Company: GINT
Filing Date: 2025-01-28
Form Type: DRS/A
Source: 0001213900-25-007208
Chunk: 17

Company: Gifts International Holdings Ltd
Filing Date: 2025-01-28
Form: DRS/A
Chunk 17
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 in this prospectus are those of Gifts International Holdings Limited. (3)Gifts International Holdings Limited conducts all its operations through its wholly -ownedoperating subsidiary, Broaden Leisure Outlets Company Limited, which is incorporated under the laws of Hong Kong. In advance of listing, we have conducted a reorganization, primarily to facilitate our initial public offering in the United States. For a description of the reorganization, see “Corporate History and Structure — Reorganization”. Gifts International is owned as to 80.45% by Mr.Ngai Chiu Wong as of the date of this prospectus. Mr.Ngai Chiu Wong, will own [*] Class A Ordinary Shares and [*] Class B Ordinary Shares, representing [*]% of the voting power of Gifts International after this offering. As a result, because more than 50% of the voting power of the Company will be held by a single entity after the completion of this offering, we will be a controlled company under the Nasdaq Capital Market corporate governance rules. For more details, see “ Corporate History and Structure”. 2 Implication of Being a Controlled Company We will be a “controlled company” within the meaning of Nasdaq Stock Market Rules. As at the date of this prospectus, our Controlling Shareholder, Mr. Ngai Chiu Wong, owns [*] Class A Ordinary Shares and [*] Class B Ordinary Shares, representing [98.73]% of the voting power of the Company. Following completion of this offering, giving effect to the sale of the Class A Ordinary Shares being offered hereby, Mr.Wong will own [*] Class A Ordinary Shares and [*] Class B Ordinary Shares, representing [*]% of the total voting power of our Company, assuming that the underwriters do not exercise their over -allotmentoption. For so long as we are a controlled company, we are permitted to elect not to comply with certain stock exchange rules regarding corporate governance, including the following requirements: •that a majority of its board of directors consist of independent directors; •that its director nominees be selected or recommended for the board’s selection by a majority of the board’s independent directors in a vote in which only independent directors participate or by a nominating committee comprised solely of independent directors, in either case, with a formal written charter or board resolutions, as applicable, addressing the nominations process and such related matters as may be required under the federal securities laws; and •that its compensation committee be composed solely of independent directors with a written charter addressing the committee’s purpose and responsibilities.