What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2024-04-15 compared with 2023-03-31 · 241 added, 186 removed, 2019 unchanged (17% of the section changed)

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our deeply rooted brand image, fast and efficient multi-channel sales model, precise consumer positioning, superior service experience,

and an online platform connecting suppliers, core enterprises, and customers in the food supply chain, we are well positioned to

become a competitive leader in the food supply chain market in China.

and an online platform connecting suppliers, core enterprises, and customers in the food supply chain, we are well positioned to become

a competitive leader in the food supply chain market in China.

History and Structure

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were negatively impacted in the first half of 2020.

the second quarter of 2020, the COVID outbreak in China has gradually been controlled.

Our business has also returned to normal operations,

although management assessed that our results of operations had been negatively impacted for the 2021 and 2022 fiscal years.

In 2022, the sporadic outbreaks of COVID-19 had material impact on

the industry in China.

The government’s “zero-COVID” policy required, from time to time, quarantines, rolling

lockdowns, office closures and travel restrictions to control outbreaks in affected local areas.

As a result of the COVID control

measures, we were unable to implement some of our business and marketing plans, and our operating results were negatively affected

by the sporadic COVID outbreaks and strict government response measures.

the second quarter of 2020, our business has returned to normal operations, although management assessed that our results of

operations had been negatively impacted for the 2021 and 2022 fiscal years.

In 2022, the sporadic outbreaks of COVID-19 had material

impact on the industry in China.

The government’s “zero-COVID” policy required, from time to time, quarantines,

rolling lockdowns, office closures and travel restrictions to control outbreaks in affected local areas.

As a result of the COVID

control measures, we were unable to implement some of our business and marketing plans, and our operating results were negatively

affected by the sporadic COVID outbreaks and strict government response measures.

In December 2022, the PRC government ended the

implementation of the “zero-COVID” policy and the overall market condition has shown improvement since then.

However, COVID-19

could adversely affect our business and results of operations in the future if any COVID resurgence causes significant disruptions

to our operations or the business of our supply chain, logistics and service providers.

We cannot predict the severity and duration

of the impact from such resurgence, if any.

If any new outbreak of COVID-19 is not effectively and timely controlled, or if

government responses to outbreaks or potential outbreaks are severe or long-lasting, our business operations and financial condition

may be materially and adversely affected as a result of the deteriorating market outlook, the slowdown in regional and national

economic growth, weakened liquidity and financial condition of our customers or other factors that we cannot foresee.

factors and other factors beyond our control could have an adverse effect on the overall business environment, cause uncertainties

in the regions where we conduct business, and could materially and adversely impact our business, financial condition and results of

Business Plans

One of our business development strategies is to extend our market share through acquiring quality businesses in the food and beverage industries, in order to increase

our customer base and supply channels, as well as to acquire more skilled employees and business connections in the industries.

to further develop our online marketing platform and internal operation management system by engaging an external IT company during 2023.

COVID-19 could adversely affect our business and results of operations in the future if any COVID resurgence causes significant

disruptions to our operations or the business of our supply chain, logistics and service providers.

We cannot predict the severity

and duration of the impact from such resurgence, if any.

If any new outbreak of COVID-19 is not effectively and timely controlled,

or if government responses to outbreaks or potential outbreaks are severe or long-lasting, our business operations and financial

condition may be materially and adversely affected as a result of the deteriorating market outlook, the slowdown in regional and

national economic growth, weakened liquidity and financial condition of our customers or other factors that we cannot foresee.

of these factors and other factors beyond our control could have an adverse effect on the overall business environment, cause

uncertainties in the regions where we conduct business, and could materially and adversely impact our business, financial condition

and results of operations.

of our business development strategies is to extend our market share through acquiring quality businesses in the food and beverage industries,

in order to increase our customer base and supply channels, as well as to acquire more skilled employees and business connections in

the industries.

We plan to further develop our online marketing platform and internal operation management system by engaging an external

IT company during 2024.

In 2020, we successfully acquired Xixingdao, a drinking water distribution business.

We expect to continue to explore new opportunities

to acquire additional quality and compatible businesses in our industries.

Our management believes that successful acquisitions will

bring synergies to our business and enhance our shareholders’ value.

We expect to continue to

explore new opportunities to acquire additional quality and compatible businesses in our industries.

Our management believes that successful

acquisitions will bring synergies to our business and enhance our shareholders’ value.

consider the following factors when evaluating quality acquisition targets:

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China Economic Vision

purchase, distribute and sell a wide range of beverage and foods through our supply chain online platform and offline sales

purchase, distribute and sell a wide range of beverage and foods through our supply chain online platform and offline sales channels.

We also develop some of the water products we distribute.

We have offered the following four categories of food and beverage

We have offered the following four categories of food and beverage products:

of brands offered

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Pre-package Foods

foods include various brands of edible oils, condiments and seasonings.

have selected to sell edible oil based on their quality and popularity among the customers in 2021.

We have stopped the sales of edible

oil in 2022 because edible oil sales results in 2021 did not meet the Company’s expectations.

and seasonings

foods include various brands of condiments and seasonings.

offer a variety of kitchen condiment products on the platform, and through multiple layers of screening, brands that are widely welcomed

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Providing a wide variety of wine and liquor products to the customers will continue to be our alcohol beverage segment operational strategies.

Our Operations

We have cultivated business relationships and achieved

recognitions with different organizations over the years, which have improved our business and management efficacy.

Specifically, we have

been collaborating with Shenzhen Institute of Tsinghua University since 2011, who has been helping us develop an innovative management

model, operating model and franchising model.

We have been a member of Guangdong Provincial Liquor Industry Association since 2011.

Our wine and oil product operations are based in

Humen Town, Dongguan City.

We lease a six-floor building with a total floor area of 1,200 square meters.

Our wine retail store is

located on the first floor which we use exclusively as a retail store and for sample products display.

We use the remaining five

floors as the Company’s conference room, offices and storage.

Our water and condiments and seasoning product management office is also

located in Humen Town, Dongguan City.

We lease the building which has over 1,300 square meters.

It includes sales, customer service, warehouse,

delivery and finance departments.

The office manages one office, seven wholesales stores and one warehouse.

We also maintain one registered

office for the subsidiary with lease term of three years.

As of December 31, 2022, the Company has total three office spaces, one warehouse

and sixteen stores in PRC with remaining lease terms ranging from 3 months to 52 months.

have cultivated business relationships and achieved recognitions with different organizations over the years, which have improved our

business and management efficacy.

Specifically, we have been collaborating with Shenzhen Institute of Tsinghua University since 2011,

who has been helping us develop an innovative management model, operating model and franchising model.

We have been a member of Guangdong

Provincial Liquor Industry Association since 2011.

wine and oil product operations are based in Humen Town, Dongguan City.

We lease a six-floor building with a total floor area of 1,200

square meters.

Our wine retail store is located on the first floor which we use exclusively as a retail store and for sample products

We use the remaining five floors as the Company’s conference room, offices and storage.

water and condiments and seasoning product management office is also located in Humen Town, Dongguan City.

We lease the building which

has over 1,300 square meters.

It includes sales, customer service, warehouse, delivery and finance departments.

We also maintain one

registered office for the subsidiary with lease term of three years.

As of December 31, 2023, the Company has total three office spaces,

one warehouse and seventeen stores in PRC with remaining lease terms ranging from 6 months to 40 months.

Supply Chain Operations

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sample checking on the products on a regular basis and evaluate the suppliers’ performance annually.

We have two major categories of customers:

customers and wholesale distributors.

We also make direct sales to businesses and individual consumers through our supply chain platform,

online stores at major e-commerce platforms and offline sales.

For the year ended December 31, 2022 and 2021, no customer accounted for

10% or more of our total revenue.

We have generated income from a wider range of customers for the years ended December 31, 2022 and 2021.

have two major categories of customers:

retailer customers and wholesale distributors.

We also make direct sales to businesses and individual

consumers through our supply chain platform, online stores at major e-commerce platforms and offline sales.

For the year ended December

31, 2023 and 2022, no customer accounted for 10% or more of our total revenue.

We have generated income from a wider range of customers

for the years ended December 31, 2023 and 2022.

recognized brand

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our information systems, it also serves as our O2O management platform, which can provide marketing services to traditional merchants.

Bulk sales through our agents and independent distributors help enhance the brand awareness of our products among

end customers and collect feedback for us to improve our product selection and management.

Our key customer and large enterprise sales

channels, online and offline promotions, and community activities all offer loyalty rewards to key customers.

Our brand reputation and

cross-selling across our platform further strengthen our ability to retain customers and drive revenue growth.

Bulk sales through our agents and independent distributors help enhance the brand awareness of our products among end customers and collect

feedback for us to improve our product selection and management.

Our key customer and large enterprise sales channels, online and offline

promotions, and community activities all offer loyalty rewards to key customers.

Our brand reputation and cross-selling across our platform

further strengthen our ability to retain customers and drive revenue growth.

in class customer services management

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our operations, among other things.

See “Risk Factors — Risks Related to Our Business and Industry — We may

be unable to obtain or renew required permits, licenses or approvals necessary for our business operations, and could be imposed with

fines and penalties for any violations of the license requirements”;

“ Risk Factors — Risks

Related to Doing Business in China — The Chinese government may intervene or influence the operations of our PRC

subsidiaries and exercise significant oversight and discretion over the conduct of their business and may intervene in or influence their

operations at any time, which could result in a material change in operations of our PRC subsidiaries and/or the value of our common

and “ Risk Factors — Recent regulatory developments in China, including greater oversight and control

by the CAC over data security, may subject us to additional regulatory review, and any actions by the Chinese government to exert more

oversight and control over foreign investment in China-based issuers could significantly limit or completely hinder our ability to offer

or continue to offer securities to investors and cause the value of such securities to significantly decline or be worthless.

See “Risk Factors — Risks Related to Our Business and Industry — We may be unable

to obtain or renew required permits, licenses or approvals necessary for our business operations, and could be imposed with fines and

penalties for any violations of the license requirements”;

“ Risk Factors — Risks Related to Doing Business

in China — The Chinese government may intervene or influence the operations of our PRC subsidiaries and exercise significant

oversight and discretion over the conduct of their business and may intervene in or influence their operations at any time, which could

result in a material change in operations of our PRC subsidiaries and/or the value of our common stock”;

and “ Risk Factors

— Recent regulatory developments in China, including greater oversight and control by the CAC over data security, may subject

us to additional regulatory review, and any actions by the Chinese government to exert more oversight and control over foreign investment

in China-based issuers could significantly limit or completely hinder our ability to offer or continue to offer securities to investors

and cause the value of such securities to significantly decline or be worthless.

Required With Respect To Securities Listing And Issuance

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February 17, 2023, the CSRC issued the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Enterprises,

or the Trial Measures, and five application guidelines (collectively, the “Overseas Listing Rules”), which will become effective

or the Trial Measures, and five application guidelines (collectively, the “Overseas Listing Rules”), which became effective

on March 31, 2023.

According to the Overseas Listing Rules, among other things, after making initial applications with overseas

stock markets for offerings or listings, all China-based companies shall file with the CSRC within three business days.

According to the Overseas Listing Rules, among other things, after making initial applications with overseas stock

markets for offerings or listings, all China-based companies shall file with the CSRC within three business days.

Subsequent securities

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at an overseas securities market.

The listing of our shares on the Nasdaq and related securities offering should be deemed as an

indirect overseas offering and listing under the Overseas Listing Rules and therefore we are required to complete the filing

procedures and submit the relevant information to CSRC but no CSRC approval is required under the rules.

However, there is

uncertainty with respect to whether we are required to obtain permissions from a governmental agency for

our operations and/or listings.

The listing of our shares on the Nasdaq and related securities offering should be deemed as an indirect

overseas offering and listing under the Overseas Listing Rules and therefore we are required to complete the filing procedures and submit

the relevant information to CSRC but no CSRC approval is required under the rules.

However, there is uncertainty with respect to whether

we are required to obtain permissions from a governmental agency for our operations and/or listings.

the CSRC, CAC or any other governmental agency requires that we obtain their respective approval(s) for our securities issuances or overseas

listing, securities offerings would be delayed until we have obtained such approval.

There is also the possibility that we may not be able to

obtain or maintain such approval or that we inadvertently concluded that such approval was not required.

If we do not receive or maintain

required permissions or approvals, inadvertently conclude that such permissions or approvals are not required, or applicable laws, regulations,

or interpretations change and we are required to obtain such permissions or approvals in the future, we may face regulatory actions,

investigations, disruption of our subsidiaries’ operations, or other sanctions from the CSRC, CAC or other Chinese regulatory authorities.

These authorities may impose fines and penalties upon our subsidiaries’ operations in China, limit our operating privileges in

China, delay or restrict the repatriation of the proceeds from this offering into China, or take other actions that could have a material

There is also the possibility that we may not be

able to obtain or maintain such approval or that we inadvertently concluded that such approval was not required.

If we do not receive

or maintain required permissions or approvals, inadvertently conclude that such permissions or approvals are not required, or applicable

laws, regulations, or interpretations change and we are required to obtain such permissions or approvals in the future, we may face regulatory

actions, investigations, disruption of our subsidiaries’ operations, or other sanctions from the CSRC, CAC or other Chinese regulatory

These authorities may impose fines and penalties upon our subsidiaries’ operations in China, limit our operating privileges

in China, delay or restrict the repatriation of the proceeds from this offering into China, or take other actions that could have a material

adverse effect upon our business, financial condition, results of operations, reputation and prospects, as well as the trading price

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in China-based issuers, which could result in a material change in our operations and/or the value of the securities we are registering

“Risk Factor — The Chinese government may intervene or influence the operations of our

PRC subsidiaries and exercise significant oversight and discretion over the conduct of their business and may intervene in or influence

their operations at any time, which could result in a material change in operations of our PRC subsidiaries and/or the value of our common

and “Risk Factor — Recent regulatory developments in China, including greater oversight and control by the

CAC over data security, may subject us to additional regulatory review, and any actions by the Chinese government to exert more oversight

and control over foreign investment in China-based issuers could significantly limit or completely hinder our ability to offer or continue

to offer securities to investors and cause the value of such securities to significantly decline or be worthless.”

“Risk Factor — The Chinese government may intervene or influence the operations of our PRC subsidiaries

and exercise significant oversight and discretion over the conduct of their business and may intervene in or influence their operations

at any time, which could result in a material change in operations of our PRC subsidiaries and/or the value of our common stock”;

and “Risk Factor — Recent regulatory developments in China, including greater oversight and control by the CAC over data

security, may subject us to additional regulatory review, and any actions by the Chinese government to exert more oversight and control

over foreign investment in China-based issuers could significantly limit or completely hinder our ability to offer or continue to offer

securities to investors and cause the value of such securities to significantly decline or be worthless.”

is a country with both an ancient wine tradition and a new and an emerging wine-consuming market.

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launched our Fugu Online on WeChat in April 2021.

For the first five months from April to September 2021, we recorded 1,768 sales orders

through the Fugu Online platform with an average sales amount of RMB8,465 per order.

Although the Fugu Online platform is being

developed, the sales amounts generated since its launching indicated a high revenue growth potential of the Fugu Online platform.

During the year of 2023, we recorded 531 sales orders through the Fugu Online

platform with an average sales amount of RMB15,000 per order.

Although the Fugu Online platform is developed and launched since

April 2021, the sales amounts generated and the users (registered active consumers) are still in start-up status as the market

competitive with local online WeChat mini-program, and Pingduoduo (Nasdaq:

PDD) etc., the operating data’s haven’t

reached our planning as it’s require more funds for promoting, advertising and developing.

make online or offline bulk sales through our agents and independent distributors.

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with marketing and sales strategies to further increase our sales.

In addition to other online sales channels, we also promote our product sales on major e-commerce platforms in China, such as Tao.1688.com and Pinduoduo.

In addition to other online sales channels, we also promote our product

sales on major e-commerce platforms in China, such as Tao.1688.com and Pinduoduo.

still dominates the Chinese wine market with a share of 48 per cent according to Euromonitor International.

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funds from Hong Kong to the PRC), except for transfer of funds involving money laundering and criminal activities.

of funds by our subsidiaries out of China is subject to examination by the banks designated by SAFE and declaration and payment

of withholding tax.

of funds by our subsidiaries out of China is subject to examination by the banks designated by SAFE and declaration and payment of withholding

Cash dividends, if any, on our common stock will be paid in U.S.

The PRC government also imposes restrictions

on the conversion of RMB into foreign currencies and the remittance of currencies out of the PRC.

Foreign exchange transactions under

the capital account remain subject to limitations and require approvals from, or registration with, SAFE and other relevant PRC governmental

As such, we may experience difficulties in completing the administrative procedures necessary to obtain and remit foreign

currency for the payment of dividends from our profits, if any.

In addition, there can be no assurance that the PRC government will not

intervene or impose additional restrictions on our ability to transfer cash or assets within our organization or to foreign investors,

which could result in an inability or prohibition on making transfers or distributions outside of PRC, which may adversely affect our

business, financial condition and results of operations.

The PRC government also imposes restrictions on the conversion

of RMB into foreign currencies and the remittance of currencies out of the PRC.

Foreign exchange transactions under the capital account

remain subject to limitations and require approvals from, or registration with, SAFE and other relevant PRC governmental authorities.

As such, we may experience difficulties in completing the administrative procedures necessary to obtain and remit foreign currency for

the payment of dividends from our profits, if any.

In addition, there can be no assurance that the PRC government will not intervene

or impose additional restrictions on our ability to transfer cash or assets within our organization or to foreign investors, which could

result in an inability or prohibition on making transfers or distributions outside of PRC, which may adversely affect our business, financial

condition and results of operations.

we are deemed by the PRC tax authorities as a PRC tax resident enterprise for tax purposes, any dividends we pay to our non-PRC resident

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taxable earnings, and (ii) they determine to pay dividends in the future:

Scenario Statutory Tax and Standard Rates

pre-tax earnings

on earnings at statutory rate of 25% (2)

earnings available for distribution

tax at standard rate of 10% (3)

distribution to Parent/Shareholders

Taxation Scenario Statutory Tax and Standard Rates

Hypothetical pre-tax earnings

Tax on earnings at statutory rate of 25% (2)

Net earnings available for distribution

Withholding tax at standard rate of 10% (3)

Net distribution to Parent/Shareholders

purposes of this example, the tax calculation has been simplified.

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paid by one of our WFOEs to one of our PRC operating subsidiaries for purchases.

PRC subsidiary, QHDX, paid fees and expense on our behalf via a related party as a result of PRC law restrictions on foreign

exchange and restrictions on cash transfers outside of China.

During the fiscal years ended December 31, 2022

and 2021, the related party paid for our professional fees and expenses in USD, and QHDX transferred cash in Renminbi to the related

The cash flows of these activities were reflected in operating or financing activities in our consolidated statements of cash

flows based on the nature and timing of cash flows.

PRC subsidiary, QHDX, paid fees and expense on our behalf via a related party as a result of PRC law restrictions on foreign exchange

and restrictions on cash transfers outside of China.

During the fiscal years ended December 31, 2023 and 2022, the related party

paid for our professional fees and expenses in USD, and QHDX transferred cash in Renminbi to the related party.

The cash flows of

these activities were reflected in operating or financing activities in our consolidated statements of cash flows based on the nature

and timing of cash flows.

of the date of this report, none of our subsidiaries have made any dividends or other distributions to us or their respective shareholders,

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halt operations for rectification may be issued, and relevant business permits or operational license revoked.

February 17, 2023, the CSRC issued the Trial Measures and five application guidelines, or the Overseas Listing Rules, which will become

February 17, 2023, the CSRC issued the Trial Measures and five application guidelines, or the Overseas Listing Rules, which became

effective on March 31, 2023.

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final provisions and the timeline for its adoption are subject to changes and uncertainties.

currently operate an online trading platform, primarily engaged in sales of products to our customers in China, where our customers

can register as members first, and then search for, purchase or sell any desired food and beverage products.

Our online platform

collects and transmits product, supplier and customer information and data.

Since our online trading platform has only been in

operation for about two years, we are in the process of studying the newly issued rules and regulations governing cybersecurity and

data protection and the industry best practice, as well as assessing the extent to which our information and data system is not in

full compliance with the various requirements under the newly proposed regulations.

currently operate an online trading platform, primarily engaged in sales of products to our customers in China, where our customers can

Our online platform collects

and transmits product, supplier and customer information and data.

Since our online trading platform has only been in operation for about

two years, we are in the process of studying the newly issued rules and regulations governing cybersecurity and data protection and the

industry best practice, as well as assessing the extent to which our information and data system is not in full compliance with the various

requirements under the newly proposed regulations.

are committed to taking the necessary actions to satisfy the effective personal information protection and internet data security regulatory

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promote consumer data protection awareness and education engagement.

We have implemented most of above measures and plan to put in place

the remaining measures by mid-2022.

We have implemented and are implementing these measures.

We are committed to taking the necessary actions to satisfy the effective personal information protection

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more than RMB3,000,000, approximately $426,627, from January 1, 2022 to December 31, 2024.

The qualifications of small-scale and low-profit

enterprises were examined annually by the Tax Bureau.

All of the Company’s PRC subsidiaries, except for Xixingdao, FVT Supply

Chain and FLTT, met the criteria of small-scale and low-profit enterprises.

MOF and SAT [2023] No.12 also provides

an enterprise income tax rate of 5% on a small-scale and low-profit enterprises whose annual taxable income more than RMB1,000,000, approximately

$142,209, but not more than RMB3,000,000, approximately $426,627, from January 1, 2023 to December 31, 2027.The qualifications of small-scale

and low-profit enterprises were examined annually by the Tax Bureau.

All of the Company’s PRC subsidiaries, except for Xixingdao,

FVT Supply Chain and FLTT, met the criteria of small-scale and low-profit enterprises.

to applicable PRC tax regulations, any entity or individual conducting business in the service industry used to be generally required

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The First Conduct Rule, which prohibits undertakings from making or giving effect to agreements or engaging in a concerted practice,

or, as a member of an association of undertakings, make or give effect to a decision of the association, if the object or effect of

the agreement, concerted practice or decision is to prevent, restrict or distort competition in Hong Kong;

The Second Conduct rule, which prohibits undertakings which have a substantial degree of market power in a market to abuse that

power by engaging in conduct that has as its object or effect the prevention, restriction or distortion of competition in Hong Kong;

The Merger Rule, which prohibits undertakings to directly or indirectly carry out a merger that has, or is likely to have, the

effect of substantially lessening competition in Hong Kong.

or, as a member of an association of undertakings, make or give effect to a decision of the association, if the object or effect of the

agreement, concerted practice or decision is to prevent, restrict or distort competition in Hong Kong;

The Second Conduct rule, which prohibits undertakings which have a substantial degree of market power in a market to abuse that power

by engaging in conduct that has as its object or effect the prevention, restriction or distortion of competition in Hong Kong;

The Merger Rule, which prohibits undertakings to directly or indirectly carry out a merger that has, or is likely to have, the effect

of substantially lessening competition in Hong Kong.

breach, the Competition Tribunal may impose pecuniary penalty, director disqualifications, and prohibition, damage and other orders on

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of our intellectual property is a strategic priority for our business.

We rely primarily on a combination of trademark, patent,

currently have twenty one registered trademarks in China as follows:

Trademark Number

Expiration Date

We rely primarily on a combination of trademark, patent, copyright,

computer software and trade secret laws to establish and protect our proprietary rights.

currently have forty-eight registered trademarks in China as follows:

August 21, 2012

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August 20, 2032

March 28, 2014

August 14, 2012

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January 27, 2032

April 31, 2021

October 7, 2021

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March 27, 2032

of our products and services bear the registered trademarks of “ ”

(“水宜家”) or “Shui Yi Jia.” These trademarks are owned by Yuwen Li, one of our shareholders.

Yuwen Li has signed a license agreement with Xixingdao to authorize Xixingdao and its subsidiaries to use those trademarks at

no cost to us during the period from October 2019 to October 2029.

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of our products and services bear the registered trademarks of “ ” (“水宜家”) or “Shui

Yi Jia.” These trademarks are owned by Yuwen Li, one of our shareholders.

Yuwen Li has signed a license agreement with Xixingdao

to authorize Xixingdao and its subsidiaries to use those trademarks at no cost to us during the period from October 2019 to October 2029.

currently have the following one registered patent in China:

1 unchanged sentence

CN201811179554.7

logistics container that is easy to place and prevent damage to fragile items

A logistics container that

is easy to place and prevent damage to fragile items

currently have the following four registered works copyrights in China:

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2021SR0833407

water online distribution management system

Barreled water online distribution

management system

2021SR0833438

water sales financial statement management system

Barreled water sales financial

statement management system

2021SR0833409

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2021SR1675516

Wine trading internet platform system

trading internet platform system

2021SR1675492

Wine trading customer software

trading customer software

2021SR1675466

Food supermarket trading system

supermarket trading system

2021SR1684106

Origin tracking label identification system

tracking label identification system software

2021SR1684107

Food safety data tracking system

safety data tracking system

2021SR1671192

Wine e-commerce portal management platform

e-commerce portal management platform

2021SR1671159

Wine distributor management system

distributor management system

2021SR1671739

Wine product online sales promotion exchange

product online sales promotion exchange platform

2022SR0044569

FVTI online Food Trading Information Checking

online Food Trading Information Checking Platform

2022SR0044643

FVTI Store Order Data Statistical Analysis System

Store Order Data Statistical Analysis System

currently have the following registered Internet domain names in China:

Capital Resources

of March 31, 2023, the Company had 63 full-time employees and no part-time employees in the following functions:

and marketing

and supply chain

and administrative

of the date of this Annual Report, the Company had 68 full-time employees and no part-time employees in the following functions:

Sales and marketing

E-Commerce and supply chain

Warehouse and delivery

General and administrative

of our employees are based in the cities of Shenzhen and Dongguan, where our operations are located.

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believe that we maintain a good working relationship with our employees, and we have not experienced any major labor disputes.

Environmental Matters

business, operations and facilities are subject to PRC national and local environmental laws and regulatory requirements.

authorities impose requirements that regulate the emission, discharge, pollution and disposal of hazardous materials, among other things,

and require us to obtain and maintain relevant permits in connection with our operations.

Although management believes that our operations

and facilities are in material compliance with such laws and regulations, future changes in these laws, regulations or interpretations

thereof or changes in our operations may require additional capital and resources to ensure compliance with applicable laws and regulations

or engage in remedial actions if there are any violations.

Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to reports filed pursuant to

14 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business