Company: KPEA
Filing Date: 2025-01-14
Form Type: 10-K
Source: 0001493152-25-002124
Chunk: 425

Company: Kun Peng International Ltd.
Filing Date: 2025-01-14
Form: 10-K
Item: Item 1
Chunk 425
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ilian Group Co., Ltd. agreed to transfer an 8% ownership interest in King Eagle (China) to Guoxin
Zhengye and its remaining 7% ownership in King Eagle (China) to KP (China) on April 20, 2021. After the transfer, KP (China) and Guoxin
Zhengye became the 92% and 8% shareholders of King Eagle (China), respectively. Guoxin Zhengye agreed to transfer its 8% ownership interest
in King Eagle (China) to KP (China) on August 26, 2022. As a result of the transfer, KP (China) became the sole shareholder of King Eagle
(China) and King Eagle (China) became a wholly foreign-owned enterprise (WFOE).

On
November 1, 2022, KP (China) entered into ownership transfer agreements with KP (Hong Kong) and KP Tian Yu, pursuant to which KP (China)
transferred 49% and 51% of its ownership in King Eagle (China) to KP (Hong Kong) and KP Tian Yu, respectively. The ownership transfer
was completed on March 3, 2023, after which time King Eagle (China) is no longer a WFOE.

King
Eagle (Tianjin) Technology Co., Ltd.

King Eagle VIE
was incorporated as a limited liability company in Tianjin Pilot Free Trade Zone in the People’s Republic of China on September
2, 2020, with a registered capital of approximately $1.5 million (RMB 10 million). We do not own any of the equity of King Eagle VIE.
It is owned by multiple individuals: Chengyuan Li (approximately 45.5%), Xiujin Wang (approximately 10.5%), Yuanyuan Zhang (approximately
10%), Jinjing Zhang, Wanfeng Hu, Cuilian Liu, and Zhizhong Wang (each of whom owns approximately 6%), Zhandong Fan, and Hui Teng (each
of whom owns approximately 5%). Those shareholders also indirectly owned KP International Holding prior to its acquisition by the Company
through two British Virgin Islands entities: Kunpeng Tech Limited and Kunpeng TJ Limited. Additionally, Chengyuan Li is a director and
Yuanyuan Zhang is Chief Financial Officer of the Company.

13

Some
of the business engaged in by King Eagle VIE is restricted or prohibited for foreign investment under PRC regulations.