Company: JL
Filing Date: 2025-07-28
Form Type: 20-F
Source: 0001213900-25-068049
Chunk: 150

Company: J-Long Group Ltd
Filing Date: 2025-07-28
Form: 20-F
Item: Item 10
Chunk 150
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 that the arrangement
is approved by a majority in number of each class of shareholders and creditors with whom the arrangement is to be made, and who must,
in addition, represent three-fourths in value of each such class of shareholders or creditors, as the case may be, that are present and
voting either in person or by proxy at a meeting, or meetings, convened for that purpose. The convening of the meetings and subsequently
the arrangement must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting shareholder has the right to express
to the court the view that the transaction ought not to be approved, the court can be expected to approve the arrangement if it determines
that:

  the                                                                                                                                    
  the                                                                                                                                    
  the                                                                                                                                    
  the                                                                                                                                    

When
a takeover offer is made and accepted within four months by holders of 90% of the shares that are the subject of the offer, the offeror
may, within a two-month period commencing on the expiration of such four-month period, require the holders of the remaining shares to
transfer such shares on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands but this is unlikely
to succeed in the case of an offer that has been so approved unless there is evidence of fraud, bad faith or collusion.

If
an arrangement and reconstruction is thus approved, the dissenting shareholder would have no rights comparable to appraisal rights, which
would otherwise ordinarily be available to dissenting shareholders of Delaware corporations, providing rights to receive payment in cash
for the judicially determined value of the shares.

Shareholders’
Suits

In
principle, we will normally be the proper plaintiff and as a general rule a derivative action may not be brought by a minority shareholder.
However, based on English authorities, which would in all likelihood be of persuasive authority in the Cayman Islands, there are exceptions
to the foregoing principle, including when:

  a                                                                                                                                    
  the                                                                                                                                  
  those                                                                                                                                

Indemnification
of Directors and Executive Officers and Limitation of Liability

Cayman
Islands law does not limit the extent to which a company’s articles of association may provide for indemnification of officers
and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such
as to provide indemnification against civil fraud or the consequences of committing a crime. Our Articles of Association permit indemnification
of officers and directors