Company: JSKJ
Filing Date: 2025-11-17
Form Type: F-1
Source: 0001477932-25-008401
Chunk: 246

Company: Jiansu (Shanghai) Information Technology Co., Ltd
Filing Date: 2025-11-17
Form: F-1
Chunk 246
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| Capital commitment |     | $     | 69,847,406 |     | $         | 60,882,595 |     | $     | 8,964,811 |     | $     | - |     | $         | - |

Note 16 – SUBSEQUENT EVENTS

Reorganization

In preparation of the Company’s IPO in the United States, the Company underwent a reorganization. On March 8, 2025, the Company incorporated WFOE under the laws of PRC. In March, 2025, WFOE entered into a series of equity interest transfer agreements to acquire 92.7% equity interest of Shanghai Jiansu from a few shareholders of Shanghai Jiansu for a cash consideration of approximately $11.9 million (approximately RMB84.5 million) in the aggregate to be satisfied by the issue and allotment by Jiansu of 20,000,000 ordinary shares of par value $0.0001 each. After the reorganization, WFOE owned 92.7% of Shanghai Jiansu.

The Company has evaluated subsequent events through the date of issuance of the consolidated financial statements, and did not identify any other subsequent events with material financial impact on the Company’s consolidated financial statements.

Note 17 – RESTRICTED NET ASSETS

The Company’s PRC subsidiaries are restricted in their ability to transfer a portion of their net assets to the Company. The payment of dividends by entities organized in China is subject to limitations, procedures and formalities. Regulations in the PRC currently permit payment of dividends only out of accumulated profits as determined in accordance with accounting standards and regulations in China. The Company’s PRC subsidiaries are also required to set aside at least 10% of its after-tax profit based on PRC accounting standards each year to its statutory reserves account until the accumulative amount of such reserves reaches 50% of its respective registered capital. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends.

| F-22 |

In addition, the Company’s operations and revenues are conducted and generated in China, and all of the Company’s revenues earned and currency received are denominated in RMB. RMB is subject to the foreign exchange control regulation in