| Schedule of major subsidiaries and equity investments |
As of June 30, 2025, the Company has the following major subsidiaries and equity investment. | | | | | | | | | | | | | | | | | % of Ownership | | Relationship | | | | | Date of | | Place of | | held by the | | with the | | | Company Name | | Incorporation | | Incorporation | | Company | | Company | | Principal Activity | Sunrise Real Estate Development Group, Inc. (CY-SRRE) | | April 30, 2004 | | Cayman Islands | | 100% | | Subsidiary | | Investment holding | Lin Ray Yang Enterprise Limited (“LRY”) | | November 13, 2003 | | British Virgin Islands | | 100% | | Subsidiary | | Investment holding | Shanghai Xin Ji Yang Real Estate Consultation Company Limited (“SHXJY”) | | August 20, 2001 | | PRC | | 100% | | Subsidiary | | Property brokerage services | Shanghai Shang Yang Investment Management and consultation Company Limited (“SHSY”) | | February 5, 2004 | | PRC | | 100% | | Subsidiary | | Property brokerage services | Suzhou Xi Ji Yang Real Estate Consultation Company Limited (“SZXJY”) | | June 25, 2004 | | PRC | | 75% | | Subsidiary | | Property brokerage services | Linyi Shangyang Real Estate Development Company Limited (“LYSY”) | | October 13, 2011 | | PRC | | 34%2 | | Subsidiary | | Real estate development | Sanya Shang Yang Real Estate Consultation Company Limited (“SYSY”) | | September 18, 2008 | | PRC | | 100% | | Subsidiary | | Property brokerage services | Shanghai Rui Jian Design Company Limited (“SHRJ”) | | August 15, 2011 | | PRC | | 100% | | Subsidiary | | Property brokerage services | Linyi Rui Lin Construction and Design Company Limited (“LYRL”) | | March 6, 2012 | | PRC | | 100% | | Subsidiary | | Investment holding | Wuhan Yuan Yu Long Real Estate Development Company Limited (“WHYYL”) | | December 28, 2009 | | PRC | | 49% | | Equity investment | | Real estate development | Shanghai Da Er Wei Trading Company Limited (“SHDEW”) | | June 6, 2013 | | PRC | | 19.91%3 | | Equity investment | | Import and export trading | Shanghai Hui Tian (“SHHT”) | | July 25, 2014 | | PRC | | 100% | | Subsidiary | | Investment holding | Shanghai Shangyang Tianxi (“SHTX”) | | July 25, 2014 | | PRC | | 19.91% | | Subsidiary | | Investment holding | Huaian Zhanbao Industrial Co., Ltd. (“HAZB”) | | December 6, 2018 | | PRC | | 78.46%4 | | Subsidiary | | Investment holding | Huaian Tianxi Real Estate Development Co., Ltd (“HATX”) | | October, 2018 | | PRC | | 78.46%4 | | Subsidiary | | Investment holding | Shanghai Taobuting Media Co., Ltd. (“TBT”) | | July 1, 2020 | | PRC | | 7.5% | | Subsidiary | | Streaming platform | Shangyang International PTE. LTD. | | August 19,2022 | | SINGAPORE | | 100% | | Subsidiary | | Investment holding | Shanghai Da Er Wei Industry Co., Ltd. (SYIP) | | Oct. 20, 2020 | | PRC | | 19.58% | | Subsidiary | | Investment holding | Shanghai Zhuangyanting Trading Co., Ltd. (SHZYT) | | Sep. 21, 2023 | | PRC | | 19.9% | | Subsidiary | | Investment holding | Shanghai Shifengmei Brand Mgmt. Co., Ltd. (SHSFM) | | Nov. 27, 2023 | | PRC | | 19.9% | | Subsidiary | | Investment holding | Shanghai Aoyue Bio-Tech Co., Ltd. (SHAY) | | Nov. 27, 2023 | | PRC | | 19.9% | | Subsidiary | | Investment holding | Shanghai Maitinghao Trading Co., Ltd. (SHMTH) | | Sep. 21, 2023 | | PRC | | 19.9% | | Subsidiary | | Investment holding | Shanghai Xinshangyang Creative Communication Co., Ltd. (SHXSY) | | Dec. 25, 2024 | | PRC | | 100% | | Subsidiary | | Streaming platform |
| 1. | The Company and a shareholder of LYSY, who holds 46% equity interest in LYSY, entered into a voting agreement that the Company is entitled to exercise the voting rights in respect of her 46% equity interest in LYSY. The Company effectively holds 80% voting rights in LYSY and therefore considers LYSY as a subsidiary of the Company. On May 27, 2020, LYRL received 10% of the issued and outstanding shares of LYSY from Nanjing Longchang Real Estate Development Group. LYRL owned 34% of LYSY following the purchase. |
| 2. | In December 2019, SHDEW had an employee stock bonus where its employees received their issued shares. This resulted in the dilution of our ownership of SHDEW from 20.38% to 19.91%. According to a resolution adopted by the shareholders of SHDEW in October 31,2023, SHDEW will close its operations at the end of 2026. |
| 3. | We established HATX for real estate development in Huai’an through HAZB, of which we have 78.46% ownership. |
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