Etoiles Capital Group Co Ltd-A美股招股说明书(2025-08-08版)

1,400,000 CLASS A ORDINARY SHARES Thisis an initial public offering of the ClassAOrdinary Shares,par valueUS$0.0001per share(“Shares”)of Etoiles Capital Group Co.,Ltd(“EtoilesCayman”)(“Offering”).We are offering 1,400,000 ClassAOrdinary Shares ofEtoiles Cayman, on a firm commitment basis. No public market currently exists for ourClassA Ordinary Shares and Class B Ordinary Shares.The initial public offeringpriceis$4.00 per Class A Ordinary Share.Prior to this offering,there has been nopublicmarket for our Class A Ordinary Shares.Our Class A Ordinary Shares has beenapproved for listing under the symbol “EFTY” on Nasdaq Capital Market. Weare an“emerging growth company,”as defined in the Jumpstart Our BusinessStartupsActof2012(the“JOBS Act”)and will be subject to reduced publiccompany reporting requirements. See “Prospectus Summary—Implications of Being anEmergingGrowth Company and a Foreign Private Issuer” and“Risk Factors” on pages12 and18, respectively. Afterthe Offering,we are a“controlled company”as defined under the NasdaqStockMarket Rules because our Controlling Shareholder owns and holds more than 50%ofour voting power,assuming that the underwriters do not exercise their over-allotmentoption. Afterthe Offering,we have a dual class ordinary share structure.Our OrdinaryShares is divided into ClassA Ordinary Shares and Class B Ordinary Shares. Holdersof our ClassA Ordinary Shares are entitled to one (1)vote per share and holders ofourClassBOrdinary Shares are entitled to ten(10)votesper share.In no eventshallClassAOrdinary Shares be convertible into ClassBOrdinary Shares.EachClassB Ordinary Share is convertible into one fully paid Class A Ordinary Share attheoption of the holder,at any time after issue and without the payment of anyadditionalsum.See“Description of Share Capital—OrdinaryShares”for moredetails regarding our ClassA Ordinary Shares and Class B Ordinary Shares. As of the date of this prospectus, our Controlling Shareholder holds an aggregateof10,287,000 Class A Ordinary Shares and 5,000,000 Class B Ordinary Shares,respectively,which represents an aggregate of 94.94%of the total voting power,amongwhich 16.20%of the voting power stem from its 10,287,000 Class A OrdinarySharesand 78.74%of its voting power stem from its 5,000,000 Class B OrdinaryShares.After the Offering,our issued and outstanding shares consist of 14,900,000ClassAOrdinary Shares and 5,000,000 ClassBOrdinary Shares,assuming theunderwritersdo not exercise their over-allotment option to purchase additionalShares,or 210,000 ClassAOrdinary Shares,assuming the over-allotment option isexercisedin full.After the Offering,our Controlling Shareholder is the beneficialownersof an aggregate of 10,287,000 Class A Ordinary Shares and 5,000,000 Class BOrdinaryShares,respectively,which will represent an aggregate of 92.89%of thetotalvoting power,among which 15.85%of the voting power stem from its 10,287,000ClassA Ordinary Shares and 77.04%of the voting power stem from its 5,000,000 ClassBOrdinary Shares,assuming that the underwriters do not exercise their over-allotmentoption,or an aggregate of 92.59%of the total voting power,assuming thattheover-allotment option is exercised in full.As a result,we will be a“controlledcompany”as defined under corporate governance rules of Nasdaq StockMarketand,therefore,eligible for certain exemptions from the corporate governancerequirementsof the Nasdaq Stock Market Rules.If we cease to be a foreign privateissuer,weintendtorelyontheseexemptions.Furthermore,theControllingShareholderwill be able to exert significant control over our management andaffairs,including approval of significant corporate transactions.For additionalinformation,see“RiskFactors—RisksRelatedtoOurClassAOrdinaryShares—OurControlling Shareholder has significant voting power and may takeactionsthat may not be in the best interests of our other shareholders” on page 35for further details. Weare not a HongKongoperating company,but an offshore holdingcompanyincorporated in the Cayman Islands.As a holding company with nomaterialoperations of our own,we conduct our operations through ouroperatingcompany in HongKong,Etoiles Consultancy Limited(“EtoilesConsultancy”,also“HongKongOperatingSubsidiary”).WealsoownEtoilesFinancial Group Limited(“Etoiles Financial”),a company with nomaterialoperations of its own and is mainly used to handle administrative expenses.This is an offering of the ClassAOrdinary Shares of EtoilesCapitalGroup Co.,Ltd,the holding company in the Cayman Islands,insteadofthe shares of Etoiles Consultancy and Etoiles Financial.References tothe“Company”,“we”,“us”,and“our”inthisprospectusaretoEtoilesCayman,the Cayman Islands entity that will issue the ClassAOrdinaryShares being offered,and its wholly-owned and indirect wholly-ownedsubsidiaries.References to Etoiles Consultancy Table of Contents inthis prospectus is to the HongKongentity operating the business andgeneratingalloftherevenueandprofitstatedintheconsolidatedfinancialsta