UNITED STATES SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C.  20549



Form 10-K



xAnnual
Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the fiscal year ended May 31, 2016



 ̈Transition
Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from __________
to __________



Commission file number  333-197724



|JIN WAN HONG INTERNATIONAL HOLDINGS LIMITED                      
|-----------------------------------------------------------------
|(Exact name of small business issuer as specified in its charter)



|Nevada                          | 7385                         | 30-0809134            
|------------------------------- | ---------------------------- | ----------------------
|(State or other jurisdiction of | (Primary Standard Industrial | (IRS Employer         
|incorporation or organization)  | Classification Number)       | Identification Number)



Room 1101, Block E, Guang Hua Yuan, 2031
Bin He Nan Road

FuTian District, Shenzhen City, China

(Address of principal executive offices)



+ 86 189-4831-9148

(Issuer's telephone number)



None

Securities registered under Section
12(b) of the Exchange Act



None

Securities registered under Section
12(g) of the Exchange Act



Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ̈Nox



Indicate
by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act.
 Yes ̈Nox



Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required
to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YesxNo ̈



Indicate
by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and
will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated
by reference in Part III of this Form 10-K or any amendment to this Form 10-K. Yes ̈Nox



Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated
filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
(Check one):



|Large acceleratedfiler ̈ |  | Accelerated filer ̈ |  | Non-acceleratedfiler ̈ |  | Smaller reportingcompanyx
|----------------------- |  | ------------------ |  | --------------------- |  | -------------------------



Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YesxNo ̈



State the number of shares outstanding of each of the issuer's
classes of common equity, as of the latest practicable date:   8,100,000 common shares issued and outstanding as of October
20, 2016.











TABLE OF CONTENTS



|            |                                                                                                 | Page
|----------- | ----------------------------------------------------------------------------------------------- | ----
|            |                                                                                                 |     
|PART I      |                                                                                                 |     
|            |                                                                                                 |     
|Item 1.     | Description of Business.                                                                        | 3   
|Item 1A.    | Risk Factors.                                                                                   | 7   
|Item 1B.    | Unresolved Staff Comments.                                                                      | 7   
|Item 2      | Properties.                                                                                     | 7   
|Item 3.     | Legal proceedings.                                                                              | 7   
|Item 4.     | Mine Safety Disclosures.                                                                        | 7   
|            |                                                                                                 |     
|PART II     |                                                                                                 |     
|            |                                                                                                 |     
|Item 5.     | Market for Common Equity and Related Stockholder Matters.                                       | 8   
|Item 6.     | Selected Financial Data.                                                                        | 8   
|Item 7.     | Management’s Discussion and Analysis of Financial Condition and Results of Operations.          | 8   
|Item 7A.    | Quantitative and Qualitative Disclosures About Market Risk.                                     | 12  
|Item 8.     | Financial Statements and Supplementary Data.                                                    | 12  
|Item 9.     | Changes In and Disagreements With Accountants on Accounting and Financial Disclosure.           | 23  
|Item 9A(T). | Controls and Procedures                                                                         | 24  
|Item 9B.    | Other Information.                                                                              | 25  
|            |                                                                                                 |     
|PART III    |                                                                                                 |     
|            |                                                                                                 |     
|Item 10     | Directors, Executive Officers, Promoters and Control Persons of the Company.                    | 25  
|Item 11.    | Executive Compensation.                                                                         | 27  
|Item 12.    | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. | 27  
|Item 13.    | Certain Relationships and Related Transactions, and Director Independence.                      | 28  
|Item 14.    | Principal Accounting Fees and Services.                                                         | 28  
|            |                                                                                                 |     
|PART IV     |                                                                                                 |     
|            |                                                                                                 |     
|Item 15.    | Exhibits                                                                                        | 28  
|            |                                                                                                 |     
|Signatures  |                                                                                                











PART I



Item 1. Description of Business



FORWARD-LOOKING STATEMENTS



This annual report contains forward-looking statements. These
statements relate to future events or our future financial performance. These statements often can be identified by the use of
terms such as "may," "will," "expect," "believe," "anticipate," "estimate,"
"approximate" or "continue," or the negative thereof. We intend that such forward-looking statements be subject
to the safe harbors for such statements. We wish to caution readers not to place undue reliance on any such forward-looking statements,
which speak only as of the date made. Any forward-looking statements represent management's best judgment as to what may occur
in the future. However, forward-looking statements are subject to risks, uncertainties and important factors beyond our control
that could cause actual results and events to differ materially from historical results of operations and events and those presently
anticipated or projected. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or
circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events.



Company



KARNET CAPITAL CORP. was incorporatedin the State of Nevada on January 31, 2014. We were a Company formed to sell food waste processors in Russian Federation. We
planned to spread our operation throughout Russian Federation’s major cities: Moscow and Sankt Petersburg. In the beginning
we intended to create a distribution channel for our Food Waste Disposal Units by signing distribution agreements with existing
home appliances chains and independent stores in Saint - Petersburg. On January 14, 2016, Shu Feng Lu, Hong Xia Li, and Chen Yang
took control of the Company by purchasing shares of common stock from existing shareholders. After the transaction our new shareholder
is currently working on new business plan and winding up the current business plan, starting with a name changing process that
is under review with FINRA. The company will change its name to Jin Wan Hong International Holdings Limited, and plans to operating
in cultural related business in the future.



Business Opportunity



Food waste is a large component of our
solid waste problem. And the question of what to do with it is a challenge for communities worldwide. The U.S. alone generates
more than 34 million tons of food waste each year. The Russian Statistical Office Gosstat recently submitted its first official
figures on food waste in Russia. According to Gosstat, 56 kg of food is thrown away per person per year in the Russian Federation.
Much of it ends up in landfills. Food scraps are big part of household waste, and are a problematic
component of municipal waste, creating public health, sanitation and environmental problems at each step, beginning with internal
storage and followed by truck-based collection. Burned inwaste-to-energyfacilities,
the high water-content of food scraps means that their heating and burning consumes moreenergythan
it generates; buried inlandfills,food scraps decompose and generatemethanegas,
which is agreenhouse gas.With waste produced across all sectors of the economy,
and throughout supply chains, it is important to look for opportunities to prevent waste from arising in the first place and to
manage the waste that does arise more effectively.



The premise behind the use of a Food Waste
Disposal Unit is to effectively regard food scraps as liquid (averaging 70% water, like human waste), and use existing infrastructure
(underground sewers and wastewater treatment plants) for its management.



For a long time, landfill has been the
main disposal method for municipal wastes in Russia. However, there is strong pressure to reduce the use of land filling as demonstrated
by the increasingly stringent regulations which limit untreated waste going to landfill. It is being agreed that the use of FWD
(Food Waste Disposal units) is beneficial in reducing the quantity of biodegradable wastes going to landfill. Previous studies
in Japan found that FWDs could reduce current waste production by 40%.



3







In Russian Federation such reduction is
unlikely but it would translate into significant reduction in the costs of curbside waste collection, transportation, treatment
and disposal, generating substantial savings for local authorities. Previous studies have reported that addition of food waste
in the sewer could cause considerable modifications of the resulting wastewater. Bolzonella et al. (2003) found that food waste
contained 74.4% water (25.6% solids),96.5% organic, 3.2% nitrogen, and 0.2% phosphorus. Such modifications can substantially improve
biological removal of phosphorus and nitrogen during wastewater treatment and reduce costs for purchase of chemicals and/or additional
carbon for phosphorus removal (Battistoni etal. 2007). In addition, increased organic loads in wastewater can generate biogas during
anaerobic waste water treatment.



Our food waste disposers provide a convenient
and environmentally friendly alternative to transporting leftovers to landfills. Plus, capable wastewater treatment plants can
even recycle food scraps into energy and fertilizer. Durable. Practical. And environmentally responsible. A recent Life
Cycle Assessment (LCA) of common ways to dispose of food scraps reported that disposers can help reduce global warming potentialvs. landfills and in some cases, can even aid in energy production at the wastewater treatment plant.



Food waste disposal units are widely used
in US, but they are not widely known on Russian market. This is why we see it as a viable opportunity, that worth pursuing.



PRODUCT



We were planning to introduce 3 different
models for food waste disposal units, with 1/2, 3/5 and 1 HP motors:



Foreal FY LD800-A



|Power: 1HP                           
|-------------------------------------
|Voltage: 220V                        
|Frequency: 60Hz                      
|Rotation Speed: 3300R/Min            
|Motor: DC Perpetual Magnetism        
|Overload Protector: Standard         
|Dish Washer: Connectable             
|Sound Insulation: Airproof           
|Colors for choice: Red, Green, Yellow
|Weight: 5.8kg; L13.2〞*W8.3〞*H7.5〞    
|Warranty: 2 years                    
|Working time: 15years                
|Noise standard: ≤30dB                
|Volume:
    830ml                    



4







Foreal FY A730X



|Power: 3/5HP                         
|-------------------------------------
|Voltage: 220V                        
|Frequency: 60Hz                      
|Rotation Speed: 2800R/Min            
|Motor: DC Perpetual Magnetism        
|Overload Protector: Standard         
|Dish Washer: Connectable             
|Sound Insulation: Airproof           
|Colors for choice: Red, Green, Yellow
|Weight: 5.8kg; L13.2〞*W8.3〞*H7.5〞    
|Warranty: 2 years                    
|Working time: 15years                
|Noise standard: ≤30dB                
|Volume:
    830ml                    



Foreal FY A630



|Power: 1/2HP                         
|-------------------------------------
|Voltage: 220V                        
|Frequency: 60Hz                      
|Rotation Speed: 2800R/Min            
|Motor: DC Perpetual Magnetism        
|Overload Protector: Standard         
|Dish Washer: Connectable             
|Sound Insulation: Airproof           
|Colors for choice: Red, Green, Yellow
|Weight: 5.8kg; L13.2〞*W8.3〞*H7.5〞    
|Warranty: 2 years                    
|Working time: 15years                
|Noise standard: ≤30dB                
|Volume:
    1000ml                   



Target Market



The target group was composed of private
households with above average income and retail food and beverage establishments.



Marketing



We intended to concentrate our marketing
effort on finding and approaching local home appliance chains and stores. Signing a contract with established home appliance chains
and stores would allow us to tap into their existing customer base. In order to draw attention to our products we would organize
in-store demonstration seminars for store stuff, so they would have better idea on how to market our product and highlight benefits
of using Food Waste Disposal Units.



Advertising in a variety of local publications
would increase knowledge of our locations and a favourable review in the local media would increase interest.



5







Industry advertising



We intended to advertise online and using
ads in industry-related magazines. Some sites and industry media had already been identified. Media advertising campaign would
coincide with Trade Show marketing campaign.



Freight and Storage



We planned to ship our product directly
from China to Russian Federation and store them at our distributor’s warehouse. That would exempt us from any import or tax
duties in UK. Goods imported from outside of Russia require payment of importduty. Import Duty for bringing our
garburators to Russia would be 15% of Customs Valuation. The primary basis for customs valuation is “transaction value”
transaction value, defined as the price actually paid or payable for the goods when sold for export to the country of importation.
We did not require any storage facility, because our supplier would ship our products directly from manufacturer to our existent
or future distributors. we did not have written contract with any of the shipping companies.



Distributorship Channel



There were several existing home appliance
chains and stores that meet our requirement to become a distributor of our products:



Eldorado



There are 45 retail locations in Saint
- Petersburg.



Mvideo



There are 18 retail locations in Saint
- Petersburg.



Tehnosila



There are 22 retail locations in Saint
- Petersburg.



We had not signed any contracts with above
mentioned companies at the moment.



Office



Our principal executive office is located
at 1101, Block E, Guang Hua Yuan, 2031 Bin He Nan Road, Fu Tian District, Shenzhen City, China. Our CEO provides our company with
office space at no charge. Office will be established with basic office equipment, which should not exceed $1,000 in expenses.
The office will be used for communication with customers and hold all related equipment and paperwork.



Personnel



During the first stages of our growth, our former President
and director provided all of the labour required to execute our operations at no charge at his own location.  Our former President
were devoting approximately 30% of his time to our operations.



Competition



Although our products were not widely known in Russia, the small
kitchen appliances market was already established and highly competitive. There were many small and midsized companies with established
sales channels and client bases. We hoped to build relationships with some of these client basis for retail sales of our products.
 Some of these potential clients had the ability, and might choose to manufacture similar products themselves. This highly
competitive environment could materially adversely affect our business, financial condition, results of operations, cash flows
and prospects. We might not be able to get most suitable locations or advertising spacing due to a smaller marketing budget. It
was also likely that we might be forced to lower the price of our Garburators below our set pricing to keep up with completion,
which would affect our profits.



6







Future Plans



On January 14, 2016, Shu Feng Lu, Hong Xia Li, and Chen Yang
took control of the Company by purchasing shares of common stock from existing shareholders. After the transaction our new shareholder
is currently working on new business plan, starting with a name changing process that is under review with FINRA. The company will
change its name to Jin Wan Hong International Holdings Limited, and plans to operating in cultural related business in the future.
The new business plan is still under development and evaluation.



Item 1A.  Risk Factors



Not applicable to smaller reporting companies.



Item 1B. Unresolved Staff Comments.



Not applicable to smaller reporting companies.



Item 2.  Description of Property



We do not own any real estate or other properties.



Item 3.  Legal Proceedings



We know of no legal proceedings to which we are a party or to
which any of our property is the subject which are pending, threatened or contemplated or any unsatisfied judgments against us.



Item 4.  Mine Safety Disclosures



Not applicable.



7







PART II



Item 5. Market for Common Equity and Related Stockholder
Matters



Market Information



There is a limited public market for our common shares.  Our
common shares are not quoted on the OTC Bulletin Board at this time.  Trading in stocks quoted on the OTC Bulletin Board
is often thin and is characterized by wide fluctuations in trading prices due to many factors that may be unrelated to a company’s
operations or business prospects.  We cannot assure you that there will be a market in the future for our common stock.



OTC Bulletin Board securities are not listed or traded on the
floor of an organized national or regional stock exchange.  Instead, OTC Bulletin Board securities transactions are conducted
through a telephone and computer network connecting dealers in stocks.  OTC Bulletin Board issuers are traditionally smaller
companies that do not meet the financial and other listing requirements of a regional or national stock exchange.



As of October 25, 2016, no shares of our common stock have traded



Number of Holders



As of October 25, 2016, the 8,100,000 issued and outstanding
shares of common stock were held by a total of 3 shareholders of record.



Dividends



No cash dividends were paid on our shares of common stock during
the fiscal year ended May 31, 2016 and or the period from January 31, 2014 (inception) to May 31, 2016.  We have not paid
any cash dividends since January 31, 2014 (inception) and do not foresee declaring any cash dividends on our common stock in the
foreseeable future.



Recent Sales of Unregistered Securities



The Company has 75,000,000, $0.001 par value shares of common
stock authorized.



There were 8,100,000 shares of common stock issued and outstanding
as of May 31, 2016.



Other Stockholder Matters



None.



Item 6. Selected Financial Data



Not applicable to smaller reporting companies.



Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations



The following discussion should be read in conjunction with
our financial statements, including the notes thereto, appearing elsewhere in this annual report. The following discussion contains
forward-looking statements that reflect our plans, estimates and beliefs.  Our actual results could differ materially from
those discussed in the forward-looking statements.   Our audited financial statements are stated in United States Dollars
and are prepared in accordance with United States Generally Accepted Accounting Principles.



8







GENERAL



On January 14, 2016, Shu Feng Lu, Hong Xia Li, and Chen Yang
took control of the Company by purchasing shares of common stock from existing shareholders. After the transaction our new shareholder
is currently working on new business plan and winding up the current business plan, starting with a name changing process that
is under review with FINRA. The company will change its name to Jin Wan Hong International Holdings Limited, and plans to operating
in cultural related business in the future.



RESULTS OF OPERATIONS



We have incurred recurring losses to date. Our financial statements
have been prepared assuming that we will continue as a going concern and, accordingly, do not include adjustments relating
to the recoverability and realization of assets and classification of liabilities that might be necessary should we be unable to
continue in operation.



We expect we will require additional capital to meet our long
term operating requirements. We expect to raise additional capital through, among other things, the sale of equity or debt securities.



FISCAL YEAR ENDED MAY 31, 2016 COMPARED TO MAY 31, 2015.



Revenue



We recognized revenue of $0 for the year ended May 31, 2015,
compare to $7,688 the year ended May 31, 2015.



Operating expenses



We incurred operating expenses of $25,275 for the year ended
May 31, 2015 compared to $15,876 for the year ended May 31, 2015.



Net Losses



Our net loss for the fiscal year ended May 31, 2016 was $25,275
compared to a net loss of $13,313 as of May 31, 2015  due to the factors discussed above.



Liquidity and Capital Resources



As of May 31, 2016, our total assets were $0 comprised of cash
and cash equivalents. Our total liabilities were $0. As of May 31, 2015, our total assets were $4,335. Our total liabilities were
$11,760 comprised of a loan from director.



Shareholders’ equity has increased from $(7,425) as of
May 31, 2015 to $0as of May 31, 2016. Deficit was due to the increase in operating expenses.



The Company has accumulated a deficit of $(38,700) as of May
31, 2016 and further losses are anticipated in the development of its business. Accordingly, there is substantial doubt about the
Company’s ability to continue as a going concern.



The ability to continue as a going concern is dependent upon
the Company generating profitable operations in the future and, or, obtaining the necessary financing to meet its obligations and
repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs
over the next twelve months with existing cash on hand, sales, loans from directors and, or, the private placement of common stock.



9







Because of the Company’s history of losses, its independent
auditors, in the reports on the financial statements for the year ended May 31, 2016 and May 31, 2015, expressed substantial doubt
about the Company’s ability to continue as a going concern. The accompanying financial statements have been prepared in conformity
with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as
a going concern. The financial statements do not include any adjustments relating to the recoverability and classification of recorded
asset amounts or the amounts and classification of liabilities that could result from the outcome of this uncertainty.



Management anticipates that the Company will be dependent, for
the near future, on additional investment capital to fund operating expenses The Company intends to position itself so that it
may be able to raise additional funds through the capital markets. In light of management’s efforts, there are no assurances
that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern.



Cash Flows from Operating Activities



We have not generated positive cash flows from operating activities.
For the fiscal year ended May 31, 2016, net cash flows used in operating activities was $25,355 compared to $7,928 for May 31,
2015 .



Cash Flows from Investing Activities



We neither used nor generated cash from investing activities
for the fiscal year ended May 31, 2016 and May 31, 2015.



Cash Flows from Financing Activities



For the fiscal year ended May 31, 2016, net cash provided by
financing activities was $21,200. For the fiscal year ended May 31, 2015, net cash provided by financing activities was $11,000.



PLAN OF OPERATION AND FUNDING



We expect that working capital requirements will continue to
be funded through a combination of our existing funds, sales, loans from a director and further issuances of securities. Our working
capital requirements are expected to increase in line with the growth of our business



We have no lines of credit or other bank financing arrangements.
Generally, we have financed operations to date through the proceeds of the private placement of equity, debt instruments, and limited
sales. In connection with our business plan, management anticipates additional increases in operating expenses and capital expenditures
relating to:



·Legal and professional fees

·Website development

·Purchase of inventory

·Marketing Campaign



We intend to finance these expenses with further issuances of
securities, debt issuances and sales. Thereafter, we expect we will need to raise additional capital and generate revenues to meet
long-term operating requirements. Additional issuances of equity or convertible debt securities will result in dilution to our
current shareholders. Further, such securities might have rights, preferences or privileges senior to our common stock. Additional
financing may not be available upon acceptable terms, or at all. If adequate funds are not available or are not available on acceptable
terms, we may not be able to take advantage of prospective new business endeavors or opportunities, which could significantly and
materially restrict our business operations.



10







MATERIAL COMMITMENTS



As of the date of this Annual Report, we do not have any material
commitments.



PURCHASE OF SIGNIFICANT EQUIPMENT



We have not purchased any significant equipment during the last
- twelve months.



OFF-BALANCE SHEET ARRANGEMENTS



As of the date of this Annual Report, we do not have any off
balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes
in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that
are material to investors.



GOING CONCERN



The Company has generated limited revenues and incurred a loss
since Inception (January 31, 2014) resulting in an accumulated deficit of ( $38,669) as of May 31, 2016 and further losses are
anticipated in the development of its business. Accordingly, there is substantial doubt about the Company’s ability
to continue as a going concern.



Because of the Company’s history of losses, its independent
auditors, in the reports on the financial statements for the year ended May 31, 2016 and for the period from Inception (January
31, 2014) to May 31, 2015, expressed substantial doubt about the Company’s ability to continue as a going concern. The accompanying
financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America,
which contemplate continuation of the Company as a going concern. The financial statements do not include any adjustments relating
to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that could
result from the outcome of this uncertainty.



SIGNIFCANT ACCOUNTING POLICIES



Basis of Presentation

The accompanying financial statements have been prepared in
accordance with generally accepted accounting principles in the United States of America, and pursuant to the rules and regulations
of the Securities and Exchange Commission (the “SEC”) and reflect all adjustments, consisting of normal recurring adjustments,
which management believes are necessary to fairly present the financial position, results of operations, stockholders’’
equity  and cash flows of the Company for the year ending May 31, 2015



Accounting Basis

The Company uses the accrual basis of accounting and accounting
principles generally accepted in the United States of America (“GAAP” accounting).  The Company has adopted
a May 31 fiscal year end.



Cash and Cash Equivalents

The Company considers all highly liquid investments with the
original maturities of three months or less to be cash equivalents. The Company had $0 of cash as of May 31, 2016.



Fair Value of Financial Instruments

The Company’s financial instruments consist of cash and
cash equivalents and amounts due to shareholder. The carrying amount of these financial instruments approximates fair value due
either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial
statements.



Inventories

Inventories are stated at the lower of cost or market. Cost
is principally determined using the first-in, first out (FIFO) method. The Company had $0 in inventory as of May 31, 2015.



11







Depreciation, Amortization, and Capitalization

The Company records depreciation and amortization when appropriate
using both straight-line and declining balance methods over the estimated useful life of the assets (five to seven years). Expenditures
for maintenance and repairs are charged to expense as incurred. Additions, major renewals and replacements that increase the property's
useful life are capitalized. Property sold or retired, together with the related accumulated depreciation is removed from the appropriated
accounts and the resultant gain or loss is included in net income.



Income Taxes

Income taxes are computed using the asset and liability method.
 Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences
between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates
and laws.  A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are
not expected to be realized.



Use of Estimates

The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets
and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount
of revenues and expenses during the reporting period.  Actual results could differ from those estimates.



Revenue Recognition

The Company recognizes revenue when products are fully delivered
or services have been provided and collection is reasonably assured.



Stock-Based Compensation

Stock-based compensation is accounted for at fair value in accordance
with ASC Topic 718.  To date, the Company has not adopted a stock option plan and has not granted any stock options.



Basic Income (Loss) Per Share

Basic income (loss) per share is calculated by dividing the
Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted
earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted
average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted
number of shares adjusted for any potentially dilutive debt or equity. There are no such common stock equivalents outstanding as
of May 31, 2016.



Comprehensive Income

The Company has which established standards for reporting and
display of comprehensive income, its components and accumulated balances.  When applicable, the Company would disclose this
information on its Statement of Stockholders’ Equity.  Comprehensive income comprises equity except those resulting
from investments by owners and distributions to owners. The Company has not had any significant transactions that are required
to be reported in other comprehensive income.



Recent Accounting Pronouncements



JIN WAN HONG INTERNATIONAL HOLDINGS LIMITED does not expect
the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations,
financial position or cash flow.



Item 7A. Quantitative and Qualitative Disclosures about Market
Risk



Not applicable to smaller reporting companies.



Item 8. Financial Statements and Supplementary Data



12







KARNET CAPITAL CORP.



FINANCIAL STATEMENTS



For the Years Ended May 31, 2016 and
May 31, 2015



Table of Contents



|                                                                         |  | Page
|------------------------------------------------------------------------ |  | ----
|Report of Independent Registered Public Accounting Firm                  |  | 14  
|                                                                         |  |     
|Balance Sheets as of May 31, 2016 and May 31, 2015                       |  | 15  
|                                                                         |  |     
|Statement of Operations for year ended May 31, 2016 and  May 31, 2015    |  | 16  
|                                                                         |  |     
|Statement of Stockholders’ Equity as ofMay 31, 2016 and May 31, 2015     |  | 17  
|                                                                         |  |     
|Statement of Cash Flows for the year ended May 31, 2016 and May 31, 2015 |  | 18  
|                                                                         |  |     
|Notes to  Financial Statements                                           |  | 19  



13







MICHAEL
GILLESPIE & ASSOCIATES, PLLC

CERTIFIED PUBLIC ACCOUNTANTS

10544 ALTON AVE NE

SEATTLE, WA 98125

206.353.5736



REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM



To the Board of Directors

Karnet Capital Corp.



We have audited the accompanying balance sheets of Karnet Capital
Corp. as of May 31, 2016 and 2015 and the related statements of operations, changes in stockholder’s equity and cash flows
for the periods then ended. These financial statements are the responsibility of the Company’s management. Our responsibility
is to express an opinion on these financial statements based on our audit.



We conducted our audits in accordance with
the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included
consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control over
financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable
basis for our opinion.



In our opinion, subject to the condition noted in the following
paragraph, the financial statements referred to above present fairly, in all material respects, the financial position of Karnet
Capital Corp.



For the years ended May 31, 2016 and 2015 and the results of
its operations and cash flows for the periods then ended in conformity with generally accepted accounting principles in the United
States of America.



The accompanying financial statements have
been prepared assuming the Company will continue as a going concern. As discussed in Note #2 to the financial statements, although
the Company has limited operations it has yet to attain profitability. This raises substantial doubt about its ability to continue
as a going concern. Management’s plan in regard to these matters is also described in Note #2. The financial statements do
not include any adjustments that might result from the outcome of this uncertainty.



/S/ MICHAEL GILLESPIE & ASSOCIATES, PLLC



Seattle, Washington

October 18, 2016



14







KARNET CAPITAL CORP.



Balance sheet



(Audited)



|                                                                                                                                  |  | 31-May 
16 |         |   | 31-May
15 |  
|--------------------------------------------------------------------------------------------------------------------------------- |  | ---------- | ------- | - | --------- | -
|                                                                                                                                  |  | (Audited)  |         |   | (Audited) |  
|                                                                                                                                  |  |            |         |   |           |  
|ASSETS                                                                                                                            |  |            |         |   |           |  
|Current Assets:                                                                                                                   |  |            |         |   |           |  
|Cash                                                                                                                              |  | $          | 0       |   |           | $
|Total Current Assets                                                                                                              |  |            | 0       |   |           |  
|                                                                                                                                  |  |            |         |   |           |  
|Total Assets                                                                                                                      |  | $          | 0       |   |           | $
|                                                                                                                                  |  |            |         |   |           |  
|LIABILITIES AND SHAREHOLDERS’ EQUITY                                                                                              |  |            |         |   |           |  
|Current Liabilities:                                                                                                              |  |            |         |   |           |  
|Accounts payable                                                                                                                  |  | $          | -       |   |           | $
|Loan from director                                                                                                                |  |            | -       |   |           |  
|                                                                                                                                  |  |            |         |   |           |  
|Total Liabilities                                                                                                                 |  |            | -       |   |           |  
|                                                                                                                                  |  |            |         |   |           |  
|Shareholders’ Equity:                                                                                                             |  |            |         |   |           |  
|Common stock, par value $0.001; 75,000,000 shares authorized, 8,100,000 and 6,000,000 shares issued and outstanding, respectively |  |            | 8,100   |   |           |  
|Additional paid-in capital                                                                                                        |  | $          | 30,600  |   |           | $
|Accumulated deficit                                                                                                               |  |            | (38,700 | ) |           |  
|                                                                                                                                  |  |            |         |   |           |  
|Total Shareholders’ Equity                                                                                                        |  |            | 0       |   |           |  
|                                                                                                                                  |  |            |         |   |           |  
|Total Liabilities and Shareholders’ Equity                                                                                        |  | $          | 0       |   |           | $



The accompanying notes are an integral part
of these financial statements



15







KARNET CAPITAL CORP.



Statements of Operations

(Audited)



|                                                                        |  | 12 Months Ended |           |   | 12 Months Ended |  
|----------------------------------------------------------------------- |  | --------------- | --------- | - | --------------- | -
|                                                                        |  | May 31,2016     |           |   | May 31,2015     |  
|                                                                        |  |                 |           |   |                 |  
|Revenues:                                                               |  | $               | -         |   |                 | $
|Cost of Goods Sold                                                      |  |                 | -         |   |                 |  
|Gross Margin                                                            |  |                 | -         |   |                 |  
|                                                                        |  |                 |           |   |                 |  
|Operating Expenses:                                                     |  |                 |           |   |                 |  
|General and administrative expenses                                     |  |                 | 25,275    |   |                 |  
|Total operating expenses                                                |  |                 | 25,275    |   |                 |  
|Net loss from operations                                                |  |                 | (25,275   | ) |                 |  
|Provision for income taxes                                              |  |                 | -         |   |                 |  
|Net Loss                                                                |  | $               | (25,275   | ) |                 | $
|Net loss per share: basic and diluted                                   |  | $               | (0.00     | ) |                 | $
|Weighted average number of common shares outstanding: basic and diluted |  |                 | 7,779,508 |   |                 |  



The accompanying notes are an integral part
of these financial statements



16







KARNET CAPITAL CORP.



Statement of Stockholders’ Equity

(Audited)



|                                           |  | Common Stock |           |  | Additional |   |       | Accumulated     |  |   | Total   | 
|------------------------------------------ |  | ------------ | --------- |  | ---------- | - | ----- | --------------- |  | - | ------- | 
|                                           |  | Shares       |           |  | Amount     |   |       | Paid in Capital |  |   | Deficit | 
|Inception, January 31, 2014                |  |              | -         |  |            | $ | -     |                 |  |   |         | 
|Shares issued for cash at $0.001 per share |  |              | 6,000,000 |  |            |   | 6,000 |                 |  |   |         | 
|Net loss for the year ended May 31, 2014   |  |              | -         |  |            |   | -     |                 |  |   |         | 
|Balance, May 31, 2014                      |  |              | 6,000,000 |  |            | $ | 6,000 |                 |  |   |         | 
|Net loss for the year ended May 31, 2015   |  |              |           |  |            |   |       |                 |  |   |         | 
|Balance, May 31, 2015                      |  |              | 6,000,000 |  |            | $ | 6,000 |                 |  |   |         | 
|Shares issued for cash at $0.001 per share |  |              | 2,100,000 |  |            |   | 2,100 |                 |  |   | 30,600  | 
|Net loss for the year ended May 31, 2016   |  |              |           |  |            |   |       |                 |  |   |         | 
|Balance, May 31, 2016                      |  |              | 8,100,000 |  |            | $ | 8,100 |                 |  | $ | 30,600  | 



The accompanying notes are an integral part
of these financial statements



17







KARNET CAPITAL CORP.



Statements of Cash Flows

(Audited)





|                                                                                  |  | 12
    Months Ended |         |   | 12
    Months Ended |  
|--------------------------------------------------------------------------------- |  | ------------------- | ------- | - | ------------------- | -
|                                                                                  |  | 31-May-16           |         |   | 31-May-15           |  
|                                                                                  |  |                     |         |   |                     |  
|Cash flows from operating activities:                                             |  |                     |         |   |                     |  
|Net
    loss for the period                                                       |  | $                   | (25,275 | ) |                     | $
|Adjustments to reconcile
    net loss to net cash (used in) operating activities: |  |                     |         |   |                     |  
|Changes in operating
    assets and liabilities:                                  |  |                     |         |   |                     |  
|Deposit/inventory                                                                 |  |                     | -       |   |                     |  
|Decrease
    in Accounts payable                                                  |  |                     | (260    | ) |                     |  
|Net
    cash flows used in operating activities                                   |  |                     | (25,535 | ) |                     |  
|                                                                                  |  |                     |         |   |                     |  
|Cash
    flows from investing activities                                          |  |                     | -       |   |                     |  
|                                                                                  |  |                     |         |   |                     |  
|Cash flows from financing
    activities:                                         |  |                     |         |   |                     |  
|Proceeds
    from sale of common stock                                            |  |                     | 21,000  |   |                     |  
|Loans
    from director                                                           |  |                     | -       |   |                     |  
|Contributed
    capital                                                           |  |                     | 200     |   |                     |  
|Net
    cash flows provided by financing activities                               |  |                     | 21,200  |   |                     |  
|                                                                                  |  |                     |         |   |                     |  
|Net increase (decrease)
    in cash                                               |  |                     | (4,335  | ) |                     |  
|Cash, beginning of
    the period                                                 |  |                     | 4,335   |   |                     |  
|Cash, end of the
    period                                                       |  | $                   | 0       |   |                     | $
|                                                                                  |  |                     |         |   |                     |  
|Supplemental Cash Flow
    Information:                                           |  |                     |         |   |                     |  
|Interest
    paid                                                                 |  | $                   | -       |   |                     | $
|Income
    taxes paid                                                             |  | $                   | -       |   |                     | $
|Supplemental
    disclosure of non-cash activities:                               |  |                     |         |   |                     |  
|Forgiveness
    of related party debt                                             |  | $                   | 11,500  |   |                     | $





The accompanying notes are an integral part
of these financial statements



18







KARNET CAPITAL CORP.



Notes to the Financial Statements



February 29, 2016



(Audited)



| | 1. | NATURE OF OPERATIONS
| | -- | --------------------



KARNET CAPITAL CORP. was incorporated in the State of Nevada
on January 31, 2014. We were a Company formed to sell food waste processors in the Russian Federation.



On January 14, 2016, Shu Feng Lu, Hong Xia Li, and Chen Yang
took control of the Company by purchasing shares of common stock from existing shareholders.



Shu Feng Lu purchased 6,700,000 shares of common stock in exchange
for $235,740 of personal funds, Hong Xia Li purchased 700,000 shares of common stock in exchange for $24,630 of personal funds,
and Chen Yang purchased 700,000 shares of common stock in exchange for $24,630 of personal funds.



After the transaction, Shu Feng Lu is the beneficial owner of
82.72% of the voting securities of the Company, Hong Xia Li is the beneficial owner of 8.64% of the voting securities of the Company,
and Chen Yang is beneficial owner of 8.64% of the voting securities of the Company.



After the transaction our new shareholder is currently working
on new business plan, starting with a name changing process that is under review with FINRA. The company plans to operating in
cultural related business in the future. The company’s current operating in Shenzhen, Guangdong, China.



| | 2. | GOING CONCERN
| | -- | -------------



The Company has generated limited revenues and incurred a loss
since Inception (January 31, 2014) resulting in an accumulated deficit of $38,669 as of May 31, 2016 and further losses are anticipated
in the development of its business. Accordingly, there is substantial doubt about the Company’s ability to continue as a
going concern.



The ability to continue as a going concern is dependent upon
the Company generating profitable operations in the future and, or, obtaining the necessary financing to meet its obligations and
repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs
over the next twelve months with existing cash on hand, loans from directors and, or, the private placement of common stock.



Because of the Company’s history of losses, its independent
auditors, in the reports on the financial statements for the year ended May 31, 2015, expressed substantial doubt about the Company’s
ability to continue as a going concern. The accompanying audited financial statements for the twelve months period ended May 31,
2016 have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate
continuation of the Company as a going concern. The financial statements do not include any adjustments relating to the recoverability
and classification of recorded asset amounts or the amounts and classification of liabilities that could result from the outcome
of this uncertainty.



Management anticipates that the Company will be dependent, for
the near future, on additional investment capital to fund operating expenses The Company intends to position itself so that it
may be able to raise additional funds through the capital markets. In light of management’s efforts, there are no assurances
that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern.



19







| | 3. | SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES
| | -- | -----------------------------------------



Basis of Presentation



The accompanying unaudited financial statements have been prepared
in accordance with generally accepted accounting principles in the United States of America, and pursuant to the rules and regulations
of the Securities and Exchange Commission (the “SEC”) and reflect all adjustments, consisting of normal recurring adjustments,
which management believes are necessary to fairly present the financial position, results of operations, stockholders’ equity
and cash flows of the Company for the twelve months period ended May 31, 2016



Accounting Basis



The Company uses the accrual basis of accounting and accounting
principles generally accepted in the United States of America (“GAAP” accounting). The Company has adopted a May 31
fiscal year end.



Use of Estimates



The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets
and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount
of revenues and expenses during the reporting period. Actual results could differ from those estimates.



Cash and Cash Equivalents



The Company considers all highly liquid investments with the
original maturities of three months or less to be cash equivalents. There were no cash equivalents as of May 31, 2016.



Fair Value of Financial Instruments



The Company’s financial instruments consist of cash and
cash equivalents and amounts due to shareholder. The carrying amount of these financial instruments approximates fair value due
either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial
statements.



Income Taxes



Income taxes are computed using the asset and liability method.
Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between
the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws.
A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to
be realized.



20







| | 3. | SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES (CONTINUED)
| | -- | -----------------------------------------------------



Revenue Recognition



The Company follows paragraph 605-10-S99-1 of the FASB Accounting
Standards Codification for revenue recognition. The Company will recognize revenue when it is realized or realizable and earned.
The Company considers revenue realized or realizable and earned when all of the following criteria are met: (i) persuasive evidence
of an arrangement exists, (ii) the product has been shipped or the services have been rendered to the customer, (iii) the sales
price is fixed or determinable, and (iv) collectability is reasonably assured.



Stock-Based Compensation



We account for equity-based transactions with nonemployees under
the provisions of ASC Topic No. 505-50, Equity-Based Payments to Non-Employees(“ASC 505-50”). ASC 505-50 establishes
that equity-based payment transactions with nonemployees shall be measured at the fair value of the consideration received or the
fair value of the equity instruments issued, whichever is more reliably measurable. The fair value of common stock issued for payments
to nonemployees is measured at the market price on the date of grant. The fair value of equity instruments, other than common stock,
is estimated using the Black-Scholes option valuation model. In general, we recognize the fair value of the equity instruments
issued as deferred stock compensation and amortize the cost over the term of the contract.



We account for employee stock-based compensation in accordance
with the guidance of FASB ASC Topic 718, Compensation—Stock Compensation,which requires all share-based payments
to employees, including grants of employee stock options, to be recognized in the financial statements based on their fair values.



The fair value of the equity instrument is charged directly
to compensation expense and credited to additional paid-in capital over the period during which services are rendered.



Basic Income (Loss) Per Share



Basic income (loss) per share is calculated by dividing the
Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted
earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted
average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted
number of shares adjusted for any potentially dilutive debt or equity. There are no such common stock equivalents outstanding as
of February 29, 2016 or February 28, 2015.



21







| | 3. | SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES (CONTINUED)
| | -- | -----------------------------------------------------



Recent Accounting Pronouncements



In August 2014, the FASB issued Accounting Standards Update
“ASU” 2014-15 on “Presentation of Financial Statements Going Concern (Subtopic 205-40) –Disclosure of Uncertainties
about an Entity’s Ability to Continue as a Going Concern” (“Update”). Currently, there is no guidance in
U.S. GAAP about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability
to continue as a going concern or to provide related footnote disclosures. The amendments in this Update provide that guidance.
In doing so, the amendments are intended to reduce diversity in the timing and content of footnote disclosures. The amendments
require management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain
principles that are currently in U.S. auditing standards. Specifically, the amendments (1) provide a definition of the term substantial
doubt,(2) require an evaluation every reporting period including interim periods, (3) provide principles for considering the
mitigating effect of management’s plans, (4) require certain disclosures when substantial doubt is alleviated as a result
of consideration of management’s plans, (5) require an express statement and other disclosures when substantial doubt is
not alleviated, and (6) require an assessment for a period of one year after the date that the financial statements are issued
(or available to be issued). The amendments in this Update are effective for public and nonpublic entities for annual periods ending
after December 15, 2016. Early adoption is permitted.



The Company has implemented all new accounting pronouncements
that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed,
and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a
material impact on its financial position or results of operations.



| | 4. | LOAN FROM DIRECTOR
| | -- | ------------------



As of May 31, 2015, the Company owed the former CEO and director
$11,500. The total loan of $11,500 was unsecured, non-interest bearing and due on demand. Pursuant to a stock purchase agreement
dated January 14, 2016, that resulted in a change of control, the former CEO agreed to forgive the debt due to him in full. The
Company has credited the $11,500 to paid in capital.



22







| | 5. | COMMON STOCK
| | -- | ------------



The Company has 75,000,000, $0.001 par value shares of common
stock authorized.



In April, 2014, the Company issued 6,000,000 shares of common
stock to a director for cash proceeds of $6,000. The shares were issued at $0.001 per share.



In July, 2015, the Company issued 1,000,000 shares of common
stock for cash proceeds of $10,000. The shares were issued at $0.01 per share.



In July, 2015, the Company issued 310,000 shares of common stock
for cash proceeds of $3,100. The shares were issued at $0.01 per share.



In July, 2015, the Company issued 470,000 shares of common stock
for cash proceeds of $4,700. The shares were issued at $0.01 per share.



In July, 2015, the Company issued 160,000 shares of common stock
for cash proceeds of $1,600. The shares were issued at $0.01 per share.



In July, 2015, the Company issued 160,000 shares of common stock
for cash proceeds of $1,600. The shares were issued at $0.01 per share.



| | 6. | COMMITMENTS AND CONTINGENCIES
| | -- | -----------------------------



The Company neither owns nor leases any real or personal property.
An officer has provided office services without charge. There is no obligation for the officer to continue this arrangement. Such
costs are immaterial to the financial statements and accordingly are not reflected herein. The officers and directors are involved
in other business activities and most likely will become involved in other business activities in the future.



| | 7. | SUBSEQUENT EVENTS
| | -- | -----------------



In accordance with SFAS 165 (ASC 855-10) the Company has analyzed
its operations subsequent to May 31, 2016 through October 18, 2016, and has determined that it does not have any material subsequent
events to disclose in these financial statements.



Item 9. Changes In and Disagreements with Accountants on
Accounting and Financial Disclosure



None



23







Item 9A(T) Controls and Procedures



Management’s  Report on Internal Controls over
Financial Disclosure Controls and Procedures



Management is responsible for establishing and maintaining adequate
internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f)). The Company’s internal control over
financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the
United States of America. Because of its inherent limitations, internal control over financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may
become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer,
the Company conducted an evaluation of the effectiveness of the Company’s internal control over financial reporting as of
May 31, 2016 using the criteria established in “Internal Control - Integrated Framework” issued by the Committee of
Sponsoring Organizations of the Treadway Commission ("COSO").



A material weakness is a deficiency, or combination of deficiencies,
in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company’s
annual or interim financial statements will not be prevented or detected on a timely basis. In its assessment of the effectiveness
of internal control over financial reporting as of May 31, 2016, the Company determined that there were control deficiencies that
constituted material weaknesses, as described below.



| | 1. | We do not have an Audit Committee – While not being
legally obligated to have an audit committee, it is the management’s view that such a committee, including a financial expert
member, is an utmost important entity level control over the Company’s financial statement. Currently the Board of Directors
acts in the capacity of the Audit Committee, and does not include a member that is considered to be independent of management
to provide the necessary oversight over management’s activities.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2. | We did not maintain appropriate cash controls – As
of May 31, 2015, the Company has not maintained sufficient internal controls over financial reporting for the cash process, including
failure to segregate cash handling and accounting functions, and did not require dual signature on the Company’s bank accounts.
Alternatively, the effects of poor cash controls were mitigated by the fact that the Company had limited transactions in their
bank accounts.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3. | We did not implement appropriate information technology
controls – As at May 31, 2015, the Company retains copies of all financial data and material agreements; however there is
no formal procedure or evidence of normal backup of the Company’s data or off-site storage of data in the event of theft,
misplacement, or loss due to unmitigated factors.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Accordingly, the Company concluded that these control deficiencies
resulted in a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented
or detected on a timely basis by the company’s internal controls.



As a result of the material weaknesses described above, management
has concluded that the Company did not maintain effective internal control over financial reporting as of May 31, 2016 based on
criteria established in Internal Control- Integrated Framework issued by COSO.



24







System of Internal Control over Financial Reporting



Although our Company is unable to meet the standards under COSO
because of the limited funds available to a company of our size and stage of development, we are committed to improving our financial
organization. As funds become available, we will undertake to: (1) create a position to  segregate duties consistent with
control objectives, (2) increase our personnel resources and technical accounting expertise within the accounting function (3)
appoint one or more outside directors to our board of directors who shall be appointed to the audit committee of our Company resulting
in a fully functioning audit committee who will undertake the oversight in the establishment and monitoring of required internal
controls and procedures; and (4) prepare and implement sufficient written policies and checklists which will set forth procedures
for accounting and financial reporting with respect to the requirements and application of US GAAP and SEC disclosure requirements.



We will continue to monitor and evaluate the effectiveness of
our internal controls and procedures and our internal controls over financial reporting on an ongoing basis and are committed to
taking further action and implementing additional enhancements or improvements, as necessary and as funds allow.  However,
because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that misstatements
due to error or fraud will not occur or that all control issues and instances of fraud, if any, within our Company have been detected.
 These inherent limitations include the realities that judgments in decision making can be faulty and that breakdowns can
occur because of simple error or mistake. The design of any system of controls is based in part on certain assumptions about the
likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all
potential future conditions.  Projections of any evaluation of controls effectiveness to future periods are subject to risks.



Changes in Internal Control over Financial Reporting



There has been no change in our internal control over financial
reporting identified in connection with our evaluation we conducted of the effectiveness of our internal control over financial
reporting as of May 31, 2016, that occurred during our fourth fiscal quarter that has materially affected, or is reasonably likely
to materially affect, our internal control over financial reporting.



This annual report does not include an attestation report of
the Company’s registered public accounting firm regarding internal control over financial reporting. Management’s  report
was not subject to attestation by the Company’s registered public accounting firm pursuant to temporary rules of the SEC
that permit the Company to provide only management’s report in this annual report.



Item 9B. Other Information.



None.



PART III



Item 10. Directors, Executive Officers, Promoters and Control
Persons of the Company



DIRECTORS AND EXECUTIVE OFFICERS



The name, age and titles of our sole officer and director are
as follows:



|Name and Address ofExecutiveOfficer and/or Director |  | Age |  | Position                                      
|--------------------------------------------------- |  | --- |  | ----------------------------------------------
|Shu Feng Lu                                         |  | 43  |  | President, Director, and Chairman of the Board
|                                                    |  |     |  |                                               
|Teng Fei Ma                                         |  | 27  |  | CEO, CFO, Secretary, and Treasurer            



25







Shu Feng Lu, President, Director, and Chairman of the Board



Date of Birth

29 October 1973



Education

Diploma Holder, Xin Yang Guang Bo Dian Shi University, China



Working Experience

2008 to 2011: Equity Partner, Jie Da International Jewelry Limited

| | - | The Company is engaged in the trading of jewelry
| | - | ------------------------------------------------

2011 to 2015:  Chairman, He Nan Jin Wan Hong Shi Ye Company
Limited

| | - | The Company is engaged in production of tea products and
proprietary trading of securities
| | - | ------------------------------------------------------------------------------------------



26







Teng Fei Ma, General Manager, CEO, CFO, Secretary, and Treasurer



Date of birth

6 April 1989



Education

Undergraduate Degree in Electronic Information Science and Technology,
Henan Industrial University, China



Working Experience

Oct 2009 to Nov 2012: Admin Manager, Xing Tai Life Insurance
Company Limited, China

| | - | The Company is engaged in life insurance business in China
| | - | ----------------------------------------------------------



Nov 2012 to Feb 2014: Training Manager, Qian Hai Life Insurance
Company Limited, China

| | - | The Company is engaged in life insurance business in China
| | - | ----------------------------------------------------------



| | - | Ma is responsible for training life insurance agents
| | - | ----------------------------------------------------



Feb 2014 to Jan 2015: IPO Department Head, Qian Hai Stock Exchange,
China

| | - | The Company is operating as a stock exchange in Qian Hai district of Shenzhen, China
| | - | ------------------------------------------------------------------------------------



Jan 2015 till now:  General Manager, Shenzhen Qian Hai
Jin Wan Hong Asset Management Company Limited, China

| | - | The Company is engaged in asset management business.
| | - | ----------------------------------------------------



AUDIT COMMITTEE



We do not have an audit committee financial expert. We do not
have an audit committee financial expert because we believe the cost related to retaining a financial expert at this time is prohibitive.
Further, because we have no operations, at the present time, we believe the services of a financial expert are not warranted.



SIGNIFICANT EMPLOYEES



We have no employees. We intend to hire employees on an as needed
basis.



Item 11. Executive Compensation



The following tables set forth certain information about compensation
paid, earned or accrued for services by our President, and Secretary (collectively, the “Named Executive Officers”)
for 2014 and 2015:



There are no current employment agreements between the company
and its officers. The compensation discussed herein addresses all compensation awarded to, earned by, or paid to our named executive
officer. There are no other stock option plans, retirement, pension, or profit sharing plans for the benefit of our officers and
directors other than as described herein.



Item 12. Security Ownership of Certain Beneficial Owners
and Management and Related Stockholder Matters



The following table sets forth certain information concerning
the number of shares of our common stock owned beneficially as of Feb. 13, 2014 by: (i) each person (including any group)
known to us to own more than five percent (5%) of any class of our voting securities, (ii) our director, and or (iii) our officer.  Unless
otherwise indicated, the stockholder listed possesses sole voting and investment power with respect to the shares shown.



27







|Title of Class |  | Name and Address of Beneficial Owner |  |  | Amount and Nature of  Beneficial Ownership |  |  | Percentage | 
|-------------- |  | ------------------------------------ |  |  | ------------------------------------------ |  |  | ---------- | 
|               |  |                                      |  |  |                                            |  |  |            | 
|Common Stock   |  |                                      |  |  |                                            |  |  |            | 



The percent of class is based on 8,100,000 shares of common
stock issued and outstanding as of the date of this annual report.



Item 13. Certain Relationships and Related Transactions



During the year ended May 31, 2015, we had not entered into
any transactions with our sole officer or director, or persons nominated for these positions, beneficial owners of 5% or more of
our common stock, or family members of these persons wherein the amount involved in the transaction or a series of similar transactions
exceeded the lesser of $120,000 or 1% of the average of our total assets for the last three fiscal years.



Item 14. Principal Accountant Fees and Services



During fiscal year ended May 31, 2016, we incurred approximately
$7,250 in fees to our principal independent accountants for professional services rendered in connection
with the audit of our May 31, 2015 financial statements and for the reviews of our financial statements for the quarters ended
August 31, 2015, November 30, 2015, and February 28, 2016.



PART IV



Item 15. Exhibits



The following exhibits are included as part of this report by
reference:



|23.1     |  | Consent of Independent Registered Public Accounting Firm                                                                                                                                 
|-------- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|         |  |                                                                                                                                                                                          
|31.1     |  | Certification of Chief
    Executive and Financial Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a).                                                      
|         |  |                                                                                                                                                                                          
|32.1     |  | Certifications pursuant to Securities Exchange Act of 1934 Rule 13a-14(b) or 15d-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002.
|         |  |                                                                                                                                                                                          
|101.INS* |  | XBRL Instance Document                                                                                                                                                                   
|         |  |                                                                                                                                                                                          
|101.SCH* |  | XBRL Taxonomy Extension Schema Document                                                                                                                                                  
|         |  |                                                                                                                                                                                          
|101.CAL* |  | XBRL Taxonomy Extension Calculation Linkbase Document                                                                                                                                    
|         |  |                                                                                                                                                                                          
|101.DEF* |  | XBRL Taxonomy Extension Definition Linkbase Document                                                                                                                                     
|         |  |                                                                                                                                                                                          
|101.LAB* |  | XBRL Taxonomy Extension Label Linkbase Document                                                                                                                                          
|         |  |                                                                                                                                                                                          
|101.PRE* |  | XBRL Taxonomy Extension Presentation Linkbase Document                                                                                                                                   





---

| | * | To be filed by amendment
| | - | ------------------------



28







SIGNATURES



Pursuant to the requirements of the Securities Act of 1933,
the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized
in China on October 27, 2016.



|JIN WAN HONG INTERNATIONAL HOLDINGS LIMITED
|-------------------------------------------
|                                           
|By:                                        
|                                           
|                                           
|                                           
|                                           



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