Company: GINT
Filing Date: 2025-06-27
Form Type: F-1/A
Source: 0001213900-25-058872
Chunk: 157

Company: Gifts International Holdings Ltd
Filing Date: 2025-06-27
Form: F-1/A
Chunk 157
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 corporate governance and on any remedial action to be taken. Controlled Company Exception We may also be eligible to utilize the controlled company exemptions under the Nasdaq corporate governance rules. We will be a “controlled company” within the meaning of Nasdaq rules. As of the date of this prospectus, Mr. Ngai Chiu Wong owns 8,248,500 Class B Ordinary Shares, representing 94.26 % of the total voting power of our Company. Following completion of this offering, giving effect to the sale of the Class A Ordinary Shares being offered hereby, [8,248,500] C lass B Ordinary Shares, representing [93.46]% of the total voting power of our Company, will be owned by Mr. Wong assuming that the underwriters do not exercise their over -allotment option. Under the Nasdaq rules, a company of which more than 50% of the voting power with respect to the election of directors is held by an individual, a company or a group of persons acting together is a “controlled company” and may elect not to comply with certain stock exchange rules regarding corporate governance, including the following requirements: • that a majority of its board of directors consist of independent directors; • that its director nominees be selected or recommended for the board’s selection by a majority of the board’s independent directors in a vote in which only independent directors participate or by a nominating committee comprised solely of independent directors, in either case, with a formal written charter or board resolutions, as applicable, addressing the nominations process and such related matters as may be required under the federal securities laws; and • that its compensation committee be composed solely of independent directors with a written charter addressing the committee’s purpose and responsibilities. Duties of Directors Under British Virgin Islands law, our directors owe fiduciary duties to our Company, including a duty of loyalty, a duty to act honestly, and a duty to act in what they consider in good faith to be in the best interests of our Company. Our directors must also exercise their powers only for a proper purpose. Our directors also owe to our Company a duty to act with skill and care. It was previously considered that a director need not exhibit in the performance of his duties a greater degree of skill than may reasonably be expected from a person of his knowledge and experience. However, English and Commonwealth courts have moved towards an objective standard with regard to the required skill and care and these authorities are likely to be followed in the British Virgin Islands. In fulfilling their duty of care to our Company,