Company: OCG
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-043484
Chunk: 129

Company: Oriental Culture Holding LTD
Filing Date: 2025-05-15
Form: 20-F
Item: Item 19
Chunk 129
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E an irrevocable proxy to act on their behalf on all matters pertaining to Jiangsu Yanggu and to exercise
all of their rights as shareholders of Jiangsu Yanggu, including the right to attend shareholders meeting, to exercise voting rights and
to transfer all or a part of their equity interests in Jiangsu Yanggu. In consideration of such granted rights, Oriental Culture WFOE
agrees to provide the necessary financial support to Jiangsu Yanggu whether or not Jiangsu Yanggu incurs losses, and agrees not to request
repayment if Jiangsu Yanggu is unable to do so. The agreements is in effect for20years until May 7, 2039.

Based on the foregoing contractual arrangements,
which grant Oriental Culture WFOE effective control of Jiangsu Yanggu and its subsidiaries and obligates Oriental Culture WFOE to absorb100% of the risk of loss from its activities, as well as enable Oriental Culture WFOE to receive100% of the expected residual returns,
the Company accounts for Jiangsu Yanggu and its subsidiaries as VIEs. Accordingly, the Company consolidates the accounts of Jiangsu Yanggu
and its subsidiaries in accordance with Regulation S-X-3A-02 promulgated by the Securities Exchange Commission (“ SEC”), and
the Financial Accounting Standards Board (“ FASB”) Accounting Standards Codification (“ ASC”) Section 810-10, Consolidation.

On January 28, 2021, Oriental Culture WFOE entered
into an Amended and Restated Equity Pledge Agreement, an Amended and Restated Equity Option Agreement, and an Amended and Restated Voting
Rights Proxy and Financial Supporting Agreement (“ Amended and Restated VIE Agreements”) with Jiangsu Yanggu and all shareholders
of Jiangsu Yanggu in order to amend and restate the Equity Pledge Agreement, Equity Option Agreement, and Voting Rights Proxy and Financial
Supporting Agreement originally entered by the parties in May, 2019 (“ Original VIE Agreements”). The Amended and Restated
VIE Agreements were made principally to reflect a change of the share ownership of Jiangsu Yanggu as a result of the transfer by Mr.
Weipeng Liang of his10% equity interest in Jiangsu Yanggu to Ms. Yuanyuan Xiao on January 28, 2021. Except for the change of the share
ownership of Jiangsu Yanggu due to such equity transfer, there are no other changes to the terms of the Original VIE Ag