Kepuni Holdings ^{Filed, US Offering, Removed, Nasdaq: KPN}

We are incorporated in the Cayman Islands on January 8, 2020. As a holding company with no material operations of our own, we conduct our operations in China through our variable interest entity, Taizhou Kepuni Communication Equipment Co. Ltd., or Taizhou Kepuni in the PRC. Neither we nor our subsidiaries own any share in Taizhou Kepuni. Instead, we control and receive the economic benefits of Taizhou Kepuni’s business operation through a series of contractual agreements, or the VIE Agreements. The VIE Agreements are designed to provide our wholly-foreign owned entity (“WFOE”), Jiangsu Pailing Communication Technology Co. Ltd, with the power, rights and obligations equivalent in all material respects to those it would possess as the principal equity holder of Taizhou Kepuni, including absolute control rights and the rights to the assets, property and revenue of Taizhou Kepuni. As a result of our indirect ownership in the WFOE and the VIE Agreements, we are regarded as the primary beneficiary of our VIE. Taizhou Kepuni Communication Equipment Co., Ltd. is a high-tech enterprise integrating nautical communication electrical system solutions to provide services for the ocean. Founded in 2012, Taizhou Kepuni has specialized in the nautical communications and electronic equipment industries in China. Our factory has passed the certification of ISO 9001:2015.