Company: JWEL
Filing Date: 2025-05-09
Form Type: 20-F
Source: 0001213900-25-041556
Chunk: 3

Company: Jowell Global Ltd.
Filing Date: 2025-05-09
Form: 20-F
Item: Item 3
Chunk 3
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 conduct its business, accept foreign investments, or list and trade on a U. S. or other
foreign exchange other than the filing requirement with CSRC within three business days after we make any oversea securities offering
under New Overseas Listing Rules. As advised by our PRC counsel, Jiangsu Yiyou Tianyuan Law Firm, our offerings will
be subject to the New Overseas Listing Rules. However, there are uncertainties in the interpretation and enforcement of these new laws
and guidelines, which could materially and adversely impact our business and financial outlook and may impact our ability to accept foreign
investments or continue to list on a U. S. or other foreign exchange. Any change in foreign investment regulations, and other policies
in China or related enforcement actions by China government could result in a material change in our operations and the value of our securities
and could significantly limit or completely hinder our ability to offer our securities to investors or cause the value of our securities
to significantly decline or be worthless.

The Holding Foreign Companies Accountable Act,
or the HFCA Act, was enacted on December 18, 2020. In accordance with the HFCA Act, trading in securities of any registrant on a
national securities exchange or in the over-the-counter trading market in the United States may be prohibited if the PCAOB determines
that it cannot inspect or fully investigate the registrant’s auditor for three consecutive years beginning in 2021, and, as a result,
an exchange may determine to delist the securities of such registrant. On December 29, 2022, a legislation entitled “ Consolidated
Appropriations Act, 2023” (the “ Consolidated Appropriations Act”) was signed into law by President Biden, which has
shortened the Holding Foreign Companies Accountable Act’s timeline for a potential trading prohibition from three years to two years,
thus reducing the time period before our securities may be prohibited from trading or delisted if our auditor is unable to meet the PCAOB
inspection requirement. The Company’s current auditor is headquartered in the Singapore and it is not subject to the determinations
announced by the PCAOB on December 16, 2021, which determinations were vacated on December 15, 2022, and Holding Foreign Companies Accountable
Act and related regulations currently do not affect the Company as the Company’s auditor is subject to PCAOB’s inspection.

Permissions Required from the PRC Authorities
for Our Operations

Shanghai Juhao is incorporated and operating