Monitor Nasdaq listing approval and CSRC filing status. The IPO pricing and completion remain contingent on regulatory approvals. Track any further amendments for pricing adjustments or term changes.
Executive Summary
Unitrend Entertainment Group Ltd filed Amendment No. 5 to its F-1 registration statement for a 6,250,000-share IPO on Nasdaq (ticker INHI) at an estimated $4.00-$5.00 per share. The Cayman Islands holding company operates a China-based media business through a VIE structure, with FY2025 revenue of $36.95M (up 79% YoY) and net income of $4.52M (up 7.9%), driven by a new co-production content line that contributed 48.2% of revenue. The filing is a routine amendment with no material changes to terms or financials from prior versions, but the IPO remains contingent on Nasdaq approval and CSRC filing renewal.
Key Financial Metrics
Key Facts
- 6,250,000 Class A ordinary shares offered at $4.00-$5.00 per share
- FY2025 revenue $36,954,778 (up 79.12% YoY from $20,631,261)
- FY2025 net income $4,517,510 (up 7.86% from $4,188,165)
- Co-production content contributed 48.20% of FY2025 revenue (new business line)
- VIE structure with Beijing Hexi Weiye Culture Media Co., Ltd.
- CSRC filing approved Feb 2025, resubmitted March 2026, currently under review
- Founder/CEO Bin Feng will hold 87.83% voting power post-IPO via dual-class structure
- Net proceeds estimated $20.49M (without over-allotment) for working capital
Financial Impact
FY2025 revenue grew 79.12% to $36,954,778, net income up 7.86% to $4,517,510
Risk Factors
- Nasdaq listing approval not yet granted
- CSRC filing currently under review after expiry of prior approval
- VIE structure subject to PRC regulatory uncertainty
- Dual-class structure concentrates voting power with founder
- Significant dilution for new investors ($3.14 per share dilution at $4.00 IPO price)
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| F-1/A Filing (Primary) | 0001213900-26-112116 |
| Document: ea027368910ex1-1.htm | 0001213900-26-112116 |
| Document: ea027368910ex4-2.htm | 0001213900-26-112116 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 3d ago | F-1/A | — | awaiting T+20 | — | — |
Jun 29, 2026 17w ago | F-1/A | — | awaiting T+20 | — | — |
Mar 24, 2026 30w ago | F-1/A | — | awaiting T+20 | — | — |
US Market Status
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