Company: FVN
Filing Date: 2025-05-02
Form Type: S-4
Source: 0001829126-25-003304
Chunk: 558

Company: Future Vision II Acquisition Corp.
Filing Date: 2025-05-02
Form: S-4
Chunk 558
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 Company issued 55,000,000 and 45,000,000 ordinary shares of par value USD 0.00005 to its original shareholders on June 27, 2023 and December 1, 2023, respectively.

VIWO PRC entities are required to set aside at least 10% of their after-tax profits each year, if any, to fund certain statutory reserve funds until such reserve funds reach 50% of its registered capital. In addition, VIWO PRC entities may allocate a portion of its after-tax profits based on PRC accounting standards to enterprise expansion fund and staff bonus and welfare fund at its discretion. VIWO PRC entities may allocate a portion of its after-tax profits based on PRC accounting standards to a discretionary surplus fund at its discretion. The statutory reserve funds and the discretionary funds are not distributable as cash dividends. Remittance of dividends by a wholly foreign-owned company out of China is subject to examination by the banks designated by State Administration of Foreign Exchange. As of September 30, 2023 and 2024, VIWO PRC entities collectively attributed RMB 353,467 and RMB 2,459,161 (USD 350,938) to statutory reserves, respectively.

The Company’s ability to pay dividends is primarily dependent on the Company receiving distributions of funds from its subsidiary. Relevant PRC statutory laws and regulations permit payments of dividends by VIWO PRC entities only out of its retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The results of operations reflected in the accompanying consolidated financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of VIWO PRC entities.

As a result of the foregoing restrictions, VIWO PRC entities are restricted in their ability to transfer their assets to the Company. Foreign exchange and other regulation in the PRC may further restrict VIWO PRC entities from transferring funds to the Company in the form of dividends, loans and advances. As of September 30, 2024, amounts restricted are the paid-in-capital and statutory reserve of VIWO PRC entities, which amounted to RMB 2,494,986 (USD 356,050).

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Note 14 — Commitments and contingencies

In the normal course of business, we are subject to loss contingencies, such as legal proceedings and claims arising out of its business, that cover a wide range of matters, including, among