UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019* OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to 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 Commission file number: 001-38051 China Rapid Finance Limited (Exact name of Registrant as specified in its charter) N/A (Translation of the Registrant’s name into English) Cayman Islands (Jurisdiction of incorporation or organization) Room 7-705, Zhongjidasha Plaza 819-1 Yinxianglu Road, Nanxiang Township Jiading District, Shanghai, 201802 People’s Republic of China (Address of principal executive offices) Hao (Kevin) Chen (Chief Financial Officer) Email: [email protected] Telephone: +86-21-6032-5999 (Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person) Title of each class Trading Name of each exchange on which registered Symbol(s) American depositary shares, each representing 10 Class A ordinary share, par value XRF New York Stock Exchange US$0.0001 per share Class A ordinary shares, par value US$0.0001 per share* New York Stock Exchange *Not for trading, but only in connection with the listing on the New York Stock Exchange of American depositary shares 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 at the close of the period covered by the annual report. 104,054,977 Class A ordinary shares 9,401,180 Class B ordinary shares Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the US Securities Act of 1933, as amended. Yes ☐ 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 ☐ 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. Yes ☐ No ☒ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files). 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 definition of “large accelerated filer,"accelerated filer,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Emerging growth company ☒ If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards † provided pursuant to Section 13(a) of the Exchange Act. ☒ † The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐ Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: ☒ U.S. GAAP ☐ 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 Exchange Act). Yes ☐ No ☒ EXPLANATORY NOTE On March 4, 2020 the Securities and Exchange Commission issued an Order (Release No. 34-88318) under Section 36 of the Exchange Act granting exemptions from specified provisions of the Exchange Act and certain rules thereunder (the “Order”). The Order provides that a registrant subject to the reporting requirements of Exchange Act Section 13(a) or 15(d), and any person required to make any filings with respect to such a registrant, is exempt from any requirement to file or furnish materials with the Commission under Exchange Act Sections 13(a), 13(f), 13(g), 14(a), 14(c), 14(f), 15(d) and Regulations 13A, Regulation 13D-G (except for those provisions mandating the filing of Schedule 13D or amendments to Schedule 13D), 14A, 14C and 15D, and Exchange Act Rules 13f-1, and 14f-1, as applicable, where certain conditions are satisfied. As a result of the global outbreak of the COVID-19 virus, from January 2020 until February 2020, the Company’s employees have been asked to work remotely. As a result, the Company’s books and records have not been easily accessible and communication among internal financial staff and its auditors has been challenging due to the travel restriction and quarantine requirement, resulting in the delay in the preparation and completion of its consolidated financial statements. Based on the foregoing, on April 30, 2020, the Company filed a Current Report on Form 6-K to avail itself of a 45-day extension to file this Form 20-F relying on the exemptions provided by the Order. This Form 20-F is being filed in reliance on the Order. TABLE OF CONTENTS INTRODUCTION................................................................................................................................................ 1 FORWARD-LOOKING STATEMENTS ............................................................................................................ 2 PART I ................................................................................................................................................................. 3 ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS .................... 3 ITEM 2. OFFER STATISTICS AND EXPECTED TIME TABLE ..................................................... 3 ITEM 3. KEY INFORMATION ........................................................................................................... 3 A. Selected Financial Data .................................................................................................................. 3 B. Capitalization and Indebtedness ..................................................................................................... 6 C. Reasons for the Offer and Use of Proceeds .................................................................................... 6 D. Risk Factors .................................................................................................................................... 6 ITEM 4. INFORMATION ON THE COMPANY ........................................................................................ 62 A. History and Development of the Company .................................................................................... 62 B. Business Overview ......................................................................................................................... 64 C. Regulation ...................................................................................................................................... 74 D. Organizational Structure................................................................................................................. 96 E. Property, Plant and Equipment ....................................................................................................... 96 ITEM 4A. UNRESOLVED STAFF COMMENTS ................................................................................. 97 ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS ........................................ 97 A. Operating Results ........................................................................................................................... 97 C. Research and Development ............................................................................................................ 112 E. Off Balance Sheet Arrangements ................................................................................................... 112 F. Contractual Obligations .................................................................................................................. 112 G. Safe Harbor ...................................................................................................................................