Company: JWEL
Filing Date: 2025-05-09
Form Type: 20-F
Source: 0001213900-25-041556
Chunk: 56

Company: Jowell Global Ltd.
Filing Date: 2025-05-09
Form: 20-F
Item: Item 4
Chunk 56
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 in China may pay dividends only out of their accumulated after-tax profits, if any, determined in accordance
with PRC accounting standards and regulations. In addition, wholly foreign-owned enterprises in China are required to allocate at least
10% of their respective accumulated profits each year, if any, to fund certain reserve funds until these reserves have reached 50% of
the registered capital of the enterprises. Wholly foreign-owned companies may, at their discretion, allocate a portion of their after-tax
profits based on PRC accounting standards to staff welfare and bonus funds. These reserves are not distributable as cash dividends.

Regulations on Overseas Listings

On February 17, 2023, the CSRC released the Trial
Administrative Measures of Overseas Securities Offering and Listing by Domestic Enterprises (the “ New Overseas Listing Rules”)
with five interpretive guidelines, which took effect on March 31, 2023. The New Overseas Listing Rules require Chinese domestic enterprises
to complete filings with relevant governmental authorities and report related information under certain circumstances, such as: a) an
issuer making an application for initial public offering and listing in an overseas market; b) an issuer making an overseas securities
offering after having been listed on an overseas market; c) a domestic company seeking an overseas direct or indirect listing of its assets
through single or multiple acquisition(s), share swap, transfer of shares or other means. According to the Notice on Arrangements for
Overseas Securities Offering and Listing by Domestic Enterprises, published by the CSRC on February 17, 2023, a company that (i) has already
completed overseas listing or (ii) has already obtained the approval for the offering or listing from overseas securities regulators or
exchanges but has not completed such offering or listing before effective date of the new rules and completes such offering or listing
before September 30, 2023 will be considered as an existing listed company and is not required to make any filing until it conducts a
new offering in the future. Furthermore, upon the occurrence of any of the material events specified below after an issuer has completed
its offering and listed its securities on an overseas stock exchange, the issuer shall submit a report thereof to the CSRC within 3 working
days after the occurrence and public disclosure of the event: (i) change of control; (ii) investigations or sanctions imposed by overseas
securities regulatory agencies or other competent authorities; (iii) change of listing status or transfer of listing segment; or