Company: AOAO
Filing Date: 2025-01-10
Form Type: S-1/A
Source: 0001493152-25-001624
Chunk: 18

Company: Alpha One Inc.
Filing Date: 2025-01-10
Form: S-1/A
Chunk 18
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, the funds or assets may not be available to fund operations or for other use outside of the PRC due to the imposition of restrictions and limitations on the ability of us or our subsidiaries by the PRC regulatory authority to transfer cash or assets. As of March 31, 2024 and 2023, our PRC operating subsidiary’s cash held in RBM were $383,682 (equivalent to RMB2,770,310) and $329,994 (equivalent to RMB 2,266,269) respectively. As of September 30, 2024, our PRC operating subsidiary’s cash held in RMB were $3,225 (equivalent to RMB22,636).

Under existing PRC foreign exchange regulations, payment of current account item, such as profit distributions and trade and service-related foreign exchange transactions, can be made in foreign currencies without prior approval from the State Administration of Foreign Exchange, or the SAFE, by complying with certain procedural requirements. Therefore, our PRC subsidiary is able to pay dividends in foreign currencies to us without prior approval from SAFE, subject to the condition that the remittance of such dividends outside of the PRC complies with certain procedures under PRC foreign exchange regulations, such as the overseas investment registrations by our shareholders or the ultimate shareholders of our corporate shareholders who are PRC residents. Approval from, or registration with, appropriate government authorities is, however, required where the RMB is to be converted into foreign currency and remitted out of China to pay capital expenses such as repayment of loans denominated in foreign currencies. The PRC regulatory authority may also at its discretion restrict access in the future to foreign currencies for current account transactions. Current PRC regulations permit our PRC subsidiary to pay dividends to the Company only out of their accumulated profits, if any, determined in accordance with Chinese accounting standards and regulations.

We are a holding company with no material operations of our own and do not generate any revenue. We currently conduct substantially all of our operations through our PRC operating subsidiary Shenzhen Zhongyun. As a holding company, we may rely on dividends and other distributions on equity paid by our subsidiaries, including those based in mainland China,for our cash and liquidity requirements. If any of our subsidiaries incurs debt on its own behalf in the future, the instruments governing such debt may restrict their ability to pay dividends to us. Under Wyoming law, we is permitted to provide funding to our subsidiaries in corporated in the British Virgin Islands and Hong Kong through loans or capital