Company: JXG
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-043744
Chunk: 78

Company: JX Luxventure Group Inc.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 4
Chunk 78
---
 Pledge and Security Agreement (the “ Pledge Agreement”), pursuant to which the Purchaser, as the Borrower under
the Note, granted the Company a first priority security interest in the Shares of Hongri. On April 15, 2024, Jinxuan (Hainan) Digital
Technology Co., Ltd, the Company’s indirect wholly-owned subsidiary, acquired 100% share capital of Tianjin Baoliting Intelligent
Technology Co., Ltd., a subsidiary of the Purchaser, in consideration of the remaining $7,0000,000 due by the Purchaser to the Company
under the Note. As a result of the sale of Hongri International, the Company disposed its menswear business segment, and Hongri International
and all its wholly-owned subsidiaries are no longer subsidiaries of the Company.

Following the Closing of Hongri, the Company’s
corporate structure changed as follows:

On April 26, 2023, the Company effected the 1-for-10 reverse stock
split of its Common Stock. On May 23, 2023, Nasdaq Staff notified the Company that the Company regained compliance with the Minimum Bid
Requirement and that the hearing previously scheduled for May 25, 2023 (the hearing was related to regaining compliance with the Minimum
Bid Requirement) has been canceled. The letter from Nasdaq also stated that the Company is in compliance with all applicable listing standards
and that its stock will continue to be listed and traded on Nasdaq.

Recent Developments

On August 23, 2024, the Company issued a negotiable,
transferrable, due on demand, promissory note, without an interest (the “2024 Original Note”), in the principal amount of
$3,000,000 (the “ Principal Amount”) to Huidan Li, the Co-Chairman of the board of directors of the Company, in consideration
of the continuous advances of funds to the Company by the Co-Chairman for a period of over two (2) years.

On August 26, 2024, the Company entered into the
Note Transfer and Assignment Agreement (the “ Assignment Agreement”) with the Mr. Li and eight (8) investors (the “ Assignees”
or the “ Holders”), pursuant to which on the same date Mr. Li sold, transferred, and assigned the 2024 Original Note and, collectively,
all of his rights, title and interest in, to and under the 2024 Original Note to the