Company: GINT
Filing Date: 2025-10-15
Form Type: F-1/A
Source: 0001213900-25-099087
Chunk: 17

Company: Gifts International Holdings Ltd
Filing Date: 2025-10-15
Form: F-1/A
Chunk 17
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 which only independent directors participate or by a nominating committee comprised solely of independent directors, in either case, with a formal written charter or board resolutions, as applicable, addressing the nominations process and such related matters as may be required under the federal securities laws; and •that its compensation committee be composed solely of independent directors with a written charter addressing the committee’s purpose and responsibilities. As a result, you will not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements. Although we do not intend to rely on the “controlled company” exemption under the Nasdaq listing rules, we could elect to rely on this exemption after we complete this offering. If we elect to rely on the “controlled company” exemption, a majority of the members of our board of directors might not be independent directors and our nominating and corporate governance and compensation committees might not consist entirely of independent directors after we complete this offering. See “ Risk Factors — Risks Related to Our Shares — We will be a “controlled company” within the meaning of Nasdaq rules and we will qualify for and may rely on exemptions from certain corporate governance requirements.”. Transfers of Cash To and From Our Subsidiaries We conduct substantially all of our operations in Hong Kong through our Hong Kong operating subsidiary, Broaden Leisure. As a result, almost all our sales revenues are received by Broaden Leisure. GGBB, is an intermediate holding company with no operations of its own; and Gifts International, operates as a holding company of GGBB with no actual operations. Cash generated from Broaden Leisure has not been used to fund the operation of GGBB and Gifts International. Transfers of funds in the form of dividends from Broaden Leisure to its holding company, GGBB, are free of restrictions, subject to availability of distributable profits and sufficient cash to maintain as a going concern and solvency of Broaden Leisure and any contractual obligations owed to third parties prohibiting or restricting dividend distributions. Transfers of funds in the form of dividends from GGBB to Gifts International is not subject to exchange controls, and all such dividends may be freely transferred out of the BVI, clear of any income or other tax of the BVI imposed by withholding or otherwise without the necessity of obtaining any consent of any government or authority of the BVI. No regulatory approval is required for Gifts International to transfer cash to its subsidiaries. Gifts International is permitted under the laws of the BVI to provide funding to its subsidiaries, GGBB and Broaden Leisure through loans