Able View Global Inc. Warrant

Company Overview

Business Model: Able View Global Inc. operates as a comprehensive brand management partner for international beauty and personal care brands in China. The Company generates revenue primarily from product sales by distributing and selling cross-border products from global brand owners to Chinese consumers. Sales channels include direct sales through online e-commerce stores and offline counters operated by Able View Global Inc., as well as indirect sales through various distribution channels such as mainstream horizontal online marketplaces, vertical online marketplaces, social e-commerce platforms, and a wide network of online and offline distributors, dealers, and agents. The Company assumes inventory ownership and associated risks for the products it sells. Additionally, Able View Global Inc. provides operation services for online stores owned by its customers, a revenue stream launched in 2022. Its mission is to facilitate the entry, growth, and success of global brands in the complex Chinese market by offering end-to-end brand management capabilities, including strategy, branding, digital and social marketing, omni-channel sales, customer service, overseas logistics, warehousing, and fulfillment.

Market Position: Able View Global Inc. is positioned as one of the largest comprehensive brand management partners for international beauty and personal care brands in China. According to the iResearch Report dated February 13, 2023, the Company held a market share of 16.5% in beauty and personal care cross-border brand management and 38.1% in functional beauty and personal care brand management in 2022, both measured by gross merchandise value (GMV). The Company focuses particularly on functional products, including dermo-cosmetics and functional personal care products, where it believes it holds a first-mover advantage. Its brand portfolio includes well-known international brands such as Clarins and PAT.

Recent Strategic Developments:

• Business Combination: On August 17, 2023, Able View Global Inc. consummated a business combination with Hainan Manaslu Acquisition Corp. (HMAC), resulting in Able View Global Inc. becoming the direct parent of Able View Inc. (Target) and HMAC. HMAC was subsequently dissolved on December 18, 2023, a change management believes does not represent a strategic shift.
• Convertible Notes Issuance and Conversion: In September 2024, Able View Global Inc. issued $5.0 million in convertible notes (after a 20% original issue discount), bearing 8% interest with a three-year maturity. On November 25, 2024, these notes were converted into 7,751,939 Class B Ordinary Shares and 7,751,939 Conversion Warrants at a conversion price of $0.645 per share.
• Long-term Borrowings: On March 22, 2024, the Company entered into a loan agreement with a third party for approximately $2.18 million, extended in tranches, with a 5.05% annual interest rate and a five-year maturity.
• Growth Initiatives: The Company plans to expand its brand portfolio and product offerings, including more OTC and wellness brands, and to broaden distribution channel coverage, particularly in emerging market segments and smaller cities in China. It is also elevating certain products from to-Customer (to-C) to to-Business (to-B) cross-border models, initiating compliance processes with the China National Medical Products Administration (NMPA) for brands like Cure. Further investments are planned for data analytics and digital management systems, including establishing in-house R&D teams. The Company also intends to pursue selective investment and acquisition opportunities for direct ownership of specific brands or brand operating rights in China, though no such ownership existed as of December 31, 2024.

Geographic Footprint: Able View Global Inc. is a Cayman Islands holding company. Its primary operations are conducted through subsidiaries in mainland China and Hong Kong. It also has a subsidiary in Singapore. The Company utilizes a global warehousing and logistics network, with over 10 warehouses in more than 10 cities across Japan and China, totaling over 3,000 cubic meters of storage space. All 89 full-time employees are based in China. Substantially all of the Company's long-lived assets and revenues are derived from the PRC (including mainland China and Hong Kong).

Cross-Border Operations: The Company specializes in distributing and selling cross-border products from global brand owners to Chinese consumers. It manages bulk shipments from overseas warehouses, handles customs clearance, and utilizes bonded areas in China for cross-border e-commerce. Operations are subject to complex and evolving PRC laws and regulations, including those concerning cybersecurity, data privacy, anti-monopoly, and foreign investment. The Company's management believes it is not currently subject to mandatory cybersecurity review by the Cyberspace Administration of China (CAC) as it does not hold personal information of over one million users, is not a critical information infrastructure operator, and has not been informed of any review requirements. As a U.S.-listed company, it is subject to China Securities Regulatory Commission (CSRC) filing requirements for future offerings or material events. Hong Kong subsidiaries operate under local regulations such as the Personal Data (Privacy) Ordinance and the Competition Ordinance, with mainland China laws generally not directly applicable unless listed in Annex III of the Basic Law.

Financial Performance

Revenue Analysis

Profitability Metrics:

• Gross Margin: 9% (2024), 25% (2023)
• Operating Margin: -6.8% (2024), 8.9% (2023)
• Net Margin: -5.8% (2024), 6.5% (2023)

Investment in Growth:

• R&D Expenditure: $0 (The Company has not engaged in any research and development activities since inception.)
• Capital Expenditures: $71,055 (2024), $455,423 (2023)
• Strategic Investments: The Company plans to invest in data analytics, digital management systems, and pursue selective brand acquisitions, though specific amounts for these future initiatives are not disclosed.

Currency Impact Analysis:

• Foreign exchange impact on revenue and earnings: The Company's functional currency is the U.S. dollar, but it has subsidiaries operating with Hong Kong dollar, Singapore dollar, and Renminbi as functional currencies. Foreign currency exchange losses were -$393,622 in 2024, -$843,319 in 2023, and -$508,845 in 2022. The effect of exchange rate changes on cash and cash equivalents was a gain of $258,819 in 2024, a loss of -$56,194 in 2023, and a gain of $66,305 in 2022.
• Hedging strategies and effectiveness: Able View Global Inc. has not entered into any hedging transactions to reduce foreign currency exchange risk, noting that very limited hedging options are available in China.
• Functional currency considerations: The consolidated financial statements are expressed in U.S. dollars.

Business Segment Analysis

Single Reportable Segment: Comprehensive Brand Management for Beauty and Personal Care

Financial Performance:

• Revenue: $128.9 million (2024), $149.0 million (2023), $145.3 million (2022).
• Revenue from product sales: $124.2 million (2024), $144.5 million (2023), $145.0 million (2022).
• Revenue from operation services: $4.8 million (2024), $4.5 million (2023), $0.2 million (2022).
• Operating Margin: -6.8% (2024), 8.9% (2023).
• Key Growth Drivers: The 13% revenue decrease in 2024 was primarily due to a disproportionate increase in the cost of revenues relative to sales price and decreased customer demand influenced by a downward macroeconomic environment. The 3% revenue increase in 2023 was mainly driven by growth in operation services. Strategic initiatives include expanding the brand portfolio, increasing distribution channel coverage, elevating to-C to to-B cross-border product models, and investing in data analytics and digital management systems.

Product Portfolio:

• Major product lines and services within segment: The Company manages international beauty and personal care brands, with a focus on functional products such as dermo-cosmetics and functional personal care products (including OTC drugs and supplements). The brand portfolio covers hair care, nasal care, oral care, and dermo skin care.
• New product launches or major updates: The Company has helped brand partners redesign product packaging and delivery, create new marketing schemes, and deploy emerging algorithmic social media analysis. It is currently elevating several products from the Cure brand to a to-Business (to-B) cross-border mode, which involves compliance processes with the NMPA.
• Managed brands: 15 brands as of December 31, 2024, compared to 15 in 2023 and 12 in 2022.

Market Dynamics:

• Competitive positioning within segment: The Company faces intense competition in China's retail and e-commerce markets. Its competitive advantages include comprehensive omni-channel capabilities, strong brand strategy and marketing, and established relationships with category-leading global brand owners.
• Key customer types and regional market trends: Customers are primarily Chinese consumers, reached through diverse online and offline channels. Key market trends include rapid growth in demand for beauty and personal care products, particularly functional products, and the increasing complexity of the Chinese market due driven by evolving consumer tastes, fragmented social media platforms, and unique business practices.
• Regulatory environment by jurisdiction: Operations are subject to various PRC laws and regulations, including those from MOFCOM, MIIT, SAMR, and NMPA, covering aspects like advertising, consumer protection, e-commerce, cybersecurity, and foreign investment. Hong Kong operations are subject to local data privacy and competition laws.

Geographic Revenue Distribution:

• PRC (Mainland China & Hong Kong): Substantially all of Able View Global Inc.'s revenues are derived from its operations in the PRC.
• Distribution Channel Breakdown (as % of total revenues):
  • Online flagship e-stores: 3% (2024), 7% (2023), 5% (2022)
  • Mainstream horizontal marketplaces (e.g., Tmall, JD.com): 36% (2024), 39% (2023), 51% (2022)
  • Vertical marketplaces (e.g., Ali Health, Vipshop): 3% (2024), 3% (2023), 3% (2022)
  • Social E-commerce channels (e.g., Douyin, Xiaohongshu): 1% (2024), 8% (2023), 3% (2022)
  • Offline channels (e.g., KKV, Harmay, Walmart): 9% (2024), 2% (2023), 1% (2022)
  • Various other distributors: 48% (2024), 41% (2023), 37% (2022)
• Growth Markets: The Company plans to expand its coverage into emerging market segments, particularly in medium and smaller cities across China, to capture further growth opportunities.

International Operations & Geographic Analysis

Revenue by Geography:

International Business Structure:

• Subsidiaries: Able View Global Inc. is a Cayman Islands holding company. Its significant subsidiaries include Able View Inc. (Cayman Islands), Ableview Capital Group Ltd (BVI), Ableview Brands Limited (Hong Kong), Ableview Management Limited (Hong Kong), CSS Cosmetics (Hong Kong) Limited (Hong Kong), Healthy Great Pte. Ltd. (Singapore), and several operating entities in mainland China (e.g., Shanghai Jingyue Trading Co., Ltd., Shanghai Jingnan Medicial Appliances Co., Ltd., Shanghai Jinglu Trading Co., Ltd., Beijing Jingyuan Trading Co., Ltd., Shanghai Weitong Trading Co., Ltd.). Zhejiang Jingxiu Trading Co., Ltd. and CSS Cosmetics (Shanghai) Limited were dissolved in December 2023 and December 2024, respectively.
• Joint Ventures: Not disclosed.
• Licensing Agreements: The Company holds licenses from its brand partners to use their intellectual property (names, logos, marks) for marketing and sales purposes, typically coterminous with distribution agreements.

Cross-Border Trade:

• Export Markets: The Company's business model focuses on importing and selling cross-border products into China; it is not explicitly identified as an exporter.
• Import Dependencies: The Company is dependent on global brand owners for the supply of beauty and personal care products, which are then distributed and sold in China.
• Transfer Pricing: The Company's international tax strategy includes considerations for transfer pricing, with inter-company pricing policies and documentation requirements. The Hong Kong tax authority is currently reviewing certain deductible expenses related to intra-group services provided by PRC subsidiaries.

Capital Allocation Strategy

Shareholder Returns:

• Share Repurchases: Able View Global Inc. repurchased and cancelled 480,833 Class B Ordinary Shares for $865,500 in 2024, and 240,417 Class B Ordinary Shares for $432,750 in 2023.
• Dividend Payments: The Company paid dividends of $57,672 in 2024 and $57,477 in 2023, both in the form of purchasing insurance policies for three shareholders. In 2022, cash dividends of $6,946,154 were paid.
• Dividend Yield: Not disclosed.
• Future Capital Return Commitments: The Company intends to retain future earnings for operations, expansion, and debt repayment, with no current plans to pay cash dividends for the foreseeable future. Any future dividend distributions will be at the discretion of the Board of Directors and subject to shareholder approval and applicable regulatory restrictions.

Balance Sheet Position:

• Cash and Equivalents: $15.3 million (2024), $13.3 million (2023).
• Total Debt: Approximately $30.9 million (2024), $29.3 million (2023), comprising short-term loans ($8.0 million in 2024), long-term borrowings ($2.2 million in 2024), and non-current amounts due to related parties ($20.7 million in 2024).
• Net Cash Position: -$15.5 million (2024), -$16.0 million (2023).
• Credit Rating: Not disclosed.
• Debt Maturity Profile: Short-term loans from banks mature through August 2025 and May 2025. Long-term borrowings have a five-year maturity from March/April 2024. Non-current amounts due to related parties are repayable in July 2026.

Cash Flow Generation:

• Operating Cash Flow: -$2.2 million (2024), $23.6 million (2023), -$12.8 million (2022).
• Free Cash Flow: -$2.3 million (2024), $23.1 million (2023), -$13.0 million (2022).
• Cash Conversion Metrics: Accounts receivable turnover days were 42 days in 2024 and 44 days in 2023. Inventory turnover days were 37 days in 2024 and 60 days in 2023.

Currency Management:

• Cash holdings by major currencies: As of December 31, 2024, $11.9 million was deposited in Hong Kong financial institutions, $3.4 million in mainland China financial institutions, with the remainder in Singapore and the United States.
• Natural hedging through operational diversification: Not explicitly stated, but operations in multiple currencies (USD, HKD, SGD, RMB) inherently provide some diversification.
• Financial hedging instruments and strategies: The Company has not engaged in any financial hedging transactions to mitigate foreign currency exchange risk.

Operational Excellence

Production & Service Model: Able View Global Inc. provides comprehensive brand management, encompassing strategy, branding, digital and social marketing, omni-channel sales, customer service, overseas logistics, warehousing, and fulfillment. The Company designs and implements brand management strategies in collaboration with its brand partners, acting as an exclusive partner for supply chain, marketing, sales channels, and after-sales services. It generates revenue by purchasing goods from brand partners and reselling them in the China market, assuming inventory ownership and risks. The Company also offers operation services for customer-owned online stores.

Global Supply Chain Architecture: Key Suppliers & Partners:

• Brand Partners: Global brand owners of beauty and personal care products, including Clarins and Cosmetic Skin Solutions LLC.
• Logistics Service Providers: Multiple nationwide logistics service providers.
• Warehousing Service Providers: Several leading service partners manage over 10 warehouses in more than 10 cities globally, including Japan and China.
• Technology Partners: Utilizes online platforms from mainstream horizontal marketplaces (e.g., JD.com, Tmall) and back-end applications (e.g., Jackyun) from business partners or third-party developers. Also licenses technology from Microsoft and Adobe.
• Marketing Partners: Engages Key Opinion Leaders (KOLs) and Multi-Channel Networks (MCNs) for online campaigns and content creation.
• Human Resources Agencies: Third-party agencies manage social insurance and housing fund contributions for certain employees.

Facility Network:

• Manufacturing: The Company does not engage in manufacturing.
• Research & Development: A dedicated data analysis and research team of 7 employees is in place. Plans include establishing in-house R&D teams to develop digital management systems.
• Distribution: Operates through a network of third-party managed warehouses in China (Shanghai, Ningbo, Kunshan, Nansha) and Japan, with over 3,000 cubic meters of storage space. These facilities are strategically located near manufacturing sites or online marketplace warehouses for efficiency.
• Office: Corporate office and headquarters are located in Shanghai, China, occupying approximately 2,111 square meters.

Operational Metrics:

• Capacity utilization: Not disclosed.
• Efficiency measures: Inventory turnover days were 37 days in 2024 (compared to 60 days in 2023), and accounts receivable turnover days were 42 days in 2024 (compared to 44 days in 2023).
• Quality indicators: The Company employs strict brand and product screening, evaluation procedures, and standard inventory management techniques.

Market Access & Customer Relationships

Go-to-Market Strategy: Distribution Channels:

• Direct Sales: Operates 16 online flagship e-stores on mainstream horizontal marketplaces (e.g., Tmall, Pinduoduo, JD.com) and maintains brick-and-mortar sales channels, including shopping mall counters and beauty chain stores (e.g., KKV, Harmay, Walmart).
• Channel Partners: Collaborates with mainstream horizontal marketplaces (Tmall, JD.com), specialized vertical online marketplaces (Ali Health, Vipshop), and social e-commerce platforms (Douyin, Kuaishou, Xiaohongshu, WeChat).
• Digital Platforms: Leverages online e-stores and social media platforms, engaging over 300 KOLs by the end of 2024 for digital marketing campaigns and content.

Customer Portfolio: Enterprise Customers:

• Tier 1 Clients: Clarins was the top brand partner, contributing approximately 71% of total net revenues in 2024. Cosmetic Skin Solutions LLC. contributed approximately 14% in 2023 and 2022.
• Strategic Partnerships: The Company cultivates symbiotic relationships with global brand owners, including multi-brand groups and single-brand companies, to realize the value of their intangible assets in the China market.
• Customer Concentration: The top brand partner accounted for 71% of total net revenues in 2024. Two brand partners contributed over 10% of total net revenues in 2024. Accounts receivable concentration was 40% from Customer A, 28% from Customer C, and 12% from Customer B as of December 31, 2024.

Regional Market Penetration:

• China: The Company has a strong presence across China, reaching over 750 million consumers by the end of 2024 through its omni-channel strategy.
• Growth Markets: Able View Global Inc. is actively expanding its coverage into emerging market segments, particularly in medium and smaller cities in China, to capitalize on unmet demand and potential consumers.

Competitive Intelligence

Global Market Structure & Dynamics

Industry Characteristics: The e-commerce market in China is a critical driver for Able View Global Inc.'s business. The beauty and personal care market in China is experiencing rapid growth, particularly for functional products, which are outperforming the overall skincare market in terms of GMV growth. The Chinese market is characterized by its complexity, including diverse and interdependent sales channels, rapidly changing consumer tastes, fragmented and highly regulated online platforms, and unique business practices. The e-commerce marketplace is also subject to rapid technological changes and evolving regulatory requirements.

Competitive Positioning Matrix:

Direct Competitors

Primary Competitors: Able View Global Inc. faces intense competition from other comprehensive brand management partners, as its contracts with brand partners are generally non-exclusive. Competition also arises from e-commerce channels themselves, which offer tools for brand partners, and from software vendors bundling channel management solutions. Competitors may adopt aggressive pricing, adapt faster to new technologies, or devote greater resources to promotion and sales.

Regional Competitive Dynamics: The competitive landscape varies by geographic market within China. As the Company expands, it may engage with multiple competing brand partners, potentially leading to conflicts with non-compete provisions in existing contracts.

Risk Assessment Framework

Strategic & Market Risks

Global Market Dynamics: Risks include slower-than-expected growth in China's e-commerce market, brand partners increasing in-house e-commerce capabilities, and declines in brand partner reputations or financial stability. The Company faces significant customer concentration risk, with its top brand partner contributing 71% of total net revenues in 2024. Non-compete provisions in contracts may restrict business expansion. The business is subject to seasonal fluctuations, with increased sales during promotional events and lower activity during Chinese New Year. Technology Disruption: Rapid technological changes in e-commerce platforms and evolving channel requirements pose a risk if the Company fails to adapt quickly. Customer Concentration: High revenue concentration with a few key brand partners and customers presents a significant risk.

Operational & Execution Risks

Global Supply Chain Vulnerabilities: The Company relies heavily on third-party technology platforms (e.g., Tmall, JD.com) for its operations, making it vulnerable to system interruptions or changes in platform policies. Dependence on third-party fulfillment and warehousing networks, which are susceptible to disruptions (e.g., natural disasters, human error), and third-party delivery services, which can impact timely product delivery and customer satisfaction. The Company does not carry business interruption or product liability insurance. Supplier Dependency: Significant concentration with certain vendors, with Vendor A and Vendor B accounting for 46% and 27% of cost of revenues in 2024, respectively. Regional Disruptions: Operations are exposed to political, economic, and natural disaster risks in China and other regions. Trade Restrictions: Heightened international trade tensions, particularly between the U.S. and China, could lead to tariffs or other trade barriers, impacting product pricing and brand partner operations in China.

Financial & Regulatory Risks

Currency & Financial Risks: The Company carries a substantial level of indebtedness ($30.9 million in 2024). Its ability to meet expenses and debt obligations depends on operating performance and market conditions. Failure to effectively manage accounts receivable or inventory could adversely affect liquidity. Cash and cash equivalents are held in financial institutions with limited deposit insurance coverage in China and Hong Kong. Fluctuations in Renminbi exchange rates pose a risk, with limited hedging options available. Regulatory & Compliance Risks: Operations are subject to complex and evolving PRC laws and regulations, including those related to advertising, consumer protection, e-commerce, cybersecurity, data security, and foreign investment. Risks include failure to obtain or renew necessary licenses/permits, non-compliance with regulations (e.g., labor dispatch, employee benefits), and potential fines. Uncertainties exist regarding the interpretation and enforcement of new laws like the PRC Foreign Investment Law and the Cybersecurity Law. The Company's auditor is PCAOB-inspected, but future regulatory developments could still pose risks. International Tax Strategy: Uncertainties exist regarding PRC tax treatment, including the potential for Able View Global Inc. to be deemed a PRC resident enterprise (subjecting global income to PRC tax) and the application of withholding taxes on dividends or gains for foreign investors. Transfer pricing policies are subject to review by tax authorities.

Geopolitical & External Risks

Country-Specific Risks: Political tensions between China and other countries (e.g., U.S.) could lead to brands downscaling or exiting the China market. Economic conditions in China are sensitive to global conditions and domestic policies. Government intervention or policy changes in China could significantly impact operations. Economic Risk: Prolonged slowdowns in the global or Chinese economy, global inflation, and geopolitical conflicts (e.g., Ukraine) could negatively affect business and financial condition. Regulatory Changes: The Chinese government's increasing oversight and control over various industries and overseas listings could significantly limit or hinder the Company's ability to operate or offer securities.

Innovation & Technology Leadership

Research & Development Focus: Global R&D Network: Able View Global Inc. currently maintains a dedicated data analysis and research team of 7 employees. The Company plans to further invest in its data research and analytics capabilities by utilizing more third-party tools, consulting firms, and technology partners, and by hiring additional talent. Innovation Pipeline: The Company fosters a culture of innovation, having assisted brand partners in redesigning product packaging, creating new marketing schemes, deploying algorithmic social media analysis, and improving supply chain operations. It aims to establish in-house R&D teams to develop digital management systems for streamlining operations and enhancing efficiency. Technology Development: The Company's efforts in digitization are intended to improve brand management processes, broaden access to brand partners and consumers, extract market insights, and enhance internal management efficiency.

Intellectual Property Portfolio:

• Patent Strategy: Not disclosed.
• Trademark Strategy: As of December 31, 2024, Able View Global Inc. owns 11 registered trademarks and 25 trademark applications in mainland China, and two registered trademarks in Hong Kong, including those related to its "Able View" brand names.
• Licensing Programs: The Company utilizes licenses from its brand partners to use their intellectual property (names, logos, marks) for marketing and selling products, typically for the duration of the distribution agreements.
• IP Litigation: The Company has been subject to non-material legal proceedings and claims related to intellectual property infringement in the past.

Technology Partnerships: Able View Global Inc. leverages technology systems and tools provided by online marketplaces (e.g., JD.com, Tmall) and third-party developers (e.g., Jackyun). It also licenses technologies from companies such as Microsoft and Adobe.

Leadership & Governance

Executive Leadership Team

International Management Structure: Not explicitly detailed in the filing.

Board Composition: The Board of Directors consists of five members: Stephen Jian Zhu (Chairman, Executive Director), Tang Jing (Executive Director), Yilun Wu (Independent Director), Yimin Zhou (Independent Director), and Zhifan Zhou (Independent Director). Mr. Yilun Wu, Mr. Yimin Zhou, and Mr. Zhifan Zhou meet the independence requirements under Nasdaq Listing Rules and SEC rules. The Company operates as a "foreign private issuer" and "controlled company" under Nasdaq rules, allowing it to follow Cayman Islands corporate governance practices, with certain exceptions.

Regulatory Environment & Compliance

Multi-Jurisdictional Regulatory Framework: Primary Regulatory Environments:

• Cayman Islands: Able View Global Inc. is an exempted company, not subject to income or capital gains tax, and no withholding tax on dividends.
• Singapore: The Singapore subsidiary is subject to a corporate income tax rate of 17%.
• Hong Kong: Hong Kong subsidiaries are subject to Hong Kong Profits Tax, with a rate of 8.25% for the first HKD$2 million of assessable profits and 16.5% for amounts above that threshold. They are also subject to the Personal Data (Privacy) Ordinance (PDPO) and the Competition Ordinance.
• Mainland China: PRC operating entities are subject to PRC Corporate Income Tax (CIT) at a statutory rate of 25%. Certain subsidiaries (Beijing Jingyuan, Shanghai Jingnan, Zhejiang Jingxiu, CSS Shanghai in 2024) qualify as small and micro-sized enterprises (SMEs) and benefit from reduced EIT rates (20%, with a 75% reduction of taxable income for the first RMB3,000,000 in 2024 and 2023). The Company is regulated by authorities such as MOFCOM, MIIT, SAMR, and NMPA, and must comply with laws including the Advertising Law, Consumer Protection Law, E-Commerce Law, National Security Law, Data Security Law, and Cybersecurity Law.

Cross-Border Compliance:

• Export Controls: Not explicitly detailed as an exporter, but general trade restrictions are a risk.
• Sanctions Compliance: The Company acknowledges sanctions compliance as an operational risk.
• Anti-Corruption: The Company is subject to anti-corruption laws (e.g., FCPA, local anti-bribery laws) and maintains compliance programs.
• Cybersecurity Review Measures: Management believes it is not subject to mandatory cybersecurity review by the CAC.
• CSRC Filing Requirements: As a U.S.-listed company, Able View Global Inc. is required to report future securities offerings or material events (e.g., change of control, delisting) to the CSRC.
• Confidentiality and Archives Provisions: Working papers generated in the PRC by securities service providers for overseas listings must be kept in the PRC and require approval for overseas transfer.

International Tax Strategy:

• Transfer Pricing: The Company has inter-company pricing policies and documentation requirements. The Hong Kong tax authority is currently reviewing deductible expenses related to intra-group services from PRC subsidiaries.
• Tax Treaties: The Company may benefit from tax treaties, such as the Double Tax Avoidance Arrangement between the PRC and Hong Kong, which could reduce withholding tax on dividends to 5% if specific conditions are met.
• BEPS Compliance: The Company acknowledges Base Erosion and Profit Shifting (BEPS) regulations as a risk.

Environmental & Social Impact

Global Sustainability Strategy: Not disclosed.

Environmental Commitments: Not disclosed.

Carbon Neutrality: Not disclosed.

Renewable Energy: Not disclosed.

Regional Sustainability Initiatives: Not disclosed.

Social Impact by Region:

• Labor Standards: The Company participates in government-mandated employee social security plans in China, including pension, medical insurance, unemployment insurance, maternity insurance, on-the-job injury insurance, and housing funds. It also engages third-party human resources agencies for contributions for certain employees. The Company states it maintains good working relationships with employees and has not experienced material labor disputes.

Currency Management & Financial Strategy

Multi-Currency Operations: Currency Exposure:

Hedging Strategies:

• Transaction Hedging: Able View Global Inc. has not entered into any hedging transactions to reduce its exposure to foreign currency exchange risk.
• Translation Hedging: Not disclosed.
• Economic Hedging: Not disclosed.
• The Company notes that very limited hedging options are available in China to reduce exchange rate fluctuations.