Based on above transactions, the accompanying
consolidated financial statements reflect the activities of each of the following entities:
| Entity | | Place of
incorporation | | Percentage of
direct or indirect
ownership by
the Company | | Principal activities | | Subsidiaries: | | | | | | | | Hongchang BVI | | British Virgin Islands | | 100% | | Investment holding | | Hongchang HK | | Hong Kong | | 100% | | Investment holding | | WFOE | | PRC | | 100% | | Provision of technical and consultation services | | Hongchang Food | | PRC | | 100% | | Provision of food trade and biotechnology | | Hongchang Global Food | | PRC | | 100% | | Provision of food trade and biotechnology | | Hongchang Import & Export | | PRC | | 100% | | Provision of food trade and biotechnology | | Hongchang Supply Chain | | PRC | | 100% | | Provision of food trade and biotechnology | | Hongchang Agricultural | | PRC | | 100%(1) | | Provision of food trade and biotechnology | | Hongfu Food | | PRC | | 51% | | Provision of food trade and meat processing | | Pucheng Green Health Food | | PRC | | 51% | | Slaughtering and meat processing |
| (1) | On September 2, 2024, Hongchang Supply Chain sold 100% of its
equity interests in Hongchang Agricultural to Mr. Long Yuan. As a result, Hongchang Agricultural is no longer a subsidiary of Hongchang
International. |
|