Company: JWEL
Filing Date: 2025-08-26
Form Type: F-3
Source: 0001213900-25-080759
Chunk: 9

Company: Jowell Global Ltd.
Filing Date: 2025-08-26
Form: F-3
Chunk 9
---
 to our PRC subsidiary, which could materially and adversely affect our liquidity and our ability to fund and expand our business.,” and “— We rely on dividends and other distributions on equity paid by our PRC subsidiary to fund any cash and financing requirements we may have, and any limitation on the ability of our PRC subsidiary to make payments to us could have a material adverse effect on our ability to conduct our business.” in our annual report on Form 20-F for the year ended December 31, 2024, which is incorporated in this prospectus by reference.

As of the date of this prospectus,
we do not have cash management policies and procedures in place that dictate how funds are transferred through our organization. Rather,
the funds can be transferred in accordance with the applicable PRC laws and regulations. See “Dividend Distribution and Cash Transfer Between the Holding Company, Subsidiary and VIE.” in our annual report on Form 20-F for the year ended December 31, 2024, which is incorporated in this prospectus by reference.

As of the date of this prospectus,
no dividends or distributions have been made between the holding company, its subsidiaries, and consolidated VIE, or to investors including
U.S. investors except that the VIE Shanghai Juhao made a cash dividend of $1.6 million to its shareholders in July 2019 before we became
a public company in March 2021. The holding company, its subsidiaries, and VIE do not have any plan to distribute dividend or settle
amounts owed under the VIE Agreements in the foreseeable future. The cash transfer among the holding company, its subsidiaries and VIE
is typically transferred through payment for investment, intercompany services or intercompany borrowing between holding company, subsidiaries
and VIE. Cash transfers have been made to date between the holding company, its subsidiaries, and consolidated VIE, include the following:
(1) the holding company made investment payment of US$24,330,000 to Jowell HK during the fiscal years ended December 31, 2021; (2) Jowell
HK made investment payment of US$20,629,000 to Jowell Shanghai during the fiscal years ended December 31, 2021; (3) Jowell HK loaned
US$606,000 to VIE during the fiscal year ended December 31, 2021; (4) VIE paid US$12,462,715 to Jowell Shanghai for purchase of products