| Schedule of Related Parties |
The principal related parties with which the Group
had transactions during the years presented are as follows:
| Names of related parties | | Relationship with The Group | | Zengqiang Lin | | The principal stockholder and director of the Company | | Xinhongbo | | An entity controlled by the principal stockholder of the Company | | Fuqing Changhong Agricultural Products Supply Chain Co. Ltd. (“Changhong”) | | An entity controlled by the principal stockholder of the Company | | Zhenzhu Lin | | The principal stockholder of the Company | | Xindefu | | Non-controlling shareholder of Hongfu Food | | Xiuhua Zhou | | Owner of Xindefu | | Fujian Xiangbing Logistics Co., Ltd. (“Xiangbing”) | | Common controller with Xindefu | | Huaqiang Lin | | Father of Zengqiang Lin | Other than disclosed elsewhere, the Group had the following significant related party transactions for the three months ended June 30, 2025 and 2024:
| | |
For three months ended | |
| | |
June 30, | |
| | |
2025 | | |
2024 | |
| | |
US$ | | |
US$ | |
| Loans from related parties: | |
| | |
| |
| -Zhenzhu Lin | |
| 41,357 | | |
| 1,680,457 | |
| -Zengqiang Lin | |
| 2,658,702 | | |
| 200,419 | |
| -Xiuhua Zhou | |
| - | | |
| 1,388,396 | |
| | |
| 2,700,059 | | |
| 3,269,272 | |
| | |
| | | |
| | |
| Repayments to related parties: | |
| | | |
| | |
| -Zhenzhu Lin | |
| (37,585 | ) | |
| - | |
| -Zengqiang Lin | |
| (2,646,112 | ) | |
| (636,766 | ) |
| -Xiuhua Zhou | |
| - | | |
| - | |
| | |
| (2,683,697 | ) | |
| (636,766 | ) |
| | |
| | | |
| | |
| Refunds from a related party | |
| | | |
| | |
| -Xinhongbo | |
| - | | |
| - | |
| -Changhong | |
| - | | |
| - | |
| | |
| - | | |
| - | |
| | |
| | | |
| | |
| Capital contribution to Hongchang Food: | |
| | | |
| | |
| -Zengqiang Lin | |
| - | | |
| - | |
| | |
| | | |
| | |
| Sales of goods: | |
| | | |
| | |
| -Xindefu | |
| - | | |
| 1,470 | |
| | |
| | | |
| | |
| Procurement of goods: | |
| | | |
| | |
| -Xindefu | |
| - | | |
| 276,032 | |
| | |
| | | |
| | |
| Procurement of service: | |
| | | |
| | |
| -Xindefu | |
| - | | |
| 147,993 | |
| -Fujian Xiangbing Logistics Co., Ltd. | |
| - | | |
| - | |
The Group had the following related party balances as of June 30, 2025 and March 31, 2025:
| | |
As of
June 30,
2025 | | |
As of
March 31,
2025 | |
| | |
US$ | | |
US$ | |
| Amount due from a related party | |
| | |
| |
| -Xindefu | |
| - | | |
| - | |
| Advance to suppliers-related party | |
| | | |
| | |
| -Xinhongbo | |
| - | | |
| - | |
| Amount due from a related party | |
| | | |
| | |
| -Changhong | |
| - | | |
| - | |
| | |
| | | |
| | |
| Amounts due to related parties: | |
| | | |
| | |
| -Zhenzhu Lin– current portion | |
| 46,843 | | |
| 42,500 | |
| -Zengqiang Lin | |
| 3,558,083 | | |
| 3,513,737 | |
| -Zengqiang Lin – current portion | |
| 2,940,033 | | |
| 2,907,575 | |
| | |
| 6,544,959 | | |
| 6,463,812 | |
|