UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF THE

SECURITIES EXCHANGE ACT OF 1934

 

For the month of December 2021

 

Commission File Number 001-35715

 

JX Luxventure Limited

(Translation of registrant’s name into English)

 

Bin Hai Da Dao No. 270

Lang Qin Wan Guo Ji Du Jia Cun Zong He Lou

Xiu Ying District

Haikou City, Hainan Province 570100

People’s Republic of China

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: Form 20-F ☒ Form 40-F ☐

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

 

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

 

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

 

 

 

 

 

 

Effective December 13, 2021, we reorganized our corporate subsidiary structure in the PRC under Flower Crown Holding (“FLH”). On December 21, 2020, we closed a Shares Exchange Agreement with FLH, which operated its China subsidiaries, Jin Xuan Luxury Tourism (Hainan) Digital Technology Co., Ltd. (“JX Hainan Digital”), Beijing Heyang International Travel Service Co., Ltd. (“Beijing Heyang”) and Flower Crown (Hainan) Cross-Border E-Commerce Co., Ltd. (“FCEC”) through a variable interest structure (“VIE”). As a result of the FLH’s China subsidiaries restructuring, we no longer operate those entities through a VIE structure and are now the indirect sole shareholder of JX Hainan Digital and Beijing Heyang. As part of the restructuring, due to the restriction of foreign ownership by the relevant laws and regulations of the People’s Republic of China, namely Provisions on Administration of Foreign Invested Telecommunications Enterprise (外商投资电信企业管理规定), we divested FCEC under a Shares Transfer Agreement with a third party. FCEC represented less than 5% of our total revenues.

 

The reorganization was approved by the unanimous consent of our Board of Directors and the affirmative vote of the holders of approximately 60.4% of our total issued and outstanding capital stock. We received legal opinion issued by Yuan Tai Law Firm in connection with the reorganization. Following the reorganization, our corporate structure is now as follows:

 

On December 17, 2021, we release the press release furnished herewith as Exhibit 99.1

 

On December 15, 2021, Yu Chuan Bin resigned from his position as independent director of the Company. 

 

Effective December 16, 2021, our board of directors filled the vacancy on our board of directors by appointing Mr. He Long Hai, to serve as members of the board:

 

Mr. He Long Hai, age 42, has over 20 years of experience in management. He has served as manager and chief inspector of Xstep China Co., Ltd. from 2002-2010. From 2010-2015, he served as General Manager for Hang Zhou Zhuan Ji Commerce Co., Ltd, and from 2015 to present, he served as General Manager for Guang Dong Sun lin Xiu Shen Shen Tai Technology Co., Ltd.

 

Applying the definition of independence set forth in Rule 5605(a)(2) of The Nasdaq Stock Market, Inc., we believe that Mr. Mr. He is an “independent director.”

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Date: December 17, 2021 JX Luxventure Limited
     
  By: /s/ Sun Lei
 

Sun Lei

Chief Executive Officer  

 

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EXHIBIT INDEX

 

Exhibit
Number
  Description
     
99.1   Press Release

 

 

3

 

Exhibit 99.1

 

JX Luxventure Limited Announces Reorganization and Removal of Variable Interest Entity Structure

 

Haikou, CHINA, December 17, 2021— JX Luxventure Limited (NASDAQ: LLL) (the “Company”), a company engaged in casual menswear, cross-border merchandise, airfare and tourism business announced today that the Company has removed its variable interest entity (“VIE”) structure and has become the sole shareholder of its Flower Crown Holding’s operating entities in China (“Flower Crown China Entities”).

 

Effective December 13, 2021, the Company reorganized its corporate subsidiary structure in connection with the Flower Crown China Entities. As a result of the restructuring, the Company no longer operates the Flower Crown China Entities through a VIE structure and is now the sole shareholder of Flower Crown China Entities. For details, please refer to Form 6K filed in connection with the reorganization.

 

The reorganization was approved by the unanimous consent of the Company’s Board of Directors and the affirmative vote of the holders of approximately 60.4% of the total issued and outstanding capital stock of the Company, in accordance with the applicable provisions of the Business Corporations Act of the Marshall Islands and the listing rules of the Nasdaq Capital Market.

 

Ms. Sun “Ice” Lei, Chief Executive Officer of the Company commented: “We set the increase of company revenue and strength of corporate governance as top priorities for 2021. For the first 6 months of 2021, our Company’s revenue exceeded the entire full year revenue for 2020 by 20% and this reorganization has simplified our corporate structure by establishing direct ownership of all our operating companies. I look forward to building on this momentum and having a strong finish for 2021. Today, we are honored to be a foreign company listed on the NASDAQ stock market, and hope that in the future, NASDAQ stock market will be proud to have JX Luxventure as part of its listing companies.”

 

About JX Luxventure Limited

 

Headquartered in Haikou, China, JX Luxventure Limited, through its subsidiaries, is engaged in the business of menswear, cross-border merchandise, airfare and tourism. To learn more about the Company, please visit its corporate website at en.jxluxventure.com. 

 

Safe Harbor Statement

 

This press release may contain certain “forward-looking statements” relating to the business of KBS Fashion Group Limited, and its subsidiary companies. All statements, other than statements of historical fact included herein, are “forward-looking statements” in nature within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, often identified by the use of forward-looking terminology such as “believes,” “expects” or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

 

SOURCE JX Luxventure Limited

 

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