NOTE 11 - RELATED PARTY TRANSACTIONS
The table below sets the major related parties
and their relationships with the Company:
| Name of related parties | | Relationship with the Company | | Yingkai Xu | | Serving as a shareholder, CEO and Chairman of the Board of Directors of Mingteng International, as well as the husband of the board member, Jingzhu Ding. | | Jingzhu Ding | | Serving as a shareholder and Director of Mingteng International, wife of the CEO and Chairman. | | Wuxi Kaiteng Mold Factory | | Ms. Jingzhu Ding owns 100% equity interest. | | Wuxi Diang Trading Co., Ltd. | | Mr. Yingkai Xu owns 40% equity interest. |
Significant transactions with related parties
were as follows:
| | |
For the Years Ended
December 31, | |
| | |
2025 | | |
2024 | |
| Purchase from related parties: | |
| | |
| |
| Wuxi Kaiteng Mold Factory(1) | |
$ | 380,388 | | |
$ | 268,408 | |
| Wuxi Diang Trading Co., Ltd(2) | |
| - | | |
| 730,165 | |
| Subtotal | |
$ | 380,388 | | |
$ | 998,573 | |
| (1) | The Company purchases processing services from Wuxi Kaiteng Mold Factory. | | (2) | Transactions with Wuxi Diang Trading Co., Ltd represented loans from Wuxi Mingteng Mould in order to temporarily support the working capital of Wuxi Diang Trading Co., Ltd. The loan was signed with a series of contracts and is non-interest bearing. The term of the loan was six months, as of December 31, 2024, Wuxi Diang Trading Co., Ltd had fully repaid the loans according to the contracts. |
| | |
For the Years Ended
December 31, | |
| | |
2025 | | |
2024 | |
| Sales of machinery and equipment to related parties: | |
| | |
| |
| Wuxi Kaiteng Mold Factory* | |
$ | 36,920 | | |
$ | - | |
| Subtotal | |
$ | 36,920 | | |
$ | - | |
| * | The Company sold mechanical equipment to Wuxi Kaiteng Mold Factory |
The following table summarized related party balances
as of December 31, 2025, and 2024:
| | |
As of December 31, | |
| | |
2025 | | |
2024 | |
| Amounts due to related parties | |
| | |
| |
| Wuxi Kaiteng Mold Factory | |
$ | 308,822 | | |
$ | 240,166 | |
| Subtotal | |
$ | 308,822 | | |
$ | 240,166 | |
Amounts due to Wuxi Kaiteng Mold Factory represent
amounts provided for processing services that the Company purchased from Wuxi Kaiteng Mold Factory.
|