Company: JWEL
Filing Date: 2025-05-09
Form Type: 20-F
Source: 0001213900-25-041556
Chunk: 150

Company: Jowell Global Ltd.
Filing Date: 2025-05-09
Form: 20-F
Item: Item 19
Chunk 150
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, two major
suppliers, accounted for approximately26% and16% of the total purchases. For the year ended December 31, 2023, three major suppliers,
accounted for approximately15%,11% and10% of the total purchases. For the year ended December 31, 2022, two major suppliers, accounted
for approximately14% and12% of the total purchases. See Note 13 to the consolidated financial statements for additional information
on related parities transactions.

F-16

Risks and Uncertainties

The operations of the Company are located in the
PRC. Accordingly, the Company’s business, financial condition, and results of operations may be influenced by the political, economic,
and legal environments in the PRC, in addition to the general state of the PRC economy. The Company’s results may be adversely affected
by changes in the political and social conditions in the PRC, and by changes in governmental policies with respect to laws and regulations,
anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things.

The Company’s sales, purchases and expense
transactions are denominated in RMB, and all of the Company’s assets and liabilities are also denominated in RMB. The RMB is not
freely convertible into foreign currencies under the current law. In China, foreign exchange transactions are required by law to be transacted
only by authorized financial institutions at exchange rates set by the People’s Bank of China, the central bank of China. Remittances
in currencies other than RMB may require certain supporting documentation in order to effect the remittance.

As of December 31, 2024 and 2023, $2,184,920and
$1,250,281of the Company’s cash were on deposit at financial institutions in the PRC. In PRC, a company’s deposits at
one bank are insured for a maximum of RMB500,000in the event of bank failure. In Hong Kong and Cayman Islands, deposits are not insured
by Federal Deposit Insurance Corporation (“ FDIC”) insurance or other insurance.

The Company does not carry any business interruption
insurance, product liability insurance or any other insurance policy except for a limited property insurance policy. As a result, the
Company may incur uninsured losses, increasing the possibility that investors would lose their entire investment in the Company.

Beginning in late 2019, there was an outbreak
of COVID-19 (coron