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. |
|