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Akso Health Group (NASDAQ: AHG) announced it received a notification from Nasdaq on August 16, 2022, for not complying with timely filing requirements, as it has not filed its Annual Report on Form 20-F for the fiscal year ended March 31, 2022. The Company has 60 days to address this deficiency or submit a plan to regain compliance by October 17, 2022. The notification does not affect the Company's business operations. Akso Health also plans to expand into cancer therapy services, including opening 100 radiation oncology centers in the U.S.
On December 16, 2021, Akso Health Group, formerly Xiaobai Maimai Inc., announced its name and ticker symbol change to AHG on the Nasdaq. This change aligns with its shift towards becoming a cancer therapy and radiotherapy service provider. The company plans to open two vaccine research centers and 100 radiation oncology centers along the U.S. East Coast, aiming to enhance cancer treatment options.
Yilin Wang, CEO, stated that the update reflects their core operations and long-term growth strategy in the U.S. health market.
Akso Health Group (NASDAQ: AHG) reported a significant decline in financial performance for the first half of fiscal year 2022, with total net revenues of approximately US$0.2 million, an 81.8% decrease from US$1.4 million in the same period last year. The drop is attributed to reduced interest income and competition in social e-commerce. Despite this, the company is expanding into radiation oncology services in the U.S., planning to establish 100 centers and two vaccine research facilities. Net loss narrowed to US$8.9 million from US$23.6 million, and cash reserves stood at US$15.4 million.
Xiaobai Maimai Inc. (NASDAQ: HX) held its 2021 annual general meeting of shareholders on December 3, 2021, in Shenzhen, China, with a quorum of over one-third of ordinary shares present. Shareholders approved a name change to "Akso Health Group" and ratified the appointment of Wei, Wei & Co., LLP as the independent registered public accounting firm. The Company operates a social e-commerce platform and is planning a cancer therapy and radiation oncology business. This announcement contains forward-looking statements regarding business risks and uncertainties.
Xiaobai Maimai Inc. (NASDAQ: HX) announced the appointment of Dr. Yingxian Liu as a medical consultant for its subsidiary, We Health Limited, on October 22, 2021. Dr. Liu, a board-certified pathologist, brings expertise in cancer therapy and radiation oncology. His role aims to enhance the Company's efforts in developing a scalable, high-quality cancer treatment practice. CEO Yilin Wang highlighted Dr. Liu's involvement as pivotal for the ongoing development of their radiation oncology business.
Xiaobai Maimai Inc. (NASDAQ: HX) announced plans to enter the U.S. radiation oncology services market by establishing a subsidiary, We Health Limited, in New York. The company aims to open radiation oncology centers on the East Coast, offering personalized consultations and treatment plans. Co-CEO Yilin Wang emphasized the growing demand for radiotherapy, with over 50% of cancer patients requiring this treatment. The firm anticipates leveraging advanced equipment and healthcare services to cater to a diverse patient demographic amid rising healthcare expenditure.
Xiaobai Maimai Inc. (NASDAQ: HX), a Chinese social e-commerce platform, has filed its annual report on Form 20-F for the fiscal year ending March 31, 2021, with the SEC. The report includes audited financial statements accessible via the SEC and the company’s investor relations site. Xiaobai Maimai innovates by leveraging partnerships with e-commerce platforms to offer users quality, affordable products while focusing on data analytics for growth and customer service excellence.
Xiaobai Maimai Inc. (NASDAQ: HX) has announced the appointment of Ms. Vivian Liu to its Board of Directors, effective July 14, 2021. Ms. Liu, currently the CEO of Hebei Chuangjie Technology, brings extensive experience in financial investment and enterprise management. Concurrently, Ms. Luping Wei has resigned from her role as Vice President of Operations and Director for personal reasons, with no disagreements reported. These management changes come as Xiaobai Maimai seeks to enhance its social e-commerce platform in China's competitive marketplace.
Xiaobai Maimai Inc. (NASDAQ: HX), a social e-commerce platform in China, participated in drafting the "Social e-Commerce Enterprise Operational Service Standards" released in February 2021. This initiative aims to establish fundamental principles and requirements for social e-commerce services, enhancing customer service and transaction processes in the industry. The company plans to comply with these standards while expanding cooperation with market participants to promote sustainable development in China's e-commerce sector.
Xiaobai Maimai Inc. (NASDAQ: HX) participated in the 2020 China Social e-Commerce Conference in Beijing, where it contributed to drafting operational service standards for social e-commerce aimed at promoting healthy industry development. The finalized standards are anticipated in H1 2021. Additionally, the company joined the New Form e-Commerce Alliance for Agricultural Assistance to support poverty relief for farmers in China. CEO Xiaobo An emphasized the company's commitment to government initiatives and the expansion of social e-commerce, bolstering domestic economic growth and employment opportunities.
