Company: GINT
Filing Date: 2025-03-12
Form Type: DRS/A
Source: 0001213900-25-022887
Chunk: 23

Company: Gifts International Holdings Ltd
Filing Date: 2025-03-12
Form: DRS/A
Chunk 23
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 foreign currencies and the remittance of currencies out of Hong Kong, nor there is any restriction on foreign exchange to transfer cash between Gifts International and its subsidiaries, across borders and to U.S investors, nor there is any restrictions and limitations to distribute earnings from our business and subsidiaries, to Gifts International and U.S. investors and amounts owed. Since the only transfer of cash among and Gifts International and its subsidiaries were in the form of dividends and there are no limitations on the abilities of Gifts International to transfer cash to or from its subsidiaries or to investors under Hong Kong law, Gifts International and its subsidiaries have not established cash management policies that dictate how funds are transferred. For more information, see “Dividend Policy,” “Risk Factors” and “Summary Combined Financial Data” and “Combined Statements of Shareholders’ Equity” in the audited financial statements as of and for the years ended March 31, 2023 and 2024 contained in this prospectus. Permission Required from Hong Kong Authorities Hong Kong is a Special Administrative Region of the PRC, having its own governmental and legal system that is separate from mainland China, and as a result, has its own distinct rules and regulations. The operating subsidiary, Broaden Leisure is incorporated and operating in Hong Kong. However, due to the long arm provisions under the current PRC laws and regulations, the Chinese government may exercise significant oversight and discretion over the 4 conduct of our business and may intervene in or influence our operations at any time, which could result in a material change in our operations. It is also uncertain what the potential impact such modified or new laws and regulations will have on our daily business operation in Hong Kong. According to the legal opinion issued by David Fong & Co., our Hong Kong counsel, based on their understanding of current Hong Kong laws, as of the date of this prospectus, we, including Broaden Leisure, have received and obtained all requisite licenses, certificates, authorizations, permissions or approvals from the Hong Kong authorities to operate our business, namely the business license and the registration as a registered food importer and a registered food distributor with the Food and Environmental Hygiene Department, and no such permissions or approvals have been denied as of the date of this prospectus, and that we, including Broaden Leisure are not required to obtain any permission or approval from Hong Kong authorities to offer the Class A Ordinary Shares of Gifts International to foreign investors. However, according to the legal opinion issued by David Fong & Co., uncertainties still exist due to the possibility that laws, regulations, or