Company: GINT
Filing Date: 2025-01-28
Form Type: DRS/A
Source: 0001213900-25-007208
Chunk: 89

Company: Gifts International Holdings Ltd
Filing Date: 2025-01-28
Form: DRS/A
Chunk 89
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 Ordinary Shares being offered hereby, Mr.Wong will hold [*] Class A Ordinary Shares and [*] Class B Ordinary Shares, representing [*]% of the total voting power of the Company. As a result, Mr.Wong will be able to control the management and affairs of our Company and most matters requiring shareholder approval, including the election of directors and approval of significant corporate transactions. The interests of Mr.Wong may not be the same as or may even conflict with your interests. For example, Mr.Wong could attempt to delay or prevent a change in control of us, even if such change in control would benefit our other shareholders, which could deprive our shareholders of an opportunity to receive a premium for their Class A Ordinary Shares as part of a sale of us or our assets, and might affect the prevailing market price of our Class A Ordinary Shares due to investors’ perceptions that conflicts of interest may exist or arise. As a result, this concentration of ownership may not be in the best interests of our other shareholders. We will be a “controlled company” within the meaning of Nasdaq rules and we will qualify for and may rely on exemptions from certain corporate governance requirements. We will be a “controlled company” within the meaning of Nasdaq Stock Market Rules. As at the date of this prospectus, our Controlling Shareholder, Mr.Ngai Chiu Wong, owns [*] Class A Ordinary Shares and [*] Class B Ordinary Shares, representing approximately [98.73]% 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, [*] Class A Ordinary Shares and [*] Class B Ordinary Shares, representing [*]% of the total voting power of our Company, will be owned by Mr.Wong, assuming that the underwriters do not exercise their over -allotmentoption. 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 consists 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