Company: XXC
Filing Date: 2025-06-10
Form Type: F-1/A
Source: 0001213900-25-052817
Chunk: 43

Company: XINXU COPPER INDUSTRY TECHNOLOGY Ltd
Filing Date: 2025-06-10
Form: F-1/A
Chunk 43
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 is unable to inspect the company’s auditors for three consecutive years, the issuer’s securities are prohibited from trading on a national exchange. On June22, 2021, the United States Senate passed the Accelerating Holding Foreign Companies Accountable Act, which has been introduced in the United States House of Representatives. This Act, if enacted, would decrease the number of non -inspectionyears from three years to two, thus reducing the time period before our ordinary shares may be prohibited from trading or delisted. The lack of access to the PCAOB inspection in China prevents the PCAOB from fully evaluating audits and quality control procedures of the auditors based in China. As a result, the investors may be deprived of the benefits of such PCAOB inspections. The inability of the PCAOB to conduct inspections of auditors in China makes it more difficult to evaluate the effectiveness of these accounting firms’ audit procedures or quality control procedures as compared to auditors outside of China that are subject to the PCAOB inspections, which could cause existing and potential investors in our stock to lose confidence in our audit procedures and reported financial information and the quality of our financial statements. 21 On December2, 2021, the SEC issued final rules under the HFCA Act, which became effective on January10, 2022, amending the disclosure requirements in annual reports. These amendments apply to registrants that the SEC identifies as having filed an annual report issued by a registered public accounting firm that is located in a foreign jurisdiction that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in that jurisdiction. The amendments require the submission of documentation to the SEC establishing that such a registrant is not owned or controlled by a governmental entity in that foreign jurisdiction and also require disclosure in a foreign issuer’s annual report regarding the audit arrangements of, and governmental influence on, such registrants. The SEC is to identify a reporting company that has retained a registered public accounting firm to issue an audit report where that registered public accounting firm has a branch or office that: •Is located in a foreign jurisdiction; and •The PCAOB has determined that it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction. Once identified, Section 104(i)(2)(B) of the Sarbanes -OxleyAct requires these issuers, which the SEC refers to as “Commission -IdentifiedIssuers,” to submit in connection with their annual report documentation to the SEC establishing that they are not owned or controlled by a