{"url_path":"/sec/lud/10-k/2026/item-7","section_key":"item-7","section_title":"Item 7 **","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-05-15","source_url":"https://www.sec.gov/Archives/edgar/data/1984124/0001213900-26-057512-index.html","accession_number":"0001213900-26-057512","cik":"0001984124","ticker":"LUD","issuer_name":"Luda Technology Group Ltd","edgar_url":"https://www.sec.gov/Archives/edgar/data/1984124/0001213900-26-057512-index.html","primary_entity_key":"0001984124","primary_entity_name":"Luda Technology Group Ltd"},"word_count":681,"has_tables":true,"body_markdown":"** **\n\n**ITEM 7.**\n**MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS**\n\n \n\n**7.A. Major Shareholders**\n\n \n\nSee “Item 6. Directors, Senior Management\nand Employees—E. Share Ownership” for a description of our major shareholders.\n\n \n\n**7.B. Related Party Transactions**\n\n \n\n**Transactions with Related Parties**\n\n \n\nIn addition to the executive officer and\ndirector compensation arrangements discussed in “Employment Agreements, Director Agreements and Indemnification\nAgreements”, set forth below are our related party transactions that occurred since the beginning of our preceding three\nfiscal years up to the date of December 31, 2024 and subsequent periods. The “related party transactions” are transactions identified in\naccordance with the rules prescribed under Part I, Item 7B of SEC Form 20-F, with respect to transactions or loans between the\nCompany and (a) enterprises that directly or indirectly through one or more intermediaries, control or are controlled by, or are\nunder common control with, the Company; (b) associates; (c) individuals owning, directly or indirectly, an interest in the voting\npower of the Company that gives them significant influence over the Company, and close members of any such individual’s\nfamily; (d) key management personnel, that is, those persons having authority and responsibility for planning, directing and\ncontrolling the activities of the Company, including directors and senior management of companies and close members of such\nindividuals’ families; and I enterprises in which a substantial interest in the voting power is owned, directly or\nindirectly, by any person described in (c) or (d) or over which such a person is able to exercise significant influence.\n\n \n\n**Nature of Relationships with Related Parties**\n\n** **\n\n**No.**\n \n**Names of related parties**\n \n**Relationship**\n\n1\n \nWon Fittings Company Limited\n \nWholly owned by Ms. Liu Liangping.\n\n2\n \nMa Biu\n \nChairman, Director, and Chief Executive Officer\n\n3\n \nLiu Liangping\n \nDirector and Chief Operating Officer\n\n4\n \nDiamond Horses Group Limited (Formerly known as “Luda Group Ltd.”)\n \n\nControlling shareholder of the Company\n\n \n\n**Summary of Related Party Transactions:**\n\n \n\nA summary of trade transactions with a related party for FY2025, FY2024\nand FY2023 are listed below:\n\n \n\n  \nFor the years ended \n\n  \nDecember 31, \n\n  \nUS$  \nUS$  \nUS$ \n\nRental expenses charged by a related party: \n2025  \n2024  \n2023 \n\nWon Fittings Company Limited \n81,538  \n 81,538  \n 80,385 \n\n \n\nFrom January 1, 2026 to the date of this annual report, the rental\nexpenses charged by Won Fittings Company Limited amounted to $30,577.\n\n \n\nThe Company’s short-term bank borrowings\nare guaranteed by Mr. Ma Biu and Ms. Liu Liangping, and properties owned by Mr. Ma Biu and Ms. Liu Liangping.\n\n \n\n  \n  \nAs of December 31, \n\n  \n  \nUS$  \nUS$  \nUS$ \n\nDue to related parties: \nNature \n2025  \n2024  \n2023 \n\nMa Biu \n Advance from a related party \n$—  \n$—  \n$1,405 \n\nDiamond Horses Group Limited \n Advance from a related party \n —  \n —  \n 24,080 \n\nTotal \n  \n$—  \n$—  \n$25,485 \n\n \n\n \n \n \n \nAs of December 31,\n \n\n \n \n \n \nUS$\n \n \nUS$\n \n \nUS$\n \n\nDue from related parties:\n \nNature\n \n2025\n \n \n2024\n \n \n2023\n \n\nLiu Liangping\n \nAdvance to a related party\n \n \n—\n \n \n \n—\n \n \n \n215,995\n \n\n \n\n79\n\n \n\nThe due to related party balances as of December\n31, 2023 are unsecured, interest-free and due on demand. As of December 31, 2024 and 2025, and the date of this annual report, there was\nno balance of amount due to related party.\n\n \n\nThe due from related party balances as of December\n31, 2023 are unsecured, interest-free and due on demand. The balances were fully settled in February 2024. As of December 31, 2024 and\n2025, and the date of this annual report, there was no balance of amount due from related party.\n\n \n\nThe Company declared nil, $3,377,564 and $247,731 dividend distributed\nto Diamond Horses Group Limited for the years ended December 31, 2025, 2024 and 2023, respectively, and paid $nil, $3,377,564 and $630,785\nfor FY2025, FY2024 and FY2023, respectively. As of December 31, 2025, 2024 and 2023, dividend payable to Diamond Horses Group Limited\nis nil, nil and nil, respectively.\n\n \n\n**Employment Agreements, Director Agreements and Indemnification Agreements**\n\n \n\nSee “Item 6. Directors, Senior Management\nand Employees—B. Compensation of Directors and Executive Officers—Employment Agreements, Director Agreements and Indemnification\nAgreements”.\n\n \n\n**Policies and Procedures for Related Party Transactions**\n\n \n\nOur board of directors has created an Audit Committee which will be\ntasked with review and approval of all related party transactions.\n\n \n\n**7.C. Interests of Experts and Counsel**\n\n \n\nNot Applicable."}