Company: JWEL
Filing Date: 2025-05-09
Form Type: 20-F
Source: 0001213900-25-041556
Chunk: 60

Company: Jowell Global Ltd.
Filing Date: 2025-05-09
Form: 20-F
Item: Item 4
Chunk 60
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 Shanghai Jowell, to guarantee Shanghai Juhao’s performance of its obligations under
the Exclusive Business Cooperation and Management Agreement. Without Shanghai Jowell’s prior written consent, the shareholders of
Shanghai Juhao shall not transfer or assign the pledged equity interests, or incur or allow any encumbrance that would jeopardize Shanghai
Jowell’s interests. If Shanghai Juhao breaches its contractual obligations under the aforesaid agreement, Shanghai Jowell, as the
pledgee, will be entitled to certain rights and entitlements, including priority in receiving payments by the evaluation or proceeds from
the auction or sale of all or part of the pledged equity interests of Shanghai Juhao, in accordance with legal procedures. In essence,
Shanghai Jowell has gained effective control over Shanghai Juhao. Therefore, Shanghai Juhao is considered a VIE under the Statement of
Financial Accounting Standards Board (“ FASB”) Accounting Standards Codification (“ ASC”) 810 “ Consolidation”,
because the equity investments in Shanghai Juhao no longer have the characteristics of a controlling financial interest, and the Company,
through Shanghai Jowell, is the primary beneficiary of Shanghai Juhao.

D. Property, Plants and Equipment

Our principal executive office is located in Shanghai,
China, where we lease approximately 700 square meters of office space. We also have other material leases of an office space for approximately
5,976 square meters, a warehouse space for approximately 3,621 square meters and one Juhao Best Choice Store space for approximately 2,851
square meters in Chuangshu City, Jiangsu Province. Our leases can be renewed upon mutual agreement with our lessors. Our leased premises
are leased from unrelated third-parties and related-parties who either have valid titles to the relevant properties or proper authorization
from the title holders to sublease the property, save as disclosed in the following table:

Currently, we mainly lease the following properties
to conduct our business:

  Property Address                                                                             Lessor                                     Annual Rent        Lease                  Purposes/Use             
                                                                                                                                                             Expiration                                      
                                                                                                                                                             Date                                            
  2 nd Floor, No. 285 Jiangpu Road, Yangpu District, Shanghai, China                           Shanghai Longrich Industrial Co. Ltd.      RMB 793,800        December 31, 2025      Office                   
  No. 46-5 Xinzhuang Avenue, Xinzhuang County, Changshu City, Jiangsu Province, China          Colori