A PRC resident individual did not complete relevant foreign exchange registration required under SAFE Circular 37 for his indirect minor equity interest in Yudo (Qingdao) Co., Limited, our subsidiary incorporated under the laws of Hong Kong (“Yudo Qingdao HK”) through which we hold our equity interest in Yudo (Qingdao) Hot Runner System Co., Ltd., a company incorporated under the laws of the PRC (“Yudo (Qingdao)”).
Risk Factors · p. 56
As of the Latest Practicable Date, we had not received any notification, order or penalty from the relevant PRC authorities in respect of such matter.
In particular, (i) the requisite NDRC filing and overseas investment certificate issued by MOFCOM in respect of the Sharjah Branch had not been obtained, and (ii) the NDRC filing notice and overseas investment certificate previously obtained in respect of the Dubai Subsidiary had expired and had not yet been renewed.
Business · p. 164
We have implemented rectification actions, which include (i) currently proceeding with the deregistration of the Sharjah Branch, and (ii) completing the renewal of the filing and the overseas investment certificate for the Dubai Subsidiary as soon as possible prior to [REDACTED], and in any case before any actual capital contribution is made and actual operations commence.
Business · p. 164
As of the Latest Practicable Date, we had not completed the requisite outbound direct investment procedures for two overseas investments.
During the Track Record Period, our subsidiary in Singapore purchased agricultural products, such as coffee and soybeans, from Ethiopian exporters, with payments settled in U.S. dollars, and sold such products to agricultural traders in China.
Business · p. 139
Our Ethiopia Legal Advisor is of the view that we complied with the applicable laws and regulations in Ethiopia in all material respects in relation to such arrangements, including applicable anti-corruption laws and regulations, and that such arrangements did not constitute acts of bribery.
During the Track Record Period, we did not, at the initial stage of establishing BOOX Co, complete the required overseas direct investment filing with the development and reform authority, nor obtain the overseas direct investment certificate issued by the commerce authorities.
Business · p. 177
Upon identifying the above matter during a subsequent internal compliance self-inspection, we promptly initiated remedial actions and completed the filing with the competent authority, obtained the overseas investment certificate and completed the foreign exchange registration procedures for outbound investment.
Business · p. 177
Our PRC Legal Advisor is of the view that the risk of us consequently suffering administrative penalties is remote