Company: JXG
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-043744
Chunk: 45

Company: JX Luxventure Group Inc.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 3
Chunk 45
---
 statements are audited by accounting firms that
the PCAOB determines it has been unable to inspect or investigate completely for a period of two consecutive audit years (“ Non-Inspection
Years”), because of a position taken by the authorities in a foreign jurisdiction in which the accounting firms are based (each
accounting firm so determined by the PCAOB, a “ PCAOB-Identified Firm”).

On September 22, 2021,
the PCAOB adopted a final rule implementing the HFCAA, which provides a framework for the PCAOB to use when determining, as contemplated
under the HFCAA, whether the board of directors of a company is unable to inspect or investigate completely registered public accounting
firms located in a foreign jurisdiction because of a position taken by one or more authorities in that jurisdiction.

On December 2, 2021,
the SEC adopted amendments to finalize rules implementing the submission and disclosure requirements in the HFCAA. Pursuant to the HFCAA,
the PCOAB issued a Determination Report on December 16, 2021 which found that the PCAOB is unable to inspect or investigate completely
registered public accounting firms headquartered in: (1) mainland China of the People’s Republic of China, because a position taken
by one or more authorities in mainland China; and (2) Hong Kong, a Special Administrative Region and dependency of the PRC, because of
a position taken by one or more authorities in Hong Kong. In addition the PCOAB’s report identified the specific registered public
accounting firms which are subject to these determinations. Our registered public accounting firm, Onestop Assurance PAC (“ Onestop”)
is a Singapore-based independent public accounting firm; it is notheadquartered in mainland China or Hong Kong and was notidentified
in this report as a firm subject to the PCAOB’s determination.

On August 26, 2022, the
CSRC, MOF, and the PCAOB signed the Protocol, governing inspections and investigations of audit firms based in China and Hong Kong, taking
the first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms headquartered in mainland
China and Hong Kong. Pursuant to the fact sheet with respect to the Protocol disclosed by the SEC, the PCAOB shall have independent discretion
to select any issuer audits for inspection or investigation and has the unfettered ability to transfer information to the SEC.

On December 15, 2022,
the PCAOB determined that it was able to secure complete access to