilities

 

 

 

489,358

 

 

 

489,358

Total liabilities

 

2,952,209

 

921

 

5,592,402

 

3,328,350

 

(8,361,867)

 

3,512,015

MEZZANINE EQUITY

 

4,532,907

 

 

30,500

 

 

 

4,563,407

SHAREHOLDERS’ DEFICIT

 

  

 

  

 

  

 

  

 

  

 

  

Ordinary Shares

 

7

 

1,600,105

 

10,000

 

 

(1,610,105)

(3)(4)

7

Additional paid-in capital

 

 

 

611,643

 

 

(611,643)

(3)

Accumulated deficit

 

(4,109,041)

 

(10,381)

 

(3,400,550)

 

(63,282)

 

3,474,213

(3)

(4,109,041)

Accumulated other comprehensive income / (loss)

 

6,048

 

 

 

(20,321)

 

20,321

(3)(4)

6,048

Non-redeemable non-controlling interests

 

 

 

(5,734)

 

 

 

(5,734)

Total shareholders’ deficit

 

(4,102,956)

 

1,589,724

 

(2,784,641)

 

(83,603)

 

1,272,786

 

(4,108,720)

Total liabilities, mezzanine equity and shareholders’ deficit

 

3,382,130

 

1,590,645

 

2,838,261

 

3,244,747

 

(7,089,081)

 

3,966,702

(1)To eliminate the balances resulted from related party transactions between subsidiaries of ECARX Holdings as of December 31, 2022 and the balances and transactions between subsidiaries of ECARX Holdings and consolidated VIEs as of December 31, 2021.
(2)To eliminate the amounts related to the loans provided by ECARX Holdings to its subsidiaries as of December 31, 2022 and the loans provided by subsidiaries of ECARX Holdings to the VIEs and the loans provided by ECARX Holdings to its subsidiaries as of December 31, 2021.
(3)To eliminate ECARX Holdings’ equity pick-up from consolidated entities under respective equity accounts with corresponding long-term investment balances.
(4)To eliminate the ordinary shares of WFOE and the investment made by ECARX Technology Limited to WFOE upon consolidation.
(5)To eliminate the gains, related intangible assets and amortization expenses relating to the inter-company transfer of intellectual properties from Hubei ECARX to ECARX (Hubei) Tech.

13

Table of Contents

Selected Condensed Consolidating Cash Flows Information

The following tables present our condensed consolidating schedule depicting the consolidated cash flows for the fiscal years ended December 31, 2020, 2021, and 2022 of ECARX Holdings, the WFOE, the VIEs, other subsidiaries, and corresponding eliminating adjustments separately.

Year Ended December 31, 2022

(RMB in thousands)

ECARX

Other

Elimination

    

Holdings

    

WFOE

    

VIEs

    

Subsidiaries

    

adjustments

    

Consolidated

Operating activities:

 

  

 

  

 

  

 

  

 

  

 

  

Net cash generated from / (used in) operating activities

 

(22,893)

 

324

 

224,031

 

(607,227)

 

(405,765)

 

 

 

 

 

Investing activities:

 

 

 

 

 

Purchase of property, equipment and intangible assets

 

 

 

(36,074)

 

(91,703)

 

(127,777)

Proceeds from disposal of property, equipment and intangible assets

 

 

 

 

1,732

 

1,732

Cash paid for acquisition of equity investments

 

(67,790)

 

 

 

(11,652)

 

(79,442)

Cash disposed in deconsolidation of Suzhou Photon-Matrix

 

 

 

(22,643)

 

 

(22,643)

Proceeds from (cash paid for) transfer of long-term investments in the Restructuring

 

 

 

234,949

 

(234,949)

 

Cash received on deconsolidation of Hubei Dongjun

 

 

 

1,000

 

 

1,000

Financial support to an equity method investee

 

 

 

(28,500)