Company: LICN
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036244
Chunk: 135

Company: Lichen International Ltd
Filing Date: 2025-04-29
Form: 20-F
Item: Item 19
Chunk 135
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, certain foreign exchange transactions are required
by law to be transacted only by authorized financial institutions at exchange rates set by the PBOC. Remittances in currencies other than
RMB by the Company in China must be processed through the PBOC or other China foreign exchange regulatory bodies which require certain
supporting documentation in order to affect the remittance.

The Company’s functional
currency is RMB, and its consolidated financial statements are presented in U. S. dollars. The RMB depreciated by1.49% in fiscal year
2024 from December 31, 2023 to December 31, 2024 and depreciated by1.70% in fiscal year 2023 from December 31, 2022 to December 31, 2023.
It is difficult to predict how market forces or PRC or U. S. government policy may impact the exchange rate between the RMB and the U. S.
dollar in the future. The change in the value of the RMB relative to the U. S. dollar may affect its financial results reported in the
U. S. dollar terms without giving effect to any underlying changes in its business or results of operations. Currently, the Company’s
assets, liabilities, revenues and costs are denominated in RMB.

F-29

To the extent that the
Company needs to convert U. S. dollars into RMB for capital expenditures and working capital and other business purposes, appreciation
of RMB against U. S. dollar would have an adverse effect on the RMB amount the Company would receive from the conversion. Conversely, if
the Company decides to convert RMB into U. S. dollar for the purpose of making payments for dividends, strategic acquisition or investments
or other business purposes, appreciation of U. S. dollar against RMB would have a negative effect on the U. S. dollar amount available to
the Company.

  Concentration               

All revenue was derived
from customers located in PRC. There are no customers from whom revenues individually represent greater than 10% of the total revenues
of the Company in any of the periods presented.

For the year ended December
31, 2024, Beijing Duoying Times Culture Media Co., Ltd, one personal professional advisor and Jimei university contributed approximately46%,28% and10% of total purchases of the Company, respectively. For the year ended December 31, 2023, Beijing Duoying Times Culture
Media Co., Ltd