Company: IDVV
Filing Date: 2025-08-12
Form Type: 10-12G/A
Source: 0001683168-25-005941
Chunk: 64

Company: ModuLink Inc.
Filing Date: 2025-08-12
Form: 10-12G/A
Chunk 64
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 subsidiaries, which could materially and adversely affect our liquidity and our ability to fund and expand business.

Any transfer of funds by us
to our Hong Kong subsidiaries, either as a shareholder loan or as an increase in registered capital, may become subject to approval by
or registration or filing with relevant governmental authorities in China. According to the relevant PRC regulations on foreign-invested
enterprises in China, capital contributions to PRC subsidiaries are subject to the approval of or filing with the Ministry of Commerce
in its local branches and registration with a local bank authorized by SAFE. It is unclear if Hong Kong subsidiaries will be deemed a
PRC subsidiary. If Hong Kong subsidiaries are deemed to be PRC subsidiaries, (i) any foreign loan procured by our Hong Kong subsidiaries
will be required to be registered with SAFE or its local branches or filed with SAFE in its information system; and (ii) our Hong
Kong subsidiaries will not be able to procure loans which exceed the difference between their total investment amount and registered capital
or, as an alternative, only procure loans subject to the calculation approach and limitation as provided in the People’s Bank of
China Notice No. 9 (“PBOC Notice No. 9”). We may not be able to obtain these government approvals or complete such registrations
on a timely basis, if at all, with respect to future capital contributions or foreign loans by us to our Hong Kong subsidiaries, if required.
If we fail to receive such approvals or complete such registration or filing, our ability to use the proceeds we receive from our offshore
financing activities and to capitalize our Hong Kong operations may be negatively affected, which could adversely affect our liquidity
and ability to fund and expand our business. There is, in effect, no statutory limit on the amount of capital contribution that we can
make to our Hong Kong subsidiaries. This is because there is no statutory limit on the amount of registered capital for our Hong Kong
subsidiaries, and we are allowed to make capital contributions to our Hong Kong subsidiaries by subscribing for their initial registered
capital and increased registered capital, provided that the Hong Kong subsidiaries complete the relevant filing and registration procedures.

| 32 |

The Circular on Reforming
the Administration of Foreign Exchange Settlement of Capital of Foreign-Invested Enterprises, or SAFE Circular 19, effective as of June
1, 2015, as amended by Circular of the State Administration of Foreign Exchange on Reforming and Regulating Policies on the Control over
Foreign Exchange Settlement under the Capital Account,