Jiuzi Holdings Inc. (China)

The Company operates as a franchise under the brand name Jiuzi. It sells new energy vehicles in third-fourth tier cities in China. The firm also sells plug-in electric vehicles on-demand from vehicle buyers. Its business segments are sales of NEVs and franchise services. The Company generates a majority of its revenue from franchisee s service. Geographically, the firm operates in China.
Due to PRC legal restrictions on foreign ownership, the Company and its subsidiaries do not own any direct equity interest in Zhejiang Jiuzi. Instead, the Company and its subsidiaries control and receive the economic benefits of Zhejiang Jiuzi's business operation through a series of contractual arrangements.
The Company conduct it business in China through it Affiliated Entities. The consolidation of it Company and it Affiliated Entities has been accounted for at historical cost and prepared on the basis as if the aforementioned transactions had become effective as of the beginning of the first period presented in the accompanying consolidated financial statements.
History
2017 Zhejiang Jiuzi was incorporated on May 26, 2017 under the laws of the People's Republic of China. Its registered business scope includes wholesale and retail of NEVs and NEV components, vehicle maintenance products, technology development of NEVs, Marketing and consulting regarding NEV products, vehicle rentals, event organization, client services regarding vehicle registration, and online business technology.
2018 Shangli Jiuzi was incorporated on May 10, 2018 under the laws of the People's Republic of China. Its registered business scope is to engage in retailing NEVs, NEV components, NEV batteries, NEV marketing, vehicle maintenance, used vehicle sales, and car rentals. Zhejiang Jiuzi is the beneficial owner of 59 equity interest of Shangli Jiuzi.
2019 The Company was incorporated in the Cayman Islands on October 10, 2019. The Company in an investment holding company; its primary operations are conducted through subsidiaries and variable interest entities as described below.
2019 Jiuzi HK was incorporated on October 25, 2019 under the law of Hong Kong SAR. Jiuzi HK is it wholly-owned subsidiary and is currently not engaging in any active business and merely acting as a holding company.
2020 Jiuzi WFOE was incorporated on June 5, 2020 under the laws of the People's Republic of China. It is a wholly-owned subsidiary of Jiuzi HK and a wholly foreign-owned entity under the PRC laws. The registered principal activity of the company is new energy vehicle retail, new energy vehicle component sales, new energy vehicle battery sales, vehicle audio equipment and electronics sales, vehicle ornament sales, technology service and development, marketing planning, vehicle rentals, etc. Jiuzi WFOE had entered into contractual arrangements with Zhejiang Jiuzi and its shareholders.
2021The Company s ordinary shares have been approved for listing on the Nasdaq Capital Market since May 18, 2021 under the symbol “JZXN.”