EQUITY |
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| EQUITY | NOTE 17 - EQUITY
Ordinary shares and Additional paid-in capital
On December 20, 2024, Leishen Cayman (Nasdaq: LSE) consummated its IPO of ordinary shares, par value $ at $ per share, with gross proceeds of $5.5 million. On January 8, 2025, Leishen Cayman issued and sold additional Ordinary Shares at $ per share, pursuant to the partial exercise of the Over-Allotment Option, resulting in additional gross proceeds of $600,000. As a result, Leishen Cayman raised aggregate gross proceeds of $6.1 million in the IPO. As of March 31, 2025, total of shares were issued and outstanding. After deducting the underwriting discounts and commissions, the Company received total net proceeds of $5.4 million.
Non-controlling interests
Sichuan Leishen Hongzhuo is a limited liability company incorporated on January 16, 2019, under the laws of China; Beijing Leishen Green Energy held a 51% equity interest. In September 2025, Beijing Leishen Green Energy signed equity transaction agreements with Chengdu Jiajia Gas Technology Co., LTD and an individual, Lei Huaping. respectively to purchase 49% of the equity interest. The total purchase price for the equity interest was RMB 3,920,000 ($547,272). As a result of the equity transaction, Beijing Leishen Green Energy owns 100% of the equity in Sichuan Leishen Hongzhuo.
Huayou Huitong is a limited liability company incorporated on May 29, 2020, under the laws of China; China Oil Blue Ocean holds a 51% equity interest.
Non-controlling interests are a minority shareholder’s 49% ownership in Huayou Huitong and Sichuan Leishen Hongzhuo. Non-controlling interests consist of the following:
Restricted Net Assets
The Company’s ability to pay dividends is primarily dependent on the Company receiving distributions of funds from its PRC operating subsidiaries. Relevant PRC statutory laws and regulations permit payments of dividends by the Company’s PRC subsidiaries only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The results of operations reflected in the consolidated financial statements prepared in accordance with GAAP differ from those reflected in the statutory financial statements of the Company’s subsidiaries. As of September 30, 2025 and 2024, restricted net assets of the Company’s PRC subsidiaries were $8,620,767 and $3,308,960, respectively.
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