SHENZHEN, China, May 2, 2026, 02:04 CST
- UTime Limited is seeking the SEC’s consent to withdraw a resale registration statement it filed back in July.
- The company said the registration statement wasn’t ever declared effective, and that no securities ended up being sold under it.
- WTO shares pushed higher in Friday afternoon New York trading, with the uptick coming on strong volume.
On May 1, UTime Limited told U.S. regulators it wants to scrap a resale registration statement, deciding not to register the securities the Nasdaq-listed device maker had originally put forward. CEO Hengcong Qiu signed the company’s request, which noted the Form F-3 was never declared effective—no securities ever changed hands in the planned secondary offering.
This is hitting now, given UTime’s stock: it’s lightly valued and sees wild swings. Google Finance had WTO up 8.36% at $2.01 as of 2:01 p.m. in New York on Friday, trading on 26.57 million shares. That puts the company’s market cap somewhere near $3.39 million.
Selling shareholders lost their shot, at least for now, to resell up to 18.36 million Class A ordinary shares after the withdrawn filing. Back in its earlier prospectus, UTime made it clear: it wouldn’t pocket any proceeds from those resales. That’s unlike a primary offering, where the company sells fresh shares to raise capital.
Just two days earlier, UTime had announced fresh equity grants for its board. On April 29, each of the five directors picked up 200,000 restricted stock units—stock-based awards that convert to shares. The RSUs vested right away, according to the company.
Back on April 24, the company rolled out an equity incentive plan, putting up to 5 million ordinary shares on the table for employees, officers, directors, consultants, and advisers. This new plan steps in for UTime’s 2024 equity incentive plan.
The main concern for investors isn’t only the withdrawal request. It’s about weighing the reduced short-term resale registration pressure against the new wave of stock-based compensation at a firm whose public-market value remains tiny.
Shenzhen-based UTime designs, develops, manufactures and sells mobile phones, accessories, and other consumer electronics. The company also handles electronics manufacturing services—covering both OEM, building devices to client specifications, and ODM, providing design as well as manufacturing for customers.
Revenue climbed to RMB251.0 million ($34.6 million) for the year ended March 31, 2025, up from RMB172.2 million the previous year. Net loss for fiscal 2025 came in at RMB668.5 million ($92.1 million.
UTime is looking to diversify past its legacy phone segment. Back in March, the company announced a non-binding letter of intent to acquire Feixiaohao Technology Inc.—a Web3 data and crypto-asset pricing outfit—in a deal that could reach $80 million. At the time, Qiu said bringing Feixiaohao on board would let UTime connect the startup’s data tools to its own hardware know-how.
The competition is stiff. UTime’s annual report points to a crowded field: Xiaomi, Samsung Electronics, and Shenzhen Transsion Holding all on the rival list. Price, product quality, scale, distribution channels—those are the battlegrounds, UTime says.
Still, the risk is obvious. Pulling the request doesn’t take future dilution off the table—new equity incentives and already vested RSUs are both factors. And the Feixiaohao agreement, for now, is just that: an agreement in principle. The numbers don’t flatter UTime’s financials either. As of March 31, 2025, the annual report recorded RMB343.9 million in total liabilities, assets at RMB206.0 million, and shareholders left with negative equity of RMB137.9 million.
