Company: JXG
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-043744
Chunk: 93

Company: JX Luxventure Group Inc.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 4
Chunk 93
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The global spread of COVID-19 also affected our sales. This growth in revenue, especially revenues from our tourism business, has been
adversely impacted by COVID-19 pandemic at various times during 2021 because of government-enforced lockdowns.

Regulation

This section sets forth a summary of the most
significant rules and regulations that affect our business activities in the PRC.

REGULATIONS RELATING TO FOREIGN INVESTMENT

The establishment, operation and management of
companies in China are mainly governed by the PRC Company Law, as most recently amended in 2018, which applies to both domestic companies
and foreign-invested companies. Prior to January 1, 2020, the fundamental laws governing the foreign-invested enterprises were the Sino-foreign
Equity Joint Venture Enterprise Law of the PRC, the Sino-foreign Cooperative Joint Venture Enterprise Law of the PRC, and the Wholly Foreign-invested
Enterprise Law of the PRC, together with their implementation rules and regulations. On March 15, 2019, the National People’s Congress
of the PRC approved the Foreign Investment Law of the PRC, which came into effect on January 1, 2020 and replaced the Sino-foreign Equity
Joint Venture Enterprise Law of the PRC, the Sino-foreign Cooperative Joint Venture Enterprise Law of the PRC and the Wholly Foreign-invested
Enterprise Law of the PRC. Pursuant to the Foreign Investment Law, “foreign investment” refers to investment activities conducted
by foreign investors (including foreign natural persons, foreign enterprises or other foreign organizations) directly or indirectly in
the PRC, which include any of the following circumstances: (i) foreign investors setting up foreign-invested enterprises in the PRC solely
or jointly with other investors, (ii) foreign investors obtaining shares, equity interests, property portions or other similar rights
and interests of enterprises within the PRC, (iii) foreign investors investing in new projects in the PRC solely or jointly with other
investors, and (ⅳ) investment in other methods as specified in laws, administrative regulations, or as stipulated by the State Council.

On December 26, 2019, the State Council promulgated
the Implementing Regulations of the Foreign Investment Law of the PRC (the “ Implementing Rules”), with effect from January
1, 2020 to ensure the effective implementation of the Foreign Investment Law. The Implementing Rules provide that