Company: JWEL
Filing Date: 2025-05-09
Form Type: 20-F
Source: 0001213900-25-041556
Chunk: 159

Company: Jowell Global Ltd.
Filing Date: 2025-05-09
Form: 20-F
Item: Item 19
Chunk 159
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Hongrun. Mr. Zhiwei Xu, then Chairman of the Board of Directors and then Chief Executive Officer of the Company is also the Chairman of
the Board of Directors of Hongrun. According to the Article of Association of Hongrun, the Board of Directors of Hongrun has 5 members,
among whom Mr. Zhiwei Xu and another Director is from Longrich Group, accounting for40% voting rights of the Board. Accordingly, Longrich
Group and the Company in aggregate cannot exercise control but has significant influence over Hongrun. Accordingly, Shanghai Juhao has
been accounting for the investment under equity method. For the year ended December 31, 2024, the Company generated $105,464investment
loss from Hongrun and did not recognize any impairment losses for the long-term investments.

Note 10 - Short-term Bank Loan

On March 21, 2022, Shanghai Juhao entered into
a loan agreement with Shanghai Bank to borrow RMB17million (approximately $2.46million) for working capital needs. Interest of the loan
is4.6% per annum. The loan is guaranteed by Jowell Tech, who signed a maximum pledge agreement with Shanghai Bank and agreed to pledge
its deposit of $3.0million as collaterals to safeguard RMB17million loans that the Shanghai Juhao may borrow from Shanghai Bank during
the period of March 21, 2022 to March 21, 2023. As of December 31, 2022, the outstanding balance was RMB17,000,000(equivalent of $2,464,375).
In March 2023, Shanghai Juhao repaid this loan upon maturity.

On March 28, 2023, Shanghai Juhao entered into
a loan agreement with Shanghai Yangpu Kecheng Microfinance Co., Ltd. (“ Kecheng”) to borrow RMB5million (approximately $0.7million) for working capital needs. Interest of the loan is12% per annum. The loan is guaranteed by Jiangsu Longrich Group Co., Ltd.,
Shanghai Zhicheng Enterprise Management Co., Ltd. and Zhiwei Xu that Shanghai Juhao may borrow from Kecheng during the period of March
30, 2023 to September 30, 2023. After maturity, Shanghai Juhao applied for an extension from September 30, 2023 to September 30, 2024
and the principal and interest