Company: XXC
Filing Date: 2025-11-28
Form Type: POS AM
Source: 0001213900-25-115625
Chunk: 170

Company: XINXU COPPER INDUSTRY TECHNOLOGY Ltd
Filing Date: 2025-11-28
Form: POS AM
Chunk 170
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BOC, on June20, 1996 and became effective on July1, 1996. Under these regulations, payments of current account items, such as profit distributions and trade and service -relatedforeign exchange transactions, can be made in foreign currencies without prior approval from State Foreign Exchange Administration of the People’s Republic of China, or the SAFE, by complying with certain procedural requirements. By contrast, approval from or registration with appropriate government authorities is required where RMB is to be converted into foreign currency and remitted out of China to pay capital account items such as the repayment of foreign currency -denominatedloans, direct investment overseas and investments in securities or derivative products outside of the PRC. FIEs are permitted to convert their after -taxdividends into foreign exchange and to remit such foreign exchange out of their foreign exchange bank accounts in the PRC. On March30, 2015, SAFE promulgated the Notice on Reforming the Administration of Foreign Exchange Settlement of Capital of Foreign -investedEnterprises, or the SAFE Circular19, which took effect on June1, 2015. According to SAFE Circular19, the foreign currency capital contribution to an FIE in its capital account may be converted into RMB on a discretional basis. On June9, 2016, the SAFE promulgated the Circular on Reforming and Regulating Policies on the Management of the Settlement of Foreign Exchange of Capital Accounts, or the SAFE Circular 16. The SAFE Circular 16 unifies the discretional foreign exchange settlement for all the domestic institutions. The Discretional Foreign Exchange Settlement refers to the foreign exchange capital in the capital account which has been confirmed by the relevant policies subject to the discretional foreign exchange settlement (including foreign exchange capital, foreign loans and funds remitted from the proceeds from the overseas listing) can be settled at the banks based on the actual operational needs of the domestic institutions. The proportion of Discretional Foreign Exchange Settlement of the foreign exchange capital is temporarily determined as 100%. Violations of SAFE Circular 19 or SAFE Circular 16 could result in administrative penalties in accordance with the Foreign Exchange Administrative Regulation and relevant provisions. Furthermore, SAFE Circular 16 stipulates that the use of foreign exchange incomes of capital accounts by FIEs shall follow the principles of authenticity and self -usewithin the business scope of the enterprises. The foreign exchange incomes of capital accounts and capital in RMB obtained by the FIE from foreign exchange settlement shall not be used for the following purposes: (i)