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Meiwu Technology's 2024 Financial Report: Skincare Expansion & Corporate Restructuring

$WNW
Form 6-K
Filed on: 2024-12-31
Source
Meiwu Technology's 2024 Financial Report: Skincare Expansion & Corporate Restructuring

The financial report from Meiwu Technology Company Limited (File Number: 001-39803) contains several key updates regarding the company's strategic initiatives and corporate actions as of December 2024:

  1. Business Expansion into Skincare:
  • On September 3, 2024, the company incorporated Xiamen Chunshang Health Technology Co., Ltd., a wholly owned subsidiary, to pursue sales of functional skincare products.
  • The company has taken steps to acquire trademarks and has signed a sales agreement for RMB 250,000 with a client to sell skincare products manufactured by a third-party manufacturer.
  1. Material Agreements:
  • Termination Agreement: On December 10, 2024, Guogangtong Trading (a subsidiary of Meiwu) entered into a termination agreement with Meiwu Zhishi Technology to terminate previously established contractual arrangements.
  • Share Transfer Agreements: On December 24, 2024:
    • The company entered into a share transfer agreement with a purchaser to sell all equity interests of Magnum International Holdings Limited for $10, culminating in the purchaser assuming all assets and liabilities of Magnum.
    • A similar share transfer agreement was executed for Xinfuxin International Holdings Limited under the same terms as the Magnum agreement.
  1. Corporate Structure Changes:
  • The agreements have resulted in a significant restructuring of the company’s corporate framework, which is illustrated in accompanying diagrams in the report.
  1. Forward-Looking Statements:
  • The report includes forward-looking statements regarding the company’s plans and strategies, indicating that actual results may differ due to various risks and uncertainties.
  1. Exhibit Index:
  • The report includes references to attached exhibits detailing the termination and share transfer agreements.

This report outlines Meiwu's strategic pivot towards the skincare sector, the termination of prior agreements with a variable interest entity (VIE), and the transfer of ownership of two subsidiaries, which may affect its corporate structure and financial performance moving forward.