Company: JXG
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-043744
Chunk: 74

Company: JX Luxventure Group Inc.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 4
Chunk 74
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 to a vesting schedule set forth in the Stock Purchase Agreement. As of the date of
this Annual Report, 100% of the Purchased Shares were released from escrow under this Stock Purchase Agreement.

On June 21, 2021, the Company further amended
its Restated Articles by filing the Articles of Amendment with the Registrar of the Corporation, to permit holders of a majority of the
total voting power of the outstanding capital stock to take any action that is required or permitted to be taken at a meeting of the shareholders,
by written consent.

On October 4, 2021, the Company changed its name
from “ KBS Fashion Group Limited” to “ JX Luxventure Limited” by filing another Articles of Amendment to the Restated
Articles with the Registrar of the Corporation.

Effective December 13, 2021, we reorganized our
corporate subsidiary structure in the PRC under Flower Crown Holding (“ FLH”). On December 21, 2021, we closed a Share Exchange
Agreement with FLH, which operated its China subsidiaries, Jin Xuan Luxury Tourism (Hainan) Digital Technology Co., Ltd. (“ JX Hainan
Digital”), Beijing Heyang International Travel Service Co., Ltd. (“ Heyang Travel”) and Flower Crown (Hainan) Cross-Border
E-Commerce Co., Ltd. (“ FCEC”) through a variable interest structure (“ VIE”). As a result of the FLH’s China
subsidiaries restructuring, we terminated the original VIE contractual agreements and weno
longer operate those entities through a VIE structure and became the indirect sole shareholder of JX Hainan and Heyang Travel. As part
of the restructuring, due to the restriction of foreign ownership by the relevant laws and regulations of the People’s Republic
of China, namely Provisions on Administration of Foreign Invested Telecommunications Enterprise (外商投资电信企业管理规定),
we divested FCEC under a Shares Transfer Agreement with a third party. FCEC represented less than 5% of our total revenues.

The reorganization was approved by the unanimous
consent of our Board of Directors and the affirmative vote of the holders of approximately 60.4% of our total issued and outstanding capital
stock.

Following the reorganization, we had the following
corporate structure between December 13, 2021 and October 19, 2022:

On January 11, 2022, the Board