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SEC Company Response from Nisun International Enterprise Development Group Co., Ltd (NISN) (CIK 0001603993) (AIOS) — Dec 27, 2017

Nisun International Enterprise Development Group Co., Ltd (NISN) (CIK 0001603993)
Date: Dec. 27, 2017 · CIK: 0001603993 · Accession: 0001144204-17-065514

AI Filing Summary & Sentiment

File numbers found in text: 001-37829

Date
December 31, 2016
Author
Not clearly detected
Form
CORRESP
Company
Nisun International Enterprise Development Group Co., Ltd (NISN) (CIK 0001603993)

Letter

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 20-F/A

(Amendment No. 1)

¨ REGISTRATION STATEMENT PURSUANT TO SECTION 12(B) OR 12(G) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2016

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

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……………

For the transition period from to

Commission file number 001-37829

HEBRON TECHNOLOGY CO., LTD.

(Exact name of Registrant as specified in its charter)

British Virgin Islands

(Jurisdiction of incorporation or organization)

No. 936, Jinhai 2rd Road, Konggang New Area

Longwan District

Wenzhou City, Zhejiang Province

People’s Republic of China

(Address of principal executive offices)

Steven Fu, Chief Financial Officer

+86-577-8689-5678– telephone

diqiuren139@139.com

No. 936, Jinhai 2rd Road, Konggang New Area

Longwan District

(Name, Telephone, E-mail 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

Name of each exchange on which registered

Common shares, par value $0.001 per share

Nasdaq

Securities registered or to be registered pursuant to Section 12(g) of the Act: None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None

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: 14,695,347 Common Shares

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

¨ Yes x 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 x No

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.

x Yes ¨ No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files).

x 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. (Check one):

Large accelerated filer ¨ Accelerated filer ¨

Non-accelerated filer x Emerging growth company x

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

U.S. GAAP x 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 Securities Exchange Act of 1934).

¨ Yes x 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 Sections 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

EXPLANATORY NOTE

This Amendment No. 1 to Form 20-F (the “Form 20-F/A”) amends the annual report on Form 20-F of Hebron Technology Co., Ltd. (“Hebron”) for the fiscal year ended December 31, 2016, originally filed with the U.S. Securities and Exchange Commission (“SEC”) on April 11, 2017 (the “Form 20-F”). This Form 20-F/A is being filed in response to a comment letter received from the staff of the SEC dated November 7, 2017 (the “SEC Comment Letter”) and relates to matters discussed in the SEC Comment Letter and Hebron’s response letter dated December [___], 2017. We expect that these letters will be released in due course on the SEC’s Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system at www.sec.gov under the Central Index Key (CIK) 0001603993 for Hebron. “Item 3. Key Information” in the Form 20-F is amended by this Form 20-F/A to reflect additional information requested in the SEC Comment Letter, namely to provide selected financial data for fiscal years 2014, 2015 and 2016. “Item 4. Information On The Company—B. Business Overview—Customer Concentration” in the Form 20-F is amended by this Form 20-F/A to reflect additional information requested in the SEC Comment Letter. And the consolidated financial statements in the Form 20-F are amended by this Form 20-F/A to include three years of consolidated financial statements for income and comprehensive income, changes in shareholders’ equity, and cash flows in accordance with Item 17(a) of Form 20-F, and by reference to Item 8(a) of Form 10-K, and Articles 3-02(a) and 3-04 of Regulation S-X.

No other changes have been made to the Form 20-F. The Form 20-F, as amended by this Form 20-F/A, speaks as of the original filing date of the Form 20-F, is not intended to reflect events that may have occurred subsequent to the original filing date of the Form 20-F, and is not intended to update in any way the disclosures made in the Form 20-F.

Item 3. Key Information

A. Selected Financial Data

The following table presents the selected consolidated financial information for our company. The selected consolidated statements of comprehensive income data for the three years ended December 31, 2016, 2015 and 2014, and the selected consolidated balance sheets data as of December 31, 2016, 2015 and 2014 have been derived from our audited consolidated financial statements, which are included in this annual report beginning on page F-1. Our historical results do not necessarily indicate results expected for any future periods. The selected consolidated financial data should be read in conjunction with, and are qualified in their entirety by reference to, our audited consolidated financial statements and related notes and “Item 5. Operating and Financial Review and Prospects” below. Our audited consolidated financial statements are prepared and presented in accordance with US GAAP.

(All amounts in thousands of U.S. dollars, except Dividend per share in Renminbi and Shares outstanding)

Statement of operations data:

Year ended December 31,

Revenue $ 27,097,836 $ 22,995,123 $ 16,734,593

Cost of revenue 16,636,258 14,255,811 10,642,093

Gross profit 10,461,578 8,739,312 6,092,500

General and administrative 705,038 1,129,679 177,703

Research and development expenses 33,847 121,760 40,606

Selling expenses 1,742,147 1,434,230 1,098,365

Income from operations 7,980,546 6,053,643 4,775,826

Other income, net 6,431 15,321 5,083

Interest expense (49,625 ) (55,619 ) (70,496 )

Income before income taxes 7,937,352 6,013,345 4,710,413

Income taxes 2,002,467 1,617,751 1,299,403

Net income 5,934,885 4,395,594 3,411,010

Foreign currency translation (loss) (1,401,124 ) (927,892 ) (56,001 )

Comprehensive income $ 4,533,761 $ 3,467,702 $ 3,355,009

Balance sheet data:

As December 31

Current assets $ 34,579,071 $ 16,835,897 $ 11,550,583

Total assets $ 47,079,357 $ 30,133,944 $ 22,778,004

Current liabilities $ 15,399,512 $ 13,652,325 $ 9,764,087

Total liabilities $ 15,932,287 $ 13,652,325 $ 9,764,087

Total shareholders’ equity $ 31,147,070 $ 16,481,619 $ 13,013,917

Shares outstanding 14,695,347 12,000,000 12,000,000

Exchange Rate Information

Our financial information is presented in U.S. dollars. Our functional currency is Renminbi (“RMB”), the currency of the PRC. Transactions which are denominated in currencies other than RMB are translated into RMB at the exchange rate quoted by the People’s Bank of China at the dates of the transactions. Exchange gains and losses resulting from transactions denominated in a currency other than the RMB are included in statements of operations as foreign currency transaction gains or losses. Our financial statements have been translated into U.S. dollars in accordance with Statement of Financial Accounting Standard (“SFAS”) No. 52, “Foreign Currency Translation”, which was subsequently codified within ASC 830, “Foreign Currency Matters”. The financial information is first prepared in RMB and then is translated into U.S. dollars at period-end exchange rates as to assets and liabilities and average exchange rates as to revenue and expenses. Capital accounts are translated at their historical exchange rates when the capital transactions occurred. The effects of foreign currency translation adjustments are included as a component of accumulated other comprehensive income (loss) in shareholders’ equity.

We make no representation that any RMB or U.S. dollar amounts could have been, or could be, converted into U.S. dollars or RMB, as the case may be, at any particular rate, or at all. The PRC government imposes control over its foreign currency reserves in part through direct regulation of the conversion of RMB into foreign exchange and through restrictions on foreign trade. We do not currently engage in currency hedging transactions.

The following table sets forth information concerning exchange rates between the RMB and the U.S. dollar for the periods indicated (www.oanda.com).

Midpoint of Buy and Sell Prices for U.S. Dollar per RMB

Period Period-End Average High Low

6.3090 6.3115 6.3862 6.2289

6.1090 6.1938 6.3087 6.1084

6.1484 6.1458 6.2080 6.0881

6.4917 6.2288 6.4917 6.0933

6.9448 6.6441 7.0672 6.4494

September 6.6702 6.6745 6.6878 6.6636

October 6.7740 6.7272 6.7821 6.6679

November 6.8872 6.8432 6.9243 6.7595

December 6.9448 6.9330 7.0672 6.8826

2017 (through April 7, 2017)

January 6.8817 6.8987 6.9535 6.8466

February 6.8689 6.8723 6.8842 6.8541

March 6.8912 6.8947 6.9155 6.8681

April (through April 7, 2017) 6.8985 6.8906 6.8985 6.8835

As of April 7, 2017, the exchange rate is RMB 6.8985 to $1.00.

Item 4. Information on the Company

B. Business Overview

Customer Concentration

Because of the nature of our business which involves relatively large value sales of installation services or products to a discrete number of customers, sales to a small number of customers amount to a great percentage of our total revenue.

For the year ended December 31, 2016, two major customers each accounted for approximately 10% of the Company’s total revenue. As of December 31, 2016, two customers accounted for approximately 51% and 45% of the Company’s total contracts receivable balance, respectively.

As of December 31, 2016, the Company had $6,813,757 and $6,043,863 contract receivable balances related to these two general contractor A and B, respectively. Until the mid of December 2017, 2017, the Company has collected $5,607,544 and $5,652,202 from the general contractor A and B and represented 82% and 94% collection of contract receivable balance as of December 31, 2016, respectively. The remaining balance related to general contract A and B is expected to be fully collected prior to December 31, 2017. The Contract receivables are generally due when the Company completes the related installation project. There is no change of payment term in the formal amendments to the original contracts during the subsequent period. However, with the increasing engagements of the installation projects, these two general contractors slowed down the payment to the Company for their own working capital concern and promised to the Company that all the outstanding balance shall be fully settled by the end of 2017. To maintain the long-term relationship, the Company accepted their promises. Since the Company had no history of bad debt with these two general contractor A and B, the Company did not provide allowance for bad debt related to these two general contractor as of December 31, 2016.

For the year ended December 31, 2015, two major customers accounted for approximately 11%, and 10% of the Company’s total sales, respectively. As of December 31, 2015, two customers accounted for approximately 63% and 14% of the Company’s total contracts receivable and accounts receivable balance, respectively.

PART III

Item 17. Financial Statements

See Item 18.

Item 18. Financial Statements

Our consolidated financial statements are included at the end of this annual report, beginning with page F-1.

SIGNATURES

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F/A and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.

Hebron Technology Co., Ltd.

By: /s/ Anyuan Sun

Name: Anyuan Sun

Title: Chief Executive Officer

Date: December [ ], 2017

HEBRON TECHNOLOGY CO., LIMITED AND SUBSIDIARIES

TABLE OF CONTENTS

Consolidated Financial Statements

Report of Independent Registered Public Accounting Firm F-2

Consolidated Balance Sheets F-3

Consolidated Statements of Income and Comprehensive Income F-4

Consolidated Statements of Changes in Shareholders’ Equity F-5

Consolidated Statements of Cash Flows F-6

Notes to Consolidated Financial Statements F-7 – F-23

F-1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholders of

Hebron Technology Co., Limited

We have audited the accompanying consolidated balance sheets of Hebron Technology Co., Limited and subsidiaries (the “Company”) as of December 31, 2016 and 2015, and the related consolidated statements of income and comprehensive income, changes in shareholders’ equity, and cash flows for each of the years in the three-year period ended December 31, 2016. The Company’s management is responsible for these consolidated financial statements. Our responsibility is to express an opinion on t

Show Raw Text
CORRESP
1
filename1.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 20-F/A

(Amendment No. 1)

 ¨ REGISTRATION STATEMENT PURSUANT TO SECTION 12(B) OR 12(G) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

 x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2016

OR

 ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

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……………

For the transition period from                          to

Commission file number 001-37829

HEBRON
TECHNOLOGY CO., LTD.

(Exact name of Registrant as specified in
its charter)

British Virgin Islands

(Jurisdiction of incorporation or organization)

No. 936, Jinhai 2rd Road, Konggang
New Area

Longwan District

Wenzhou City, Zhejiang Province

People’s
Republic of China

(Address of principal executive offices)

Steven Fu, Chief Financial Officer

+86-577-8689-5678– telephone

diqiuren139@139.com

No. 936, Jinhai 2rd Road, Konggang New
Area

Longwan District

(Name, Telephone, E-mail 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

    Name
    of each exchange on which registered

    Common shares, par value $0.001 per share

    Nasdaq

Securities registered or to be registered pursuant
to Section 12(g) of the Act: None

Securities for which there is a reporting obligation
pursuant to Section 15(d) of the Act: None

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: 14,695,347 Common
Shares

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

¨ Yes       x
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        x
No

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.

x Yes        ¨
No

Indicate by check mark whether the registrant has
submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and
posted 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 and post such files).

x 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. (Check
one):

    Large accelerated filer ¨
    Accelerated filer ¨

    Non-accelerated filer x
    Emerging growth company x

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

    U.S. GAAP x
    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 Securities Exchange Act of 1934).

¨ Yes       x
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 Sections 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

EXPLANATORY NOTE

This Amendment No. 1 to Form 20-F (the
“Form 20-F/A”) amends the annual report on Form 20-F of Hebron Technology Co., Ltd. (“Hebron”) for the
fiscal year ended December 31, 2016, originally filed with the U.S. Securities and Exchange Commission (“SEC”) on April
11, 2017 (the “Form 20-F”). This Form 20-F/A is being filed in response to a comment letter received from the staff
of the SEC dated November 7, 2017 (the “SEC Comment Letter”) and relates to matters discussed in the SEC Comment Letter
and Hebron’s response letter dated December [___], 2017. We expect that these letters will be released in due course on the
SEC’s Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system at www.sec.gov under the Central Index Key (CIK)
0001603993 for Hebron. “Item 3. Key Information” in the Form 20-F is amended by this Form 20-F/A to reflect additional
information requested in the SEC Comment Letter, namely to provide selected financial data for fiscal years 2014, 2015 and 2016.
“Item 4. Information On The Company—B. Business Overview—Customer Concentration” in the Form 20-F is amended
by this Form 20-F/A to reflect additional information requested in the SEC Comment Letter. And the consolidated financial statements
in the Form 20-F are amended by this Form 20-F/A to include three years of consolidated financial statements for income and comprehensive
income, changes in shareholders’ equity, and cash flows in accordance with Item 17(a) of Form 20-F, and by reference to Item
8(a) of Form 10-K, and Articles 3-02(a) and 3-04 of Regulation S-X.

No other changes have been made to the Form 20-F.
The Form 20-F, as amended by this Form 20-F/A, speaks as of the original filing date of the Form 20-F, is not intended to reflect
events that may have occurred subsequent to the original filing date of the Form 20-F, and is not intended to update in any way
the disclosures made in the Form 20-F.

 Item
                          3. Key
Information

 A. Selected
Financial Data

The following table presents the selected consolidated
financial information for our company. The selected consolidated statements of comprehensive income data for the three years ended
December 31, 2016, 2015 and 2014, and the selected consolidated balance sheets data as of December 31, 2016, 2015 and 2014 have
been derived from our audited consolidated financial statements, which are included in this annual report beginning on page F-1.
Our historical results do not necessarily indicate results expected for any future periods. The selected consolidated financial
data should be read in conjunction with, and are qualified in their entirety by reference to, our audited consolidated financial
statements and related notes and “Item 5. Operating and Financial Review and Prospects” below. Our audited consolidated
financial statements are prepared and presented in accordance with US GAAP.

(All amounts in thousands of U.S. dollars,
except Dividend per share in Renminbi and Shares outstanding)

Statement of operations data:

    Year
    ended December 31,

    2016
    2015
    2014

    Revenue
    $ 27,097,836
    $ 22,995,123
    $ 16,734,593

    Cost of revenue
      16,636,258
      14,255,811
      10,642,093

    Gross profit
      10,461,578
      8,739,312
      6,092,500

    General and administrative
      705,038
      1,129,679
      177,703

    Research and development expenses
      33,847
      121,760
      40,606

    Selling expenses
      1,742,147
      1,434,230
      1,098,365

    Income from operations
      7,980,546
      6,053,643
      4,775,826

    Other income, net
      6,431
      15,321
      5,083

    Interest expense
      (49,625 )
      (55,619 )
      (70,496 )

    Income before income taxes
      7,937,352
      6,013,345
      4,710,413

    Income taxes
      2,002,467
      1,617,751
      1,299,403

    Net income
      5,934,885
      4,395,594
      3,411,010

    Foreign currency translation (loss)
      (1,401,124 )
      (927,892 )
      (56,001 )

    Comprehensive income
    $ 4,533,761
    $ 3,467,702
    $ 3,355,009

Balance sheet data:

    As
    December 31

    2016
    2015
    2014

    Current assets
    $ 34,579,071
    $ 16,835,897
    $ 11,550,583

    Total assets
    $ 47,079,357
    $ 30,133,944
    $ 22,778,004

    Current liabilities
    $ 15,399,512
    $ 13,652,325
    $ 9,764,087

    Total liabilities
    $ 15,932,287
    $ 13,652,325
    $ 9,764,087

    Total shareholders’ equity
    $ 31,147,070
    $ 16,481,619
    $ 13,013,917

    Shares outstanding
      14,695,347
      12,000,000
      12,000,000

Exchange Rate Information

Our financial information is
presented in U.S. dollars. Our functional currency is Renminbi (“RMB”), the currency of the PRC. Transactions which
are denominated in currencies other than RMB are translated into RMB at the exchange rate quoted by the People’s Bank of
China at the dates of the transactions. Exchange gains and losses resulting from transactions denominated in a currency other than
the RMB are included in statements of operations as foreign currency transaction gains or losses. Our financial statements have
been translated into U.S. dollars in accordance with Statement of Financial Accounting Standard (“SFAS”) No. 52, “Foreign
Currency Translation”, which was subsequently codified within ASC 830, “Foreign Currency Matters”. The financial
information is first prepared in RMB and then is translated into U.S. dollars at period-end exchange rates as to assets and liabilities
and average exchange rates as to revenue and expenses. Capital accounts are translated at their historical exchange rates when
the capital transactions occurred. The effects of foreign currency translation adjustments are included as a component of accumulated
other comprehensive income (loss) in shareholders’ equity.

      1

We make no representation that
any RMB or U.S. dollar amounts could have been, or could be, converted into U.S. dollars or RMB, as the case may be, at any particular
rate, or at all. The PRC government imposes control over its foreign currency reserves in part through direct regulation of the
conversion of RMB into foreign exchange and through restrictions on foreign trade. We do not currently engage in currency hedging
transactions.

The following table sets forth
information concerning exchange rates between the RMB and the U.S. dollar for the periods indicated (www.oanda.com).

    Midpoint
    of Buy and Sell Prices for U.S. Dollar per RMB

    Period
    Period-End
    Average
    High
    Low

    2012
      6.3090
      6.3115
      6.3862
      6.2289

    2013
      6.1090
      6.1938
      6.3087
      6.1084

    2014
      6.1484
      6.1458
      6.2080
      6.0881

    2015
      6.4917
      6.2288
      6.4917
      6.0933

    2016
      6.9448
      6.6441
      7.0672
      6.4494

    September
      6.6702
      6.6745
      6.6878
      6.6636

    October
      6.7740
      6.7272
      6.7821
      6.6679

    November
      6.8872
      6.8432
      6.9243
      6.7595

    December
      6.9448
      6.9330
      7.0672
      6.8826

    2017 (through April 7, 2017)

    January
      6.8817
      6.8987
      6.9535
      6.8466

    February
      6.8689
      6.8723
      6.8842
      6.8541

    March
      6.8912
      6.8947
      6.9155
      6.8681

    April (through April 7, 2017)
      6.8985
      6.8906
      6.8985
      6.8835

As of April 7, 2017, the exchange rate is RMB 6.8985
to $1.00.

 Item
                          4. Information
on the Company

 B. Business Overview

Customer Concentration

Because of the nature of our business which
involves relatively large value sales of installation services or products to a discrete number of customers, sales to a small
number of customers amount to a great percentage of our total revenue.

For the year ended December 31, 2016, two
major customers each accounted for approximately 10% of the Company’s total revenue. As of December 31, 2016, two customers
accounted for approximately 51% and 45% of the Company’s total contracts receivable balance, respectively.

As of December 31, 2016, the Company had
$6,813,757 and $6,043,863 contract receivable balances related to these two general contractor A and B, respectively. Until the
mid of December 2017, 2017, the Company has collected $5,607,544 and $5,652,202 from the general contractor A and B and represented
82% and 94% collection of contract receivable balance as of December 31, 2016, respectively. The remaining balance related to general
contract A and B is expected to be fully collected prior to December 31, 2017. The Contract receivables are generally due when
the Company completes the related installation project. There is no change of payment term in the formal amendments to the original
contracts during the subsequent period. However, with the increasing engagements of the installation projects, these two general
contractors slowed down the payment to the Company for their own working capital concern and promised to the Company that all the
outstanding balance shall be fully settled by the end of 2017. To maintain the long-term relationship, the Company accepted their
promises. Since the Company had no history of bad debt with these two general contractor A and B, the Company did not provide allowance
for bad debt related to these two general contractor as of December 31, 2016.

      2

For the year ended December 31, 2015, two
major customers accounted for approximately 11%, and 10% of the Company’s total sales, respectively. As of December 31, 2015,
two customers accounted for approximately 63% and 14% of the Company’s total contracts receivable and accounts receivable
balance, respectively.

PART III

 Item
                          17. Financial
                                         Statements

See Item 18.

 Item
18. Financial
                                         Statements

Our consolidated financial statements are included
at the end of this annual report, beginning with page F-1.

SIGNATURES

The registrant hereby certifies
that it meets all of the requirements for filing on Form 20-F/A and that it has duly caused and authorized the undersigned to sign
this annual report on its behalf.

    Hebron Technology Co., Ltd.

    By:
    /s/ Anyuan Sun

    Name:
    Anyuan Sun

    Title:
    Chief Executive Officer

    Date: December [    ], 2017

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HEBRON TECHNOLOGY CO., LIMITED AND SUBSIDIARIES

TABLE OF CONTENTS

    Consolidated Financial Statements

    Report of Independent Registered Public Accounting Firm
    F-2

    Consolidated Balance Sheets
    F-3

    Consolidated Statements of Income and Comprehensive Income
    F-4

    Consolidated Statements of Changes in Shareholders’ Equity
    F-5

    Consolidated Statements of Cash Flows
    F-6

    Notes to Consolidated Financial Statements
    F-7 – F-23

      F-1

REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholders of

Hebron Technology Co., Limited

We have audited the accompanying consolidated
balance sheets of Hebron Technology Co., Limited and subsidiaries (the “Company”) as of December 31, 2016 and 2015,
and the related consolidated statements of income and comprehensive income, changes in shareholders’ equity, and cash flows
for each of the years in the three-year period ended December 31, 2016. The Company’s management is responsible for these
consolidated financial statements. Our responsibility is to express an opinion on t