Company: JWEL
Filing Date: 2025-05-09
Form Type: 20-F
Source: 0001213900-25-041556
Chunk: 136

Company: Jowell Global Ltd.
Filing Date: 2025-05-09
Form: 20-F
Item: Item 19
Chunk 136
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 Company, through Shanghai Jowell, is the primary beneficiary of Shanghai Juhao. Accordingly,
Shanghai Juhao has been consolidated (See Note 2 - Consolidation of Variable Interest Entity).

Since Jowell Global and its subsidiaries are effectively
controlled by the same controlling shareholders before and after the Reorganization, they are considered under common control. The above-mentioned
transactions were accounted for as a recapitalization. The consolidation of the Company and its subsidiaries has been accounted for at
historical cost and prepared on the basis as if the aforementioned transactions had become effective as of the beginning of the first
period presented in the accompanying consolidated financial statements.

Upon the reorganization, the Company has subsidiaries
in countries and jurisdictions including PRC, Hong Kong and Cayman Islands. Details of the subsidiaries of the Company are set out below:

  Name of Entity                           Date of                Place of                  % of      Principal Activities   
                                           Incorporation          Incorporation        Ownership                             
  Jowell Tech                              June 24, 2019          Hong Kong                  100      Holding Company        
  Shanghai Jowell                          October 15, 2019       Shanghai, China            100      Holding Company        
  Shanghai Juhao and its subsidiaries      July 31, 2012          Shanghai, China        0 (VIE)      Online Retail          
  Shanghai Lianfu                          April 13, 2023         Shanghai, China           100%      Live Stream Ecommerce  
  Baotou Juhaoyuan                         September 5, 2024      Baotou China               55%      Trading                
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────

Shanghai Juhao has five wholly owned Juhao Best
Choice Stores, located in the cities of Suzhou and Changshu, and nineteen wholly owned subsidiaries engaging online promotion of Shanghai
Juhao’s products and services located in the cities of Changshu, Nantong, Shanghai and Guangzhou.

F-9

Note 2 - Summary of significant accounting policies

Basis of presentation and principles of consolidation

The accompanying consolidated financial statements
have been prepared in conformity with accounting principles generally accepted in the United States of America (“ U. S. GAAP”)
and have been consistently applied. The consolidated financial statements include the accounts of the Company, its subsidiaries, the VIE
and the VIE’s subsidiaries. All intercompany transactions and balances between the Company, its subsidiaries and the VIE are