As of the Latest Practicable Date, we have entered into formal employment contracts with employees in accordance with relevant PRC labor laws and regulations, and the Company has made social insurance (pension, medical, work-related injury, unemployment and maternity) and housing provident fund contributions for all our current employees as required.
Our PRC Legal Advisor have advised that, as the New Judicial Interpretation does not repeal the currently effective PRC social insurance laws and regulations, the related risks and the potential impact on our business and financial performance are relatively limited.
as advised by our PRC Legal Advisors, the aforementioned regulation does not expand penalty exposure or repeal existing laws, our Directors believe the aforementioned regulation will not have material adverse impact on our business operations and financial position.
In compliance with PRC regulations, we participate in and contribute to social insurance, including pension, medical, maternity, work-related injury and unemployment insurance, and the housing provident fund.
Business · p. 157
We maintain all the mandatory insurance policies required by PRC laws and regulations and consistent with industry practice.
During the Track Record Period, we provided social insurance, including pension insurance, unemployment insurance, work-related injury insurance, maternity insurance and medical insurance for our employees in Chinese Mainland as required by PRC laws and regulations, and statutorily required insurance coverage for overseas employees.
As advised by our PRC Legal Advisor, during the Track Record Period and up to the Latest Practicable Date, we had made sufficient contributions to social insurance and housing provident funds for our employees in accordance with applicable PRC laws and regulations.
As advised by our PRC Legal Advisors, during the Track Record Period and up to the Latest Practicable Date, we had made sufficient contributions directly or indirectly to social insurance and housing provident funds for our employees in accordance with applicable PRC laws and regulations.