| Organization and nature of business |
Note
1 – Organization and nature of business
Business
Eastern
International Ltd. (the “Company”) is a limited liability company incorporated under the laws of the Cayman Islands on July
27, 2023 as a holding company. The Company, through its subsidiaries in People’s Republic of China (the “PRC” or “China”),
is engaged in the business of provision of logistics services for entities, including transportation services and warehouse subleasing
services.
Corporate
Structure
The
Company, together with its subsidiaries, are collectively referred to as the “Group”.
The
Group’s holding companies include:
| (1) | Eastern
Industrial Development Ltd. (“Eastern BVI”), a wholly-owned subsidiary of the
Company, was incorporated in the British Virgin Islands on August 10, 2023. |
| (2) | Eastern
Group Limited (“Eastern HK”), a wholly-owned subsidiary of Eastern BVI, was incorporated
in Hong Kong on September 4, 2023. |
The
Group’s operating entities in the PRC are as described below:
| (1) |
Hangzhou
TC-Link Logistics Supply Chain Management Co., Ltd. (“Hangzhou TC-Link”), the wholly foreign-owned enterprise (“WFOE”),
was incorporated under the laws of the PRC on September 27, 2023 as a wholly-owned subsidiary of Eastern HK. Hangzhou TC-Link is
engaged in transportation and warehouse subleasing business. |
| |
|
| (2) |
Suzhou
TC-Link Logistics Co., Ltd. (“Suzhou TC-Link”), a wholly-owned subsidiary of Hangzhou TC-Link, was incorporated in the
PRC on January 9, 2006. Suzhou TC-Link is engaged in transportation and warehouse subleasing business. |
| |
|
| (3) |
Wuxi
TC-Link Logistics Co., Ltd. (“Wuxi TC-Link”) was incorporated in the PRC on May 19, 2016 as a wholly-owned subsidiary
of Suzhou TC-Link. Wuxi TC-Link is engaged in warehouse subleasing business. |
| |
|
| (4) |
Yancheng
TC-Link Logistics Co., Ltd. (“Yancheng TC-Link”) was incorporated in the PRC on June 22, 2016 as a wholly-owned subsidiary
of Suzhou TC-Link. Yancheng TC-Link is engaged in transportation and warehouse subleasing business. |
| |
|
| (5) |
Yunnan
Dongyuan Dadi International Logistics Co., Ltd. (“Yunnan Dongyuan”) was incorporated in the PRC on November 5, 2018 as
a wholly-owned subsidiary of Suzhou TC-Link. Yunnan Dongyuan is engaged in transportation business. |
| |
|
| (6) |
Chongqing
Dayuan Logistics Co., Ltd. (“Chongqing Dayuan”) was incorporated in the PRC on April 30, 2020 as a wholly-owned subsidiary
of Suzhou TC-Link. Chongqing Dayuan is engaged in transportation business. |
| |
|
| (7) |
Guizhou
Tianrun Zhicheng Construction Engineering Co., Ltd. (“Guizhou Tianrun”) was incorporated in the PRC on March 1, 2023. On
October 27, 2025, its entire equity interest was acquired by Hangzhou TC-Link and became a wholly-owned subsidiary of the Company.
At the date of acquisition, Guizhou Tianrun had no significant net assets or operations. Guizhou Tianrun is engaged in construction
business. |
The
above operating subsidiaries are collectively referred to as the “PRC operating subsidiaries”.
Reorganization
A
reorganization of the legal structure of the Group (the “Reorganization”) was completed on February 7, 2024 by carrying out
a sequence of contemplated transactions, where the Company became the holding company of all entities discussed above.
Before
and after the Reorganization, the Company, together with its wholly-owned subsidiaries, are ultimately and effectively controlled by
the same largest shareholder, Mr. Albert Wong (the “Controlling Shareholder”). Hence, the Reorganization is considered
to be under common control. The consolidation of the Company and its subsidiaries has been accounted for at historical cost as of
the beginning of the first period presented in the accompanying consolidated financial statements.
Details
of the subsidiaries as of the date of the report are set out below:
Schedule
of subsidiaries
| Name
of Entity |
|
Date
of
Incorporation |
|
Place
of
Incorporation |
|
Percentage
of direct or indirect
ownership
by the
Company |
|
|
Principal
Activities |
| Eastern
BVI |
|
August
10, 2023 |
|
British Virgin Islands |
|
|
100 |
% |
|
Holding
company |
| Eastern
HK |
|
September
4, 2023 |
|
Hong
Kong |
|
|
100 |
% |
|
Holding
company |
| Hangzhou
TC-Link |
|
September
27, 2023 |
|
PRC |
|
|
100 |
% |
|
Transportation
and warehouse subleasing services |
| Suzhou
TC-Link |
|
January
9, 2006 |
|
PRC |
|
|
100 |
% |
|
Transportation
and warehouse subleasing services |
| Wuxi
TC-Link |
|
May
19, 2016 |
|
PRC |
|
|
100 |
% |
|
Warehouse
subleasing services |
| Yancheng
TC-Link |
|
June
22, 2016 |
|
PRC |
|
|
100 |
% |
|
Transportation
and warehouse subleasing services |
| Yunnan
Dongyuan |
|
November
5, 2018 |
|
PRC |
|
|
100 |
% |
|
Transportation
services |
| Chongqing
Dayuan |
|
April
30, 2020 |
|
PRC |
|
|
100 |
% |
|
Transportation
services |
| Guizhou
Tianrun |
|
March
1, 2023 |
|
PRC |
|
|
100 |
% |
|
Construction
services |
|