Company: DSWL
Filing Date: 2025-07-29
Form Type: 20-F
Source: 0001174947-25-001096
Chunk: 1

Company: DESWELL INDUSTRIES INC
Filing Date: 2025-07-29
Form: 20-F
Item: Item 3
Chunk 1
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 the BVI include Ideatop Holdings Ltd., Blue Collar Holdings Ltd., Joint Harvest Industries Ltd., Star Peace Ltd. and Rainbow Hill Ltd. Our intermediate holding company in Samoa is Integrated International Ltd.. We do not currently have operations in Hong Kong.

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The following diagram illustrates the organizational structure of the Company and its active subsidiaries at March 31, 2025.

The Holding Foreign Companies Accountable Act

The Holding Foreign Companies Accountable Act (the “ HFCAA”) enacted in 2020, provides that if the auditor of a U. S. listed company’s financial statements is not subject to Public Company Accounting Oversight Board (the “ PCAOB”) inspections for three consecutive “non-inspection” years, the Securities and Exchange Commission (the “ SEC”) is required to prohibit the securities of such issuer from being traded on a U. S. national securities exchange, such as NYSE and Nasdaq, or in U. S. over-the-countermarkets. On December 29, 2022, U. S. Congress passed and the President of the United Stated signed into law the Consolidated Appropriations Act, 2023, which, among other things, amended the HFCAA to shorten the timeframe from three consecutive “non-inspection” years to two consecutive “non-inspection” years. On December 16, 2021, the PCAOB issued a report to notify the SEC that it was unable to completely inspect or investigate registered public accounting firms headquartered in Mainland China, including our auditor, BDO China Shu Lun Pan Certified Public Accountants LLP, a registered public accounting firm headquartered in Shanghai, China. On August 29, 2022, we were conclusively listed by the SEC as a “ Commission-IdentifiedIssuer”

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under the HFCAA as having filed audit reports issued by a registered public accounting firm that could not be inspected or investigated completely by the PCAOB in connection with the filing of our annual report on Form 20-Ffor the fiscal year ended March 31, 2022. On December 15, 2022, the PCAOB issued a report vacating its December 16, 2021 determination and removing Mainland China and Hong Kong from the list of jurisdictions where it is unable to completely inspect or investigate registered public accounting firms, and a statement released from the Chairman of the PCAOB stated that the PCAOB has secured complete access to inspect and investigate such registered public accounting firms headquartered in Mainland China and Hong Kong. For this